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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

  • #91,541
  • Mar 13, 2011 7:38pm Mar 13, 2011 7:38pm
some crazy opening
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  • #91,542
  • Mar 13, 2011 8:02pm Mar 13, 2011 8:02pm
Hello all

I'm a long time lurker on this thread, slowly learning the various price action setups along with supporting price pivot zones, mas, fibs, pivots etc required to safely enter a good trade.

I'm currently trading on demo attempting to build my skills.

My problem area at the moment is around entries. I can identify the pa setups and the vast majority of the time price goes in the direction I expect. However I am unclear around the rules or principles for when and at what levels to enter. I have done a fair bit of reading through the thread so far, but it's very long, so getting a summary would be very helpful.

Could some of the kind experts in this thread please explain how they enter for each of the various setups?

I'd like to understand the canonical entry for each setup, and the aggressive entry if there is one.

For example my understanding at the moment is

Reversal Setups

1/ Pinbar:

conservative: enter once the right eye bar has formed
aggressive: set a buy or sell stop below the high (low) of the pin

2/ DBLHC or DBHLC

conservative: enter on the next bar at market
aggressive: ?

3/ Inside Bars - I haven't really traded this setup yet

conservative:
aggressive:

Continuation Setups

Need a defined trend in place before they can be considered

4/ Matching highs or lows

conservative: buy or sell stop some pips (say 10?) above (below) the matching price

aggressive:

5/ BEOUB

conservative:
aggressive:

6/ BUOUB

conservative:
aggressive:

I haven't filled all of these in because I don't know them all (and I might have parts wrong, so corrects welcome if required). If anyone would be kind enough to compile the information and maybe post some examples, including any setups I've missed?

cheers
f451
  • #91,543
  • Edited 8:20pm Mar 13, 2011 8:08pm | Edited 8:20pm
Quoting ksganesh100
If I may, Jaroo. Have been trying to get my around this concept :-)

This is what I read from the chart - Basically means the LCS (apologies for LCR on the chart - Pain to change text on an image now) still holds because the last candle did not close below this level convincingly. Apologies if this is too basic an answer..!

Regards
Ganesh
Yes, that's very good, ksg. That's what I would be looking at on the Weekly.


I was looking at the Daily consolidation in my post in yellow.

Here's what I got on the Daily.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,544
  • Mar 13, 2011 8:19pm Mar 13, 2011 8:19pm
Quoting Pinbar
Morning Jarroo

The highest close of resistance in the vicinity of price, would make a good pullback area.

Morning Pb


I was still looking at this early 2010 example.

Better looking Daily PB on the FxPro feed at the previous Resistance level (HCR) 1.5550.
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  • #91,545
  • Mar 13, 2011 8:33pm Mar 13, 2011 8:33pm
Quoting f451
Hello all

I'm a long time lurker on this thread, slowly learning the various price action setups along with supporting price pivot zones, mas, fibs, pivots etc required to safely enter a good trade.

I'm currently trading on demo attempting to build my skills.

My problem area at the moment is around entries. I can identify the pa setups and the vast majority of the time price goes in the direction I expect. However I am unclear around the rules or principles for when and at what levels to enter. I have done a fair bit of reading through the thread...
Hey F451

Welcome to the thread

Most of the bars have similar entries

For example for Pinbars/outside bars/DBLHC DBHLC

Conservative entry - would actually be waiting for a break of the bar. That is for a bullish pinbar when the high breaks, or for a BUOB when the high breaks
Aggressive entry - would be more like entering on the close of the bar or entering on a retracement of the bar to a certain level.

Now aggressive doesn't mean worse, it just is considered that b/c the bar is not confirmed till it breaks.

For inside bars since they tend to be smaller range bars you can buy a break of the high or sell a break of the low with your stop loss on the other side. Some people will straddle these bars as well(meaning have both a buy above and sell below looking for the breakout either way.

Matching highs/ lows, you got down


If you have more questions on this let us know
Mike
  • #91,546
  • Mar 13, 2011 8:38pm Mar 13, 2011 8:38pm
Quoting mbqb11
some crazy opening
Target was also the mid point of that previous consoldation area . .nice.
Indicators show the past. Price Action "Indicates" the future.
  • #91,547
  • Mar 13, 2011 8:47pm Mar 13, 2011 8:47pm
Quoting jarroo
Sometimes you gotta trust the story . .but there's nothing wrong with being picky. You'll never hear the seniors say, "you're being too picky "..



Now I would like to see Price stay above . .meaning having its Daily Close stay above . . . the .8650.
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  • #91,548
  • Mar 13, 2011 8:52pm Mar 13, 2011 8:52pm
Quoting jarroo
Bearish flag on the Daily Usd/Chf.

Hey Mike . . .any comments on this bearish flag on the Daily Usd/Chf now that its broken through.
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  • #91,549
  • Mar 13, 2011 8:58pm Mar 13, 2011 8:58pm
Quoting jarroo
Looking to see if it will go for the previous bar highs, like it did before.

