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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

  • #94,301
  • Apr 24, 2011 9:43am Apr 24, 2011 9:43am
cigna on daily and weekly. price formed a buob engulfing the last two weeks. thursday was a break-away gap into fresh ground. at that point sellers came in and price closed in the middle on thursday. i expect a drop to the resistance area at ~45.00 usd. then the trigger for long is a rise above 46.00 usd.
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meine augen sind die sterne
  • #94,302
  • Apr 24, 2011 10:39am Apr 24, 2011 10:39am
Quoting Mavratus
hi, all this is my first post on ff but not first month with FOREX so take it easy

I've started my adventure with price action just before I interested in Forex market. No indicators since I've started... I had 3 months break in my all 10 months experience. No forex in this time. For 3 months I've learned many things about price action, seen many screens (and still watching many) etc. I decided to join ff to make my trades regular profitable.

The PA thread on ff is HUUUUGE. Of course I've studied first pages a specially your posts Master...
Hey Mav

Welcome to the thread, and your English is great. Still blows my mind that so many of you come here and English is not your first language to learn a very serious business like FX. Not something I could have done

My best advice is to just continue to work through the first couple hundred pages or so paying specific attention to James16 posts. Also post 1 has a TON of very very important information as well as links to very important posts to help build the foundation for you

Enjoy it too!
Mike
  • #94,303
  • Apr 24, 2011 10:50am Apr 24, 2011 10:50am
Quoting g_j_hook@yah
HAPPY EASTER EVERYONE

i even got a chocolate egg myself!!!



jon
Indeed happy holidays to whatever everyone celebrates out there

Wish you all the best
Mike
  • #94,304
  • Apr 24, 2011 10:54am Apr 24, 2011 10:54am
Quoting Be Cool
Yes, i have been having problems with near FTA. Taking profit too soon at FTA but take full bar losses -doesn't do good to my equity. Currently i am trying to understand more about the story as SC put it into perspective for me.

Do you see this setup as a correct breakout of a box and retest? Do i get it right?

Thanks Mike
Hey BC

yes there was certainly a consolidation area. For me it wasn't well defined enough to then locate pa on a lower timeframe. So you are correct(and others actually took the same setup as you and emailed me them). Just would be hard for me to pull the trigger on the aud/cad 4hr buob there. I like my breakout patterns to be pretty neat(see gbp/cad weekly I posted the other day)

Your getting it though
Mike
  • #94,305
  • Apr 24, 2011 10:55am Apr 24, 2011 10:55am
Quoting Be Cool
Thanks PB
Yes, it was buying at an all time high. But doesn't it also mean more room to run?
i see Mike do this when he has a strong case/story. This is what i am trying to learn.May make mistakes along the way hahah
Yes I will buy high and continue to buy higher. The old adage buy low sell high should have said buy low sell high, and then buy higher and sell higher

It's just a matter of what's going on for me(the story I always speak about)

Take care
Mike
  • #94,306
  • Apr 24, 2011 11:59am Apr 24, 2011 11:59am
Quoting Be Cool
Thanks SC
But initially i wanted to take the 2 day PB because i saw it as price broke out of trendline and retest. So i kinda see it as a beginning of change in trend. But looking at more recent price movement, yes price is still in a box.
So in my initial silly analysis, the trend is no longer down
When you say a particular setup is trend/CT , which TF are you referring to? Long term TF?Same TF?Most recent price movement? I'm kinda lost
u are probably lost because u are right in front of the trees.
u need to step back & try to get a view of the whole forest.

im referring to the general perspective/trend (Daily to monthly trend), while taking into account of how price is behaving in H4 & below.
remember, H4 & below charts are like smaller puzzle pieces of Daily & above.
if u want to look at lower TFs, u have to zoom out (zoom out more as u go lower) to get a good perspective of price's trend.

i havent tried a roller coaster ride. how about u?
i have a picture below.
assuming:
point A is connected to point X,
point A is the start of the track & the highest point of the roller coaster track.
& the roller coaster (price) movement is from A to X.

what is the general direction (trend) of the roller coaster? since A is the highest point, then the direction is down, generally.
if u disregard A, & only look at the area from the vertical red line to point X, u might say, the direction is up. but that specific area only represents a small portion of the roller coaster track: general trend is down.
it's all about perspective
Attached Image


for now, eurchf is in a steep downtrend, IMHO
relative to this trend, your TL is a minor one.
to establish a potential reversal of this (& any trend), we should go consolidate further (stop making lower highs & lower lows), then continually make higher highs & higher lows around&through 1.3200 onwards.

hope this helps

Quoting mbqb11
Yes I will buy high and continue to buy higher. The old adage buy low sell high should have said buy low sell high, and then buy higher and sell higher..
i think u meant buy higher & sell lower

fa(s)t fingers
  • #94,307
  • Apr 24, 2011 12:07pm Apr 24, 2011 12:07pm
Quoting supremeChaos


i think u meant buy higher & sell lower

fa(s)t fingers

heheh Actually I did mean buy higher sell higher, meaning its ok to buy when something is going up, and then sell it off even higher. Just as its ok to sell low and buy lower

  • #94,308
  • Apr 24, 2011 1:14pm Apr 24, 2011 1:14pm
Quoting g_j_hook@yah
cont....

hope this helps??

jon
hey thanks for the examples! they really help a lot (and cleaned up my charts too lol)
  • #94,309
  • Apr 24, 2011 1:55pm Apr 24, 2011 1:55pm
Quoting supremeChaos
u are probably lost because u are right in front of the trees.
u need to step back & try to get a view of the whole forest.

im referring to the general perspective/trend (Daily to monthly trend), while taking into account of how price is behaving in H4 & below.
remember, H4 & below charts are like smaller puzzle pieces of Daily & above.
if u want to look at lower TFs, u have to zoom out (zoom out more as u go lower) to get a good perspective of price's trend.

i havent tried a roller coaster ride. how about u?
i have a picture below.
assuming:
point...


