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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

  • #66,881
  • Jun 21, 2010 7:18pm Jun 21, 2010 7:18pm
Quoting jarroo
Nice analysis Hans. I would like to have seen that BEOB rejecting on (not near) the 1.2500, like the BEB in purple. Not a bad setup but as you said, it has some traffic.

I like the Daily PPZ level at the 1.2350, previous bar low. This could help its cause.

I like how you are looking up to higher time frames for clues or confluences with the Daily setup instead of down to lower time frames.

Your target(s) are on the Daily, the time frame that the setup was presented.

Same with the Gbp/Usd Daily BEOB, same BEB at the 1.5000 in purple. 1.4800 PPZ could help its cause. Lacking space or much traffic are the problems.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,882
  • Jun 21, 2010 7:34pm Jun 21, 2010 7:34pm
Quoting aserbfx
any thoughts about todays pinbar on dj? i think it goes to the area where the red arrow is. if the pinbar breaks ...

This is what we look for is a A+ setup, in my book.

I'll take these all day long.

Its a BEOB not a Pin Bar but it looks like one . . .I love that.

Nice retracement cluster 61.8 fib and 50% ret. at a BRN 10500. Clear target (its got to get through the 1st target before it gets to your red arrow).
Nice space.

I like it aserbfx . . .to say the least. . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #66,883
  • Jun 21, 2010 7:54pm Jun 21, 2010 7:54pm
Quoting Possmer
Not a pinbar on my charts (FXDD). This appears to be due to the gap that formed over the weekend. I can't give any expert commentary on this, but wouldn't this be suspect because the PB is a result of the gap being filled?

Thanks for catching that Possmer. I guess that's a good reason to watch more than one feed
  • #66,884
  • Jun 21, 2010 9:21pm Jun 21, 2010 9:21pm
this is not a pin bar. It is a pin looking bar. I think jim would classify it as a bearish engulfing.

i struggled with this one because i like my brearish englufing closes to be below the range of the previous close. The location is phenominal.

what to do now? make sure you dont loose money on it. Anything more then that is gravy



Quoting slade1986
Any comments on the daily setup on USD/CHF? (PB)

I have the FTA around the 1.200. I'm looking to buy @ 1.1147 and close 50% @1.1177 and move to BE.
  • #66,885
  • Jun 21, 2010 9:27pm Jun 21, 2010 9:27pm
Quoting pizdun
this is not a pin bar. It is a pin looking bar. I think jim would classify it as a bearish engulfing.

i struggled with this one because i like my brearish englufing closes to be below the range of the previous close. The location is phenominal.

what to do now? make sure you dont loose money on it. Anything more then that is gravy
Don't you mean Bullish Engulfing Outside Bar?
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  • #66,886
  • Jun 21, 2010 9:36pm Jun 21, 2010 9:36pm
Quoting jarroo
Nice analysis Hans. I would like to have seen that BEOB rejecting on (not near) the 1.2500, like the BEB in purple. Not a bad setup but as you said, it has some traffic.

I like the Daily PPZ level at the 1.2350, previous bar low. This could help its cause.

I like how you are looking up to higher time frames for clues or confluences with the Daily setup instead of down to lower time frames.

Your target(s) are on the Daily, the time frame that the setup was presented.
Hi Jarroo,

I seem to have a problem with Fib confluence. I do not see any Fib confluence in the EU daily chart if the Fibs are drawn from the relevant Swing high and low. However, if I want to "curve fit" then I can draw the fibs from smaller swing hi and lo. Is this the right approach.

Also I haven't seen any setups on the daily and 4HTF for couple of days on my FXlite feed which provides NY close daily candles. So is it me who cannot "see" the good setups or the setups are not there as markets are in consolidation mode.

Cheers
Novice198
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  • #66,887
  • Jun 21, 2010 9:57pm Jun 21, 2010 9:57pm
Quoting HanSolo
What do you think of the BEOB on daily EURUSD?

