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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

  • #97,501
  • Jun 28, 2011 11:52am Jun 28, 2011 11:52am
Quoting supremeChaos
if u look closely & compare the 2 charts, that eur$ situation & current $chf's situation structurally look different.
also, IMHO, eur$ has been bullish (even prior that PB) & $chf has been bearish.
Yes, they still both are at the swing LOW
  • #97,502
  • Jun 28, 2011 11:56am Jun 28, 2011 11:56am
Quoting relyt
Maybe this will clear up what I'm saying.

I drew in yellow bars as a potential scenario to look for. Alternatively, it could be a bearish outside bar instead of a pin.

Sounds like thermobee says it rarely happens, so maybe this is all irrelevant.
Here is the same chart but different TF. This has a higher chance to reach its FTA, as it is at the swing low with space to go.

The TF is to small to trade for me though..
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  • #97,503
  • Jun 28, 2011 11:58am Jun 28, 2011 11:58am
DBLHC and as it stands now a PB, bullish divergence, BRN 1.20; hopefully not mentioned before cause i didn't look, if so my excuses
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  • #97,504
  • Jun 28, 2011 11:59am Jun 28, 2011 11:59am
Quoting Adilius07
Yes, they still both are at the swing LOW
both are at a swing low, yes.
but one is bullish (Eur$), while $chf is bearish. if u agree with this, then u would expect a probability that $chf will make newer low/s (it did break below 0.8300) but eur$ wouldn't/didnt (since eur$ is bullish)
remember too, that eur$ & $chf run in opposing directions
  • #97,505
  • Jun 28, 2011 12:10pm Jun 28, 2011 12:10pm
Quoting supremeChaos
both are at a swing low, yes.
but one is bullish (Eur$), while $chf is bearish. if u agree with this, then u would expect a probability that $chf will make newer low/s (it did break below 0.8300) but eur$ wouldn't/didnt (since eur$ is bullish)
remember too, that eur$ & $chf run in opposing directions
I'm not really sure what do you mean by EU being bullish? To me looks very bearish! But risky to trade even with PB because of swing low/space issues.
Here is how I see it:
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  • #97,506
  • Jun 28, 2011 12:28pm Jun 28, 2011 12:28pm
Quoting Adilius07
I'm not really sure what do you mean by EU being bullish? To me looks very bearish! But risky to trade even with PB because of swing low/space issues.
yes, i am aware of that chart situation.
what i meant is my bias for EUR$ has been bullish for some time now. (bullish eur, chf; bearish $)

assuming u are not bullish eur$ & we just have to concentrate on that chart.
will u short a PB that's just a few pips above (potential) support/trouble area? (remember James16 THIS IS CRITICAL*)
does every pinbar/PA setup work?
im sure u know the answers to these
that PB failing (or barely dropping/breaking) confirm that price IS bullish



*to the new ones, MUST READ & FOLLOW this
Quoting james16
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
  • #97,507
  • Jun 28, 2011 12:51pm Jun 28, 2011 12:51pm
Hi, Just wanted to post this, I originally posted yesterday.
IPB marked on the chart that seemed to work out quite well after going against me at first. Stop at BE now, just over 40 pips up.

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Free speech is an oxymoron
  • #97,508
  • Jun 28, 2011 1:02pm Jun 28, 2011 1:02pm
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A chart helps those who can read it.
  • #97,509
  • Jun 28, 2011 1:04pm Jun 28, 2011 1:04pm
Quoting Banzaisky
...IPB marked on the chart that seemed to work out quite well after going against me at first. Stop at BE now, just over 40 pips up.
....
in general, avoid small IPBs (or PBs, BEOBs, etc)
im glad this turned out well for u
  • #97,510
  • Jun 28, 2011 1:09pm Jun 28, 2011 1:09pm
Quoting supremeChaos
in general, avoid small IPBs (or PBs, BEOBs, etc)
im glad this turned out well for u
sure thanks SC, i know a new trader it is advisable to avoid these but thought i would try it out to see.
Free speech is an oxymoron
  • #97,511
  • Jun 28, 2011 1:09pm Jun 28, 2011 1:09pm
supremeChaos: Since I can't reply in a PM for some reason...I'm fairly new to forex so I have been testing some different methods and have done the best with support and resistence levels so far. Thanks for recommending this thread and for the help! Looks like a good thread and hopefully I will get something out of it.
  • #97,512
  • Jun 28, 2011 1:25pm Jun 28, 2011 1:25pm
Quoting supremeChaos
in general, avoid small IPBs (or PBs, BEOBs, etc)
im glad this turned out well for u
IPB aside, what's the location like?
Free speech is an oxymoron
  • #97,513
  • Jun 28, 2011 1:31pm Jun 28, 2011 1:31pm
could've been better, i think.
hey, just noticed it was just a few pips away from .8000?
where did u place your stop?
did u enter on the IPB high break?
u were quite lucky price didnt head for 0.80
i think a better IPB would've been a big one at the 0.80 area.

