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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

  • #71,981
  • Edited 9:37pm Aug 17, 2010 9:02pm | Edited 9:37pm
Hi All,
EURJPY daily,
BUOB retracement gives me a buy inclination,
swing low, confluence 23.6 fib retracement, support at 109.263,

Oposing my buy:
previous huge bars,
downtrend, lower hi lower low

any comments please
chowhttp://cdn.forexfactory.com/images/icons/icon14.gif
NB IBFX feed
  • #71,982
  • Aug 17, 2010 9:23pm Aug 17, 2010 9:23pm
Quoting chowur
Hi All,
EURJPY daily,
BUOB retracement gives me a buy inclination,
swing low, confluence 38.2 fib retracement, support at 109.263,

Oposing my buy:
previous huge bars,
downtrend, lower hi lower low

any comments please
chowhttp://cdn.forexfactory.com/images/icons/icon14.gif
NB IBFX feed
Hey chow,

The size is small for a BUOB. In the attached chart, you want to see a nice size bar at a swing low. Also, note the first area of traffic. You want to avoid trading into that.

Hope this helps.

-- Danny
Attached Image
  • #71,983
  • Aug 17, 2010 9:27pm Aug 17, 2010 9:27pm
Quoting bluetrader
Hey chow,

The size is small for a BUOB. In the attached chart, you want to see a nice size bar at a swing low. Also, note the first area of traffic. You want to avoid trading into that.

Hope this helps.

-- Danny

yeah BT

This is what I learned yesterday...LoL

It is great to see people such as yourself who instantly see this and pass on it without a second thought.
  • #71,984
  • Aug 17, 2010 9:37pm Aug 17, 2010 9:37pm
Quoting jarroo
Outside Bars, at their most basic definition, are a pattern where Support turns into Resistance, BEOB (you can also add DBHLC) or Resistance turns into Support, BUOB (DBLHC). And we know what Sup and Res levels are when they meet . . they are PPZ Levels. Which means Price likes to jump away from them when they're hit, (like an electrical wire).

So these areas of retracement of Outside Bars are usually the previous bar High or Low.

I usually like to want for the break of the Outside Bar and then enter at its retracement level . . .it all depends...
great lesson Jaroo!
  • #71,985
  • Aug 17, 2010 9:38pm Aug 17, 2010 9:38pm
Quoting geomink
just for clarification,

do you mean:

a) the high of the bar before the BUOB;

or

b) the high of the BUOB

many thanks

best trading
The high before the BUOB
  • #71,986
  • Aug 17, 2010 9:40pm Aug 17, 2010 9:40pm
Thanks Danny -ur probably right, I saw the retracement that jarroo was talking about in previous posts and thought ahha!
next time then.
  • #71,987
  • Aug 17, 2010 9:49pm Aug 17, 2010 9:49pm
Quoting jarroo
Forgot this question spookie and its an important one.


Yes, depending on the pair, it may mean that Price is going the other way.

Continuing on with the Weekly GU, if Price breaks through this obvious previous bar Low, PPZ level . .something else may be going on, meaning it may be wanting to retest the 1.6000 or the uptrend is continuing.
Ok, on this example you would wait for the retrace to 1.5700 then enter for a short. It hit your retrace target, but would you enter right at 1.5700 (place a pending order) or would you like to see it come down a few pips first as a buffer?
  • #71,988
  • Aug 17, 2010 9:54pm Aug 17, 2010 9:54pm
Hows this one look Jarroo for a BEOB setup?
Attached Image
  • #71,989
  • Aug 17, 2010 9:55pm Aug 17, 2010 9:55pm
Quoting spookie94
Hows this one look Jarroo for a BEOB setup?

it's at a swing low & a RN Spookie.
  • #71,990
  • Edited 10:18pm Aug 17, 2010 9:57pm | Edited 10:18pm
GU is looking interesting.

I am not going to draw any false conclusions about this but watch and wait for PA to show us the way. It will!


EDIT:

Weekly BEOB with 1 pip difference in the highs, the low of the previous bar has been tested for resistance and it seems to have held.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu.gif Size: 31 KB
Click to Enlarge Name: gud.gif Size: 35 KB
  • #71,991
  • Aug 17, 2010 10:00pm Aug 17, 2010 10:00pm
Quoting Pinbar
it's at a swing low & a RN Spookie.
thanks, noticed it right after I posted ithttp://cdn.forexfactory.com/images/icons/icon10.gif.
  • #71,992
  • Aug 17, 2010 10:06pm Aug 17, 2010 10:06pm
Quoting spookie94
thanks, noticed it right after I posted ithttp://cdn.forexfactory.com/images/icons/icon10.gif.

