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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

  • #102,541
  • Oct 3, 2011 6:57am Oct 3, 2011 6:57am
Well what a dull start to the week and month so far. Nothing really looking interesting on my 60's or 480's, or even the daily charts I have setup.

Sitting on the sidelines is a good position on a day like this. Better to be not in a trade wishing I was in one, than it is to be in a trade wishing I was out.
  • #102,542
  • Oct 3, 2011 8:36am Oct 3, 2011 8:36am
Quoting TheFutureAce
Hi James16/Mike/Jarroo/Pinbar,

I want to know if you guys trade Sunday daily bar and give it the same importance as any daily other bar. I use IBFX and the sunday bar only is only couple of hours...

Thanks for the help

Amar
Hey Amar

My charting does not show sunday bars, but James ignores them and I would do the same . Some people will blend that little sunday bar action into fridays bar as well.

Best
Mike
  • #102,543
  • Oct 3, 2011 8:50am Oct 3, 2011 8:50am
Quoting Pinbar
Many thanks Jarroo

Here is one that has me a little confused & I feel the box of consolidation on the left is the cause.


Got to run to a family get together.
Like the mafia. LOL
Hey Pinbar,

Yes, that past consolidation box's levels are surely in play with current Price , but I would be looking at the more recent levels. I do like looking at the higher time frame levels on the lower time frame(s). So on these weekly levels I would look for Daily and/or even the 4 Hour for the appropriate (bearish/bullish) PA. (charts)

But let's look at that past consolidation area (in yellow) . . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #102,544
  • Oct 3, 2011 9:11am Oct 3, 2011 9:11am
Quoting jarroo
But let's look at that past consolidation area (in yellow) . . . .
These Weekly HCR/LCS levels are great. Notice how straight and clear they are, no choppiness . .nice Space too.

Looking at these Weeky levels and using PBT&CAorB on the Daily, there were some nice touch trade opportunities. If the clearness and clarity wasn't there (and a bit of confluence) a touch trade would be less appealing. On a "crazy cross' like this one, PA is always a great confirmation.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #102,545
  • Oct 3, 2011 9:13am Oct 3, 2011 9:13am
Quoting jarroo
Hey Pinbar,

Yes, that past consolidation box's levels are surely in play with current Price , but I would be looking at the more recent levels. I do like looking at the higher time frame levels on the lower time frame(s). So on these weekly levels I would look for Daily and/or even the 4 Hour for the appropriate (bearish/bullish) PA. (charts)

But let's look at that past consolidation area (in yellow) . . . .
Thanks Jim


I will get to grips with this, tomorrow when the effects of this evening have subsided.

Really appreciate the help.

Steve
  • #102,546
  • Oct 3, 2011 9:16am Oct 3, 2011 9:16am
Quoting Pinbar
Thanks Jim


I will get to grips with this, tomorrow when the effects of this evening have subsided.

Really appreciate the help.

Steve

Sure thing Steve . .
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Indicators show the past. Price Action "Indicates" the future.
  • #102,547
  • Oct 3, 2011 9:24am Oct 3, 2011 9:24am
Quoting Greenhaze
There was a way to capitalize on this spike. Usually there are some rumors before those kind of data come out which tells a lot about the open interest just before the numbers hit the market. One could made a bet and short it 1 min before the data and made some nice profit even if the spread was wide.
IMHO gbpjpy is a crazy pair and it's really not a good idea to be "betting" on, i got burned once trying to bet the gbpjpy so i dont mess with it anymore i still trade it like every other pair but with a little bit more caution. But after all it's a matter of trader style to make these kind trades.
Plan your Trade, Trade your Plan
  • #102,548
  • Oct 3, 2011 9:47am Oct 3, 2011 9:47am
Been waiting patiently all day for a 60m setup. Again, just prior to some $USD news this time, this lovely little pin bar formed on the USDCAD. Price is at the high of a larger uptrend. Current days 60m PA is forming a nice little downward sloping channel on my data, with a couple of nice touches off the highs and lows. PB formed right on the top of the little range.

First green line is my PA 1st target level, based off some simple price action S&R. Second green line is my rather optimistic 2nd target level which is again at a grouping of previous PA S&R, and just below 100% daily ATR.

Attached Image


As I type this, price had pushed down to very near my 2nd target line. Price was a further 30pips from the 1st target, so I moved my stop down from BE, to roughly where the 1st green line was. Now, stopped out on a retracement.

