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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

  • #49,921
  • Dec 17, 2009 1:37am Dec 17, 2009 1:37am
Quoting raczekfx
Wrong...
Look at the daily patterns on fiber going back to Jul 2008.
Tip: count the pips..
The answer is 26 PIPS.

Hope i am right here.
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  • #49,922
  • Dec 17, 2009 2:08am Dec 17, 2009 2:08am
Quoting mbqb11
Remember we want to see BUOBs at swing lows,

Hey Mike if you could get paid 1$ every time you say that sentence you might not need to trade any more.

Thanks for all your efforts here at FF. (i wish i had some better words)

And HAPPY BIRTHDAY...

PS. (I know it's 10 days late but that's a ROUND NUMBER right??)
  • #49,923
  • Dec 17, 2009 2:10am Dec 17, 2009 2:10am
Quoting mbqb11
Hey Tree

Remember we want to see BUOBs at swing lows, this is up at a swing high point. Generally trading into that new high can be very dangerous. Taking out that new high is where new sellers often sit. Best to stick to trading these bars in the prime locations especially when new.

I hope that helps
Mike
Yes thanks, forgot about the BUOB's wanting to be at swing lows, information overload from all the reading.

Also seen a nice (in my amateur eyes it is) pin on the USD/CAD. Pin on the 4h coming right out of strong weekly Resistance levels. I have been following the methods in this thread & also in Clockworks as may tell from these charts & my zones.
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Learning to be rigid in my rules & flexible in my expectations
  • #49,924
  • Dec 17, 2009 2:37am Dec 17, 2009 2:37am
looks like one of those trendlines that gets broken easy. Ready for a scalp.
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ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #49,925
  • Dec 17, 2009 2:37am Dec 17, 2009 2:37am
hello guys!!

man this was a freaking night on fiber, thats all I can say. I know that so many where long, and so many SL were hitten, mine as well

Althought the fed announcement didn't change anything on paper, way and who the hell and by what reason they were selling like madnes

Anyway I have just notice something, looking on the bigger picture ,that the euro historically made it's low or high in dec-Jan. It happens a majority of time. And this move are generally large,look for example last year on dec what happened.

If this would happen then I think that we will go much more lower without any retracement is this possible?,but not to mention that we have exceeded the usual range on fiber and this should give us some retracement(I know that we have some contradiction).

I'll stay out letting the market to show me the way.

what do you guys think base on your experience?

The news are also bad for euro and they are detonated right at time to sustain the dollar dips.

thanks

wish you the best!
  • #49,926
  • Dec 17, 2009 2:38am Dec 17, 2009 2:38am
Im thinking of how i should manage this trade. I went short right after the break of that bearish pinbar. Im currently up 100+ pips, stop at BE and a little more then 1:1R. Do you think this one could be a runner?

Price did break the trend line and is in a bit of a downtrend making lower highs and lower lows. BUT its till in that mini range box. If price break this box there is ton of space for it to fall... any ideas?
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  • #49,927
  • Dec 17, 2009 3:00am Dec 17, 2009 3:00am
Quoting ekling
Im thinking of how i should manage this trade. I went short right after the break of that bearish pinbar. Im currently up 100+ pips, stop at BE and a little more then 1:1R. Do you think this one could be a runner?

Price did break the trend line and is in a bit of a downtrend making lower highs and lower lows. BUT its till in that mini range box. If price break this box there is ton of space for it to fall... any ideas?

I'll be glad to help you on this one but is seems that as more we close to holidays, markets movement are so full with surprise.

anyway if you look on the daily we are stuck in some range until we have a close below/above it could go either way

hope that helps!
  • #49,928
  • Dec 17, 2009 3:03am Dec 17, 2009 3:03am
Ive put an order in for this usd/cad 4hr pin, waiting for the break of the low.
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  • #49,929
  • Dec 17, 2009 3:06am Dec 17, 2009 3:06am
working off the trendline on the daily chart
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  • #49,930
  • Dec 17, 2009 4:47am Dec 17, 2009 4:47am
Quoting nickypon
Ive put an order in for this usd/cad 4hr pin, waiting for the break of the low.
Quoting nickypon
working off the trendline on the daily chart
looking exclusively at your chart, that H4 pin seem to be heading straight into traffic/bar highs (H4 chart) around 1.0650ish. & this H4 pin formed prior a big bull candle. furthermore, this H4 pin looks like a test of that trendline: look how it stopped/closed above that trendline (big bull candle broke the trendline, pin tested the trendline).
the daily chart seem to reinforce a bullish bias.

just one way to look at it.
  • #49,931
  • Edited 5:34am Dec 17, 2009 4:50am | Edited 5:34am
Quoting Liger86
looks like one of those trendlines that gets broken easy. Ready for a scalp.
trendlines like these on higher TF's are not just scalp trades.
this H1 trendline may even produce not just 'scalp pips'.
But let's see..

