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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

  • #104,261
  • Nov 11, 2011 1:57pm Nov 11, 2011 1:57pm
Quoting Rust
Thanks Mike , I understand what you mean . But I am asking in terms of a breakout and pullback concept , not pure price action .
Here is a bigger picture of that same setup my question was :
Hey Rust,

It could be but for me when I talk about breakout and pullbacks, I am looking for concrete patterns. Like wedges, flag patterns etc. To me this is just an area of resistance that may turn to support. Like a PPZ. I see people often try to play continuation/breakout+pullback at PPZ and to me the effect is very different then a specific pattern. The reason is if you pick that specific pattern out and are correct then things generally run pretty smooth. As opposed to trading off a PPZ is more trading of a ZONE and that doesn't give as much weight for me to a continuation type bar

Hope that makes more sense
Mike
  • #104,262
  • Nov 11, 2011 2:22pm Nov 11, 2011 2:22pm
Quoting jarroo
Thanks Ryan . .I agree that learning the basics from James16 and Mike is the best way to go and either staying right there with the basics, which is great . . .Its how I got started . . . or looking more into trading Support aand Resistance levels. . .which is what I do . . . which was put together from what I learned from James16 and Mike.

The thing is . . .that we really never get away from the basics that are taught here on the J16 Thread and in the PF. . .meaning simplicity is always the goal . .because complicated never works. . .....
Amen to that. It is amazing that something so simple can be capable of producing something so powerful. Love reading your posts.
  • #104,263
  • Nov 11, 2011 2:33pm Nov 11, 2011 2:33pm
Quoting jarroo
Excellent, D . . . that's more then 2 pips worth that's the whole kit and kaboodle . .

These Swing Points are (usually) pivotal levels . .meaning Price will either continue at their respect major Support or Resistance level . .or they will pivot or transition to their opposite; Support to Resistance or Resistance to Support.

I will also look at the Weekly levels, especially on the "crazy crosses".
We still may get a nice bounce at the 1.2472 Weekly LCS level.
Hey Jarroo (or others fluent with the method),

Was just wondering what your thoughts are on something like this EurChf pair where there was the weekly bearish OB that hit the previous LCS (now acting as resistance) and then there was very little move down? How does that factor into your trading plan (or does at all)? Also, what weight do you give to factors like the strong gap up over the weekend that never really closed?

Thanks
Ryan
  • #104,264
  • Nov 11, 2011 4:53pm Nov 11, 2011 4:53pm
Quoting mbqb11
Hey Rust,

It could be but for me when I talk about breakout and pullbacks, I am looking for concrete patterns. Like wedges, flag patterns etc. To me this is just an area of resistance that may turn to support. Like a PPZ. I see people often try to play continuation/breakout+pullback at PPZ and to me the effect is very different then a specific pattern. The reason is if you pick that specific pattern out and are correct then things generally run pretty smooth. As opposed to trading off a PPZ is more trading of a ZONE and that doesn't give as...
Yes it definitely makes sense . You got such a big patience to clear things out man . I admire you !
One question appears in my mind as I think over the pattern thing :
You told few days ago , that you entered this same AUDCAD daily pin we both got stopped on . Thing is I do not see any pattern here . My thought process was - trend is up , 1.0500 formed as a strong support zone , I see it as a good setup for a breakout and pullback. I wonder what was your thought process ?
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  • #104,265
  • Nov 11, 2011 5:06pm Nov 11, 2011 5:06pm
As I understand , EURAUD H4 should be a good pattern to watch for a breakout and pullback setup ?
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  • #104,266
  • Nov 11, 2011 7:10pm Nov 11, 2011 7:10pm
Quoting mbqb11
Hey Rust,

It could be but for me when I talk about breakout and pullbacks, I am looking for concrete patterns. Like wedges, flag patterns etc. To me this is just an area of resistance that may turn to support. Like a PPZ. I see people often try to play continuation/breakout+pullback at PPZ and to me the effect is very different then a specific pattern. The reason is if you pick that specific pattern out and are correct then things generally run pretty smooth. As opposed to trading off a PPZ is more trading of a ZONE and that doesn't give as much...
Hello Mike, do you mean that you do not (or more careful) trade a pure PPZ breakout+pull back (with a PA on it) unless it shows some patterns like wedges, falgs?

