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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

  • #28,661
  • Apr 29, 2009 4:29pm Apr 29, 2009 4:29pm
Quoting Schneeule
Don't understand this

Anyway, not going to take ej, too much upwards momentum. It will be 4h hammer or nothing.
Good for you there will be eaiser pips just around the corner this time of day I personally dont like to open up a trade unless its screamin really bad. Closed my short fiber calling it a good day going to the pub soak some coldies its 5 somewhere
  • #28,662
  • Apr 29, 2009 4:43pm Apr 29, 2009 4:43pm
my 2nd half of audcad wkly was hit by 2pips & started reversing....got me out for -127pips......1st half was + 62pips....dats about half of my original position.....
think its time for fiber h4 short, anybody
Simplicity is the key to success
  • #28,663
  • Apr 29, 2009 4:44pm Apr 29, 2009 4:44pm
There is a beautiful pinbar on my EUR/USD 8-hour chart. It failed to close above the nice round number of 1.33 which has proven to be a solid PPZ zone. Also, we have some confluence with 50% fib. Not to mention, a bounce off of a diagonal trend line I drew.There appears to be a minor PPZ near 1.32, but I have a feeling price will be able to get close to 1.31 or 1.3 without much trouble.

Time to place a limit order baby. Not so fast rookie! This is not a chart from the daily timeframe or higher!

I am going to stay on the sidelines and not trade this, but I was wondering what others think about this setup. Do you see any areas of concern (like the 1.32 region)? Maybe an entry below the nearest minor support region (like the 1.32 region) would be more appropriate? Would you take this trade? Why or why not?

I think I posted a chart with similar questions recently. What I am trying to do is learn how to find trade setups where minor PPZs are of little or no significance. The way I see this chart, there may be some support near 1.32, but that support will likely be broken. Of course, I still have a lot to learn before being able to make such judgements with a high level of confidence.
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  • #28,664
  • Apr 29, 2009 5:00pm Apr 29, 2009 5:00pm
CHARTS
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  • #28,665
  • Apr 29, 2009 5:11pm Apr 29, 2009 5:11pm
Quoting PipGator
The way I see this chart, there may be some support near 1.32, but that support will likely be broken. Of course, I still have a lot to learn before being able to make such judgements with a high level of confidence.
Thanks for your opinion, here I offer mine. (pic) 1st red line for b/e or part out, 2nd out means trend is down.

As I see it, it is possible double top (+divergence) in non trending market. I think it is tradable setup. Similar pattern is usdchf, but looking at eurchf chart, euro is weaker (penetrated 1.51 downwards).

It looks very similar to my last ej trade and tf is greater than 4h so I will be waiting for some nice momentum and then act.
  • #28,666
  • Apr 29, 2009 5:11pm Apr 29, 2009 5:11pm
Quoting PipGator
There is a beautiful pinbar on my EUR/USD 8-hour chart. It failed to close above the nice round number of 1.33 which has proven to be a solid PPZ zone. Also, we have some confluence with 50% fib. Not to mention, a bounce off of a diagonal trend line I drew.There appears to be a minor PPZ near 1.32, but I have a feeling price will be able to get close to 1.31 or 1.3 without much trouble.
I like it! It's a good looking bar on my feed, open and close well within the previous bar and within the first third of the pin. You mentioned the 1.3300, 50% fib and trendline which all look good. Worth a trade in my opinion!

Regards,
Dan
  • #28,667
  • Apr 29, 2009 5:15pm Apr 29, 2009 5:15pm
I feel like i am cheating here.

I have only closed a trade taken 2 days back on GBPAUD for a gain which i previously posted for charts. Now i see a very good pinbar for a reversed trade. I dont know if u can take a trade so quickly in the opposite direction how much will it work. but I placed a trade on a very good 4 hour pin which bounced off the box support. again essentially a box trade with a pinbar PA confirmation.

I took the trade on the bar retarce after the 4 hour pin . so it looks as if i have taken the trade before the break but as soon as the i took the trade, the price shot up and has already put me in a +77 pip profit.
Hope that this leg up will be another 377 pip trade.

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  • #28,668
  • Apr 29, 2009 5:23pm Apr 29, 2009 5:23pm
d
  • #28,669
  • Apr 29, 2009 5:33pm Apr 29, 2009 5:33pm
I'm a big fan of it too
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  • #28,670
  • Apr 29, 2009 5:35pm Apr 29, 2009 5:35pm
Nice bounce off 50 fib (weekly). Double bottom but not the best 8h pin. Although 1.1350 has been offering some strong support over the last month.
opinions?
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  • #28,671
  • Apr 29, 2009 5:49pm Apr 29, 2009 5:49pm
On the Alpari UK feed it is looking a lot nicer, imo tradable.

