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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

  • #71,641
  • Aug 14, 2010 9:29pm Aug 14, 2010 9:29pm
Quoting tjc1020
I am looking for advice on my analysis of this daily on the eur/usd. I am seeing confluence due to the crossover on MACD, break of the 50 on the RSI and a break of the .382 fib. Would a reasonable TP point on a short trade be just above the .50 fib? Thank you


http://i839.photobucket.com/albums/z...snapshot-3.png

TJC

How come you are drawing the fibo from the swing low to the swing high while looking for a short entry?

Shouldn't you be drawing the fibo from the previous swing high to the swing low for a short entry?
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  • #71,642
  • Aug 14, 2010 9:44pm Aug 14, 2010 9:44pm
Quoting mbqb11
many people will ONLY trade in ranges

Thanks Mike.

Yes, I am slowly seeing the logic in this and am thinking this may be a good route for a newbie such as myself.

Instead of cursing the sideways market we can befriend it and make it one of our allies.
  • #71,643
  • Edited Aug 15, 2010 12:36am Aug 14, 2010 11:08pm | Edited Aug 15, 2010 12:36am
BUOB on weekly. close above BRN 1.5, at swing low. bit of traffic ahead. aiming for 1:1



Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,644
  • Edited Aug 15, 2010 12:36am Aug 14, 2010 11:15pm | Edited Aug 15, 2010 12:36am
pin is relatively small, didnt exactly close within prev body (missed by 5 pips), location is good, but lot of traffic ahead. good for a quick 1:1 ?

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,645
  • Edited Aug 15, 2010 12:36am Aug 14, 2010 11:18pm | Edited Aug 15, 2010 12:36am
at good location, engulfed 2 bars, closed below BRN 0.9, some traffic ahead. will aim for 1:1 since its on weekly

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,646
  • Edited Aug 15, 2010 12:37am Aug 14, 2010 11:23pm | Edited Aug 15, 2010 12:37am
not exactly a outside bar, body has engulfed almost and the close is close to low. location is good, not much traffic ahead. will aim for 1:1

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,647
  • Edited Aug 15, 2010 12:37am Aug 14, 2010 11:26pm | Edited Aug 15, 2010 12:37am
at good location, not much traffic ahead. engulged last 3 bars. in line with overall downward trend , will aim for 1:1

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,648
  • Edited 11:45pm Aug 14, 2010 11:28pm | Edited 11:45pm
Quoting roundrock
BUOB on weekly. close above BRN 1.5, at swing low. bit of traffic ahead. aiming for 1:1
hello roundrock,
are u referring to the last bar?
if so, it's not a BUOB since it did not engulf the prior bar(which is an IPB). also, the close was not too strong(closed nearer to the middle of the bar)
that last bar is simply a BUB (bullish bar).
(perhaps, in other MT4 feeds, it IS a BUOB)

Quoting roundrock
(EURCAD Weekly) at good location, not much traffic ahead. ...
what is difference (in pips) of the last 2 bars.
if the difference is, say 7-15 pips, personally i wouldnt call it a BEOB. BUT i may view it as a quasi-BEOB.

btw, your feed has a gap, which is non-exisent in other feeds. just FYI
  • #71,649
  • Aug 14, 2010 11:28pm Aug 14, 2010 11:28pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting roundrock
at good location, engulfed 2 bars, closed below BRN 0.9, some traffic ahead. will aim for 1:1 since its on weekly
roundrock, for this BEOB and for the usd/chf BUOB, how do you decide where to set your initial SL? When you say you're shooting for 1:1 are you saying that you see FTA at X pips away and therefore your SL will be X pips away as well? Or is there some other standard J16 method for setting SL on OBs?
Thanks.
  • #71,650
  • Edited Aug 15, 2010 12:37am Aug 14, 2010 11:30pm | Edited Aug 15, 2010 12:37am
big big wide bar, engulfed so many bars, i am worried it already went down so much, does it have enough legs to go futher down ? but not much traffic ahead immediately. close is tretty bearsih. location is not bad. will put the stop at 50% of bar, so i can aim for 1:1 quickly.

