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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

  • #75,841
  • Sep 28, 2010 9:11am Sep 28, 2010 9:11am
Quoting fxprocessor
Stop and reverse. Managed to cut short trade at -.6 r. Intuition used to cut the short and go long due to 1 hr price action. Allowed an early entry into the long.

Taken full profit on long now due to quick move upwards which usually leads to a retrace. Take profit at previous daily high. Small win for the day.

Maybe I should have waited for the long but you never know which way she's going to break......
Awesome fxprocessor Unfortunately my intuition isnt as good as yours and my SL was hit -1% on my demo lol but i managed to take this baby for a quick 30 pips half closed stops at BE.

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  • #75,842
  • Sep 28, 2010 9:16am Sep 28, 2010 9:16am
i think this is a good set up. in line with overall trend
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  • #75,843
  • Sep 28, 2010 9:22am Sep 28, 2010 9:22am
Quoting Jonnyislost
Like this 1 Hour EUR/GBP for a few reasons,

BEOB engulfing a range of bars at a big round number with a strong bearish close
Breakout of a recent wedge
Break of an I4B (at a BRN) on the daily

Jonny
Whoops

Well it made the FTA so not a failed setup, but it was a failed trade for me as I overestimated the momentum behind this move and ended up with a -1R
With hindsight I would have reduced risk once the first target was hit, as this market still seems a little whacky (many false breakouts and so on) and runners are rare.

Jonny
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  • #75,844
  • Sep 28, 2010 9:27am Sep 28, 2010 9:27am
CHARTS
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  • #75,845
  • Sep 28, 2010 9:31am Sep 28, 2010 9:31am
Quoting 666Doom
Hi guys,

Now i know guys,some may mave discussed this pair.
But i have a question,the beob on 4h chart on this pair worked but found support right there,now it is going up to test 0.8500 will that count as pullback with fresh sell order place there.
See the beob is second last bar


Regards
Taz
We were watching this one and here is what I was watching Taz

1hr breakout pattern, big beob(think the preemptive breakout we spoke about). Now the next bar never triggered my order so I canceled it. I was asked if I would hold with the 4hr BEOB, but it was way to small for me.
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  • #75,846
  • Sep 28, 2010 9:34am Sep 28, 2010 9:34am
Quoting james16
Go Baby Go
Looks like you've done this before
  • #75,847
  • Sep 28, 2010 9:34am Sep 28, 2010 9:34am
Quoting jarroo
I'm 48.

Mike is like 26 but he has an old soul . . I mean that in a good way, Mike. An old soul is good to have in the trading business.
  • #75,848
  • Sep 28, 2010 9:38am Sep 28, 2010 9:38am
Quoting roundrock
2 queries

1. now a days i am not seeing many daily pins or BUOB/BEOB. its more than a month i saw a good daily pin, BUOB/BEOB. I track around 40 pairs. is this normal ? anybody else feels same ? on H4 i found some but didnt take as i dont like to trade on H4

2. regarding EURGBP. mathematically its same as EURUSD, GUBUSD. long EU and short GU is same as long EG. So EG is moved by EU and GU ? or EG is moved by itself, i mean the GBP and EUR determine the EURGBP ?
It's normal my friend, depends on ones criteria so it isn't going to be everyone is finding no trades or finding trades. It will vary. But every method has its time when you are on the sidelines. Wait for the ones that make sense to your method and not get that itchy finger

Best
Mike
  • #75,849
  • Sep 28, 2010 9:39am Sep 28, 2010 9:39am
Hi guys,

BUOB forming on EURUSD daily breaking through 1.35 + PPZ. If it stays this way once when bar closes, what is the proper way to enter this trade? Wait for a retrace back to the PPZ and enter long when there is bullish PA?
  • #75,850
  • Sep 28, 2010 9:41am Sep 28, 2010 9:41am
Quoting winsfx
hi all, I just join this forum and this is my first post, please welcome me.

I found this thread very interesting and totally different from the system that I used previously.
I also have read an explanation of this system and little understood.

I would like to ask whether this G/U chart below can be stated as a valid bearish pin bar when it is closed near the open? I doubt because previous price trend is still bullish and previous candle is also a pin bar.
Hey Wins

Welcome to the thread

For it to be a valid pinbar the open and close need to be within the prior bar. So in the case you had screenshotted that would not be a valid pin.

Ask more questions as you work through the thread

Mike
  • #75,851
  • Sep 28, 2010 9:50am Sep 28, 2010 9:50am
Quoting The Lord
I am just in. Lets see how it plays out! Nice trend, rejected off BRN and closing below the zone.
I used the small insider bar just after that pin-like structure for the trigger.

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Lookin Good Bud!
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  • #75,852
  • Sep 28, 2010 9:56am Sep 28, 2010 9:56am
Quoting ddinnov
Hi Mate,


A lot more charts and setups to look at but I understand equities are quirky - I like quirky though

Shame Alpari doesn't have indeces either. I'm looking at some stocks with a view to holding longer term positions due to chart patterns - I'm currently in HPQ.US (H&S neckline broken), watching the following:

BAC.US - H&S
JPM.US
CSCO - H&S
MSFT - H&S
YHOO
Hi ddinnov,

Interesting to note that you are watching the Commodities and stocks. I am trying to do that as I am also in same posn as you i.e Day job and cannot babysit charts.
Someone had mentioned that he/she uses Finviz for scanning the US Stocks for J16 setups. I am trying to use same but without success. Are you using Finviz, if affirmative, can you pls elaborate the process of scanning. We can go offline and discuss this on PM if you so desire.

