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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

  • #41,221
  • Aug 17, 2009 8:52am Aug 17, 2009 8:52am
Quoting bundyraider
Not very convincing. Short nose. And closed a little too close to neutral for my personal liking.

Compare it to the one from the other day.

(the close on GJ the other day wasn't within the previous bar BTW)
Yeah we got CHEESE on previous one but this time i think tom will nail me....
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  • #41,222
  • Aug 17, 2009 8:54am Aug 17, 2009 8:54am
Quoting nasir.khan
Thanks.

but i am in so i would also like to hear about daily TF also.
154.00 is a good level for me if we get good Price Action confirmation. At the moment I just see potential to get a little bit further down before a good bounce though. 153.00 get's interesting. There's a lot of work involved in getting through that whole 151.50 to 153.00 'zone'.

If I was in a daily short trade already from the other day?? At the moment I'd be tightening my stops. Not getting out, but ready to take profit if there are better reversal signs.
Bundy's status today: "Waiting..."
  • #41,223
  • Aug 17, 2009 8:54am Aug 17, 2009 8:54am
Quoting aserbfx
may i ask you which broker you are using for gmt? thx
Forex.com
  • #41,224
  • Aug 17, 2009 9:00am Aug 17, 2009 9:00am
Quoting jarroo
The ideal BEOB is at the highest peak of a swing High as we discussed on this post. http://www.forexfactory.com/showpost...ostcount=40210

Price Action is a powerful thing, even in a consolidation. Check out your fold of all James16 charts, that I'm sure you have which you study daily.

There were many supporting confluences that this Aud/Usd Daily BEOB screamed, "Trade Me!"

Off recent Highs.
At the Weekly 61.8 fib.
MACD Divergence
The size of the formation compared to previous bars.
Below the .8500 (strong round...
Hi Jarroo,

Yes it was that post I was referring to that got me confused. Just talking about the location, (leaving out the confluence factors), when I posted that BEOB as in the post your included, it was to me also at a high. (High of the range)

Do you mean that the HIGH OF THE BEOB should be preferably higher than the high of all the bars. What got me confused is that the chart I posted previous was also in a consolidation (errrr 14 bars) as compared to the one you took at 3 - 4 bars.

So what I was confused about was the CONSOLIDATION portion cause my chart had a longer consolidation and was wondering if yours is also considered as a consolidation

What am I missing out. Sorry that I cannot get this into my thick head lolz
  • #41,225
  • Aug 17, 2009 9:02am Aug 17, 2009 9:02am
Quoting supremeChaos
I have.... but not extensively yet.
I'm just sort of checking the threads "outside james16 thread".




He must be referring to Editor & his threads/posts.
Oh I c lolx

I thought he was symbolizing someone with the word "editor", read a couple of his posts and were like a treat.

g
I believe . . .
  • #41,226
  • Aug 17, 2009 9:04am Aug 17, 2009 9:04am
Quoting bundyraider
154.00 is a good level for me if we get good Price Action confirmation. At the moment I just see potential to get a little bit further down before a good bounce though. 153.00 get's interesting. There's a lot of work involved in getting through that whole 151.50 to 153.00 'zone'.

If I was in a daily short trade already from the other day?? At the moment I'd be tightening my stops. Not getting out, but ready to take profit if there are better reversal signs.
You are right about 153 because there is

Fibbo level of 61.8% at 152.93 and

there will be a proper test of Trend line.

I entered short today at 155.70 but i think it's time to give the check back.
  • #41,227
  • Aug 17, 2009 9:06am Aug 17, 2009 9:06am
Quoting tradertt
Hi Jarroo,

Yes it was that post I was referring to that got me confused....

Specifically this statement:
"Now notice that on your 4 hour BEOB on the Gby/Jpy is not at the peak or highest point. Its in a consolidation area of the previous candles.
Yes, the consolidation is at swing high, but the BEOB is not."

Sorry please don't see it the wrong way. Not trying to pick at your words but trying to see the difference
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  • #41,228
  • Aug 17, 2009 9:10am Aug 17, 2009 9:10am
Quoting nasir.khan
You are right about 153 because there is

Fibbo level of 61.8% at 152.93 and

there will be a proper test of Trend line.

