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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

  • #24,161
  • Mar 19, 2009 12:11am Mar 19, 2009 12:11am
Quoting pipmyride
All,
Any ideas on the gbp/chf i posted earlier (H4 & H1), its still hovering.

I'm planning to long above a break here.
Looks pretty good pmr. If Price breaks the 1.6337 hard and fast would be my confirmation. (orangered line is my D/W PPZs)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #24,162
  • Mar 19, 2009 12:14am Mar 19, 2009 12:14am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Jarroo, you are very experienced trader, hope you not mind I jump in for a response. this pair seems very bullish, it rallied more than 61.8% fib retracement in your chart, and your resistance line of 85 seems still giving it space for climbing? simply for curiousity, would you take this as an A+ setup? thank you

Quoting jarroo
Or maybe its the 4 hour BEOB. Blue box is the Weekly BEOB.

I believe that NuckingFuts may use at times the higher time PA bias and look for PA on a lower time frame (4 hour BEOB). In this case bearish.
  • #24,163
  • Mar 19, 2009 12:21am Mar 19, 2009 12:21am
Quoting jarroo
Looks pretty good pmr. If Price breaks the 1.6337 hard and fast would be my confirmation. (orangered line is my D/W PPZs)
Phew, maybe i am on the right track ..
  • #24,164
  • Mar 19, 2009 12:27am Mar 19, 2009 12:27am
Quote
I also had very bad experience with the very extrusive Pinbar of the attached chart, the first Pin in the shadow area cheated me a quite lot. and then, the second ( I was playing retracement)......


krue,
i'm using IBFX MT4 for this, so we may have different looking charts.. anyway..

talking about that gbp$ trade,
look at your charts & see price hitting ppz's in 1.3650, 1.37, 1.3750, 1.3850, 1.39 (these ppz's have been in effect since january). note particularly 1.3850, where price bounced from yesterday..
  • #24,165
  • Mar 19, 2009 12:33am Mar 19, 2009 12:33am
Quoting krue
Jarroo, you are very experienced trader, hope you not mind I jump in for a response. this pair seems very bullish, it rallied more than 61.8% fib retracement in your chart, and your resistance line of 85 seems still giving it space for climbing? simply for curiousity, would you take this as an A+ setup? thank you
I believe the Weekly BEOB is in the A catagory. At a recent high and a break would be below a strong PPZ level, 82.00.

The 4 BEOB broke pretty strong so I wll move my stop loss to break even and grab some pips when presented. This is how we roll.
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Indicators show the past. Price Action "Indicates" the future.
  • #24,166
  • Mar 19, 2009 12:40am Mar 19, 2009 12:40am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
wow, you had the answer already ! will learn from you a lot. salute !

Quoting jarroo
I believe the Weekly BEOB is in the A catagory. At a recent high and a break would be below a strong PPZ level, 82.00.

The 4 BEOB broke pretty strong so I wll move my stop loss to break even and grab some pips when presented. This is how we roll.
  • #24,167
  • Mar 19, 2009 12:42am Mar 19, 2009 12:42am
Quoting jarroo
I believe the Weekly BEOB is in the A catagory. At a recent high and a break would be below a strong PPZ level, 82.00.

The 4 BEOB broke pretty strong so I wll move my stop loss to break even and grab some pips when presented. This is how we roll.
I like price action action pertaining to the weekly BEOB

The 4H Pin bar may well have put an end to that retracment into the BEOB. Since it's off the 61.8 we know we're in business
Attached Image (click to enlarge)
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I believe . . .
  • #24,168
  • Mar 19, 2009 12:43am Mar 19, 2009 12:43am
jarroo,
thanks again for your colored & detailed charts. the colors are very soothing to the eys, if i may say.

let's say u missed this chfjpy 4H BEOB/weekly BEOB (like other jpy crosses now), how would u play it?
others can also answer this Q too..
Thanks
  • #24,169
  • Mar 19, 2009 12:47am Mar 19, 2009 12:47am
Usd/cad....
Attached Image (click to enlarge)
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I believe . . .
  • #24,170
  • Mar 19, 2009 12:50am Mar 19, 2009 12:50am
Quoting ghous
I like price action action pertaining to the weekly BEOB

The 4H Pin bar may well have put an end to that retracment into the BEOB. Since it's off the 61.8 we know we're in business
Interesting when different platforms line up with PA.