Best.
CK
----------------------------- Discipline makes the difference.
  • #104,267
  • Nov 11, 2011 7:25pm Nov 11, 2011 7:25pm
Quoting Rust
As I understand , EURAUD H4 should be a good pattern to watch for a breakout and pullback setup ?
Here are the target zones for a breakout
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  • #104,268
  • Nov 11, 2011 11:12pm Nov 11, 2011 11:12pm
Hey, if anyone can please list me all of the indicators and follow it with a short definition of how it works that would be terrific and much appreciated =D
Such as
Bullish and Bearish outside vertical bars, indicates trend direction
Inside Bar Break-outs, double bars high/low close, etc...

So far I am only aware of those, I vaguely understand the Fibonacci Retracement and all the other indicators.
  • #104,269
  • Edited 4:05am Nov 12, 2011 1:54am | Edited 4:05am
Quoting ghous
That wouldn't be my piece of cake. Look for hints on the chart and add to them the fact that you're trading near the end of a dead Friday (U.S bank holiday)

g.
Thank you Ghous....i didn't know about the US bank holiday,that's way i canceled the pending order.Anyway with a little of luck,my expectation about this set up have been fulfilled......
Technically speaking i made my analysis looking at daily TF,and that's way i considered the FTA few pips above.....

What do you think about looking at higher TF ,in the meaning of confluence, and then searching for a PA on lower TF as 1h or 4h?
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Patience is essential
  • #104,270
  • Nov 12, 2011 9:04am Nov 12, 2011 9:04am
Hi guys,

First question: The open and close of the pinbar must be within the total length of the previous bar or within the open and close of the previous bar?

Second question: For DBHLC and DBLHC bars, what is the maximum allowable difference between the 2 bars in order to be valid?

Thanks!
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #104,271
  • Nov 12, 2011 9:41am Nov 12, 2011 9:41am
Quoting Rust
Yes it definitely makes sense . You got such a big patience to clear things out man . I admire you !
One question appears in my mind as I think over the pattern thing :
You told few days ago , that you entered this same AUDCAD daily pin we both got stopped on . Thing is I do not see any pattern here . My thought process was - trend is up , 1.0500 formed as a strong support zone , I see it as a good setup for a breakout and pullback. I wonder what was your thought process ?
Hey Rust

The breakout and pullback I used was to a flag type pattern across the BRN. This was also the area that had capped price for some time(the 3 swing high points). price formed a big BUOB then pulled back and formed a pin off this area. All strong signs. I suggest looking for more crisp patterns to those of you who are struggling though. I cut out of the pin just below 1.0500 for a much reduced loss. A big issue I see is that most people don't manage there trades to the downside and take full bar losses too much.

Hope that helps
Mike
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  • #104,272
  • Nov 12, 2011 9:43am Nov 12, 2011 9:43am
Quoting CavinK
Hello Mike, do you mean that you do not (or more careful) trade a pure PPZ breakout+pull back (with a PA on it) unless it shows some patterns like wedges, falgs?

Best.
CK

Hey CK

It's not as simple as saying I don't trade a breakout and pullback at a PPZ. It depends on the look of the setup. My focus is on the story of a setup. A PPZ, or a breakout pattern can be part of the setup and is just a concept I will pull together. Generally speaking I keep the term breakout and pullback to my breakout portion of my trading. I certainly use PPZ greatly in both my entries and exits. But I take many trades that have no breakout patterns.

