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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

  • #125,521
  • May 19, 2013 1:56pm May 19, 2013 1:56pm
Quoting mbqb11
{quote} Hey G Hope you had a nice weekend I like to keep things fairly simple. For the most part I treat each timeframe independent of one and other. As they all have their own ebb and flow. Sometimes I look a bit higher up if we are at crucial areas, or I might drop down timeframes for entries on breakout patterns. But for the most part people will tell you from my material I teach that I stick to the same timeframe much like James to keep things simple Hope that helps Mike
Grazie Mike!
  • #125,522
  • May 19, 2013 2:14pm May 19, 2013 2:14pm
Quoting meshka
{quote} personaly i am watching for good clear Daily/Weekly levels. Daily is main timeframe for me. I keep an eye on Weekly also... if Daily aligns with weekly levels it becomes super important place to watch for me. basicaly i am looking for price moves from such levels into as much space as possible. when price is spining around premium level then sometimes I go into H4 timeframe for PA setups around that level... but I almost never trade on H4 independently. Mainly I use it for catching better price when getting PA on Daily TF.
Grazie Meshka!
  • #125,523
  • May 20, 2013 12:38am May 20, 2013 12:38am
What do you think about what's written in this thread?

http://www.forexfactory.com/showthread.php?t=287794

It says there that candlestick patterns are not so important:

"Firstly, if price trades into a significant technical level, the probability shifts in favour of a reaction as the limit orders get hit from those traders entering and exiting the market. However, the duration of that reaction is unknown. Or to put it in laymans terms: it's one thing to accept that price will react to a key support level but it's another thing entirely when you have to work out how far it will travel in your favour. The simple fact is: if you enter at the source of the move rather than after the reaction, you have more options in the event there is no follow through from the other market participants."

"Candlesticks have an open and a close. The forex market does not. All candlesticks do, is break the market movement down into convenient "slices" of time but it is important to realise that the market does not stop moving. This therefore means that a "setup" can be dependent on a completely arbitrary concept such as the time your broker considers to be the "close"."

"Perhaps worse than this, is the fact that you can miss a level that price has an extremely high probability of bouncing at simply because you failed to get a pretty candlestick that has just the right length wick and just the right size body to tuck it nicely within the previous candle within the window of time that you chose."

I trade pin bars and outside bars but I'm a beginner and don't know if there are too profitable after reading what's been written in that thread.
I thought that price action signal at a good level is better than only a good level without price action signal.
  • #125,524
  • May 20, 2013 1:30am May 20, 2013 1:30am
Quoting str8
What do you think about what's written in this thread? http://www.forexfactory.com/showthread.php?t=287794 It says there that candlestick patterns are not so important: "Firstly, if price trades into a significant technical level, the probability shifts in favour of a reaction as the limit orders get hit from those traders entering and exiting the market. However, the duration of that reaction is unknown. Or to put it in laymans terms: it's one thing to accept that price will react to a key support level but it's another thing entirely...

Hey Str8

I didn't check the thread because I don't really need to , to give you a good answer. The answer is bars alone are not the solution nor is location alone. It's pulling everything together. Many decide to use or not use price bars themselves like a pinbar and might "touch" trade an area. But we must not only know the location, but understand the dynamics of that location and how to approach it. One such approach is to use PA to confirm and area. This is how I personally trade day in and out 90% of the time. It works. But what doesn't work is just to pull random bars without understanding the information that bar gives. Same can be said for location and those that will say Price bars don't work. It's too general of a statement. It's understanding what your approach is as a trader. This is why the market can be traded many different ways with the same general concepts.

Price is price. Aggregation of those bars IS important though when you understand what is being aggregated. The FX market may not have an official open and close time, but it still abides by the same rules all markets do. That is we have buyers and sellers making decisions. Understanding pattern is a way to view what future buyers/sellers may do an anticipate and plan around such occurrences. This is the same if you do or do not use candles themselves. We are still making inferences on past and future movements.

Using PA + location is a way to simplify and gain an understanding of what the market is doing. When you combine you knowledge of S/R, with PA, and create a story(trade plan) you will have a great grasp on an individual situation and how to manage that situation from start to finish.

So does PA work? Yes absolutely i use it every day. Every method has advantages and disadvantages. Until you learn those one can't be successful with any method. Those that say other wise are not telling the full truth of a method. That's why we must demo and learn the ins and outs of what we want to use to trade with. It's how anyone that learns to trade eventually gets their. If their was only one right way to approach the market their would be no market

Hope that helps
Mike
  • #125,525
  • May 20, 2013 8:21am May 20, 2013 8:21am
any opinions of this pinbar?
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Investing is SIMPLE but NOT EASY
  • #125,526
  • May 20, 2013 8:42am May 20, 2013 8:42am
Quoting Moly_Cam5
any opinions of this pinbar? {image}
Hey Moly

Be careful remember we want to find bearish pinbars up at swing high points. This is at a deep swing low. It can be tempting to want to sell with the trend but one must remember they are then selling right into the last buying point. If that doesn't break hard you can be left with a very tough trade to manage.

