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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

  • #74,921
  • Sep 15, 2010 11:01pm Sep 15, 2010 11:01pm
Quoting supremeChaos
Hello Donkey,
in the context of his post, the PA setup is actually the IB.
they either buy above or sell below the IB.
i havent examined the chart well, but imho, price should break the trouble areas (1.0050 or 0.9930) with momentum. that would be the key.
Donkey had a better zoomed out chart than mine. Last time price hit this level it had a stong rejection. Since it has been away for such along time I am thinking it may do the same thing. I know there is a strong down trend but I'm not looking at a long term reversal just a nice bounce.
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  • #74,922
  • Sep 16, 2010 12:27am Sep 16, 2010 12:27am
Quoting Pinbar
Just saw your photo in the PF.

What a kind and intelligent looking person.


I posted my mug up there so you know which dummy you have been helping.

I am kind of wasted in that photo.

Thanks Pb. Its good to put a face to a name.

You don't look that wasted . . ok maybe a little bit .. lol (jk)
Indicators show the past. Price Action "Indicates" the future.
  • #74,923
  • Sep 16, 2010 12:46am Sep 16, 2010 12:46am
continuing the discussions on this pair (by Lord and others), it failed to break the pin to the top. we may see a short opportunity if it breaks the blue line support. stops at orange and to at green

lets see
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  • #74,924
  • Edited 1:40am Sep 16, 2010 1:05am | Edited 1:40am
Quoting melvin87
Hi Jarroo,

I was looking at your H1 charts and am kinda confused on how you would enter this trade if you wait for a hard break. Do you enter the trade once the bar that has broken 129.40 has formed entirely?

Sorry i'm pretty new to looking at lower time frames.

You would enter just like an A+ or high quality setup. We're looking for that strong momentum break that is inherent with A+ type setups, even though this is not one of them.

I would usually use 8-10 pip buffer on the Daily, generally. ,on the Gbp/Jpy about 12 -14pips. I want a buffer that's big enough to show me that Price is breaking convincely, meaning if Price breaks only 4 -5 pips it may just be testing the trigger and retrace back down.


So on this Daily PB, the 129.41 (on this feed) would be the break and my buy stop would be at the 129.52-55. I want to see this baby break hard and steady. S/L would be tight about 25-30 pips. . .probably a bit more on the Gbp/Jpy like 35-40. But I would usually cut it a lot shorter then this if it doesn't behave correctly.

I will also watch and see if Price will retrace after the break and retests the break, not the entry. It is holds and then continues upward . . .all good things. If it retest and then falls through . . . I'm out.
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Indicators show the past. Price Action "Indicates" the future.
  • #74,925
  • Edited 1:37am Sep 16, 2010 1:23am | Edited 1:37am
Quoting melvin87
Hi Jarroo,

Do you enter the trade once the bar that has broken 129.40 has formed entirely?

So to answer your question . .yes, the Daily PB has to be closed or fully formed before I would consider a hard break entry.
Indicators show the past. Price Action "Indicates" the future.
  • #74,926
  • Sep 16, 2010 1:34am Sep 16, 2010 1:34am
Quoting raczekfx
There will be no quick reversal Crosses will likely pull back, but don't count on reversal.
BoJ means business this time around. See you back @ 8%

Quoting jarroo
Could be heading to the 135.00, although the 1.3400 may have something to say about that.
Nice . .did I call this one or what Rac . .


Your thoughts are duly noted, Rac-man. A couple hundered pip retrace on a 600 pip move does not make a reversal, especially on the pair.
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Indicators show the past. Price Action "Indicates" the future.
  • #74,927
  • Sep 16, 2010 2:08am Sep 16, 2010 2:08am
Quoting The Lord
Just joking, friend!
BTW, all those copyrighted material are openly shared by seniors here though!

I know you were Joking.

I doubt that all the videos on the PF have been released on FF.
In fact, I know there are videos on the PF that will never get into this forum as on one of them it is mentioned.

I don't blame them either.

I just counted 78 videos and there are a lot more in the other sections.

Hey don't get me wrong I am not trying to plug the PF, but I just learned something over there about boxes that has been totally confusing me for the last year.

Think I have already put in 10 hours study today alone. I need a break.
  • #74,928
  • Sep 16, 2010 4:22am Sep 16, 2010 4:22am
EURGBP is heading back toward 84...Wonder if it will make it through or bounce off..
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Anything can happen.
  • #74,929
  • Sep 16, 2010 4:29am Sep 16, 2010 4:29am
Quoting ddinnov
EURGBP is heading back toward 84...Wonder if it will make it through or bounce off..
1 vote for 'make it through' (sooner or later):nerd:
  • #74,930
  • Sep 16, 2010 4:34am Sep 16, 2010 4:34am
from june 20 swing high I think
  • #74,931
  • Sep 16, 2010 5:34am Sep 16, 2010 5:34am
in trouble with the yesterday's pin BEOB
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Don't give up
  • #74,932
  • Sep 16, 2010 5:36am Sep 16, 2010 5:36am
in trouble with the 09/14 daily pin
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Don't give up
  • #74,933
  • Sep 16, 2010 5:37am Sep 16, 2010 5:37am
Quoting geomink
in trouble with the yesterday's pin BEOB
Hey Geo