I entered short today at 155.70 but i think it's time to give the check back.
lol. That's good though.

...As long as you don't let it become loser.

Some winners are small, some big and many average. You never know before hand. You just take what's given.
Bundy's status today: "Waiting..."
  • #41,229
  • Aug 17, 2009 9:19am Aug 17, 2009 9:19am
Quoting bundyraider
lol. That's good though.

...As long as you don't let it become loser.

Some winners are small, some big and many average. You never know before hand. You just take what's given.
Yeah thank's but i closed it out at 154.30.

All i think is that luck is with me big time for past two week's as my pair's (GJ,EJ,GU,EU.) are in a trending mood.

I can't hold myself pulling the trigger. Don't know how much it will cost me.
  • #41,230
  • Aug 17, 2009 9:20am Aug 17, 2009 9:20am
Guys I got 1 question that is bugging me.

I have entered a AUDJPY Weekly BEOB today and currently am in profit.

The first trouble area as you can see is much lower as I indicated in the chart.

Pro: At PPZ level
MACD Bearish Divergence
Good bearish close near its low
365 EMA
FIB 50 Con:
Trading into congestion
Space not as much as I would like
Risk big for a weekly bar 400+ pips so my position sizing is much smaller
Trouble Area:
Minor PPZ: 75.38
PPZ: 74.00

I have actually planned for first take profit at 74.15 but in the H4 timeframe which is what I am mainly trading, I see some other PPZs for the H4 timeframe and a little bit of conflicting signals.

I have not taken profit yet but have moved stop to BE.

Should I bother about the H4 timeframe if I take a position based on the weekly?
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  • #41,231
  • Aug 17, 2009 9:28am Aug 17, 2009 9:28am
Quoting ghous
Oh I c lolx

I thought he was symbolizing someone with the word "editor", read a couple of his posts and were like a treat.

g
Yes sir, those would be the ones. Sorry it took so long to get back to you, I've been on the charts all morning.
I dream, therefore I become.
  • #41,232
  • Aug 17, 2009 9:29am Aug 17, 2009 9:29am
Quoting tradertt
Specifically this statement:
"Now notice that on your 4 hour BEOB on the Gby/Jpy is not at the peak or highest point. Its in a consolidation area of the previous candles.
Yes, the consolidation is at swing high, but the BEOB is not."

Sorry please don't see it the wrong way. Not trying to pick at your words but trying to see the difference

Yes, I understand the conflicting point that I have posted. But the next sentence read, "Don't get me wrong, being a BEOB within a consoldation area that is at a swing high has potential."

As you can see the result of the 4 hour Gbp/Jpy BEOB in the consoldation gave up some nice pips when managed carefully. (Chart)

As you continue to practise and study these setups, which you are doing very well tradertt , you will see that as long as our goal is to seek the best setups to trade we will fine tune our skill in trading PA.
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Indicators show the past. Price Action "Indicates" the future.
  • #41,233
  • Aug 17, 2009 9:44am Aug 17, 2009 9:44am
Quoting jarroo
Yes, I understand the conflicting point that I have posted. But the next sentence read, "Don't get me wrong, being a BEOB within a consoldation area that is at a swing high has potential."

As you can see the result of the 4 hour Gbp/Jpy BEOB in the consoldation gave up some nice pips when managed carefully. (Chart)

As you continue to practise and study these setups, which you are doing very well tradertt , you will see that as long as our goal is to seek the best setups to trade we will fine tune our skill in trading PA.
Thank you. Now I understand. We all fine tune trading the PAs according to our experiences. So everyone will take certain setups at different times slightly differently.

I just wanted to check if there is any BIG NO NO in trading that consolidation

Thank you for the compliment. Still a beginner. Will be going into the PF soon after I am done with the BASICS as no point in wasting money if I do not even bother to build the foundation.
  • #41,234
  • Aug 17, 2009 9:53am Aug 17, 2009 9:53am
Quoting tradertt
Thank you. Now I understand. We all fine tune trading the PAs according to our experiences. So everyone will take certain setups at different times slightly differently.

