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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

  • #96,121
  • Jun 7, 2011 7:31am Jun 7, 2011 7:31am
Quoting supremeChaos
u are welcome.
dont worry, i need more reminders than u do.
posting is a way for me to remind myself of & 're-learn' such things. my amnesia sucks
wot amnesia..

who are you anyway??


jon (i think ..)...probably...
PATIENCE... DISCIPLINE
  • #96,122
  • Jun 7, 2011 7:35am Jun 7, 2011 7:35am
Quoting g_j_hook@yah
heres a good example of a stand out bar, i missed this and it was created by news which always makes me nervious but a good bar non the less..
not a good trade set up i hasten to add..


jon
Yup, totally with you on that. I watched it form, but those damn NFPs make me jumpy too...
When the going gets weird, the weird turn pro.
  • #96,123
  • Jun 7, 2011 7:40am Jun 7, 2011 7:40am
Quoting g_j_hook@yah
heres a good example of a stand out bar, i missed this and it was created by news which always makes me nervious but a good bar non the less..
not a good trade set up i hasten to add..


jon
Hi Hook

Saw this one and was tempted but it would have been only for the purpose of taking a trade. Depite this bar engulfing the previous few bars it also seemed 'too big' if you know what i mean? I like engulfing bars to be a 'nice size and shape' and the massive ones like this example are I feel too big in the sense that after such a strong move you would expect a bit of retracement? Hope this makes sense!! As you say a good bar but not a good setup and there is a difference between the two.

Kal
  • #96,124
  • Edited 7:55am Jun 7, 2011 7:43am | Edited 7:55am
Quoting g_j_hook@yah
heres a good example of a stand out bar
when i see bars like that, i think of STAND/STAY AWAY instead.
Quoting g_j_hook@yah
wot amnesia..
who are you anyway??
jon (i think ..)...probably...
yes, i am jon. am i not?
Quoting stark1
Yup, totally with you on that. I watched it form, but those damn NFPs make me jumpy too...
it's ok, just trade other times.
Quoting artov
...why would you rely on someone else for your own success?! Imagine that the signal service provider stops their business one day, what then? You'll be on your own, with zero trading knowledge nor experience.
very good point bro.
  • #96,125
  • Jun 7, 2011 7:57am Jun 7, 2011 7:57am
Quoting Kalbar
Hi Hook

Saw this one and was tempted but it would have been only for the purpose of taking a trade. Depite this bar engulfing the previous few bars it also seemed 'too big' if you know what i mean? I like engulfing bars to be a 'nice size and shape' and the massive ones like this example are I feel too big in the sense that after such a strong move you would expect a bit of retracement? Hope this makes sense!! As you say a good bar but not a good setup and there is a difference between the two.

Kal
i know wot u mean and i agree, these bars just seem to run out of steam..??

This one i liked though (see chart) i was planning on playing a break of the TL but i missed it (damn news lol ) but i figured we were going down anyway and jumped on board. moved my stop close to my entry as if it runs out of steam i dont want to be in the mess...gonna hang on to it for a while and reavaluate if the move has stalled.

jon
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PATIENCE... DISCIPLINE
  • #96,126
  • Jun 7, 2011 8:02am Jun 7, 2011 8:02am
Quoting supremeChaos


yes, interesting.

your 1st chart clearly shows the 1.3180 -1.32 ppz i mentioned. in fact, that was a possible trade, IMHO -- short of the small pin off of that ppz or a touch trade at the PPZ.


Yes, SC, I agree but it was just too small a PB for me.

If it had looked the one I drew here, I would have been in it.
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  • #96,127
  • Jun 7, 2011 8:23am Jun 7, 2011 8:23am
Quoting stark1
Hey all

Anyone got any thoughts on the weekly pinbar on the AUDNZD? My humble opinion: looks like a nice bar, it's with the trend, off support, off the 50 fib, and got some space if it breaks 1.3230.


aud/nzd broke some major support last week or the week before that(was 1.33? don't remember exactly, missed the ship anyway). So it's probably bearish overall. Talking from memory.

plus you should look at the spread; if you want to make 150 pips(assuming it retraces back to wherever that support was - or was it 1.34; bah... really don't remember and no chart around) and you pay 20 in spread, that's 7.5% commission right of the bat... The spread on that pair is really crappy.


Quoting Adilius07
I found a few too, my main concern is: Do they really have same performance as their website advertises? If so why not we all invest in such a service while we learn to do it ourselves? I mean this is just a simple business decision, pay $200 per month so you can make $1000 per month from it....
beside performance(really, what's the chance it's the one advertised...) you should see if you can actually follow a service.