That's great Spookie, you could have noticed it after taking it.
  • #71,993
  • Aug 17, 2010 10:18pm Aug 17, 2010 10:18pm
Quoting Pinbar
That's great Spookie, you could have noticed it after taking it.
didn't look at it hard enough to consider taking it. Just thought it fit into the discussion on retracing of a BEOB/BUOB.
  • #71,994
  • Edited 10:52pm Aug 17, 2010 10:27pm | Edited 10:52pm
Quoting jarroo
.

The Weekly GU is close to a DBHLC by a few pips (close enough for me on the Weekly) or we can just call it a BIG bar smashing through a PPZ level.

The setup is at a swing High, off a BRN, 1.6000 but has some traffic : previous bars highs and a strong PPZ level BRN, the 1.5500. I would wait for the setup to break and then react at the traffic levels and enter on the retrace level , previous bar low, 365 ema confluence . .1.5700 ( which I did ).
Jarroo,

2 questions.
1. When you say - setup break.. how many pips of break approximately on short side ?

2. Entry at 1.5700 is after witnessing any PA bar on lower timeframes ? or is it a touch trade ?

Edit: The 2nd question is kind of answered in the above couple posts. This is my understanding on this- you will look for PA bar ar the expected retracement level in the lower timeframes. However, in this case, I believe it was a touch trade. At least I don't see any good PA setup either in daily or H4 timeframes (FXDD). Is this right ?

Your thoughts, please ?
  • #71,995
  • Edited Aug 18, 2010 2:47am Aug 17, 2010 11:22pm | Edited Aug 18, 2010 2:47am
Quoting ertorque
I had the same idea of entering at retracement at 1.5700 and watched it closely but alas could not find a good PA at the lower TF. Look at the 1H charts when price were at approaching 1.5700; there just aren't any good signs that says price is switching direction and heading south now is there? The arrowed PB is simply not good enough, not for me at least.
I mean I felt that in this case I might have as well just do a touch trade (right after the weekly DBHLC) since price really did hit i.57 to the pip before coming down rather than wait for a bearish...
I would respect your view on this aspect, ertorque. If there is no bearish PA at the 1.5700 on say the 8 hour or 4 hour or even the hourly . . .no trade.

But what I found on high quality "A" category setups ( which I view the Weekly GU DBHLC to be) is that Price will respect these levels and tight stop loss touch trade can occurr. Where as less then high quality setups, that are still pretty good, Price won't respect these retracement levels as much.

Take the #YMU0, the mini sized DOW.

The blue Daily BUOB is Big, at a swing low, nice Space, off a BRN, 9500. Price retraces to the previous bar High.

The green Daily BUOB is also nice size and also off a BRN, 1000. But its not at a swing low, although at a 50% retracement level, but still has some traffic to deal with.
Attached Image (click to enlarge)
Click to Enlarge Name: ymu0.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,996
  • Aug 17, 2010 11:32pm Aug 17, 2010 11:32pm
Quoting Pinbar
Jarroo, I have always found the "Deeper swing low" criteria a little confusing. I mean, if we have such a deep swing low on this pair below the ranging area, it would tend to make me think the current low range may be tested as resistance and it may break South?

Do you have an example of this Pb?

Choose bigger Bars and remove all doubt.


You did great on that 4 hour BUOB on the Usd/Chf, Pb. Many lessons learned on that one.
Indicators show the past. Price Action "Indicates" the future.
  • #71,997
  • Aug 17, 2010 11:36pm Aug 17, 2010 11:36pm
Quoting Pinbar
yeah BT

This is what I learned yesterday...LoL

It is great to see people such as yourself who instantly see this and pass on it without a second thought.

Yes . . .
Indicators show the past. Price Action "Indicates" the future.
  • #71,998
  • Aug 17, 2010 11:39pm Aug 17, 2010 11:39pm
Quoting jarroo
Do you have an example of this Pb?

Choose bigger Bars and remove all doubt.


You did great on that 4 hour BUOB on the Usd/Chf, Pb. Many lessons learned on that one.


Oh, I was talking about the USD/CHF where you mentioned a "Deeper swing low" may have been better.


What I meant was, if on that USD/CHF we had a deeper swing low, I would wonder if it was going to go South.


I don't really get the meanings of these deeper swing lows or highs that I often see you mention.
Attached Image (click to enlarge)
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  • #71,999
  • Aug 17, 2010 11:40pm Aug 17, 2010 11:40pm
Quoting jarroo
Choose bigger Bars and remove all doubt.
In the sideways market especially. But in a trending market, smaller bars right off the trendline seems to work.
  • #72,000
  • Aug 17, 2010 11:48pm Aug 17, 2010 11:48pm
Oh, and Jarroo.

Thanks for the support while I was in that trade, I appreciate it.

I find it interesting that, after it stopped me out, I could think about it clearly and did not get into the REVENGE thing.

I mean, I know that it was only a tiny trade but, previously I had gotten into the mentality of the market being that, entity that ripped me off and it must have revenge reaped on it to teach it a lesson.

ROTFL..Insane, I know but I could get into that previously.
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