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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

  • #127,101
  • Aug 5, 2013 10:54pm Aug 5, 2013 10:54pm
Hey Mike,

About that EURNZD pair, I m seeing a Key reversal bar(open on top and close below in a up trend). It has a previous highs at the 1.71000 Area and also showing MACD Div.

Is this reversal setup valid or is something wrong with my broker feed?.

Thanks.
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  • #127,102
  • Aug 6, 2013 12:30am Aug 6, 2013 12:30am
Quoting kaka_ht
{quote} Hi Mike and everyone!I'm a newbie here and want to learn many things from this thread! Can u tell me this is valid pinbar?Can we can entern when PA break the low of this pinbar? Thanks! {image}
Hi Kaka_ht

Others might want to comment as well. I thought i would give this a try as a learning opportunity. For me this was even though probably a pin bar, not really any thing to look at. It was to relatively small and didn't reach a new significant high. We also find yourself staring right into the 130 BRN support area in a very congested sideways market. If you plan was to go short to that round number it would have worked out great but wasn't n setup that i thought worth the risk. Other opinions welcome.

Rudolfo
  • #127,103
  • Aug 6, 2013 12:30am Aug 6, 2013 12:30am
Might want to watch out for the top of this box.
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  • #127,104
  • Aug 6, 2013 12:49am Aug 6, 2013 12:49am
Quoting kaka_ht
{quote} Hi Mike and everyone!I'm a newbie here and want to learn many things from this thread! Can u tell me this is valid pinbar?Can we can entern when PA break the low of this pinbar? Thanks! {image}

Rudlofo gave some very good advice about it.

I can possibly add, that you may want to look at the size of the previous bar to the PB and you can see that, that PB is miniscule in comparison.

You really want a PB that looks like the one in my avatar.
  • #127,105
  • Aug 6, 2013 1:16am Aug 6, 2013 1:16am
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won.

Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of my stop-loss? I am really struggling right now to understand location and context.

Thanks!
H.
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  • #127,106
  • Aug 6, 2013 1:41am Aug 6, 2013 1:41am
Thanks Rudoflo and Pinbar gave me useful advice!I will always remmember it!
  • #127,107
  • Aug 6, 2013 2:29am Aug 6, 2013 2:29am
Quoting Haadiyah
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won. Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of...
Hello There!
I have no Idea what system you are trading but here is the thing: Look for bearish patterns at swing high, and bullish patterns at swing low. (Basic j16 patterns)
If you are much more a jarroo Breakout trader, then here we might had a minor PBT. But a minor... In this case the former high (the fib) would be the FTA which was hit. (But jarroo doesnt trade 1H, and this was a VERY WEAK close above.)

Stop placement:
Always place stops to areas that have meaning to price. Fibs are good for adding some extra confluence to a trade, but personally I like to set my stops under/over candle highs/lows. Just in this case: Your stop wouldn't have been hit then
However if you are really new I would go to Weekly. Mark the Swing highs/lows and major PPZs and then on daily look for PA at these areas. If you do it for a few days / weeks you will have an idea how A+ setups look and what we are actually looking for.

Cheers,
Stephen
It's all psychology...
  • #127,108
  • Aug 6, 2013 2:51am Aug 6, 2013 2:51am
Quoting Haadiyah
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won. Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of...



You can't learn to trade PA on H1, it just does not happen.

I am not saying you can't trade PA on H1 or even lower, I am saying you can't learn to trade PA on that time frame.

Too much noise and you are not aware of the bigger picture.
For a start, was that BUEOB at a swing low, where we want to see bullish PA?


Why buy at high price, when you can buy at lower price and sell it for a higher price and visa vie?


Do yourself a favor and read Post 1.
  • #127,109
  • Aug 6, 2013 3:00am Aug 6, 2013 3:00am
Quoting Haadiyah
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won. Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of...
you hit a Weekly PPZ @ 153.30. Zoom out and look at the weekly.

It is very dangerous to trade on lower TF, not that you can't trade it, but it takes a lot , i mean a lot of patience and discipline to trade lower TF and a lot harder because of the exact reason mentioned above. you will have too many trouble areas on TF lower than daily's and as a result your chance of hitting SL are higher and in the long run you will have more losses than wins. Best thing is trade daily's or weekly's. Now you will think i will not get many setups on daily's weekly's. To solve that problem you need to look at more instruments(Equities,Commodities,Indices,other Forex pairs) and have a large account size.
  • #127,110
  • Aug 6, 2013 4:11am Aug 6, 2013 4:11am
Quoting Haadiyah
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won. Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of...
And hey! - Don't get disappointed due to these negative comments. We all were beginners. (And I'm still one of them ) Honestly in the first 3-4 weeks the posts were literally "Chinese" to me. And when I though I'm good, then came jarroo back with a whole bunch of abbreviations. It was crazy. But then as months pass by you will be amazed how much you learned.
"Patience, Discipline "
And just keep up studying the material :nerd:

Cheers
Stephen
It's all psychology...
  • #127,111
  • Aug 6, 2013 4:53am Aug 6, 2013 4:53am
Hello good people of this thread..

my second trade. Off a what i think is an old and strong resistance / PPZ which also happens to be a BRN. With a nice Pinbar, not supernice because its not bigger in comparison to the other candles but touched the one fiddy perfectly.

Now my question is about the TP...i wanted to go to 1.45000 but when i woke up this morning i saw it at 100pips profit plus at the low of the left eye so i closed it out..I'm very unsure about the TP in this situation.

Oh there is also divergence on the MACD if i am reading it right.
I feel like i could have taken more out of this trade?

Thank you.

