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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #85,661
  • Jan 13, 2011 6:42pm Jan 13, 2011 6:42pm
Quoting Adilius07
Thanks Jarroo, but the confusion is still there for me. If I play with TF's there is something always that will confuse. So that's why I more inclined to stay with 1 tf only. (But I sometimes feel that this is like hiding from the truth...)

So this keeps me worried, those things..

Thats fine Adi, stay with the one TF that should work good.

I mainly look at the Higher time frames for the Levels and how Price is reacting to them.

Let me leave you with this Monthly chart . .

. . if you can understand why the .9900 did .. what it did . .it sure makes trading the Weekly and Daily a whole lot easier

We'll talk more. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #85,662
  • Jan 13, 2011 6:44pm Jan 13, 2011 6:44pm
Quoting jarroo
Thats fine Adi, stay with the one TF that should work good.

I mainly look at the Higher time frames for the Levels and how Price is reacting to them.

Let me leave you with this Monthly chart . .

. . if you can understand why the .9900 did .. what it did . .it sure makes trading the Weekly and Daily a whole lot easier

We'll talk more. . .
Ok, thanks I will need to think, need more time
  • #85,663
  • Jan 13, 2011 6:59pm Jan 13, 2011 6:59pm
USDCHF 2dayPin(2011.1.12(FXDD) update

my previous post about this PA#85521

and for today→
1st Dailychart
USD 2dayPin(2011.1.12)
off 0.9750(SR Dailly)
Fib 61%

I like location(off 0.9750(SR Dailly),Fib 61%), size of this PA though , I am not confortable with this PA a little because that PA are above EMAs in my dailychart.

2nd 4hchart
so I want to wait for a decent bearish PA with EMAs confluence in 4~1hTF around Red Triangle &SR(daily 0.6700~675)
I am just setting a trap and waiting for the prey.

Note: I trade this PA by a specific way(my original way, not j16 method)
and this chart is only just for an entertainment .
hope someone enjoy ithttp://cdn.forexfactory.com/images/s.../yim/happy.gif

Thanks for reading.

Ken
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  • #85,664
  • Jan 13, 2011 7:23pm Jan 13, 2011 7:23pm
Looking at euro. Will this be a blow off top or just a rest area for 1.3500 to 1.3700? I have 13 pips to my name on the short side now but am keeping my mind open. What an amazing run today. I thought we'd have to wait through the weekend before price touched the upper TL.

K.I.S.S.
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  • #85,665
  • Jan 13, 2011 8:27pm Jan 13, 2011 8:27pm
my first post! been lurking on and off for past year and now getting back into it with more time on my hands...

chart is daily gbpchf.

things i like about this pinbar:

downtrending pair
price pulls back to 50fib
price pulls back to established level of support
price pulls back to RN 5300
the move up to this point has been sharp

things i don't like:

there is a minor ppz at 5170 and a more established level of support at 5100.
the size of the pinbar isn't much bigger then the previous bars, not sure if this bar is enough to prove a shift in momentum has occurred.


so....if the bar were a little bigger and the minor ppzs were a little farther away i feel like this would be an A+ setup. if i were a newbie (which i am) i would feel compelled to take this (which i do) because even with these blemishes it still feels like a setup that will show a profit enough of the time to make it worthwhile. but i think i will stay on the sidelines for this one and see what happens if i only take the A+ setups.

any thoughts on my analysis are welcome.....
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  • #85,666
  • Jan 13, 2011 8:33pm Jan 13, 2011 8:33pm
Quoting forex0908
Ghous / Jarro,

Was this an IPB on EJ this Monday? It's low was lower than that of the previous candle.

Jarroo,

I did not understand when you said in one of your previous posts that "we like to see them lower than the previous bar low." Can you please explain? Why does a lower low (in case of a Bullish IPB) adds to the set-up?

Many Thanks
0908

Attachment
As jarroo stated the Ej IPB was not tradable in my book because of the size factor.

To add to what jarroo said regarding the low/high of the IPB marking the swing high/low, here's a chart of Usd/Cad daily.

Notice we have an IPB (or a bar that looks like one) except that its not really at a swing low. As a result taking such a bar and placing a tight stop below the low of the IPB is not exactly playing safe, because then you're sitting at your hands hoping price won't look to test the actual swing low marked by the lowest bar low.

This example also reinstates the importance of having the IPB on a RN/confluence zone rather than close or near it.

We had the Au 4H IPB come up as well, and I said it was almost a perfct IPB...almost that is. It again formed just below the 1.000 parity level, and as has been stated over and over again these round numbers and big round numbers are extremely important as price tends to test them for further instructions on directions.

