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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

  • #72,241
  • Aug 19, 2010 4:35pm Aug 19, 2010 4:35pm
If I set my buy/sell orders in my FXPro DEMO, can I switch off the PC???
Or on demo account my orders just rest on my PC and if I turn it off I will miss my trade?
  • #72,242
  • Aug 19, 2010 4:45pm Aug 19, 2010 4:45pm
Good evening,
My pending short trade of the kiwi daily, which I mentioned yesterday has triggered today, lemme tell you what I see. Yesterday price pulled back, after the big red weekly bar of last week (W32), it pulled back exactly to the low of the weekly bar (W30) at 7190-ish. On the daily price we see price rejected by this level, confirmed by PA via nice PB (if the nose penetrated the 7200 more deeply this PB would be perfect). Enter on the break of the PB just below the 7100 for a continuation of the downtrend. FTA is the PPZ at 7050, if price gets there move SL to BE, final target is the BRN at 7000. Price today got close to FTA, it's ADR was not enough to get it there today. Could one of the seniors comment on this one, Jarroo maybe ?http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,
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Pipcrawler
  • #72,243
  • Aug 19, 2010 4:50pm Aug 19, 2010 4:50pm
Quoting Adilius07
If I set my buy/sell orders in my FXPro DEMO, can I switch off the PC???
Or on demo account my orders just rest on my PC and if I turn it off I will miss my trade?
You can turn it off. Everything except trailing stops are on the broker servers, this goes for both live and demo accounts with all MT4 brokers.
  • #72,244
  • Aug 19, 2010 4:51pm Aug 19, 2010 4:51pm
I set a pending as in attachments, on the ret of the long weekly bar.

What if the week will end with no fill in?

In other words, is the entry valid only while the first bar after the pattern creation or for the next bars too?

many thx

best
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Don't give up
  • #72,245
  • Aug 19, 2010 4:52pm Aug 19, 2010 4:52pm
Quoting geomink
I set a pending as in attachments, on the ret of the long weekly bar.

What if the week will end with no fill in?

In other words, is the entry valid only while the first bar after the pattern creation or for the next bars too?

many thx

best
Hey Geo

That comes down to the trader. I almost always pull my order if the next bar doesn't trigger. I have just done it for so many years now as a way to measure momentum. Others will simply leave their orders in till they fill it is no longer valid, or the bar invalidates.

Take care
Mike
  • #72,246
  • Aug 19, 2010 4:54pm Aug 19, 2010 4:54pm
Quoting xmzhang
Good evening,
My pending short trade of the kiwi daily, which I mentioned yesterday has triggered today, lemme tell you what I see. Yesterday price pulled back, after the big red weekly bar of last week (W32), it pulled back exactly to the low of the weekly bar (W30) at 7190-ish. On the daily price we see price rejected by this level, confirmed by PA via nice PB (if the nose penetrated the 7200 more deeply this PB would be perfect). Enter on the break of the PB just below the 7100 for a continuation of the downtrend. FTA is the PPZ at 7050, if price...
Hey Zhang

Seems good to me, personally I wasn't in love with the look of that pinbar or the location. I think it needed to be managed tight but it broke nice. I also think the FTA was already hit today too

7000 does seem reasonable but at this point I would not be shocked to see us move higher either.

Best
Mike
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  • #72,247
  • Aug 19, 2010 4:58pm Aug 19, 2010 4:58pm
How about the BUOB on the daily Loonie ? BUOB closed above PPZ at the 10400 and off the 62 fib. level. FTA is at 10460-ish, last week price got rejected by this level, will price this time succeed to breach this level and then reach the 10500 ? Looking at the big bullish daily bar of today I think it might. Let's see how this plays out.

