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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

  • #135,141
  • May 28, 2015 8:36am May 28, 2015 8:36am
What is your strategy for setting S/R levels?

I currently go up to the monthly , switch to line chart, and draw lines on major reversals on consolidations. Then I go down to weekly, and daily.
For recent S/R levels, I just look left (I use this for TPs), but I always find the good formations (pinbars, beob,buob, etc) just on the S/R, preventing me taking the trade, just to see that it goes in the direction the PA indicated.
Is this approach correct?

I always see zamfir's, habeeb's, guitarbloke's charts so clean that I don't know if my approach is the correct on this critical thing.

Thanks in advance
Had to be me. Someone else might have gotten it wrong.
  • #135,142
  • May 28, 2015 8:55am May 28, 2015 8:55am
Quoting mordin
{quote} Nice trades on H1! Nothing for me on H4 today so far. BTW guys, do you use or think it is a good idea, to use an indicator that draws S&R/S&D levels? I currently have a couple on my charts, and I'd like to know your opinion. Levels seem to be precise, sometimes they hold, sometimes not like all levels. They help a lot to spot levels I could miss. EDIT: Damn, I'm passing onto some trades, because I see PA for example above a support, and bam, it goes down, and viceversa. So frustrating!!
Hi,

Just wrote a post and my computer closed the tab. damn thing, im getting too old for tech stuffs...

Anyway.

I personally found that using my eye, brain and discretion to spot the levels was quite a positive experience. It really helps defining the most important levels - and it alos helped me NOT blaming a stupid indy for spotting a level that was supposed to hold...

I've seen somewhere in this thread someone stating that even a line might induce a bias in one's analysis of price reaction at the marked level. There may be a line on your chart, but, in short, the market doen't really care...

The "clues" I use to mark putative S/R levels are: closest bars hi/lo, higher TF bars H/L, most obvious levels when zooming out.
And confluence.
And the behaviour of price at these levels

Hope this is of any help
Slow & steady
  • #135,143
  • May 28, 2015 8:56am May 28, 2015 8:56am
Quoting Kershey
.... Then this nice USD-ZAR short setup popped up, daily pinbar at a trendline. ....{image} {image} {image}
so, you took this trade because of the pinbar and the trendline.
first, this pinbar is weak. it doesn't have a long nose. it is even smaller than the previous bar.
second, drawing trendlines is very very difficult imho. i for myself don't have much confidence in trendline anymore. in your example, there is no trend and therefore no trendline. the market is going sideways since march 2015.
hth
meine augen sind die sterne
  • #135,144
  • May 28, 2015 9:19am May 28, 2015 9:19am
@ Donaciello: [/sarc]2
The story for me here was: TL with pin, 3 week high, negative US GDP forecast.
In retrospect the error here was to enter at BRN of 12.000.
Also the USD-TRY pin short setup, which was posted earlier here I think,
nearly broke yesterdays high.
  • #135,145
  • May 28, 2015 10:47am May 28, 2015 10:47am
Quoting Kershey
@ Donaciello: [/sarc]2 The story for me here was: TL with pin, 3 week high, negative US GDP forecast. In retrospect the error here was to enter at BRN of 12.000. Also the USD-TRY pin short setup, which was posted earlier here I think, nearly broke yesterdays high.
I know fundamentals influence the market and news events are to watch out for; let's ditch the neg. GDP forecast, since I wanted to focus on the Tech. here

It leaves you with a pin in the very middle of a range, and TL's need three touches for confirmation.
After it touched 3 times, you can wait for PA to interact.
This pinbar was supposed to be the third touch, but it wasn't a goodlooking touch.
You can give a TL leeway, if you have many more touches.

As for the 3 week high, that depends on what you are comfortable with.
I was short on USD/TRY yesterday, and my SL got hit mre hours later.
We all have losers among our trades.

stay patient for the next one, who knows, it may go better!
It's a sport, an artform and a science.
  • #135,146
  • Edited 11:45am May 28, 2015 11:26am | Edited 11:45am
USD/CAD.

