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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

  • #121,261
  • Nov 30, 2012 2:12am Nov 30, 2012 2:12am
Quoting Pinbar
Ok, it is almost the weekend so, here is a J16 "Where is price going, where did it go" exercise, for anyone to join in.
Just post a chart with the area you think, this BEOB went to before it started having trouble.

This is how you work out your FTA so while it is a game, it is very constructive.

Don't be shy, new people are welcome to have a try.

I shall post the answer in the actual chart with the bars I removed, 24 hours from now.
This is a Daily time frame chart and, remember, we always look for big bars like this one, at a clear...
Hi Pinbar,

Thanks for the exercise, I was about to ask you to propose one!

OK, won't be shy, Here are my thoughts.

Big fat BEOB engulfing the whole previous box.

A minor consolidation box is just below the big one. This minor PPZ should not be a problem: the candle closed just at this level, and is large enough to drive price through this area.

Price is likely to cross the main PPZ and the ascending TL at the same time.
A longer term trade would require these 2 to act as resistance after price broke through...
Is the size of the BEOB big enough to do that?

looking forward to seeing the answers
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Slow & steady
  • #121,262
  • Nov 30, 2012 2:13am Nov 30, 2012 2:13am
Quoting Pinbar
Have fun
.
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  • #121,263
  • Nov 30, 2012 2:27am Nov 30, 2012 2:27am
Quoting Greenhaze
.

That is a Good one GH and shows the limitations of price action alone.
We want to Sell high and Buy Low.
  • #121,264
  • Nov 30, 2012 2:37am Nov 30, 2012 2:37am
Quoting patapouer
Hi Pinbar,

Thanks for the exercise, I was about to ask you to propose one!

OK, won't be shy, Here are my thoughts.

Big fat BEOB engulfing the whole previous box.

A minor consolidation box is just below the big one. This minor PPZ should not be a problem: the candle closed just at this level, and is large enough to drive price through this area.

Price is likely to cross the main PPZ and the ascending TL at the same time.
A longer term trade would require these 2 to act as resistance after price broke through...
Is the size of the BEOB...

Good job!
Perhaps a little optimistic, well it was a big bar eh?
  • #121,265
  • Nov 30, 2012 2:42am Nov 30, 2012 2:42am
Quoting Pinbar
Good job!
Perhaps a little optimistic, well it was a big bar eh?
yep, let's call greed optimism
forgot to take in consideration the touches on the TL as trouble areas...
Slow & steady
  • #121,266
  • Nov 30, 2012 2:53am Nov 30, 2012 2:53am
Quoting patapouer
yep, let's call greed optimism
forgot to take in consideration the touches on the TL as trouble areas...

I would not call it greed, it could just be inexperience.
Which is understandable as that is why people are here in this thread.
  • #121,267
  • Nov 30, 2012 2:57am Nov 30, 2012 2:57am
Well as volume indicators on forex are not actually accurate!
so howmuch can we actually rely on them to tell us about divergence?
also which volume indicator will you suggest the best!
  • #121,268
  • Edited 3:23am Nov 30, 2012 2:59am | Edited 3:23am
Quoting surajkincity
Well as volume indicators on forex are not actually accurate!
so howmuch can we actually rely on them to tell us about divergence?
also which volume indicator will you suggest the best!
That's why most people here use the MACD to judge divergence between price & the indicator.
The MACD is not a volume indicator.
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  • #121,269
  • Nov 30, 2012 3:20am Nov 30, 2012 3:20am
Quoting surajkincity
Well as volume indicators on forex are not actually accurate!
Interesting opinion you have there.

Quoting surajkincity

also which volume indicator will you suggest the best!
Its not about the indicator is about the broker feed, volume will differ from broker to broker, but honestly as long as you have one of the larger and reputable brokers it will work just fine.
  • #121,270
  • Nov 30, 2012 3:23am Nov 30, 2012 3:23am
Quoting Pinbar
I would not call it greed, it could just be inexperience.
Which is understandable as that is why people are here in this thread.
Thanks, that's nice!

by the way, how was the wine?
(don't care bout cheese, not enough anti-oxidant in it )
Slow & steady
  • #121,271
  • Nov 30, 2012 3:24am Nov 30, 2012 3:24am
Quoting SimpleDev
Interesting opinion you have there.
As Mike says, there is no centralized body to actually calculate the amount of orders.
This is another topic people argue until they are blue in the face about.
  • #121,272
  • Nov 30, 2012 3:30am Nov 30, 2012 3:30am
Quoting patapouer
Thanks, that's nice!

by the way, how was the wine?
(don't care bout cheese, not enough anti-oxidant in it )
There are very little pleasures in life that compare to nice, bottle of Bordeaux that has been let to breathe.
Actually the amount of Tanin in that wine was rather excellent or perhaps it was the combination of the cheese, acting on the palate.
Not too bitter but sort of mildly sharp with roundness to it. I am sure you know what I mean.

