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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

  • #129,461
  • Jan 6, 2014 10:31pm Jan 6, 2014 10:31pm
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  • #129,462
  • Jan 6, 2014 10:45pm Jan 6, 2014 10:45pm
Quoting Neytiri
{image}
I spotted that this morning. Its interesting for sure. I like how price has been rejected off that former consolidation box and the 1.36 RN. I also like how price this morning has shown real hesitance in dropping under the LLS on the 4H.

I dislike the poor daily close (barely above the LLS) though. I also dislike how this bullish fake out setup is headed against a stronger bearish fake out that occurred earlier.

Now that's one mixed pie of goods and bads

g.
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I believe . . .
  • #129,463
  • Jan 7, 2014 4:08am Jan 7, 2014 4:08am
Quoting ghous
{quote} Yup! That hesitance to the downside was pointing north big time. Unfortunately, the bar that closed above the RN did a bit too much with that close so high above. I would have preferred my trigger to be a bullish bar with a close only slightly above the 1.74 RN. Still a good example of how to develop a strong story around your setups. Its all about confluence {image} g.
Since price closed too far away from the brn 175 on the 4 hour chart, why didn't you go down to a lower time frame (1 hour). There are so many confluence factors in play that you could have traded the pair on the hourly time frame.

Neytiri
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  • #129,464
  • Jan 7, 2014 4:09am Jan 7, 2014 4:09am
Quoting ghous
{quote} Hey Adam, I am guessing this is a touch trade? g.
What do you mean by touch trade?

Trade update:

First TP hit, SL moved to BE.

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Lose small, win BIG
  • #129,465
  • Jan 7, 2014 4:46am Jan 7, 2014 4:46am
Quoting Neytiri
{quote} Since price closed too far away from the brn 175 on the 4 hour chart, why didn't you go down to a lower time frame (1 hour). There are so many confluence factors in play that you could have traded the pair on the hourly time frame. Neytiri {image}
I could have but didn't choose to because I tend to my time frames separate. Meaning that when I am looking at a story on the 4H I try to find an entry on the 4H as opposed to going lower.

Initially I wouldn't hesitate to do that. The good bit was getting in earlier on trades at better prices with tighter stops but I realized that lower time frames would artificially amplify the quality of the setup by making it appear better than on the original time frame. For example a 4H mini swing becomes a MAJOR swing point on the 1H / 30min. There is also this logic that with a 4H story, using a lower TF bar close is obviously aggressive. For me it just didn't feel right.

Although the confluence factors were valid on any time frame here, the overall story made me wait for a 4H close above instead of jumping in on the 1H train. In hindsight, yes that would have been a profitable decision - but again hindsight is so perfect, its useless.

So for me, if I take a trade on the 1H I do so because of what I see on that TF and not what I see on a lower TF.

g.
I believe . . .
  • #129,466
  • Jan 7, 2014 4:46am Jan 7, 2014 4:46am
Quoting ProsteJa
{quote} What do you mean by touch trade? Trade update: First TP hit, SL moved to BE. {image}
I meant you didn't use a PA bar such as a pin bar or an outside bar there. You sort of just went with the downward flow?

g.
I believe . . .
  • #129,467
  • Jan 7, 2014 5:01am Jan 7, 2014 5:01am
A beautiful morning to y'all pals!
Got my eyes on some pairs dis morning and fortunately for me Ghous did justice to the E/U pair, giving me a lil confidence for haven seen things similarly and getting a confirmation from my top boss.
Here are the other two, please pals i need corrections where necessary.

thanx alota

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  • #129,468
  • Jan 7, 2014 5:12am Jan 7, 2014 5:12am
Quoting ghous
{quote} I meant you didn't use a PA bar such as a pin bar or an outside bar there. You sort of just went with the downward flow? g.
I traded it as false breakout to upside.This is a situation that happens very often at the start of second week of the year. Trades take profits first week of the year. Price gaps and then continue in its direction. When having a look on daily chart, it was a beautiful engulfing bar. H8 chart gave my trigger at better price with tigheter SL. I think it can be considered as usual PA pattern.
I use in my analysis corrective and impulsive waves to decide whether trend is present. In this case it was a perfect PA setup to enter and market flow is downward as you mentioned.
Im not sure if I explained it understandably....
Lose small, win BIG
  • #129,469
  • Jan 7, 2014 9:08am Jan 7, 2014 9:08am
Quoting mbqb11
snowed in here in NYC here is a nice chart a bunch of us are watching. you can watch it for shorts but I much prefer to see PA if we can get above this TL. THe most important part to this TL is the accuracy. {image}
this one broke out strong

No good PA entry for me. There was a close "wick" entry as I have discussed, but not quite good enough
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  • #129,470
  • Jan 7, 2014 9:37am Jan 7, 2014 9:37am
Quoting mbqb11
{quote} this one broke out strong No good PA entry for me. There was a close "wick" entry as I have discussed, but not quite good enough {image}
It will find its support... in the future
Lose small, win BIG
  • #129,471
  • Jan 7, 2014 9:52am Jan 7, 2014 9:52am
Quoting mbqb11
{quote} this one broke out strong No good PA entry for me. There was a close "wick" entry as I have discussed, but not quite good enough {image}
Hey Mike, could you please elaborate on the wick entry methodology?
Twitter @raitchev
  • #129,472
  • Jan 7, 2014 7:00pm Jan 7, 2014 7:00pm
Quoting raitchev
{quote} Hey Mike, could you please elaborate on the wick entry methodology?
Hey R

When I say "wick play" the idea is to use the wick of a bar to look to fill as the path of least resistance.

