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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

  • #65,061
  • May 28, 2010 4:06am May 28, 2010 4:06am
Hi Jarroo,

USDCHF 4Hr TF - I'm entry Short PA close below 1.15 short entry from this point with TP1 at 1.14

Would you please advise sir if this the valid sell signal

Cheer
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  • #65,062
  • May 28, 2010 4:37am May 28, 2010 4:37am
Quoting mrhb30jr
Hi Jarroo,

USDCHF 4Hr TF - I'm entry Short PA close below 1.15 short entry from this point with TP1 at 1.14

Would you please advise sir if this the valid sell signal

Cheer

You might like to look at the weekly - if you haven't already..
  • #65,063
  • May 28, 2010 4:55am May 28, 2010 4:55am
Another line for the NZD/USD weekly.
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  • #65,064
  • May 28, 2010 5:06am May 28, 2010 5:06am
Just watching the BEOB on USD/CAD

It is Friday, so I am only watching.
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  • #65,065
  • May 28, 2010 7:52am May 28, 2010 7:52am
Quoting Pinbar
Just watching the BEOB on USD/CAD

It is Friday, so I am only watching.
I suspect that you don't take positions so close into the weekend/over the weekend?


Did anyone enter the BEOB on the USDCHF daily? I've set a sell stop at 1.475 but don't see any momentum at all even if the news turned out to be good for the swiss.

Someone mentioned that the US have a bankday, true?
  • #65,066
  • May 28, 2010 8:46am May 28, 2010 8:46am
Wakanapi,
check here.
  • #65,067
  • May 28, 2010 8:52am May 28, 2010 8:52am
Quoting supremeChaos
Wakanapi,
check here.
Thanks, did you place a order too?
  • #65,068
  • May 28, 2010 9:01am May 28, 2010 9:01am
Wakanapi,
trade order, you mean?
i placed one on usdcad (short), but exited for a few pips as market has been quiet.

Happy weekend All!
  • #65,069
  • May 28, 2010 9:18am May 28, 2010 9:18am
Quoting Wakanapi
I suspect that you don't take positions so close into the weekend/over the weekend?


Did anyone enter the BEOB on the USDCHF daily? I've set a sell stop at 1.475 but don't see any momentum at all even if the news turned out to be good for the swiss.

Someone mentioned that the US have a bankday, true?

Your sell order is 30 above a weekly pivot and the 50 fibo.

You may want to think about it, especially on a Friday evening.

Look at all the traffic on the left in the red rectangle.

Also look at the bar highs and lows on the weekly, I wouldn't like to go against that based only on an H4 BEOB.
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  • #65,070
  • May 28, 2010 10:16am May 28, 2010 10:16am
Quoting Pinbar
Your sell order is 30 above a weekly pivot and the 50 fibo.

You may want to think about it, especially on a Friday evening.

Look at all the traffic on the left in the red rectangle.

Also look at the bar highs and lows on the weekly, I wouldn't like to go against that based only on an H4 BEOB.
Point taken. However I didn't base it on H4 it was the BEOB on the D1.

It's way to silent today on the market I will pull back my order thanks to you're input.

Happy weekend
  • #65,071
  • May 28, 2010 10:54am May 28, 2010 10:54am
Quoting Wakanapi
Point taken. However I didn't base it on H4 it was the BEOB on the D1.

It's way to silent today on the market I will pull back my order thanks to you're input.

Happy weekend

Yeah, the senior people not online right now, speaks louder than words.

Have a great weekend and hope you catch a good one next week.
  • #65,072
  • May 28, 2010 11:12am May 28, 2010 11:12am
Quoting Wakanapi
Point taken. However I didn't base it on H4 it was the BEOB on the D1.

It's way to silent today on the market I will pull back my order thanks to you're input.

Happy weekend
Hi W,
Fo what its worth I'm with you on this, I am also short and will scale in if it goes up

Rgds
Steve
  • #65,073
  • May 28, 2010 11:56am May 28, 2010 11:56am
Quoting Pinbar
Yeah, the senior people not online right now, speaks louder than words.

Have a great weekend and hope you catch a good one next week.

this is speaking to me quite loudly as well - we must have someone write an indicator of sorts for this situation. ill start it

if {mike, jaroo, and james} = not online

then {: inquire about potential vacation status / shut down platform}

otherwise { place limit order below the pin bar low}

end
  • #65,074
  • Edited 1:10pm May 28, 2010 12:40pm | Edited 1:10pm
Quoting mrhb30jr
Hi Jarroo,

USDCHF 4Hr TF - I'm entry Short PA close below 1.15 short entry from this point with TP1 at 1.14

Would you please advise sir if this the valid sell signal

Cheer
Hi and welcome mrhb.

That's a nice size BEOB on the 4 hour Usd/Chf, engulfing many candles.

The valid signal for me would be an entry below the Low of the BEOB (1.1485), of say 5 to 8 pips.


Let's look at the setup a little closer. (Chart 1)
We have had a pretty strong uptrend going on on the Usd/Chf. So a big size PA setup would be what to look for to counter this strong move up. The size is not bad but its in a consolidation area not at a swing High on the 4 hour time frame.

I like the fact that the Low of the BEOB is below the 1.1500. A stronger bearish indication for me would be if the Close was below the 1.1500. And/or the Close is below the previous candles its engulfing.