Like the 83.20-25 as 1st TP, also yesterdays low and S/R level.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #24,171
  • Mar 19, 2009 12:55am Mar 19, 2009 12:55am
Quoting supremeChaos
jarroo,
thanks again for your colored & detailed charts. the colors are very soothing to the eys, if i may say.

let's say u missed this chfjpy 4H BEOB/weekly BEOB (like other jpy crosses now), how would u play it?
others can also answer this Q too..
Thanks
I trade each currency pair independently, on their own PA merit. Sure, if the Yen is on a run I will look at the crosses but only if quality PA is presented.
Indicators show the past. Price Action "Indicates" the future.
  • #24,172
  • Mar 19, 2009 12:56am Mar 19, 2009 12:56am
And here's that mysterious bar again,

I've watched abt 6 of these bars in live action and not one failed, they had to do a lot with solid location too just like any other PA bar. i am still in the process of figuring out though, but my guess (since I am still obviously not 100% sure till i can see through another 15 to 20 of these on different time frames) is a bullish Pin bar at a swing high has a bearish composition and a bearish Pin bar at a swing low has a bullish composition. Again a lot has to do with the location of the swing Hish/Low

Sorry if I am confusing anyone...

just ignore this post guys if you do end up realizing that it's $hit

I just thought this needs to be shared so more ppl some far far more experienced and knowledgable than I am to have a look
Attached Image (click to enlarge)
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I believe . . .
  • #24,173
  • Mar 19, 2009 12:58am Mar 19, 2009 12:58am
It's interesting how Jaroo's CHFJPY 4hr chart shows a BEOB, but Ghous shows a PB. Although it appears they predicted the same thing, that's a big difference... am I missing something?

Le Pip
  • #24,174
  • Mar 19, 2009 12:59am Mar 19, 2009 12:59am
Question about if this would be a valid J16 trade, just checking if I'm getting the hang of this.

At the inside bar, I would put a sell stop being its in a downtrend at the moment and it first broke there anyways. Being a little more conservative I decide to place take profit at the first previous support area I spot on the chart.

Would love any other comments on why not to take the trade or if others feel this would have been a good decision.
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  • #24,175
  • Edited 1:54am Mar 19, 2009 1:21am | Edited 1:54am
Quoting enculée
Since when does my membership here measure my trading? Or my bank balance with my ability to post on the internet?

The dollar index has doubled topped, weekly shooting star; Head and shoulders on USDCAD last week; EURUSD double bottom.

TECHNICALS LEAD FUNDAMENTALS

Don't forget this.
I'd have to agree here. I posted this about 2 weeks ago.

The first chart is what it looked like when it was forming the double top 2 weeks ago. The second chart is what it looks like now.

The double top combined with bearish USD pa across some pairs helped convince me of possible upcoming USD weakness at the time I posted the first chart.
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  • #24,176
  • Mar 19, 2009 1:25am Mar 19, 2009 1:25am
First half for 43 pips 2nd half at break even.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #24,177
  • Mar 19, 2009 1:41am Mar 19, 2009 1:41am
Quoting Delfino
Question about if this would be a valid J16 trade, just checking if I'm getting the hang of this.

At the inside bar, I would put a sell stop being its in a downtrend at the moment and it first broke there anyways. Being a little more conservative I decide to place take profit at the first previous support area I spot on the chart.

Would love any other comments on why not to take the trade or if others feel this would have been a good decision.
Inside bars are played as any other PA setup. They must have a great Location and a supporting cast of confluences i.e. PPZ levels, fibs, divergence, etc.

(Supporting cast of confluences . . stole that one form the big guy. lol)
Indicators show the past. Price Action "Indicates" the future.
  • #24,178
  • Mar 19, 2009 1:55am Mar 19, 2009 1:55am
Question to experts regarding trade management.

Say you're in a trade on the daily TF, can you manage it by looking at the smaller TF's like the 4H or 1H? Or should you only use the TF you entered trade on?

I have heard Trader Dante (think his name is Wizard here) say never look down a TF once in a trade, only up to see what's coming. Just wondering what the consensus is here.
It's all about cautious - and highly educated - wagering on probabilities.
  • #24,179
  • Edited 3:32am Mar 19, 2009 3:11am | Edited 3:32am
Quoting LePip
It's interesting how Jaroo's CHFJPY 4hr chart shows a BEOB, but Ghous shows a PB. Although it appears they predicted the same thing, that's a big difference... am I missing something?

Le Pip
You ain't missing nothing Lepip,

The pin bar on my chart and the BEOB on jarroo's chart are pointing at the same thing that price wants to find resistance at the 61.8 retracment of the weekly BEOB and continue it's way down south.

Don't get confused with different PA signals due to difference in feed, important thing is the signals weren't conflicting

Regards,
Ghous.
I believe . . .
  • #24,180
  • Mar 19, 2009 3:19am Mar 19, 2009 3:19am
Ghous, I can see PPZ at 85 level, whereas I have the top of the PIN bar at 84.67. Do you base some of your trades solely on fib ret. as in this case?
thank you
alter
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