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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

  • #86,841
  • Jan 24, 2011 8:36am Jan 24, 2011 8:36am
Ure totally correct Ghous..

Thx for pointing it out

Os.

Quoting ghous
Hey Osman,

When I look at the setup the problem of the length of the bar jumps out less at me than the problem of the close on the bar

The close on our PA bars is extremely important...specially when we're talking about a bar that's heading into traffic.

I see a confluence of the 365 with quite a few bar highs, and the pin bar close in relation was above this area. That to me is the first red flag. Had price closed with authority below...or even at this area solidly (leaving a very small...or better still no wick at all) things...
Trade Smart
  • #86,842
  • Jan 24, 2011 8:39am Jan 24, 2011 8:39am
Quoting Osman
Hi guys !

Hope you have a great weekend...

First lost of 2011 on EUR/GBP

We had:

 

  1. 61.8 fib
  2. Rejection off the BRN 85.00 + Previous Support zone (blue square)
  3. PB
  4. DIV

Had my TP at 0.84550, thought it was gonna be a fast trade as I had my TP 20 pips away from my entry, but it turned out into a lost.

Looking at it.. I think my error was that the PB was small size (thx Mike) related to the trend before it (blue lines), in another context the PB could be a good size but looking at the strong uptrend before it, its not....

Hi

Just wanted to ask what indicator you are using for divergence? RSI?

Kal
  • #86,843
  • Jan 24, 2011 8:41am Jan 24, 2011 8:41am
Quoting Kalbar
Hi

Just wanted to ask what indicator you are using for divergence? RSI?

Kal

Hi Kalbar,

Im using RSI as I feel more comfortable, but others use the MACD so its up to you.

Os.
Trade Smart
  • #86,844
  • Edited 9:10am Jan 24, 2011 8:48am | Edited 9:10am
Quoting fxgroup
Last weekly closed as an indecision bar with a friday IPB(ib).I don't trade this kind of bar,I use them as information,but it's position/shape and the previous candles(as I said in quoted post),make a perfect IPB with a nice story for ghous.Anyway,I'll keep an eye on this pair.
At midday I was itching to take a ride on the bear (4h BEEOB) down to 1.52 and see what happened next. But the 11 am bullish bar on m30 kept me out. I didn't know if it would be resisted by the previous lows. By the time the midday IB had formed and been broken, I had moved on. Anyway, I haven't studied m30 IB's yet.

I'd now like to go short below 1.5191 on a breakout, if it makes it, but will probably wait to see if it uses that level as resistance.
I watch so many good setups go by me that way
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: m30.jpg Size: 116 KB
  • #86,845
  • Jan 24, 2011 8:48am Jan 24, 2011 8:48am
Quoting Osman
Hi guys !

Hope you have a great weekend...

First lost of 2011 on EUR/GBP

We had:

 

  1. 61.8 fib
  2. Rejection off the BRN 85.00 + Previous Support zone (blue square)
  3. PB
  4. DIV


Had my TP at 0.84550, thought it was gonna be a fast trade as I had my TP 20 pips away from my entry, but it turned out into a lost.

Looking at it.. I think my error was that the PB was small size (thx Mike) related to the trend before it (blue lines), in another context the PB could be a good size but looking at the strong uptrend before...

I would say that bar shape was very nice and it almost reached the FTA at 0.8460 (sometimes it helps to look at lower timeframes to pinpoint the support) . After price broke the low of the pin and those multi bar highs i would move my stop just above this area which should act as a brickwall. There was no need to take the full bar loss. It was pretty good opportunity imo but as always... You win some , You lose some.
  • #86,846
  • Jan 24, 2011 8:48am Jan 24, 2011 8:48am
Quoting ghous
Hey Osman,

When I look at the setup the problem of the length of the bar jumps out less at me than the problem of the close on the bar

The close on our PA bars is extremely important...specially when we're talking about a bar that's heading into traffic.

I see a confluence of the 365 with quite a few bar highs, and the pin bar close in relation was above this area. That to me is the first red flag. Had price closed with authority below...or even at this area solidly (leaving a very small...or better still no wick at all) things...

Hey Ghous

On the topic of strong closes, did you take the pin from last week on NZ/USD? It had a good close but was kind of in traffic and price just 'drifted' into the pin although it was near forming a double top. Because of these factors I missed it although it worked well. What is your critique of this set-up?

Thanks,

Kal
Attached Image (click to enlarge)
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  • #86,847
  • Jan 24, 2011 8:48am Jan 24, 2011 8:48am
Quoting Osman
Hi guys !

Hope you have a great weekend...

First lost of 2011 on EUR/GBP

We had:

 

  1. 61.8 fib
  2. Rejection off the BRN 85.00 + Previous Support zone (blue square)
  3. PB
  4. DIV

Had my TP at 0.84550, thought it was gonna be a fast trade as I had my TP 20 pips away from my entry, but it turned out into a lost.

Looking at it.. I think my error was that the PB was small size (thx Mike) related to the trend before it (blue lines), in another context the PB could be a good size but looking at the strong uptrend before it, its not....

