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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

  • #62,601
  • May 3, 2010 11:01pm May 3, 2010 11:01pm
Hi, all
I saw 2 BEOB on E/U chart, but I am not sure they are good or not? Can anybody give some suggestion?
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Dancing with Candlesticks
  • #62,602
  • May 3, 2010 11:26pm May 3, 2010 11:26pm
Quoting joelcf
Seriously? I see 4.4 on Oanda, and even tighter elsewhere....
sometimes (yesterday?), gbpchf is 3.3 on Oanda.
  • #62,603
  • May 3, 2010 11:28pm May 3, 2010 11:28pm
Quoting iForex
Hi, all
I saw 2 BEOB on E/U chart, but I am not sure they are good or not? Can anybody give some suggestion?
Hey iForex,
those BEOB's are at a (swing) low. ideally, we want BEOBs at swing highs.

also, it's recommended that u zoom out when u study your charts so u'll see the 'bigger picture'.
  • #62,604
  • Edited May 4, 2010 2:22am May 3, 2010 11:44pm | Edited May 4, 2010 2:22am
Here's an image with most of the examples of PA bars for those who just started following this thread. Let me know if anything should be corrected.

*Added tips from SupremeChaos!

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The image shows some of the most basic examples of PA bars so it does not contain enough information regarding the best locations, timing, etc. Most of the in-depth information can be found throughout this thread.
  • #62,605
  • May 3, 2010 11:53pm May 3, 2010 11:53pm
Quoting fxeturn
Here's an image with most of the examples of PA bars for those who just started following this thread. Let me know if anything should be corrected.

http://i877.photobucket.com/albums/a...n/sample-1.gif

Good presentation.. Thank you.
  • #62,606
  • May 3, 2010 11:53pm May 3, 2010 11:53pm
Nice illustration fxeturn!

a little observation:
-the pinbar shown is quite small. about 60% of its body is embedded in the previous bar.
ideally, the size should be much bigger (this goes for all PA bars), with close below the open (for bearish PBs; close higher than the open for bullish PBs), & with most of the body protruding away from (as opposed to being embedded into) previous bar/s.

  • #62,607
  • May 4, 2010 12:11am May 4, 2010 12:11am
Quoting supremeChaos
Nice illustration fxeturn!

a little observation:
-the pinbar shown is quite small. about 60% of its body is embedded in the previous bar.
ideally, the size should be much bigger (this goes for all PA bars), with close below the open (for bearish PBs; close higher than the open for bullish PBs), & with most of the body protruding away from (as opposed to being embedded into) previous bar/s.

Thanks! I did a little correction according to your advice and added a 'tips' section. I've replaced the image in the same post.
  • #62,608
  • May 4, 2010 12:32am May 4, 2010 12:32am
Hey marcelnyo so long dude where were you??

.
  • #62,609
  • May 4, 2010 12:41am May 4, 2010 12:41am
Quoting joelcf
Seriously? I see 4.4 on Oanda, and even tighter elsewhere.

*edit* remoted into my home account, and I see 4.4 on MTB and around 2 pips on IB. I used IBFX for ages and they always seemed competetive. Have they gone downhill, or was I just getting suckered? >:/
Depends if you have a Micro or a Standard account, i use their micro one and spread are like 3-4 even on majors (But they let me trade down to 100 units). But i think standard one would be much better.
.
  • #62,610
  • May 4, 2010 12:42am May 4, 2010 12:42am
Quoting joelcf
There isnt really divergence there, unless you ignore all of the nearest points. Given your MACD is set to 12/26/9, taking divergence from like a hundred bars back is pretty meaningless. Look at the nearest end - price moved up steeply, MACD moved up steeply. No div.

Channel line is pretty arbitary as well, it hasnt been touched in a long time.

Still, I dont think your trade was terrible. Nice big bar, swing high, decent amount of room before the FTA, and then plenty after that. If there was some divergence there, I would have taken it. As...
I see. I think I have to dig deeper into the MACD and divergence. Thanks for your advise.


