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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

  • #77,721
  • Oct 18, 2010 1:29pm Oct 18, 2010 1:29pm
Hey guys,

When looking at BEOBs, does it matter where the open of the bar is?

For example some BEOBs have their open and close near the low of the bar, but due to the volatility of the trading, it ends up being a big bar that engulfs the previous bars.
  • #77,722
  • Oct 18, 2010 1:30pm Oct 18, 2010 1:30pm
Quoting Greenhaze
Hi and sorry for my english

This is my shot at the AJ pair. Everybody are making money buying this one at the 79.70-80 area and imagine how many stops are accumulated at the blue rectangle ... i mean c'mon look at the wiks and how fast the price is running away from the support everytime it touch it. Now take the current market condition with aud being one of the strongest currency right now. On the other hand we got bank of japan with promise of intervention (and I believe it will happen at some point , maybe when usd will stabilize...80 level...

Hey Greenhaze, I have taught English here in Japan for 25 years, your English is fine. Believe me, you can communicate really well. Don't worry about it, you are running rings around the English I see here.


Interesting theory about the stops.
  • #77,723
  • Oct 18, 2010 1:53pm Oct 18, 2010 1:53pm
Quoting LiuLangZe
ooooo 666, thanks for drawing up that chart, got a better understanding of pinbars in trends. Btw, what do you mean in the chart where you wrote "looky here", do you mean PA is going to take place ard that area?

Thanks,
Ben.
Any time Liu,now let me tell you by that i mean Confluence.
I was a damn fool before, took any bar that came my way now i just wait for great bars around RN and confluence and am surprised at how accurate they are.
You can clearly see i got fib expansion and ret levels around my bar that were making it more juicy.lol
Hope that help,and am glad my charts worked out for you.

Yeah that is true PA,especially good PA only happens around these good zones,you draw them and just wait,they are the places to wait.

But Let me tell you take bars with very big noses only small one are a pit to hell.
Regards
Taz
  • #77,724
  • Oct 18, 2010 1:57pm Oct 18, 2010 1:57pm
Hi, I'm new here.

A very nice pinbar is forming on the EURUSD daily chart, 10/18/10 about 3pm EST. Would you ever trade a bar in the middle of the day? Or do you always wait for the bar to close?

Thank you.

Here's the image:
http://i877.photobucket.com/albums/a...20103pmEST.png
  • #77,725
  • Oct 18, 2010 2:17pm Oct 18, 2010 2:17pm
Quoting Pinbar
Sometimes, I see a few people post a chart like this, it hits me that this is how we need to keep it simple.

I am trying to Keep It Simple, my mind doesn't like it and that is where the battleground is, not only on the charts.


Thanks for the encouragement Caesar.
You are welcome. Hope I can give back a fraction of what this group has given to me.
  • #77,726
  • Oct 18, 2010 2:20pm Oct 18, 2010 2:20pm
Quoting couriermike
Hi, I'm new here.

A very nice pinbar is forming on the EURUSD daily chart, 10/18/10 about 3pm EST. Would you ever trade a bar in the middle of the day? Or do you always wait for the bar to close?

Thank you.

Here's the image:
http://i877.photobucket.com/albums/a...20103pmEST.png
Hey there Mike,
Let me tell you conflicting signals are never the best setups.
Consider this just 2 day's before there was a pinnish bar or a beob to be exact was forming and now you are getting bullish signals and more to it,it just closed near a PPZ it is pushing into them.
We want close above and no indecision.
Bullish to bearish to bullish again in just a short time i think that is indecision in euro/dollar.
I guess seniors agree with me here.
So don't touch that bar.
Regards
Taz
  • #77,727
  • Oct 18, 2010 2:32pm Oct 18, 2010 2:32pm
My Chart here says it all.
Thank you James,Mike and all.
PPZ and Bars and Confluence is Win Win.
If anyone objest and believes i misguided people please correct me.
I checked PPZ carefully before posting.lol

http://img254.imageshack.us/img254/7266/ppz.gif
  • #77,728
  • Oct 18, 2010 3:40pm Oct 18, 2010 3:40pm
short again EU



this part is always hard for me.
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  • #77,729
  • Oct 18, 2010 3:49pm Oct 18, 2010 3:49pm
Quoting 4X=0
short again EU



this part is always hard for me.
In at 1.3990

-- Danny
Attached Image
  • #77,730
  • Oct 18, 2010 3:49pm Oct 18, 2010 3:49pm
Thanks, Doom
  • #77,731
  • Oct 18, 2010 3:52pm Oct 18, 2010 3:52pm
Quoting bluetrader
In at 1.3990

-- Danny
very nice.

i caved in and took 50 pips.
  • #77,732
  • Oct 18, 2010 3:57pm Oct 18, 2010 3:57pm
What about those 2 bar hi/lo setup.
Anyone trades them? Just wondering I have never seen anyone show any chart setup with them.

I mean this setup. IB is just a coincidence here I guess...

http://www.forexfactory.com/attachme...2&d=1119049199
  • #77,733
  • Edited 4:32pm Oct 18, 2010 3:59pm | Edited 4:32pm
WOWOW WHATS UP WITH SP500???? 10% FALL just like this!!!

THIS IS DAILY SP500!!!