Quoting GumballCGT
Since I can't reply in a PM for some reason...I'm fairly new to forex...
i did receive your PM.

stick around Sir.
post charts, ask questions (go through the thread, & post #1 first)
there's more 'meat' here, less noise
your murcielago will thank you for it

Quoting supremeChaos
the fastest way to learn from this thread, IMHO, is to:
- read as much as u can.......
  • #97,514
  • Jun 28, 2011 1:37pm Jun 28, 2011 1:37pm
Quoting supremeChaos
could've been better, i think.
hey, just noticed it was just a few pips away from .8000?
where did u place your stop?
did u enter on the IPB high break?
u were quite lucky price didnt head for 0.80
i think a better IPB would've been a big one at the 0.80 area.
Yeah, i was sweating at first as it looked like that's exactly were price was heading. I entered too late at 0.8063 with stop below the IPB at about 0.8014
Free speech is an oxymoron
  • #97,515
  • Jun 28, 2011 3:39pm Jun 28, 2011 3:39pm
Quoting Adilius07
Those are riskier as they are at the swing low, we want to see them at the swing high. So no space, no room to go.

Took the words right out of my mouth

Not saying that it could not make a good continuation trade, but it is definitely at a swing low. Just have to be played differently that a 101 trade. Would like it being at an area of S/R and with the trend, but eventually most everything is going to experience a retrace and this has not in a while. The other thing that would stick out in my mind is that this seems a bit like a breakout trade. That being the case this was not a very strong breakout. If I were looking for a breakout and retest senario I would want to see a very very strong retest of the area. Just my .02 though. Hell I could probably as for change off of my .02 ...
  • #97,516
  • Edited 5:10pm Jun 28, 2011 4:43pm | Edited 5:10pm
Nice move up from a semi PB. PBT&CA. I wonder if a break of this IB can get to 1.3865?

Edit: Hovering just under 1.3700
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  • #97,517
  • Jun 28, 2011 7:15pm Jun 28, 2011 7:15pm
eur/nzd
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  • #97,518
  • Jun 29, 2011 12:12am Jun 29, 2011 12:12am
Quoting Mebius
The 3 previous bars to BUOB would be a concern for me because of the strength/steepness of the bearish move. For me, a strong BUOB after consolidation and weak price action like small inside bars at the swing low is ideal. If you were to take this trade, I think entering on a 50% retrace of the BUOB would be safer and then watching very closely to take profit. And yes, this being a counter trend trade would be another reason to stay away.
Thank you Mebius, your analyis is good.
----------------------------- Discipline makes the difference.
  • #97,519
  • Jun 29, 2011 4:07am Jun 29, 2011 4:07am
Hello, I have few questions about this method:

1. Risk / Reward is usually less than 1:1 or near it.
- Is it ok? Losing of one trade means that next two must be profitable.

2. Brokers offer different GMT offset time: GMT 0 / +1 / +2 / +3 - this means that H4 candles will look different.
- Is there any preference?

Any ideas will be appreciated!
Thanks!
  • #97,520
  • Jun 29, 2011 4:22am Jun 29, 2011 4:22am
It looks like that except losing one trade does not mean the next 2 will be proftable....
It is not guaranteed....unforunately...
Monika
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