Also, the traffic (in green) is heavy. Many bar Lows to contend with and
Price reacting to this traffic is not a surprise. Its not a setup I would take.

For example, a better setup I would take (Chart 2).

An 8 Hour BEOB on the same pair. Nice big size, at a swing high and no traffic. The signal would be the break of the Low of the BEOB with a buffer of 5-8 pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,075
  • May 28, 2010 1:50pm May 28, 2010 1:50pm
Monday is Memorial Day in the USA. This is the "unofficial" start to summer. So today, next Monday, and maybe even next Tuesday, will all be slow.

People see this as the start of summer and take time off to do what ever it is they like to do.

I often catch some great TV, such as this morning Patton 360 was on the History Channel.

If you don't know the history behind General Patton, he is a VERY interesting character.
  • #65,076
  • May 28, 2010 2:11pm May 28, 2010 2:11pm
Quoting jarroo
Hi and welcome mrhb.

That's a nice size BEOB on the 4 hour Usd/Chf, engulfing many candles.

The valid signal for me would be an entry below the Low of the BEOB (1.1485), of say 5 to 8 pips.


Let's look at the setup a little closer. (Chart 1)
We have had a pretty strong uptrend going on on the Usd/Chf. So a big size PA setup would be what to look for to counter this strong move up. The size is not bad but its in a consolidation area not at a swing High on the 4 hour time frame.

I like the fact that the Low of the BEOB is below...
That detailed explanation helped me too. I like your chart setup as its clean and clearly shows PA in action. That's definitely one for my scrap book.

Many thanks.
  • #65,077
  • May 28, 2010 9:47pm May 28, 2010 9:47pm
Quoting jarroo
Hi and welcome mrhb.

An 8 Hour BEOB on the same pair. Nice big size, at a swing high and no traffic. The signal would be the break of the Low of the BEOB with a buffer of 5-8 pips..

I have been meaning to ask this question about the 8Hr conversion some people are using to find entries.

As most people are probably basing their trades NOT on 8Hr, does this not make these setups less of a self fulfilling prophecy than the regular Daily or H4 tf? I mean, if we see a BEOB on H4 then more people are likely to take it and jump on board adding momentum to the trade, than an 8Hr bar. Are they not?

Thanks in advance
  • #65,078
  • May 28, 2010 10:39pm May 28, 2010 10:39pm
Quoting Pinbar
I have been meaning to ask this question about the 8Hr conversion some people are using to find entries.

As most people are probably basing their trades NOT on 8Hr, does this not make these setups less of a self fulfilling prophecy than the regular Daily or H4 tf? I mean, if we see a BEOB on H4 then more people are likely to take it and jump on board adding momentum to the trade, than an 8Hr bar. Are they not?

Thanks in advance
James trades the 2000-tick chart of the Dow and doesn't know of anyone else who does. He's done that for a loooooooooong time.

...Answer your question?
Bundy's status today: "Waiting..."
  • #65,079
  • May 29, 2010 12:35am May 29, 2010 12:35am
Quoting bundyraider
James trades the 2000-tick chart of the Dow and doesn't know of anyone else who does. He's done that for a loooooooooong time.

...Answer your question?

Sort of..

After what you mention, I am assuming the TF is not that important it is the areas of Support & Resistance, that will show up on any larger TF.

Thanks Bundy.

Just currently simulation trading the EU on Daily TF.

May have a runner IB.
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  • #65,080
  • Edited 8:20am May 29, 2010 7:55am | Edited 8:20am
Quoting Pinbar
Sort of..

After what you mention, I am assuming the TF is not that important it is the areas of Support & Resistance, that will show up on any larger TF.

Thanks Bundy.

Just currently simulation trading the EU on Daily TF.

May have a runner IB.
When the first Japanese fella first starting plotting candlesticks to represent the price moves of the day he didn't need anyone else to be doing the same. Did he?

Your price chart is showing the footprints of the hurd. The "Where" and the "How quickly"s.
Long before charting was popular, TA traders were able to make money off of those that were just buying and selling based on whatever reasons those other market participants had to do so.

Confluence of S/R factors is where the self fulfilling prophecy bit comes in. The more people who think $50.00 is a bargain the more chance that that level has of buyers over-powering sellers again once it's reached. If a certain amount of traders are watching a trendline that lines up with the level at that point in time as well, then even better. ....%50 retrace lines up too? ...even better again.

Time periods wise (Bars)? ...When the current 6 hour bar powers through levels that took the previous seven 6 hour bars to wade through on the way from the other direction, it's a strong indication of the buyer/seller story is changing.

It doesn't matter if your watching 1 hour bars or 36 hour bars. It's the same deal.

As long as the S/R levels you believe in give you enough room on your time frame to get a good trade in and managed nicely, then weird time frames don't matter. Choosing the 'Appropriate' time frames will.

Don't forget an efficient market creates all types of new opportunities all the time. If everyone trades the same outside bar on the one hour chart then there are those that will want to take advantage of that predictable behaviour eventually too, ...whether it's by flooding the market with the appropriate orders at the close of the bar to make it "Look" right, or by hunting all those delicious stop orders on the negative side of the bar.

...See? ...Self fulfilling prophecy doesn't quite work the same for that one does it??
Bundy's status today: "Waiting..."
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