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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

  • #71,541
  • Aug 13, 2010 6:17am Aug 13, 2010 6:17am
Quoting ppfx
And it finally reached the FTA, it even gave us a little more. I was a little worried though, thats why i put my SL to BE. It seems i became a little spoiled and wanted it to reach the FTA in no time, since the last trade i took on UC a few days ago hit the FTA in less than 30 minutes

Hope you managed it.

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Same here, got out too early.
Didnt want to leave it overnight unattended, got out at 10 pips profit.
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  • #71,542
  • Aug 13, 2010 7:34am Aug 13, 2010 7:34am
This pinbar may worth a few pips..
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  • #71,543
  • Aug 13, 2010 7:48am Aug 13, 2010 7:48am
Quoting supremeChaos
u didnt specify... are u referring to the PB with black arrow?
see my blue lines (PPZs; u can extend the lines to the left to see more price flips)
if that is the PB in question, then i would've taken it.

assuming i watched the PB formed, i might have entered on the retracement (the succeeding red bar).
if i saw the PB late, i might have entered 2-3 bars later (there were 4 bars, excluding the PB, touching that minor 8540 PPZ; so essentially, 4 chances for a late entry)

the key for me would be upside momentum &/or that 8540 minor PPZ holding.
as...
Hey Supreme,
Thanx for the detailed message. I indeed overlooked 2 minor PPZ. My ultimate target would at a major 4H-PPZ around the 8618, another major daily PPZ is also situated there at around 6826. Price is at the moment rangebound on the 4H-TF between the 8500 and the 8600. I expect price to move in this range, until we get some fresh fundamental news to spark off a new movement out of this range.

May the force be with you,
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Pipcrawler
  • #71,544
  • Aug 13, 2010 7:52am Aug 13, 2010 7:52am
Quoting nycc
This pinbar may worth a few pips..
It does look like the probabilities would be on your side. Just mind the double top structure around 1.6450 and I have 1.65 as resistance but with correct management it's a good play in my book.
  • #71,545
  • Aug 13, 2010 8:21am Aug 13, 2010 8:21am
Greetings fellow traders,

A nice PB on the 1H-TF at range-support, E-U is consolidating at the moment on the 4h-TF between 12780 and 12933. A nice rangeplay perhaps, could we see a revisit of range-resistance at 12933 ?http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,
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Pipcrawler
  • #71,546
  • Aug 13, 2010 8:32am Aug 13, 2010 8:32am
-30 Pips so far and close to getting stopped out
Any thoughts why I shouldn´t have taken this DBHLC ?
Yes, actually it missed to be a DBHLC by one pip, does it matter ?

It closed below the 85.65 nicely and the PPZ at 85.55 didnt look strong, so I thought it should make it to 85.45 rather quick and then 85.18.

Perhaps its better to wait for a retrace if in doubt. ?
Btw. its about time to retrace or this is going to end in a nice H8 IPB
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  • #71,547
  • Aug 13, 2010 8:35am Aug 13, 2010 8:35am
Quoting pippiee
-30 Pips so far and close to getting stopped out
Any thoughts why I shouldn´t have taken this DBHLC ?
Yes, actually it missed to be a DBHLC by one pip, does it matter ?

The PPZ at 85.55 didnt look strong, so I thought it should make it to 85.45 rather quick and then 85.18.

Perhaps its better to wait for a retrace if in doubt.. ?
Hey Pip

The way I see it price came off a strong level and has been fighitng it's way higher. You traded a DBHLC that wasn't at a swing high but right in the middle of traffic or a box. Also this one really never was confirmed by a break. If you wait for a break I recommend using a buffer of 7-10 pips so confirm price really breaking your bar. Overall I would be looking for more confluence as to why price should go down with this bar. A bar is a very small part to the whole picture. if 86 holds maybe this will come back down but the up move has been holding

Best
Mike
  • #71,548
  • Aug 13, 2010 8:53am Aug 13, 2010 8:53am
Quoting mbqb11
Hey Pip

The way I see it price came off...
Hi Mike,

yes I didnt see it that way (price came from 85 back to 86.1, almost to where it startet its last down move from at 86.23).
Thanks for the advise.
However as 86.1 < 86.23 I thought this would qualify as a swing high in an intact down trend, even if it is ranging more or less. At least this was the top of the ranging box so I thought it would make it to the other side of the box.
Also it went through the 86 RN, my last month low as well as the weekly pivot and closed below my PPZ. So I had some confluence here.
Perhaps not enough confluence..