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,651
  • Aug 14, 2010 11:33pm Aug 14, 2010 11:33pm
Quoting Pinbar
...
Instead of cursing the sideways market we can befriend it and make it one of our allies.
that's an excellent perspective... & sooner or later will become a profitable prospect.
  • #71,652
  • Edited Aug 15, 2010 12:38am Aug 14, 2010 11:44pm | Edited Aug 15, 2010 12:38am
weekly pin. good lloking pin, rejection of BRN 80 level. location is ok, not exactly great. didnt close within prev bar. will aim for 1:1

Note : for weekly, monthly i am little bit lenient on the definitions like BEOB, BUOB, Pin, i will see the spirit behind the bar.
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  • #71,653
  • Aug 14, 2010 11:55pm Aug 14, 2010 11:55pm
hi supremeChaos, pl see my comments below, i appreciate your feedback

for weekly, monthly i am little bit linient on the definition, i will see the spirit behind the bar. i agree the close is not exactly where we liked to be....

Quoting supremeChaos
hello roundrock,
are u referring to the last bar?
if so, it's not a BUOB since it did not engulf the prior bar(which is an IPB). also, the close was not too strong(closed nearer to the middle of the bar)
that last bar is simply a BUB (bullish bar).
(perhaps, in other MT4 feeds, it IS a BUOB)

[b] for weekly, monthly i am little bit linient on the definition, i will see the spirit behind the bar. i agree the close is not exactly where we liked to be....
  • #71,654
  • Aug 14, 2010 11:55pm Aug 14, 2010 11:55pm
WHOA WHOA WHOA roundrock!

almost none of these setups are what you are labeling them!
Many choose unhappiness over uncertainty.
  • #71,655
  • Aug 15, 2010 12:00am Aug 15, 2010 12:00am
Quoting jdl
roundrock, for this BEOB and for the usd/chf BUOB, how do you decide where to set your initial SL? When you say you're shooting for 1:1 are you saying that you see FTA at X pips away and therefore your SL will be X pips away as well? Or is there some other standard J16 method for setting SL on OBs?
Thanks.
for weekly, i aim for 1:1, my entry is at open on monday morning. if fta is within 1:1, then i will tightly manage the trade. most of the times weekly setups take time to reach target, but it also allows you to move your stops. if i reach 25% target, i move stops to 50% ahead, and if i reach 50% target, i move stops to be. these rules are only for weekly
  • #71,656
  • Aug 15, 2010 12:05am Aug 15, 2010 12:05am
Quoting Dan Gilbert
WHOA WHOA WHOA roundrock!

almost none of these setups are what you are labeling them!
hi dan, good to see you here (i still miss your journal)

for weekly i dont normally follow the exact definition, but as long as the bar tells us what to do i am fine with that. although i would prefer those bars that would follow exact definition.

but i dont want to be seen missing the definition by a huge margin.
  • #71,657
  • Aug 15, 2010 12:09am Aug 15, 2010 12:09am
Quoting roundrock
hi dan, good to see you here (i still miss your journal)
my trading changes so much over time (as I learn and evolve) that the journal would be a mess. I still keep an overly accounted for hand written ink and paper journal though
Many choose unhappiness over uncertainty.
  • #71,658
  • Aug 15, 2010 12:31am Aug 15, 2010 12:31am
Quoting roundrock
...
for weekly, monthly i am little bit lenient on the definition, i will see the spirit behind the bar. i agree the close is not exactly where we liked to be....
sure, i honestly dont have a problem with 'leniency'.
personally, im very flexible too.

but my concern is u made these posts without appropriate warning, as newer traders might become confused. remember, this s a PUBLIC thread, so please be careful next time.
be sure to include warnings (such as the one u posted above, during your posts, not after)
(ghous' signature is an example of a warning [about IPBs] )
  • #71,659
  • Aug 15, 2010 12:36am Aug 15, 2010 12:36am
I think this one has a good chance. Any comments?
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  • #71,660
  • Aug 15, 2010 12:39am Aug 15, 2010 12:39am
Quoting supremeChaos
sure, i honestly dont have a problem with 'leniency'.
personally, im very flexible too.

but my concern is u made these posts without appropriate warning, as newer traders might become confused. remember, this s a PUBLIC thread, so please be careful next time.
be sure to include warnings (such as the one u posted above, during your posts, not after)
(ghous' signature is an example of a warning [about IPBs] )
i have modified the posts to add the note. thanks for the warning
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