I know, for once, that when I stop liking a position, I close it. Now, after I close it, I tend to remember the times when I was right and the signal service was wrong; I'm not totally objective(I'm even more biased since I don't trust the method, plus, well, I have my ego). Which makes me even more trigger happy next time; obviously, you can make a spreadsheet and see how many pips you avoided losing by closing and how many you lost by closing too early, but that's irrelevant in the end.

If you won't trust the signal, you'll probably screw up(or at least I did each time I tried - and I tried only on demo, where potentially it's easier since it's not real money). Contrary to someone above, I find it a sign of a screwed up society that I'm getting paid for drawing useless lines on a screen; yet, ego plus distrust make me unable to follow a signal service.

See if you can follow first; and prepare yourself for more possible problems when you switch live(then you'll follow it with your real money which will probably be quite different). Yes, theoretically it's a simple business decision; yet, all this, theoretically is simple business decision(easier then two options - up or down - which is all you have here, it can't get it) - but practice sometimes differ


Quoting Kalbar
I am struggling to find any decent setups at the moment and getting a bit itchy to take a trade!! Anyone else suffering the same feelings? Where have the A+ trades gone?
went in aud/cad at 1.05x with sl at 1.06 and tp at 1.02x; that being said, it wasn't even A-(didn't even wait for the pin to close - there were 2h left but I wanted to sleep so opened and prayed that aussies don't screw me up with the rate). It's still the underlying trendline that must be broken.
  • #96,128
  • Jun 7, 2011 8:24am Jun 7, 2011 8:24am
Quoting Pinbar
Yes, SC, I agree but it was just too small a PB for me.

If it had looked the one I drew here, I would have been in it.
Pinbar, did the Higher TF not give you confidence / Confluence in the trade? Almost perfect touch trade.
  • #96,129
  • Jun 7, 2011 8:32am Jun 7, 2011 8:32am
Quoting Pinbar
Hey GJ..I think we just cracked a fresh can of worms. LOL

It is good you are making us all think here.

You know what I think is the cause of the confusion?

It is the DBLHC or DBHLC, because, unlike the BEOB or BUEOB, they do have to close above or below the extreme of the previous bar. This tends to confuse us with BEOB or BUEOB.

Yeah, I drew that BEOB with the close below the previous bar on my charts because, I wanted to show the best example of the setups.

However, I still see Jarro taking the BEOB that do not close below.

I actually termed...
yep PB you are correct

A BEOB does not have to close below a previous bars low(I do that). It has to close near the lower range of the bar.

Mike
  • #96,130
  • Jun 7, 2011 8:35am Jun 7, 2011 8:35am
Quoting stark1
Hey all

Anyone got any thoughts on the weekly pinbar on the AUDNZD? My humble opinion: looks like a nice bar, it's with the trend, off support, off the 50 fib, and got some space if it breaks 1.3230.

Slightly concerned that no-one's mentioned it, and so far price on the current weekly bar has fallen lower than I'd have liked.

EDIT: Hmmm. I see it's fighting a huge monthly outside bar...

Attachment
Hey Stark

Notice your red line right above the pinbar? I would NEVER be a buyer back into that swing low point. That is an area that can turn from support now brokern into resistance. For me this is an example of a bar that gets people into trouble. Now it has not broke so its not valid(or it barely did which would never trigger one in with a buffer). But still its a good lesson. If this whole bar was shifted up and closed ABOVE those two lows, that would be a good trade

Hope that helps
Mike
  • #96,131
  • Jun 7, 2011 8:39am Jun 7, 2011 8:39am
Quoting Chelski
Pinbar, did the Higher TF not give you confidence / Confluence in the trade? Almost perfect touch trade.
As you say, it was almost perfect.

However, it was a small daily bar and not a very good PB on my live feed.
With a 10 or 15 pip buffer below that PB, it was very close to the FTA.

I was more interested in the knowledge value of this setup than taking it.

That said, I get what you are saying.
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  • #96,132
  • Jun 7, 2011 8:41am Jun 7, 2011 8:41am
Quoting mbqb11
yep PB you are correct

A BEOB does not have to close below a previous bars low(I do that). It has to close near the lower range of the bar.

Mike
Yeah, I was thinking it was a Mike thang. LOL

Thanks Mike


How is that Jarro gentleman by the way?

Please pass on my regards.
  • #96,133
  • Jun 7, 2011 8:55am Jun 7, 2011 8:55am
Quoting Pinbar
As you say, it was almost perfect.

