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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

  • #3,961
  • Jun 10, 2007 2:23pm Jun 10, 2007 2:23pm
Quoting razldazl
Hi Mike,
Would you say gbpjpy has the makings of your favourite retrace pin bar? It has pierced fib confluence areas and has quite a longish nose...thanks for your input, it helps to be able to focus on specific setups as you said take care, Raz
didn't quite create enough space away from price(for me). I would have liked to see it further away, but because of the pair it is(carry trade), it still wouldn't be bad to play it.

Best,
Mike
  • #3,962
  • Jun 10, 2007 2:27pm Jun 10, 2007 2:27pm
Still learning about this system, so I'm looking for some opinions. I noticed the Daily gbp/jpy has formed a PB that would signal a buy trade that would be with the overall trend. However, on the weekly chart there is a beovb. I may have this confused, but a beovb=bearish outside vertical bar which usually signals a trend continuation right? The trend is up, so even though it's a "bearish" bar...it means trend continuation which would actually be a buy signal right? Or do I have this idea all confused? Charts are listed below. Thanks!
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  • #3,963
  • Jun 10, 2007 2:48pm Jun 10, 2007 2:48pm
Quoting Tw0eleven
Still learning about this system, so I'm looking for some opinions. I noticed the Daily gbp/jpy has formed a PB that would signal a buy trade that would be with the overall trend. However, on the weekly chart there is a beovb. I may have this confused, but a beovb=bearish outside vertical bar which usually signals a trend continuation right? The trend is up, so even though it's a "bearish" bar...it means trend continuation which would actually be a buy signal right? Or do I have this idea all confused? Charts are listed below. Thanks!
Im no expert but I do know that a BEOB is not a continuation pattern its a bearish signal and people seem to be trading it on the breach of the low, although it can also be traded on the pullback. mbq gave his opinion of the pin in his last post. Hope this helps, Raz.
Never say never.
  • #3,964
  • Jun 10, 2007 2:59pm Jun 10, 2007 2:59pm
Quoting razldazl
Im no expert but I do know that a BEOB is not a continuation pattern its a bearish signal and people seem to be trading it on the breach of the low, although it can also be traded on the pullback. mbq gave his opinion of the pin in his last post. Hope this helps, Raz.
Thanks Raz. I'm slowly going through this long long thread And in the beginning few pages James16 posted his definition of a BEOB and he did mention it was a trend continuation pattern. But it confused me a little because I was thinking you'd "short" this pattern. And with the gbp/jpy being in an uptrend, I wanted to make sure it didn't mean to go long.
  • #3,965
  • Jun 10, 2007 3:40pm Jun 10, 2007 3:40pm
Quoting Tw0eleven
Thanks Raz. I'm slowly going through this long long thread And in the beginning few pages James16 posted his definition of a BEOB and he did mention it was a trend continuation pattern. But it confused me a little because I was thinking you'd "short" this pattern. And with the gbp/jpy being in an uptrend, I wanted to make sure it didn't mean to go long.

Hi TwoEleven. Hopefully this example will show you how you can use a BEOB (Bearish Outside Bar) as a PA confirmation. Altough it is said many times you can trade price action alone I firmly believe that PA alone is one bullet in the chamber if you combine PA with multiple areas of confluence then you have many bulletts in the chamber which ultimately put you in a better position to win the PIP war.

In this chart you can see that the current daily AUD/CAD is in a down trend. The marked example shows a retracement of price back to the 55 EMA, 50 % FIB (almost to the 61.8) then we have an IB followed by a BEOB which is a trend continuation.

The second BEOB marked with a red arrow shows why I do not take these formations on PA alone.

Hope this helps a bit.

Steve
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Nothing is impossible, with a willing mind!
  • #3,966
  • Jun 10, 2007 3:44pm Jun 10, 2007 3:44pm
Quoting Trader_V
Hi TwoEleven. Hopefully this example will show you how you can use a BEOB (Bearish Outside Bar) as a PA confirmation. Altough it is said many times you can trade price action alone I firmly believe that PA alone is one bullet in the chamber if you combine PA with multiple areas of confluence then you have many bulletts in the chamber which ultimately put you in a better position to win the PIP war.

In this chart you can see that the current daily AUD/CAD is in a down trend. The marked example shows a retracement of price back to the 55 EMA, 50 % FIB (almost to the 61.8) then we have an IB followed by a BEOB which is a trend continuation.

The second BEOB marked with a red arrow shows why I do not take these formations on PA alone.

Hope this helps a bit.

Steve
Great Post Trader V!!! Thank you. If I have it correctly now, it looks like in an uptrend you are looking for a BUOB for trend continuation signal and go long. And on your AUD/CAD you look for a BEOB for trend continuation and a short trade right?
  • #3,967
  • Jun 10, 2007 4:27pm Jun 10, 2007 4:27pm
Quoting Tw0eleven
Great Post Trader V!!! Thank you. If I have it correctly now, it looks like in an uptrend you are looking for a BUOB for trend continuation signal and go long. And on your AUD/CAD you look for a BEOB for trend continuation and a short trade right?
You got it! That's exactly the types of plays that I lok for with thee kinds of formations. Now that is not to say that you can't find the opposite kind of setup but like James says hunt with a rifle not a shotgun.

Happy Trading my Friend.

