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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

  • #47,601
  • Nov 5, 2009 8:05am Nov 5, 2009 8:05am
I had a nice run of winners, but I am about ten pips from break-even on this one. Can't complain, just surprised it was never able to break below .8900 for some real pips.

Nathan
  • #47,602
  • Nov 5, 2009 8:40am Nov 5, 2009 8:40am
Quoting dobe_r_man
I had a nice run of winners, but I am about ten pips from break-even on this one. Can't complain, just surprised it was never able to break below .8900 for some real pips.

Nathan
(assuming you're talking abt the daily beob, which you posted yesterday, pardon me if I misconstrued your post )

Nothing to be surprised abt Nathan,

Taking BEOBs at swing lows or very minor swing highs can do exactly what Eur/Gbp beob did. Previous bar lows around 0.89 were always going to be troublesome...

g.
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I believe . . .
  • #47,603
  • Nov 5, 2009 8:41am Nov 5, 2009 8:41am
Quoting Scot Pippin'
Touch trade of a 50% fib and 150ema. Green line is the Trader Pivot hoping it turns to support.
Great work man!

Nice to see you carry it out all the way down on the 5 min, these trades sure look pretty.

ghous.
I believe . . .
  • #47,604
  • Edited 9:26am Nov 5, 2009 9:11am | Edited 9:26am
Quoting ghous
(assuming you're talking abt the daily beob, which you posted yesterday, pardon me if I misconstrued your post )

Nothing to be surprised abt Nathan,

Taking BEOBs at swing lows or very minor swing highs can do exactly what Eur/Gbp beob did. Previous bar lows around 0.89 were always going to be troublesome...

g.
I was just looking for an answer on why my Eur/Gbp Beob failed....and you gave me the answer......many thanks Ghous....

Now.....would you suggest me to use 50/61% Fib ret in order to avoid those poor swings???


P.S.

The question is also directed to the others Senior members.......

Thanks again.
Patience is essential
  • #47,605
  • Nov 5, 2009 9:33am Nov 5, 2009 9:33am
Quoting benem
I was just looking for an answer on why my Eur/Gbp Beob failed....and you gave me the answer......many thanks Ghous....

Now.....would you suggest me to use 50/61% Fib ret in order to avoid those poor swings???


P.S.

The question is also directed to the others Senior members.......

Thanks again.
That would be a good idea IMO.

g.
I believe . . .
  • #47,606
  • Nov 5, 2009 9:39am Nov 5, 2009 9:39am
Quoting ghous
Great work man!

Nice to see you carry it out all the way down on the 5 min, these trades sure look pretty.

ghous.
Take 2. Off inside bar 365ema. The last trade I took off half and got stopped out, maybe this one will find support at the green line.
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"Whether you think you can or can't, you're right." Henry Ford
  • #47,607
  • Nov 5, 2009 9:55am Nov 5, 2009 9:55am
Quoting ghous
(assuming you're talking abt the daily beob, which you posted yesterday, pardon me if I misconstrued your post )

Nothing to be surprised abt Nathan,

Taking BEOBs at swing lows or very minor swing highs can do exactly what Eur/Gbp beob did. Previous bar lows around 0.89 were always going to be troublesome...

g.
I am still in for now, but if you recall my break entry was/is actually a bit below .8900 for just that reason. I am in now only based on my retracement entry at .8990. To be fair, the Beob has not failed yet so we cannot say if it worked or not.

My surprise was more due to the weekly beob having not followed through yet, but the week is not over.

Great charts and analysis by the way, just wanted to clear up how I entered and analyzed this chart. To me (for the moment) .9000 is still stronger than .8900, but time will tell.

Nathan
  • #47,608
  • Nov 5, 2009 10:03am Nov 5, 2009 10:03am
Quoting benem
I was just looking for an answer on why my Eur/Gbp Beob failed....and you gave me the answer......many thanks Ghous....

Now.....would you suggest me to use 50/61% Fib ret in order to avoid those poor swings???


P.S.

The question is also directed to the others Senior members.......

Thanks again.
Technically the Beob has not failed yet (though it could), just wanted to provide some clarification. It came within 3 pips of my break-even stop loss, I will see what happens next.

I am still not convinced it was a poor trade, as it retraced to .9000 and was rejected (as it has in the past). The problem area as G covered in good detail was an issue, hence why my break order was below that. I entered off of a retracement entry at .8990 (based on .9000 pivot area), which is more aggressive and risky.

There are advantages and disadvantages to retracements, advantages that you get in at a much better price, disadvantage is that you don't wait for the actual break of the bar.


Nathan


P.S. I will be the first to admit when/if this beovb fails.....ha ha
  • #47,609
  • Nov 5, 2009 10:06am Nov 5, 2009 10:06am
Quoting KissFan
Show me some PA here please. Good divergence is a terrible thing to waste.

K.I.S.S.

Depending on how aggressive you want to be, there is a pin breaking on the 15 minute chart.......

