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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

  • #69,081
  • Jul 19, 2010 12:21pm Jul 19, 2010 12:21pm
Quoting Revstar
Hey tubguy,
This is really useful for me, as sometimes people dont always post trades that dont go as planned.
sorry for my ignorance, but what is FTA?
cheers
revstar
Hey Rev, Thats why I posted it. We can all make mistakes and I have no problem admitting I was wrong. Although the ex wife would not agree. LOL

Glad someone finds it useful.

FTA = First Trouble Area. where a short trade like mine is likely to stall or reverse.
  • #69,082
  • Jul 19, 2010 12:24pm Jul 19, 2010 12:24pm
Quoting fx_heaven
That's the spirit tubguy, realising the mistake and moving on.

Its easy to get locked into a move and forget to do the checks. I place a hood over my terminal while I'm waiting (I set audible alarms to tell me when to check things) with a clear reminder of what I should do BEFORE I take a trade.

I then move away and go and do something else to clear my mind before it tries to "convince" me that the opportunity is real. Nothing is real until my analysis proves its real, not my mind.
I find that it is best for me to do the same. I make the trade and walk away. Also I quit reading threads that were irrelevant to J16 stuff. I caught myself getting sidetracked and losing.

Thanks for the encouraging words.
  • #69,083
  • Edited 12:50pm Jul 19, 2010 12:32pm | Edited 12:50pm
Quoting Donkey
Any thoughts on EURAUD 4HBEOB....

Looks like good location, with a little traffic to the left. The larger rectangle around 1.4700- 1.4750 or so is a ppz I drew off of daily.
Hello Donkey,

EURAUD is interesting....

Daily and Weekly show a possible triangulation consolidation, which could mean a trend reversal or a continuation of the down trend.

I see the BEOB on the H4 but its against the current uptrend so I would like to see a second BEARISH signal on that time frame for a bearish move. Price is also sitting at the top of the outside of what could be a consolidation area so I would be very cautious of selling that move, until I had confirmation and was clear.

I am a conservative trader though.

If you take a look at the previous move from the BRN 15000 to 14400 on the H4 it actually started with a BEOB on the DAILY first, it also formed a small BEOB on the H4 which failed @ 14850 on the 5/7/2010 prior to this.

After the daily BEOB it pulled back to the 14850 and formed a nice swing move (flat top triangle) with a BPC (breakout pullback continuation pattern) on the H1/M15 time frame. By stacking up the signals in your favour you also stack the odds in your favour.

Hope that helps.
In retrospect we learn. In perspective we earn.
  • #69,084
  • Jul 19, 2010 12:52pm Jul 19, 2010 12:52pm
pinbar on h4 eur/gbp
may be interesting if it closes below 0.85
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #69,085
  • Edited 1:30pm Jul 19, 2010 12:59pm | Edited 1:30pm
Quoting syd
I found this Double bar high on the USD/CAD. Can someone explain this briefly, i am still confused on how to interpret this. Is this showing resistance?

https://dl.dropbox.com/u/3825437/ddadf.gif
Hi syd,

DBH (double bar high) and DBL (double bar low) are used as continuation signals not reversal signals. And yes in this case it does show resistance. You would normally look to take the break of the LOW's or HIGH's but its too near major resistance for that in my opinion. As usual its where these patterns form that is important. Price appears to be coiling, similar to the EUR/AUD so caution as price is likely to get a little choppy.

Personally I would be looking for breakouts from this consolidation area now as its getting tighter and tighter, but there could be room for some internal swings /moves before the breakout if you have good clearance and a solid / clear signal.

This could be what is referred to as an IPB or inverted pin bar similar to the one we saw previously off the 10300 level, but these are tricky to master. That bar is also an IB (inside bar) before we get the BUOB off the 10300 which really kicks the whole move into action and takes us up to the current level.
Attached Image (click to enlarge)
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In retrospect we learn. In perspective we earn.
  • #69,086
  • Jul 19, 2010 1:43pm Jul 19, 2010 1:43pm
Quoting jarroo
If the recent move down looks corrective then wouldn't you be looking to go long? It would agree with you trendline break. The recent trend is up and the 82.50 PPZ level may be a good area to look for bullish PA.


Just some thoughts. Welcome again.


Jim
Thanks for the welcome Jim.

Your comments are much appreciated. I quite agree with all your comments. I think I'm just trying to force a setup here. More patience

I'll try and post a decent setup when I've read a bit more of the thread.

Cheers, Ollie
  • #69,087
  • Jul 19, 2010 4:44pm Jul 19, 2010 4:44pm
Hi All

Interesting setup on the 4H (FxPro).

The daily failed to close above 8500 and an IB has formed on the 4H.
61.8 Fib confluence from Swing high on 21/05 to swing low on 29/06.

Concern is Euro has been on the rise and so has the Pound so may see some consolidation at this level.

Any comments?

Attached Image (click to enlarge)
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  • #69,088
  • Jul 19, 2010 5:46pm Jul 19, 2010 5:46pm
Quoting ljr
Hi All

Interesting setup on the 4H (FxPro).

The daily failed to close above 8500 and an IB has formed on the 4H.
61.8 Fib confluence from Swing high on 21/05 to swing low on 29/06.

Concern is Euro has been on the rise and so has the Pound so may see some consolidation at this level.