Cheers
Pippiee
  • #71,549
  • Aug 13, 2010 8:57am Aug 13, 2010 8:57am
Quoting mbqb11
Hey Pip

The way I see it price came off a strong level and has been fighitng it's way higher. You traded a DBHLC that wasn't at a swing high but right in the middle of traffic or a box. Also this one really never was confirmed by a break. If you wait for a break I recommend using a buffer of 7-10 pips so confirm price really breaking your bar. Overall I would be looking for more confluence as to why price should go down with this bar. A bar is a very small part to the whole picture. if 86 holds maybe this will come back down but the up move has...

Mike - Am I missing some thing here ? It seems to be at swing high.

Certainly price didn't break.. hence based on J16 rules, it can not valid until breaken.
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  • #71,550
  • Aug 13, 2010 8:58am Aug 13, 2010 8:58am
Quoting pippiee
-30 Pips so far and close to getting stopped out
Any thoughts why I shouldn´t have taken this DBHLC ?
Yes, actually it missed to be a DBHLC by one pip, does it matter ?

It closed below the 85.65 nicely and the PPZ at 85.55 didnt look strong, so I thought it should make it to 85.45 rather quick and then 85.18.

Perhaps its better to wait for a retrace if in doubt. ?
Btw. its about time to retrace or this is going to end in a nice H8 IPB
Hey Pip,
I've also been watching this pair, as I told earlier price is consolidating on the 4H-TF at teh moment, between the 8500-ish and 8600-ish, so the bandwith of this range is quite tight, approx. 100 pips. Trading this range especially on the 4H-TF is not recommended. The second bar of your DBHLC pattern had a (H-L) range of about 45 pips. So compared to the bandwith of the overall range this is quite large. If you want to play this range, you'll have to switch to a lower TF (1H-TF for example) where price has more space (in bars) to move around.

May the force be with you,
Pipcrawler
  • #71,551
  • Aug 13, 2010 9:00am Aug 13, 2010 9:00am
Quoting cprao
Mike - Am I missing some thing here ? It seems to be at swing high.

Certainly price didn't break.. hence based on J16 rules, it can not valid until breaken.
Sorry Cprao

I should clarify that it isn't a strong swing high because of the last high being so close. Meaning lots of traffic.

we can see the first small blue box is a much more clean swing point. Not that you can't find these swing points and trades at them. But this was a real trafficked one. Would make me nervous trading into that mess. But like you said not a valid bar since it never broke. But still good lesson here

Best
Mike
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  • #71,552
  • Aug 13, 2010 9:11am Aug 13, 2010 9:11am
Quoting pippiee
-30 Pips so far and close to getting stopped out
Any thoughts why I shouldn´t have taken this DBHLC ?
Yes, actually it missed to be a DBHLC by one pip, does it matter ?

It closed below the 85.65 nicely and the PPZ at 85.55 didnt look strong, so I thought it should make it to 85.45 rather quick and then 85.18.

Perhaps its better to wait for a retrace if in doubt. ?
Btw. its about time to retrace or this is going to end in a nice H8 IPB
1st. You take it at the Swing high but the high of bearish lower than the previous bar, not good with BEOB.

2nd. This swing didn't higher than the previous swing, so it's lower probability.

3rd. Try to accept the loss, keep it small and you will be all right, you can not win the game if you scared after each loss, it's just a trade, part of the game, you still win if you can keep some big wins to cover lots of losses.