Mors
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  • #127,112
  • Aug 6, 2013 5:03am Aug 6, 2013 5:03am
Quoting baccarat
Hello good people of this thread.. my second trade. Off a what i think is an old and strong resistance / PPZ which also happens to be a BRN. With a nice Pinbar, not supernice because its not bigger in comparison to the other candles but touched the one fiddy perfectly. Now my question is about the TP...i wanted to go to 1.45000 but when i woke up this morning i saw it at 100pips profit plus at the low of the left eye so i closed it out..I'm very unsure about the TP in this situation. Oh there is also divergence on the MACD if i am reading it right....

Hi Baccarat , that's the same trade i did.

I'm not sure about TP too, but i think there could be a retest of the trendline i drew.

Anyway i did not close the trade since i think this could be a strong reversal setup.....we'll see!

Cheers
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  • #127,113
  • Aug 6, 2013 5:24am Aug 6, 2013 5:24am
Quoting baccarat
Hello good people of this thread.. my second trade. Off a what i think is an old and strong resistance / PPZ which also happens to be a BRN. With a nice Pinbar, not supernice because its not bigger in comparison to the other candles but touched the one fiddy perfectly. Now my question is about the TP...i wanted to go to 1.45000 but when i woke up this morning i saw it at 100pips profit plus at the low of the left eye so i closed it out..I'm very unsure about the TP in this situation. Oh there is also divergence on the MACD if i am reading it right....
baccarat,

In my opinion , PB was not good. Should have had a longer nose. But my suggestion would be to not trade against the trend. We must wait for the reversal. Both fundamentals and technicals should confirm the reversals, only then PB with a nice long nose would have been good.

you did good by getting out. Trouble area was near.

Attached are my two recent trades, Look for these kind of Pinbar's, they will stand out and they will most certainly have some good confluence.
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  • #127,114
  • Aug 6, 2013 9:50am Aug 6, 2013 9:50am
Quoting rudolfo
{quote} Hi Kaka_ht Others might want to comment as well. I thought i would give this a try as a learning opportunity. For me this was even though probably a pin bar, not really any thing to look at. It was to relatively small and didn't reach a new significant high. We also find yourself staring right into the 130 BRN support area in a very congested sideways market. If you plan was to go short to that round number it would have worked out great but wasn't n setup that i thought worth the risk. Other opinions welcome. Rudolfo
Great answer Rudolfo thanks!

For me because of the size and no tail on the nose I would call it just really a neutral nothing bar just as you said

Kaka_ht look for nice big pinbars with big long noses. Here is an example

the good ones will JUMP out at you


Best
Mike
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  • #127,115
  • Aug 6, 2013 9:51am Aug 6, 2013 9:51am
Quoting Pinbar
{quote} Rudlofo gave some very good advice about it. I can possibly add, that you may want to look at the size of the previous bar to the PB and you can see that, that PB is miniscule in comparison. You really want a PB that looks like the one in my avatar.
exactly. One of the easiest ways to begin to get good at PA is look for PA that jumps out at you. THat's my golden rule be it with PA bars, price patterns, or locations on a chart

Mike
  • #127,116
  • Aug 6, 2013 9:56am Aug 6, 2013 9:56am
Quoting Haadiyah
Hi everyone. I thought I had found a reasonable BUOB while testing (see chart). It had broken that Fib level, it was well formed, and the market seemed to be in an uptrend. My entry got triggered, but then price reversed, probably would have hit my stop loss, and I'd have lost the entire trade. After that, it retraces off the fib level below that (preditably enough), and then goes back up. If I hadn't been stopped out, in theory it could have won. Can someone please tell me what is wrong with this trade? Is it the entry itself, or the location of...
Hey H

You got some great advice already i'll reiterate and add a few things

Remember to start off looking for BUOBs at swing lows. THis is up near a swing high. That's much more advanced and I always suggest learning that later. Your buob is very small. If you zoom out your chart you will see this. I think being so zoomed in gives bars more power and we lose sight of what price is really doing

For example for me(someone who trades bars at all locations), by zooming out we can not only see this small bar but we can see price is trading into massive divergence(see chart). This makes it very unappealing to want to be a buyer into that aspect

So when starting like my last chart to kaftka look for big bars and start with looking for buobs at swing lows

Hope that helps
Mike
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  • #127,117
  • Aug 6, 2013 10:49am Aug 6, 2013 10:49am
Quoting mbqb11
{quote} Great answer Rudolfo thanks! For me because of the size and no tail on the nose I would call it just really a neutral nothing bar just as you said Kaka_ht look for nice big pinbars with big long noses. Here is an example the good ones will JUMP out at you Best Mike {image}
Hi Mike!Thanks for your help!But I want to ask u something!If u see a good pinbar,when and where u take a entry(when pinbar closes u immediately go in or you put buy stop or sell limit above/below this pinbar)?
Thanks!
  • #127,118
  • Aug 6, 2013 11:20am Aug 6, 2013 11:20am
Quoting kaka_ht
{quote} Hi Mike!Thanks for your help!But I want to ask u something!If u see a good pinbar,when and where u take a entry(when pinbar closes u immediately go in or you put buy stop or sell limit above/below this pinbar)? Thanks!
Depends on your appetite for destruction.

Super: Enter at close
Medium: Enter at retrace
Low: Enter at break
  • #127,119
  • Aug 6, 2013 11:47am Aug 6, 2013 11:47am
Hi guys,

this is WTI oil.

What do you think?

Tnx
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  • #127,120
  • Aug 6, 2013 2:02pm Aug 6, 2013 2:02pm
Quoting aioico
Hi guys, this is WTI oil. What do you think? Tnx {image}
Hey Aioico


Price is in a tight box here so always remember the midpoint of that box is a major trouble area or PPZ(marked in purple). I like the location of where you are looking at previous Resistance but would personally like a longer nose on that bar to be sure. I drew in an example of what would make me more confident.

Hope that helps
Mike
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