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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

  • #68,061
  • Jul 6, 2010 5:44pm Jul 6, 2010 5:44pm
thanks, mike

Quoting mbqb11
Yes squeeze is just what we see as a breakout pattern like consolidation/wedge/flag etc



This is as Jarroo said. Price is simply taking a breather, consolidation these are all the same name and terms. Remember price spends much more time consolidating/pausing/resting then it does trending




IMO the more touches the better, it is going to give validity to a pattern. Liek anything in trading you have degrees of obvious. Take a big huge obvious pinbar that you can't miss. This is obvious and much easier to trade, then some small so-so poor...
  • #68,062
  • Jul 6, 2010 5:44pm Jul 6, 2010 5:44pm
thanks, brother, for your response too

Quoting jarroo
"BO trades for me simple are a sign of a pause ". .I believe that's a mistype.

If not, I want to hear that tune. . .
  • #68,063
  • Jul 6, 2010 5:54pm Jul 6, 2010 5:54pm
benji533, a bit confused of these two "it"

are you saying, when price action tests the consolidation area, you would like to see the consolidation rejects price hard, and the price closes outside of the trendline or consolidation area?



Quoting benji533
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.
  • #68,064
  • Jul 6, 2010 6:23pm Jul 6, 2010 6:23pm
I was looking into any pattern that has potential. and this wedge seems bearish to me, in a downtrend if defined by LH LL, but, looks choppy market too given the ups and downs.

if price breaks down the trendline that has a lot off touch and rejections, i guess, there will be a FTA which is a weekly ppz in front. given situation like this, this maybe is a no trade setup? what do you seniors think about it? thank you guys.

jeurre
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  • #68,065
  • Jul 6, 2010 9:59pm Jul 6, 2010 9:59pm
Quoting jarroo
Watching the Aud/Usd BUOB, nice size, at the .8500 and at a retracement level.

You can see why we like these at swing lows. The June 8th BUOB was a nice one especially at a retracement level entry.
Jarroo, Is this BUOB not running into weekly PPZ at .8600 ?
If that is the case, is it worth taking this PB ?
  • #68,066
  • Jul 6, 2010 10:38pm Jul 6, 2010 10:38pm
Hey guys, any opinions on the below USDCAD chart, got a DHLC, bounce off good resis and long term trendline.???

http://i788.photobucket.com/albums/y...usdcad0710.gif
  • #68,067
  • Jul 6, 2010 10:41pm Jul 6, 2010 10:41pm
Quoting jeurre
I was looking into any pattern that has potential. and this wedge seems bearish to me, in a downtrend if defined by LH LL, but, looks choppy market too given the ups and downs.

if price breaks down the trendline that has a lot off touch and rejections, i guess, there will be a FTA which is a weekly ppz in front. given situation like this, this maybe is a no trade setup? what do you seniors think about it? thank you guys.

jeurre
Hey J

Just my view for what it's worth but I don't like trading breakout and pullbacks to such steep patterns. Makes finding the pullback rather tough by the angle of the ascending trendline. Again I have my own little patterns and scenarios that I am most comfortable with , so take my comments with that in mind.

Best
Mike
  • #68,068
  • Jul 6, 2010 11:41pm Jul 6, 2010 11:41pm
Quoting Pinbar
Looks like a slow week.

I am keeping my eye on EUR/GBP

On the monthly, we seem to have arrived at a bottom at a former consolidation area.

The weekly shows us a bullish PB that stopped dead at the 0.8297 just 3 pips short of the RN.

On the Daily we have 4 bullish bars in a row, the last one being an IB10 and we also have what appears to be a RH&S at a swing low, with the right shoulder possibly in the making, if it gets past the 0.8300.

Looks interesting with signs of a bullish move across W & D TF.
H4 is starting to show bullish MACD div....
Hey PB,
I can understand your predicament. I am also looking at only daily charts for trade entries and am not getting any god set ups, forget about A ++ setups. At this stage I do not want to start making up 12H or 8H TF charts to look for possible entries. I think this is best time to go back and review some webinar videos as well as J16 Tutorial posts.
Recently, i downloaded FXPro MT4 for monitoring the Futures on daily TF and realized that some of them have big gaps, which scares me. Does anyone know which MT4 has DJIA as well as the Futures??

