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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

  • #75,901
  • Sep 28, 2010 10:14pm Sep 28, 2010 10:14pm
Quoting Dan Gilbert
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.
got a loss on this one too. I noticed that a few people closed with a small gain on the short side then a little larger on the long. Do you ever play both sides once one side is triggered? Or do you normally close the other right away?
  • #75,902
  • Sep 28, 2010 10:23pm Sep 28, 2010 10:23pm
Quoting spookie94
got a loss on this one too. I noticed that a few people closed with a small gain on the short side then a little larger on the long. Do you ever play both sides once one side is triggered? Or do you normally close the other right away?
Inside bars show indecision and that minor hesitance, not sure if the trader has to do the same though. If you look at these in "context" (space, trend, location) normally you will be inclined to just taking them on one end.

just how I play them



g.
I believe . . .
  • #75,903
  • Sep 28, 2010 10:26pm Sep 28, 2010 10:26pm
Quoting ghous
Inside bars show indecision and that minor hesitance, not sure if the trader has to do the same though. If you look at these in "context" (space, trend, location) normally you will be inclined to just taking them on one end.

just how I play them



g.
I guess I played it right then, just missed judged the FTA.

Thanks G
  • #75,904
  • Edited 11:03pm Sep 28, 2010 10:48pm | Edited 11:03pm
Quoting jarroo
Hey Mike, so if the BEOB was bigger it would have been one for you to take.
..
Great charts as always from the seniors here (Sir jarroo & mbqb11)

like Mike, i've been bullish eurgbp since early September, (mid-Sept. post i just dug up), probably much earlier (cant remember.. amnesia lol)
i think the key in these IB trade was the trend. eur is strong. (the 4 bars wound up very tight, plus it's on the 0.8500 BRN, so the wild move is quite expected, imho)
& i agree that the move down (false break) did hit its support/minor target.

good posts (all posts about eurgbp)http://cdn.forexfactory.com/images/s...m/thumbsup.gif
  • #75,905
  • Sep 28, 2010 11:58pm Sep 28, 2010 11:58pm
Quoting mbqb11
Hey Wins

Yes this is a valid buob, but the location we want to see them when we are new to this is at a swing low. This is a swing high. Yes they can be played as continuation but they are just trickier to understand and manage so we try to teach new traders them at swing low points first and then after time you will find them playable in many different forms and spots.

Best
Mike
Hi Mike

Thank you very much for the explanation, it really helped me.

Previously, I only thinking when met a match pattern, it always true to be applied. Now I know it must be adjusted to the conditions of price movements.

In my opinion,
It this case of swing high, this BUOB has a 50% to continue go up and 50% to go down because it must be confirm by another condition. But if in swing low, the percentage is more higher maybe 80% to go up and 20% down. Am I right?

So in swing high, for me as a new trader must only looking for BEOB, DHLC, and Bearish pin bar. and for swing low is the reversed.

For the chart H4 E/U, currently is performing an IB. And it will become a confirmation for continuation bullish for today trade if the IB is break up. If it break down it become a FTA in trendline 1.5000. Am I right?

sorry, if I ask too more and for my bad english.

Sincerely
Wins
  • #75,906
  • Sep 29, 2010 12:15am Sep 29, 2010 12:15am
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpydaily.gif Size: 9 KB


Hit the FTA and my TP. I think it is going to fall very low once this zone breaks. There should be more short opportunities in the coming days.
  • #75,907
  • Sep 29, 2010 12:44am Sep 29, 2010 12:44am
Hi folks

My PA trend continuation trade hit at 1.3515

Got my SL to 1.3490 in case of retrace to BRN

Up 60 odd pips with TP at 1.3960

The qns I have (for some of the seniors) with this trade are

1. Do I increase my position after the retrace?
2. Is my TP1 a reasonable expectation?
3. I have a $5000 demo a/c with a risk of 2%. With 60pips up its only $35 profit, is this normal for a $5k a/c?

Thanks

Anthony
  • #75,908
  • Sep 29, 2010 12:45am Sep 29, 2010 12:45am
Quoting The Lord
Attachment

Hit the FTA and my TP. I think it is going to fall very low once this zone breaks. There should be more short opportunities in the coming days.
Nice!

Love the way you are not "after pips" and that's a BIG advantage.

keep goin'

g.
I believe . . .
  • #75,909
  • Sep 29, 2010 12:52am Sep 29, 2010 12:52am
Quoting ghous
Nice!

Love the way you are not "after pips" and that's a BIG advantage.

keep goin'

g.
Thanks for the encouragement, Sir!
  • #75,910
  • Edited 1:10am Sep 29, 2010 12:58am | Edited 1:10am
Quoting antgal23
Hi folks

My PA trend continuation trade hit at 1.3515

Got my SL to 1.3490 in case of retrace to BRN

Up 60 odd pips with TP at 1.3960

The qns I have (for some of the seniors) with this trade are

1. Do I increase my position after the retrace?
2. Is my TP1 a reasonable expectation?
3. I have a $5000 demo a/c with a risk of 2%. With 60pips up its only $35 profit, is this normal for a $5k a/c?

Thanks

Anthony
Hey Anthony,

Ans1) Up to you and your discretion my friend. If price retraces within the current BUOB and holds at the 2 bar highs then it is a strong indication that it will look to continue with it's way up, whether it's good for adding some more to your trade is something you would know better (from past experience if any, and your personal risk appetite etc)

Ans2) Ummm...a little too ambitious, in my book. Quite honestly that isn't what you would call a "first obvious trouble area". 1.36 (price is currently testing it) 1.37 and 1.38 will have to be watched out for. Nothing wrong with keeping your TP at 13960 though provided you are not overlooking all the other important areas in between.

