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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

  • #87,061
  • Jan 26, 2011 8:08am Jan 26, 2011 8:08am
Ghous
Happy Birthday To You, hope it was a goody, sorry i'm late just concentrating on chart practice so behind with thread.
D
  • #87,062
  • Jan 26, 2011 8:11am Jan 26, 2011 8:11am
Quoting Ifmyante
Thanks Mike

that's a beautifully clean chart!

So are you saying that because price is around a BRN in the centre of two VBRNs which have each recently been tested, that PA on the D1 and H4 may be unreliable until it's around these extremes?

BTW, great answers to the head and shoulders trailing stop question and the PPZ vs SR question, and the...................
Much appreciated

Michael
Hey John

WHat that chart gives me from a weekly perspective is a very very clean clear areas to watch. Until then on the weekly it is unlikely I would touch anything in the realm we are at. I am not a good sideways market trader so I avoid those situations pretty much. Daily you can see price gets more and more choppy as you go down timeframes(so when I see this I move up timeframes till things smooth a bit). That choppy PA can be tough to trade and manage as a whole. The areas still hold as good areas to watch on all timeframes. So it's not that the PA may be unreliable until then it's that the current market conditions tell us that PA is choppy, so I expect choppy to be the theme until PROVEN otherwise(meaning we get away from the chop). But this is also a more choppy pair so it's one I would rarely ever trade lower then daily(always exceptions) and more likely to find something good on daily /weekly.

I really just wanted to show you how you can strip things down to basics and look for the obvious locations and not have to go to stir crazy when something seems as choppy as this pair(the more you have to try to make sense of a situation the less likely I want to be in that situation - if that makes sense)

Hope that helps a bit
Mike
  • #87,063
  • Jan 26, 2011 8:15am Jan 26, 2011 8:15am
Does this look like a good hunting ground for a breakout-and-pullback kind of trade?
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  • #87,064
  • Jan 26, 2011 8:19am Jan 26, 2011 8:19am
Quoting ertorque
Does this look like a good hunting ground for a breakout-and-pullback kind of trade?
looks even more well formed if you drop to the 30m
  • #87,065
  • Jan 26, 2011 8:23am Jan 26, 2011 8:23am
Quoting mbqb11
looks even more well formed if you drop to the 30m
Yes mike, I had a feeling that you would be on this one too!
  • #87,066
  • Jan 26, 2011 8:24am Jan 26, 2011 8:24am
Quoting ertorque
Yes mike, I had a feeling that you would be on this one too!
Bit late in the day for me on a rather slow day so I wouldn't personally be looking too today but that is a setup that would be on my radar

Best
Mike
  • #87,067
  • Jan 26, 2011 8:29am Jan 26, 2011 8:29am
Quoting mbqb11

I really just wanted to show you how you can strip things down to basics and look for the obvious locations and not have to go to stir crazy when something seems as choppy as this pair(the more you have to try to make sense of a situation the less likely I want to be in that situation - if that makes sense)

Hope that helps a bit
Mike
That helps quite a lot, thanks.
It's great to get the ideas of a breakout trader as well as a consolidation Profit Area trader.

I think that perhaps a consolidation trader may only take trades at these extremes too. I'll find out soon, I'm sure.

Thanks for being here

Michael
  • #87,068
  • Jan 26, 2011 9:23am Jan 26, 2011 9:23am
Quoting mbqb11
Bit late in the day for me on a rather slow day...
US FOMC, about 2 hours from now
  • #87,069
  • Jan 26, 2011 9:37am Jan 26, 2011 9:37am
this is a nice breakout (at the first view). but take a look at the volume of the todays bar. it is far less then the previous bar. and this candle is closing only at 2/3 up. i would wait for a retest of the ppz to go long.
would love to hear mike about it!
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meine augen sind die sterne
  • #87,070
  • Jan 26, 2011 10:13am Jan 26, 2011 10:13am
My first stop loss for this year gets hit today (demo account)
I shorted the German Infineon stock because of the nice locking Bearish PB which was of a PPZ

My Problem was that i set my FTA to far away but it is always easy to analyze the trade after it is gone ;-)
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  • #87,071
  • Jan 26, 2011 10:18am Jan 26, 2011 10:18am
Quoting john225
My first stop loss for this year gets hit today (demo account)
I shorted the German Infineon stock because of the nice locking Bearish PB which was of a PPZ

My Problem was that i set my FTA to far away but it is always easy to analyze the trade after it is gone ;-)
Hey John

In my view if that left eye doesn't hold on that bar there is nearly nothing to hold it down, so you can cut out for a pretty small loss once it breaks(the left eyes being the high of that BUOB). This is something I worked on a lot the last few years and it helps for those ones that just don't go as we though and don't have a ton of confluence or might be fighting strong trends(ie FTA an reverse price completely).

