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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

  • #65,961
  • Jun 11, 2010 1:32am Jun 11, 2010 1:32am
Quoting jarroo
I know you saw it coming to Mike.

Let me ask you Mike, how many times have you seen this senario play out like this ?
enough that I am still around
  • #65,962
  • Jun 11, 2010 1:33am Jun 11, 2010 1:33am
Quoting mbqb11
enough that I am still around
Its probably more than that.
Indicators show the past. Price Action "Indicates" the future.
  • #65,963
  • Jun 11, 2010 1:41am Jun 11, 2010 1:41am
Quoting proletary
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....

Usually this trade is followed by a "KaBoom" but that just the Rac-man coming to mind.

Support turning into Resistance. Classic.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,964
  • Edited 3:28am Jun 11, 2010 1:46am | Edited 3:28am
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...

Very nice ghous.

I want to take that 2nd chart, enlarge it, frame it and put on my wall.

It's a work of art.
Indicators show the past. Price Action "Indicates" the future.
  • #65,965
  • Jun 11, 2010 1:47am Jun 11, 2010 1:47am
Quoting mbqb11
ahh I had a sigh of relief for you when you posted this chart. I can see the light getting brighter for you

Mike

Thanks Mike....I can almost hear the Sighhhhhhhhhhhhhhhhhhhhhhhhhh.

Let's see what Jarroo suggests. Probably to mark every setup on H4 since time immemorial on NZD/USD...And then the old ticker tapes.
  • #65,966
  • Jun 11, 2010 2:07am Jun 11, 2010 2:07am
Quoting Pinbar
Thanks Mike....I can almost hear the Sighhhhhhhhhhhhhhhhhhhhhhhhhh.

Let's see what Jarroo suggests. Probably to mark every setup on H4 since time immemorial on NZD/USD...And then the old ticker tapes.

lol.

There are some setups there that are "so-so" but the ones that really stand out are the ones you picked, Pb.

#4, 8 Hour PB, would have caught my eye too. Although not at a swing low and in a consolidation area.

The #3, not so much that little PB but the big BEOB looks good.

Great job, Pb. This is what we are looking for because the "so-so" setups give so-so results or more often then not, a lossing trade.

I understand Mike's sigh lol . . . your heading in the right direction.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,967
  • Jun 11, 2010 2:18am Jun 11, 2010 2:18am
Quoting jarroo
lol.

There are some setups there that are "so-so" but the ones that really stand out are the ones you picked, Pb.

#4, 8 Hour PB, would have caught my eye too. Although not at a swing low and in a consolidation area.

The #3, not so much that little PB but the big BEOB looks good.

Great job, Pb. This is what we are looking for because the "so-so" setups give so-so results or more often then not, a lossing trade.

I understand Mike's sigh lol . . . your heading in the right direction.


Jarroo, many thanks for your help.

What PA is #4? I can understand that the high of number 3 is only nominally inside the previous bar so it may still be considered and OB.
  • #65,968
  • Jun 11, 2010 2:44am Jun 11, 2010 2:44am
Quoting Pinbar
Jarroo, many thanks for your help.

What PA is #4? I can understand that the high of number 3 is only nominally inside the previous bar so it may still be considered and OB.

#4 is a 8 Hour PB, if you combined the two 4 hour candles it will become a PB. Strong move down, strong move up . . like a PB.

#3, yes, technically the High did not engulf the little PB, but it did engulf 3 other 4 hour candles . . that stood out to me.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,969
  • Jun 11, 2010 2:57am Jun 11, 2010 2:57am
I see....Thanks.

GBP USD seems to be interesting on the H4 & H1.

The H1 bar engulfs 12 candles.
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  • #65,970
  • Jun 11, 2010 3:00am Jun 11, 2010 3:00am
Quoting smikester
I don't think I ever addressed a post to you personally and I did mean to several times but never quite found the words. It was going to be a carefully thought out post.

Anyway I know that's probably not your style and it's not mine so here goes. When I started in this game I was confident I would get to grips fairly quickly and no, I didn't need any help. Two years in and I was only vaguely getting the feel of it. I kept seeing references to this thread which is coming up to a 5 years celebration now, but you know what pride is and I thought...
Nice post Mike . . .I'll have a beer with you.
Indicators show the past. Price Action "Indicates" the future.
  • #65,971
  • Jun 11, 2010 3:01am Jun 11, 2010 3:01am
Quoting Pinbar
I see....Thanks.

