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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

  • #65,921
  • Jun 10, 2010 7:53am Jun 10, 2010 7:53am
very informative post Ghous.

I suppose a PB is very often a head & shoulders pattern on the next TF down and one more down to H4 shows the range of this.

Thanks Ghous


Edit:

talking about breakouts, we may have one on EJ that looks about ready to pop.
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  • #65,922
  • Jun 10, 2010 7:54am Jun 10, 2010 7:54am
Loving that EURUSD chart and explanation Ghous, thanks

What is the strict definition of the BUOB though? Does the body have to engulf the previous bars/candles body?

Thanks
  • #65,923
  • Jun 10, 2010 7:56am Jun 10, 2010 7:56am
Cheers Ghous, great answer. This was an idea I had, but wasn't sure if my thinking process was correct. You've cleared it up perfectly.
  • #65,924
  • Jun 10, 2010 7:59am Jun 10, 2010 7:59am
Quoting Dan-FX
Loving that EURUSD chart and explanation Ghous, thanks

What is the strict definition of the BUOB though? Does the body have to engulf the previous bars/candles body?

Thanks
At least one bar yes...the more bars it engulfs the stronger is the buob...location and space factors will come in too of course.

g.
I believe . . .
  • #65,925
  • Jun 10, 2010 8:10am Jun 10, 2010 8:10am
Quoting Pinbar
Nasir

Hope this really makes a hard break for you.

Looking at the weekly, we can see the PB off the PPZ area at 1.1425.
Is this also what is holding it up.
That bar is kind of an indecision bar to me( shape and location) ( or closer to a bearish IPB ) and it does't have to do much with our 4H beob (its low is causing problems though).

in my first post about this setup i said i wanted it to "close" below that 150EMA which it did't yet. You see close is very important in terms of "price making a decision" about the direction.

Every time it goes near 150 it jumps back up . So a strong close below that would be pretty decisive here. IMO
.
  • #65,926
  • Jun 10, 2010 8:30am Jun 10, 2010 8:30am
Quoting nasir.khan
That bar is kind of an indecision bar to me( shape and location) ( or closer to a bearish IPB ) and it does't have to do much with our 4H beob (its low is causing problems though).

in my first post about this setup i said i wanted it to "close" below that 150EMA which it did't yet. You see close is very important in terms of "price making a decision" about the direction.

Every time it goes near 150 it jumps back up . So a strong close below that would be pretty decisive here. IMO
.
Thanks Nasir

This gives me more choices now when I see a PA setup and I now know to watch where the close of the bar is more closely.

Now this also puts this possible breakout into perspective as, we can see the bar after the PB closes above the 110.
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  • #65,927
  • Edited 8:59am Jun 10, 2010 8:38am | Edited 8:59am
Quoting Pinbar
Thanks Nasir

This gives me more choices now when I see a PA setup and I now know to watch where the close of the bar is more closely.
Not every time but It will help especially in situation like this where we are dealing with a tight range.

So your PA bar's close should be sticking out if the range. ( which is not the case with UChf and you can see the effect)

If that 4H Beob had closed below that MA we would've been sitting somewhere near 1.1270. lol

EJ-4H

That's not a tradable PB.

But a BUOB like that (see chart) at the retest of TL and BRN would be interesting.

Ok gotta go.

See ya later.
.
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  • #65,928
  • Jun 10, 2010 9:01am Jun 10, 2010 9:01am
Hi guys,

this is my take on the EURUSD. I will be looking at PA in the blue rectangle area. Confluence of important PPZ that the last downswing broke + 32% fib ret of this swing + diagonal TL.

I will consider shortong this pair IF PA favourable as this would be a trade along with long term trend.
There are 2 things to worry about:
- the massive momentum up to this point
- bullish divergence on MACD (if the price decides to bounce of my rectangle of course )

Wow, I've drawn the rectangle today morning, but thought price would reach it tomorrow.

Note:Green fibs are still hypothetical, assuming that price turns around. Grey line is 79 EMA
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"Put your shoulder to the wheel!"
  • #65,929
  • Jun 10, 2010 9:14am Jun 10, 2010 9:14am
Quoting Pinbar
very informative post Ghous.

I suppose a PB is very often a head & shoulders pattern on the next TF down and one more down to H4 shows the range of this.

Thanks Ghous


Edit:

talking about breakouts, we may have one on EJ that looks about ready to pop.
That I guess would be true for a pin bar with really obvious pair of eyes.
I believe . . .
  • #65,930
  • Jun 10, 2010 9:24am Jun 10, 2010 9:24am
Quoting proletary
Hi guys,

I will consider shortong this pair IF PA favourable as this would be a trade along with long term trend.
There are 2 things to worry about:
- the massive momentum up to this point
- bullish divergence on MACD (if the price decides to bounce of my rectangle of course )
Not sure why the dominant momentum would be a worry to you.

It's to the downside, you don't agree?

We are still in a down trend and the recent pull back is no where near a threatening position (no serious BUBs or bullish PA to worry about). Only recently price started to move up and that could very well be in an attempt to test that important area you mentioned. Again don't forget that it's these important areas in the market that move price.

