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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

  • #65,381
  • Jun 2, 2010 8:32pm Jun 2, 2010 8:32pm
Quoting six gun
EUR/AUD

I have been following this pair very closely.
Until this evening I was unsure whether the bearish trend was over. It has now just started to come down.
.
thx to all on comments on E/A
  • #65,382
  • Jun 2, 2010 8:40pm Jun 2, 2010 8:40pm
Short (demo) on this daily pin at 1.693 with a stop loss at 1.712, first take profit at 1.683.
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  • #65,383
  • Jun 2, 2010 8:42pm Jun 2, 2010 8:42pm
Quoting jarroo
Its just to show that the Inside Bar is smaller in range more than just 4 previous bars. The Gbp/Jpy Daily IB was (I believe) an I17B. So the "4+" means that the range is smaller then "4 or more" previous bars.
You guys changed the name of this bar.
It used to be an IB4.
  • #65,384
  • Edited 11:13pm Jun 2, 2010 8:46pm | Edited 11:13pm
Quoting Pinbar
You guys changed the name of this bar.
It used to be an IB4.

It was always I4B. lol

2006 Mike.

Quoting mbqb11
Internal bar I assume you mean inside bar.

Insidebar is any bar that has its highs and lows within the previous bar

An I4B, is an inside bar that is the smallest bar(range high to low) of the previous 3 bars, and is inside the previous bar. Here is a chart.

An I4B is an inside bar, but an inside bar isnt always an I4B

Hope this helps,
Mike

Oh ya those small bars are Interbank Sunday bars, those I dont count. And yes that I4B could really be more then just the last 4, but for learning purposes I didnt count them
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #65,385
  • Jun 2, 2010 8:53pm Jun 2, 2010 8:53pm
Noticed BEOB on the daily Chart. Closed strongly below Weekly and daily pivot levels and the last three bars.
Plan to trade this setup as per the chart.
Comments / critiques welcome.


Cheers
Novice198
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  • #65,386
  • Jun 2, 2010 9:06pm Jun 2, 2010 9:06pm
Quoting jarroo
Any one seen Pinbar?

I would like him to demo this Weekly PB on the Nzd/Usd.

Thanks Jarroo

Got up about 2 hours ago.


Hmmm, looks like we have the 61.8 & 50 fibo just above the 0.6900.

Normally, we would put a buy stop order 10 pips above the PB but on the weekly, I am lost.

I would be tempted to wait till the 0.6900 is broken and watch if the 50 fibo holds as support? I can use the daily for reference or not?
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  • #65,387
  • Jun 2, 2010 9:10pm Jun 2, 2010 9:10pm
Quoting novice198
Noticed BEOB on the daily Chart. Closed strongly below Weekly and daily pivot levels and the last three bars.
Plan to trade this setup as per the chart.
Comments / critiques welcome.


Cheers
Novice198
Keep risk/reward in mind when trading this. Looks to me like a continuation bar from the weekly pin. Safe profit to be made to 1.0300 area (indicated in blue). However, where does it make sense to get in? If you were to set entry on a pullback to say, the 40 ema on the 1 hr chart then you would have about 1/1. This is just a suggestion. Personally Ill pass. I would have rather been in this move at the break of the weekly pin. I missed it altogether so too bad for me. The daily BEOB is tempting but Id be a seller of UCAD if this bar were at a swing high. Right now I only see a risk 4 and reward 1 if I want to take full advantage of this bar and that just doesnt do it for me. Food for thought my fellow trader.

Best to you.

K.I.S.S.
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  • #65,388
  • Jun 2, 2010 9:14pm Jun 2, 2010 9:14pm
Quoting joelcf
Short on a failure, bank much pips.
Joelcf,

Can pls elaborate further, as I thought the setup was ok for a long entry with tight trade management.

Cheers
Novice198
  • #65,389
  • Jun 2, 2010 9:18pm Jun 2, 2010 9:18pm
Quoting jarroo
....The Gbp/Jpy Daily IB was (I believe) an I17B....
it was an I22B.

so far, not enough to beat the I46B
  • #65,390
  • Jun 2, 2010 9:19pm Jun 2, 2010 9:19pm
Quoting novice198
Joelcf,

Can pls elaborate further, as I thought the setup was ok for a long entry with tight trade management.

Cheers
Novice198
My assumption on what he meant was that by taking advantage if the PB fails and grab the profit by shorting from the low of failed PB to 0.82.

Quoting fxeturn
Saw this PB, but the bar size is not big enough to scream a reversal and there's a pair of confluencing monthly Fib at 0.82 which looks like it's attracted to, given the momentum of the current bearish trend.

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  • #65,391
  • Jun 2, 2010 9:28pm Jun 2, 2010 9:28pm
Quoting Pinbar
Thanks Jarroo

Got up about 2 hours ago.


Hmmm, looks like we have the 61.8 & 50 fibo just above the 0.6900.

Normally, we would put a buy stop order 10 pips above the PB but on the weekly, I am lost.

I would be tempted to wait till the 0.6900 is broken and watch if the 50 fibo holds as support? I can use the daily for reference or not?
"I would be tempted to wait till the 0.6900 is broken", very good PB.

FORGET the FIBs. Take them off your chart. Lets just look at where Price is heading into if it breaks. The .6900 is a strong Resistance/PPZ Level. The .6800 is a strong Support/PPZ level and will help us.