GBP USD seems to be interesting on the H4 & H1.

The H1 bar engulfs 12 candles.

Looks good Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #65,972
  • Jun 11, 2010 3:09am Jun 11, 2010 3:09am
Quoting Pinbar
1: Is at a great area and the BEOB spans 4 candles right off the 0.7000 RN.
Powerful stuff. Just wanna say that I learn from your posts too as much as others. Great one, PB!
  • #65,973
  • Jun 11, 2010 3:13am Jun 11, 2010 3:13am
Quoting fxeturn
Powerful stuff. Just wanna say that I learn from your posts too as much as others. Great one, PB!

Very kind of you.

Don't bet it will continue, I will probably go Boooooiiiiinnng again.
  • #65,974
  • Jun 11, 2010 3:14am Jun 11, 2010 3:14am
Quoting Pinbar
I see....Thanks.

GBP USD seems to be interesting on the H4 & H1.

The H1 bar engulfs 12 candles.
Great looking bar, and location!
Would love to see that trendline broken
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  • #65,975
  • Jun 11, 2010 3:28am Jun 11, 2010 3:28am
Quoting jarroo
#4...
#3, yes, technically the High did not engulf the little PB, but it did engulf 3 other 4 hour candles..
most likely, #3 (which occurs often) is a BEOB in other broker feeds.
  • #65,976
  • Jun 11, 2010 3:30am Jun 11, 2010 3:30am
Quoting supremeChaos
most likely, #3 (which occurs often) is a BEOB in other broker feeds.
I like to blame it on demo feeds.
Indicators show the past. Price Action "Indicates" the future.
  • #65,977
  • Jun 11, 2010 3:35am Jun 11, 2010 3:35am
Quoting Jonnyislost
Great looking bar, and location!
Would love to see that trendline broken

Yes, it just broke.

EDIT:

I don't like the angle of the EMAs though.
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  • #65,978
  • Jun 11, 2010 3:45am Jun 11, 2010 3:45am
Quoting Pinbar
Yes, it just broke.
After all the analysis and watching, what is the BEST thing to do now?
Short right away? The 15M shows us that it has retraced to the TL and moved down again..........

Decisions, decisions, desicions...................
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  • #65,979
  • Jun 11, 2010 3:47am Jun 11, 2010 3:47am
Quoting jarroo
Usually this trade is followed by a "KaBoom" but that just the Rac-man coming to mind.

Support turning into Resistance. Classic.

Rac-man meanig raczekfx? He would go for a touch trade wouldn't he? Touch trades are a no-go zone for me, at least for now. I still have to develop that specific feeling for price, call it intuition or whatever. Raczek amazed me with his trades to the point of disbelief.

Anyway I've created a chart with possible PPZ for a kaboom scenario. The upward move would first be dampened by a congestion zone (blue-greyish zone).

The first serious PPZ would be the 1.2437 level. Price has obeyed that level both as support and resistance. The 200 EMA is heading towards that level. So the forst dark blue rectangle is my first obesrvation point.

The second one is much stronger. It's the 1.26 BRN, and is the first thing you spot when zooming out or moving to 1D. And who knows, if bulls are long enough brave enough the 365 EMA might drop in for a visit at this level. That's my second obseravtion point - highest dark blue rect.

Of course the 1.2150 level stays valid throughout the whole potential move, giving hints, on where the bulls would want go.

Pls point out any flaws of my reasoning, or hints what to add to the analysis.
Attached Image (click to enlarge)
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"Put your shoulder to the wheel!"
  • #65,980
  • Jun 11, 2010 3:49am Jun 11, 2010 3:49am
Quoting ertorque
After all the analysis and watching, what is the BEST thing to do now?
Short right away? The 15M shows us that it has retraced to the TL and moved down again..........

Decisions, decisions, desicions...................

I saw this setup on H4 & H1, the H4 candle has 12 mins left before it closes.

I think going down to M15 may possibly just confuse matters.

I entered at the pullback of the next candle on H1.

This could just be people who were long taking profits off the table.


I might add that as it is Friday, I took this on my demo account.
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