EDIT: Was it this? http://blogs.barrons.com/focusonfund...-on-spys-fall/

EDIT: LOL
NYSE Euronext cancelled all trades in the $74.8 billion SPDR S&P 500 ETF Trust that occurred at almost 10 percent below the security’s opening price, according to an email sent by the exchange.
The trades occurred on the NYSE’s Arca platform at 4:15 p.m. New York time today and priced the exchange-traded fund that tracks the Standard & Poor’s 500 Index at $106.46 compared with its opening price of $117.74. The ETF plunged 9.6 percent over eight seconds as 7.2 million shares traded on NYSE Arca, according to data compiled by Bloomberg. The S&P 500 rose 0.7 percent to close at 1,184.71 today.
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  • #77,734
  • Oct 18, 2010 4:00pm Oct 18, 2010 4:00pm
Quoting Adilius07
What about those 2 bar hi/lo setup.
Anyone trades them? Just wondering I have never seen anyone show any chart setup with them.

I mean this setup. IB is just a coincidence here I guess...
I play them ADI but I play multi bar breaks

http://www.forexfactory.com/showthre...02#post3838802
http://www.forexfactory.com/showthre...06#post3836606
  • #77,735
  • Oct 18, 2010 4:02pm Oct 18, 2010 4:02pm
Quoting mbqb11
I play them ADI but I play multi bar breaks

http://www.forexfactory.com/showthre...02#post3838802
http://www.forexfactory.com/showthre...06#post3836606
Oh thanks a lot Mike, gonna read those post right now. All I am is trying to make my trading more frequent (but very very wisely) thanks
  • #77,736
  • Oct 18, 2010 4:53pm Oct 18, 2010 4:53pm
Quoting mbqb11
I play them ADI but I play multi bar breaks

http://www.forexfactory.com/showthre...02#post3838802
http://www.forexfactory.com/showthre...06#post3836606
Hi mbqb11,

Can you enter right after you see multi bars? or you have to wait till the multi bars high/low are broken through?

Same question to the consecutive two matching bar.

Thanks in advanced.
  • #77,737
  • Oct 18, 2010 5:03pm Oct 18, 2010 5:03pm
Quoting leelar
Hi mbqb11,

Can you enter right after you see multi bars? or you have to wait till the multi bars high/low are broken through?

Same question to the consecutive two matching bar.

Thanks in advanced.
Hey Lee

We always want to wait for a break to confirm the continuation.
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  • #77,738
  • Edited 5:30pm Oct 18, 2010 5:09pm | Edited 5:30pm
Quoting mbqb11
Hey Lee

We always want to wait for a break to confirm the continuation.
Mike, those really look as easier setups to me.
In a trending market they are even stronger I guess.

I just want to ask, would you consider this setup to be as reliable as PB or BUOB? (when with trend). If so I would add them to my tool box really easy to spot, IMHO.

EDIT: And also (sorry for too many questions really) do you set your order before the break in anticipation or you let it break-close then enter on retracement maybe?
Just thinking how I could do it more efficient...
  • #77,739
  • Oct 18, 2010 6:06pm Oct 18, 2010 6:06pm
Quoting Adilius07
Mike, those really look as easier setups to me.
In a trending market they are even stronger I guess.

I just want to ask, would you consider this setup to be as reliable as PB or BUOB? (when with trend). If so I would add them to my tool box really easy to spot, IMHO.

EDIT: And also (sorry for too many questions really) do you set your order before the break in anticipation or you let it break-close then enter on retracement maybe?
Just thinking how I could do it more efficient...
Hey Adi

No one "setup" is more effective or reliable. Every setup and situation is it's own play in my book. Pinbars are no more effective then outside bars, just as the daily timeframe is no more reliable then the 5min. Everything is in relation to one and another , so that is how I approach every chart adn every trade. It's the situation(bars+s/r+confluence+ everything else) as a whole.

As for how I play them. When it is a multibar high/low I simply play a pure break. Just a buy above the highs. I play pullbacks only for breakout patterns, where as multi bar highs/lows I look for the "burst" breakout play from the accumulation of orders around these areas.

Best
Mike
  • #77,740
  • Edited 9:50pm Oct 18, 2010 9:39pm | Edited 9:50pm
Quoting fxamerica
My plan was to go with shorting EU on Friday. 1/2 position at the 1.4000 and 1/2 at the break. I changed to to 1 position on 1.4000 retrace and 1 postion of the 1.6000 retrace of GU. GU was triggered and EU didn't.

If GU pinbar is confirmed with a strong closed under the closed on Friday then does that mean double-top formation is confirmed also? Do we put any emphasis on formations in J16 studies?

I also took the UCHF trade. I understand going long on UCHF is a bit risky but SL is tolerable.

But GU and UCHF=3% risk. I would add to...
UCHF was stop out at BE but I re-entered at .9550 on a touch trade, I have profit protected and SL moved to BE.

I messed up GU a little bit. I took 50% off the table at 1.58616 which was my first trouble area. I was going to hold the other 1/2 until BE or a runaway trend but I caved in and took early profit. I didn't trade my plan. But I will look PA at the 1.5800 for direction.

My sell entry order for EU at the 1.4000 level finally triggered. Daily BEOB, 1HR PB, and BRN. Too bad I wasn't home to add more to this trade. I still favor selling the euro on the macro level I guess.
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