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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

  • #90,221
  • Feb 26, 2011 9:34am Feb 26, 2011 9:34am
mbqb11 or anyone else -

Hey, wonder if you have a moment to comment on this:

I pass on a lot of trades because of them being perceived by my as against the trend or recent momentum.

My trading style is a bit different than what I read here but I've learned a lot from this thread and trading from S/R and PA no matter what your style does have the S/R and PA in common.

A couple charts would probably be a better example but, when I see large range bars moving up and closing at their highs coming right into a huge Resistance level, I'll pass on the short even if awesome PA forms because I feel that if I short, it's going against the momentum which lowers the probability.

Or, and this one is real tough, when is a pullback in a trend more than a pullback? I'll pass on a lot of trades because I'll see a countertrend pullback right to my S/R level with nice PA, but then I feel that it's traveled too far and now may be a new trend.

I 'll look for some charts for examples.
  • #90,222
  • Feb 26, 2011 9:37am Feb 26, 2011 9:37am
Quoting bakko85
Hi Avanish,

regarding the CJ, the bar is quite strong (it engulfs the 2 previous bars), but, as you pointed out, the close is not below that PPZ at 87.75 - look at how price reacted well in the recent past -.
Personally I would wait until next Monday to see what will happen: only if it will close strongly and in a convincing way below 87.75, I would trade it (after a re-test of this level, turned into resistance again).

Just my 2 pips
B.
Thanks for the input bakko

Good Trading!
  • #90,223
  • Feb 26, 2011 9:56am Feb 26, 2011 9:56am
To my previous post about passing on trades that look good but recent momentum keeps me out, here's a sample.
The trading instrument is irrelevent as price action is price action, for the most part.
http://3.bp.blogspot.com/-u7hJKhUxrh...xample%2B2.png
  • #90,224
  • Feb 26, 2011 10:13am Feb 26, 2011 10:13am
Quoting crusen
To my previous post about passing on trades that look good but recent momentum keeps me out, here's a sample.
The trading instrument is irrelevent as price action is price action, for the most part.
http://3.bp.blogspot.com/-u7hJKhUxrh...xample%2B2.png
Some times fundamentals or low volume or profit taking interfear with general trend ... thats why it comes to this huge spikes but that would aply to 4h or lower time frames ... just my toughts ... this thing happens to me allso and the only advice i could give is folow the rules and the trend and in the long run it will be profitable .

your post looks to me like a 1h time frame ....
  • #90,225
  • Feb 26, 2011 10:31am Feb 26, 2011 10:31am
Quoting FxPrelude
Some times fundamentals or low volume or profit taking interfear with general trend ... thats why it comes to this huge spikes but that would aply to 4h or lower time frames ... just my toughts ... this thing happens to me allso and the only advice i could give is folow the rules and the trend and in the long run it will be profitable .

your post looks to me like a 1h time frame ....
Quote
Some times fundamentals or low volume or profit taking interfear with general trend ... thats why it comes to this huge spikes but
7

disagree.

Quote
this thing happens to me allso and the only advice i could give is folow the rules and the trend and in the long run it will be profitable .

agree.

Hero calls followed by margin calls...
  • #90,226
  • Feb 26, 2011 10:43am Feb 26, 2011 10:43am
weekly chart of dominion resources.
ready for a break of the 45 usd. next target will then be the 50 usd.
friday's close was at dayhigh. negativ: volume declined on the last three daily upbars.
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meine augen sind die sterne
  • #90,227
  • Feb 26, 2011 10:55am Feb 26, 2011 10:55am
Quoting aserbfx
beautiful setup formed on el paso.
the daily pinbar two days ago rejected at the upper resistance area. this happened on news announcement. this bar closed on high volume near the low. big players got rid off their positions. next bar also down on still high volume.
the weekly bar closed in the middle.
i wouldn't be surprised if that runs back to the bottom of the rectangle.
stop loss can be set above the high of the weekly bar.
el paso on weekly. showing strength. expectation from last week was wrong.
is it ready for a break of the rectangle now?
friday closed at dayhigh.
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meine augen sind die sterne
  • #90,228
  • Feb 26, 2011 11:21am Feb 26, 2011 11:21am
Quoting crusen
To my previous post about passing on trades that look good but recent momentum keeps me out, here's a sample.
The trading instrument is irrelevent as price action is price action, for the most part.
Hey C

At the end of the day location trumps all in my book. For example in that chart price is clearly in a strong down trend and pulling back to a very strong previous support(now turn resistance level). What makes me ultimately pull the trigger is if I am comfortable with my location/story/and bar. If I feel I might be fighting some previous momentum I tend to move and reduce my risk quicker. There is no one size fits all for my trading at least. I take a scenario and if I decide to be in it use the information to decide the best course of action to manage that trade. There is nothing wrong with passing if you are not comfortable but make sure you have proven that passing(or being in) is the profitable move.