Pro:
* VBRN @ 1.2500
* Fib Confluence on daily chart
* Weekly PPZ
* Monthly 150EMA
* With the downtrend

Contra:
* Could be retrace to minor daily TL
* Daily bullish divergence
* Not so much space

I would like to see the daily close below the low of the weekly bar @ 26th Oct 2008 (1.2329) and below the weekly pivot (turquoise line on my chart). FTA and the minor daily TL I mentioned above @ ~1.2258 would be a good point to move to BE.
I liked this 1 too. I waited for a retrace to enter and it move to fast for me, didn't want to chase it. How did you get the pink Sunday bars on your chart? I like how it makes them stand out.
  • #66,888
  • Jun 21, 2010 10:17pm Jun 21, 2010 10:17pm
Quoting HanSolo
Ghous, your charts are invaluable. Thank you very much for this!


I've got another question: I'm trying to become familiar with proper bar sizes. Assuming this would be a PB on NZDJPY and apart from location etc., would you consider it big enough to turn around the preceding uptrend?
Hey Hans,

The bar is big enough but then it lacks that authoritative look.

You see to reverse this short yet powerful burst from the bulls this pin bar will have to do an awful lot and you need it to be looking very strong and capable of achieving something of that sort. A hard quick break would dispel it's intentions nicely.


g.
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I believe . . .
  • #66,889
  • Edited 10:19pm Jun 21, 2010 10:18pm | Edited 10:19pm
Quoting Pinbar
Don't you mean Bullish Engulfing Outside Bar?
There is some confusion regarding this bar! I think my originally commentary was incomplete/inaccurate. It is a BUEOB (not sure if that is the acronym). This could still be a valid long setup with such strong support. However, the fact remains that it filled a gap...not sure how much that matters. Anyone have some strong insight into this fascinating bar?
  • #66,890
  • Jun 21, 2010 10:19pm Jun 21, 2010 10:19pm
Quoting vlazaf
Hi Ghous,

How does this bullish IPB grab you?

Seems to be coiling off area of previous congestion.

Your views appreciated.
I am going for this one too...

Chart later.

g.
I believe . . .
  • #66,891
  • Jun 21, 2010 10:26pm Jun 21, 2010 10:26pm
ha i looked at a completely dif bar in that chart. my mistake

Quoting Pinbar
Don't you mean Bullish Engulfing Outside Bar?
  • #66,892
  • Edited 10:59pm Jun 21, 2010 10:31pm | Edited 10:59pm
Quoting Possmer
... It is a BUEOB (not sure if that is the acronym).....
BUllish Outside Bar.
BUOB

alternatively, it's a 2-bar pinbar


imho, if that BUOB/2-bar PB breaks, 1.1200-1250 may pose a problem, before 1.1300 - 1.1750 (Mid- to end-May price)
i think there is a bearish bias in this pair, & this BUOB is a possible 'pause PA'.
on the downside, if 1.0900 cracks, then possible move towards +/- 1.0500.


EDIT:
looking at Pinbar's chart below, in the past 11-12 bars, the downmove only had 2 retracements (bullish bars). yesterday's bar (the second retracement/bullish bar) is not necessarily uncalled for, in the context of the current downmove
http://www.forexfactory.com/showpost...ostcount=66886
  • #66,893
  • Jun 21, 2010 10:39pm Jun 21, 2010 10:39pm
Quoting ghous
Hey Hans,

The bar is big enough but then it lacks that authoritative look.

You see to reverse this short yet powerful burst from the bulls this pin bar will have to do an awful lot and you need it to be looking very strong and capable of achieving something of that sort. A hard quick break would dispel it's intentions nicely.


g.
Hi Ghous,

Am I correct to say that this is not a Pinbar technically as the O & C of the bar are not within the eye of the bar on the left.

Cheers
Novice
  • #66,894
  • Edited 11:39pm Jun 21, 2010 10:48pm | Edited 11:39pm
Quoting novice198
Hi Jarroo,

I seem to have a problem with Fib confluence. I do not see any Fib confluence in the EU daily chart if the Fibs are drawn from the relevant Swing high and low. However, if I want to "curve fit" then I can draw the fibs from smaller swing hi and lo. Is this the right approach.

Also I haven't seen any setups on the daily and 4HTF for couple of days on my FXlite feed which provides NY close daily candles. So is it me who cannot "see" the good setups or the setups are not there as markets are in consolidation mode.

Cheers
Novice198...
I like using retracement levels from the most recent swing highs/lows on the same time frame that the setup was given. Better if the high time frame levels line up also. So any of these swing highs can be used. I'll use the Zigzag indicator and line chart to show this.