I don't play those, but you asked for PA........ha ha
  • #47,610
  • Nov 5, 2009 10:08am Nov 5, 2009 10:08am
Quoting james16
Congrats to mike and his yankees.
LOL very very content

Thanks big guy
  • #47,611
  • Nov 5, 2009 10:08am Nov 5, 2009 10:08am
Quoting dobe_r_man
Technically the Beob has not failed yet (though it could), just wanted to provide some clarification....
It of coarse hasn't failed.

Was just pointing out at the reasons why I considered this trade as pretty far away from being an A+ one, regardless of the result...

From an analysis point of view the setup was mediocre, whether price drops a 100 pips from here or rises to blow past the high of the beob is another thing,
I believe . . .
  • #47,612
  • Nov 5, 2009 10:09am Nov 5, 2009 10:09am
Agreed thanks Josh

Just keep it simple folks

Mike

Quoting Jduester
In my humble opinion, the ultimate goal is to use what most traders use... most traders I know use low/high on price to determine divergence....
  • #47,613
  • Nov 5, 2009 10:13am Nov 5, 2009 10:13am
Quoting yarin
hi,I took the weekly EURUSD berish Engulfing bar on the 1.5 level with 1.4870 SL.



the reson i took the trade is:
1.berish Engulfin on the weekly
2.on the 1.5 level
3.breakout of the tradeline
4.breakout of the ABC Fib pattren.

I lost the trade,but was it a good call to trade this bar? could I trade it better?
tnx.

Hey Yarin

I can't see any BEOBs on my chart, and hard to see if you have one. Either way if there was a BEOB in that location it is a swing low point. We want to trade BEOBs at swing high points like the top BEOB (top arrow highest one on chart). This is where we want to see and trade these bars.

Notice also even if one trade a bar in the location you have you can see the PPZ it is trading into(blue box). This is where price is likely to stall and can help you with targets, moving stops against such a strong trend etc.

Hope this helps
Mike
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  • #47,614
  • Nov 5, 2009 10:13am Nov 5, 2009 10:13am
Quoting ghous
It of coarse hasn't failed.

Was just pointing out at the reasons why I considered this trade as pretty far away from being an A+ one, regardless of the result...

From an analysis point of view the setup was mediocre, whether price drops a 100 pips from here or rises to blow past the high of the beob is another thing,
I understand, everyone looks at things differently. I posted my reasons before I took it why I considered it an A trade, but I understand why you wouldn't view it as such.
  • #47,615
  • Nov 5, 2009 10:37am Nov 5, 2009 10:37am
Sometimes, if you trade our method, you see the trade screaming "I am here, trade me"

Great trade.
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  • #47,616
  • Nov 5, 2009 11:00am Nov 5, 2009 11:00am
Quoting dobe_r_man
Greenhaze:

Did you get filled? I am short from my limit order at .8990 and now at break-even, with another order just below .8900 to pyramid if it falls below.

I am bit annoyed that .8950 continues to provide support; however, the worst that can happen now is a break-even trade.


Nathan
I pulled of my order becouse of busy schedule at work today. It was nice trade overall with even better entry at 0.9000 ( 0.8999 high on my broker chart ;]). Breakeven... oh then ;] there always a next one.
  • #47,617
  • Nov 5, 2009 11:05am Nov 5, 2009 11:05am
Quoting Greenhaze
I pulled of my order becouse of busy schedule at work today. It was nice trade overall with even better entry at 0.9000 ( 0.8999 high on my broker chart ;]). Breakeven... oh then ;] there always a next one.
My stop loss is at break-even, I am still in waiting to see what happens. Worst case I get break-even, I will take those over losses any day! Nice job on your entry!!!
  • #47,618
  • Nov 5, 2009 11:10am Nov 5, 2009 11:10am
Quoting mbqb11
I can't see any BEOBs on my chart
on the WEEKLY eurusd...

Quoting mbqb11
Either way if there was a BEOB in that location it is a swing low point.
i dont think we talk about the same BEOB...

i posted the daliy just to show the tradeline and the ABC Fib pattren.

tnx.
Wellcome to the good life!
  • #47,619
  • Nov 5, 2009 11:26am Nov 5, 2009 11:26am
Quoting yarin
on the WEEKLY eurusd...


i dont think we talk about the same BEOB...

i posted the daliy just to show the tradeline and the ABC Fib pattren.

tnx.
ah ok my bad. The weekly has more of a DBHLC look since it is the weekly and barely a higher high. Price still broke and stalled in my prior chart that minor PPZ. So could be some drawdown if you didn't do anything at that point. If it is going to bounce were going to bounce where ware now. Hasn't invalidated yet so we will see if it comes back

Mike
  • #47,620
  • Nov 5, 2009 12:04pm Nov 5, 2009 12:04pm
Quoting dobe_r_man
Technically the Beob has not failed yet (though it could), just wanted to provide some clarification....
Yes you're right....i should have pointed out that for me the trade is over not because the Beob is failed but because of my exit technique.I put the stop loss above the yesterday Pin,and today i have been stopped out with a small loss.Even so,i would be very cautious because the pair has give sign of bullish sentiment in my opinion,showing us some ugly Pin Bar ,but still PB.....and is also seted over a trend line that i noticed after the fact.

I know for you is a free trade so you have nothing to lose.......

Let see what's gonna happen....

Any way good luck to you my friend.
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Patience is essential
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