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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

  • #71,661
  • Aug 15, 2010 12:41am Aug 15, 2010 12:41am
Quoting roundrock
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.
I don't think I'd touch the chfs, the eur/aud, aud/cad. I think there is not much momentum, and even so, the ftas are much closer then you think. The others at least have momentum, but I also think the ftas are closer then you realize again. Just my 2 cents. I think the n/u with the target you showed is your bestb et.
  • #71,662
  • Aug 15, 2010 12:54am Aug 15, 2010 12:54am
Quoting roundrock
i have modified the posts to add the note. thanks for the warning

Why make these posts in the first place if they are not valid PA bars?

IMHO, I think you may be making things more difficult for yourself in these loose labellings of PA.

We need to practice correct PA identification not almost a something Bar and getting into bad habits of curve fitting bars to suit our needs.
  • #71,663
  • Aug 15, 2010 2:51am Aug 15, 2010 2:51am
Besides the PA I like the location. It is not seen on this chart but in my platform I have noticed that this rejection has occured at the all time high. So I believe this is a good setup, if price continues down, the move could be for weeks. Of course I don't need to stay that long, all I want is for the trade to give me good RR return. I see the Void (room to move) down to 62.15 - this will be my target level.

Any comments please?

http://cdn.forexfactory.com/attachme...1&d=1281856589
  • #71,664
  • Edited 4:05am Aug 15, 2010 3:48am | Edited 4:05am
I think GU is at an interesting area to watch for some PA.

Looks like we may have a daily G-Bar at a G-spot....LoL


I am very interested in hearing what Ghous thinks about this daily IPB.
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  • #71,665
  • Aug 15, 2010 4:25am Aug 15, 2010 4:25am
Quoting Pinbar
I think GU is at an interesting area to watch for some PA.

Looks like we may have a daily G-Bar at a G-spot....LoL


I am very interested in hearing what Ghous thinks about this daily IPB.
I think he mentioned his views in post 71634. So if I'm going to trade this, I'll long on the open based on the D1 IBP targeting the top of the bar, and and place a stop loss below. And if that triggers, I'll also place a stop sell order based on the W1 bearish PA. But for the W1 sell order, is the SL about 1.600 (450 pips!), and where should I target the TP?
"Instead of hoping he must fear; instead of fearing he must hope."
  • #71,666
  • Aug 15, 2010 5:16am Aug 15, 2010 5:16am
Quoting aserbfx
THIS IS A BUOB !!!
Well spotted, Man! Yes but full right in a very strong resistance/round number. With a bearish divergence as well. Given the present climate on the markets, this looks like a candidate for a short, at least for the week to come IMHO.
Patience is magic
  • #71,667
  • Aug 15, 2010 5:57am Aug 15, 2010 5:57am
Quoting Jliuuu
I think he mentioned his views in post 71634. So if I'm going to trade this, I'll long on the open based on the D1 IBP targeting the top of the bar, and and place a stop loss below. And if that triggers, I'll also place a stop sell order based on the W1 bearish PA. But for the W1 sell order, is the SL about 1.600 (450 pips!), and where should I target the TP?
I'm watching this one closely as well - although I'm placing a sell limit order if it hits the near high of the IBP around 1.5685 then targeting 1.5500 (1/2 off rest to B/E) then 1.5200 based on the weekly bearish PA. Not too sure where to put a stop based on this trade idea though. Obviously a very safe option is to put it above 1.6 based on weekly PA, but on daily it could go above the high of 12/08 and 30/07 (UK date convention) at around 1.5740. That's if it even get's triggered

I'm also concerned that the IBP was a Friday candle.
Anything can happen.
  • #71,668
  • Aug 15, 2010 6:15am Aug 15, 2010 6:15am
my thought process :
check 1: price actions 1hr in line with 75.00, divergence
check 2: 50% fibo confluence with ppz on the daily.
check 3: my risk and reward..79.50?
any comments...sir mike, jaroo or raczekfx..anyone pls
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Respect a man, and he will do all the more.
  • #71,669
  • Aug 15, 2010 6:16am Aug 15, 2010 6:16am
Quoting roundrock
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.
Be careful, because the BEOB and BUOB are known for their retraces to 50-61,8% fib! And in your case imho it may retrace to the area i marked in blue. But i think this is one of the best setups you posted. And the close is also good. (Look at Ghous post about bar closes 71627)

