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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

  • #127,921
  • Sep 26, 2013 8:46am Sep 26, 2013 8:46am
A possible move down to 89.7 level, if it closes below Support (S flipped to R) and 150 EMA? I am waiting for PA.
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  • #127,922
  • Sep 26, 2013 9:22am Sep 26, 2013 9:22am
Quoting jibson007
Mike pls examine my thought process on the AudUsd failed BEOB on 1H and 1D chart. Just tryn to knw if i may be thinking correctly. {image} Jibson

Hey Jib

My intraday trade came off a VERY strong PPZ level at 9300*see daily chart). Plus a TL break + a huge bar. THis was a great shot to the 9200 confluenced area

THis intraday trade would have nothing to do with a larger trade say on the daily. The gap was just something that happened and this is an A+ trade in my book over and over. As you can see by my last chart(posted to the PF) I had most of my risk gone so 99.9% of the time even if I get stopped out my overall risk on the trade is nothing for a very large potential gain

Hope that helps
Mike
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  • #127,923
  • Sep 26, 2013 9:24am Sep 26, 2013 9:24am
Quoting fxbreeze
Mike, I see possible trend up to next level for NzdUsd, if it closes above previous open. But somehow I find there is no story, and it may not work it out. What's your take for these? Steven {image}
Hey Steven

Are you asking about a good area to watch for a trade? If so the green lines you have marked near the gap open and major former resistance around 8100 is a great area to watch. Price is going to be drawn to this area and is great place to atch

Best
Mike
  • #127,924
  • Sep 26, 2013 9:40am Sep 26, 2013 9:40am
Quoting mbqb11
{quote} Hey Steven Are you asking about a good area to watch for a trade? If so the green lines you have marked near the gap open and major former resistance around 8100 is a great area to watch. Price is going to be drawn to this area and is great place to atch Best Mike

Thanks, Mike. I shall keep that under my radar.

Steven
  • #127,925
  • Sep 26, 2013 11:56am Sep 26, 2013 11:56am
Quoting fxbreeze
{quote} I am not sure of that is a pb. The nose is not long enough; neither at low swing; the daily long bar last week completely engulfed this pb of yours. It is between 38 and 50%, most likely consolidating between these 2 levels, in traffic over there.
Okay then. Mike, do you think we can categorize it as a pinbar since it closes near it eyes (as you can see from 23 sept and 25 sept daily bar ONLY). But I have to admit this is actually a quite difficult trade since we only have so much space and the nose wasn't long. I can say the only reason why I took it was because it bounces from 2 fib ret I put (I delete the other fib ret because I think it is cluttering this chart). Thank you for your answer.

Yanuar

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  • #127,926
  • Sep 26, 2013 2:30pm Sep 26, 2013 2:30pm
Mike, according to the method jarro, how can I know when place order Touch Trade and when to wait for the DCC?
  • #127,927
  • Sep 26, 2013 3:09pm Sep 26, 2013 3:09pm
Quoting 0rPhioZ
{quote} Okay then. Mike, do you think we can categorize it as a pinbar since it closes near it eyes (as you can see from 23 sept and 25 sept daily bar ONLY). But I have to admit this is actually a quite difficult trade since we only have so much space and the nose wasn't long. I can say the only reason why I took it was because it bounces from 2 fib ret I put (I delete the other fib ret because I think it is cluttering this chart). Thank you for your answer. Yanuar {image}
Hey Yanuar

It is a pinbar in terms of the bar itself, but this is not ideal location for a pinbar

Notice because of where the pinabr sits it is in a complete sideways market and has no space. This also means it's not a good swing point(and really in this case not a swing point at all). These are tricky and often what you see happening(choppy market) is what will occur making them difficult to trade.
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  • #127,928
  • Sep 26, 2013 3:11pm Sep 26, 2013 3:11pm
Quoting GiovanniV
Mike, according to the method jarro, how can I know when place order Touch Trade and when to wait for the DCC?
Hey G

I don't trade the way Jarroo is so I can't really help you here. I touch trade once and awhile but I use just the same confluence as I do with my normal trades. Maybe someone else can jump in here for you

Best
Mike
  • #127,929
  • Sep 26, 2013 3:31pm Sep 26, 2013 3:31pm
Quoting mbqb11
{quote} Hey Yanuar It is a pinbar in terms of the bar itself, but this is not ideal location for a pinbar Notice because of where the pinabr sits it is in a complete sideways market and has no space. This also means it's not a good swing point(and really in this case not a swing point at all). These are tricky and often what you see happening(choppy market) is what will occur making them difficult to trade. {image}
Hey Mike, I dont trade PA on its own (without a BO pattern) But I was just wondering what you think of this BUOB closing above a PPZ. Bar is pretty big and closed strong and at a swing low.