I just wanted to check if there is any BIG NO NO in trading that consolidation

Thank you for the compliment. Still a beginner. Will be going into the PF soon after I am done with the BASICS as no point in wasting money if I do not even bother to build the foundation.
Quoting tradertt
Hi Jarroo,


So what I was confused about was the CONSOLIDATION portion cause my chart had a longer consolidation and was wondering if yours is also considered as a consolidation

What am I missing out. Sorry that I cannot get this into my thick head lolz
To answer your question about PA in consolidation. There is no difference in each consolidation. One is in a longer time period than the other. They can be traded cafefully. Location, Size and supporting confluences have to be met.

But when we have a Outside Bar at its highest/lowest point of a swing, be ready to bank some pips.
Indicators show the past. Price Action "Indicates" the future.
  • #41,235
  • Aug 17, 2009 10:22am Aug 17, 2009 10:22am
Quoting benji533
Is anyone monitoring this one? It broke the support eventually.
I am interested in going short if I will see a good entry.

http://img134.imageshack.us/img134/2826/1k2pp33.jpg

Ben

The pullback to the previous support is almost done.
Lets see if I can get any bearish PA confirmation on that line

I do not have any EMAs or fibs that line up with that orange line...however I have confidence in that level to be acting now as resistance, cause it was a strong support area for a long time. See all those bar lows and then the hard breakout.
Price is also trending down...making lower lows...we have the pull back...I think all those factors plus hidden divergence plus PA confirmation (if will be any) is enough for me to take it.
If anyone can spot bad factors, it will be appreciated as well.

Monitoring it closely now

PS - did I draw the hidden divergence right? First time I am using it. I'm not sure about it. Hope I have used it right.

http://img156.imageshack.us/img156/2826/1k2pp33.jpg

Ben
  • #41,236
  • Edited 10:50am Aug 17, 2009 10:31am | Edited 10:50am
Quoting nasir.khan
Thanks.

but i am in so i would also like to hear about daily TF also.
Well, if you have gonads....you can add on another lot and average out your entry price...hope for a retrace and get out at BE.

It works almost all of the time...but "almost" only counts in Horseshoes and Grenades...there is still the risk that it will continue south.

Price is approaching a confluence of 150 ema, lower Channel TL and a decent ppz. You may have a very nice pb on hourly Gy to average in your initial entry.... must wait another 15 min till close of hourly bar though.

GregB
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  • #41,237
  • Aug 17, 2009 10:40am Aug 17, 2009 10:40am
Quoting tradertt
Guys I got 1 question that is bugging me.

I have entered a AUDJPY Weekly BEOB today and currently am in profit.

The first trouble area as you can see is much lower as I indicated in the chart....
I think it is always easier to do everything off the same timeframe. I do drop down timeframes for specific types of trades(breakouts), b/c I am looking to stay in when the trade is breaking out which can happen quicker and end quicker(ie using the volatility of a breakout and momentum to trail a trade).

For this trade we can see the potential trouble areas from the same timeframe. Plus it keeps things much simpler.

Hope everyone had a great weekend
Mike
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  • #41,238
  • Aug 17, 2009 11:00am Aug 17, 2009 11:00am
Quoting benji533

PS - did I draw the hidden divergence right? First time I am using it. I'm not sure about it. Hope I have used it right.



Ben
Hey Ben

Yes that is done correctly

Best
Mike
  • #41,239
  • Aug 17, 2009 11:07am Aug 17, 2009 11:07am
Quoting fxvision
NZD/USD daily pin bar off highs. Daily and weekly bearish divergence.
One trade in two years.... Now that is SUPER picky :-)

Just catching up on a few posts and great to see you pop up fxv.

Hope all is well.

Nick
  • #41,240
  • Aug 17, 2009 11:08am Aug 17, 2009 11:08am
Quoting mbqb11
Hey Ben

Yes that is done correctly

Best
Mike
Thanks mate

Ben
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