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  • #71,670
  • Aug 15, 2010 6:18am Aug 15, 2010 6:18am
Quoting Adilius07
Besides the PA I like the location. It is not seen on this chart but in my platform I have noticed that this rejection has occured at the all time high. So I believe this is a good setup, if price continues down, the move could be for weeks. Of course I don't need to stay that long, all I want is for the trade to give me good RR return. I see the Void (room to move) down to 62.15 - this will be my target level.

Any comments please?

http://cdn.forexfactory.com/attachme...1&d=1281856589
...
Very nice PA, this stock is at the moment still trending up on the weekly. I agree with you that the BeOB is signalling at least a pull back towards the 62-ish. If price accepts this level as support it may even revisit the all time high, but if it breaks this level convincingly it could go way down as you said.

May the force be with you,
Pipcrawler
  • #71,671
  • Aug 15, 2010 7:21am Aug 15, 2010 7:21am
My dilemma for today.

Do I take the USDCAD long PB or the GBPCAD long PB. Perhaps I should trade both.
I have a nice bounce off the monthly pivot for the UC, but the trade is probably going to struggle past the 1.0500 BRN. I usually go for a fixed TP, therfore, only about 50 pips in it for me.
With the GC there is a better TP, but not as good confluence.
Any views to help me?

Thanks.
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"Fail to prepare, prepare to fail."
  • #71,672
  • Aug 15, 2010 7:42am Aug 15, 2010 7:42am
Quoting packhorse
My dilemma for today.

Do I take the USDCAD long PB or the GBPCAD long PB. Perhaps I should trade both.
I have a nice bounce off the monthly pivot for the UC, but the trade is probably going to struggle past the 1.0500 BRN. I usually go for a fixed TP, therfore, only about 50 pips in it for me.
With the GC there is a better TP, but not as good confluence.
Any views to help me?

Thanks.
"Exceptional traders only take exceptional trades."

Based on your signature above ...do you think this is a exceptional trade?

If not or if in doubt IMO don't take it...learn to be picky...don't pick-up or sustain bad habits...the best trades "stick out" ...is it shouting out to you "trade me"

When I have doubts about a trade I don't trade it...stick to your established rules...making it mechanical...this takes alot of the emotion out of trading.
This has helped me

Hope this helps

Sincerely,
Bill
  • #71,673
  • Aug 15, 2010 7:50am Aug 15, 2010 7:50am
Quoting Atc
"Exceptional traders only take exceptional trades."

Based on your signature above ...do you think this is a exceptional trade?

If not or if in doubt IMO don't take it...learn to be picky...don't pick-up or sustain bad habits...the best trades "stick out" ...is it shouting out to you "trade me"

When I have doubts about a trade I don't trade it...stick to your established rules...making it mechanical...this takes alot of the emotion out of trading.
This has helped me

Hope this helps

Sincerely,
Bill...
Thanks Bill,

I really feel both are worth taking, the decision I want to reach is whether one is better than the other. Based on your criteria above, the one that sticks out to me would be the USDCAD because of the pivot bounce.

Regards,
"Fail to prepare, prepare to fail."
  • #71,674
  • Aug 15, 2010 7:58am Aug 15, 2010 7:58am
Quoting xmzhang
Very nice PA, this stock is at the moment still trending up on the weekly. I agree with you that the BeOB is signalling at least a pull back towards the 62-ish. If price accepts this level as support it may even revisit the all time high, but if it breaks this level convincingly it could go way down as you said.

May the force be with you,
Thanks for the input! Yes I also worry that it is against the major trend, so I will try to be quick if I see any price stall, looks good to me, I will give it a try. Thanks
  • #71,675
  • Aug 15, 2010 8:01am Aug 15, 2010 8:01am
Hi guys and gals, hope u had a great weekend.
I found these setup are quite interesting. Would like to know your opinion.

