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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

  • #106,341
  • Jan 25, 2012 7:21pm Jan 25, 2012 7:21pm
Quoting Pinbar
I take it that is, 0.82064 on hte FXPRO feed.

I am watching it.

Yes, it is easy to get distracted between the Monthly & weekly TFs and the smaller swing points. I am working on it.

Got to run, back later
Yes, the 82.00ish level.
Indicators show the past. Price Action "Indicates" the future.
  • #106,342
  • Edited 8:36pm Jan 25, 2012 7:54pm | Edited 8:36pm
Hello every1

This is something i have been testing, studying, watching, on and on and on, to see if it can really help people. At least, i think it has helped me measuring PA size. I think this is the hardest part on the learning process for new people, and the not that new ones too, lol.

What i found helpfull, is a volume indicator. Please wait until i finish, before people jump to tell me that nobody can measure forex volume, i know it.

I think about it this way. In statistical studies, you only take samples of the population, evaluate those samples, and extrapolate results to the population.

When you make a poll, you dont have to make questions to everyone, same way you take samples and studying the results, you can have an idea about what population thinks.

If you use a big broker indicator volume, those brokers has 3, 4, 5 big banks giving them their feeds, the more i test it, the more i think this is a good sample of real forex volume.

We look for big PA bars, because it means a lot of people are getting in the market. This way bearish pa means tons of bearish positions, and bulish pa means tons of bullish positions. If tons of people think the same way as you do according to where is price going (up or down), then the higher chances you have for good results, or a high probability trade we have read a lot in this thread.

What i have found usefull, is that PA with a good "size"", are the ones with a volume above the orange level (average of previous x bars volume).

I think to be successfull in this bussiness you have to learn 3 things

- PA (bars)
- Location (PPZ's, BRN's, pattern's)
- Size, or volume.

Attached is a sample of 2 bars, even 1 is bigger in pip size than the other, and the smaller in pips with higher volume worked, and the bigger pip size with low volume, didnt worked out.

Also attached the indicator, if anyone is interested, but you can google it too.

After anyone asks, i dont know what changes in color means, i dont even care, i only care about the value, and the average (or orange level).

Hope someone find this helpful to measure size like i am doing right now.

Any comments are welcomed

Hope i can make my self clear, if not, sorry for my english, lol.

Best wishes

Hector
Attached Image (click to enlarge)
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  • #106,343
  • Jan 25, 2012 8:04pm Jan 25, 2012 8:04pm
Quoting jarroo
Throw in some confluences at these levels and they become easier to take. . . . meaning . . James16: "We need many reasons to enter a trade . . "

Confluences like . . .Fibs, trendlines, EMAs, BRNs , RNs, Space, etc . .and/or PA at these levels ( even on a lower TF) gives confirmation of that level.

The stronger the PA the better. . .you know, the kind of PA that Mike would be proud of . .
Lol, absolutly right!!!, i am pretty sure anyone reading this thread, everytime a PinBar, or a BEOB appears, the first thing that comes to his mind is something like: "what could say Mike about this bar, setup, story???"

But you wrote it better, "is this the kind of PA that Mike would be proud of???, lol, has come to my mind many times, lol

Best wishes

Hector
  • #106,344
  • Jan 25, 2012 8:07pm Jan 25, 2012 8:07pm
Quoting PinWing
Also attached the indicator, if anyone is interested, but you can google it too.

Hector
Sorry, forgot the indi
Attached File(s)
File Type: mq4 BetterVolumej1.4.mq4   1 KB | 307 downloads
File Type: mq4 BetterVolume 1.5.mq4   12 KB | 317 downloads
  • #106,345
  • Jan 25, 2012 8:09pm Jan 25, 2012 8:09pm
Quoting PinWing
Lol, absolutly right!!!, i am pretty sure anyone reading this thread, everytime a PinBar, or a BEOB appears, the first thing that comes to his mind is something like: "what would Mike say about this bar, setup, story???"

But you wrote it better, "is this the kind of PA that Mike would be proud of???, lol, has come to my mind many times, lol

Best wishes

Hector
. . . Yeah, I still hear Mike's voice talking into my ear . .lol . ."poodle PB" . .lol . .wait, that may be James16's voice . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #106,346
  • Jan 25, 2012 8:15pm Jan 25, 2012 8:15pm
Pitbull PA on the Monthly ChfJpy . .pinbar looking BEOB . .
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpymm.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #106,347
  • Jan 25, 2012 8:53pm Jan 25, 2012 8:53pm
Mike, Jaroo, Pinbar,

Could you guys give me a quick critique on the USDCAD daily (as attahed?)