Of course price could blow through the 1215 region in the next few hours but that would be a diff story altogether,

What I am saying is that if price gives good bearish PA at the 1215 region there's no way I would feel the "momentum is against me" as such.

g.
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I believe . . .
  • #65,931
  • Jun 10, 2010 9:27am Jun 10, 2010 9:27am
Quoting ghous
Hey Ben,

Good logical question,

while Mike is taking a quick power nap I'll try to jump in,

In my opinion both the cases are worlds apart, and what makes them so different is the information they contain. A pin bar even on the weekly carries less information (or price action) than a tightening range on the same tf or even on a lower tf.

When price breaks out of a range it can be expected to return to test the break out point, simply because it needs to ensure what it is looking to do is backed with enough orders in the market which...
THanks G, good stuff buddy
  • #65,932
  • Jun 10, 2010 9:31am Jun 10, 2010 9:31am
Quoting mbqb11
THanks G, good stuff buddy
lol np.
I believe . . .
  • #65,933
  • Jun 10, 2010 9:34am Jun 10, 2010 9:34am
Quoting ghous
Not sure why the dominant momentum would be a worry to you.

It's to the downside, you don't agree?

g.
I agree totally, it's a massive downtrend. Talking about momentum I was reffering to the past three bars, which after the relative lull on the pair during the past 3 days. looked like an explosion (well in my eyes at least).

Quote
What I am saying is that if price gives good bearish PA at the 1215 region there's no way I would feel the "momentum is against me" as such.

g.

Well, that means a potential trade could just have moved into my comfort zone. Thanks for your comment I appreciate it.
"Put your shoulder to the wheel!"
  • #65,934
  • Jun 10, 2010 9:54am Jun 10, 2010 9:54am
Quoting bundyraider
I was just illustrating the swing high/low concept that many seem to think is something you don't know until history proves you are right....
great post BUNNY
  • #65,935
  • Jun 10, 2010 10:08am Jun 10, 2010 10:08am
Quoting ghous
At least one bar yes...the more bars it engulfs the stronger is the buob...location and space factors will come in too of course.

g.
If a bullish bar's high and low encompasses the previous bar's high and low, but the open and close is within the previous bar's open and close, is it still a BUOB? This is rarely seen, but last month's EUR/AUD monthly bar was just what I described. A rare case like that, is it still treated as a usual PA, or has to be played differently?
  • #65,936
  • Jun 10, 2010 10:11am Jun 10, 2010 10:11am
Quoting fxeturn
If a bullish bar's high and low encompasses the previous bar's high and low, but the open and close is within the previous bar's open and close, is it still a BUOB? This is rarely seen, but last month's EUR/AUD monthly bar was just what I described. A rare case like that, is it still treated as a usual PA, or has to be played differently?
Hey fx

That gives it a more neutral look most of the time. I consider those neutral bars, a lower close there brings it more to a beob then anything, certainly not a buob, as the close most be with in the top 1/4 of the bar to be a buob, and lower 1/4 to be a beob. But to me the eur/aud has the open and close near the middle and maybe tails aren't even but certainly looks like a see saw battle occurred giving it a neutral feel

Best
Mike
  • #65,937
  • Jun 10, 2010 12:17pm Jun 10, 2010 12:17pm
If it has not been mentioned here, last night James did a webinar and it was tops.
  • #65,938
  • Jun 10, 2010 12:32pm Jun 10, 2010 12:32pm
damn ghous this is really good buddy.

you young guys are so much smarter than me its not even funny.

ghous knows his stuff.

jim



Quoting ghous
Hey Ben,

Good logical question,

while Mike is taking a quick power nap I'll try to jump in,

In my opinion both the cases are worlds apart, and what makes them so different is the information they contain. A pin bar even on the weekly carries less information (or price action) than a tightening range on the same tf or even on a lower tf.

When price breaks out of a range it can be expected to return to test the break out point, simply because it needs to ensure what it is looking to do is backed with enough orders in the market...
  • #65,939
  • Jun 10, 2010 1:30pm Jun 10, 2010 1:30pm
Quoting ghous

What I am saying is that if price gives good bearish PA at the 1215 region there's no way I would feel the "momentum is against me" as such.

g.
Price stopped abt 18 pips short of 1.2150 anf retraced to the hipothetical 72 ret. Currently the PA on my feed looks like a normal retracement. Or am I missing something here...

BTW GBPUSD did not follow that retrace on EU but stood still. What's more it made another bullish leap upward in the last few minutes, which is another reason for me to wait for a full touch of the 1.215.

Could someone post an EURUSD 4h chart based on EST time zone?

Best regards
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"Put your shoulder to the wheel!"
  • #65,940
  • Jun 10, 2010 1:41pm Jun 10, 2010 1:41pm
thanks six.

im going to start doing some for non members soon.

in fact i have the ability to let some of you old timers do some also. member or not.

it would be cool.

stay tuned.

jim

Quoting six gun
If it has not been mentioned here, last night James did a webinar and it was tops.
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