The bar location aside(I don't like how it didn't create a new swing high). In my view this was just a BEOB with no real confluence. If you noticed under the BEOB was the .8300. Your order should go under this if you are selling. Which is about 12-13 pips which is a pretty normal buffer on a daily chart from my view point. Always keep an eye out on these round numbers for order placement and as well stop placement

Best
Mike
  • #74,934
  • Sep 16, 2010 5:41am Sep 16, 2010 5:41am
Quoting geomink
in trouble with the 09/14 daily pin
Here was what I wrote about the usd/cad that day I am just pasting my response here. Again as always just how I approach the market so take it with that in mind.

_______________
After the bar formed
When I see the usd/cad all I see is a choppy mess on the daily. This is just really a small pin in the middle of no where. Meaning there is not much confluence so this becomes a very easy pass for me. Now it may very well break and move higher to this area but I don't see the real reason to buy on such a flimsy bar in such a choppy market. If none of that scares you out then IMO you have to watch this one super close and either take profit very quickly or get to b/e very quickly. Too shakey for my liking here.

and after the bar broke and the initial push and price then retraced to slightly under the pins high:

For me the usd/cad daily is clearly a choppy mess. This alone can be enough to scare me out of most bars. When I see such a crazy mess you have to think that it is going to continue. Thus when we just see a pinbar that doesn't have a great close, isn't all that big, it just makes me think more of the same is likely to come. Now that doesn't mean we can't have a good idea where price is likely to go, but then it all comes back to is this one really worth it. In this case nothing could really change my mind to take it. I just don't like the market environment in this case. This type of environment can make the trade mgmt aspect much more difficult. For example it has broken the high of the pin and gone close to the first trouble area and now retraced. Then you get caught deciding should I cut out cause I know the market is choppy, hold and potentially take a larger loss etc. When you get a nice bar with nice confluence it makes holding and confidence in the trade much easier.
  • #74,935
  • Sep 16, 2010 5:43am Sep 16, 2010 5:43am
"Doing the same thing over and over again and expecting different results" is the definition of insanity - Albert Einstein.

The last time the BoJ intervened to weaken the Yen was from Jan '03 thru Mar '04 where they spent 35T Yen ($320b). During that time however, the Yen RALLIED by about 13%. Recently the Swiss National Bank spent about $200b over the past year buying Euro to weaken the Swiss Franc and in that time the Swiss Franc RALLIED 15%. Unconfirmed reports say the BoJ spent about 100b Yen and an official has said that 82 vs the US$ is their line in the sand. The FX market trades $4T per day, so is the BoJ just spitting in the wind outside of the short term impact?

This is why we let PA and S/R show us the way
  • #74,936
  • Sep 16, 2010 5:45am Sep 16, 2010 5:45am
Quoting Chris P
"Doing the same thing over and over again and expecting different results" is the definition of insanity - Albert Einstein.
aint that the truth
  • #74,937
  • Sep 16, 2010 5:46am Sep 16, 2010 5:46am
Quoting mbqb11
Hey Geo

If you noticed under the BEOB was the .8300. Your order should go under this if you are selling. Which is about 12-13 pips which is a pretty normal buffer on a daily chart from my view point. Always keep an eye out on these round numbers for order placement and as well stop placement

Best
Mike
This is one example where it highlight the perils of entering a setup when it is approaching a PPZ or BRN level, something that you don't like to do, right Mike?
  • #74,938
  • Sep 16, 2010 5:51am Sep 16, 2010 5:51am
Quoting ertorque
This is one example where it highlight the perils of entering a setup when it is approaching a PPZ or BRN level, something that you don't like to do, right Mike?
I just am not good at cutting out super quick, where you have to with these types of bars. BUT in my view if you have a round number that close to your entry your order should go under(or above) that round number every time at at least make sure it breaks. It might seem super picky and maybe its just me, but it is something I do constantly(if it is close enough by).
  • #74,939
  • Sep 16, 2010 6:00am Sep 16, 2010 6:00am
Quoting mbqb11
Hey Geo

The bar location aside(I don't like how it didn't create a new swing high). In my view this was just a BEOB with no real confluence. If you noticed under the BEOB was the .8300. Your order should go under this if you are selling. Which is about 12-13 pips which is a pretty normal buffer on a daily chart from my view point. Always keep an eye out on these round numbers for order placement and as well stop placement

Best
Mike
This is my lesson from this trade - thanks Mike
Anything can happen.
  • #74,940
  • Edited 6:15am Sep 16, 2010 6:04am | Edited 6:15am
Hi all

Sorry this is USD-CHF NOT CAD So sorry..

Would i be right in suggesting that there is some long term support as per my chart attachment..

Dave
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