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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

  • #125,161
  • May 2, 2013 7:05pm May 2, 2013 7:05pm
On second looks market has moved no good
  • #125,162
  • May 2, 2013 9:02pm May 2, 2013 9:02pm
Quoting jarroo
{quote} Yes the structure of this one could be better as DBHLC . .Even better if it was a BEOB. . . the size looks good. But the key to these bar patterns are their location and are they representing a bigger picture of the market. The swing high is not bad but its not at the highest swing point of current prices. This bar pattern would be great if it was located at a higher swing high. .example . . {image}
Yes i was thinking the location being a little bit higher would make this trade setup better. I'm happy to see that you pointed that out. If we were to encounter this scenario in the picture provided would a trader be better off not taking the trade setup because of the support? Also why is a BEOB better than A DBHLC in that situation? Once again I am very appreciative for you helping me out and look forward to hearing your opinion. Thanks Jarroo.
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“Every single day, ordinary people do extraordinary things"
  • #125,163
  • May 2, 2013 10:25pm May 2, 2013 10:25pm
Quoting jclude25
{quote} Yes i was thinking the location being a little bit higher would make this trade setup better. I'm happy to see that you pointed that out. If we were to encounter this scenario in the picture provided would a trader be better off not taking the trade setup because of the support? Also why is a BEOB better than A DBHLC in that situation? Once again I am very appreciative for you helping me out and look forward to hearing your opinion. Thanks Jarroo.{image}
Yes that's correct jclude . .that BEOB would be sitting on Support and a mire break of the BEOB would not be enough for me. .I would wait for a Close Below it to indicate the possible flip to Resistance . .chart . .the chart you presented would be a buy for me.

BEOB just indicates a stronger engulfment of the previous bar or buyers in this case.
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Indicators show the past. Price Action "Indicates" the future.
  • #125,164
  • May 2, 2013 10:28pm May 2, 2013 10:28pm
Quoting jclude25
{quote} Yes i was thinking the location being a little bit higher would make this trade setup better. I'm happy to see that you pointed that out. If we were to encounter this scenario in the picture provided would a trader be better off not taking the trade setup because of the support? Also why is a BEOB better than A DBHLC in that situation? Once again I am very appreciative for you helping me out and look forward to hearing your opinion. Thanks Jarroo.{image}
Do you recall James16's "This is Critical" post?

It applies here . . . .#4.

THIS IS CRITICAL. WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.

2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared. if we know its there we have several choices.


1. get out when it gets there for a small profit.

2. take a small partial profit and move the remainder to BE.

3. stay in with your total position hoping for a break and move your stop to BE.

4. Dont enter until the level has been broken.

Jim


Quoting james16
YES!!! THIS IS CRITICAL. WE MUST LEARN TO: 1. notice a strong s/r area just beyond our pa if it exists. 2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared. if we know its there we have several choices. 1. get out when it gets there for a small profit. 2. take a small partial profit and move the remainder to BE. 3. stay in with your total position hoping for a break and move your stop to BE. 4. Dont enter until the level has been broken. in the case we are looking at this level was a big round number at 5100. trading into a big number like that with a defined pivot is very very very risky. the fact remains however that price most of the time WILL reach that first s/r area whether its 200 pips or 20. in this case it did not which makes number 4 a good choice much of the time exspecially for those new to these methods. good post as usual jarroo and i appreciate your help in this thread, jim {quote}
Indicators show the past. Price Action "Indicates" the future.
  • #125,165
  • May 2, 2013 11:46pm May 2, 2013 11:46pm
Quoting james16
YES!!! THIS IS CRITICAL. WE MUST LEARN TO: 1. notice a strong s/r area just beyond our pa if it exists. 2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared. if we know its there we have several choices. 1. get out when it gets there for a small profit. 2. take a small partial profit and move the remainder to BE. 3. stay in with your total position hoping for a break and move your stop to BE. 4. Dont enter until the level has been broken. in the case we are looking at this...
Yes, thanks for bringing that to my attention I need to study it more. When you say that chart presented would be a buy are we talking about PBT-CA? Thanks again for your opinion and time Jarroo. Have a good night.
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“Every single day, ordinary people do extraordinary things"
  • #125,166
  • May 3, 2013 12:43am May 3, 2013 12:43am
Quoting jclude25
{quote} Yes, thanks for bringing that to my attention I need to study it more. When you say that chart presented would be a buy are we talking about PBT-CA? Thanks again for your opinion and time Jarroo. Have a good night.{image}