Cheers
Novice 198
  • #68,069
  • Edited 12:49am Jul 7, 2010 12:28am | Edited 12:49am
What do you guys think of this possible breakout situation in JNJ Daily. I havent looked at these very much but this kinda stood out. Any comment appreciated.
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  • #68,070
  • Jul 7, 2010 12:57am Jul 7, 2010 12:57am
Quoting novice198
.... Does anyone know which MT4 has DJIA as well as the Futures??...
try these 2 links.
many have futures.

if i remember correctly... GCI , ForexUA/FOREX Ltd, XTB, MiG (old & new servers), KVB Kunlun/ForexStar, WHC, WSD, ActivTrades, LiteForex/SIG, Bulbrokers, GTL got the Dow.

others with Dow
http://www.forexfactory.com/showpost...ostcount=62743
GMT broker with Dow
http://www.forexfactory.com/showpost...ostcount=40477
  • #68,071
  • Jul 7, 2010 2:07am Jul 7, 2010 2:07am
thanks, mike, steep pattern ==>>>>> no space, i guess ........

Quoting mbqb11
Hey J

Just my view for what it's worth but I don't like trading breakout and pullbacks to such steep patterns. Makes finding the pullback rather tough by the angle of the ascending trendline. Again I have my own little patterns and scenarios that I am most comfortable with , so take my comments with that in mind.

Best
Mike
  • #68,072
  • Jul 7, 2010 2:10am Jul 7, 2010 2:10am
Quoting cprao
Jarroo, Is this BUOB not running into weekly PPZ at .8600 ?
If that is the case, is it worth taking this PB ?
Not sure if I'm seeing the PB your referring to . . got a chart?

The .8600 is surely a strong level. A Support level tested several times then broke hard and may now act as Resisitance if tested again.

The .8500 and .8470 are shown as recent PPZ levels. Will they be enough to move Price upward to at least test the .8600? Hard to say, I like the size of the BUOB and Price is currently testing the recent PPZ levels .8470 and .8500 BRN. Would like the BUOB at a deeeper swing low.

Let's look at the June 8th BUOB, that one worked out great . . . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #68,073
  • Edited 2:55am Jul 7, 2010 2:29am | Edited 2:55am
Quoting jarroo
Not sure if I'm seeing the PB your referring to . . got a chart?

The .8600 is surely a strong level. A Support level tested several times then broke hard and may now act as Resisitance if tested again.

The .8500 and .8470 are shown as recent PPZ levels. Will they be enough to move Price upward to at least test the .8600? Hard to say, I like the size of the BUOB and Price is currently testing the recent PPZ levels .8470 and .8500 BRN. Would like the BUOB at a deeeper swing low.

Let's look at the June 8th BUOB, that one worked out great ....
The June 8th BUOB was at a great PPZ level, .8200 (check this level on the weekly), at a swing low but didn't have great space but enough to give a second look.

A retrace touch trade to .8200 after the BUOB formed would have been well supported. Then a 4 hour BUOB is formed (purple) and a hard break of that 4 BUOB then the break of the Daily BUOB. Why can't they all be like this one. lol

Another nice BUOB with divergence (in white), notice the retrace to the previous bar High.

A entry on the current Daily BUOB at .8470 may not be a bad tightly managed entry, but some added PA confirmation at this level would be preferred.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,074
  • Jul 7, 2010 2:31am Jul 7, 2010 2:31am
well analyzed, bro, i was looking at similar pair too, just didn't like the location of the setup, no strong support line to back up the steam to push it north, but, didn't get into the appreciation of resistant levels which you pinpointed, and this brightens my view. i would take this setup if it appears near the same level of previous buob which you liked.

here is the one i was looking into




Quoting jarroo
Not sure if I'm seeing the PB your referring to . . got a chart?

The .8600 is surely a strong level. A Support level tested several times then broke hard and may now act as Resisitance if tested again.

The .8500 and .8470 are shown as recent PPZ levels. Will they be enough to move Price upward to at least test the .8600? Hard to say, I like the size of the BUOB and Price is currently testing the recent PPZ levels .8470 and .8500 BRN. Would like the BUOB at a deeeper swing low.

Let's look at the June 8th BUOB, that one worked out great ....
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  • #68,075
  • Edited 2:54am Jul 7, 2010 2:40am | Edited 2:54am
Quoting jeurre
well analyzed, bro, i was looking at similar pair too, just didn't like the location of the setup, no strong support line to back up the steam to push it north, but, didn't get into the appreciation of resistant levels which you pinpointed, and this brightens my view. i would take this setup if it appears near the same level of previous buob which you liked.

here is the one i was looking into
Big BUOBs (and Big BEOBs) have proven to be a very successful PA setup. Again the key is location, confluences, etc. This one may still play out nicely even though, as you said, the location is not the best. I have found that due to its "not the best location" they tend to retrace deeper into the setup. We shall see.
Indicators show the past. Price Action "Indicates" the future.
  • #68,076
  • Jul 7, 2010 2:46am Jul 7, 2010 2:46am
Quoting cprao
Jarroo, Is this BUOB not running into weekly PPZ at .8600 ?
If that is the case, is it worth taking this PB ?
Oh . .are you talking about one of these PBs, cprao?