Nice confluence at "X" sChaos . .
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Indicators show the past. Price Action "Indicates" the future.
  • #94,310
  • Apr 24, 2011 3:08pm Apr 24, 2011 3:08pm
I have a question regarding how one would trade if different signals are given in different time frame. For example if week TF says bullish but Daily says bearish, do you just pick one and go with it? Or do you stick with the longer TF signal since they are stronger or wait until signals are the same on all TF before trading. Thanks
  • #94,311
  • Apr 24, 2011 3:15pm Apr 24, 2011 3:15pm
Quoting biDc
I have a question regarding how one would trade if different signals are given in different time frame. For example if week TF says bullish but Daily says bearish, do you just pick one and go with it? Or do you stick with the longer TF signal since they are stronger or wait until signals are the same on all TF before trading. Thanks

I would go with the Higher time frame Buillish PA which doesn't mean that Lower time frame bearish PA won't work out . . .they both can hit their targets.

Hard to see without a chart example .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #94,312
  • Apr 24, 2011 3:26pm Apr 24, 2011 3:26pm
Quoting jarroo
I would go with the Higher time frame Buillish PA which doesn't mean that Lower time frame bearish PA won't work out . . .they both can hit their targets.

Hard to see without a chart example .

Jim
Hi thanks for the help! My question stemmed from the current EUR/USD chart. Weekly chart almost seems like a BUOVB (though, as mentioned earlier, not at swing high/low but can maybe signal continuation of trend) while daily chart has a pin at swing high which can be bearish. My first thought is both can be correct. So hypothetically speaking, the week can end higher but within the week the days may start out going lower before higher. In this case, I would play the daily chart and if it does play out, I will take profit when it shows signs of reversal and go long if PA seems to dictate it in the daily frame. At that point, it will most likely be a bullish play based on the day and week TF. Is that correct?
  • #94,313
  • Apr 24, 2011 3:29pm Apr 24, 2011 3:29pm
Not sure abt this IB..also not mch experience with continuation-IBs..so will watch..
but this is how i reckon:
1)Recent Downtrend..
2)off the 82.00RN..
3)small sized-IB..more compression,as Jarroo says
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  • #94,314
  • Apr 24, 2011 3:37pm Apr 24, 2011 3:37pm
Quoting AvanishDemo
Not sure abt this IB..also not mch experience with continuation-IBs..so will watch..
but this is how i reckon:
1)Recent Downtrend..
2)off the 82.00RN..
3)small sized-IB..more compression,as Jarroo says
Nice
But is this not a small pin because of the Bank Holidays on Friday?
  • #94,315
  • Apr 24, 2011 3:54pm Apr 24, 2011 3:54pm
Quoting biDc
Hi thanks for the help! My question stemmed from the current EUR/USD chart. Weekly chart almost seems like a BUOVB (though, as mentioned earlier, not at swing high/low but can maybe signal continuation of trend) while daily chart has a pin at swing high which can be bearish. My first thought is both can be correct. So hypothetically speaking, the week can end higher but within the week the days may start out going lower before higher. In this case, I would play the daily chart and if it does play out, I will take profit when it shows signs of reversal...

Where are your Weekly and Daily PPZ levels located? Or Support and Resistance levels on each TF? Are they the same? Are they different?

How do they align themselves with each PA formation at each given TF . .if any?

Just some question you have to ask.
Indicators show the past. Price Action "Indicates" the future.
  • #94,316
  • Edited 4:06pm Apr 24, 2011 3:55pm | Edited 4:06pm
Quoting mbqb11
heheh Actually I did mean buy higher sell higher, meaning its ok to buy when something is going up, and then sell it off even higher. Just as its ok to sell low and buy lower...
oooops, i see what u mean now.
in that case, it's not fast fingers, it's sleepy brain (me)

Quoting jarroo
Nice confluence at "X" sChaos . .
wow, it blended in really well.
  • #94,317
  • Apr 24, 2011 3:58pm Apr 24, 2011 3:58pm
would like to see comments about this....
tnx
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  • #94,318
  • Apr 24, 2011 3:59pm Apr 24, 2011 3:59pm
Quoting AvanishDemo
Not sure abt this IB..also not mch experience with continuation-IBs..so will watch..
but this is how i reckon:
1)Recent Downtrend..
2)off the 82.00RN..
3)small sized-IB..more compression,as Jarroo says
Quoting john225
Nice
But is this not a small pin because of the Bank Holidays on Friday?
Have to agree with John here . .Bank Holidays and Sundays are viewed the same way . .incomplete trading days. . .in other words, Holidays are Sunday bars.

I do like that 82.00 . .looks pretty strong, AD ..
Indicators show the past. Price Action "Indicates" the future.
  • #94,319
  • Edited 4:35pm Apr 24, 2011 4:23pm | Edited 4:35pm
Quoting pex
would like to see comments about this....
tnx

Nice chart pex . . showing how the top of this consolidation area (in yellow) has turned form Resistance to Support once Price broke through and closed above.

The PB doesn't look bad . .but what I don't like about it is that its Close is not above these Highest Close of these Resistance levels . .sure it has a (weak) close above the 135.00 BRN but I would like to see a stronger bullish close on that Weekly PB.
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Indicators show the past. Price Action "Indicates" the future.
  • #94,320
  • Apr 24, 2011 4:30pm Apr 24, 2011 4:30pm


Quoting Ifmyante
I had some chocolate for SC, but couldn't resist
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