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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

  • #129,521
  • Jan 14, 2014 7:57am Jan 14, 2014 7:57am
Quoting fxpaulm
Mike, How does volume get used? I've not seen any mention of it, but I haven't read all the posts on this thread yet. If volume is used to some extent, then I assume for forex it would be tick volume? Thanks Paul
Mike-ock will be down to this in a flash but here's an earlier post from him you should find useful in the meantime.

http://www.forexfactory.com/showthre...me#post6465498

g.
I believe . . .
  • #129,522
  • Jan 14, 2014 8:33am Jan 14, 2014 8:33am
Quoting ghous
{quote} Mike-ock will be down to this in a flash but here's an earlier post from him you should find useful in the meantime. http://www.forexfactory.com/showthre...me#post6465498 g.
thanks my brotha
  • #129,523
  • Jan 14, 2014 8:49am Jan 14, 2014 8:49am
Thanks G.

That pretty much agrees with what I thought about volume and forex.
  • #129,524
  • Jan 14, 2014 9:53am Jan 14, 2014 9:53am
Hi,

can anyone throw me some light on how to play PB at support/resistance followed by an inside bar.

Not breaking the PB would typically invalidate the setup (i.e if it doesn't break the top) signal but the fact I have an IB seems to change this. I haven't found the exact answer in this vast thread although I'm sure its there.

I don't like IB on their own but the PB changes probability ??

I'm thinking the answer is the first PB remains valid, would appreciate some informed insight

thank you

PG
  • #129,525
  • Jan 14, 2014 10:40am Jan 14, 2014 10:40am
Quoting pgtips
Hi, can anyone throw me some light on how to play PB at support/resistance followed by an inside bar. Not breaking the PB would typically invalidate the setup (i.e if it doesn't break the top) signal but the fact I have an IB seems to change this. I haven't found the exact answer in this vast thread although I'm sure its there. I don't like IB on their own but the PB changes probability ?? I'm thinking the answer is the first PB remains valid, would appreciate some informed insight thank you PG
The Pin bar not breaking on the next bar doesn't invalidate the pin bar setup. Even on great setups price may require a breather before it decides to mobilize.

Talking about the situation you are talking about:

I think it would depend almost entirely on "whats going on around those two bars" as opposed to talking about such a situation in general. A big bold pin bar at a swing high headed for some clear cut target areas get's followed up by a small IB. I would rather vote for the IB as just a bar that strengthens the setup further. Here there is a heavy bias to one side, and price holding up for a breather could mean something big is on the way. The same situation occurring in the middle of a lot of a sideways action would be telling a different story altogether. In these situations you obviously prefer a good hard break early on or you can get chopped around pretty quick.

Also its always best to look at a setup holistically and not isolate bars. For example, seeing the IB I would either add or subtract from the pin bar setup that I am looking at and not go off on a tangent thinking about the IB independently as obviously the two are part of the same setup.

hope this helps.

g.
I believe . . .
  • #129,526
  • Jan 14, 2014 11:07am Jan 14, 2014 11:07am
Thank you g , helped me lots, I have always been unsure what to do with them, would hate to trash good entries
  • #129,527
  • Jan 14, 2014 1:24pm Jan 14, 2014 1:24pm
Since I have started disciplined scaling out on every single trade.

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That are only 8 trades and it couldnt be taken as statistically relevant, but this method really decrease DD.
Lose small, win BIG
  • #129,528
  • Jan 14, 2014 2:25pm Jan 14, 2014 2:25pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Here's a trade short I took today on AUDCAD. I moved to BE too quickly and got stopped out. Anyone else in this trade?
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  • #129,529
  • Jan 14, 2014 2:33pm Jan 14, 2014 2:33pm
Hi guys.
And where is Jarroo. He still replies in this thread?
  • #129,530
  • Jan 14, 2014 2:56pm Jan 14, 2014 2:56pm
Hi guys, very nice method, thanks to all. I just want to ask you where to get something like a manual with PA setups you use. Thank you!
  • #129,531
  • Jan 14, 2014 3:06pm Jan 14, 2014 3:06pm
Quoting vitall
Hi guys, very nice method, thanks to all. I just want to ask you where to get something like a manual with PA setups you use. Thank you!
Read the first post. There is everything you need to start to trade PA
Lose small, win BIG
  • #129,532
  • Jan 14, 2014 3:47pm Jan 14, 2014 3:47pm
Let me give this trade setup a try... and your feeback please :-)

USDJPY, what I see:
- bullish engulfing, close above previous high (it is still 90 minutes till midnight in CET when daily bar closes)
- key level , grey rectangle, we could say it was a false break of this support, too (I am sure lots of stops got hit) (this level also worked in 2008)
- overall uptrend, judging by looking at a chart, no EMAs needed to see this
- BRN, close above a Big Round Number of 104 (BRN as grey horizontal line)
- demand area, as a confluence, from S&D method, green box on chart , seems it worked , i.e. unfilled buy orders from previous upthrust got filled now, up

Possible trade plan:
- enter long at market (or limit order nearby just to get a bit better entry)
- emergency stop loss at a full bar plus a few pips (this makes is ~155 pips stop, last low)
- take profit at or a bit below first trouble area (orange box), just below a 105 BRN (~70 pips profit potential); alternatively scale out half at 105, half trail


What do you think?
I think I am going to give it a try... will wait an hour or so till the bar closes (midnight CET, 6pm EST).