Best
Mike
  • #90,229
  • Feb 26, 2011 11:22am Feb 26, 2011 11:22am
Quoting aserbfx
not only winners, but also sometimes loosers...
this one got triggered last week when the 35 usd broke. doesn't look good at the moment. i have a wide stop loss sitting above 38 usd which would result in a loss of 1% of my account. let's see...
this will likely result in a loss. there are two more resistance waiting at 37.25 and 37.75 usd.
lesson learnt: i made the mistake to go short in a overall rising market. be very carefull and use proper mm if you do so.
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meine augen sind die sterne
  • #90,230
  • Feb 26, 2011 11:24am Feb 26, 2011 11:24am
Quoting aserbfx
this will likely result in a loss. there are two more resistance waiting at 37.25 and 37.75 usd.
lesson learnt: i made the mistake to go short in a overall rising market. be very carefull and use proper mm if you do so.
anyway losing is part of the game.... might be a bad entry...but a good stop...

next one will be a winner again


best of it -

Jonas.-
Hero calls followed by margin calls...
  • #90,231
  • Feb 26, 2011 11:52am Feb 26, 2011 11:52am
Quoting aserbfx
this will likely result in a loss. there are two more resistance waiting at 37.25 and 37.75 usd.
lesson learnt: i made the mistake to go short in a overall rising market. be very carefull and use proper mm if you do so.
I am the same way Al. I used to trade breakouts in both directions but over the years have moved to only with the immediate trend. They are much more sustained in the long run for my exit techniques. I tend to trade them either way when they get very large and have an equal chance at really going each way.

Nice charts today

Mike
  • #90,232
  • Feb 26, 2011 12:03pm Feb 26, 2011 12:03pm
Quoting ts63
Sharing some stuff for the newcomers (Aussie dollar daily chart).
Green pips to everyone.
++
  • #90,233
  • Feb 26, 2011 12:11pm Feb 26, 2011 12:11pm
[quote=PhAnTi';4431532]7

disagree.


Saying just that you disagree doesent help much nether person who ask for help or me understang price action beter .

I use to trade mostly 1h or lower time frames ...and some times with some news releases or if there was holiday of some kind and there was low volume ... i saw alot of similar huge bars going against the main trend ... thats why i interpert this the way i said in first post .
And the idea was that you should some times ignore it if you trade lower time frame and folow the main trend and use higer time frames and respect your rules and price corelation with S/R , Fibo and candlestic paterns .

if im wrong i would like to know where i got it wrong coz that would help me allso with understanding the price action
  • #90,234
  • Feb 26, 2011 12:27pm Feb 26, 2011 12:27pm
Only thing I see on weekly...
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Many choose unhappiness over uncertainty.
  • #90,235
  • Feb 26, 2011 12:35pm Feb 26, 2011 12:35pm
Quoting Dan Gilbert
Only thing I see on weekly...
i saw that, too.
but what about the fact that the opening is higher than the close?
thanks
meine augen sind die sterne
  • #90,236
  • Feb 26, 2011 12:39pm Feb 26, 2011 12:39pm
Quoting aserbfx
i saw that, too.
but what about the fact that the opening is higher than the close?
thanks
The close of the bullish pin is within the left eye, so I think it's ok.
Many choose unhappiness over uncertainty.
  • #90,237
  • Feb 26, 2011 12:50pm Feb 26, 2011 12:50pm
Quoting tj-tabby
Hi everyone, came accross this thread by pure luck and am I glad I did! First off a big thanks to James et al for this. I am only on page 100 and odd so far and working my way through slowly trying to take in all the info! Has totally changed they way I look at things and is nice and makes a BIG change to be amongst people who dont appear to have their own motives and agenders in what they post etc. Anyhow before I wonder off track! Just a big, big, thanks to all and esp James and senior posters and all contributors. Ok, where I am at, blown a few...
Just wanted to say welcome TJ ....you are in a great place ....I'll let the stars or seniors comment if they haven't already.
  • #90,238
  • Feb 26, 2011 1:36pm Feb 26, 2011 1:36pm
target corporation on weekly.
retracing on good volume at the lower channel and the 23.6% fib.
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meine augen sind die sterne
  • #90,239
  • Feb 26, 2011 1:50pm Feb 26, 2011 1:50pm
Quoting tj-tabby
Hi everyone, came accross this thread by pure luck and am I glad I did! First off a big thanks to James et al for this. I am only on page 100 and odd so far and working my way through slowly trying to take in all the info! Has totally changed they way I look at things and is nice and makes a BIG change to be amongst people who dont appear to have their own motives and agenders in what they post etc. Anyhow before I wonder off track! Just a big, big, thanks to all and esp James and senior posters and all contributors. Ok, where I am at, blown a few...
Welcome TJ

I am SO glad to see you hop back to demo and treat this like a business. When someone new to the thread is willing to do that, and post they are doing that others that are lurking and strongly will be more likely to treat this very serious business serious in the same way. So welcome to the thread

As for chfjpy

Weekly - this is actually a neutral bar(often mistaken for a pinbar). This bar indicates indecision in the market place.

Daily- notice the "box" of consolidation. This has recently broke out so we have to be careful trading back into this. The top of the box that was previously resistance can turn to support. Now there is a small DBHLC(matching highs with a close LOWER then previous bars close). This could indicate price wants to go lower but since we are fighting an overall up move and not a very strong bar we would have to look towards the first trouble area(FTA) which would be the marked blue small line.


Again welcome to the thread

Mike
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  • #90,240
  • Edited 3:12pm Feb 26, 2011 2:33pm | Edited 3:12pm
Quoting ts63
Sharing some stuff for the newcomers (Aussie dollar daily chart).
Green pips to everyone.
++

Great chart, ts . .

And here I've been trying to make my charts simple and easy to read around key levels. .your chart takes the cake, ts. . nice work . .

One thing I would point out are the 2 BEOBs (or Mutil-Bar High Lower Close and BEOB). Notice that when PBT&CB the 1.0 and giving the other BEOB, it was an excellent Price Flip in the making and gave a green light to the bearish PA. . no surprise at a BRN.

Thanks ts,


Jim
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Indicators show the past. Price Action "Indicates" the future.
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