The location is good, as was pointed out very recently.
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Currently it's showing divergence on the H4 and if it closes as a BEOB (and reaches below 1.2445) on the H4, I'd be very interested in a short.
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EDIT: for Kershey

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It's a sport, an artform and a science.
  • #135,147
  • May 28, 2015 11:59am May 28, 2015 11:59am
Quoting patapouer
{quote} Hi Jon, I've been recently watching developing on H4/H1 some trades I was in. I couldn't help noticing the triangle consolidation / break out pattern you detailed in your other threads. It is amazing how simple but effective it is especially when coupled with higher timeframes S/R levels I found it very comfortable to add some low risk positions to the trade I was in, just to add a few extra pips here and there. Can't say the breakout point is never re-tested, but the few ones that are not stopped at breakeven are quite nice thanks...
, yeah i think simple is always best.

your welcome, glad you found it useful. never here any more but i will be continuing with that approach(and thread) when i am.

jon
PATIENCE... DISCIPLINE
  • #135,148
  • May 28, 2015 1:08pm May 28, 2015 1:08pm
Shorted USD/CAD @ 1.2442 from the aggregated H4 BEOB.

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It's a sport, an artform and a science.
  • #135,149
  • May 28, 2015 1:37pm May 28, 2015 1:37pm
Also short USD/CAD from a pin on my feed
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  • #135,150
  • May 28, 2015 1:46pm May 28, 2015 1:46pm
Quoting tlindle
Also short USD/CAD from a pin on my feed {image}
Nice one!

Almost @ BE by now (Risk reduced by 91,8%)
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It's a sport, an artform and a science.
  • #135,151
  • May 28, 2015 2:10pm May 28, 2015 2:10pm
GbpNzd
This pair has been crazy lately, but eventually throwing up a nice setup. 4hr Pin bar. Expecting a close below the pink area.
Hope you guys caught it.
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Keeping it Simple
  • #135,152
  • May 28, 2015 2:23pm May 28, 2015 2:23pm
Quoting habeeb
GbpNzd This pair has been crazy lately, but eventually throwing up a nice setup. 4hr Pin bar. Expecting a close below the pink area. Hope you guys caught it. {image}
Hey habeeb,

Nice pin, you have me wondering, how did the BEOB at a crappy location and the small size of the PB compared to it, factor into this position?
And finally, I extended your FTA a bit further and see it's quite a beauty, isn't that where you want to be out?
Additionally, nice divergence!

Attached Image (click to enlarge)
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It's a sport, an artform and a science.
  • #135,153
  • May 28, 2015 3:40pm May 28, 2015 3:40pm
Quoting Donaciello
{quote} Hey habeeb, Nice pin, you have me wondering, how did the BEOB at a crappy location and the small size of the PB compared to it, factor into this position? And finally, I extended your FTA a bit further and see it's quite a beauty, isn't that where you want to be out? Additionally, nice divergence! {image}
Hi Donaciello,
which BEOB and PB you referring to. I'd prefer this pin over the BeOB of a few bars back. This pin has space, long nose campared to it's body, comes off a resistance area, and closes below the previous bars close. This PB could be seen has the right-shoulder of a head-&-shoulders formation.

The pink line is where I've taken some profit. A close below it, preferably below 2.1275, will indicate that the FTA will now be resistance. Probably another opportunity to short, if price should retest it, should we get a close below it.