Many thanks in advance!

Variance
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  • #106,348
  • Jan 26, 2012 12:12am Jan 26, 2012 12:12am
Quoting PinWing
Hello every1

This is something i have been testing, studying, watching, on and on and on, to see if it can really help people. At least, i think it has helped me measuring PA size. I think this is the hardest part on the learning process for new people, and the not that new ones too, lol.

What i found helpfull, is a volume indicator. Please wait until i finish, before people jump to tell me that nobody can measure forex volume, i know it.

I think about it this way. In statistical studies, you only take samples of the population, evaluate...
I believe MT4 doesn't get any real volume from broker. The thing you are looking at is probably just tick volume which doesn't tell much about real volume. Anyway your broker probably would not show its tier 2 volume.
  • #106,349
  • Jan 26, 2012 12:33am Jan 26, 2012 12:33am
Quoting Variance
Mike, Jaroo, Pinbar,

Could you guys give me a quick critique on the USDCAD daily (as attahed?)

Many thanks in advance!

Variance

I would be Very careful taking a short trade into this area for the reasons on the chart.

I am sure Jarroo will mention a similar scenario.

If price breaks through it and pulls back showing some bearish PA at parity, sure but, we do not want to trade into it.
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  • #106,350
  • Jan 26, 2012 12:55am Jan 26, 2012 12:55am
NZD/USD H1 close above but we may see this next bar turn into a BEOB.
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  • #106,351
  • Jan 26, 2012 1:01am Jan 26, 2012 1:01am
Nope, no H1 bar.

So we wait for the H4 bar to close.
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  • #106,352
  • Jan 26, 2012 1:26am Jan 26, 2012 1:26am
Mike...

This has broken.... as you mentioned it might. Now i know what i 'could' do but i'd be intetrested to know how you would play (have played) the entry of this.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdchf h4 260112.gif Size: 25 KB


Or am i jumping the gun?
  • #106,353
  • Jan 26, 2012 1:34am Jan 26, 2012 1:34am
Quoting beebolbod
Mike...

This has broken.... as you mentioned it might. Now i know what i 'could' do but i'd be intetrested to know how you would play (have played) the entry of this.

Attachment

Can't imagine Mike would trade into this area, unless it broke above the PPZ, pulled back and showed bullish Pa. Going to be interesting to hear what he says.
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  • #106,354
  • Jan 26, 2012 1:55am Jan 26, 2012 1:55am
Quoting PinWing
with low volume
There is no volume on forex. If you want to analyze volume, you should see futures volume.
I attached indicator that can show you futures volume for some pairs. It's not working on linux.
Also you can see it at NinjaTrader.

Attached File(s)
File Type: ex4 ClusterDelta_Volume.ex4   11 KB | 381 downloads



USD/CAD - 0.99991
  • #106,355
  • Jan 26, 2012 2:08am Jan 26, 2012 2:08am
Quoting Pinbar
Can't imagine Mike would trade into this area, unless it broke above the PPZ, pulled back and showed bullish Pa. Going to be interesting to hear what he says.
no i didn't mean he'd trade into it.... he posted the chart a short while ago with a view to maybe trading it... i'd say long and probably on breakout and pullback but now that's happened i wanted to see how and if he's playing it.
Soz if i was misleading there....
  • #106,356
  • Jan 26, 2012 2:12am Jan 26, 2012 2:12am
So this is highest price has been since 1997.... really interesting area to watch (in my opinion). These highs have produced some huge moves in the past.

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  • #106,357
  • Jan 26, 2012 2:39am Jan 26, 2012 2:39am
Just sitting on my hands waiting patiently to see what happens here.
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  • #106,358
  • Edited 2:58am Jan 26, 2012 2:45am | Edited 2:58am
Looks like we now have an H1 DBLHC & an H4 close above, which suggests this is going to take off long.

EDIT: I have the feeling these two bar highs are going to act as a springboard, when price comes back.
Attached Image (click to enlarge)
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  • #106,359
  • Jan 26, 2012 2:50am Jan 26, 2012 2:50am
sound like it will creat a hikkake pattern on the 4 h
  • #106,360
  • Jan 26, 2012 2:54am Jan 26, 2012 2:54am
Quoting Pinbar
Looks like we now have an H1 DBLHC & an H4 close above, which suggests this is going to take off long.
Pinbar, do you trade for a living?
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