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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

  • #133,401
  • Dec 16, 2014 12:26pm Dec 16, 2014 12:26pm
Quoting jr241
Potential setup on this beob on the eurjpy. I'm only looking to trade this if price closes below those previous bar lows (blue line). A good amount of space to the left, but like I say, it's gotta close below those bar lows for me {image}

I would trade if price goes below 145.96 so that gets me to break even. But price movements are less reliable with JPY iwhen compared to EU or british pound so I will be careful.
  • #133,402
  • Dec 16, 2014 1:46pm Dec 16, 2014 1:46pm
There is a lot of interest in trading XOM right per some websites. When I checked the there is some PA but we have an FTA at 90 and if it breaks that there may be some movement but since oil is in a flux ...one has to be careful.
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  • #133,403
  • Dec 16, 2014 1:51pm Dec 16, 2014 1:51pm
GILD is reaching major support and BRN 100. I would watch this for some PA.
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  • #133,404
  • Dec 16, 2014 2:07pm Dec 16, 2014 2:07pm
Quoting zk74
{quote} Great!!!
Thanks, and PA has spoken - look at this PB If things stay like this until close ( 2 hours time with my broker ), then I think I'll be going long. Will look across all JPY pairs for best entries and position sizes.

Even though this is a great pinbar, will have to be careful as the yen has been a bit crazy recently! Will be minimising risk quickly if I get any positive moves. Although expecting retrace to start with as this has shot up today.

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,405
  • Dec 16, 2014 2:17pm Dec 16, 2014 2:17pm
Quoting prasad99
I have one question about Fibonacci levels. Do those levels form naturally on price charts or because traders and big banks use them in the charts and thus they form on the chart. There is a difference between the two. If those levels form naturally arising from the nature of trading itself then that is something.
Bit of a chicken and egg question! Although Fibonacci phenomena in nature are quite fantastic. There is a great book that demonstrates Phi - a ratio intimately tied with Fibonacchi numbers and well worth a read if you are interested - 'The Golden Ratio' by Mario Livio.

My humble opinion would be that the pattern of buying and selling - determined by the physcology of the crowd - being represented by the Fibonacci sequence is a natural phenomenon

I have no evidence whatsoever to back this opinion up
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,406
  • Dec 16, 2014 2:43pm Dec 16, 2014 2:43pm
Quoting Berserker
{quote} Bit of a chicken and egg question! Although Fibonacci phenomena in nature are quite fantastic. There is a great book that demonstrates Phi - a ratio intimately tied with Fibonacchi numbers and well worth a read if you are interested - 'The Golden Ratio' by Mario Livio. My humble opinion would be that the pattern of buying and selling - determined by the physcology of the crowd - being represented by the Fibonacci sequence is a natural phenomenon I have no evidence whatsoever to back this opinion up

I have read one by Constance Brown on Fib analysis a while ago. I used to try FIB during beginning when I worked trend trading methods and after coming here have not got the chance to revisit FIB. The book by Constance Brown is available at all book stores in US. Seems like it is hard to use it effectively(as a main driver of the trade) though not that much if we are just using it for some confluence.

I should see if I can use it to add some confluence to PA. BUt I am looking into price levels now so dont want to get into too many things.

May be it is bit of a natural phenomenon and then reinforced by traders. I am not sure how effective is that tool.
  • #133,407
  • Dec 16, 2014 2:56pm Dec 16, 2014 2:56pm
Quoting Berserker
{quote} Thanks, and PA has spoken - look at this PB If things stay like this until close ( 2 hours time with my broker ), then I think I'll be going long. Will look across all JPY pairs for best entries and position sizes. Even though this is a great pinbar, will have to be careful as the yen has been a bit crazy recently! Will be minimising risk quickly if I get any positive moves. Although expecting retrace to start with as this has shot up today. {image}

Exactly...yen is very fickle minded...I would move the stop loss to break even first.
  • #133,408
  • Dec 16, 2014 3:15pm Dec 16, 2014 3:15pm
This is a nice trade and price movement given the choppiness of yen if somebody has taken the trade at 105.
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  • #133,409
  • Dec 16, 2014 3:53pm Dec 16, 2014 3:53pm
Quoting Berserker
{quote} Bit of a chicken and egg question! Although Fibonacci phenomena in nature are quite fantastic. There is a great book that demonstrates Phi - a ratio intimately tied with Fibonacchi numbers and well worth a read if you are interested - 'The Golden Ratio' by Mario Livio. My humble opinion would be that the pattern of buying and selling - determined by the physcology of the crowd - being represented by the Fibonacci sequence is a natural phenomenon I have no evidence whatsoever to back this opinion up
Hi Berserker, why you don't use the violet baseline fr FIBONACCI lines ?
cheers
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  • #133,410
  • Dec 16, 2014 4:03pm Dec 16, 2014 4:03pm
Quoting prasad99
{quote} Exactly...yen is very fickle minded...I would move the stop loss to break even first.
Didn't take it. Price dropped over last hour and not a proper PB now.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,411
  • Dec 16, 2014 4:05pm Dec 16, 2014 4:05pm
Quoting Xamarass
{quote} Hi Berserker, why you don't use the violet baseline fr FIBONACCI lines ? cheers {image}
Maybe a misunderstanding on my part for Fib lines, but I have always thought they are valid from any price base.