Is there anyone else who uses FINVIZ or any other free website to scan the us stocks for the J 16 setups?.

Cheers
Novice198
  • #75,853
  • Sep 28, 2010 10:02am Sep 28, 2010 10:02am
Quoting novice198
Hi ddinnov,

Interesting to note that you are watching the Commodities and stocks. I am trying to do that as I am also in same posn as you i.e Day job and cannot babysit charts.
Someone had mentioned that he/she uses Finviz for scanning the US Stocks for J16 setups. I am trying to use same but without success. Are you using Finviz, if affirmative, can you pls elaborate the process of scanning. We can go offline and discuss this on PM if you so desire.

Is there anyone else who uses FINVIZ or any other free website to scan the us stocks for...


http://netdania.com

cheerz
  • #75,854
  • Sep 28, 2010 10:09am Sep 28, 2010 10:09am
Quoting novice198
Hi ddinnov,

Interesting to note that you are watching the Commodities and stocks. I am trying to do that as I am also in same posn as you i.e Day job and cannot babysit charts.
Someone had mentioned that he/she uses Finviz for scanning the US Stocks for J16 setups. I am trying to use same but without success. Are you using Finviz, if affirmative, can you pls elaborate the process of scanning. We can go offline and discuss this on PM if you so desire.

Is there anyone else who uses FINVIZ or any other free website to scan the us stocks for the...
Hi,

I've never heard of that. I just try and use what I'm learning here and applying it to as many charts as I can each day. I've seen quite a few equity charts posted up here over the months.
Anything can happen.
  • #75,855
  • Sep 28, 2010 10:13am Sep 28, 2010 10:13am
Quoting novice198
Hi Scott,
Thanks for the tip. Will do the needful and revert if I am still having problems.

Cheers
Novice 198

Hi Scott,

You were spot on. Downloaded as suggested and all wkg except for a small hiccup. If I plug my earphones or external speakers than I do not hear any voice. Is this normal with the suggested work around or something wrong with setup on the macpro.

Cheers
Novice 198
  • #75,856
  • Edited 11:28am Sep 28, 2010 10:15am | Edited 11:28am
Quoting novice198
Hi ddinnov,

Interesting to note that you are watching the Commodities and stocks. I am trying to do that as I am also in same posn as you i.e Day job and cannot babysit charts.
Someone had mentioned that he/she uses Finviz for scanning the US Stocks for J16 setups. I am trying to use same but without success. Are you using Finviz, if affirmative, can you pls elaborate the process of scanning. We can go offline and discuss this on PM if you so desire.

Is there anyone else who uses FINVIZ or any other free website to scan the us stocks for the...
the problem with any screener is that it gives results WITHOUT the importance of location, ppz and so on. of course, no screener imho can deliver what we do manually by screening the markets. if you stick to the 30 dow and 100 nasdaq-stocks for example on the daily, you maybe need 30 min every day to check them.
meine augen sind die sterne
  • #75,857
  • Sep 28, 2010 10:19am Sep 28, 2010 10:19am
Quoting mbqb11
We were watching this one and here is what I was watching Taz

1hr breakout pattern, big beob(think the preemptive breakout we spoke about). Now the next bar never triggered my order so I canceled it. I was asked if I would hold with the 4hr BEOB, but it was way to small for me.
I saw that,Mike,thanks to you,the very thing we were discussing tomorrow comes in handy to me today.
I took profit on the beob till the FTA at the very first big bar on daily.
Then i place my order above 0.8500 exactly at .8515 after i saw the next 4 hr bar close as a spinning top.
I know i was feeling, it was looking, pinish to me.
Seems like, i could not avoid the temptation.
I close quickly though, at 0.8450.
You still in the trade,running it.
Regards
Taz

Thanks again Mike.
I am back again searching for more breakout trades.
  • #75,858
  • Sep 28, 2010 10:20am Sep 28, 2010 10:20am
Quoting novice198
Is there anyone else who uses FINVIZ or any other free website to scan the us stocks for the J 16 setups?.
Hey novice, in addition to FINVIZ, there is also stockcharts.com.

They have a 'predefined' scan section that shows candlestick patterns. Those pertinent to J16 bars are the Hammer/Gravestone (pin bar) and the Bearish/Bullish Engulfing bars (BEOB/BUOB). Here is a link to those scans: http://stockcharts.com/def/servlet/SC.scan

Note the volume on many of these equities... you can sort by volume once you're on a list and filter out illiquid stocks that way.

EDIT: Agree with aserb on this... it only shows a bar as a starting point. It's up to you to work out the quality of the bar relative to everything else.

Hope this helps,

-- Danny
  • #75,859
  • Sep 28, 2010 10:34am Sep 28, 2010 10:34am
Quoting ppfx
Awesome fxprocessor Unfortunately my intuition isnt as good as yours and my SL was hit -1% on my demo lol but i managed to take this baby for a quick 30 pips half closed stops at BE.

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My intuition had me closing a GBPCHF long for a half bar loss yesterday and it would be in profit now....

I generally make more than I lose so it's all good though

Nice you caught some on the other trade!
  • #75,860
  • Sep 28, 2010 10:35am Sep 28, 2010 10:35am
I took a full loss on the EURGBP i4b straddling 0.8500...

I really thought that setup looked too ideal to be true haha.... These markets lately have been unbelievable. This is the first failed I4B on a VBRN that I have traded.
Many choose unhappiness over uncertainty.
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