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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

  • #90,501
  • Mar 1, 2011 6:37pm Mar 1, 2011 6:37pm
Let's see if I this little pb can hit it's FTA.
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  • #90,502
  • Mar 1, 2011 6:40pm Mar 1, 2011 6:40pm
Quoting atemiwaza
Just wanted to say a quick 'thanks in advance' to everyones contributions here, im a complete beginner and feel like I am a bit late to the party...about 5 years and 6000 pages worth of posts to be more precise! LOL.

I'm on page 20 of this thread at the moment and enjoying very much what I've read so far. I wonder how many traders have been and gone on this forum? and even better how many are still here after starting all that time ago! I hope this makes the more seasoned traders look back and think ..."wow, I've been on this thread for years...
Welcome Atem,

Yep it sure is big, I always say we used to say "man this thread is huge it just hit 150 pages "

LOL

Enjoy it bud and ask questions as you go

Mike
  • #90,503
  • Mar 1, 2011 6:40pm Mar 1, 2011 6:40pm
Quoting mbqb11
Here's something we spoke about in my webinar today. If these bar highs here(arrows) can't hold price down, then there isn't much to do it. So it almost makes more sense to enter on the close with a tight stop of nearly 20 pips. Because it sort of has that "pause" look, so if that can't hold it's going to trickle up higher. These are great areas(for any trade) to help one manage and reduce risk

Best
Mike
you make take a short when it touches the ppz?
  • #90,504
  • Mar 1, 2011 6:46pm Mar 1, 2011 6:46pm
Quoting DBallerz
you make take a short when it touches the ppz?
Hey DB

I wouldn't. What I was referring to is that the pinbar just barely closed under those bar highs. Which are acting as resistance. The trend is up and the pinbar is small and lackluster in appearance. So if you traded it on say the close, and placed your stop above those highs(roughly 20 pips) you could at least have a very tight stop at an area that if it gives way it's most likely to move higher.

Hope that makes sense
Mike
  • #90,505
  • Mar 1, 2011 6:53pm Mar 1, 2011 6:53pm
Quoting mbqb11
Hey DB

I wouldn't. What I was referring to is that the pinbar just barely closed under those bar highs. Which are acting as resistance. The trend is up and the pinbar is small and lackluster in appearance. So if you traded it on say the close, and placed your stop above those highs(roughly 20 pips) you could at least have a very tight stop at an area that if it gives way it's most likely to move higher.

Hope that makes sense
Mike
Mike, I am sorry. I did not get this.

I do understand that trend is up and PA is very little and does not make sense to trade a short based on this PA.

But are you saying here - if some one wants to trade, they should have their stop right on those highs instead of having at the other end of the PB.

Is this right ?
  • #90,506
  • Mar 1, 2011 7:06pm Mar 1, 2011 7:06pm
Quoting ghous
Hey Os you would know that I give a lot of weight to prior bar highs and bar lows and PPZs around them so I saw the 1.36 as the major PPZ. But you see even if you were looking at 1.35 the IPB still didn't form at the 1.35 it was sort of close to it. That is no no for me with the blink of an eye.

Always remember that our IPBs need to be 'against the wall', close to it won't be enough.

Eu BTW looks really good. I like the way 1.38 has resisted price.

g.
Hey Ghous,

I thought that if prior bar touched it was ok, but we need the IPB or IB to actually touch the ppz zone.

Thx for your answer, it has really helped me to understand better "what to look for "

P.D: To enter an IPB or IB, I thought we entered at market price, its correct or it depends ? If you could clarify me this, ill appreciated it. Thx again !

Os.
Trade Smart
  • #90,507
  • Mar 1, 2011 7:10pm Mar 1, 2011 7:10pm
Quoting cprao
Mike, I am sorry. I did not get this.

I do understand that trend is up and PA is very little and does not make sense to trade a short based on this PA.

But are you saying here - if some one wants to trade, they should have their stop right on those highs instead of having at the other end of the PB.