Taking from the purple line indicated on your chart would give confluence with the 38% line. But this pair didn't form a proper pinbar on close anyhow, so not taking the order.

Please let me know if I'm wrong re. Fib placements!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,412
  • Dec 16, 2014 4:16pm Dec 16, 2014 4:16pm
Hi
my pending orders for today
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  • #133,413
  • Dec 16, 2014 10:13pm Dec 16, 2014 10:13pm
Quoting segas
Hi my pending orders for today {image} {image} {image} {image}
What's your logic behind your first chart? I see there a pinbar on retrace, a sell signal.
  • #133,414
  • Dec 16, 2014 11:47pm Dec 16, 2014 11:47pm
Aussie testing the major lows on a few charts ..here is AUDNZD monthly chart. I will look out for PA here.
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  • #133,415
  • Dec 17, 2014 2:47am Dec 17, 2014 2:47am
Quoting Dovilo
{quote} What's your logic behind your first chart? I see there a pinbar on retrace, a sell signal.
Sorry, on chart my old order. This screen was not supposed to get here )))
  • #133,416
  • Dec 17, 2014 7:26am Dec 17, 2014 7:26am
Quoting prasad99
Aussie testing the major lows on a few charts ..here is AUDNZD monthly chart. I will look out for PA here. {image}
Indeed, got my eye on the AUDNZD daily Any good bearish PA and I'll be looking to go short.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,417
  • Dec 17, 2014 9:31am Dec 17, 2014 9:31am
Quoting Berserker
{quote} Indeed, got my eye on the AUDNZD daily Any good bearish PA and I'll be looking to go short.
I might be wrong but isn't that the opposite direction of J16 and Mike would trade? (At least for me as a beginner)
  • #133,418
  • Edited 10:19am Dec 17, 2014 10:18am | Edited 10:19am
Quoting Verbal
{quote} I might be wrong but isn't that the opposite direction of J16 and Mike would trade? (At least for me as a beginner)
This confused me at the beginning, but it's something that I think I've got to grips with.

The PA itself isn't as important when I'm taking a trade compared to what's going on around the trade. To use the AUDNZD as an example, it has been in a big down trend now for 6 weeks now. Look at the weekly and monthly charts for further confirmation of this.

If there is bullish PA, i wouldn't jump in as it's going against a strong downtrend, unless I got a really strong signal, like a HUGE pinbar. This caution of course means I may miss a big move up, but so be it. I've been burnt trading against the trend to many times

If we get a bearish PA signal, then I would probably take that ( depending on strength of signal ), although I would be very careful with stops as there's a good chance of a retrace back to the SR.

TLDR - I don't like going against the trend. I prefer to take PA in the direction of the trend, on retraces. This is different to what a lot of people do, but what I find works for me.

Hope that makes sense, and I am still very much a novice myself, so take it all under advisement I'm sure other more experienced people will have differing opinions!

Thanks!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,419
  • Dec 17, 2014 10:57am Dec 17, 2014 10:57am
Quoting Berserker
{quote} This confused me at the beginning, but it's something that I think I've got to grips with. The PA itself isn't as important when I'm taking a trade compared to what's going on around the trade. To use the AUDNZD as an example, it has been in a big down trend now for 6 weeks now. Look at the weekly and monthly charts for further confirmation of this. If there is bullish PA, i wouldn't jump in as it's going against a strong downtrend, unless I got a really strong signal, like a HUGE pinbar. This caution of course means I may miss a big move...

Berserker

I agree with you on this as there is a lot of discretion involved while taking these trades. The strength of the pin bar is relative to the story on the chart.
  • #133,420
  • Dec 17, 2014 10:59am Dec 17, 2014 10:59am
The reuters news feed. I think that is quite a bit of money involved in this market.

"JPMorgan said in a note that a relentless slide in oil prices was pushing up yields on U.S. lower-rated bonds, boosting volatility in currency markets and hurting overall liquidity in the $5.5 trillion a day market."
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