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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

  • #121,321
  • Edited Dec 2, 2012 2:27am Dec 1, 2012 9:41pm | Edited Dec 2, 2012 2:27am
Quoting Amart83
Hi ksganesh100. If you don't mind me asking, how did you reach the conclusion that this would be a swing low? If anyone else wants to answer, please do. Thanks to everyone, love this thread!

Interesting Question

Of course nobody can be sure anywhere is a swing low until price moves away from it.
However we can look at the chart's historical data and find areas where price has previously shown a strong reaction at.
By strong reaction, I mean an area that price has rallied to, then moved strongly in the opposite direction.
An area that has previously shown this reactionary level, acting both as support & resistance is what a PPZ is.
Therefore, once price arrives there, we look for signs of Price Action to show us which direction price is likely to move in, once this area has been reached.

If you look at the Weekly & Daily charts, you can see that price has met both support and resistance at this area historically.
The PB is the tip off.

Hope this helps
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  • #121,322
  • Dec 2, 2012 8:09am Dec 2, 2012 8:09am
please correct me if i am rong!
i am planing to go short in this pair EUR/USD. (after 40% retracement of the pin bar)
1.it had bounced the resistence level.
2.stochastic is in oversold area!
3.can easily tke 1:2 profit or even 1:3 before next support level is reachd!
4.GBP/USD also showing bearish signs indicating doller is geting stronger
USD/CHF is showing bullish pin indicating strong doller!

Kindly comment on my statements and tell me what you guys think about them..
CORRECT MEE..
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  • #121,323
  • Dec 2, 2012 9:04am Dec 2, 2012 9:04am
Quoting surajkincity
please correct me if i am rong!
i am planing to go short in this pair EUR/USD. (after 40% retracement of the pin bar)
1.it had bounced the resistence level.
2.stochastic is in oversold area!
3.can easily tke 1:2 profit or even 1:3 before next support level is reachd!
4.GBP/USD also showing bearish signs indicating doller is geting stronger
USD/CHF is showing bullish pin indicating strong doller!

Kindly comment on my statements and tell me what you guys think about them..
CORRECT MEE..
Hey Suraj

here are a few things that concern me. Firstly this is a VERY VERY tiny pinbar. When we look at our chart does this bar really scream that price wants to go lower. For me it looks like price simply stalling at the BRN of 1.3 but it doesn't have a long nose like we look for. When starting out look for pinbars with nice long noses that protrude away from the previous bar high. In terms of such a small bar if it does begin to break lower we have to watch our FTA because this bar has such a small nose and little confluence. I think jumping ahead that price should move 2-3x is very very difficult to do. I'd like to see you pick out some bigger nose pinbars. As James says as you will see why walk the family poodle when we can walk the family pitbull. Meaning a nice big bar

Best
Mike
  • #121,324
  • Dec 2, 2012 10:34am Dec 2, 2012 10:34am
Quoting mbqb11
Hey Suraj

here are a few things that concern me. Firstly this is a VERY VERY tiny pinbar. When we look at our chart does this bar really scream that price wants to go lower. For me it looks like price simply stalling at the BRN of 1.3 but it doesn't have a long nose like we look for. When starting out look for pinbars with nice long noses that protrude away from the previous bar high. In terms of such a small bar if it does begin to break lower we have to watch our FTA because this bar has such a small nose and little confluence. I think...
thanks for the suggetion..
i wish i will be able to spot some good pin bar as well as outside baars this month.
i starting my micro account from tomorow.
  • #121,325
  • Dec 2, 2012 3:30pm Dec 2, 2012 3:30pm
I have this on my radar - I'd love to see some breakout pattern from this nice consolidation here...Consolidations between BRN are great.
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  • #121,326
  • Dec 2, 2012 4:04pm Dec 2, 2012 4:04pm
Here is also nice situation, downtrend is loosing momentum, we have also BRN (rare on this pair) - when we zoom out weekly we will see, that this is very important lvl
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  • #121,327
  • Dec 2, 2012 4:41pm Dec 2, 2012 4:41pm
Quoting rafstraszek
Here is also nice situation, downtrend is loosing momentum, we have also BRN (rare on this pair) - when we zoom out weekly we will see, that this is very important lvl
yes this is something to watch this level has been protected for awhile. But be careful I have gotten burned once without checking the swap on this pair. It is VERY high

Best
Mike
  • #121,328
  • Dec 2, 2012 4:56pm Dec 2, 2012 4:56pm
keep your eyes on GPBJPY

cash is coming :-)

http://mytradesontheblog.files.wordp...one.gif?w=1176
Account deleted
  • #121,329
  • Dec 2, 2012 5:45pm Dec 2, 2012 5:45pm
Quoting Pinbar
Interesting Question

Of course nobody can be sure anywhere is a swing low until price moves away from it.
However we can look at the chart's historical data and find areas where price has previously shown a strong reaction at.
By strong reaction, I mean an area that price has rallied to, then moved strongly in the opposite direction.
An area that has previously shown this reactionary level, acting both as support & resistance is what a PPZ is.
Therefore, once price arrives there, we look for signs of Price Action to show us which direction price...
Thank you, Pinbar, for the great explanation and for going above and beyond the call of duty, as always. I've saved the pics and bookmarked the post.
  • #121,330
  • Dec 2, 2012 6:18pm Dec 2, 2012 6:18pm
Quoting Amart83
Thank you, Pinbar, for the great explanation and for going above and beyond the call of duty, as always. I've saved the pics and bookmarked the post.
Just a simple example your thought provoking question, raised. Good Job