Is this right ?
Hey C

Yep, here is the clip from my webinar so you can see what I am saying, that may help
http://www.mediafire.com/?kgfy7a5hb6cq115


Best
Mike
  • #90,508
  • Mar 1, 2011 7:15pm Mar 1, 2011 7:15pm
Quoting mbqb11
Hey C

Yep, here is the clip from my webinar so you can see what I am saying, that may help
http://www.mediafire.com/?kgfy7a5hb6cq115


Best
Mike
saw you have USDCAD in the beginning, what's your opinion on that pair?
  • #90,509
  • Mar 1, 2011 7:15pm Mar 1, 2011 7:15pm
Quoting Osman
Hey Ghous,

I thought that if prior bar touched it was ok, but we need the IPB or IB to actually touch the ppz zone.

Thx for your answer, it has really helped me to understand better "what to look for "

P.D: To enter an IPB or IB, I thought we entered at market price, its correct or it depends ? If you could clarify me this, ill appreciated it. Thx again !

Os.
For the IPB its at the close. For an IB though we wait for the break of the bar.

Again waiting for the break is always great, its just that we don't play a break of the IPB (final TP is IPb high/low) as such which is why we enter at the close on the IPB.

Hope this clears things up.

g.
I believe . . .
  • #90,510
  • Mar 1, 2011 7:20pm Mar 1, 2011 7:20pm
Quoting mbqb11
Hey C

Yep, here is the clip from my webinar so you can see what I am saying, that may help
http://www.mediafire.com/?kgfy7a5hb6cq115


Best
Mike
Yes. Makes absolute sense now. Thank you !!
  • #90,511
  • Mar 1, 2011 7:22pm Mar 1, 2011 7:22pm
Here's one I considered....liked the close and feel the consolidation is likely to keep price down at least to fta, and possibly into previous consolidation below. If price had been at a brn, with maybe ema probably would have taken the small bar.
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  • #90,512
  • Mar 1, 2011 7:24pm Mar 1, 2011 7:24pm
Quoting Donkey
Here's one I considered....liked the close and feel the consolidation is likely to keep price down at least to fta, and possibly into previous consolidation below. If price had been at a brn, with maybe ema probably would have taken the small bar.
size + location just isn't there.
  • #90,513
  • Mar 1, 2011 7:33pm Mar 1, 2011 7:33pm
Quoting ghous
For the IPB its at the close. For an IB though we wait for the break of the bar.

Again waiting for the break is always great, its just that we don't play a break of the IPB (final TP is IPb high/low) as such which is why we enter at the close on the IPB.

Hope this clears things up.

g.
Yes it does..

Thx !

Os.
Trade Smart
  • #90,514
  • Mar 1, 2011 8:00pm Mar 1, 2011 8:00pm
Quoting mbqb11
Here's something we spoke about in my webinar today. If these bar highs here(arrows) can't hold price down, then there isn't much to do it. So it almost makes more sense to enter on the close with a tight stop of nearly 20 pips. Because it sort of has that "pause" look, so if that can't hold it's going to trickle up higher. These are great areas(for any trade) to help one manage and reduce risk

Best
Mike
http://www.forexfactory.com/attachme...1&d=1299033364
Thanks for reply Mike. Many times I see examples like this, where I see that there is a strong level somewhere in between the entry and bar's hi/lo where I can set my SL. Just like in this example you show.

We want to have reduced SL so our TP will have a better RR, otherwise there is no need for it - the stop above the high is still "more safe"....

So for the same reason I was thinking should I make it a common practice - to set my SL behind such levels, like BRN, Left eye, multi bars high like here.... if so even if my TP is the very first FTA my overal RR will be very good, many times much more than 1:1.

But, again it was mentioned here so many times that arbitrary SL is not a good thing to do. By this I understand that the best place for SL is still the bar's hi or lo...

What should I do, this is really hard to test on past PA as each time this "chosen" SL levels would be different and it all requires a lot of discretion.

But sure looks interesting, if I have SL behind left eye which also happens to be behind BRN I will usually have a very nice RR even if I exited at FTA....