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Take care
Dan
  • #127,930
  • Sep 26, 2013 4:15pm Sep 26, 2013 4:15pm
Quoting dan89
{quote} Hey Mike, I dont trade PA on its own (without a BO pattern) But I was just wondering what you think of this BUOB closing above a PPZ. Bar is pretty big and closed strong and at a swing low. {image} Take care Dan
Dan,

I will give you my two cents.

Yes, the bar is big, which is nice. BUT, I wouldn't really clarify this as a swing low, looks like it is kind of in the middle of what might be a forming ppz.

Also this bar has no space above it it runs into all of those bar lows immediately to the left which is why price went there and stalled.

This trade may work out in the end but above are the reasons I would pass.

Hope that helps.

DMC
  • #127,931
  • Sep 26, 2013 4:37pm Sep 26, 2013 4:37pm
Quoting dmc
{quote} Dan, I will give you my two cents. Yes, the bar is big, which is nice. BUT, I wouldn't really clarify this as a swing low, looks like it is kind of in the middle of what might be a forming ppz. Also this bar has no space above it it runs into all of those bar lows immediately to the left which is why price went there and stalled. This trade may work out in the end but above are the reasons I would pass. Hope that helps. DMC
Hey DMC, How would you define a swing low/high points, where then look for PA ? To me this looks like a decent swing low, the chart is not zoomed in or anything and thats a pretty decent retracement ..

Take Care
Dan
  • #127,932
  • Sep 26, 2013 5:04pm Sep 26, 2013 5:04pm
Quoting dan89
{quote} Hey DMC, How would you define a swing low/high points, where then look for PA ? To me this looks like a decent swing low, the chart is not zoomed in or anything and thats a pretty decent retracement .. Take Care Dan
Hey Dan

I agree with Dave

You aren't wrong that it's a swing low but the BUOB takes up all of that swing low leaving us with no space. So you basically are left with no room to work with and just a minor PPZ to work with. Not enough of a story in my book. Not really wrong in fact many would still take a retracement to the PPZ and a tight stop. This is why story is crucial for me. If price only engulfed the few small bars say closing at 1340 you have space to run to bar lows around 1360. The way it closes leaves us no room so it makes it tough to take and why I stress traffic vs space. In this case if I was forced to play that buob I would want a hard break and the bar lows to hold at 1360

Hope that helps
Mike
  • #127,933
  • Sep 26, 2013 7:30pm Sep 26, 2013 7:30pm
Quoting mbqb11
{quote} Hey Dan I agree with Dave You aren't wrong that it's a swing low but the BUOB takes up all of that swing low leaving us with no space. So you basically are left with no room to work with and just a minor PPZ to work with. Not enough of a story in my book. Not really wrong in fact many would still take a retracement to the PPZ and a tight stop. This is why story is crucial for me. If price only engulfed the few small bars say closing at 1340 you have space to run to bar lows around 1360. The way it closes leaves us no room so it makes it...
Mike, I did take this trade and I did take a loss there (I didn't even wait for minor retracement there). There was a room of around 15 points from 1361 to 1375 but positioning could be very tricky. I think it's probably me, but following news almost always tempt me to open position. I followed Bernanke's statement and felt confident since there will be no tapering for that moment, so I opened LONG the day after and that loss really hit me hard because I was in profit but I didn't lock it. I probably read too much to even include news into my trading, just Price Action is enough.

Yanuar
  • #127,934
  • Sep 26, 2013 11:44pm Sep 26, 2013 11:44pm
Hi one and all

Thought i would get some expert advice from here. Bellow is a screen shot of the EurNzd. Looks like a nice 2day pin of the 1.64 level and also of the edge of a larger box(highlighted). Was wondering if this is open for a short down to at least 1.61(close to the previous low or could we even target the 1.6 BRN. I am only asking because i am unsure of the space and haven't payed these continuation setups. The retracement from the high 1.72 is still some way of the 38% level and generally like to see retracement get to 38%+ for continuation play.


