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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

  • #3,621
  • May 14, 2007 9:24am May 14, 2007 9:24am
Hi everyone,

I was wondering if you could let me know how you guys would have played the DBHLC on the attached chart? Specifically, would you have entered at the send bar or entered on a retracement of the next bar?
The second way would have led to a loss...

Thanks

http://img292.imageshack.us/my.php?i...sddbhlcue0.gif
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  • #3,622
  • May 14, 2007 9:45am May 14, 2007 9:45am
Quoting x2012
I was wondering if you could let me know how you guys would have played the DBHLC on the attached chart? Specifically, would you have entered at the send bar or entered on a retracement of the next bar?
The second way would have led to a loss...
Hi x2012,

This is not a DBHLC.

The close must be LOWER than the lowest point of the previous bar.

Tom
  • #3,623
  • May 14, 2007 9:47am May 14, 2007 9:47am
x2012 - That is not a DBHLC, the bar did not close below the low of the previous bar so it is not a valid setup. The bars are also (by the looks of it) not matching highs, they need to be exact to the pip on the 4hr chart to class as a DBH.

Mike
  • #3,624
  • May 14, 2007 10:04am May 14, 2007 10:04am
Quoting MIG
x2012 - That is not a DBHLC, the bar did not close below the low of the previous bar so it is not a valid setup. The bars are also (by the looks of it) not matching highs, they need to be exact to the pip on the 4hr chart to class as a DBH.

Mike
Thanks Wizard and Mike. The whole time I was under the impression that the close of the second bar has to be lower than the close of the previous.

I guess my next question is, does it actually meet any other Price Action criteria? It seems to be just about a bearish engulfing then?
  • #3,625
  • May 14, 2007 10:11am May 14, 2007 10:11am
Quoting x2012
Thanks Wizard and Mike. The whole time I was under the impression that the close of the second bar has to be lower than the close of the previous.

I guess my next question is, does it actually meet any other Price Action criteria? It seems to be just about a bearish engulfing then?
One could say it's a failed BEOB. These failures happen a lot unless you're at extremes.
Mr. Trend
  • #3,626
  • May 14, 2007 10:17am May 14, 2007 10:17am
Quoting Mr Trend
One could say it's a failed BEOB. These failures happen a lot unless you're at extremes.
I see. Think i'll go ahead and gloss over this thread again.
  • #3,627
  • May 14, 2007 10:21am May 14, 2007 10:21am
Thanks Seeking and Ken for your kind responses!

I shorted it at the break of the PB low. As I said I like a lot the strength of the trend. I guess this could be a fast move against me or in my favour, since i'm planning to take partial profit once it touches the 1.1000 zone.

Let's see what happens.

Thanks again!
  • #3,628
  • May 14, 2007 10:41am May 14, 2007 10:41am
Quoting x2012
Thanks Wizard and Mike. The whole time I was under the impression that the close of the second bar has to be lower than the close of the previous.

I guess my next question is, does it actually meet any other Price Action criteria? It seems to be just about a bearish engulfing then?
I just view it as a neutral bar - price went up then down and closed within the previous bar, price would need to have closed below the previous bar to have made it a BEOB


Mike
  • #3,629
  • May 14, 2007 10:48am May 14, 2007 10:48am
Quoting MIG
I just view it as a neutral bar - price went up then down and closed within the previous bar, price would need to have closed below the previous bar to have made it a BEOB


Mike
According to james, "BEOB: Bearish outside bar - this is a bar where the low is lower than the previous bars low and higher than the previous bars high. Preferably the close will be in the bottom third to quarter of the bar. The lower the better."

That bar was pretty darn close. Looks more like a pin though actually...
Mr. Trend
  • #3,630
  • May 14, 2007 10:54am May 14, 2007 10:54am
Quoting Mr Trend
According to james, "BEOB: Bearish outside bar - this is a bar where the low is lower than the previous bars low and higher than the previous bars high. Preferably the close will be in the bottom third to quarter of the bar. The lower the better."

That bar was pretty darn close. Looks more like a pin though actually...
lol - oh well there ya go, its not often im right but im wrong again!!
  • #3,631
  • May 14, 2007 11:01am May 14, 2007 11:01am
Quoting MIG
lol - oh well there ya go, its not often im right but im wrong again!!
Hey, don't feel bad. In my experience, I've found you're better off playing BEOB's when they are at or lower than the low... So you're statement is actually valid. There's no reason why you couldn't trade it that way. You'd just be considered a more conservative PA trader, that's all.

And that's always a good thing, IMO.
Mr. Trend
  • #3,632
  • May 14, 2007 2:03pm May 14, 2007 2:03pm
Update on Crude Oil

The number of points on offer here was limited.

But the market certainly gave some signs on the hourly that the upside potential was limited. Two PA setups in particular may have caused the traders that monitor their positions closely, to exit early.

If you're like me and only look at the end of the day, you're probably holding a losing trade right now...
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  • #3,633
  • May 14, 2007 2:05pm May 14, 2007 2:05pm
And now look what we have here...

Crude Oil Daily.

Pin bar off the 38 fib and the 21ema.

I think we could be about to resume the downtrend...
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  • #3,634
  • May 14, 2007 6:01pm May 14, 2007 6:01pm
Hey there,

Heads up on a potential pinbar forming on the D1 at the 61.8% and 50% retracement.

A
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  • #3,635
  • May 14, 2007 6:04pm May 14, 2007 6:04pm
and I4b almost completed also


best
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  • #3,636
  • May 14, 2007 11:19pm May 14, 2007 11:19pm
The following post
http://www.forexfactory.com/showthre...96#post1440996
might be of interest to enthusiasts of the James16 methods.

David
  • #3,637
  • May 15, 2007 12:53am May 15, 2007 12:53am
One of my favorite trades...

BUOB on 1H at support...
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Mr. Trend
  • #3,638
  • May 15, 2007 12:58am May 15, 2007 12:58am
Here's a trade you DON'T take... valid setup, but into support.

Wait for the good ones folks... like James says -- rifle shots, not shotgun shots...
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Mr. Trend
  • #3,639
  • May 15, 2007 1:42am May 15, 2007 1:42am
very nice david.


jim

Quoting hanover
The following post
http://www.forexfactory.com/showthre...96#post1440996
might be of interest to enthusiasts of the James16 methods.

David
  • #3,640
  • May 15, 2007 1:45am May 15, 2007 1:45am
All this time, I thought James16's avatar was a Santa Claus elf or something......

now I realize it's Merlin's head on a human body.... lol
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