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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

  • #127,401
  • Aug 20, 2013 11:02am Aug 20, 2013 11:02am
Quoting mbqb11
{quote} great observation dipie
Now's the time to enter, right?

Mike, pinbar, dipie, please opine.
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  • #127,402
  • Edited 3:56pm Aug 20, 2013 11:29am | Edited 3:56pm
Quoting str8
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)? {image}
I took it; the way I saw this is that the price tested a few times the resistance around 1.4420. It appears to me that the resistance turned into a support area.
In the last few months the pair has been in an uptrend and the price stayed above the 21 SMA except for the 9th of july but then the uptrend re-established with a buovb again the next day (look at the third arrow from left).
It is true also that there's not much room, once it breaks the last buovb, before the last resistance area; I let the trade run overnight and placed the SL to break even today; if it approaches the resistance zone above I'll take profits, otherwise no loss.

LamerTrader stated that the trade has to be ok with your system and, even though I don't have that much experience, that makes a lot of sense.
I use 2 SMA as suggested by James16 in his early posts (21 and 365) and they seem reliable. From the chart I can see 3 buovb: the last one and the first one are similar, both trend re-establishing from the 21 sma and really near a resistance level. The second one (4th arrow from the left) seems better to me as it does have room, but I am still understanding how to treat an open trade.
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  • #127,403
  • Aug 20, 2013 11:33am Aug 20, 2013 11:33am
Quoting kahyong
{quote} Hi Stephen, Which EA do you use for backtest? I used to use vHandstrade (couldn't remember where I downloaded), but it doesnt function since the update on mt4.
Hi!
I used forextester but I didnt like it due to the lack of cross-hair, and simply it didnt look like my mt4 platform. Indicators were missing as well etc.
So I did a simple excel file in which i got my current balance, a small lot calculator, and some columns for the trades. For each trade I noted different scenarios. (Like how much profit I could have get, if I used the 15,24 EMA or Mike 2 bar strategy as SL)
Then I opened Mt4 and started running an EA. When the EA starts runnging I set the speed, and pause it if I want. However you cant switch TFs... But apart from that its perfect.

Hope this helps,
Stephen
It's all psychology...
  • #127,404
  • Aug 20, 2013 12:12pm Aug 20, 2013 12:12pm
Quoting giggles
{quote} Now's the time to enter, right? Mike, pinbar, dipie, please opine. {image}
Hi giggles, People here try to start their trades on the best price, with high probability of success. Do you think you are buying good price, when this pair just made higher high (and as Pinbar pointed out--the historical high). Simply NO.....

Also this pair is exotic one, I dont really like those....If you want my advice start with reversal patterns, not with continuation ones...If you like this pair watch him to fall back to previous high and look for opportunity to buy.

Wish you all the best, I was desperate too and sometimes I am not sure about some opportunities, so I dont take them.... Imagine you are hedgefund manager, would you risk client's money on this buy?

Wow explaining stuff in english is really hard for me, I hope you got it...
PS.. listen to Mike he is the Best:-)
  • #127,405
  • Aug 20, 2013 12:24pm Aug 20, 2013 12:24pm
Quoting str8
{quote} Thanks for your answer. I didn't take it either. What do you think about PA signals that only touch a PPZ with the bottom wick (the PPZ is far from the entry)? It seems to me they are hard to manage/reduce risk because you don't enter close to the source of the move. You can move the stop loss at the left eye to reduce risk but since the left eye isn't at a major level your stop loss won't be protected by a major level only by a minor level (same with moving stop to break even, usually the entry doesn't mean anything to the market). And...

Agreed, can be harder to manage if PPZ is at bottom.

I like to see them and a BRN more in the middle or top if long or bottom if short half.
  • #127,406
  • Aug 20, 2013 12:33pm Aug 20, 2013 12:33pm
Quoting dmc
{quote} Agreed, can be harder to manage if PPZ is at bottom. I like to see them and a BRN more in the middle or top if long or bottom if short half.
Is there some sort of list of all these acronyms?
BRN?
  • #127,407
  • Aug 20, 2013 12:56pm Aug 20, 2013 12:56pm
Quoting gianmarco
{quote} Is there some sort of list of all these acronyms? BRN?
big round number
  • #127,408
  • Aug 20, 2013 3:53pm Aug 20, 2013 3:53pm
Thank you Dipie!
I have a couple of question regarding fibonacci retracements:
I take as an example the AUDUSD daily chart attached.
When I check for confluence of different fibonacci levels, which one should I draw? In the chart I placed an arrow on the several swing highs the chart shows but I don't know which ones are relevant and which ones I should ignore. If I draw fibo ret from every swing high there's gonna be confluence for sure as the chart will be cluttered by lines.
Second, down in the chart there are two check signs: let's say that I draw fibo ret from the first arrow to the first low (first check sign); should I adjust the fibo ret levels as the price reaches a new low, moving the zero level from the first low to the second (check sign on the right)?

thank you for your help!
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  • #127,409
  • Aug 20, 2013 4:21pm Aug 20, 2013 4:21pm
Quoting gianmarco
{quote} Is there some sort of list of all these acronyms? BRN?