Yes, exactly . .
Indicators show the past. Price Action "Indicates" the future.
  • #125,167
  • May 3, 2013 1:12am May 3, 2013 1:12am
If That TL will be broken one day, it would be something. Its so respected.
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If not up, then down, otherwise sideways :-)
  • #125,168
  • May 3, 2013 2:22am May 3, 2013 2:22am
Quoting mbqb11
{quote} Hey J I see a lot of people asking about this one Not a whole lot of confluence which always worries me. I see a very large previous beairsh bar and my pinbar barely closed within the prior bar I would say the best thing going for this bar is FRIDAY. Friday being a notorious profit taking day could push us higher into the TL or FTA Also notice how the left eye held. Price should NOT have to get lower than this area. I prefer an entry right on the close based on my bar and a very tight stop Best Mike {image}
Hi Mike!

1) So basically you are saying that if we had a downtrend during the week, then on Friday people will start taking their profits, which might lead to a small uptrend in this case. And vice versa - If we had a bullish trend, then on Firday we might get a small Pullback?

2) Is that true that since we get leverage from the broker - if we keep our positions for a long time then (for example at weekends) they charge us sg.?

3) Is that also true that during the summer market makes less action, less movements?

Thank you!
Stephen

PS: I hope you don't mind If I'll copy these questions and your answers to my Q&A thread on the PF.
It's all psychology...
  • #125,169
  • May 3, 2013 8:25am May 3, 2013 8:25am
hey mike, jomi, I was reluctant to take this one as well but I did keeping a close eye on it. the only difference was I caught this one right as it was 10 pips beyond this pinbar wasn't able to get in at close entered with very little as in micro 2/3 off at .0400 and my target is where you have placed yours mike or very close
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  • #125,170
  • May 3, 2013 8:26am May 3, 2013 8:26am
Quoting LamerTrader
{quote} Hi Mike! 1) So basically you are saying that if we had a downtrend during the week, then on Friday people will start taking their profits, which might lead to a small uptrend in this case. And vice versa - If we had a bullish trend, then on Firday we might get a small Pullback? 2) Is that true that since we get leverage from the broker - if we keep our positions for a long time then (for example at weekends) they charge us sg.? 3) Is that also true that during the summer market makes less action, less movements? Thank you! Stephen PS: I...
Hey LT

Here are my answers

1. Yes it doesn't mean ALWAYS price can reverse on friday. It's just a well known thing. As people close up their positions so they don't have to open them over the weekend. Often you can get smaller pullbacks. Of course this is like anything else and should be noted but used properly

2. Leverage has nothing to do with being charged. What you are referring to is Swap or rollover. This depends on the interest rates of the pairs you trade. Sometimes you receive interest sometimes you are charged. Most brokers US wise at least are charged daily and you have to check their website for details on the rates they are giving(+/-)

3. Summer markets i have seen more active then any other time of year and I have also seen dead. In general people will call it "summer markets". This was more notorious pre recession where I think every money manager/bank was on vacation for 2-3 months LOL. People tend to have to work more it seems so the markets have been pretty active summer wise. Again it's another thing to "note" but it is also built into the charts(ie slow markets are sideways or choppy etc)