If you allow me,I will give you my interpretation aboud how I read your chart.At 50 fibb level you have a good ppz(my red line).After the price broked it,made that PB and made a confirmation as support(so,technically,that PB did it's job).The candle after PB(bueb) was the fully confirmation of support and tells us that that the buyers are controlling the market (at least till the next ppz-second red line).If the SL was above the PB,after the bueb I would have tighted it.The next 2 candles are a consolidation(doji)around the ppz and the next one closed above ppz,candle witch closed my trade if I would have been in.This is only my way how I read the candles at ppz levelz.The second thing is using of RSI indicator.In a trendy market with strong momentum it is very dangerous.Apart the divergence the RSI is very used to measure The Momentum ,but as I said ,in a trendy market RSI could lie to you.The best way to measure The Momentum(it is just a personal opinion)even better than RSI,is to drag a trend line at the candle's closes and observe the angle.Sorry for the post's lenght.
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Attached Image
Nothing personal,just business
  • #86,848
  • Jan 24, 2011 8:58am Jan 24, 2011 8:58am
Quoting Pinbar
Ok, I think your chart will work well in trying to get over what I mean.
It is hard to describe and may simply be a perspective that needs altering or something.

I altered the chart to show two PPZ, A & B.
We can see that both A & B have historically fulfilled both the Support & Resistance requirements. So, I am really asking, are you considering these as two separate PPZ as in A & B?

If we change our perspective and try to think inside my tiny head, and we make that perspective that there are not two separate PPZ but, a single wide PPZ with...
Hey PB,
I think its ok to see it as 2 different S/R levels if you know its best not to trade in the middle. Like Jarroo stated you have to know which type of PA to look for. In your example it may be less risky to wait for a bullish PA above the top zone and a bearish below the bottom. I think the area between the 2 could be an area for a range to develope.
  • #86,849
  • Jan 24, 2011 9:07am Jan 24, 2011 9:07am
Quoting Osman
Hi guys !
...
Hello Os,
they've made good points.

quick answer for me here is
be aware of trend & its strength/weakness.

-the PB was relatively small
-the PB was countertrend, imho.
-the PB was heading right into traffic(the small bars prior it)
- u had a nice target, but dont forget about/ignore the possible bumps along the way
-notice how the PB broke on the next bar, only to close positively (higher than the open)? another sign of possible things to come
-your RSI divs were not plotted on good/extreme swings. the 2nd & 3rd touch (unlike the first RSI div touch,) on the RSI div was not a confirmed swing high(the Pinbar). after the pinbar, price continued moving up. also, i often say, div's get killed on trending markets. consult div's, use them as a warning, but rely more on what PA is doing.

post like yours helps me, so hope this helps u too
  • #86,850
  • Jan 24, 2011 9:13am Jan 24, 2011 9:13am
Quoting Kalbar
Hey Ghous
On the topic of strong closes, did you take the pin from last week on NZ/USD? It had a good close but was kind of in traffic and price just 'drifted' into the pin although it was near forming a double top. Because of these factors I missed it although it worked well. What is your critique of this set-up?
...
hello Kal,
if i may...
that one looks like a PB-BEOB hybrid, which Sir jarroo loves.

u just have to be aware of bumps/traffic areas on the road & see if u have the wind (momentum) in your favor.
in this case, there was momentum.
  • #86,851
  • Jan 24, 2011 9:15am Jan 24, 2011 9:15am
Quoting spookie94
Hey PB,
I think its ok to see it as 2 different S/R levels if you know its best not to trade in the middle. Like Jarroo stated you have to know which type of PA to look for. In your example it may be less risky to wait for a bullish PA above the top zone and a bearish below the bottom. I think the area between the 2 could be an area for a range to develope.
I totally agree with you and I would add something.MM is a very personal thing.If between A and B are 50-100 pips,that zone between ppzs,becomes different for different type of traders.A 5 min trader maybe feels comfortable in that zone with the time reaction.A daily/weekly trader would use that zone just as an information for trading decisions and MM.
Nothing personal,just business
  • #86,852
  • Jan 24, 2011 9:23am Jan 24, 2011 9:23am
Quoting supremeChaos
hello Kal,
if i may...
that one looks like a PB-BEOB hybrid, which Sir jarroo loves.

u just have to be aware of bumps/traffic areas on the road & see if u have the wind (momentum) in your favor.
in this case, there was momentum.
Hey Supremo

Thanks for your comments - as always they make perfect sense. I did not take this setup but took the widely debated pinbar on the EUCHF which FAILED as I deemed it to be a 'better' setup.

So to take a loss(demo) on that and see the NU trade work well was a bit frustrating to say the least! Main thing is not just to look for PA but also the 'story' which I will pay more attention to in future.

Kal
  • #86,853
  • Jan 24, 2011 9:45am Jan 24, 2011 9:45am
Hi SC,

Thx for your answer it really helps...

When you say countertrend.. I look at the daily and I see lower highs and lower lows.. could you help me on this ?

Thx.
Os.