My 2 cents...
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  • #71,553
  • Aug 13, 2010 9:20am Aug 13, 2010 9:20am
does anyone know which mt4-brokers bar closes in about 40 min from now?

(i like to have a h4-bar-close every full hour)
meine augen sind die sterne
  • #71,554
  • Aug 13, 2010 9:21am Aug 13, 2010 9:21am
Quoting phpscott
Nice looking BUOB but the location is not good. Price did not get low enough and the high of the setup (82.00) is a PPZ. I do not recommend trading long into resistance. Setups like this often go your way for 5 - 10 pips and then reverse.

Scott
Thanks for the feedback Scott.

I get the 82 ppz being a problem, but I am not clear why the location is a problem, or why price has not got low enough? Price is at the 50% retrace level after all. 80 is a level going way back. A further explaination would be very handy if you can.

You were spot on regarding 5-10 pips in profit then reverse!

Thanks,

Ollie
  • #71,555
  • Aug 13, 2010 9:22am Aug 13, 2010 9:22am
Take half 2 time and now waiting to re-enter on retrace or break due to the 0.7000 level, i try to keep whole position to the moon 0.6500 or more... but if it not, it's ok.
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  • #71,556
  • Edited 9:42am Aug 13, 2010 9:26am | Edited 9:42am
Hi guys,

I set a trade 10 pips or so above the high of the BEOB on the 4 hour chart. Order opened by a pip or so and then came back to stop me out. What can I learn from this? Welcome all input.

Sorry I meant BUOB !

Thanks
Matt
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  • #71,557
  • Aug 13, 2010 9:30am Aug 13, 2010 9:30am
Quoting ghous
Cad/Yen 4H.

Now that's what I call A+

g.
Wow, I am really pleased you said that Ghous, because I took that trade I closed 2/3rd for +35 for a free trade, and then closed the remainder for BE following positive CAD news at 1.30pm. I had more luck with the BEOB on Wednesday to be honest, but anyway, I'm just glad to see I can pick an A+ setup sometimes!

I trade CAD/JPY a lot on H4, it's very technical I find. It's where I have the most success anyway.

Haha, happy days
  • #71,558
  • Aug 13, 2010 9:32am Aug 13, 2010 9:32am
Quoting aserbfx
does anyone know which mt4-brokers bar closes in about 40 min from now?

(i like to have a h4-bar-close every full hour)

I use this one for that close;

http://www.thecollectivefx.com/membe...pages/FreeDemo

No idea who they are but they offer a ton of pairs
  • #71,559
  • Aug 13, 2010 9:34am Aug 13, 2010 9:34am
Quoting FxMatt
Hi guys,

I set a trade 10 pips or so above the high of the BEOB on the 4 hour chart. Order opened by a pip or so and then came back to stop me out. What can I learn from this? Welcome all input.

Thanks
Matt
Hey Matt

This one is a bit trickier, I could see people getting caught here more so then usual.

My opinion on how I trade(again I am very conservative though). This bar engulfs only one bar. So technically it is a BUOB, but we would get a ton more info when it can engulf multiple bars. Now also what is your confluence and reason for entering. I think a bar like this could have very well taken us higher again, but look what it hit and bounced. Multiple bar lows. This is a good point to decide if it starts bouncing there cutting out for a small loss. It hink a bar like this needs to get right through that area or the likelihood of failure is really increasing. If that BUOB closed above that level of bar lows, it would make the situation totally different and I think it is very high probability it retests towards the BRN of 1.0500

Again a bit tougher one, but those are some things I look for especially on a lower timeframe chart.

Best
Mike
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  • #71,560
  • Aug 13, 2010 9:38am Aug 13, 2010 9:38am
Quoting FxMatt
Hi guys,

I set a trade 10 pips or so above the high of the BEOB on the 4 hour chart. Order opened by a pip or so and then came back to stop me out. What can I learn from this? Welcome all input.

Thanks
Matt
You need the lower swing or more consolidate swing to buy with that price action or you better buy it at the second low, i think these will make you a better chance...
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