Hope that helps and feel free to paste this into your journal

Best
Mike
  • #125,171
  • May 3, 2013 8:34am May 3, 2013 8:34am
didn't catch this little breakout was 10 mins to late but nice little move non the less
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  • #125,172
  • May 3, 2013 8:46am May 3, 2013 8:46am
Quoting 4xjoema
hey mike, jomi, I was reluctant to take this one as well but I did keeping a close eye on it. the only difference was I caught this one right as it was 10 pips beyond this pinbar wasn't able to get in at close entered with very little as in micro 2/3 off at .0400 and my target is where you have placed yours mike or very close {image} .
Trading with a buffer zone of 10 pips i believe with that setup is still fine.
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“Every single day, ordinary people do extraordinary things"
  • #125,173
  • May 3, 2013 9:45am May 3, 2013 9:45am
Quoting jclude25
{quote} Trading with a buffer zone of 10 pips i believe with that setup is still fine.{image}
Your comment on the chart is correct this is not the best of bars it has minor confluence. I do feel more comfortable trading with a 10-15 Pip buffer myself but as mike said it would be logical to enter on close he also stated the friday taking of profits witch helped with my decision
  • #125,174
  • May 3, 2013 9:57am May 3, 2013 9:57am
Quoting 4xjoema
{quote} Your comment on the chart is correct this is not the best of bars it has minor confluence. I do feel more comfortable trading with a 10-15 Pip buffer myself but as mike said it would be logical to enter on close he also stated the friday taking of profits witch helped with my decision
yes I usually trade a break of bars myself(I am pretty conservative overall). But certain situations I believe just warrant a different entry if we are going by the story. This is such a case. But either way if you buy a break we know where our stop is going right?

S/r At it's finest just like James teaches

Best
Mike
  • #125,175
  • May 3, 2013 10:32am May 3, 2013 10:32am
Quoting mbqb11
{quote} Hey LT Here are my answers 1. Yes it doesn't mean ALWAYS price can reverse on friday. It's just a well known thing. As people close up their positions so they don't have to open them over the weekend. Often you can get smaller pullbacks. Of course this is like anything else and should be noted but used properly 2. Leverage has nothing to do with being charged. What you are referring to is Swap or rollover. This depends on the interest rates of the pairs you trade. Sometimes you receive interest sometimes you are charged. Most brokers US...
Very useful thanks for the informative post mike.
“Every single day, ordinary people do extraordinary things"
  • #125,176
  • May 3, 2013 11:04am May 3, 2013 11:04am
Quoting mbqb11
{quote} yes I usually trade a break of bars myself(I am pretty conservative overall). But certain situations I believe just warrant a different entry if we are going by the story. This is such a case. But either way if you buy a break we know where our stop is going right? S/r At it's finest just like James teaches Best Mike
This is how i would set my Take Profit and Stop Loss... What do u guys think? Also Should i have set B/E at the round number 1.0400? All opinions welcomed. Thanks.
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“Every single day, ordinary people do extraordinary things"
  • #125,177
  • May 3, 2013 5:39pm May 3, 2013 5:39pm
Quoting jarroo
{quote} I hear ya G . . Interesting where Price found S/R today on many different pairs . . 129.84 HCR level on the EurJpy . . Jim {image}
Hey Jarroo, do you mind sharing your ATR indicator. It looks so simple.
  • #125,178
  • May 3, 2013 7:13pm May 3, 2013 7:13pm
yes . set to b/e because your pinbar is not in the rigth position to be a good pinbar.
  • #125,179
  • May 3, 2013 8:13pm May 3, 2013 8:13pm
Mike, i have been noticing that the futures seem to really respect even minor s/r more frequently than forex i dont know if this is just me or what? do you have any preference?
  • #125,180
  • May 3, 2013 8:27pm May 3, 2013 8:27pm
Quoting 4xjoema
Mike, i have been noticing that the futures seem to really respect even minor s/r more frequently than forex i dont know if this is just me or what? do you have any preference?
sorry should of been a little more detailed the smaller time frames in futures is what i was referring to as alot of times the daily looks like a mess
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