Any comments?

Attachment
i think it hasnt done testing with the 8500 yet...

although my IBFX MT4 (for now) shows that it could go south but the big 100+ pips daily bar scares me a little...
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  • #69,089
  • Jul 19, 2010 5:49pm Jul 19, 2010 5:49pm
Quoting eswap0
Thanks.
I was trying to mean I was not able to see any divergence in the 1H eurusd chart...(appart from the one that showed the previous fall from 130)
Thanks.
eswap was right, there is no DIV.
My mistake.

Got to get this divergence right or out of my head.

Sorry people.

Must be the heat.
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  • #69,090
  • Jul 19, 2010 5:50pm Jul 19, 2010 5:50pm
Hello, everyone. I took this pinbar early this morning. Red line is stop at major support on the daily. Seems like a possible long term trend reversal. time will tell. I believe I will take half off and let it ride.
  • #69,091
  • Jul 19, 2010 5:51pm Jul 19, 2010 5:51pm
Quoting mbqb11
welcome back PP hope your studies went well
thanks for the welcome and yes the studies went more then well, i've done all my exams im the first row and now i have a few months of holidays till next year
  • #69,092
  • Jul 19, 2010 5:54pm Jul 19, 2010 5:54pm
Sorry, heres the chart
Attached Image (click to enlarge)
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  • #69,093
  • Jul 19, 2010 6:25pm Jul 19, 2010 6:25pm
Took this inside bar this morning which turned into a pinbar. Probably would have taken another trade at next inside but alas I was at work. Any one marrying these two techniques.
Attached Image (click to enlarge)
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  • #69,094
  • Jul 19, 2010 7:22pm Jul 19, 2010 7:22pm
What is that J16 Manager thing on your chart?

Quoting tubguy
Hey guys,

Heres an example of what NOT to do. Took this just after the open of the Beob. Didn't notice the FTA at .8650. bounced on me just like good PA should.

Impatience WILL bite you in the butt! Ask me, I'm a master. LOL
  • #69,095
  • Jul 19, 2010 7:25pm Jul 19, 2010 7:25pm
Quoting ppfx
Hi guys/gals! ppfx reporting Dont know if you still remember me, i was absent for about two months... had some final exams to take care. Now i finally finished the first year and in October i wont be a freshman anymore.

I see that you wrote a lot in my absence. Im about 400 pages behind! Better i begin with reading if i want to catch up with you. I didnt have time much time for forex lately, so i took only 2 trades. Both were breakeven, and both were runners. Can you believe it, just after they took me out, they went in my direction. Well,...

Welcome back ppfx.


Yeah I know . . . I talk too much.
Indicators show the past. Price Action "Indicates" the future.
  • #69,096
  • Jul 19, 2010 7:33pm Jul 19, 2010 7:33pm
Quoting Geofract
Thanks for the welcome Jim.

Your comments are much appreciated. I quite agree with all your comments. I think I'm just trying to force a setup here. More patience

I'll try and post a decent setup when I've read a bit more of the thread.

Cheers, Ollie

Patience . . its propbably the hardest part of this business. Waiting for Price to get to a strong location and then when it gets there, to give a Big strong PA signal. It takes time but they always come by and present themsevles . . . eventually.
Indicators show the past. Price Action "Indicates" the future.
  • #69,097
  • Jul 19, 2010 8:56pm Jul 19, 2010 8:56pm
Jarroo, if you don't mind, I have a question about how you are looking at your charts on a daily basis?

Are you like Mike, just basically looking at a blank chart with no PPZ, until you find a PA setup. from which point, you plot the PPZ, FTA and possible target areas?

Or, are you plotting the PPZ and leaving them on the chart waiting for price to arrive at your zones and show some PA?

Thanks in advance.
  • #69,098
  • Jul 19, 2010 9:02pm Jul 19, 2010 9:02pm
Quoting Pinbar
Jarroo, if you don't mind, I have a question about how you are looking at your charts on a daily basis?

Are you like Mike, just basically looking at a blank chart with no PPZ, until you find a PA setup. from which point, you plot the PPZ, FTA and possible target areas?

Or, are you plotting the PPZ and leaving them on the chart waiting for price to arrive at your zones and show some PA?

Thanks in advance.
I will place my PPZ level on my charts much like we practised before and wait for Price to get to thoses levels. I will note the BRNs and area of consolidation. Then wait for PA at these levels.
Indicators show the past. Price Action "Indicates" the future.
  • #69,099
  • Jul 19, 2010 9:11pm Jul 19, 2010 9:11pm
Quoting jarroo
I will place my PPZ level on my charts much like we practised before and wait for Price to get to thoses levels. I will note the BRNs and area of consolidation. Then wait for PA at these levels.
I see. The reason I ask is when I see your charts, I only really see PPZ around the immediate area of PA and your FTA rectangles.

Thanks
  • #69,100
  • Jul 19, 2010 9:15pm Jul 19, 2010 9:15pm
Quoting Pinbar
I see. The reason I ask is when I see your charts, I only really see PPZ around the immediate area of PA and your FTA rectangles.

Thanks

Yes that's correct. I draw PPZs, BRNs, consolidations, etc. at or around current Price levels.
Indicators show the past. Price Action "Indicates" the future.
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