1. EURCHF big BEOB in weekly sitting at a minor swing high, overall trend is down.

2. GBPUSD weekly DBHLC, but 1.55 could be the trouble area.

3. SGDUSD weekly DBLHC at old support area and 1.35 round number.

So what do you guys think about these price bar?
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  • #71,676
  • Aug 15, 2010 8:03am Aug 15, 2010 8:03am
Quoting packhorse
Thanks Bill,

I really feel both are worth taking, the decision I want to reach is whether one is better than the other. Based on your criteria above, the one that sticks out to me would be the USDCAD because of the pivot bounce.

Regards,
If I may add. When I go through my stocks, I usually end up with 5-6 VERY GOOD setups. I really really want to trade all or few of them. But I promised to myself I will choose ONE only. So I choose one.

And I believe that is how the one I choose is in fact the BEST choice.
(of course based on my own experience).
  • #71,677
  • Aug 15, 2010 8:21am Aug 15, 2010 8:21am
Quoting Atc
"Exceptional traders only take exceptional trades."

Based on your signature above ...do you think this is a exceptional trade?

If not or if in doubt IMO don't take it...learn to be picky...don't pick-up or sustain bad habits...the best trades "stick out" ...is it shouting out to you "trade me"

When I have doubts about a trade I don't trade it...stick to your established rules...making it mechanical...this takes alot of the emotion out of trading.
This has helped me

Hope this helps

Sincerely,
Bill...

The first week of August, UC had a beautiful weekly pin. Were still headed north to the third problem area 1.0580 (60ma) on weekly chart. Take UC trade and pick up 130 pips or so.
  • #71,678
  • Aug 15, 2010 8:25am Aug 15, 2010 8:25am
Quoting ddinnov
I'm watching this one closely as well - although I'm placing a sell limit order if it hits the near high of the IBP around 1.5685 then targeting 1.5500 (1/2 off rest to B/E) then 1.5200 based on the weekly bearish PA. Not too sure where to put a stop based on this trade idea though. Obviously a very safe option is to put it above 1.6 based on weekly PA, but on daily it could go above the high of 12/08 and 30/07 (UK date convention) at around 1.5740. That's if it even get's triggered

I'm also concerned that the IBP was a Friday candle.
Hmm, why would the top of the D1 IBP be a good place for a limit sell (doesn't this IPB show bullish PA)?

Yeah, the stop loss for this trade is just huge if we want to be safe.

Thanks for your insight for the weekly targets, 1.5500 and 1.5200 looks to be good points to me
"Instead of hoping he must fear; instead of fearing he must hope."
  • #71,679
  • Aug 15, 2010 8:40am Aug 15, 2010 8:40am
Quoting urchman
my thought process :
check 1: price actions 1hr in line with 75.00, divergence
check 2: 50% fibo confluence with ppz on the daily.
check 3: my risk and reward..79.50?
any comments...sir mike, jaroo or raczekfx..anyone pls
Hey Urch

What PA would you want to be getting in on? That small very tiny bar on the 1hr late on a friday? Then you expect that to carry you all the way to 79.50? That is a bit of a stretch for me. I would be looking for a much bigger bar to confirm an up move coming, and then I would base my mgmt on that timeframe. Not switching back to the daily. That IMO makes it very tough to manage a trade appropriately.

Best
Mike
  • #71,680
  • Aug 15, 2010 8:44am Aug 15, 2010 8:44am
Quoting nycc
Hi guys and gals, hope u had a great weekend.
I found these setup are quite interesting. Would like to know your opinion.

1. EURCHF big BEOB in weekly sitting at a minor swing high, overall trend is down.

2. GBPUSD weekly DBHLC, but 1.55 could be the trouble area.

3. SGDUSD weekly DBLHC at old support area and 1.35 round number.

So what do you guys think about these price bar?
I think these are more just bars rather then confluenced bars at good areas.

Eur/chf is trading right into the prior low which means 1.33 you would have to watch out for. yes it is a big bar with a strong close so down would be the indication but a very traffic type trade manage accordingly.

Usd/sgd is also trading right back into very strong resistance of a down trend. Weak close. If it could have closed ABOVE that area it would check the dynamic of the trade greatly.

Doesn't mean none of these are tradeable but I would be watching those areas very carefully

Best
Mike
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