All I have to do now is learn how to make French bread properly.
I think the flour here does not rise well enough on the second rising.
Well, it is -20 C here now.
  • #121,273
  • Nov 30, 2012 3:39am Nov 30, 2012 3:39am
Quoting Pinbar
As Mike says, there is no centralized body to actually calculate the amount of orders.
This is another topic people argue until they are blue in the face about.
I understand and I know you do not want to start a debate. All I ask is that you think about this and keep an open mind and I will agree to end this discussion here in this posting.

http://en.wikipedia.org/wiki/Dark_liquidity

If Dark Liquidity, which omits volume from the public, and in England it is common practice and legal for larger financial institutions (referring to stock markets) to delay up to 90 minutes on reporting the amount of shares (volume) that they have bought/sold to the public. Ask yourself how reliable is centralized volume?

How ever if tick volume (forex) is based on price activity (price moving up and down), which dark pools or delayed reporting have no impact on, which is more accurate?

Volume is nothing more than activity.
  • #121,274
  • Nov 30, 2012 3:47am Nov 30, 2012 3:47am
Quoting SimpleDev
I understand and I know you do not want to start a debate. All I ask is that you think about this and keep an open mind and I will agree to end this discussion here in this posting.

http://en.wikipedia.org/wiki/Dark_liquidity

If Dark Liquidity, which omits volume from the public, and in England it is common practice and legal for larger financial institutions (referring to stock markets) to delay up to 90 minutes on reporting the amount of shares (volume) that they have bought/sold to the public. Ask yourself how reliable is centralized...
Well, I just took this M15 PB, the volume does not say much and, if there is a delay, it is not going to show in this PB anyway.

We can see the volume decreasing right now.
And for new people, this M15 PB is taken based on the Monthly levels.


EDIT: I know some people swear by volume, just not me and the person asked a question about Divergence so, I was making the point that the MACD or RSI is a better tool to use. That's all.

TP and virtual BE.
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  • #121,275
  • Nov 30, 2012 5:48am Nov 30, 2012 5:48am
J16's This is Crucial.

It is & this is why.
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  • #121,276
  • Nov 30, 2012 7:22am Nov 30, 2012 7:22am
Quoting Pinbar
Ok, it is almost the weekend so, here is a J16 "Where is price going, where did it go" exercise, for anyone to join in.
Just post a chart with the area you think, this BEOB went to before it started having trouble.

This is how you work out your FTA so while it is a game, it is very constructive.

Don't be shy, new people are welcome to have a try.

I shall post the answer in the actual chart with the bars I removed, 24 hours from now.
This is a Daily time frame chart and, remember, we always look for big bars like this one, at a clear swing high...
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I don't need easy. I just need possible.
  • #121,277
  • Nov 30, 2012 7:55am Nov 30, 2012 7:55am
Quoting Sujith
Hello friends,

I would really appreciate if Mike or someone else can throw some light on FTAs. I understand that we are looking at bar highs and lows that can act as potential S/R. When I go through some of the posted charts it seems easy but when faced with a real time situation it can be tricky in that I find potential trouble areas every few pips. From what I understand we are looking for 2 or 3 bar highs/lows to line up in the same area. A few chart examples could be helpful.
Hey Sujith

Why not post a chart you want to check out and we can examine the trouble areas. That way it's in real time for you

Best
Mike
  • #121,278
  • Nov 30, 2012 8:01am Nov 30, 2012 8:01am
Quoting Sujith
I don't expect price to stop there, just a brief halt maybe. That bar seems to have the potential to trigger a major reversal. How far, don't know.
yep that is your FTA so you are understanding.

Mike
  • #121,279
  • Nov 30, 2012 8:04am Nov 30, 2012 8:04am
Quoting SimpleDev
I understand and I know you do not want to start a debate. All I ask is that you think about this and keep an open mind and I will agree to end this discussion here in this posting.

http://en.wikipedia.org/wiki/Dark_liquidity

If Dark Liquidity, which omits volume from the public, and in England it is common practice and legal for larger financial institutions (referring to stock markets) to delay up to 90 minutes on reporting the amount of shares (volume) that they have bought/sold to the public. Ask yourself how reliable is centralized...
I have volume data when I trade equities and people ask me all the time if I use it. I still don't. Well very rarely and much different then for every single trade. But again I know many that do. I also know many who like tick volume in FX, and some who like to use Futures volume.

Many ways to skin a cat. I prefer just the bars they tell me enough personally. It's all about doing what's comfortable for sure and there is no one right way

Mike
  • #121,280
  • Nov 30, 2012 9:14am Nov 30, 2012 9:14am
Why not post a chart you want to check out and we can examine the trouble areas. That way it's in real time for you

Best
Mike[/quote]

Thanks Mike for the reply. I have attached a few charts and have marked FTAs based on my understanding. Please let me know your opinion.
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