However, it was a small daily bar and not a very good PB on my live feed.
With a 10 or 15 pip buffer below that PB, it was very close to the FTA.

I was more interested in the knowledge value of this setup than taking it.

That said, I get what you are saying.
Nice Charts BTW
  • #96,134
  • Jun 7, 2011 10:11am Jun 7, 2011 10:11am
Quoting mbqb11
Hey Stark

Notice your red line right above the pinbar? I would NEVER be a buyer back into that swing low point. That is an area that can turn from support now brokern into resistance. For me this is an example of a bar that gets people into trouble. Now it has not broke so its not valid(or it barely did which would never trigger one in with a buffer). But still its a good lesson. If this whole bar was shifted up and closed ABOVE those two lows, that would be a good trade

Hope that helps
Mike
Hey Mike,

Thank you for the reply & your thoughts. I'm with you on the red line at 1.3200 above, plus I see something going on just above it at 1.3230, so my buy order was set above both, and clear of 1.3250. Perhaps it was wishful thinking that it might just blast through it!

Quick question though - you say it hasn't broken so it's not valid. Do you mean not valid *yet*? Or am I missing something?

Appreciate your time, now I feel just that little bit wiser!
When the going gets weird, the weird turn pro.
  • #96,135
  • Jun 7, 2011 10:27am Jun 7, 2011 10:27am
Quoting stark1
Hey Mike,

Thank you for the reply & your thoughts. I'm with you on the red line at 1.3200 above, plus I see something going on just above it at 1.3230, so my buy order was set above both, and clear of 1.3250. Perhaps it was wishful thinking that it might just blast through it!

Quick question though - you say it hasn't broken so it's not valid. Do you mean not valid *yet*? Or am I missing something?

Appreciate your time, now I feel just that little bit wiser!
Hey Stark

Sorry for the confusion

For a pinbar to be a valid pinbar it must technically break the bar. In this case the HIGH of the pinbar. Now it broke by a few pips, but on a weekly basis any decent buffer(meaning order above the high) should not get picked up at least the way I do my buffers. So technically the pinbar is not valid yet. If the low gets broken it's invalidated, and until that high breaks, its also not a valid pinbar, just a pinbar

Let me know if that makes sense
Mike
  • #96,136
  • Jun 7, 2011 10:46am Jun 7, 2011 10:46am
Quoting mbqb11
Hey Stark

Sorry for the confusion

For a pinbar to be a valid pinbar it must technically break the bar. In this case the HIGH of the pinbar. Now it broke by a few pips, but on a weekly basis any decent buffer(meaning order above the high) should not get picked up at least the way I do my buffers. So technically the pinbar is not valid yet. If the low gets broken it's invalidated, and until that high breaks, its also not a valid pinbar, just a pinbar

Let me know if that makes sense
Mike
,
Hey Mike

Perfect sense. That's my understanding of a pinbar. The word 'yet' was everything!
When the going gets weird, the weird turn pro.
  • #96,137
  • Jun 7, 2011 10:58am Jun 7, 2011 10:58am
Hi guys,

Im Watching the 1 hour usd/chf. Any thoughts, given that the pin manages to form?

-H
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  • #96,138
  • Jun 7, 2011 11:45am Jun 7, 2011 11:45am
Quoting goldfish3
Hi guys,

Im Watching the 1 hour usd/chf. Any thoughts, given that the pin manages to form?

-H
1. divergence on macd yesterday(on H1) - divergence saying it's going up;
2. right at the lower edge of the channel on daily;
3. the whole pin has a nose of... 10pips
  • #96,139
  • Jun 7, 2011 3:49pm Jun 7, 2011 3:49pm
Guys I'm confused here... Given a scenario when you see a nice size BUOB (engulf few bars) and in a nice location (swing low, major ppz, space and etc) but the BUOB closed just below a BRN, some trader's consider it tradeable just put your buy entry few pips above the BRN and some trader's like myself pass on it due to the close of the bar and saying how I wish the bar closed above that BRN. Any thoughts guys?! Sorry if I'm lacking of visual example.
  • #96,140
  • Jun 7, 2011 3:54pm Jun 7, 2011 3:54pm
Hey Trans

I know what you mean and it can be a bit confusing at times! It all comes down to the individual trader.......somw will take the trade because the positives outweigh the negatives whereas some will pass on it because the close was under the BRN. There is no right and wrong as such....it comes down to your own personal syle and risk profile IMHO.

Kal
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