Hi gianmarco, here´s link to terminology list.
http://www.forexfactory.com/showthre...41#post6348641

Mav
  • #127,410
  • Aug 20, 2013 4:25pm Aug 20, 2013 4:25pm
Quoting Mav13
{quote} Hi gianmarco, here´s link to terminology list. http://www.forexfactory.com/showthre...41#post6348641 Mav
Gold mine! thank you very much!
  • #127,411
  • Aug 20, 2013 4:41pm Aug 20, 2013 4:41pm
Quoting gianmarco
Thank you Dipie! I have a couple of question regarding fibonacci retracements: I take as an example the AUDUSD daily chart attached. When I check for confluence of different fibonacci levels, which one should I draw? In the chart I placed an arrow on the several swing highs the chart shows but I don't know which ones are relevant and which ones I should ignore. If I draw fibo ret from every swing high there's gonna be confluence for sure as the chart will be cluttered by lines. Second, down in the chart there are two check signs: let's say that...
Hello There!

You are right - you cant draw fibos everywhere. Just as anything it comes with practice. Scroll back on your chart and draw 200. Now! At the end you will know where to draw!
Personally I would redraw your TrendLine (TL) - down to the new swing low. Please also look through the first few hundred pages of the forum.
You will find many pictures by james where he uses multiple fibs as confluence.

For example james had two fibos there: The biggest swing, and the last swing. Look at the confluence.

Hope this helps,
Stephen
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It's all psychology...
  • #127,412
  • Aug 20, 2013 7:25pm Aug 20, 2013 7:25pm
Quoting dipie
{quote} Hi giggles, People here try to start their trades on the best price, with high probability of success. Do you think you are buying good price, when this pair just made higher high (and as Pinbar pointed out--the historical high). Simply NO..... Also this pair is exotic one, I dont really like those....If you want my advice start with reversal patterns, not with continuation ones...If you like this pair watch him to fall back to previous high and look for opportunity to buy. Wish you all the best, I was desperate too and sometimes I am not...
Sounds like solid advice to me.

A lot of people seem to be looking for Bullish PA at a swing high and bearish PA at a swing low when, the reverse is what we need to do.
  • #127,413
  • Aug 20, 2013 8:37pm Aug 20, 2013 8:37pm
Quoting kahyong
{quote} Hi Stephen, Which EA do you use for backtest? I used to use vHandstrade (couldn't remember where I downloaded), but it doesnt function since the update on mt4.
sign up at http://www.mt4i.com

They have a great simulator that is better than Vhands.

It's free.
  • #127,414
  • Aug 21, 2013 1:16am Aug 21, 2013 1:16am
Thanks tubguy!

That makes things even more easier.
Exact link: http://www.mt4i.com/appstore/app.asp...ort=popularity
I'm so looking forward to test it

Cheers,
Stephen
It's all psychology...
  • #127,415
  • Aug 21, 2013 4:04am Aug 21, 2013 4:04am
Aussie in an interesting place....



jon
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PATIENCE... DISCIPLINE
  • #127,416
  • Aug 21, 2013 4:27am Aug 21, 2013 4:27am
Quoting Pinbar
{quote} Sounds like solid advice to me. A lot of people seem to be looking for Bullish PA at a swing high and bearish PA at a swing low when, the reverse is what we need to do.
Excellent summary - please pay attention folks
every Saint has a past. Every Sinner has a Future
  • #127,417
  • Aug 21, 2013 6:29am Aug 21, 2013 6:29am
Quoting LamerTrader
Thanks tubguy! That makes things even more easier. Exact link: http://www.mt4i.com/appstore/app.asp...ort=popularity I'm so looking forward to test it Cheers, Stephen
No prob. Hope you enjoy it.
  • #127,418
  • Aug 21, 2013 7:34am Aug 21, 2013 7:34am
Quoting tubguy
{quote} sign up at http://www.mt4i.com They have a great simulator that is better than Vhands. It's free.
Thanks Tubguy! Will try it out =)
  • #127,419
  • Aug 21, 2013 9:10am Aug 21, 2013 9:10am
Quoting giggles
{quote} Now's the time to enter, right? Mike, pinbar, dipie, please opine. {image}
Hey G

I think since this is a breakout of a major high as opposed to a breakout of a pattern dropping down to play a continuation bar(don't forget continuation bars are trickier and should be learned after the traditional reversal), that playing it off the weekly makes the most sense. I would rather just buy the BUOB on the weekly and make sure that the orange area holds as a pivot.

Best
Mike
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  • #127,420
  • Edited 2:47pm Aug 21, 2013 10:15am | Edited 2:47pm
Quoting dan89
{quote} Updated chart. Personally I wouldnt of taken this setup as the pattern wasnt fully formed according to my criteria which, but price reacted as expected. {image} {image} Cheers Dan
updated chart ... from BRN to BRN

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