Here is an old chart from the PF for you. Think of the wick as previous absorbed orders. With the right confluence they can be a nice entry signal. The flexibility in trade mgmt is low on these so i use a reduced risk like a touch trade personally
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  • #129,473
  • Jan 8, 2014 12:19am Jan 8, 2014 12:19am
Quoting jibson007
I welcome myself and anyone just checking into the forum this year bck home and wish us all a profitable trading year. There is a potential long entry i am looking forward to on the GBPJPY. Price is obviously in a channel. IMO we are in a major up trend while price is retracing for a continuation. Looking for a long entry maybe in form of a fakeout trade off the PPZ to take in fresh orders clearly there is a BEOB sitting just above the BRN. if i am able to get in arnd the BRN with a tight SL i will probably hold the trade long term. I will love...
GBPJPY update...

could not get onto this trade because the first BEOB and the 2nd BEOB wasnt broken. i just needed price to stuck its noise out close to the BRN 170.00 and then take my entry but it didnt happen. However i am expecting price to still move higher with a little trouble at 173.00 and a major ceiling at 175.00. if i am holding this trade, i will just stay few pips below 171.00 RN above my entry to clear the 173 RN then move just few pips below once price can close strongly above the level. But remember nothing is certain. lets see what comes next


jibson007

may the odds be in your favor..
.
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Still trying to get to meet myself...
  • #129,474
  • Jan 8, 2014 3:17am Jan 8, 2014 3:17am
Quoting mbqb11
{quote} Hey R When I say "wick play" the idea is to use the wick of a bar to look to fill as the path of least resistance. Here is an old chart from the PF for you. Think of the wick as previous absorbed orders. With the right confluence they can be a nice entry signal. The flexibility in trade mgmt is low on these so i use a reduced risk like a touch trade personally {image}
Thanks! I've got it!
Twitter @raitchev
  • #129,475
  • Jan 8, 2014 3:21am Jan 8, 2014 3:21am
Now here are a couple of trades of mine that I took overnight.

First is AUCAD with a really nice strong close above the trendline and the .96 BRN
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Then there's that same wave but in the USDCAD. This one was much risky so stop is moved to BE already.
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All charts are Daily.
Both trades were with no great R:R, but ... heck, who cares. It's some easy money.
Twitter @raitchev
  • #129,476
  • Jan 8, 2014 2:29pm Jan 8, 2014 2:29pm
Any thoughts on the NZD/JPY daily??? It looks like two consecutive inside bars followed by the pin bar that rejected a BRN at 87.00

Of course the bar/candle hasn't closed yet, so lots could change, but for now it looks very promising. Anyone see something that I'm missing?
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  • #129,477
  • Jan 8, 2014 4:33pm Jan 8, 2014 4:33pm
Let's try this one
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  • #129,478
  • Jan 8, 2014 4:57pm Jan 8, 2014 4:57pm
Quoting fxpaulm
Any thoughts on the NZD/JPY daily??? It looks like two consecutive inside bars followed by the pin bar that rejected a BRN at 87.00 Of course the bar/candle hasn't closed yet, so lots could change, but for now it looks very promising. Anyone see something that I'm missing? {image}
Hi Paul,

Just my opinion, but this PB, though supported by a MACD divergence, is in a lot of traffic, faces an up TL, and (most important point to me), failed to close below 86.4 which is a month high (white candle).

Nogo for me - yet it may tun out to be very profitable

take care
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Slow & steady
  • #129,479
  • Jan 8, 2014 5:20pm Jan 8, 2014 5:20pm
Patapouer,

It does face traffic, but that traffic is at least 100 pips away. That TL is troubling, but why does the high from 9 months ago factor in? I mean, last month broke that high and I'm wondering what relevance the April high has to current PA. If this is basic information, please forgive me as I'm still somewhat new to the board.

Thanks
  • #129,480
  • Jan 8, 2014 5:38pm Jan 8, 2014 5:38pm
Quoting fxpaulm
Patapouer, It does face traffic, but that traffic is at least 100 pips away. That TL is troubling, but why does the high from 9 months ago factor in? I mean, last month broke that high and I'm wondering what relevance the April high has to current PA. If this is basic information, please forgive me as I'm still somewhat new to the board. Thanks
let me try and explain this.
I can"t tell you something 100% sure, just the way I try and read the chart
I have noticed the importance of HTF bar highs and lows. Price usually reacts to them.
Here, the 86.4 has been tested and broken, but if it had lost its importance, the current pinbar should have closed below.
don"t know if I make myself clear, it's getting late here, and I need some rest beofre my daughter's next bottle (2-3h...)

Regarding the distance and the traffic: I, personally, tend to avoid taking trades with too much traffic on the left. Been burnt a few times...
I've closed my MT4 so I'll give approximate numbers from the two charts.
85 in my view is very likely to induce a reaction. But, would I take the trade, I'd also be wary of the 85.5-something area, where you have a few D1 bar highs and lows.

Don't know if I cleared a bit ?

Anyway, please keep in mind that this is just my veiw of the chart. What suits you suits you, you have your game plan that fits you but may not suits me ( plus I'm no Mike or Ghous... )
Slow & steady
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