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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

  • #123,961
  • Mar 20, 2013 9:25am Mar 20, 2013 9:25am
Quoting bliss
I was going through the PA Short Summary (attached) over & over, with intent to engrave the setups in my mind so that I'm able to immediately identify them as soon one appears. Have a few points to clarify:
[list=1][*] 2 or more consecutive Matching Lows / Highs: it says this is trend continuation breakout setup. What if it appears at swing high or swing low? Can it be taken to validate reversal? Or shd we be extra cautious of the reversal that occurs with this setup?[*]BOVB (BEOVB & BUOVB): this is also intended...
Hey Bliss

Here is a good summary of most of the bars we use in this thread. Some if it is not complete but it will get you moving in the right direction
http://www.forexfactory.com/showthre...641#post634864 1

For matching highs/lows they are a sign of support/resistance until they are broken. Generally speaking though we play them as continuations when they break for the most part

Outside bars (like all bars can be played in all locations). When starting out though you want to learn them at the proper swing points. That is BUOBs at swing lows, and BEOBs at swing high points.

Once you get good you can play bars at all locations and then it always comes down to the story. The bars themselves are a small portion of what we do here. Get good at recognizing them like the back of your hand. Get good at recognizing the locations, then begin to learn to formulate your stories with more in-depth knowledge of S/R, PA, confluence etc

Best
Mike
  • #123,962
  • Mar 20, 2013 9:55am Mar 20, 2013 9:55am
Quoting makwana
Hi Walt,

Thanks for that, I think you are spot on, the small candlestick was a sunday bar which should never have counted. I've got a few charting packages which disregard the Sunday bar which I think would be more appropriate.

I can also see what you mean about the trade actually maybe having a HCR. If you don't mind be asking what does BRN mean? With the same chart that you posted we are currently for a long position, looking for todays bar to break HCR and then set an order for that line. Also Walt, with this method do we normally follow...

Don't mind you asking at all, BRN - big round number "1.3000". As far as your other questions I've been wrong so many times I may not be the one to ask but I would respond this way. PBT&CB the LCS so I think that will be resistance now and we will look for PA to enter short. Now if price closes above that resistance we may look for PA to go long but with the BRN above we would have to be careful. I've been wrong too many times to go long on just a break of the resistance. I think Mike, Jim and others would both suggest that for newbs like us we would wait for PA to enter a trade and not just break S/R. I don't have enough experience to know that I've selected the right S/R to enter on a break. Plus look at the drawdown you would have taken if you entered on a breakout entry. Would appreciate others input.

Thanks,

Brandon

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  • #123,963
  • Mar 20, 2013 10:38am Mar 20, 2013 10:38am
watching the euro as it gets to the BRN and gap close

Gaps often act as S/R and this happens to line up with 1.3. Preferred is a breakout long and the 1.3 PPZ and gap and pattern holding

Confluence.
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  • #123,964
  • Mar 20, 2013 11:17am Mar 20, 2013 11:17am
Price is always king in the market. Every one has to respect it.



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Regards Inditrader
  • #123,965
  • Mar 20, 2013 11:21am Mar 20, 2013 11:21am
And one more.

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Regards Inditrader
  • #123,966
  • Mar 20, 2013 11:34am Mar 20, 2013 11:34am
Hope you all won't mind my weird sense of humour! - LOL

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Regards Inditrader
  • #123,967
  • Mar 20, 2013 2:02pm Mar 20, 2013 2:02pm
Quoting inditrader
Price is always king in the market. Every one has to respect it.



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Yo indietrader!

Im a newb so may I ask on what did you base your trades? Like what were you looking for, what triggered it etc. what were your support / resistance levels etc.

Thanks mate!
Stephen
It's all psychology...
  • #123,968
  • Mar 20, 2013 2:09pm Mar 20, 2013 2:09pm
Any one has indicator which will give alert or can close all trade if 1 hour candle closes above/below a certain price?

Thanks.
  • #123,969
  • Mar 20, 2013 2:20pm Mar 20, 2013 2:20pm
Quoting LamerTrader
Yo indietrader!

Im a newb so may I ask on what did you base your trades? Like what were you looking for, what triggered it etc. what were your support / resistance levels etc.

Thanks mate!
Stephen
I wouldn't take too much notice of "Inditrader" he/she is typical of demo traders posting trades after they have happened.Have you noticed how these traders all seem to pick tops and bottoms with amazing accuracy,anyone can do this to the left of the chart....but the right hand side is what it's all about.You will see these posters appear with regular monotony but they fade away quickly.
  • #123,970
  • Mar 20, 2013 9:27pm Mar 20, 2013 9:27pm
Mike
could ask you for your constructive criticism sir
on the chart it looks like a retrace back to the 50% fib which is also the rn 1.2400 it is 2 pips shy of being a dblhc is this not valid because of the 2 pip difference or size of these bars? is there something I have missed?
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  • #123,971
  • Mar 20, 2013 9:34pm Mar 20, 2013 9:34pm
Quoting 4xjoema
Mike
could ask you for your constructive criticism sir
on the chart it looks like a retrace back to the 50% fib which is also the rn 1.2400 it is 2 pips shy of being a dblhc is this not valid because of the 2 pip difference or size of these bars? is there something I have missed?Attachment
Hey Joe

Of course bud ask away

Actually for it to be a DBLHC the close needs to close ABOVE the previous bars high. So in this case this is actually a buob. Small one but a buob. We have the 1.25 BRN just above us, so for me that's tricky as well as a major TL in the way. BUT the good thing with this is a gap that is looking to get closed. Ideally I think in this case that a buy above 1.25 and making sure price doesn't get back below 1.2450 makes sense(notice the low from 3-14-13) . Not quite enough for my liking but if I had to play it.