15 -20 pips is a good buffer on the Weekly. Just remember James16's "This is Critical:

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken
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Indicators show the past. Price Action "Indicates" the future.
  • #65,392
  • Jun 2, 2010 9:42pm Jun 2, 2010 9:42pm
Quoting supremeChaos
it was an I22B.

so far, not enough to beat the I46B

I remember that one. Made a few pips off of that one . . not as many as it gave though. lol.
Indicators show the past. Price Action "Indicates" the future.
  • #65,393
  • Jun 2, 2010 9:42pm Jun 2, 2010 9:42pm
Quoting jarroo
"I would be tempted to wait till the 0.6900 is broken", very good PB.

FORGET the FIBs. Take them off your chart. Lets just look at where Price is heading into if it breaks. The .6900 is a strong Resistance/PPZ Level. The .6800 is a strong Support/PPZ level and will help us.

15 -20 pips is a good buffer on the Weekly. Just remember James16's "This is Critical:

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick...


Bull Market: good news shows big run-ups, bad news shows relatively little run-downs.

Bear Market: good news shows very weak run-ups, bad news shows sharp run-downs.

I think the NU falls into the bear market zone, at the very best you can expect a mildly slow run-up (more of a sideways market), just as we saw from feb-april... I'd rather not get involved, but that's just me personally. If I see NZD start to sh!t the bed again, I'll try my best to catch it... As I have been watching AUD like a damn hawk lately, without even dreaming of trying to go long.
Many choose unhappiness over uncertainty.
  • #65,394
  • Jun 2, 2010 9:46pm Jun 2, 2010 9:46pm
Quoting Dan Gilbert
Bull Market: good news shows big run-ups, bad news shows relatively little run-downs.

Bear Market: good news shows very weak run-ups, bad news shows sharp run-downs.

I think the NU falls into the bear market zone, at the very best you can expect a mildly slow run-up (more of a sideways market), just as we saw from feb-april... I'd rather not get involved, but that's just me personally. If I see NZD start to sh!t the bed again, I'll try my best to catch it... As I have been watching AUD like a damn hawk lately, without even dreaming of trying...

Its a good demo PB much like the Daily Eur/Gbp PB. Much can be learned from trading and practising these setups. That's if they break.
Indicators show the past. Price Action "Indicates" the future.
  • #65,395
  • Jun 2, 2010 9:47pm Jun 2, 2010 9:47pm
Quoting jarroo
A little bit different, equal in my book.

I like the Eur/Gbp Daily PB too. I would like to see it hold and then break closer to london. If it does break now I'll wait and see where its at during the london session.
Jarroo,
Can you pls elaborate reasons for waiting for London. Are you looking for the London open momentum to push the break of PB and reach FTA?

Cheers
Novice198
  • #65,396
  • Jun 2, 2010 9:51pm Jun 2, 2010 9:51pm
Quoting jarroo
"I would be tempted to wait till the 0.6900 is broken", very good PB.

FORGET the FIBs. Take them off your chart. Lets just look at where Price is heading into if it breaks. The .6900 is a strong Resistance/PPZ Level. The .6800 is a strong Support/PPZ level and will help us.

15 -20 pips is a good buffer on the Weekly. Just remember James16's "This is Critical:

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick...

Need more coffee.......

We are trading right into the compresses 150 & 365, are we not? Also, I imagine the it is best to wait for the LO?
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  • #65,397
  • Jun 2, 2010 9:58pm Jun 2, 2010 9:58pm
Quoting fxeturn
My assumption on what he meant was that by taking advantage if the PB fails and grab the profit by shorting from the low of failed PB to 0.82.
Exactly.

My reasons are the same as fxe's. I see a big strong bearish movement, and that pin is nowhere near enough to make me think that the market is suddenly going to change its mind. Same as the pin about 6 or so bars prior (although this one at least has a bullish close). Even if you were to take it, there is some strong resistance right above, which I wouldnt want to trade into.

Doesnt meet my criteria - but that's just me. I'm sure there are others who do see it as a good trade. The fact that Jaroo give it a thumbs up just shows how divided opinions can be

For me, the stronger trade here is a trend continuation if (when) the pin fails. Even better would be if it breaks the high first, trapping even more people into a long trade with stops just below the nose that they all rush to liquidate.

Quoting novice198
Jarroo,
Can you pls elaborate reasons for waiting for London. Are you looking for the London open momentum to push the break of PB and reach FTA?
There is very little volume on that pair outside the London session, so you dont really know the true market sentiment until there is some actual money flow happening.
When you have to shoot, shoot. Dont talk.
  • #65,398
  • Jun 2, 2010 9:59pm Jun 2, 2010 9:59pm
Quoting novice198
Jarroo,
Can you pls elaborate reasons for waiting for London. Are you looking for the London open momentum to push the break of PB and reach FTA?

Cheers
Novice198
Trading during thin market times, like the Asian , can be shaky at best. Especially if the setup is not top notch, quality-wise.

Yes, the London session can provide more movement/ momentum to give that extra push to our targets.
Indicators show the past. Price Action "Indicates" the future.
  • #65,399
  • Jun 2, 2010 10:07pm Jun 2, 2010 10:07pm
Quoting Pinbar
Need more coffee.......

We are trading right into the compresses 150 & 365, are we not? Also, I imagine the it is best to wait for the LO?
Yes, so to speak. We are in the middle of a PPZone, the .6900 being the top and the .6800 bottom. The PB is giving us a hint to where Price is heading. Is it strong enough? Is it big enough to provide a move to the FTA, I like the .6970 green line. We shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,400
  • Jun 2, 2010 10:09pm Jun 2, 2010 10:09pm
Demo Order in place.
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