Quoting Dan Gilbert
I posted this in my journal, and figured I would post it here.
Dan, do you mean the IB?23? It is a sunday bar. Do you take these into account or just those that fall in place with e.g. BRN?
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,611
  • May 4, 2010 12:43am May 4, 2010 12:43am
Hey nasir,
marcelnyo is busy (with his business &) amassing funds for his bigger FX account.


Quoting nasir.khan
Hey marcelnyo so long dude where were you??

.
  • #62,612
  • May 4, 2010 12:51am May 4, 2010 12:51am
Quoting HanSolo
Hey nuclear,

AUDCHF was another one I watched. Did not work out for me neither, since I overrated the profit taking on friday - so I got out at BE. But in my opinion it did what it was supposed to do: broke the BEOB and moved to FTA (see the gap @ April 11th). In hindsight I should have passed it due to traffic. Another reminder for being more picky.
Quoting g_j_hook@yah
hi HanSolo, this is a big step to have taken bro hearing it said and seeing it for yourself from the charts is another thing entirely!nice one dont underestimate what you said here...

keep it up

jon
I second that g_j_(jon).

Nice one Hans. Overrating the 1st targets (or FTA) is common. The .9900 RN and PPZ level, was an obvious target, forget the gap.

As jon said . . keep at it

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #62,613
  • May 4, 2010 12:54am May 4, 2010 12:54am
Quoting fxeturn
Thanks! I did a little correction according to your advice and added a 'tips' section. I've replaced the image in the same post.
to be clear, u can put a note in your picture "for illustration purposes only (may or may not show the proper/best location of a particular PA bar)"

sometimes, a small PA can have a huge activity (activity meaning buying&selling). but in general, we would like to trade really big, prominent PA setups.

u changed your illustration for number 3 'pin bar'. that pin's close is lower than the open, & most importantly, its mid-part is embedded in a mini-range located on the left-side of that pin.
we ideally want a PA setup in a location (swing high/low) such as #7 is in: with space on the left & protruding away from the other bars.

Good job!
  • #62,614
  • May 4, 2010 12:55am May 4, 2010 12:55am
Quoting joelcf


Oh, I bet you are
Thoses are some BRNs! . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #62,615
  • May 4, 2010 1:06am May 4, 2010 1:06am
Quoting HanSolo
Thanks for your motivating words! The pleasant feeling from being stopped out at BE and knowing WHY it happened greatly exceeds the one from any hit-or-miss high-profitable trade I ever had. It's great to be here.

"Ah-Ha."
Indicators show the past. Price Action "Indicates" the future.
  • #62,616
  • May 4, 2010 1:09am May 4, 2010 1:09am
Quoting supremeChaos
to be clear,
What do you think of the little bullish PB a few bars after the #7 bar? Can that be an example to replace the current #3 instead?
  • #62,617
  • May 4, 2010 1:13am May 4, 2010 1:13am
fxeturn,
the current #3 is better. it is ok, size-wise.
location is a different matter.
  • #62,618
  • May 4, 2010 1:27am May 4, 2010 1:27am
Quoting supremeChaos
fxeturn,
the current #3 is better. it is ok, size-wise.
location is a different matter.
I've replaced the image in the post with the new improvements as suggested. So it should be ok now, as in just 'ok' right?
  • #62,619
  • May 4, 2010 1:31am May 4, 2010 1:31am
Quoting jarroo
Thoses are some BRNs! . . .lol



Well played, sir. Well played.
When you have to shoot, shoot. Dont talk.
  • #62,620
  • May 4, 2010 1:38am May 4, 2010 1:38am
Quoting fxeturn
I've replaced the image in the post with the new improvements as suggested. So it should be ok now, as in just 'ok' right?
Your chart looks great, fxe.

Good examples of Price Action formations. Its important to know what they are and how they look structurally.

The next step is the location and supporting confluences that make them tradable. Mainly the PPZ levels. Maybe show a chart with the same PA but throw in just the PPZ levels.

Its all good fxe, (Thanks sChoas)
Indicators show the past. Price Action "Indicates" the future.
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