Habeeb
Keeping it Simple
  • #135,154
  • Edited 4:49pm May 28, 2015 4:37pm | Edited 4:49pm
Quoting habeeb
{quote} Hi Donaciello, which BEOB and PB you referring to. I'd prefer this pin over the BeOB of a few bars back. This pin has space, long nose campared to it's body, comes off a resistance area, and closes below the previous bars close. This PB could be seen has the right-shoulder of a head-&-shoulders formation. The pink line is where I've taken some profit. A close below it, preferably below 2.1275, will indicate that the FTA will now be resistance. Probably another opportunity to short, if price should retest it, should we get a close below it....
Indicated the BEOB at a bad location I was talking about with the white arrow.
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Edit: I see what happened here , I meant BUOB!
It's a sport, an artform and a science.
  • #135,155
  • May 28, 2015 5:19pm May 28, 2015 5:19pm
Quoting Donaciello
{quote} Indicated the BEOB at a bad location I was talking about with the white arrow. {image} Edit: I see what happened here , I meant BUOB!
The location of the BuOB is not too bad... it's right on the trendline. But the size is too big for my liking, unless price retraced to the blue area - 2.1250 area, I would have gone long.
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Keeping it Simple
  • #135,156
  • May 28, 2015 5:35pm May 28, 2015 5:35pm
Quoting habeeb
{quote} The location of the BuOB is not too bad... it's right on the trendline. But the size is too big for my liking, unless price retraced to the blue area - 2.1250 area, I would have gone long. {image}
I see Habeeb.
Personally, I drew the trendline off the lows and the BUOB seemed to be floating right in the middle.
Moved up a bit it does look better.
It's a sport, an artform and a science.
  • #135,157
  • May 29, 2015 1:00am May 29, 2015 1:00am
Quoting Kershey
Yeah Iam so happy. Fortunately I could catch a new loosing trade. For days i did not trade and looked for a setup with patience, what a great effort. Then this nice USD-ZAR short setup popped up, daily pinbar at a trendline. Stop loss right above the last 3 week and yesterdays highs. And since the USD GDP is forecasted to decline and unemployement claims increase, the demand for dollars is firm. Yes. Firm to produce the strongest 4H up bar in 3 weeks and a new 3 week high, wonderful. Sometimes it feels like there are only two trades to choose from...
Hey Kershey. My beginners impression here is that the PB 10 bars back on the daily chart worked out and that was close to same level your failed PB was at. So at first glance, understandable you'd think it'd go south. The difference I see between the two though is the strong, decisive bullish price action a few bars before failed PB. Different PA story with the PB 10 bars back where preceding bars were ranging and more indecisive. Could've also just been a little unlucky. Stick with it friend.

USD/CAD D1. Nice PB on daily and BEOVB on 4H. I will wait, as price is trading straight into BRN S/R level 1.24000. Price has also recently broken through this level and closed above it, even though we now have bearish signal. May well break through, but proceeding with rare patience and uncharacteristic caution here for now. G

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'Fail to plan, plan to fail'
  • #135,158
  • May 29, 2015 1:47am May 29, 2015 1:47am
Nice breakout. .
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  • #135,159
  • May 29, 2015 2:46am May 29, 2015 2:46am
Quoting Guitarbloke
{quote} Hey Kershey. My beginners impression here is that the PB 10 bars back on the daily chart worked out and that was close to same level your failed PB was at. So at first glance, understandable you'd think it'd go south. The difference I see between the two though is the strong, decisive bullish price action a few bars before failed PB. Different PA story with the PB 10 bars back where preceding bars were ranging and more indecisive. Could've also just been a little unlucky. Stick with it friend. USD/CAD D1. Nice PB on daily and BEOVB on 4H....
I took it, my pending order got triggered and I'm in (took the D1 PA setup). Let's see how it goes. Confluence seemed good to me. Rejection from TL, two fibs from two swings and in good area.
Had to be me. Someone else might have gotten it wrong.
  • #135,160
  • Edited 4:19pm May 29, 2015 5:32am | Edited 4:19pm
All the best with it Mordin. USD/CAD H1 BUOVB. Long. See how she goes.

EDIT: 1st target hit. BE.

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GBP/NZD H1 Sell. Moving down nicely. 1st target hit. Be.

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GBP/JPY H4. BEOVB Sell.

EDIT: Stopped out for a loss. Uptrend still in progress. Am now long and in small profit.

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'Fail to plan, plan to fail'
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