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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

  • #88,221
  • Feb 6, 2011 9:57am Feb 6, 2011 9:57am
Quoting Pinbar
You mean this doji looking thing 12 pips below the PPZ?

That is why, I didn't notice it, it looks too doji like on this IBFX feed.

I can't see the candles on Adis chart as the black charts don't show up well.
Yeah that's it. It was better looking on Fxpro, though it still lacks quite a bit.

g.
I believe . . .
  • #88,222
  • Feb 6, 2011 10:04am Feb 6, 2011 10:04am
Quoting jarroo
I free traded it at the 81.55 wanted to see if Price could hold as Resistance there. 2nd half of the free trade is above the 82.00 almost above the PB.

For those that asked, I was stopped out of this free trade with a net zero loss.

I'm now looking for the 82.00 to act as Support again. The Daily BUOB is giving us a good hint that it may do just that . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,223
  • Feb 6, 2011 10:08am Feb 6, 2011 10:08am
Quoting Ifmyante
Can you really have a general rule about where to exit a trade?

I mean, since we're trying to find definitive signals to get us into trades, should we not be doing the same for exits?
Should we hold until price consolidates and breaks out against us?
Should we hold until we get PA opposing our direction? If so, should we really only look in our entry TF, or should we reduce the TF?
Is momentum the greatest factor when we reach the TA's? What else is there?
All of these questions are very discretionary Ifmy and will vary from trader to trader, but you are right our trade management has to be solid in the sense that it should be based on definitive factors.

There's no one right answer to these. For some price hitting the FTA is enough to spark the end of the trade or partial profit taking, while others might want to hold on for a longer runner. Some prefer to stay on the very time frame they took their trades on while others shift through TFs to gauge momentum and early hints of price direction, its sort of something that you come up with time and experience and number of trades and their results really.

But there are a few rules that just have to stay consistent with every trade management technique. Whether you look at the FTA to help you manage trades or like Scott suggested you use pivot points or fib extensions or whatever we know for instance that we are not supposed to take a full bar loss once price makes it to the FTA on a particular trade setup and we're not going to be chasing missed setups.

Hope this clears things up.

g.
I believe . . .
  • #88,224
  • Feb 6, 2011 10:18am Feb 6, 2011 10:18am
Quoting vasmiza
Mike I have a question. We have been discussing Traffic and Space; I think the GBP/AUD is a good example; there is a lot of traffic going into this area of congestion. SO we might have some space but traffic is the problem.

Am I correct with my analysis?????

Attachment

Cheers,

Harry
Hey Harry

Yep you are exactly correct. That box = traffic = consolidation = potential problems. It's all inter connected

Best
Mike
  • #88,225
  • Feb 6, 2011 10:19am Feb 6, 2011 10:19am
Quoting vasmiza
PinBar, are you saying that there is not much space. If we draw a TL it looks a little different. So according to this diagram below there is no space and a lot of traffic. According to my previous post there seemed to be some space but traffic.

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AM I over analyzing this??? I've watched the traffic & space video 3 times now. Is there really a lot of traffic in space??? lol I will watch it again now. Which one is the better analysis this chart or the previous??? I'm confused

Ghous pleeaseee help us here,...
Hey Harry

You can have some space, yes. In this case like Pinbar said your space is really under where your entry would be. Thus this trade is running right back into traffic. But your initial post was correct. Once that space runs out generally speaking you are hitting an important area. You can see here it is that entire box. You really have it, just don't over think it that much bud

Best
Mike
  • #88,226
  • Feb 6, 2011 10:20am Feb 6, 2011 10:20am
Quoting forex0908
All

This seems to be a nice set-up. EURCAD BEOB on the Weekly TF. Off the BRN 1.35 and also seems a Swing High.

0908
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Quoting Scot Pippin'
Here is one I will be watching this week. Weekly BEOB at a swing high looking for downward trend to continue. I expect price to retest the daily pivot and look for some PA to sell the pair on a lower time frame. DUh, haha I didn't notice you posted about the same pair. I guess we're of the same mindset lol.
I do like this one but it is running into a Support level that was a previous Resistance. The BEOB off the 1.3500 BRN maybe the momentum it needs to break that Support level and turn it back to Resistance. A close below would be a good confirmation . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,227
  • Feb 6, 2011 10:28am Feb 6, 2011 10:28am
Quoting ghous
All of these questions are very discretionary Ifmy and will vary from trader to trader, but you are right our trade management has to be solid in the sense that it should be based on definitive factors.

There's no one right answer to these. For some price hitting the FTA is enough to spark the end of the trade or partial profit taking, while others might want to hold on for a longer runner. Some prefer to stay on the very time frame they took their trades on while others shift through TFs to gauge momentum and early hints of price direction,...
Ghous mate, you ALWAYS clear things up
  • #88,228
  • Feb 6, 2011 10:31am Feb 6, 2011 10:31am
I don't like the structure of this Daily PB on the Aud/Usd but I do like the Location (PPZ level) . .the Closes tells the story.
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Indicators show the past. Price Action "Indicates" the future.
  • #88,229
  • Feb 6, 2011 10:34am Feb 6, 2011 10:34am
Quoting spookie94
So do you only mark the more obvious ones like 1 and 3? I noticed that your FTA off the daily was at number 4.
Quoting jarroo
Any obvious swing point on the Weekly . be they major or minor . .are going to be important on the Daily TF and down.

If Price breaks that Daily BEOB and hits number 4 and goes back upwards . .we will not be surprised.