May the force be with you,
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Pipcrawler
  • #72,248
  • Aug 19, 2010 4:59pm Aug 19, 2010 4:59pm
Quoting mbqb11
I almost always pull my order if the next bar doesn't trigger. I have just done it for so many years now as a way to measure momentum.
it seems more logical to me

tkx
Don't give up
  • #72,249
  • Aug 19, 2010 5:00pm Aug 19, 2010 5:00pm
Quoting mbqb11
Hey Zhang

Seems good to me, personally I wasn't in love with the look of that pinbar or the location. I think it needed to be managed tight but it broke nice. I also think the FTA was already hit today too

7000 does seem reasonable but at this point I would not be shocked to see us move higher either.

Best
Mike
Hey Mike,
Thanx for your quick reply.
Pipcrawler
  • #72,250
  • Aug 19, 2010 5:55pm Aug 19, 2010 5:55pm
4IB EXP
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  • #72,251
  • Aug 19, 2010 5:56pm Aug 19, 2010 5:56pm
Quoting xmzhang
Good evening,
My pending short trade of the kiwi daily, which I mentioned yesterday has triggered today, lemme tell you what I see. Yesterday price pulled back, after the big red weekly bar of last week (W32), it pulled back exactly to the low of the weekly bar (W30) at 7190-ish. On the daily price we see price rejected by this level, confirmed by PA via nice PB (if the nose penetrated the 7200 more deeply this PB would be perfect). Enter on the break of the PB just below the 7100 for a continuation of the downtrend. FTA is the PPZ at 7050, if price...
I am in on this one. My target, as I said yesterday, always was, and still is 7000. Going well at the moment.
"Fail to prepare, prepare to fail."
  • #72,252
  • Edited 7:14pm Aug 19, 2010 6:58pm | Edited 7:14pm
Quoting jarroo
I missed this one on the Eur/Cad.

4 Hour BEOB at and through the 1.3350. Engulfing many bars, the close below the 1.3350.

What would have gave me confirmation or confidence to take this setup was that the Weekly Bar closed below the 1.3350. Support turning into Resistance.
Still watching to see Support turn into Resistance on the Weekly Eur/Cad at the 1.3350 level. Having a Weekly Open and Close below this level would help in its confirmation . . one day to go.

BUOB on the Daily, but did not close above 1.3350. Would like to have seen this at the 1.3000. But a break out the Daily BUOB and retest or pull back is not out of the question.

Caught the Hourly PB off the 1.3350 ( got you this time lol) . . .what a great level to find a bearish PB when Price is turning from Support to Resistance and at a swing high.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,253
  • Aug 19, 2010 7:08pm Aug 19, 2010 7:08pm
Quoting jarroo
Still watching to see Support turn into Resistance on the Weekly Eur/Cad at the 1.3350 level. Having a Weekly Open and Close below this level would help in its confirmation . . one day to go.

BUOB on the Daily, but did not close above 1.3350. Would like to have seen this at the 1.3000. But a break out the Daily BUOB and retest or pull back is not out of the question.

Caught the Hourly PB off the 1.3350 ( got you this time lol) . . .what a great level to find a bearish PB when Price is turning from Support to Resistance and at a swing.

Oh I forgot . . quess where my final target or FTA or if Price moves pass this level I'll place a stop loss above it . .was on the Hourly PB?

Yep . .You're right. . .the previous bar High of the Daily BUOB ..
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Indicators show the past. Price Action "Indicates" the future.
  • #72,254
  • Aug 19, 2010 7:18pm Aug 19, 2010 7:18pm
There were a few BUOB bars on the daily chart today, what say you about this usdcad, it bounced off a ppz as well as 61 fib.
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  • #72,255
  • Aug 19, 2010 7:21pm Aug 19, 2010 7:21pm
Quoting Ghettobuddha
Good morning folks,

Long time no see everyone. Looks like a lot of new faces around. Heres a nice trade I just missed =P

Here was a double top with divergance and pin on the 1 hour.

4hr turned into a dbhlc...didnt make it to the 61 fib but bounce off the 150ema.