Ans3) $35 on a $5000 account is like 0.7% Think of 0.7% on a $50,000 account. That's $350 for a 60 pip move. On a $500,000 account it comes to $3500! James talks about this all the time. Trading with a big sized account can be highly rewarding and different to trading a $5000 account.

g.
Attached Image (click to enlarge)
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I believe . . .
  • #75,911
  • Edited 1:46am Sep 29, 2010 1:29am | Edited 1:46am
Quoting Fxknkw987
EU BUOB on the daily.
BRN at the 1.35
Swing High
50% fib confluence matching around the 1.3500 zone - the current daily (with 12 am NY close) bar fib.

Placed a buy limit order at the 50% fib.

I am trying to apply the same thinking as James previous EUR/CHF BUOB trade that was missed by 13 pips or am I off and are these two situations not similar?

Thank you,
KK

NVM, I read Jaroos post on waiting PA confirmation before entering. I am assuming PA on the daily or less as the retrace occurs. However, I guess since I can't watch the trade,...

Yes, PA confirmation for a retracement entry is always preferred. Price could retrace down to the 1.35 (previous Resistance) and find new Support to continue in its upward trend.

So instead of just a touch trade to the previous bar Highs at the 1.35, we would look for PA confrimation to confirm this new Support. It could be on the Daily, 4 hour , Hourly or even the 15min. I would prefer a high time frame just because it would be stronger due to the more info or more data that they provide.

You can also see on the chart the retracement to the 1.3300 provided a nice BUOB on the 4 hour to confirm new Support after a retrace for an entry.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurodaily2944.jpg Size: 94 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,912
  • Sep 29, 2010 1:52am Sep 29, 2010 1:52am
Quoting spookie94
got a loss on this one too. I noticed that a few people closed with a small gain on the short side then a little larger on the long. Do you ever play both sides once one side is triggered? Or do you normally close the other right away?
I cancel the other trade after the first one is hit.
Many choose unhappiness over uncertainty.
  • #75,913
  • Edited 2:46am Sep 29, 2010 2:09am | Edited 2:46am
Quoting Fxknkw987
EU BUOB on the daily.
BRN at the 1.35
Swing High
50% fib confluence matching around the 1.3500 zone - the current daily (with 12 am NY close) bar fib.

Placed a buy limit order at the 50% fib.

I am trying to apply the same thinking as James previous EUR/CHF BUOB trade that was missed by 13 pips or am I off and are these two situations not similar?

Thank you,
KK

NVM, I read Jaroos post on waiting PA confirmation before entering. I am assuming PA on the daily or less as the retrace occurs. However, I guess since I can't watch the trade,...

Here's similar situation on the Eur/Jpy, BUOB on the Daily.

We can see on the Weekly that the area in green is one big PPZ level. All those Highs and Lows at different levels meeting to form this wide PPZ level. Not very clear, but when in doubt, go for the BRN . .the 115.00.

On the Daily we have a BUOB at a swing High, we like these at a swing Low but as a continuation setup they are tradable.

Price retraces down to the previous Resistance level , 113.50. We now look for some bullish PA at this retracement level to confirm new Support for a possible entry.

Any one see anything on any lower time frame off the 113.50?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro jpy weekly 29.jpg Size: 113 KB
Click to Enlarge Name: euro jpy weekly 29dd.jpg Size: 111 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,914
  • Sep 29, 2010 2:13am Sep 29, 2010 2:13am
an area of interest for sure
Attached Image (click to enlarge)
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  • #75,915
  • Sep 29, 2010 2:13am Sep 29, 2010 2:13am
In eu trade, off nice confluence in direction of strong euro trend, i feel good about this one, haha wait a minute, I feel good about all my trades! Will post a chart when I take profit or close with minor loss.
Thank you j16!
  • #75,916
  • Sep 29, 2010 2:17am Sep 29, 2010 2:17am
Quoting mbqb11
an area of interest for sure
im salivating for that one mike
  • #75,917
  • Sep 29, 2010 2:19am Sep 29, 2010 2:19am
Hi Ghous

Edit : I have my TP at 1.3690 and not at 1.3960

You have given me a few things to ponder

Thanks

Anthony

Quoting ghous
Hey Anthony,

Ans1) Up to you and your discretion my friend. If price retraces within the current BUOB and holds at the 2 bar highs then it is a strong indication that it will look to continue with it's way up, whether it's good for adding some more to your trade is something you would know better (from past experience if any, and your personal risk appetite etc)

Ans2) Ummm...a little too ambitious, in my book. Quite honestly that isn't what you would call a "first obvious trouble area". 1.36 (price is currently testing it) 1.37 and 1.38...
  • #75,918
  • Sep 29, 2010 2:22am Sep 29, 2010 2:22am
any thoughts on this article by IMF?

http://online.barrons.com/article/SB...lenews_barrons
  • #75,919
  • Sep 29, 2010 2:26am Sep 29, 2010 2:26am
Quoting mbqb11
an area of interest for sure
I laugh at the USD weak dollar policy they have going...... we'll have to see how out of hand this will get, or perhaps it will top out? I don't even know... but in the meantime.... wow. Asia is driving pretty much any strong economy that exists currently.
Many choose unhappiness over uncertainty.
  • #75,920
  • Sep 29, 2010 2:34am Sep 29, 2010 2:34am
Quoting pipmyride
im salivating for that one mike
all time high dropped like a rock. I'd say this is an area worth watching
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