Best
Mike
  • #104,273
  • Nov 12, 2011 9:44am Nov 12, 2011 9:44am
Quoting sainthake
Hey, if anyone can please list me all of the indicators and follow it with a short definition of how it works that would be terrific and much appreciated =D
Such as
Bullish and Bearish outside vertical bars, indicates trend direction
Inside Bar Break-outs, double bars high/low close, etc...

So far I am only aware of those, I vaguely understand the Fibonacci Retracement and all the other indicators.
Hey S

I highly recommend to just starting going through the first few hundred pages, things will get much much more clear as you work through charts, and questions of others. Be sure to check out all the great links James put on post 1 which also contain a ton of great posts that we wanted to book mark.

This may help you as well to supplement as you go through

http://www.forexfactory.com/showpost...ostcount=93498

Hope that helps
Mike
  • #104,274
  • Nov 12, 2011 9:46am Nov 12, 2011 9:46am
Quoting Caesar95
Hi guys,

First question: The open and close of the pinbar must be within the total length of the previous bar or within the open and close of the previous bar?

Second question: For DBHLC and DBLHC bars, what is the maximum allowable difference between the 2 bars in order to be valid?

Thanks!
Hey C

The open and close need to be within the entire length(or high to low) of the previous bar.

For DBHLC/LHC the difference isn't a set number. It's best to look at it visually. Generally speaking the lower the timeframe the more exact you want it to be. If it doesn't look like the lows are matching much, then it probably isn't the best one. This is what I do.

Best
Mike
  • #104,275
  • Nov 12, 2011 9:53am Nov 12, 2011 9:53am
Quoting mbqb11
Hey C

The open and close need to be within the entire length(or high to low) of the previous bar.

For DBHLC/LHC the difference isn't a set number. It's best to look at it visually. Generally speaking the lower the timeframe the more exact you want it to be. If it doesn't look like the lows are matching much, then it probably isn't the best one. This is what I do.

Best
Mike
I see, thanks Mike
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #104,276
  • Nov 12, 2011 11:14am Nov 12, 2011 11:14am
I'm reminded of the words of Ted Nugent . .especially the 1:55 time mark . .



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Indicators show the past. Price Action "Indicates" the future.
  • #104,277
  • Nov 12, 2011 1:25pm Nov 12, 2011 1:25pm
You are on the right track. The PPZ was solid enough, however, there was no confluence. Look to do touch trades at areas that have great confluence only.

Scott

Quoting Chelski
I was looking for a possible touch trade here , after we had such a strong close below this "zone" and there were so many bar lows above that had failed i thought we might see a nice move when it came first time back. Given the size of the bar that closed below and the smaller bar yesterday any pointers would be appreciated.
  • #104,278
  • Nov 12, 2011 1:40pm Nov 12, 2011 1:40pm
Quoting jarroo
I'm reminded of the words of Ted Nugent . .especially the 1:55 time mark . .



http://www.youtube.com/watch?v=LCHtw...layer_embedded
I gotta go with ted on this.
I have my 9 with a clip full of fun.
  • #104,279
  • Nov 12, 2011 3:01pm Nov 12, 2011 3:01pm
german bund future with a pinbar. will drop down to about 132.00.
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meine augen sind die sterne
  • #104,280
  • Nov 12, 2011 3:17pm Nov 12, 2011 3:17pm
Quoting dropkick-cat
Also, there is now this PB lookalike developing. But its current close is above the 50 fib and then there's this 1.5600-1.5620 area close by. Came within 25 pips of first time back to the 365 ema on the other hand.
Wow, just wow. Pinbar breaks, the market tries to bag some tight stops (or maybe bounces from Nov 9th H1 PPZ at around 1.5630 ?), and goes to the FTA, not breaking below 1.5600, and there it stays for the day.

I didn't play it, did not have enough confidence in the setup. But if I had, I'd very probably have tried to go for a tighter SL than full bar and would have been caught red-handed, lol.

To see it develop like this in real time ... priceless. Another 10 experience points in the bank
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