Quoting supremeChaos
Hello Os,
they've made good points.

quick answer for me here is
be aware of trend & its strength/weakness.

-the PB was relatively small
-the PB was countertrend, imho.
-the PB was heading right into traffic(the small bars prior it)
- u had a nice target, but dont forget about/ignore the possible bumps along the way
-notice how the PB broke on the next bar, only to close positively (higher than the open)? another sign of possible things to come
-your RSI divs were not plotted on good/extreme swings. the 2nd & 3rd touch (unlike the first RSI div...
Attached Image (click to enlarge)
Click to Enlarge Name: egtrend.jpg Size: 107 KB
Trade Smart
  • #86,854
  • Jan 24, 2011 9:50am Jan 24, 2011 9:50am
Quoting fxgroup
If you allow me,I will give you my interpretation aboud how I read your chart.At 50 fibb level you have a good ppz(my red line).After the price broked it,made that PB and made a confirmation as support(so,technically,that PB did it's job).The candle after PB(bueb) was the fully confirmation of support and tells us that that the buyers are controlling the market (at least till the next ppz-second red line).If the SL was above the PB,after the bueb I would have tighted it.The next 2 candles are a consolidation(doji)around the ppz and the next one...
Thx for your explanation... the trendline helps in order to find its momentum.

Quoting Greenhaze
I would say that bar shape was very nice and it almost reached the FTA at 0.8460 (sometimes it helps to look at lower timeframes to pinpoint the support) . After price broke the low of the pin and those multi bar highs i would move my stop just above this area which should act as a brickwall. There was no need to take the full bar loss. It was pretty good opportunity imo but as always... You win some , You lose some.
Yeah Green... I have to learn to cut losers.. improve my trade management. thx for your answer mate.
Trade Smart
  • #86,855
  • Jan 24, 2011 10:39am Jan 24, 2011 10:39am
Can anyone please direct me to where I can learn more info about Rollover, swaps, and interest that takes place in Oanda?

If I hold my position for 3 months, what do I pay or receive in terms of interest, rollover whatever there is...

I have no idea about this subject, and their website is really not covering this in detail. Anyone who trade Oanda live, please???

Receive (or pay) interest based on the length of time you hold open trades-not based on the time of day you hold them.

How to understand the above quote from their website...
  • #86,856
  • Jan 24, 2011 10:46am Jan 24, 2011 10:46am
Quoting Adilius07
Can anyone please direct me to where I can learn more info about Rollover, swaps, and interest that takes place in Oanda?

If I hold my position for 3 months, what do I pay or receive in terms of interest, rollover whatever there is...

I have no idea about this subject, and their website is really not covering this in detail. Anyone who trade Oanda live, please???

Receive (or pay) interest based on the length of time you hold open trades-not based on the time of day you hold them.

How to understand the above quote from their website...
I trade live with Oanda. They will pay/deduct interest from your account based upon the pair.

So if you are long NZDUSD, and the NZD interest rate is higher than the USD (and I think it normally is), then they pay you interest. If you are short NZDUSD, they would deduct the interest.

It isn't much in the grand scheme of trading, but it allows you to carry trade if you desire.

The do the interest at the end of the trading day, every day you are in the trade.
  • #86,857
  • Jan 24, 2011 10:47am Jan 24, 2011 10:47am
Quoting Adilius07
Can anyone please direct me to where I can learn more info about Rollover, swaps, and interest that takes place in Oanda?

If I hold my position for 3 months, what do I pay or receive in terms of interest, rollover whatever there is...

I have no idea about this subject, and their website is really not covering this in detail. Anyone who trade Oanda live, please???

Receive (or pay) interest based on the length of time you hold open trades-not based on the time of day you hold them.

How to understand the above quote from their website...
Hey Adi

here ya go

http://fxtrade.oanda.com/help/polici...te-calculation
  • #86,858
  • Jan 24, 2011 10:49am Jan 24, 2011 10:49am
Quoting unlv_tj
I trade live with Oanda. They will pay/deduct interest from your account based upon the pair.

So if you are long NZDUSD, and the NZD interest rate is higher than the USD (and I think it normally is), then they pay you interest. If you are short NZDUSD, they would deduct the interest.

It isn't much in the grand scheme of trading, but it allows you to carry trade if you desire.

The do the interest at the end of the trading day, every day you are in the trade.
TJ, thank you for reply. But what is the % of that interest?
And is there a page where I can see those rates, some info like % etc. etc ??
  • #86,859
  • Jan 24, 2011 10:50am Jan 24, 2011 10:50am
Quoting mbqb11
Hey Adi

here ya go

http://fxtrade.oanda.com/help/polici...te-calculation

Mike, missed your post. Thank you very much, gonna study everything right now! Thanks!

EDIT: I swear I looked everywhere on their site and didn't see this page!
  • #86,860
  • Jan 24, 2011 10:52am Jan 24, 2011 10:52am
Quoting Adilius07
Mike, missed your post. Thank you very much, gonna study everything right now! Thanks!

EDIT: I swear I looked everywhere on their site and didn't see this page!
Their site is not as easy to navigate as their platform is to use
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