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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

  • #128,961
  • Nov 26, 2013 6:33am Nov 26, 2013 6:33am
Quoting jibson007
Hi guys, Mike and Ghous i will like to get more information on the following: Why do we look for big Candle PA to appear b4 we take trades as opposed to catching the beginning of the 100-120 point move of the PA candle. Could it be that we are looking for a sign indicating a lot of traders/volume participating in the trade at the most recent moment i.e. a tip off from the market which could eventually draw the attention of more trader's willing to participate which could probably create a continuity in the order flow imbalance to further push the...
Hey Jib,

There is a variation of trading PA where you try and get at the source of the action by taking a "blind" or a "touch" trade. Its called so because you're anticipating a bounce there without seeing any PA bar to add to the story. Its advantageous because it helps you get in at a better price but the demerits include its aggressive nature which means a lower strike rate. You need a system that will find itself on top despite taking multiple hits. Some people have ventured down this road and touch trade very successfully.

It depends really on what personally defines you as a trader and whether you would want to wait for a clear direction through a PA bar or try and anticipate it before it comes and in turn accept the added risk that you're taking on in doing that.

The reason behind waiting for your big strong PA bars to close before placing orders is of course, that we are waiting for that tip off in our favor. Yes that gets you at a poorer price than if you had touch traded but it really is the "cost of acquiring that additional information".

In the end neither is cooler or better or more effective than the other. What makes a method work or not work for you is simply dependent on whether your attitude and your mindset allows you to adjust and adapt.

g.
I believe . . .
  • #128,962
  • Edited 7:00am Nov 26, 2013 6:34am | Edited 7:00am
Quoting Albatross29
Well I ended up going with this one, was just triggered a few minutes back. Will be interesting to see how this one performs. {image}
Agree with Raitchev there,

Seeing you taking that small pin has made me cringe. Yikes!

g.
I believe . . .
  • #128,963
  • Nov 26, 2013 7:00am Nov 26, 2013 7:00am
Quoting Neytiri
Hey Ghous, COFFEE This is a trade that I am planning to take today. Actually, this was on my radar three weeks ago. I was almost going to go long, but you reminded me that the LLS was from a swing low that was far away and hence the need to wait for additional confirmation. I did that. I have described the story as it panned out. What are your thoughts on this trade? Is it worth taking? Neytiri {image} {image}
Hey N,

It certainly has more of a story to it than last time but still not good enough for me as 1) we didn't penetrate the LLS by much and 2) we haven't yet seen a retest of the LLS.

Like I said though, more story to it this time.

Best of luck with trade.

g.
I believe . . .
  • #128,964
  • Nov 26, 2013 9:21am Nov 26, 2013 9:21am
Just caught this rather nice 8H pin on USDSEK. Off 6.5500 RN, 38 fib of the move, with divergence and both EMAs beneath it. Not A+++ by any means, but in my mind, another example of the market setting itself up prior to a news/data release.
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When the going gets weird, the weird turn pro.
  • #128,965
  • Nov 26, 2013 9:25am Nov 26, 2013 9:25am
Quoting jibson007
Hi guys, Mike and Ghous i will like to get more information on the following: Why do we look for big Candle PA to appear b4 we take trades as opposed to catching the beginning of the 100-120 point move of the PA candle. Could it be that we are looking for a sign indicating a lot of traders/volume participating in the trade at the most recent moment i.e. a tip off from the market which could eventually draw the attention of more trader's willing to participate which could probably create a continuity in the order flow imbalance to further push the...
Hey Jib


Bar size is simply one way to filter out what the market is doing. Bar size alone is NOT enough in my view. So the basics are it's harder to create a bigger bar than a small bar. Meaning you need more of something to occur in the market place to change price in a larger manner than the norm(or say the avg of last X amount of bars). This in turn means something bigger happened in the market place. When you combine that new piece of information with other information you use, you can put yourself in a REALLY good spot to profit in the long run . I always say this. It's not bad to take the smallest bar or better to take the biggest bar. But the person who is trying to take the smallest bar and doesn't understand trading is going to get killed. Simply because they will over trade because most bars are small rather than large. So every single bar is going to look "interesting" to the novice.


Hope that helps
Mike
  • #128,966
  • Nov 26, 2013 11:34am Nov 26, 2013 11:34am
Quoting ghous
{quote} Agree with Raitchev there, Seeing you taking that small pin has made me cringe. Yikes! g.
Yeah this was not one of mt finest hours. All I can say is at least it was still in demo. Had a chance to move it to BE at one point but didn't and got crushed.

