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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

  • #68,021
  • Jul 6, 2010 7:19am Jul 6, 2010 7:19am
Quoting Jonnyislost
GBP/AUD
10 hour chart
BEOB at swing high egulfing several bars
1.8 BRN
Divergence

Short order placed just below the bar and that upper blue area

I will move the stop to breakeven once that second blue area is reached

I am looking for a shorting opportunity on the daily. Hopefully the BEOB on the daily close below the 23.6 fib which coincide with a resistance zone. Overall trend since 2008 has been downwards.
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  • #68,022
  • Jul 6, 2010 7:33am Jul 6, 2010 7:33am
Quoting Jonnyislost
GBP/AUD
FTA hit, Stop to breakeven
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  • #68,023
  • Jul 6, 2010 7:45am Jul 6, 2010 7:45am
This is what I get for sleeping!!! Please somebody hit me

4hr BEOB swing high off BRN 1.5

8 H PB off swing high BRN 1.5

Daily off 150 ema at 1.5
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  • #68,024
  • Jul 6, 2010 7:52am Jul 6, 2010 7:52am
Quoting Autumm
I am looking for a shorting opportunity on the daily. Hopefully the BEOB on the daily close below the 23.6 fib which coincide with a resistance zone. Overall trend since 2008 has been downwards.
A close below those highs would be great,
I'm wary of this level though, it goes back a long way
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  • #68,025
  • Jul 6, 2010 8:00am Jul 6, 2010 8:00am
Breakout and pullback, or a BEOB at a swing low?
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  • #68,026
  • Jul 6, 2010 8:58am Jul 6, 2010 8:58am
Quoting Jonnyislost
Breakout and pullback, or a BEOB at a swing low?
Hey Jonny,

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price before taking any trade. BO trades for me simple are a sing of a pause in a trend, and a very tight squeeze in price that most likely is going to explode hard. What's really important through, is that the pattern will just be very clear so everybody can spot it right away, and not just those that try very hard to see things. Also, for a TL to be valid, look for at least 3 or more conservative touches of price and rejection. In your chart above I can see only 2 points connection your lower TL. The third did not reject price which just cut through lower.
On top of all that, my personal preference regarding the pullback bars is to go back at least half way trough the broken TL, test the consolidation area and reject it hard closing outside of it. But that's just me.

These are easy to spot and not that rare at all during trends. If you will be picky enough and manage them right, it's pure gold.

Here are some examples of good patterns IMO.
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  • #68,027
  • Jul 6, 2010 9:19am Jul 6, 2010 9:19am
Quoting benji533
Hey Jonny,

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price before taking any trade. BO trades for me simple are a sing of a pause in a trend, and a very tight squeeze in price that most likely is going to explode hard. What's really important through, is that the pattern will just be very clear so everybody can spot it right...
Good to see you here Benji and thanks for the post.
I agree with your comments, The pattern I posted was only defined by a few points, and not "winding up tight" like in your final example. These patterns seem to produce the best breakouts and reward us with a great RR ratio.
I may have to be brave and venture into the lower timeframes to catch some of these

J
  • #68,028
  • Jul 6, 2010 9:22am Jul 6, 2010 9:22am
Quoting benji533
Hey Jonny,

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price before taking any trade. BO trades for me simple are a sing of a pause in a trend, and a very tight squeeze in price that most likely is going to explode hard. What's really important through, is that the pattern will just be very clear so everybody can spot it...
Good post Benji.. and very informative. I like this one.. pure PA action.
Quote
On top of all that, my personal preference regarding the pullback bars is to go back at least half way trough the broken TL, test the consolidation area and reject it hard closing outside of it.
  • #68,029
  • Jul 6, 2010 9:26am Jul 6, 2010 9:26am
Quoting jarroo
Just to continue with this Pb. . .

Many questions concerning the Daily BUOB on the Gbp/Usd and the Weekly BUOB on the Eur/Usd.

At their most basic PA level, these BUOBs are an easy pass because they are at swing Highs not at a swing Lows. Pass on these.

