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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

  • #123,561
  • Mar 4, 2013 11:51am Mar 4, 2013 11:51am
aud/usd
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meine augen sind die sterne
  • #123,562
  • Mar 4, 2013 12:21pm Mar 4, 2013 12:21pm
Quoting aserbfx
aud/usd
Yeah... thats the way... aha aha... I liked lol
all is eternal - this is good news for people who loves bad news
  • #123,563
  • Mar 4, 2013 12:31pm Mar 4, 2013 12:31pm
Hi Mike

I have a question if you see this message. Is there a way to filter price action triggers? For example to define what a "proper" Pin, engulfing bar "should" look like for better overall results. Can you suggest something or just give me your input. I appreciate it. Thank you
  • #123,564
  • Mar 4, 2013 1:33pm Mar 4, 2013 1:33pm
Quoting ashag28
Hi Mike

I have a question if you see this message. Is there a way to filter price action triggers? For example to define what a "proper" Pin, engulfing bar "should" look like for better overall results. Can you suggest something or just give me your input. I appreciate it. Thank you
Hey Ashag

A good starting place i found when getting used to things and trying to improve my pickiness was to look for a few things

1. Size
2. Strength of close


These two factors alone can help you filter out a lot of tricky situations. Just a big bar alone with a strong close and a little confluence is a good starting place while you work on your locations and other confluence factors.

Of course there is no one set thing but those 2 things are a good starting place and I still am big on them today

Best
Mike
  • #123,565
  • Mar 4, 2013 1:35pm Mar 4, 2013 1:35pm
Yeah awesome level on the AUD/USD. I would like to see a break below that level. On the upside - even if we close as a PB - there is a lot of traffic and trouble areas.

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Price is what you pay. Value is what you get.
  • #123,566
  • Mar 4, 2013 1:45pm Mar 4, 2013 1:45pm
Quoting Helius
Yeah awesome level on the AUD/USD. I would like to see a break below that level. On the upside - even if we close as a PB - there is a lot of traffic and trouble areas.

Attachment
It will be closing in 20mins on my feed, so looks pretty certain to close as an impressive pin bar. It's off a good support level, but yeah, the FTA is close.

These are the kind of set ups that drive me crazy. You don't see great bars like this too often, but it does look troublesome ahead. I'll probably play the break with a SL just under the support around 1.015 with the idea of getting to BE if we get to FTA.
  • #123,567
  • Mar 4, 2013 4:59pm Mar 4, 2013 4:59pm
Thanks Mike.

lets assume everything is worked out and the only thing thats left is to add one more level of assurance by defining "proper" trigger signals. Just looking at triggers what would disqualify a pin bar and engulfing bar? I am trying to take out the guessing game out of my trading as much as I can. Size and Strength of close are good but is there a way to put concrete rules on bars themselves?

Thank you.
Quoting mbqb11
Hey Ashag

A good starting place i found when getting used to things and trying to improve my pickiness was to look for a few things

1. Size
2. Strength of close


These two factors alone can help you filter out a lot of tricky situations. Just a big bar alone with a strong close and a little confluence is a good starting place while you work on your locations and other confluence factors.

Of course there is no one set thing but those 2 things are a good starting place and I still am big on them today

Best
Mike
  • #123,568
  • Mar 4, 2013 5:40pm Mar 4, 2013 5:40pm
Quoting ashag28
Thanks Mike.

lets assume everything is worked out and the only thing thats left is to add one more level of assurance by defining "proper" trigger signals. Just looking at triggers what would disqualify a pin bar and engulfing bar? I am trying to take out the guessing game out of my trading as much as I can. Size and Strength of close are good but is there a way to put concrete rules on bars themselves?

Thank you.
Hey Ash

I don't like to put concrete rules on bars, because that is just one piece of the puzzle and often a small piece. I prefer to look at each situation as a whole and work from there. I think often most people look to take the guess game out, but the guess game gets taken out with time , practice and experience. Rather then a hard set of rules. That's my opinion. You will slowly notice things that work and don't work for you at thats where your method begins to be built. Size, close are some of the things I look at. But you can have the biggest bar and still it not be a good trade and that's where the situation plays a bigger role(or story as you hear me call it)

Best
Mike
  • #123,569
  • Mar 4, 2013 6:01pm Mar 4, 2013 6:01pm
Thanks for your reply Mike

I completely understand your point of view and the reason for my question is because I am not able myself to put concrete rules on each trigger because of the uniqueness of each individual trade. But I still wanted to hear your opinion. Thanks a lot again.
Quoting mbqb11
Hey Ash

I don't like to put concrete rules on bars, because that is just one piece of the puzzle and often a small piece. I prefer to look at each situation as a whole and work from there. I think often most people look to take the guess game out, but the guess game gets taken out with time , practice and experience. Rather then a hard set of rules. That's my opinion. You will slowly notice things that work and don't work for you at thats where your method begins to be built. Size, close are some of the things I look at. But you can have...
  • #123,570
  • Mar 4, 2013 6:38pm Mar 4, 2013 6:38pm
Quoting Pinbar
Yes, it does.

Just support turning to resistance a visa vie.

Upside down and backwards, LOL.