EDIT: this particular trendline is called 'comb' by Sir Igrok. if interested, he has a thread here.
  • #49,932
  • Dec 17, 2009 5:04am Dec 17, 2009 5:04am
Quoting ekling
Im thinking of how i should manage this trade. I went short right after the break of that bearish pinbar. Im currently up 100+ pips, stop at BE and a little more then 1:1R. Do you think this one could be a runner?
...
Quoting triger88990
...seems that as more we close to holidays, markets movement are so full with surprise...
anyway if you look on the daily we are stuck in some range until we have a close below/above it could go either way...
had a quick look at my charts..
here's my view.

i have a downside bias on this. (have been bearish gbp for a while, heheh)
ekling, do u have 2 or more positions on this? demo or live?
may or may not be a runner.
if price stays below 1.61 (noticed earlier that it just broke 1.61), possible destinations 1.58/1.57, 1.53, 1.49/1.50
TAKE A LOOK at the WEEKLY chart: if u put a 365ema & 200ema on, u will notice that it's the first time the 200ema has been below 365ema since May2000. not good


this is the first december that i had a 'good' look at charts (compared to previous years; completely no trade for December for me this year, just watching). seems like even on holidays, with or without whipsaws/lack of liquidity, price respects S/R, PPZs. at least, that's what i've noticed.
  • #49,933
  • Dec 17, 2009 5:13am Dec 17, 2009 5:13am
Quick Poll for you guys:

BUOB/BEOB - enter on the break, or enter at the 50% retrace?


And if you enter on a retracement - what's your bar count limit? Must it happen on the next bar, next 2 bars, etc?

Disclaimer: Yes, I know it's up to each individual trader and there is no right answer. I'm just interested to see how others take these
  • #49,934
  • Dec 17, 2009 5:19am Dec 17, 2009 5:19am
Quoting MattW
Quick Poll for you guys:

BUOB/BEOB - enter on the break, or enter at the 50% retrace?



Disclaimer: Yes, I know it's up to each individual trader and there is no right answer. I'm just interested to see how others take these
I would like to enter at a Weekly/Daily, High/Low crossing between the BEOB,BOUB.
  • #49,935
  • Dec 17, 2009 5:19am Dec 17, 2009 5:19am
Quoting MattW
Quick Poll for you guys:
BUOB/BEOB - enter on the break, or enter at the 50% retrace?
Disclaimer: Yes, I know it's up to each individual trader and there is no right answer..
i think it depends more on the situation than the trader.
there are instances when a BEOB/BUOB breaks & doesnt look back, hence no chance for an entry via a 50%retracement. happens too with pins, IB's (that is, price not looking back/not retracing)
  • #49,936
  • Dec 17, 2009 5:25am Dec 17, 2009 5:25am
Quoting supremeChaos
i think it depends more on the situation than the trader.
there are instances when a BEOB/BUOB breaks & doesnt look back, hence no chance for an entry via a 50%retracement. happens too with pins, IB's (that is, price not looking back/not retracing)
That makes a lot of sense but then that leads to 'how can you tell'? What might give you an inkling on how to take it? Or do you simply watch price and see which way it's headed during the day (e.g. a daily BUOB followed by price heading straight up - take the break; BUOB followed by price heading down - take the retrace)?
  • #49,937
  • Dec 17, 2009 5:43am Dec 17, 2009 5:43am
Quoting KissFan
O give me a daily pin!
That agrees with tha trend!

Hope I got a runner here. SL at the top of the BEOB. BEOB off 1.70. Short 1.6970.


K.I.S.S.
Moved to BE.

K.I.S.S.
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  • #49,938
  • Dec 17, 2009 5:46am Dec 17, 2009 5:46am
Quoting MattW
That makes a lot of sense but then that leads to 'how can you tell'? What might give you an inkling on how to take it? Or do you simply watch price and see which way it's headed during the day (e.g. a daily BUOB followed by price heading straight up - take the break; BUOB followed by price heading down - take the retrace)?
Well (given a good location + a decent bar) if you like to enter at retrace the ideal scenario would be If price already broke the H/L of OB and then retracing back.

If bar is not broken yet and it's retracing, 1st you should minimize your risk here EG. take the half and then wait for the break, 2nd look out for some confluence like a moving average, 50% Fib or as i said earlier see if any Weekly/Daily, High/Low crossing between the BEOB,BOUB.
  • #49,939
  • Edited 7:38am Dec 17, 2009 5:49am | Edited 7:38am
Hi,

I noticed this repeated price pattern on EUR/USD 4 hour chart. This is good example of breakout & consolidation. Notice how price respected descending trendline and providing sell signal close to trendline.
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The purpose of knowledge is action, not knowledge
  • #49,940
  • Dec 17, 2009 6:04am Dec 17, 2009 6:04am
Quoting MattW
That makes a lot of sense but then that leads to 'how can you tell'?...
how can u tell if a BUOB/BEOB will be a runner at the onset or if it will retrace?
well, u cant 100% tell. BUT u can react accordingly or make assumptions as to what price will do or which direction it will take.
knowing the price trend or the direction price will likely take helps a lot in this case.

Let's use our imagination a bit more
here is a situation on the top of my head where we'll tackle both entries (BUOB/BEOB break or 50% retracement):

assuming the trend/bias is up
say we have a double bottom (or a consolidation), BUOB formed with
a. several bar highs immediately to the left (of BUOB)
or
b. BUOB right below round number
BUT plenty of space above these bar highs.

here price may shoot up but encounter resistance around the bar highs [or at the round number], so price shies away then price pushes down for a retrace. in this case, u can wait for PA/confluence around 38 - 61.8 Fib retracements. knowing the direction to be up, gives u confidence (& excitement to enter at a discount ) to enter on this retracement.

alternatively, u can put a buy stop above the bar highs [or above the round number; NOTE: an entry based on break & retest of bar highs or round number is a different topic] if u want to play this BUOB off its break. (u may decide to do this if u are concerned that a buy stop directly above the BUOB will head straight to resistance -- the immediate bar highs.


NOTE: i got to run.. have some errands but hopefully this makes sense to u & i answered your question clearly
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