There is a confluence with the 61.8 Fib , 38.2 fib and 50% retrace level. (50% ret is not a fib level, is a retracement level).

Anyways, this may be viewed as curve fitting, but the main point is that the setup is at a retracement level, no matter how it is defined, confluencing with a PPZ level. In this case the 1.2500 and 1.2350

But this is not the whole story, the setup is at a swing high at these retracement level(s). This is a good thing. But the lack of space (consolidation) of the setup is not the best, bad actually.

So there are good point and bad points to these (EU/GU) setups. Lets see how they work out.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,895
  • Edited Jun 22, 2010 6:33am Jun 21, 2010 11:11pm | Edited Jun 22, 2010 6:33am
Quoting ghous
Hey Hans,

The bar is big enough but then it lacks that authoritative look.

You see to reverse this short yet powerful burst from the bulls this pin bar will have to do an awful lot and you need it to be looking very strong and capable of achieving something of that sort. A hard quick break would dispel it's intentions nicely.


g.

Good point ghous.

One aspect that I like about this setup is what oneuniverse pointed out here on the Monthly BEOB Nzd/Jpy.


Quoting oneuniverse
Hi,
Just my 2 cents.....

NJ monthly shows a BEOB with 50% fib retracement and the next month candle is retracing the BEOB monthly candle which could soon resume the down trend

Kind Regards
Winston
One good confirmation about BEOB/BUOB ( when the behave correctly . .lol) is that they will retrace to their previous bar Low/High. In this case the Low. (Also seeing this happen on the BEOB on the EU and GU.) Nice touch trade at the 65.00.

Now the Monthly BEOB is not at a swing High more so in a consolidation area but I like the higher time frame confluence.

lol . . .you're right . . A nice hard break will remove all doubt.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,896
  • Jun 21, 2010 11:11pm Jun 21, 2010 11:11pm
Quoting jarroo
There is a confluence with the 61.8 Fib , 38.2 fib and 50% retrace level. (50% ret is not a fib level, is a retracement level).
Jarro, would you mind further explan the differrence between Fib level and retracement ?

I am using them both interchangebly in my mind.. like 50% fib retracement from swing high/low.
  • #66,897
  • Jun 21, 2010 11:26pm Jun 21, 2010 11:26pm
Quoting supremeChaos
BUllish Outside Bar.
BUOB

alternatively, it's a 2-bar pinbar
...
1.09 looks like a higher probability long setup (with proper PA) with confluence of 61.8% fibo and 365,200 EMAs compressed.

Disclaimer: I am not an expert.
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  • #66,898
  • Jun 21, 2010 11:30pm Jun 21, 2010 11:30pm
Quoting cprao
Jarro, would you mind further explan the differrence between Fib level and retracement ?

I am using them both interchangebly in my mind.. like 50% fib retracement from swing high/low.

They both mean the same thing. Fib levels are retracement levels. 50% retracement is not a fib level. They are both levels of retracement that the market tends to recognize.

A better question . . .Why at retracement level?

We always like going with the trend but when to enter this market trend is sometimes difficult. One way is wait for the trend to form a swing High in a downtrend to enter that down trend. So we look for a swing High in this down trend that confluences with a PPZ level and a retracement level, be it at a fib or 50% ret.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,899
  • Jun 21, 2010 11:32pm Jun 21, 2010 11:32pm
Quoting jarroo
I like using retracement levels from the most recent swing highs/lows on the same time frame that the setup was given. Better if the high time frame levels line up also. So any of these swing high can be used. I'll use the Zigzag indicator and line chart to show this.

There is a confluence with the 61.8 Fib , 38.2 fib and 50% retrace level. (50% ret is not a fib level, is a retracement level).

Anyways, this may be viewed as curve fitting, but the main point is that the setup is at a retracement level, no matter how it is defined, confluencing...
Thanks for the clarification.

Cheers,
Novice198
  • #66,900
  • Jun 21, 2010 11:39pm Jun 21, 2010 11:39pm
Quoting novice198
Hi Ghous,

Am I correct to say that this is not a Pinbar technically as the O & C of the bar are not within the eye of the bar on the left.

Cheers
Novice
Oh yes!

I definitely missed that point.
I believe . . .
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