Which way does the gravitational pull work though.


Yeah . .lets watch these Yen pairs and see if they start the beginnings of a down trend like it did on the EurSek . .only in reverse. .
Indicators show the past. Price Action "Indicates" the future.
  • #123,571
  • Mar 4, 2013 6:39pm Mar 4, 2013 6:39pm
Quoting Helius
Yeah awesome level on the AUD/USD. I would like to see a break below that level. On the upside - even if we close as a PB - there is a lot of traffic and trouble areas.

Attachment
Hi,

Sorry i was wondering how come there is difference with candle stick from yours. Please kindly see attached.

Because from my chart, it would be PBT&CB (or did i understand it wrongly, sorry)
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  • #123,572
  • Mar 4, 2013 7:08pm Mar 4, 2013 7:08pm
Quoting mbqb11
Hey Kenny

I trade all bars mostly on a break of the bar actually. That is a break of the low in the case of a BEOB. Another way to trade all bars is on a pullback or retracement. In the case of the aud/jpy I preferred the retracement since the confluence at the level was so great and I felt offered me more flexibility of my order

Every type of entry(on a break, retracement, close of bar etc) have advantages and disadvantages

Let me know if that makes sense
Mike
Thank you Mike,

That make sense. If there is no PA, which bar do you use to put your sell/buy entry?

Kenny
  • #123,573
  • Mar 4, 2013 11:58pm Mar 4, 2013 11:58pm
Quoting LittleTrade
Hi,

Sorry i was wondering how come there is difference with candle stick from yours. Please kindly see attached.

Because from my chart, it would be PBT&CB (or did i understand it wrongly, sorry)
Hi LT,

different brokers with feeds from different time zones will represent price in different manners.
Bars are a "frozen" representation of price movement. Depending on when you freeze price (different time zones) you will get different bar formations.

On your chart, you can "pool" the last two bars, it will show you a 2-bars pinbar (remove the close of the 1st bar and the open of the 2nd).

Don't know if I wrote it clearly lol, easier thought than worded ...

anyway, old timers will tell you Play it as you see it, it all comes down to the same results in the long term.
Or, monitor many feeds (GMT, GMT+2, GMT-5, ...)
Or, as many here do (including Mike, and AserbFX and Helius, as it appears) you can use FxPro for charting, and another broker for putting your orders.

Hope I made things clearer...

Take care
Slow & steady
  • #123,574
  • Mar 5, 2013 12:50am Mar 5, 2013 12:50am
i see pin bar on gbp/usd monthly chart. Pls advice....
  • #123,575
  • Mar 5, 2013 1:29am Mar 5, 2013 1:29am
Quoting patapouer
Hi LT,

different brokers with feeds from different time zones will represent price in different manners.
Bars are a "frozen" representation of price movement. Depending on when you freeze price (different time zones) you will get different bar formations.

On your chart, you can "pool" the last two bars, it will show you a 2-bars pinbar (remove the close of the 1st bar and the open of the 2nd).

Don't know if I wrote it clearly lol, easier thought than worded ...

anyway, old timers will tell you Play it as you see it, it all comes...
Hi Patapouer,

I get what you mean. Thank you for clearing my doubt!
  • #123,576
  • Mar 5, 2013 2:06am Mar 5, 2013 2:06am
Quoting 3013
i see pin bar on gbp/usd monthly chart. Pls advice....
Please, if you mean this one, do nothing. Because it means absolutly nothing. It will develop the whole March, and can be any bar in the end. Also, even if it finished like that, it also means nothing. Look how small it would be comparetevely with other candles.
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If not up, then down, otherwise sideways :-)
  • #123,577
  • Mar 5, 2013 2:46am Mar 5, 2013 2:46am
Quoting jarroo
Yeah . .lets watch these Yen pairs and see if they start the beginnings of a down trend like it did on the EurSek . .only in reverse. .

I hear you Jim.

What is there to hold this up if, the 75 breaks?
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  • #123,578
  • Mar 5, 2013 5:36am Mar 5, 2013 5:36am
I wonder how many ppl are in thet AU long after the PB...not an A+++ in my opinion so no need to risk money on it.
  • #123,579
  • Mar 5, 2013 6:23am Mar 5, 2013 6:23am
Quoting ken.b
Thank you Mike,

That make sense. If there is no PA, which bar do you use to put your sell/buy entry?

Kenny
Hey Kenny

If there is no PA, then for me most of the time there is no trade. I am looking to use PA for my entries and trigger. Sometimes I will touch trade(once and awhile) without PA. Then we don't use PA but rather we look to a confluenced area to buy/sell at on a "touch"

Best
Mike
  • #123,580
  • Mar 5, 2013 9:39am Mar 5, 2013 9:39am
Quoting 3013
i see pin bar on gbp/usd monthly chart. Pls advice....
Hi 3013!

I can only +1 what Magestic said.
In my short trading carrier i noticed something: Never trade a bar that is not finished yet. Maybe you see a nice pin on daily in the middle of the day and at the end it turns out as a BEOB and you go down down down. Now I usually wait until my broker closes and then I analyse

Cheers,
Stephen
It's all psychology...
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