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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

  • #116,861
  • Aug 30, 2012 8:56am Aug 30, 2012 8:56am
Quoting lehmann
GBPCHF Daily chart:

Price formed a 2 day bullish pinbar @ trendline and @ support and @ RN.
We have a (small) divergence.

Im long with a stop below the 2 daily bars from wednesday and tuesday.

Mike what do u reckon? (or anyone else)

Lehmann
Hey Leh

It could be price is just in a tight area now so it makes it a bit trickier. I would like to have see a bigger bar to want to trade back into the traffic area. The last time we were here an inside bar carried us higher. Price stopped right on the LCS as Jarroo shows as well. So it's support area and a clean PPZ flip.

For me I would prefer to see a situation like this play out though

Mike
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  • #116,862
  • Aug 30, 2012 9:00am Aug 30, 2012 9:00am
Quoting Maverick731
Mike,

I can't post a chart right now but look at the daily of gbp/usd. 08/28/12 has the body of the candle having a cloe higher than the pervious open. It also has a higher high than the previous candle. However it does not have lower low than the previous candle. I'm wondering if we can just use the Body of the candles to help determine an outside bar.

Thanks
Hey Mav

It does have a lower low then the previous bar. Do you mean the Open should be lower then the previous low? Cause that can't happen in a continuous market as price would have to gap and forex is 24/7 for the most part(except the weekends).

Best
Mike
  • #116,863
  • Aug 30, 2012 9:07am Aug 30, 2012 9:07am
No I don't mean that, and I know that can't happen unless its a gap bar from thw weekend or holiday.

I mean just the BODY of the candlestick.

Check out 8/27-8/28 on GBP/USD - daily

The bar on 8/28 is larger (has a higher close than the previous bars open), but its lower wick isnt lower than the candle of 8/27
  • #116,864
  • Aug 30, 2012 9:10am Aug 30, 2012 9:10am
Quoting Maverick731
No I don't mean that, and I know that can't happen unless its a gap bar from thw weekend or holiday.

I mean just the BODY of the candlestick.

Check out 8/27-8/28 on GBP/USD - daily

The bar on 8/28 is larger (has a higher close than the previous bars open), but its lower wick isnt lower than the candle of 8/27
Hey Mav

You might have some bad data. Price has a lower low on my chart, it's formed a BUOB

We want it to have a lower low then the previous bars low.

Here is my chart

Best
Mike
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  • #116,865
  • Aug 30, 2012 9:15am Aug 30, 2012 9:15am
I can't really see it on your chart as its not zoomed int enough

I'm using Oanda MT4 demo feed right now. But I took the trade and im approx 35pips in profit
  • #116,866
  • Aug 30, 2012 9:18am Aug 30, 2012 9:18am
Quoting Maverick731
I can't really see it on your chart as its not zoomed int enough

I'm using Oanda MT4 demo feed right now. But I took the trade and im approx 35pips in profit
Hey Mav

On the oanda feed(which closes at midnight as opposed to my above feed which is 5pm et) it is NOT a buob. We do need price to have a lower low like it does on my feed