Just something to check out while you are doing your round ups

Mike
  • #87,072
  • Jan 26, 2011 10:24am Jan 26, 2011 10:24am
Quoting mbqb11
Hey John

In my view if that left eye doesn't hold on that bar there is nearly nothing to hold it down, so you can cut out for a pretty small loss once it breaks(the left eyes being the high of that BUOB). This is something I worked on a lot the last few years and it helps for those ones that just don't go as we though and don't have a ton of confluence or might be fighting strong trends(ie FTA an reverse price completely).

Just something to check out while you are doing your round ups

Mike
So you mean that you recommend for newbies to put the stop loss on the left eye?
  • #87,073
  • Jan 26, 2011 10:28am Jan 26, 2011 10:28am
Quoting john225
So you mean that you recommend for newbies to put the stop loss on the left eye?
Not necessarily at the left eye. But the situation above I see as follows.

A pinbar(not huge) against a VERY strong trend. No other confluence really(except a bounce off that last high which in turn puts the pinbar in traffic by nature of it being so close).

So if that still doesn't make a trader want to stay out(again we all have different ways to approach our entries and exits). One could say alright I think it has a good chance to make those lows near 7. You could start with your stop above the high of the pin enter on break , when price breaks the low look to move your stop down towards that low effectively reducing your risk to about 20% of your initial risk. This to me allows for the potential while being logical if that left eye can't hold it's going to at least trickle back up to that last high bar. Now others might also start with their stop there so they can grab a bigger position size. Of course neither is more right, but I think at the least one should be thinking about where do I no longer want to logically be in this trade as it no longer makes sense.

Best
Mike
  • #87,074
  • Jan 26, 2011 10:39am Jan 26, 2011 10:39am
Quoting mbqb11
Not necessarily at the left eye....
Ok makes sense now thanks

It is very hard to be picky ^^
  • #87,075
  • Jan 26, 2011 11:42am Jan 26, 2011 11:42am
is this a pinbar??

the formation is almost ideal, then goes long, which I think is correct.

http://www.forexfactory.com/attachme...1&d=1296070921
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The Black Swan: The Impact of the Highly Improbable
  • #87,076
  • Jan 26, 2011 12:06pm Jan 26, 2011 12:06pm
Quoting MapleLeaf
is this a pinbar??

the formation is almost ideal, then goes long, which I think is correct.
Hey Maple

No that is just a very large neutralish type bar. You want the low to not be lower then the previous bar.

Here are some examples of bullish pinbars. So you want the open and close within the prior bar. And you want the low not to stick above the previous bars high and to have a long tail.

http://www.forexfactory.com/showpost...ostcount=23703
http://www.forexfactory.com/showpost...ostcount=30821
http://www.forexfactory.com/showpost...ostcount=33278


Keep working through James16 posts you will find the best examples out there

Hope that helps
Mike
  • #87,077
  • Jan 26, 2011 12:29pm Jan 26, 2011 12:29pm
Quoting mbqb11
Hey Maple

...
what do you think of the above chart? thanks
i mean:
http://www.forexfactory.com/showpost...ostcount=87091
meine augen sind die sterne
  • #87,078
  • Jan 26, 2011 12:33pm Jan 26, 2011 12:33pm
Quoting aserbfx
what do you think of the above chart? thanks
i mean:
http://www.forexfactory.com/showpost...ostcount=87091
Hey Al

For me there isn't really enough information there to play a pullback on. THe overall market is pretty choppy and I prefer too see a more understanble pattern at that level. It of course is still a very logical area in terms of resistance turning into support. When playing breakouts for me I tend to only look for strong clear patterns(wedges/boxes/flags/etc)

Hope that helps
Mike
  • #87,079
  • Jan 26, 2011 1:15pm Jan 26, 2011 1:15pm
Quoting mbqb11
You and me both brotha Like you never "left"

I have it as a breakout and pullback


Hope all is well with you and yours bud

Mike

Just a final result took my trailing stop out today, be interesting if the BRN holds but I am not willing to let more profit away on this one
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  • #87,080
  • Jan 26, 2011 1:43pm Jan 26, 2011 1:43pm
Quoting mbqb11
Just a final result took my trailing stop out today, be interesting if the BRN holds but I am not willing to let more profit away on this one
Awesome trade!! If gold gives a retest and rejection of the 1350.00 with a nice PA bar would you consider getting back in as a continuation?
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