[color=black]The way to trade Outside bars (imo), as continuation setups ( not at their respected swing High/Low), is to wait for them to break and then retrace to their previous bar high/lows, or BRN or PPZ level within the setup itself. Or they can retrace to these...
Good post about trading continous bars..
  • #68,030
  • Jul 6, 2010 9:35am Jul 6, 2010 9:35am
Quoting Jonnyislost
Good to see you here Benji and thanks for the post.
I agree with your comments, The pattern I posted was only defined by a few points, and not "winding up tight" like in your final example. These patterns seem to produce the best breakouts and reward us with a great RR ratio.
I may have to be brave and venture into the lower timeframes to catch some of these

J
Yea these patterns are the only thing I use lower TFs for, to be honest. If you like them, I do not think practicing these on lower TFs should be a problem. Just do not jump live straight away, and most important always do only what's within your own comfort zone.
  • #68,031
  • Jul 6, 2010 10:33am Jul 6, 2010 10:33am
Jarroo,
what do you think about the Dow this time?
If the day were to close at the current level or somewhat higher, I mean. I know there is an HRN (huge round number, a Dow special variation of the BRN) at 10k and we would have to blast through that, but that's about all I can see there.
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If you don't risk, you don't ever have to lose.
  • #68,032
  • Jul 6, 2010 10:34am Jul 6, 2010 10:34am
Quoting Atc
This is what I get for sleeping!!! Please somebody hit me
...
no need to hit you...

sleeping = normal
missing setups while sleeping or away = normal
being able to take every good trade setup = abnormal

so, go back to
  • #68,033
  • Jul 6, 2010 11:08am Jul 6, 2010 11:08am
Hey Benji,

Thanks for the response. I am trying to set up some kind of system for playing breakthroughs, and your response helps.

I did notice that three charts you posted where major pairs. Do usually look for these kind of setups on only the majors or all pairs. And if so, how do you keep yourself from being swamped, especially looking at 15m and 30m charts.


Thanks,
John
To see what is in front of one's nose needs a constant struggle.
  • #68,034
  • Jul 6, 2010 11:39am Jul 6, 2010 11:39am
hi fxheaven
many thanks your reply and comment!
much appreciated
Andrea

Quoting fx_heaven
Hi Andrea,

I noticed a a DBHLC on the H4 time frame coming right off the 18100 level which is also a PPZ and had a previous big pin bar coming off it, although they are against the trend its two consecutive Bearish signals and acting as a warning

Its a good PB, however it formed below the PPZ and 17900 level
  • #68,035
  • Jul 6, 2010 12:27pm Jul 6, 2010 12:27pm
rsi div eurusd h4
h1 dbhlc ? => short?
  • #68,036
  • Jul 6, 2010 12:32pm Jul 6, 2010 12:32pm
Quoting mistersimple
rsi div eurusd h4
h1 dbhlc ? => short?
Hey MS

This is not a DBHLC, For it to be we want much closer highs and the close MUST be below the previous bars low. This was almost(if it had a lower low) a small small beob. But look 3 bars back at the huge Bullish bar. That is what you would be fighting. We want more then that to be shorting into it.

Best
Mike
  • #68,037
  • Jul 6, 2010 12:48pm Jul 6, 2010 12:48pm
thks..
even if it goes down supp at near 1.26
  • #68,038
  • Edited 3:57pm Jul 6, 2010 1:09pm | Edited 3:57pm
Quoting Shanetrader
Hi Jarro thanks for the great advice above, I read these posts and you really stick out as a person with a wealth of knowledge that makes total sense, good on you, keep up the good work,. I havent posted much and intend to a lot more in the future. I am currently putting together a trading plan and will post it here shortly and i would be keen on your thoughts on it,, thanks again, Shane

I'm glad I could help.

The best trading plans I've seen are short & sweet, simple and uncomplicated.
Indicators show the past. Price Action "Indicates" the future.
  • #68,039
  • Jul 6, 2010 1:30pm Jul 6, 2010 1:30pm
i am new to this thread and read the first post. going to go over some of the posts jim put on there just wondering if anyone has any other suggestions on where to start and what posts give a good insight on the method.
  • #68,040
  • Jul 6, 2010 1:33pm Jul 6, 2010 1:33pm
Hi jaroo,...

would you please advise of euro on the monthly TF is that the monthly PB
on the weekly chart i see reversal bar lower open higher close, is possible the reversal Price to 150 ema and 360 ema on the weekly tf price has been break 1.25.. is that the valid reversal of the long term trend ...????

cheers
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