Best
Mike
  • #116,867
  • Aug 30, 2012 9:19am Aug 30, 2012 9:19am
Right, so Oanda feed is garbage is what you are telling me. Because I knew via instinct and training that I needed to take that trade as a continuation signal of the long trend
  • #116,868
  • Aug 30, 2012 9:25am Aug 30, 2012 9:25am
Mike is the fact that a three bar low forms a sign of a reversal, or just if they break? I noticed that this pair seems to give a lot of three bar highs or lows.
When they broke, price really took off in the opposite direction.
What I mean is, are they magnetic & attracting price. If you see what I mean. LOL.
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  • #116,869
  • Aug 30, 2012 9:52am Aug 30, 2012 9:52am
Looks like AUD/CHF & NZD/CHF are showing signs of slowing at the weekly levels.
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  • #116,870
  • Aug 30, 2012 10:40am Aug 30, 2012 10:40am
and now my GBPUSD trade is in the negative after being so much +. Great. I'll never get the hang of trading
  • #116,871
  • Aug 30, 2012 10:45am Aug 30, 2012 10:45am
Quoting Maverick731
and now my GBPUSD trade is in the negative after being so much +. Great. I'll never get the hang of trading
So, you should be using partial profits & SL to BE.... and never ever give up.
  • #116,872
  • Aug 30, 2012 10:46am Aug 30, 2012 10:46am
Well also apparently oanda mt4 demo data likes to have midnight bars instead of 5am which hides some wicks. Can anyone reccomend a good broker with mico/mini account with a demo platform and that has daily bars closed @ 5pm like they should
  • #116,873
  • Aug 30, 2012 10:49am Aug 30, 2012 10:49am
Quoting Maverick731
Well also apparently oanda mt4 demo data likes to have midnight bars instead of 5am which hides some wicks. Can anyone reccomend a good broker with mico/mini account with a demo platform and that has daily bars closed @ 5pm like they should
For demo you could use Fxpro or Ironfx or Fxopen. They all have quite a few pairs with the 5 PM NY daily close. Free unlimited demo accounts.

g.
I believe . . .
  • #116,874
  • Aug 30, 2012 10:50am Aug 30, 2012 10:50am
Quoting Maverick731
Well also apparently oanda mt4 demo .....
I lot of people here using FxPro for drawing
  • #116,875
  • Aug 30, 2012 10:50am Aug 30, 2012 10:50am
Quoting Pinbar
Mike is the fact that a three bar low forms a sign of a reversal, or just if they break? I noticed that this pair seems to give a lot of three bar highs or lows.
When they broke, price really took off in the opposite direction.
What I mean is, are they magnetic & attracting price. If you see what I mean. LOL.
Hey Steve

Multi high/lows are great sings of continuation when broken. I trade them by themselves or even better with confluence. For example the usd/cad and usd/sek charts I recently posted. We had both PA confirmation + multi bar highs! That is a deadly combo there.

They can also be useful in trade mgmt. For example if those lows break that strong trend could be giving. When I play them by themselves I like them at nice swing points in space as well

Hope that helps
Mike
  • #116,876
  • Aug 30, 2012 10:51am Aug 30, 2012 10:51am
Quoting Maverick731
Right, so Oanda feed is garbage is what you are telling me. Because I knew via instinct and training that I needed to take that trade as a continuation signal of the long trend
Well it depends. Some people use Oanda feed others 5 pm, 7pm 8pm etc. I prefer a 5pm et close for my daily charts as I feel this is the unofficial official close of NY and thus the time after that is the new session and slower sessions. But we like to say play it as you see it

FXpro is a good demo feed for 5pm et close. You can still trade with Oanda, just use your charting for FXpro

Best
Mike
  • #116,877
  • Aug 30, 2012 10:52am Aug 30, 2012 10:52am
Quoting Maverick731
Well also apparently oanda mt4 demo data likes to have midnight bars instead of 5am which hides some wicks. Can anyone reccomend a good broker with mico/mini account with a demo platform and that has daily bars closed @ 5pm like they should
I've been using Alpari US. OANDA can have some nasty slippage with it's MT4 platform. Alpari so far has been rock solid. Spreads are higher though, but I've thought the reliability has been worth it.
  • #116,878
  • Aug 30, 2012 1:45pm Aug 30, 2012 1:45pm
USD/CAD

i took a risky trade against the overall trend. But a nice double bottom, bullish IB and PPZ. Will add another one higher after the neckline is broken. Target is parity...

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  • #116,879
  • Aug 30, 2012 1:48pm Aug 30, 2012 1:48pm
Quoting bullzeye
AUD/JPY

on daily we have an decreasing momentum and break of the TL, on weekly is building a nice BEOB...mike would love this one (or punish me for a silly trade )

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AUD/JPY

i like the monthly chart. Could be a huge runner...

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  • #116,880
  • Aug 30, 2012 1:59pm Aug 30, 2012 1:59pm
If we get nice closure - it can be nice pbt setup
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