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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

  • #105,921
  • Jan 15, 2012 8:48am Jan 15, 2012 8:48am
Hey riandouma ,

I assume you prefer answer from some of the bigger posters here , but if you don't mind here is one opinion :

Your analysis isn't bad at all !
There are just 2 things that instantly popped up after I opened my chart , which are hard to catch in yours -
1- That zoomed, the pin looks nice, but on my chart it's almost hard to spot as something happening
2 - Yes , you are breaking through a PPZ (on your chart) , but you are just before a stronger one 0.8000

Zooming in and out can help much
  • #105,922
  • Jan 15, 2012 8:57am Jan 15, 2012 8:57am
Quoting Rust
Hey riandouma ,

I assume you prefer answer from some of the bigger posters here , but if you don't mind here is one opinion :

Your analysis isn't bad at all !
There are just 2 things that instantly popped up after I opened my chart , which are hard to catch in yours -
1- That zoomed, the pin looks nice, but on my chart it's almost hard to spot as something happening
2 - Yes , you are breaking through a PPZ (on your chart) , but you are just before a stronger one 0.8000

Zooming in and out can help much
Much appreciated. Offcourse, those roundnumbers.
  • #105,923
  • Jan 15, 2012 10:12am Jan 15, 2012 10:12am
Hey riandouma this is how i see it, price will break the PB and will go to PPZ where will find a strong resistance and then will retrace to the trendline or ema, I will glade if some seniors will review my analise, thx
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Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #105,924
  • Jan 15, 2012 10:42am Jan 15, 2012 10:42am
Quoting jarroo
Thanks Rust and Pinbar for your help.

Sorry about that bfsi, I should have explained the abbrevaitions on my chart better.

The common market dynamic of Support and Resistance levels are a universal one . .meaning, when we have an established Resistance level it will tend to stay as Resistance until Price breaks through it. Then Price will usually "flip" or transition to Support at that same level . .and vice versa.

Hope this helps

Jim
Hi Jim,

I have some questions.

We open buy/sell at the next bar when the bar BT&CA/CB or will we wait for the price to retrace and test the PPZ?

After the bar breaks through and closes above/below, we go long/short. So where should we place the stop loss? The former swing low/high or just above/below the PPZ + 15 pips?

About the target, I think it it is the FTA. But what if the price has just made a new record high/low?

Thanks.
  • #105,925
  • Jan 15, 2012 10:54am Jan 15, 2012 10:54am
Quoting Rust
Hi Hector ,
in this case the stop placement will be the same , 'couse the high of the 4hr pin and the high of the (possible) daily beob are the same .
But you are right that it depends ! Depends on the situation and it depends on the trader . Like Mike says - whatever you are comfortable ! And the only way to find what is comfortable for you is to experiment . Then put all your trades in the end of the month (or every 3 months) are ask yourself "how could I managed them better?"
Something like that

If Mike is kind as usual , maybe...
Hello Rust

Thank you for your kind response.

This is a great idea. Review the trades to try different management strategies. This is what i need right now, and urgent!!!, lol

Best wishes

Hector
  • #105,926
  • Jan 15, 2012 11:40am Jan 15, 2012 11:40am
Quoting smozmo
Hey riandouma this is how i see it, price will break the PB and will go to PPZ where will find a strong resistance and then will retrace to the trendline or ema, I will glade if some seniors will review my analise, thx
Hey Smozmo your chart looks good

Just be careful for a DBHLC the close must be lower then the previous bars low. So this would just be categorized as a tiny beob. Went to the FTA and bounced strong.

Best
Mike
  • #105,927
  • Jan 15, 2012 11:43am Jan 15, 2012 11:43am
never sell low .... anyway see setup...gonna reload higher, targeting 593x

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Hero calls followed by margin calls...
  • #105,928
  • Jan 15, 2012 12:48pm Jan 15, 2012 12:48pm
Thanks for replay Mike, after near 3 years of trading I feel I am on the good road, I still have many,many things to learn, I am glad to find such great people on this thread, thanks all of you!! in the past I spend tusand of $ with many strategy who did not work after i found this thread and i realised cos PA is everithing, someday i will be a sucessful trader!!
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #105,929
  • Jan 15, 2012 2:17pm Jan 15, 2012 2:17pm
Quoting smozmo
Thanks for replay Mike, after near 3 years of trading I feel I am on the good road, I still have many,many things to learn, I am glad to find such great people on this thread, thanks all of you!! in the past I spend tusand of $ with many strategy who did not work after i found this thread and i realised cos PA is everithing, someday i will be a sucessful trader!!
that's great S, just keep at it, that's all we can ever do

Best
Mike
  • #105,930
  • Jan 15, 2012 8:24pm Jan 15, 2012 8:24pm
Quoting zamfir
I understand location of PA is important. But i have seen on many charts that in a uptrend ,we have a Bullish Outside bar and we moved up.

Even on the weekly , we have Bullish OB which was formed last week and we went up this week.

attached is Weekly.

But the question is what does a BUOB mean when it occurs between a uptrend ?
Is it valid and is price going up ? Most charts i have studied show they continue the trend.

Can we consider it as a continution pattern?
Hey zamfir,

Bullish PA at swing Lows and Bearish PA at swing Highs allows for a higher probability of success. . .alll other things being considered such a Size, Space, etc.

Continuation PA needs to have more of a story behind it then just a BUOB in an uptrend. Search out many many of Mike's posts and charts where he shows "stories" of Price Patterens breaking out where PA does not appear at a Swing Highs or Low but part of a bigger story unfolding.