Let me know if this makes sense

Mike
  • #123,972
  • Mar 20, 2013 10:02pm Mar 20, 2013 10:02pm
been watching this one
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  • #123,973
  • Mar 20, 2013 10:03pm Mar 20, 2013 10:03pm
Quoting mbqb11
Hey Joe

Of course bud ask away

Actually for it to be a DBLHC the close needs to close ABOVE the previous bars high. So in this case this is actually a buob. Small one but a buob. We have the 1.25 BRN just above us, so for me that's tricky as well as a major TL in the way. BUT the good thing with this is a gap that is looking to get closed. Ideally I think in this case that a buy above 1.25 and making sure price doesn't get back below 1.2450 makes sense(notice the low from 3-14-13) . Not quite enough for my liking but if I had to play it.

Let...
Can it be a BUEOB when the low is 2 pips higher than the previous bar.
I know the DBLHC can have 2 to 3 pips leeway but for a BUEOB, it kind of seems odd.

Maybe, it is just the same 3 pip leeway?

Either way, it is not a good bar anyway, the high is also dubious, I suppose is the logic.
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  • #123,974
  • Mar 20, 2013 10:16pm Mar 20, 2013 10:16pm
Quoting Pinbar
Can it be a BUEOB when the low is 2 pips higher than the previous bar.
I know the DBLHC can have 2 to 3 pips leeway but for a BUEOB, it kind of seems odd.

Maybe, it is just the same 3 pip leeway?

Either way, it is not a good bar anyway, the high is also dubious, I suppose is the logic.
you are right Steve, I looked at my feed quick. Technically its just a BUB. The logic is definitely the same though

Sorry for the confusion, thanks for clarifying bud

Mike
  • #123,975
  • Mar 20, 2013 10:28pm Mar 20, 2013 10:28pm
Thank you mike. Thank you steve. makes perfect sense
  • #123,976
  • Mar 20, 2013 11:54pm Mar 20, 2013 11:54pm
Thank you Mike. So kind of you ! That's helpful.

Bless!

Quoting mbqb11
Hey Bliss

Here is a good summary of most of the bars we use in this thread. Some if it is not complete but it will get you moving in the right direction
http://www.forexfactory.com/showthre...641#post634864 1

For matching highs/lows they are a sign of support/resistance until they are broken. Generally speaking though we play them as continuations when they break for the most part

Outside bars (like all bars can be played in all locations). When starting out though you want to learn them at the proper swing points. That...
  • #123,977
  • Mar 21, 2013 12:16am Mar 21, 2013 12:16am
Hi Jim,

I put EURUSD a daily level at 1.28882. After PBT&CB of daily I put sell limit order at this level. It did not work which is not a worry for me.
I am worry if that was valid level or not? As prices moved from 1.29655 then I try to find new level? Did I do something wrong?

Is there any hint or some kind of indication when we can say.. ok this level is not valid now, we need new level as market has moves so much?

Here is picture. I had planed to close the trade if one hour goes against me but alas... i was not in front of my computer.. what can I do for this problem as I am not in front to close the trade if 1 hour candle closes against my level.
Please see the level if it is correct?

Thanks and Best Regards,
KayKay
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  • #123,978
  • Mar 21, 2013 12:19am Mar 21, 2013 12:19am
Dear Jim,

Is it a valid level? I place buy but when 1 hour close against me I closed it at very little loss as I was in front of my computer. But when it gave second chance I was not able to trade and also next un-decided bar confused me that should I enter on trade or not?
Please review if it is correct level.

Regards,
KayKay
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  • #123,979
  • Mar 21, 2013 12:24am Mar 21, 2013 12:24am
Hi Jim,

I am unable to draw upper level for GU. Can you please guide me and help me to find upper level where I can sell it.

If we cannot find swing point then can we just put level where most daily bars open/close are lined up?

Some time I see no level on chart? Is that ok and normal or we must have some levels always on chart where price has the chance to go soon .
Here is GU chart missing upper level.
Please help.

Regards,
KayKay
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  • #123,980
  • Mar 21, 2013 2:47am Mar 21, 2013 2:47am
Quoting fxkaka
Hi Jim,

I am unable to draw upper level for GU. Can you please guide me and help me to find upper level where I can sell it.
Looks like the 1.52000 area is acting as resistance. I'd look for price action at that level to give me a sell signal. I hope others can comment on this too.

We have not been able to close under 1.50700 for 4 days with there being a double bottom (almost triple) from monday and tuesday.
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