We were not surprised . . .right spookie? . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,230
  • Edited 10:56am Feb 6, 2011 10:39am | Edited 10:56am
Quoting ghous
How about moving the stop to BE at the FTA and taking half off the table leaving the rest to hopefully catch a runner?

g.
from earlier on in the thread this is a method I picked up and like the most , also moving to BE +40 pips, this is why I would risk 2% on each trade let that 1% become a runner if it can
  • #88,231
  • Feb 6, 2011 10:57am Feb 6, 2011 10:57am
Quoting jarroo
We were not surprised . . .right spookie? . . .
Beautiful example of 'where is price going?'/'Where did price go?'

I mean beautiful
  • #88,232
  • Feb 6, 2011 11:42am Feb 6, 2011 11:42am
Quoting jarroo
We were not surprised . . .right spookie? . . .
GBP/USD I think will continue north this week. Price split through the 1.60, and I figured would find support on the old resistance around 1.6050. I would have taken that 4 hr bullish pin we saw on Friday, but it was Friday and I didn't want to before the weekend.

This evening I will see how price opens and make a decision if I want to jump long on it or not. I will post my entry and trade plan here if I do.

How many times have we seen this happen? Enough.
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Many choose unhappiness over uncertainty.
  • #88,233
  • Feb 6, 2011 11:54am Feb 6, 2011 11:54am
Quoting jarroo
For those that asked, I was stopped out of this free trade with a net zero loss.

I'm now looking for the 82.00 to act as Support again. The Daily BUOB is giving us a good hint that it may do just that . . .
I'm very glad that you post this.As I said in my post #87055 from Jan 26,I'm looking also at 82 to act as Support.My reasons are:On monthly chart,the november candle closed as buob,making at the same time a 2 months PB.Where are we expect the price to go?-Right,to the previous bar's top( 86 )witch is also a very strong ppz.Notice that none of the bars after don't close below the monthly buob,so THAT is the controlling bar.On weekly chart,we have a strong buob(2011.01.02).On 2011.01.16 is a PB witch stay right on 82 and in the range of w-buob,then an IPB(still on 82),a sign for me that the buyers are ready to act.Notice that the last 4 candle(the last PB included) are in the w-buob's range. On daily chart,on Jan 26 we had IPB(IB)on 82 level.At that moment I thought that we are,and as I don't trade IPB/IB,after the dblhc(Jan 27),I put a buy order at 83.35,never filled,but now I'm looking for bullish till 86.Thanks.
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Nothing personal,just business
  • #88,234
  • Feb 6, 2011 12:14pm Feb 6, 2011 12:14pm
Hey Jarroo,

u see,a consolidation box..and the nice bullish bar which just made it through that consolidation...1.0073 seems to be support..consolidation box also happend in the fibbo range of 38.2-50-61.8 Retracement level..we can expect new heights..even above 1.02..n wat makes me think so is that it has jus made it through that sideways market..(well yeah,i know we gotta keep an eye and wait for 1.02)..

Well,jus need ur thoughts buddy!

Good Trading!!
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  • #88,235
  • Feb 6, 2011 12:38pm Feb 6, 2011 12:38pm
Hi all hope y'all had good weekend wherever you are!

Just wanted to ask if the consensus of opinion is that the weekly pin on EU is not tradable because of :

1 BRN at 1.35

2 Previous bar highs

This suggests it has no room'space' to run. Is this the correct analysis on this one?

Any thoughtscomments welcomed.

Kal
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  • #88,236
  • Feb 6, 2011 1:09pm Feb 6, 2011 1:09pm
Quoting joelcf
I'll catch hell for it, but I disagree with pretty much everyone else here; small accounts trade differently to large ones.

Sure, in theory they are the same. Your risk and EV will be the same regardless of account size when using a %R system. And so, in theory, you shouldnt change approaches with varying account sizes. But, to quote Homer Simpson: in theory, communism works.

<economics ramble>
The problem is preferences, marginal utility and the sandwich.

Normally, we would generally say that money has a declining marginal value....
Thanks Joel, nice to get different perspective about this. I think you know exactly how I'm feeling about this.
  • #88,237
  • Feb 6, 2011 1:16pm Feb 6, 2011 1:16pm
Quoting aserbfx
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
Ow my eyes!! My eyes!!!!!
  • #88,238
  • Feb 6, 2011 1:30pm Feb 6, 2011 1:30pm
Quoting Kalbar
Hi all hope y'all had good weekend wherever you are!

Just wanted to ask if the consensus of opinion is that the weekly pin on EU is not tradable because of :

1 BRN at 1.35

2 Previous bar highs

This suggests it has no room'space' to run. Is this the correct analysis on this one?

Any thoughtscomments welcomed.

Kal
Bingo Kal, one can't ignore that area if they are going to trade into it

Best
Mike
  • #88,239
  • Feb 6, 2011 1:34pm Feb 6, 2011 1:34pm
Quoting jarroo
I do like this one but it is running into a Support level that was a previous Resistance. The BEOB off the 1.3500 BRN maybe the momentum it needs to break that Support level and turn it back to Resistance. A close below would be a good confirmation . .
Hey jarroo

Noticed this one also but in addition to your (spot on) analysis would it be correct to say this setup would have more weight if the swing high was a little bit higher eg 1.4000, giving the setup more space to trade into?

Kal
  • #88,240
  • Feb 6, 2011 1:39pm Feb 6, 2011 1:39pm
Quoting mbqb11
Bingo Kal, one can't ignore that area if they are going to trade into it

Best
Mike
Hey Mike

Thanks for your comment. A problem I seem to have is that I am finding so many reasons NOT to take a trade that I am hardly trading(2 this year).

Is there such a thing as being TOO picky? I feel that I should be taking a few more to complete my fx education?

Thanks

kal
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