Price at the previous bar high of the Daily BUOB of the Aud/Cad. .let's see if it holds . .
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  • #91,550
  • Edited 9:38pm Mar 13, 2011 9:09pm | Edited 9:38pm
Quoting jarroo
Now I would like to see Price stay above . .meaning having its Daily Close stay above . . . the .8650.
Me too...lines up nicely with a weekly lcs at sl from late January
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  • #91,551
  • Mar 13, 2011 9:11pm Mar 13, 2011 9:11pm
Good Morning ,

This is my take on that task thanks...

V
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  • #91,552
  • Mar 13, 2011 9:13pm Mar 13, 2011 9:13pm
Quoting Donkey
Me too...lines up nicely with a weekly lcr at sl from late January
Yeah the key will be where it closes, if it chooses to close its gap or not.
Indicators show the past. Price Action "Indicates" the future.
  • #91,553
  • Edited 9:59pm Mar 13, 2011 9:21pm | Edited 9:59pm
Quoting menomoo
Good Morning ,

This is my take on that task thanks...

V
That looks good vito.

My main focus is on the Daily consolidation in yellow.

If I were to touch trade this setup I would have my entry at the 1.5950 and S/L above the 1.6000 . .the Lowest Close of Support of this Daily consolidation. Or an entry at the 1.6000 . . all because PBT&CB this Daily consolidation.


But its much better to wait for some clear and clean bearish PA at the 1.5950 or 1.6000.
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  • #91,554
  • Mar 13, 2011 9:25pm Mar 13, 2011 9:25pm
[quote=Donkey;4468246]Me too...lines up nicely with a weekly lcr at sl from late January[/quot


On your last post do you mean lines up with your previous LCS ,, not LCR..

I think you made a mistake, might cause a confusion for some ..

Cheers

V
  • #91,555
  • Edited 9:55pm Mar 13, 2011 9:27pm | Edited 9:55pm
Quoting menomoo
Me too...lines up nicely with a weekly lcr at sl from late January[/quot


On your last post do you mean lines up with your previous LCS ,, not LCR..

I think you made a mistake, might cause a confusion for some ..

Cheers

V
Good eye vito. I knew what you meant D. . .
Indicators show the past. Price Action "Indicates" the future.
  • #91,556
  • Mar 13, 2011 9:33pm Mar 13, 2011 9:33pm
[quote=menomoo;4468271]
Quoting Donkey
Me too...lines up nicely with a weekly lcr at sl from late January[/quot


On your last post do you mean lines up with your previous LCS ,, not LCR..

I think you made a mistake, might cause a confusion for some ..

Cheers

V
yep. thanks for pointing out, edited post and attachments.
  • #91,557
  • Mar 13, 2011 9:33pm Mar 13, 2011 9:33pm
Quoting jarroo
That looks good vito.

My main focus is on the Daily consolidation in yellow.

If I were to touch trade this setup I would have my entry at the 1.5950 and S/L above the 1.6000 . .the Lowest Close of Support of this Daily consolidation. Or an entry at the 1.6000 . . all because PBT&CB this Daily consolidation.


But is much better to wait for some clear and clean bearish PA at the 1.5950.

Thanks Jim , yes it makes sense.. And perfect one too . Jim question for you without the chart , last week looking at EURUSD we had a level where PBT&CB and we said lets have alook at this area for some bearish PA , and there was on the 4 h ly and right into bar lows another support at 1.37500.

So after singing "I can see clearly the rain is gone " song meaning no way JOSE , meaning no trade.

Watch the next bar the price goes back up ...Now the question is , can I take that bullish action at the close of the bar to go long ( Because PBT&CA) or let the price go and comeback to confirm another bullsih PA at that level ...

Thanks in advance

Vito
  • #91,558
  • Mar 13, 2011 9:35pm Mar 13, 2011 9:35pm
yess , JIM


Thanks to you , in million .. ( and I bloody mean it !!! ) at last the light has lit up and eye wide opened...

Cheers

V..
be back later thaks guys!!!
  • #91,559
  • Edited 10:03pm Mar 13, 2011 9:49pm | Edited 10:03pm
Quoting jarroo
That looks good vito.

My main focus is on the Daily consolidation in yellow.

If I were to touch trade this setup I would have my entry at the 1.5950 and S/L above the 1.6000 . .the Lowest Close of Support of this Daily consolidation. Or an entry at the 1.6000 . . all because PBT&CB this Daily consolidation.


But is much better to wait for some clear and clean bearish PA at the 1.5950 or 1.6000.
You can see the same type TT setup on this one, Daily Gbp/Cad.

If Price does not break through and close below the LCS . .the setup does not exist.

I didn't label my chart with Support, Resistance, PBT&CB but you guys can see it, right? . .
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  • #91,560
  • Mar 13, 2011 9:52pm Mar 13, 2011 9:52pm
Quoting menomoo
Thanks Jim , yes it makes sense.. And perfect one too . Jim question for you without the chart , last week looking at EURUSD we had a level where PBT&CB and we said lets have alook at this area for some bearish PA , and there was on the 4 h ly and right into bar lows another support at 1.37500.

So after singing "I can see clearly the rain is gone " song meaning no way JOSE , meaning no trade.

Watch the next bar the price goes back up ...Now the question is , can I take that bullish action at the close of the bar to go long ( Because PBT&CA)...
Absolutely Vito . .

But we must still be aware of what makes a high quailty setup . . this can only help our cause.
Indicators show the past. Price Action "Indicates" the future.
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