Notice how price holds up for a while within the IPB and then shoots up for a test of 1.000

g.
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I believe . . .
  • #85,667
  • Edited 9:53pm Jan 13, 2011 9:28pm | Edited 9:53pm
Quoting pkmurphys
my first post!...



hi pkmurphys, i agree that this is a good level to look for a trade setup but
strictly speaking this is not a pin bar, we need the close to be inside the previous bars open/close. Also as you mentioned we would want a bigger bar as comparatively it is not too big, it looks more like an indecision bar or that momentum is fading.
The daily open/close price plays an important role in price movement and a close below that price(and the previous days open/close)shows the bears ended the day in control. When the bar closes above(in the case of bearish pin bars) the previous days close(and the current days open ) there is no sign of bear strength as there is in the first example,only imho a possible sign of fading momentum. You actually mentioned the factors that would keep me out of this trade.
"so....if the bar were a little bigger and the minor ppzs were a little farther away i feel like this would be an A+ setup."
imho these factors are more important than you are giving them credit for..??

welcome to the thread btw, glad you have started to post, hope you keep on posting. You certainly have the right approach this is a good level but imho not a good bar.

jus my 2 cents
jon
PATIENCE... DISCIPLINE
  • #85,668
  • Jan 13, 2011 9:58pm Jan 13, 2011 9:58pm
Quoting Adilius07
Hello D, sorry don't get me wrong i just trying to learn. But look if you take higher tf into account, logically you should also take the higher than higher tf into account. If so you could se that on w2 this pa (4 candles before this weekly doji you have right now) will show a 100% bullish retracement bar (not quit buob) then if you again look higher you will see that this w2 engulfing is really a bullish PB on w4. Right? So you fade all this bullish pa at the semi-double bottom so to say?

That's why I hate to go into higher tf's.... What do...
Hi Adi. Generally speaking, I stay on the time frame where I find the set up. I am trying to keep things as simple as possible. When I look at the weekly for a daily set up, I am really only looking at the bar highs and lows. Just as I don't want to trade into a BRN, I don't want to trade into a weekly high or low, as I anticipate those areas to be potential strong s/r areas. I do like to use the weekly high/low to hide stops as well. The thing I see on weekly levels is that normally show up as pretty obvious s/r area on daily. As I'm a newbie, I think it is more of a gut check for me than anything.
  • #85,669
  • Jan 13, 2011 10:00pm Jan 13, 2011 10:00pm
Quoting g_j_hook@yah
hi pkmurphys, i agree that this is a good level to look for a trade setup but strictly speaking this is not a pin bar, we need the close to be inside the previous bars open/close.
Hi Jon,

I always had the idea that as long as the body of the pinbar is within the range of the previous bar, it is considered as a pinbar.
  • #85,670
  • Edited 10:28pm Jan 13, 2011 10:07pm | Edited 10:28pm
Quoting Autumm
Hi Jon,

I always had the idea that as long as the body of the pinbar is within the range of the previous bar, it is considered as a pinbar.
i dont think so. i think some of these bars have been termed pin bars by proxy if there are previous bar h/ls to use as a marker to measure against the o/c of the pin bar. A pin bar needs to close within the previous bars o/c to be a technically correct pin bar

jon
Attached File(s)
File Type: pdf Price Action Setups.pdf   45 KB | 1,051 downloads
File Type: pdf Pin bars-introduction.pdf   175 KB | 577 downloads
File Type: pdf Pin bars-advanced.pdf   113 KB | 539 downloads
PATIENCE... DISCIPLINE
  • #85,671
  • Jan 13, 2011 10:34pm Jan 13, 2011 10:34pm
I saw this as a Mike breakout trade on the daily. Drop down to the 4h and 1h for PA conformation. Would this BOUB qualify or is it better to have a touch off that S/R level?
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  • #85,672
  • Jan 13, 2011 11:06pm Jan 13, 2011 11:06pm
Folks,

Is this more than a 'B' setup on the USDCHF? It looks to me like a BEOB. Two things are not convincing though: the fact the High of the bar is not, in fact, higher than the most recent high, and last week's bar was very nearly a BUOB.

On the other hand the close did clear the bottom of the recent congestion to the left, cleared the 9650 level, and lastly wick-ed into the 9700 BRN.

Target-wise the 9550 level is smack-on the 50 Fib line, at the bottom of the next level of congestion, which is just below the monthly pivot. A reasonable stop might at 9705.

Any opinions are appreciated. Thanks,

Dean

P.S. I've been lurking around FF for literally years. At this point, I've done my profitable three months demo, and have been live for a month. This is my second time around trading Forex live. This time I thought I would finally stick my nose out there and get involved in the conversation.