Thanks in advance for any input.
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Michal9
  • #129,533
  • Jan 14, 2014 4:05pm Jan 14, 2014 4:05pm
It may be an overtrading symptom, but I also see something interesting on NZDUSD, would you like to comment?

What is see is:
- a pinbar (I don't like its bullish close, green candle)
- protruding the BRN of 0.84 (big round number) (grey horizontal line)

Possible trade plan:
- enter short on the break of the low of the pinbar (PB)
- emergency stop loss a few pips above the PB high (75 pips loss)
- TP (take profit) at FTA (first trouble area) in orange box on my chart (35 pips profit)

I am very curious to learn what others think.
Does this trade look high probability enough to justify a risking 75 pips to make 35 pips?

Thank you all!
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Michal9
  • #129,534
  • Jan 14, 2014 4:44pm Jan 14, 2014 4:44pm
Quoting michal9
Let me give this trade setup a try... and your feeback please :-) USDJPY, what I see: - bullish engulfing, close above previous high (it is still 90 minutes till midnight in CET when daily bar closes) - key level , grey rectangle, we could say it was a false break of this support, too (I am sure lots of stops got hit) (this level also worked in 2008) - overall uptrend, judging by looking at a chart, no EMAs needed to see this - BRN, close above a Big Round Number of 104 (BRN as grey horizontal line) - demand area, as a confluence, from S&D method,...
Hey M


Careful here as this isn't a BUOB. Remember a buob must have a lower low than the previous bars low. This could be a 2day pinbar but would be in a significant amount of traffic


I'd agree that either the 104 level holds as support or this one's headed back down. But being in such a tight box makes it tough for me to be a buyer . Very tight area to play within as your FTA is close just above(top orange line)

Best
Mike
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  • #129,535
  • Jan 14, 2014 4:46pm Jan 14, 2014 4:46pm
Quoting michal9
It may be an overtrading symptom, but I also see something interesting on NZDUSD, would you like to comment? What is see is: - a pinbar (I don't like its bullish close, green candle) - protruding the BRN of 0.84 (big round number) (grey horizontal line) Possible trade plan: - enter short on the break of the low of the pinbar (PB) - emergency stop loss a few pips above the PB high (75 pips loss) - TP (take profit) at FTA (first trouble area) in orange box on my chart (35 pips profit) I am very curious to learn what others think. Does this trade look...
Hey M

This is a pinbar but a rather weakly closing one for me in a very sideways market(notice a theme here). This trade plan makes a lot more sense though. As for risking 75 to gain 35, think back to my last post. If price breaks the low where would be a logical stop loss? Where has price already logically pulled back too?

Best
Mike
  • #129,536
  • Jan 14, 2014 5:21pm Jan 14, 2014 5:21pm
Hi guys,

i'm little late but happy new year to everybody.

What do you think of Silver?
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  • #129,537
  • Jan 14, 2014 5:28pm Jan 14, 2014 5:28pm
Hi,
Mike (or anyone else), Iīd like to know your opinion on this one. Itīs EURCHF. Hereīs what I see. Price broke the trendline, retraced back and now we have a BUOB, FTA marked in orange. In the end I didnīt take it because itīs EURCHF and itīs choppy as hell. Still I would like to know what do you think about it.

Mav
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  • #129,538
  • Jan 15, 2014 1:33am Jan 15, 2014 1:33am
Hello people. Can you say to me some words about round numbers?
Example usdjpy 4h chart

Attached Image


double top, beob, divergence - i think good setup, but 105 under beob confused me.
Or not always round number must be considered as a barrier level? Only if it line up with PPZ, s/r, fibo, ma?
and in this case could ignore this level? Thanks
  • #129,539
  • Jan 15, 2014 1:50am Jan 15, 2014 1:50am
Quoting ghous
{quote} Mike-ock ....
lol took me about half hour to figure this out ...

Dan
  • #129,540
  • Jan 15, 2014 4:47am Jan 15, 2014 4:47am
Quoting aioico
Hi guys, i'm little late but happy new year to everybody. What do you think of Silver? {image}
Hi aioico,
hereīs my opinion. The bar itself is relatively small and the nose doesnīt protrude much above highs of other bars or the trendline. Right now weīre in consolidation so thereīs not much space. So based on this it would be no trade for me. When you enter such trade, you should move your stop to BE pretty quick. But i think that this area is not that bad, you have here trendline (marked green) and it had some importance in past (marked orange). Anyways, just my opinion. Still in the learning process.

Mav
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