This BUOB, as you say, " . . what does a BUOB mean when it occurs between a uptrend?" This is not "between" an uptrend, it is at a swing High. Yes, many times PA that forms in a trend tends to continue the trend but we need more information to complete the bigger story.


My chart tell a possible "story" that may play out as I see it . . No close below the 81.25 would confirm this level as Support.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #105,931
  • Edited 9:25pm Jan 15, 2012 8:37pm | Edited 9:25pm
Quoting jarroo
Hey zamfir,

Bullish PA at swing Lows and Bearish PA at swing Highs allows for a higher probability of success. . .alll other things being considered such a Size, Space, etc.

Continuation PA needs to have more of a story behind it then just a BUOB in an uptrend. Search out many many of Mike's posts and charts where he shows "stories" of Price Patterens breaking out where PA does not appear at a Swing Highs or Low but part of a bigger story unfolding.


This BUOB, as you say, " . . what does a BUOB mean when it occurs between a uptrend?"...

Forgot to label this level at the 80.50ish . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #105,932
  • Jan 15, 2012 8:42pm Jan 15, 2012 8:42pm
Quoting menomoo


Yes it is valid that it may mean the price is still on the way up !!!

But till when ? Thats where we look at the left hand side of the chart to recognize the FTA ( first trouble area) and PPZ along with the exit strategies in place when we manage our trades, since the up or down trades never go one straight trend line we always have a second bite at the cherry managing the trade...
Well said, V . .Thanks ..
Indicators show the past. Price Action "Indicates" the future.
  • #105,933
  • Edited Jan 16, 2012 12:11am Jan 15, 2012 9:16pm | Edited Jan 16, 2012 12:11am
Quoting JoeSmith
Hi Jim,

I have some questions.

1. We open buy/sell at the next bar when the bar PBT&CA/CB or will we wait for the price to retrace and test the PPZ?

2. After the bar breaks through and closes above/below, we go long/short. So where should we place the stop loss? The former swing low/high or just above/below the PPZ + 15 pips?

3. About the target, I think it it is the FTA. But what if the price has just made a new record high/low?

Thanks.
Hi Joe,

1. We wait until price retraces and test the level as new Support from previous Resistance.

2. There are many ways to place a stop loss at these levels, which really depends on the type of trader you are.
a. You could place the S/L below a previous PPZ level on the Daily
b. You could look for Bullish PA on the same TF or a lower time frame (as in this example, 4 Hour PB) at this new Support level and use the traditional S/L PA placement.
c. Or use the Close of Price on the Hourly, 4 Hour or Daily TFs as a S/L indication. . .meaning if price closes below our entry on the Hourly, 4 Hour or Daily TFs..we exit the trade.

3. Targets for me are as James16 defines them . .the previous Highs and Lows. Since this is a Daily level we have Daily targets . .if this were a Weekly level we would have Weekly targets . .and so on . . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #105,934
  • Jan 15, 2012 9:36pm Jan 15, 2012 9:36pm
Took full profit of the H1 PB setup, at the 75 area after getting locked into it over the weekend, due to the Net outage on Friday.

I figure, we may be going back up for a retest and as we have this pattern, we can now look for a breakout of this pattern at the extremes.
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  • #105,935
  • Edited 5:08am Jan 16, 2012 4:57am | Edited 5:08am
Hey Mike , how are you ?
Hope you are feeling better !

How do you like this flag ?

edit : forgot to mention 1.4800 is right below and it's an important zone to have in mind .
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  • #105,936
  • Jan 16, 2012 6:24am Jan 16, 2012 6:24am
Quoting jarroo
Hey zamfir,

Bullish PA at swing Lows and Bearish PA at swing Highs allows for a higher probability of success. . .alll other things being considered such a Size, Space, etc.

Continuation PA needs to have more of a story behind it then just a BUOB in an uptrend. Search out many many of Mike's posts and charts where he shows "stories" of Price Patterens breaking out where PA does not appear at a Swing Highs or Low but part of a bigger story unfolding.


This BUOB, as you say, " . . what does a BUOB mean when it occurs between a uptrend?"...

Thanks Jaroo. I shall look for the bigger story in this case..


so far i m loving PA with S/R.

Would you also agree that PA + S/R is closest thing that comes to predicting future price movements, from your experience..
  • #105,937
  • Jan 16, 2012 8:48am Jan 16, 2012 8:48am
Quoting Rust
Hey Mike , how are you ?
Hope you are feeling better !

How do you like this flag ?

edit : forgot to mention 1.4800 is right below and it's an important zone to have in mind .
Hey Rust

Getting there slow thanks bud

That's a great pattern to watch. I like it on the 30m/1hr and watch for triggers on the 1hr down to 15min

Best
Mike
  • #105,938
  • Jan 16, 2012 8:50am Jan 16, 2012 8:50am
I think we have an interesting area on EG to keep an eye on.
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  • #105,939
  • Jan 16, 2012 9:31am Jan 16, 2012 9:31am
Quoting mbqb11
Hey Rust

Getting there slow thanks bud

That's a great pattern to watch. I like it on the 30m/1hr and watch for triggers on the 1hr down to 15min

Best
Mike

Hey Mike. Glad to hear you are on the mend.

I think the penny is dropping with these Swing lows and how price reacts to them on the weekly and daily closes. Thanks to Jim.
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  • #105,940
  • Jan 16, 2012 9:37am Jan 16, 2012 9:37am
Quoting jarroo


3. Targets for me are as James16 defines them . .the previous Highs and Lows. Since this is a Daily level we have Daily targets . .if this were a Weekly level we would have Weekly targets . .and so on . . .


Jim
Hi Jim,

Would you mind explaining this part in a little more details? Do we take the immediate previous high/low? Or a use of HCR and LCS?

Thanks!
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