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  • #85,673
  • Jan 13, 2011 11:08pm Jan 13, 2011 11:08pm
Quoting spookie94
I saw this as a Mike breakout trade on the daily. Drop down to the 4h and 1h for PA conformation. Would this BOUB qualify or is it better to have a touch off that S/R level?
hi spookie, heres my chart. i have a BUOB but with a weak close and running right into a RN (64.00) it did retrace/reverse to the high of the range, to the pip, on my chart, which is a good reminder that these levels are a zone rather than a specific price. In my experience these retraces can also come close to but not "at" the PPZ before price takes off, but they usually do retest the zone price has just broken out off. Not sure which scenario is best? the PA is the guiding hand in these situations

jon
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PATIENCE... DISCIPLINE
  • #85,674
  • Jan 13, 2011 11:26pm Jan 13, 2011 11:26pm
Quoting g_j_hook@yah
hi spookie, heres my chart. i have a BUOB but with a weak close and running right into a RN (64.00) it did retrace/reverse to the high of the range, to the pip, on my chart, which is a good reminder that these levels are a zone rather than a specific price. In my experience these retraces can also come close to but not "at" the PPZ before price takes off, but they usually do retest the zone price has just broken out off. Not sure which scenario is best? the PA is the guiding hand in these situations

jon
Is the BOUB where we would want to look for it, with a touch? Or would it have been better if the BOUB was right on or thru the PPZ? Since the BOUB didn't break could this be one where it goes back down thru the TL and uses it for resistance?
  • #85,675
  • Jan 13, 2011 11:31pm Jan 13, 2011 11:31pm
Quoting MustardPlug
Folks,

Is this more than a 'B' setup on the USDCHF? It looks to me like a BEOB....
hey MustardPlug, about time too!!
the main problem i see with this set up is the fact that it is running right into support (as you mentioned) at 95.50-96.00, then again at 95.00. We also have price ranging for the last few days and the bar comes within that range so doesnt stand out to me as a reversal bar?? imho the bar doesnt have the strength to convince me it wont bounce right off those FTAs.

just my view..

jon
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PATIENCE... DISCIPLINE
  • #85,676
  • Edited 11:58pm Jan 13, 2011 11:48pm | Edited 11:58pm
Quoting spookie94
Is the BOUB where we would want to look for it, with a touch? Or would it have been better if the BOUB was right on or thru the PPZ? Since the BOUB didn't break could this be one where it goes back down thru the TL and uses it for resistance?
yeah, this is where we would look for PA confirmation of the break. i also think this was close enough to be a valid setup if all else is well. I couldn't say for sure but in my experience a retest as spot on as this is a good sign. in these breakout situations a drop/retrace too low into the broken PPZ can often be a sign of weakness, so a quick reaction from that level is what i personally want. A strong break is always the best break and so a quick bounce off the level is a good sign to me, when price starts dawdling around this level it can often be a sign of fading momentum.
When price returns and closes below the range it has just broken it is usually a reversal or a false break out and price will generally continue from there showing that resistance didn't turn to support and will probably continue to act as resistance.

jon

EDIT: the problems i see with this particular bar are
1/ time of day
2/ weak close(maybe the time of day?)
3/ RN just above
PATIENCE... DISCIPLINE
  • #85,677
  • Jan 13, 2011 11:54pm Jan 13, 2011 11:54pm
Quoting g_j_hook@yah
the main problem i see with this set up is the fact that it is running right into support (as you mentioned) at 95.50-96.00, then again at 95.00. We also have price ranging for the last few days and the bar comes within that range so doesnt stand out to me as a reversal bar??
Jon,

I totally agree about the FTAs. I wouldn't expect it to make it past 9550, given the strength of last weeks bar moving out of all-time lows. But 9550 is fairly distinct, so if I were to take this I'd close everything there.

I disagree about the reaction to the past few days though. The opens and closes have been sitting on 9650 for a week, so to break below seems significant.

Meh, maybe we'll let this one go. Thanks for your thoughts, Jon.

Dean
  • #85,678
  • Jan 14, 2011 12:10am Jan 14, 2011 12:10am
Quoting MustardPlug
Jon,

I totally agree about the FTAs. I wouldn't expect it to make it past 9550, given the strength of last weeks bar moving out of all-time lows. But 9550 is fairly distinct, so if I were to take this I'd close everything there.

I disagree about the reaction to the past few days though. The opens and closes have been sitting on 9650 for a week, so to break below seems significant.

Meh, maybe we'll let this one go. Thanks for your thoughts, Jon.

Dean
i see your point about the 9650 price but if you look at the box iv drawn covering the recent ranges the BEOB didnt close below that and is still moving within that range. imho it would be a much stronger signal if the BEOB closed below that ranges lows.
jus my view

jon
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PATIENCE... DISCIPLINE
  • #85,679
  • Jan 14, 2011 12:10am Jan 14, 2011 12:10am
Quoting Adilius07
Haha, I think that was a joke though? Right? No way the lightning could struck anyone through the pc, or modem or whatever...Or tv's remote control or whatever
hahahah this was not a joke. I can tell you it is one of my favorite j16 thread moments
  • #85,680
  • Jan 14, 2011 12:11am Jan 14, 2011 12:11am
Quoting the_wizard
Hey bro, yes all is going well. Got lots on so I'm not posting as much but always watching...
oh wow this made my night
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