Quoting pipslapped
Nice bounce off 50 fib (weekly). Double bottom but not the best 8h pin. Although 1.1350 has been offering some strong support over the last month.
opinions?
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  • #28,672
  • Apr 29, 2009 6:12pm Apr 29, 2009 6:12pm
I've been trying to learn how to deal with BEOB's and BUOB's... im assuming one way of trading them is on the 3rd bars retracement? Another could possibly be on the break of the BEOB/BUOB's high/low?

For example, on the DBHLC below, I could have entered short on the retracement?

Thanks!
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  • #28,673
  • Apr 29, 2009 6:32pm Apr 29, 2009 6:32pm
Quoting frankm7
I've been trying to learn how to deal with BEOB's and BUOB's... im assuming one way of trading them is on the 3rd bars retracement? Another could possibly be on the break of the BEOB/BUOB's high/low?

For example, on the DBHLC below, I could have entered short on the retracement?

Thanks!

Hey Frank you are correct but be careful here. THat bar is just a TBH.

A DBHLC needs the bar to close LOWER then the previous bars LOW. In this case that is just a TBH/inside bar

Best
Mike
  • #28,674
  • Apr 29, 2009 6:44pm Apr 29, 2009 6:44pm
Quoting mbqb11
Hey Frank you are correct but be careful here. THat bar is just a TBH.

A DBHLC needs the bar to close LOWER then the previous bars LOW. In this case that is just a TBH/inside bar

Best
Mike
Aha! Like this Right off the 365 EMA too!
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  • #28,675
  • Apr 29, 2009 6:50pm Apr 29, 2009 6:50pm
Quoting frankm7
Aha! Like this Right off the 365 EMA too!
yep a lot of times it is off by say a pip, so there that is a BUOB, some would say DBLHC etc. But you got the idea.

Also remember in general we want these at swing lows(BUOBS, DBLHC). But they do work in cases as continuations with heavy confluence or breakouts. Just a side note there

Mike
  • #28,676
  • Apr 29, 2009 6:57pm Apr 29, 2009 6:57pm
Quoting mbqb11
yep a lot of times it is off by say a pip, so there that is a BUOB, some would say DBLHC etc. But you got the idea.

Also remember in general we want these at swing lows(BUOBS, DBLHC). But they do work in cases as continuations with heavy confluence or breakouts. Just a side note there

Mike
As always, thank you!!
  • #28,677
  • Apr 29, 2009 6:59pm Apr 29, 2009 6:59pm
Morning,

Well that worked.. The next hurdle I have is 13090 ish.

Cheers.
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  • #28,678
  • Apr 29, 2009 7:04pm Apr 29, 2009 7:04pm
hi mike,
iv posted this chart as an example of what i understand when you ,and others, talk of "space" could you comment please, i wanna make sure im getting this right!!
thanx
jon
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PATIENCE... DISCIPLINE
  • #28,679
  • Apr 29, 2009 7:19pm Apr 29, 2009 7:19pm
Quoting PipGator
There is a beautiful pinbar on my EUR/USD 8-hour chart. It failed to close above the nice round number of 1.33 which has proven to be a solid PPZ zone. Also, we have some confluence with 50% fib. Not to mention, a bounce off of a diagonal trend line I drew.There appears to be a minor PPZ near 1.32, but I have a feeling price will be able to get close to 1.31 or 1.3 without much trouble.

Time to place a limit order baby. Not so fast rookie! This is not a chart from the daily timeframe or higher!



I am going to stay on the sidelines and not...
I'd treat the EURUSD and USDCHF carefully - that is with "fire-proof" gloves. The daily TL on USDCHF was broken and the EUR daily remains bullish unless the next test of 33 fails (similar TL to that on USDCHF). As noted, I remain a longer term USD bull. EURJPY may provide some upward pressure during the Asian Session? AUDUSD looks posed as well for a splash, although there is data due from NZ.
  • #28,680
  • Apr 29, 2009 7:27pm Apr 29, 2009 7:27pm
Quoting g_j_hook@yah
hi mike,
iv posted this chart as an example of what i understand when you ,and others, talk of "space" could you comment please, i wanna make sure im getting this right!!
thanx
jon
Hey Jon

Yep you are correct. Although I started way back using the word space, it encompasses a lot of technical things that can help our trade. When a trade is not in space, that just means that there are areas of congestion close by. Or in other words there is more to get in your trades way. People look at it in many different ways, but the trouble areas are what end up catching people the most. Most traders can spot the really good clean trades, but then either mis manage them at the trouble areas, or they then take so-so trades, which are harder to manage at these trouble areas that lead to taking the profits from the good trades(from my experience I have seen this).

Take care
Mike
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