Obviously I still have plenty to learn.
  • #128,967
  • Nov 26, 2013 11:47am Nov 26, 2013 11:47am
Quoting Albatross29
{quote} Yeah this was not one of mt finest hours. All I can say is at least it was still in demo. Had a chance to move it to BE at one point but didn't and got crushed. Obviously I still have plenty to learn.
mistakes are good alb, you should be happier for each mistake you make and learn from. It's a beautiful thing I promise

Mike
  • #128,968
  • Nov 26, 2013 11:52am Nov 26, 2013 11:52am
Quoting mbqb11
{quote} mistakes are good alb, you should be happier for each mistake you make and learn from. It's a beautiful thing I promise Mike
That is how I am looking at it Mike. Took me years to get my golf game to scratch and this is every bit as difficult as golf. As long as I am learning from what I did wrong I will chalk it up as a win while still in demo.
  • #128,969
  • Nov 26, 2013 1:28pm Nov 26, 2013 1:28pm
Can I get some feedback on this chart. Pro's and cons. Looks like a BEOB that has pierced the 89 and 150 EMA and is working through the .500 daily Fib level. My concern is the 92.000 level and all of the previous support that has built up there. Am I right in thinking that this is a pass due to that level and that a break below the 92.00 level would be a better entry?

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  • #128,970
  • Edited Nov 27, 2013 12:39am Nov 26, 2013 1:48pm | Edited Nov 27, 2013 12:39am
one i am watching nzdcad
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  • #128,971
  • Nov 26, 2013 2:11pm Nov 26, 2013 2:11pm
Quoting Albatross29
Can I get some feedback on this chart. Pro's and cons. Looks like a BEOB that has pierced the 89 and 150 EMA and is working through the .500 daily Fib level. My concern is the 92.000 level and all of the previous support that has built up there. Am I right in thinking that this is a pass due to that level and that a break below the 92.00 level would be a better entry? {image}
hi alb be wary of the heavy traffic below.
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  • #128,972
  • Nov 26, 2013 2:21pm Nov 26, 2013 2:21pm
Quoting albus999
{quote} hi alb be wary of the heavy traffic below. {image}
Right agreed Albus, I was thinking the same thing. My thoughts were that a break below the 91.50 level would be the only way to confirm that the traffic you pointed out there had been passed.
  • #128,973
  • Nov 26, 2013 2:50pm Nov 26, 2013 2:50pm
Perfect TL on GOLD
Looking for reversal.
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If not up, then down, otherwise sideways :-)
  • #128,974
  • Edited 3:21pm Nov 26, 2013 2:55pm | Edited 3:21pm
Hello guys,

This is my very first post here on FF. I have been trading for about 5 years. I had no idea group of traders trading very similar methodology exist. I am happy to share my trades with you.

http://i.imgur.com/Kickl4T.png

I opened this trade on yesterday's close. I havent check it since yesterday. Im short on this pair (USDCAD).
Lose small, win BIG
  • #128,975
  • Nov 26, 2013 5:08pm Nov 26, 2013 5:08pm
I opened one of that "intuition trade" on AUDJPY.

http://i.imgur.com/PsW9Ump.png
Lose small, win BIG
  • #128,976
  • Nov 26, 2013 10:24pm Nov 26, 2013 10:24pm
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  • #128,977
  • Nov 27, 2013 12:05am Nov 27, 2013 12:05am
Quoting ProsteJa
Hello guys, This is my very first post here on FF. I have been trading for about 5 years. I had no idea group of traders trading very similar methodology exist. I am happy to share my trades with you. {image} I opened this trade on yesterday's close. I havent check it since yesterday. Im short on this pair (USDCAD).
Hey P,

Glad to have you on board

We were actually talking about the USD/CAD earlier that it was a pin bar headed into a lot of traffic and also back into that resistance trend line it broke out of as well as the big round number.

Too much to fight with IMHO.

Again a very warm welcome and I do hope you'll find yourself at home here.

g.
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I believe . . .
  • #128,978
  • Nov 27, 2013 12:14am Nov 27, 2013 12:14am
Quoting Neytiri
{image}
Hey N,

A long there is seriously against the daily story here with that daily close being under all the confluence factors.

That said, I do love how price repeatedly got rejected at the LLS on the 4H. At the same time, could it be that the resulting bounce has already hit its target or would it provide the muscle to push through all of the heavy daily bearish story?

Enough of a serious doubt for me. This could well go higher but if it doesn't I know for a fact it won't surprise me.

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g.
I believe . . .
  • #128,979
  • Nov 27, 2013 12:41am Nov 27, 2013 12:41am
Quoting Albatross29
{quote} Right agreed Albus, I was thinking the same thing. My thoughts were that a break below the 91.50 level would be the only way to confirm that the traffic you pointed out there had been passed.
i would be careful with it and very tight
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  • #128,980
  • Nov 27, 2013 2:52am Nov 27, 2013 2:52am
Quoting ghous
{quote} Hey N, A long there is seriously against the daily story here with that daily close being under all the confluence factors. That said, I do love how price repeatedly got rejected at the LLS on the 4H. At the same time, could it be that the resulting bounce has already hit its target or would it provide the muscle to push through all of the heavy daily bearish story? Enough of a serious doubt for me. This could well go higher but if it doesn't I know for a fact it won't surprise me. {image} {image} g.
Hey Ghous,

Thanks for pointing that out. Here's another fakeout scenario ... thought you might like it. I completely missed the trade .

Neytiri
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