Hey Ghetto . . .good to see you, friend.
Indicators show the past. Price Action "Indicates" the future.
  • #72,256
  • Aug 19, 2010 7:30pm Aug 19, 2010 7:30pm
Quoting Pipologist99
There were a few BUOB bars on the daily chart today, what say you about this usdcad, it bounced off a ppz as well as 61 fib.

BUOB is not at a swing low. Its heading into alot traffic (Daily bar Highs to the left). And its in the middle of Weekly consolidation . . or in the middle of a mess.

Did you enter already? A least wait for the Break.
Indicators show the past. Price Action "Indicates" the future.
  • #72,257
  • Aug 19, 2010 7:45pm Aug 19, 2010 7:45pm
Quoting jarroo
Did you enter already? A least wait for the Break.
A bar like this, seems to me like a good place to wait for a pull back, not so much a break.

Price isn't going far if it does break the BUOB, you got 1.05 right there. the bounce that caused the BUOB is right off last months low price, these areas are significant, and it's not as likely that price will breach today's low before price hits the 1.05.


just my $0.02
Many choose unhappiness over uncertainty.
  • #72,258
  • Aug 19, 2010 7:49pm Aug 19, 2010 7:49pm
Quoting Dan Gilbert
A bar like this, seems to me like a good place to wait for a pull back, not so much a break.

Price isn't going far if it does break the BUOB, you got 1.05 right there. the bounce that caused the BUOB is right off last months low price, these areas are significant, and it's not as likely that price will breach today's low before price hits the 1.05.


just my $0.02

Yes . .I agee Dan. At least down to the previous bar High or more likely the 1.0300, which has a strong history.
Indicators show the past. Price Action "Indicates" the future.
  • #72,259
  • Aug 19, 2010 7:58pm Aug 19, 2010 7:58pm
Quoting jarroo
Yes . .I agee Dan. At least down to the previous bar High or more likely the 1.0300, which has a strong history.
well just like everything with trading... "maybe"

no one ever knows

risk management rules all.
Many choose unhappiness over uncertainty.
  • #72,260
  • Edited 8:26pm Aug 19, 2010 8:04pm | Edited 8:26pm
Quoting geomink
as we know:

BUOB and/or DBLHC are tradable at swing LOW;
BEOB and/or DBHLC are tradable at swing HIGH.

So, what if:

BUOB and/or DBLHC are at swing HIGH;
BEOB and/or DBHLC are at swing LOW.

tradable or not?

many thanks

best trading
Quoting mbqb11
The simple answer is yes. Bars are tradeable at every location. When a BUOB is at a swing high this is what is called a continuation setup. Again it ALWAYS comes back to the location and look of these bars. The bars are a very very small part of what it is James teaches and the rest of us do. It is in my view to learn them the traditional way(ie buob at swing low) and work forward from there. I believe continuation patterns encompass a bit more and are a bit more tricky.

Best
Mike

Hey . .Thanks Mike.


Just to add to this Geo. The BEOB on the Weekly DJIA30 that you referenced in your post (green) would be considered a BEOB at a swing low (instead of at a swing High where we like them). The top of the body of the BEOB is at a swing High but the entry is at a swing low or near the bottom of current Prices. So yes . . . I see your point, its not A+ and would be considered a continuation BEOB.

For many, its an easy pass . . no problem. For me, I would manage it tightly a look for a hard break, I would also notice that it retraced to the previous bar Low before it broke which is a good sign.

When Price retraces to its previous bar High or Low on Outside Bars and then breaks nicely or continuously it is a trait of a high quality setup. (imo). Notice the blue Weekly BEOB that is currently in play. Its at a swing High from its current up move more or less.

So to cut this short . .lol . . when continuation Outside Bars behave like a high quality Outside Bars (good location) I take notice. Also the opposite is true too.
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Indicators show the past. Price Action "Indicates" the future.
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