Although they were too small for me to take, they did give up some pips at obvious targets.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,077
  • Edited 3:27am Jul 7, 2010 3:06am | Edited 3:27am
Morning all,

I saw quite a few AUD bars this morning on lots of pairs and settled on AUD/USD and EUR/AUD (short) as it has a decent sized bar and is what looks to me like a corrective move in a strong downtrend. Forgot to mention it's bounced of a VBRN 1.5000

AUD vs USD and AUD vs EUR. Not sure how that stacks up fundamentally.

Also took the USD/CAD BEOB, all on demo and all before checking the thread. I do like it when I see a nice set up (AUD/USD) and find that it's being talked about here - especially by seniors
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Anything can happen.
  • #68,078
  • Jul 7, 2010 3:14am Jul 7, 2010 3:14am
well, anything could work out one way or the other in the market dynamics, just take a look at weekly view, its psychological implication visually couldn't deliver comfort to my broken heart when trading counter-trend setup, even if it may work out nicely, i would give it up, that's my current mental setup. maybe will re-visit them when get more experience.

jeurre

Quoting jarroo
Big BUOBs (and Big BEOBs) have proven to be a very successful PA setup. Again the key is location, confluences, etc. This one may still play out nicely even though, as you said, the location is not the best. I have found that due to its "not the best location" they tend to retrace deeper into the setup. We shall see.
  • #68,079
  • Edited 3:57am Jul 7, 2010 3:46am | Edited 3:57am
Quoting ddinnov
Morning all,

I saw quite a few AUD bars this morning on lots of pairs and settled on AUD/USD and EUR/AUD (short) as it has a decent sized bar and is what looks to me like a corrective move in a strong downtrend. Forgot to mention it's bounced of a VBRN 1.5000

AUD vs USD and AUD vs EUR. Not sure how that stacks up fundamentally.

Also took the USD/CAD BEOB, all on demo and all before checking the thread. I do like it when I see a nice set up (AUD/USD) and find that it's being talked about here - especially by seniors
I'm personally watching this one and I know Bemac is as well. There's quite alota confluence on this one, 1.5000, mR1, 150, overbought conditions, and of course, massive BEOB and the major long term trend is down.

This looks like one of those perfect setups. BUT, (and this is just me), I get reaaallly jittery in picking tops and bottoms.

What stands out as a major red flag is the magnitude of the current run up to 1.5000. Eur has been running up like a (horny) stallion across the board.

Fundamentally - and this is just my own thoughts - the market is pricing in a recession in the US so it seems, and data has been pretty bad. Yes, euro is pretty shit in the long haul, but the mind of the market is hyping up to the latest news, which is the US. // We are also in risk aversion, which means that generally, things don't shape up too well for commodity currencies.

Based on the sharp run up alone, I'd pass on this one. If it was as rawr-ing and massive as the PB on 21May10, it would be more compelling. This run up doesn't seem like the "oh shit!" kinda spike that we saw in May10 either when we saw a massive sell-first-think-later type of risky asset unwind across the board.

That said, the technical factors look great. Price does retrace back the previous day's range before taking off sometimes.

Summary:
+ve: Great confluences. Nice PA.
-ve: Massive Euro run up. Risk-off environment.

Edit: I guess it could work out, But we would be betting on AUD depreciating less than EUR I suppose. I wouldn't do that in a risk averse environment, but that's just me.

I hope I'm making sense. Bemac, you there? Thoughts sir?
One Mind, Any Market
  • #68,080
  • Jul 7, 2010 4:40am Jul 7, 2010 4:40am
Nice discussion on EURAUD.
i'll join in & add to the confusion. hahah

i think the BEOB in ddinov's chart is pretty small, in the context of the current upmove on that chart. (i see that BEOB as a minor, expected retracement of the upmove from June29)
that BEOB also stopped right at a 1.4730ish minor PPZ.
i think this BEOB has a chance to move down if it passes through 1.4700-30.

it's possible that the current upmove is a start of a retracement of the HUGE downmove from late2008/early 2009 (off of a double bottom on the weekly). if so, price may possibly revisit 1.5000, if that gives way, then 1.5100-1.5300 area, then 1.5500 monthly PPZ. after which, we'll just see...

just my view...
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