Very testing day today with waiting for the setup I wanted. Had to sit through some boring PA, and let some other setups go that weren't quite meeting my criteria.
  • #102,549
  • Oct 3, 2011 9:50am Oct 3, 2011 9:50am
Quoting BigJay
IMHO gbpjpy is a crazy pair and it's really not a good idea to be "betting" on, i got burned once trying to bet the gbpjpy so i dont mess with it anymore i still trade it like every other pair but with a little bit more caution. But after all it's a matter of trader style to make these kind trades.
This trade was based on information from outside of the chart. That spike might look scary but there were some clues of what might happen after the thomson reuters publish the numbers. Personally i play news more often now and after some practice and little knowledge of what is driving the price prior to news anouncement one might take some profits from those occasional volatile moves. Cheers
  • #102,550
  • Oct 3, 2011 10:00am Oct 3, 2011 10:00am
Quoting Greenhaze
Very high probability setup with no brainer entry at weekly support with tight stop under 9.000 level. I would be very surprised to see it fail
And there it is ... H1 PB.

Can it be a h1 entry into the monthly setup?
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  • #102,551
  • Oct 3, 2011 10:30am Oct 3, 2011 10:30am
Quoting Greenhaze
And there it is ... H1 PB.

Can it be a h1 entry into the monthly setup?
I'd say that's looking a tad more like a hammer bar than a pin bar to be honest. If that had happened on my 60m charts I trade off, I would have crossed it off as not qualifying for me
  • #102,552
  • Oct 3, 2011 10:39am Oct 3, 2011 10:39am
Just look at what's happened to $CAD after that PB and news reaction. Straight back up to test the low of the PB and the RN @0500, and now back down to test the bar lows & range low @0460.

Attached Image
  • #102,553
  • Oct 3, 2011 11:02am Oct 3, 2011 11:02am
Quoting picon1
I'd say that's looking a tad more like a hammer bar than a pin bar to be honest. If that had happened on my 60m charts I trade off, I would have crossed it off as not qualifying for me

Its the location that is the main reason behind this trade. I would take that bar any day
  • #102,554
  • Oct 3, 2011 11:11am Oct 3, 2011 11:11am
Quoting Greenhaze
Its the location that is the main reason behind this trade. I would take that bar any day
Fair enough. I can't argue with that. If the location is good for you, then it's good, but personally I think that it's an iffy PB formation, like I said, more a hammer bar, which is a pretty good reversal pattern with a couple or lower bar highs before it as well
  • #102,555
  • Oct 3, 2011 11:49am Oct 3, 2011 11:49am
Quoting aserbfx
gbp/nzd looks good for a short at around 2.0500.
done!
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meine augen sind die sterne
  • #102,556
  • Oct 3, 2011 12:23pm Oct 3, 2011 12:23pm
Quoting aserbfx
done!
In this too...first target around 2.02
  • #102,557
  • Oct 3, 2011 2:56pm Oct 3, 2011 2:56pm
Just looked through over 50 markets (mainly forex some indicies and a couple of commodities), all daily & weekly TF and have seen a grand total of zero potential setups.

Is anyone else finding the markets barron of potential trades today on the daily TF? I'm a newb obv and so I am not confident in my own abilities yet. I thought with 50+ markets there would be at least something setting up.
  • #102,558
  • Oct 3, 2011 3:02pm Oct 3, 2011 3:02pm
Quoting aserbfx
gbp/nzd looks good for a short at around 2.0500.
Hi newbie here and have a quick question about your trade on this one.

I see the PPZ, 50% FIB and BRN at 2.05 but I don't see any PA to indicate an entry on the daily. Are you trading this purely off the location given your experience or am I missing a PA setup here?
  • #102,559
  • Oct 3, 2011 3:22pm Oct 3, 2011 3:22pm
Quoting Greenhaze
Its the location that is the main reason behind this trade. I would take that bar any day
I'm with you 100% on this one GH.

For me 9.045 is such a strong level across the board (H1, D1 and W1) that I regret not touch trading the retest.

1H PB, 1:1 R:R, in/out another trade banked. Might keep an eye on this one for the retest of the PB. I won't be surprised if this one flies on the weekly to 9.4.

Dzieki
  • #102,560
  • Edited 4:08pm Oct 3, 2011 3:37pm | Edited 4:08pm
Hi Guys,

I was wondering if anybody here can point me to a simple guide for identifying supply and demand zones? I've tried doing it but just end up drawing support and resistence, which is how I've traded for the last 2 years.

So basically I'm seeking a complete beginners step by step guide so that I can clear my mind and understand this concept. I already know about candlestick formations and will be using them along with S+R, I'll also use dean kellys fibs for my exits.

Many thanks.
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