Keep the questions coming, by doing so you are helping not only yourself but more people than you probably imagine.
  • #121,331
  • Dec 2, 2012 6:31pm Dec 2, 2012 6:31pm
Quoting mbqb11
yes this is something to watch this level has been protected for awhile. But be careful I have gotten burned once without checking the swap on this pair. It is VERY high

Best
Mike
This is nice advice - I've never checked swap before (I was more major pair guy), but for more exotic pairs this is good idea.
  • #121,332
  • Dec 2, 2012 9:52pm Dec 2, 2012 9:52pm
Quoting swissforex
keep your eyes on GPBJPY

cash is coming :-)

http://mytradesontheblog.files.wordp...one.gif?w=1176
hey in GBP/USD there woz a bearish engulfing bar before the start of today!
can you tell me why it wos not good to trade!
thanks!
  • #121,333
  • Dec 2, 2012 10:13pm Dec 2, 2012 10:13pm
Quoting surajkincity
hey in GBP/USD there woz a bearish engulfing bar before the start of today!
can you tell me why it wos not good to trade!
thanks!
Can you tell me where the "BEOB" is, as I do not see it.
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  • #121,334
  • Dec 2, 2012 10:25pm Dec 2, 2012 10:25pm
Quoting Pinbar
Can you tell me where the "BEOB" is, as I do not see it.
not in this one! GBP/USD
  • #121,335
  • Dec 2, 2012 11:59pm Dec 2, 2012 11:59pm
Quoting surajkincity
not in this one! GBP/USD

Oh, ok.

Here you go.

We may add that a PA setup is not valid till price breaks the low of that bar.

Everyone goes through this.
First we can not find PA, then we see it all over the place and then work out that, LOCATION, LOCATION & LOCATION, are just as important as the PA itself. This BEOB is an easy pass.
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  • #121,336
  • Edited 1:54am Dec 3, 2012 12:09am | Edited 1:54am
Quoting surajkincity
not in this one! GBP/USD

Hey, you in Southern India.

I miss the food in India, especially the Aloo Ghobi, Gulab Jamoon, Razmali and Bhang Lassi. Haaaa
The latter actually being a drink. a CoooooooooooooooooL one.
It is a world away from India here today with daily temps of Minus 17 Centigrade, Yeah, -17C.
I just threw a glass of water out of the window on the 10th floor, before the water fell to the 8th floor, it turned into snow.
Yes, snow not even ice. The humidity is so low that the -17C temp instantly evaporates the water and it turns to snow!
  • #121,337
  • Dec 3, 2012 1:31am Dec 3, 2012 1:31am
Quoting Pinbar
Hey, you in Southern India.

I miss the food in India, especially the Aloo Ghobi, Gulab Jamoon, Razmali and Bang Lassi. Haaaa
The latter actually being a drink. a CoooooooooooooooooL one.
It is a world away from India here today with daily temps of Minus 17 Centigrade, Yeah, -17C.
I just threw a glass of water out of the window on the 10th floor, before the water fell to the 8th floor, it turned into snow.
Yes, snow not even ice. The humidity is so low that the -17C temp instantly evaporates the water and it turns to snow!
yehh i m femilier with all that foood very well.. -17degree man dats too much.. i wana cee snowfall despirately..
well while writing this post m siting in a public bus and goin to college.
  • #121,338
  • Dec 3, 2012 1:32am Dec 3, 2012 1:32am
Quoting Pinbar
Oh, ok.

Here you go.

We may add that a PA setup is not valid till price breaks the low of that bar.

Everyone goes through this.
First we can not find PA, then we see it all over the place and then work out that, LOCATION, LOCATION & LOCATION, are just as important as the PA itself. This BEOB is an easy pass.
ok so a pa is valid only if it breaks the pa bar well thn how wwill i enter at retracement?
  • #121,339
  • Dec 3, 2012 1:51am Dec 3, 2012 1:51am
Quoting surajkincity
ok so a pa is valid only if it breaks the pa bar well thn how wwill i enter at retracement?
No, you add a 10-15 pip buffer to the bar on a daily chart and enter at that point but that puts you almost at the FTA.

Just forget that BEOB and find a bigger bar, with a better location.
Forgetting not so good setups is a major part of the puzzle, or rather not even noticing them in the first place is.

Even tried the Bhang lassi ( भांग) did you? LOL

Yeah, -17 C is a bit much in the day but -25 or 30C at night is even worse.
Good job we have 24 hour central heating.
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  • #121,340
  • Dec 3, 2012 1:52am Dec 3, 2012 1:52am
Quoting jarroo
Yeah I hear you . .the main thing is waiting for setup and not try to form or makeup one . .(been there done that).

. .and then once we see a potential setup we have to qualify it . .meaning is it trading into Space, does it have confluences that Support it.

A setup may look great but if it has zero confluences . .. it could be an easy pass.

Jim
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