Any thoughts welcome
Rudolfo
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  • #127,935
  • Sep 27, 2013 1:30am Sep 27, 2013 1:30am
Quoting rudolfo
Hi one and all Thought i would get some expert advice from here. Bellow is a screen shot of the EurNzd. Looks like a nice 2day pin of the 1.64 level and also of the edge of a larger box(highlighted). Was wondering if this is open for a short down to at least 1.61(close to the previous low or could we even target the 1.6 BRN. I am only asking because i am unsure of the space and haven't payed these continuation setups. The retracement from the high 1.72 is still some way of the 38% level and generally like to see retracement get to 38%+ for continuation...
I almost took this trade off of the daily chart, If you switch to d1 youll see a nice baby pin that formed, but it was in a really nice location which happened to bounce right off the price box I had already drawn. I would have been 100 pips up right now but oh well.

Right now I think I would wait to enter this one. It is coming into an area of likely consolidation where it may bounce around for a while before making a decision. I'm waiting for something else to occur here.
  • #127,936
  • Sep 27, 2013 3:04am Sep 27, 2013 3:04am
Quoting rudolfo
Hi one and all Thought i would get some expert advice from here. Bellow is a screen shot of the EurNzd. Looks like a nice 2day pin of the 1.64 level and also of the edge of a larger box(highlighted). Was wondering if this is open for a short down to at least 1.61(close to the previous low or could we even target the 1.6 BRN. I am only asking because i am unsure of the space and haven't payed these continuation setups. The retracement from the high 1.72 is still some way of the 38% level and generally like to see retracement get to 38%+ for continuation...
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This is what I see. That's good we have that 2 days pinbar but it seems we have problems with the location and space. As you can see to the left of that pinbar, we only have so small space for it to breathe, the location can pose problems too because it looks like ranging to me. I think it would be good if it breaks that Fib Ret - Pivot confluence (the part marked by red line and Fib 38.2) then making a pinbar, to me it would be a confirmation to go SHORT.

Yanuar
  • #127,937
  • Sep 27, 2013 3:24am Sep 27, 2013 3:24am
Consecutive rise in UsdCad; Mike or the Seniors, is that a FTA (Aqua highlighted) I see?
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  • #127,938
  • Sep 27, 2013 9:22am Sep 27, 2013 9:22am
Mike, I have a question about stock trading. How do you deal with gaps? Gaps are the reason I don't trade stocks because I don't know what my risk is. I also find it difficult to make price action analysis on daily charts especially because of gaps. In forex if I see a gap I'm thinking maybe it will act as support/resistance but in stocks there are many gaps and I don't think it's good to think a gap will be support/resistance like forex.
Another question about stock trading is if technical analysis works as good as in forex (I have a feeling fundamental factors are much more important in stocks than forex and support and resistance aren't respected as much as in forex).
  • #127,939
  • Sep 27, 2013 10:53am Sep 27, 2013 10:53am
Quoting rudolfo
Hi one and all Thought i would get some expert advice from here. Bellow is a screen shot of the EurNzd. Looks like a nice 2day pin of the 1.64 level and also of the edge of a larger box(highlighted). Was wondering if this is open for a short down to at least 1.61(close to the previous low or could we even target the 1.6 BRN. I am only asking because i am unsure of the space and haven't payed these continuation setups. The retracement from the high 1.72 is still some way of the 38% level and generally like to see retracement get to 38%+ for continuation...
Hey R

Someone asked me about this on the PF
Here was my response and chart


When I teach I try to place a big emphasis on the difference b/w a pattern vs just a consolidation area. It obviously made the FTA but I think most would have got caught if they weren't around to move stops
----


Be careful with this one all you have is a trendline so that bigger box isn't a pattern just previous sideways market. THen to the downside we can see our FTA is very close which makes this tricky. So the key here is how much weight can we put on just that TL alone in this case without more confluence.
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  • #127,940
  • Sep 27, 2013 10:54am Sep 27, 2013 10:54am
Quoting fxbreeze
Consecutive rise in UsdCad; Mike or the Seniors, is that a FTA (Aqua highlighted) I see? {image}
Hey Breeze

FTA for what bar confirmation? Are you pointing a breakout of the multi bar high? If so then yes

Best
Mike
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