Best
Mike
  • #125,527
  • May 20, 2013 9:05am May 20, 2013 9:05am
Quoting Moly_Cam5
any opinions of this pinbar? {image}
careful with it mate.
Price Is The Best Indicator Itself.
  • #125,528
  • May 20, 2013 10:25am May 20, 2013 10:25am
if only it could close a little higher
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all is eternal - this is good news for people who loves bad news
  • #125,529
  • May 20, 2013 11:27am May 20, 2013 11:27am
Quoting meshka
if only it could close a little higher {image}
nice one indeed meshka ... i just closed my gold long when it rejected the wkly/monthly LCS support level. i was looking for a PA signal to go long on 4H TF.

I guess this could also qualify as a signature, right?

Interested on everyone's opinion ;-)
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  • #125,530
  • May 20, 2013 11:32am May 20, 2013 11:32am
here are my current open positions following the jarroo method:

short cable at 1,5228 (LCS from last swing low/consolidation area from mid april)
long usd/chf at 0,9670 (minor HCR on daily)
long usd/jpy at 102,42 (minor HCR on daily)

anyone also trading the jarroo method --> feel free to comment
  • #125,531
  • May 20, 2013 11:40am May 20, 2013 11:40am
Quoting mbqb11
just a simple chart on silver to watch. Fantastic levels {image}
updated silver chart since you guys are chatting about it. No surprise with such massive levels

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  • #125,532
  • May 20, 2013 11:41am May 20, 2013 11:41am
Quoting aserbfx
{quote} i am with you KBR on weekly. {image}
nearly +4% today
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meine augen sind die sterne
  • #125,533
  • May 20, 2013 1:30pm May 20, 2013 1:30pm
Quoting timo4sho
{quote} nice one indeed meshka ... i just closed my gold long when it rejected the wkly/monthly LCS support level. i was looking for a PA signal to go long on 4H TF. I guess this could also qualify as a signature, right? Interested on everyone's opinion ;-) {image}
whats your view for gold now ? im shorting on it
Investing is SIMPLE but NOT EASY
  • #125,534
  • May 20, 2013 2:09pm May 20, 2013 2:09pm
Hi Mike, Just wondering if there is any update on the new site. Waiting to sign up again myself. Its been a while ..
  • #125,535
  • May 20, 2013 2:21pm May 20, 2013 2:21pm
Quoting dan89
Hi Mike, Just wondering if there is any update on the new site. Waiting to sign up again myself. Its been a while ..
Hey Dan

No new updates to give, i'll be sure to let everyone here know when I hear the latest

Hope all is well

Mike
  • #125,536
  • May 20, 2013 3:16pm May 20, 2013 3:16pm
Hello everyone,
greetings from Slovakia.
This is my first post here, I watch this thread for about two years now, basically since I started to study and learn to trade. It would not be actually two full years, I can`t really spend as much time as I wish with charts - full time job and 2 years old baby girl who does not sleep properly - do not allow me this So I am still on demo, patiently learning.
I would like to thank very much to all you guys, of course most the seniors here, for all your kind help and patience with new people, for sharing of your precious knowledge.
I have finally decided to start to post some charts, as I am sure that your comments will speed up my (and all who need it) learning process.
All the best and good luck!
kuci
  • #125,537
  • May 20, 2013 4:14pm May 20, 2013 4:14pm
Hi all,
I was wondering whatīs your take on these two pairs?

First is EURCCK, today we got BUOB and price broke up above trend line, but itīs continuation bar and they can be tricky.

Second is Gold, today we got BUOB on swing low, double bottom and with divergence but FTA is really close just above this bar.

I will be happy for any comments and opinions

Mav
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  • #125,538
  • May 20, 2013 6:01pm May 20, 2013 6:01pm
Quoting Mav13
Hi all, I was wondering whatīs your take on these two pairs? First is EURCCK, today we got BUOB and price broke up above trend line, but itīs continuation bar and they can be tricky. Second is Gold, today we got BUOB on swing low, double bottom and with divergence but FTA is really close just above this bar. I will be happy for any comments and opinions Mav {image} {image}
Hey Mave

That's a tough continuation bar to trade in my book. Unless that thing breaks hard and just keeps going it sort of leaves you open for a lot of trouble on the management side.

Gold looks much better nice size buob. I like silver myself though nice bigger BUOB at a more substantial level(see my previous chart above0

Best
Mike
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  • #125,539
  • May 20, 2013 6:02pm May 20, 2013 6:02pm
Quoting kuci
Hello everyone, greetings from Slovakia. This is my first post here, I watch this thread for about two years now, basically since I started to study and learn to trade. It would not be actually two full years, I can`t really spend as much time as I wish with charts - full time job and 2 years old baby girl who does not sleep properly - do not allow me this So I am still on demo, patiently learning. I would like to thank very much to all you guys, of course most the seniors here, for all your kind help and patience with new people, for sharing...
Welcome Kuci!

Look forward to your charts

Mike
  • #125,540
  • May 20, 2013 7:52pm May 20, 2013 7:52pm
hi Mike, this is nice size buob ?
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Quote
Hey Mave That's a tough continuation bar to trade in my book. Unless that thing breaks hard and just keeps going it sort of leaves you open for a lot of trouble on the management side. Gold looks much better nice size buob. I like silver myself though nice bigger BUOB at a more substantial level(see my previous chart above0 Best Mike {image}
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