Steve
Nothing is impossible, with a willing mind!
  • #3,968
  • Edited 5:50pm Jun 10, 2007 5:40pm | Edited 5:50pm
Quoting Tw0eleven
I just wanted to throw this chart out there again for some opinions! I see a PB and divergence. Anyone have anything else to add. I'm not sure if this is a good signal to short or if I'm missing something here. Happy Trading!
I'm short from 0.8413, target 0.8300, risk trade!!
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  • #3,969
  • Jun 10, 2007 5:43pm Jun 10, 2007 5:43pm
GPD having difficulty @97...
  • #3,970
  • Jun 10, 2007 5:52pm Jun 10, 2007 5:52pm
Quoting tunera
I'm short from 0.8413, target 0.8300, risk trade!!
Good charts! I hope this trade works out for you, 100pips would be nice!!! I decided to stay out of it because this is a new system to me and I'm not sure on this one/confident.
  • #3,971
  • Jun 10, 2007 5:54pm Jun 10, 2007 5:54pm
Quoting razldazl
Ok, I was being lazy not drawing in the line on the chart, is this what you mean? (See chart) If not, can you tell me what Im doing wrong please? Thanks for the input...its funny, sometimes doing it wrong gives better results

Raz
Not what I meant, you have the trend line on the macd on an unfinished peak. That peak still has more to move most likely. If you look at the chart Trader V posted a few posts above for aud/cad, it shows divergence, two finished peaks on the macd heading in the opposite direction of price. Although he hasn't drawn in the line on the macd.
  • #3,972
  • Jun 10, 2007 6:00pm Jun 10, 2007 6:00pm
Quoting Tw0eleven
Good charts! I hope this trade works out for you, 100pips would be nice!!! I decided to stay out of it because this is a new system to me and I'm not sure on this one/confident.
I think you are right to stay out of this trade, i entered in it too quiclky (i was looking the daily and 4h charts, when a 15m trendline breakout occurred, so i just entered without think at nothing) and after entered i realized the high risk of a possible up-trend resume, but now i'm in, and i really don't like to close it with a loss (now it's 20pips loss), what do you think? Better to close or to wait?
  • #3,973
  • Jun 10, 2007 6:50pm Jun 10, 2007 6:50pm
Made it through the first 50pages of this thread. Anyone want to fill me in on the next 200??? hahaha
  • #3,974
  • Edited 1:29am Jun 11, 2007 1:18am | Edited 1:29am
Quoting shadeslay
Not what I meant, you have the trend line on the macd on an unfinished peak. That peak still has more to move most likely. If you look at the chart Trader V posted a few posts above for aud/cad, it shows divergence, two finished peaks on the macd heading in the opposite direction of price. Although he hasn't drawn in the line on the macd.
ok thanks, I understand what you meant now...
Never say never.
  • #3,975
  • Jun 11, 2007 3:20am Jun 11, 2007 3:20am
Quoting charlies
EURAUD (over 550pips ), trailing stop at daily highs

EURCHF monthly short - not triggered yet

EURCAD short (2 day pin) met first target, trailing stop

AUDNZD stopped on remainder

USDCHF no opportunity to add back in on a retrace, trailing stop on final third

AUDUSD stop threatened, but held so far....

NZDUSD, triggered & stopped out for full loss - shows risk of taking PINs against strong trend
8/6 PINs on GBPJPY (23% pullback), EURJPY & USDCAD (23% pullback). All continuation but after shallow pullbacks, so not very confident with these
  • #3,976
  • Jun 11, 2007 6:58am Jun 11, 2007 6:58am
Good Moring Everyone,

I just thought I would post my most recent trade.

I am currently long on the GBP/CHF from 2.4333 (yellow arrow)

Reasins for my long position:

3 Days ago this pair made a return to the current trend support (blue arrow).

It bounced off the 61.8 ret zone and we have a BUB (indicated by the red arrow) that penetrated the 61.8 and returned sharply to the current bullish trend.

The sentament is bulish for this pair currently but I see near by resistance at the (pinkish arrow).

Now this is where we do not let a winner turn into a loser. I am currently up 23 PIP's and I have a trainling stop for 20 PIPs I kow that is a close stop but I am not willing to take a loss on a trade that has made it to positive territory.

I also notice that if to day continues as is we will have a very close DBLHC formation. Now on my charts there is a 3 pip diference but given the current trend and the location of the formation I am giving this a bit of weight which gives additional confidence to my trade.

What do youother folks here think of this trade and what else may I have mised?

Steve
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Nothing is impossible, with a willing mind!
  • #3,977
  • Jun 11, 2007 10:02am Jun 11, 2007 10:02am
Quoting tunera
I'm short from 0.8413, target 0.8300, risk trade!!
I exited with a +10, too risk, will look for the next setup, good trades to you all
  • #3,978
  • Jun 11, 2007 7:15pm Jun 11, 2007 7:15pm
Regarding your trade. I don't see any bar formations on there that would get me into a trade. But I'm not sure what a "BUB" bar is either. I will say this though, you're other observations look good. You are following the trend, had a bounce off of a support line and a Fib level. Seems to me a logical trade.
  • #3,979
  • Jun 11, 2007 9:25pm Jun 11, 2007 9:25pm
It's a bull flag too.
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  • #3,980
  • Jun 11, 2007 9:40pm Jun 11, 2007 9:40pm
Nice pin...
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