Do you think if I do it like this all the time I could be on the green side?
Any suggestions are much appreciated, thank you.
  • #90,515
  • Mar 1, 2011 8:31pm Mar 1, 2011 8:31pm
Quoting DBallerz
saw you have USDCAD in the beginning, what's your opinion on that pair?
Hey DB

I am short from the weekly BEOB off parity wedge formation

http://www.forexfactory.com/showthre...16#post4435716

Best
Mike
  • #90,516
  • Mar 1, 2011 8:32pm Mar 1, 2011 8:32pm
Quoting Adilius07
Thanks for reply Mike. Many times I see examples like this, where I see that there is a strong level somewhere in between the entry and bar's hi/lo where I can set my SL. Just like in this example you show.

We want to have reduced SL so our TP will have a better RR, otherwise there is no need for it - the stop above the high is still "more safe"....

So for the same reason I was thinking should I make it a common practice - to set my SL behind such levels, like BRN, Left eye, multi bars high like here.... if so even if my TP is the very first...
Hey Adi

It's something you have to demo and see if that is the right approach for you. As you have come to know there is no A,B, C, Ds to this. If only it was that easy. The best thing to do is learn these concepts and how to effectively use them best to suit you. It takes time, a long time , but it's the only way with this stuff. If this appeals to you track it in demo and see how it develops and how you are at spotting the trades and this approach

Best
Mike
  • #90,517
  • Mar 1, 2011 8:36pm Mar 1, 2011 8:36pm
Quoting sr2
Good post Harry.

My analysis was done to give everyone (myself included) confidence that this stuff works. Besides the way I take OB's one other thing I do differently is I will wait up to 5 days for the PA signal to kick in. I know quite a few people want an immediate reaction. The reason I wait 5 days is I just feel its the markets way of telling us that it is planning to move in a certain direction. It gives us so much time to plan the trade. Of course sometimes the reaction is immediate (on the next bar) but often it is not and I think that...
Thanks for your insight SR2. This is something that I need to work on. Once I see the setup I want immediate reaction, when this doesn't occur I pull out to later see it head off in the direction I thought it would go. I think what I am trying to do is day trade using the daily's lol,. I think from now on I will wait longer for PA to kick, rather than get jittery.

To think of it realisticly how long is daily PA going to take to kick in. Definetely not in the next few hours. You at least need a few days. This is where the patience kicks in. Give it at least 3 days maybee????
  • #90,518
  • Mar 1, 2011 8:52pm Mar 1, 2011 8:52pm
this looks pretty good..too bad no liquidity

http://my.jetscreenshot.com/5886/m_2...ksuj-103kb.jpg
  • #90,519
  • Mar 1, 2011 8:54pm Mar 1, 2011 8:54pm
Quoting ghous
Hey Os you would know that I give a lot of weight to prior bar highs and bar lows and PPZs around them so I saw the 1.36 as the major PPZ. But you see even if you were looking at 1.35 the IPB still didn't form at the 1.35 it was sort of close to it. That is no no for me with the blink of an eye.

Always remember that our IPBs need to be 'against the wall', close to it won't be enough.

Eu BTW looks really good. I like the way 1.38 has resisted price.

g.
Thanks for the input abt IB..it looks good..i just passed it maybe bcos of back to bck FTAs..uhh..im no expert...will save this chart for future reference..
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  • #90,520
  • Mar 1, 2011 9:18pm Mar 1, 2011 9:18pm
EURNZD looks to be in a great spot to watch for PA. I don't normally zoom out this far, but it certainly gives perspective. A few observations...

1. 365 (red) ema is coming into play, and this pair hasn't touched it since July of 2009.
2. Beautiful reverse HNS.
3. Price is a strong resistance. My line is a highest close of resistance from Octo ber 2010 - which is in confluence with number 1. Have to assume this will continue to be resistance until price can close strongly above, and possibly retest.

It'll be fun to watch this pair for next several weeks and see if the bulls can gain control, or if the bears will push price down again.
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