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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

  • #79,681
  • Nov 10, 2010 9:07am Nov 10, 2010 9:07am
Quoting Carnegie
Hiya guys!

Mike told me I should start looking more at Daily charts, so here it is. What do you think about the Daily AUDUSD.

Isn't the candle with the arrow to it a BEOB? Also the chart is making a divergence, what do you think?
Hey Carnegie

Yep that is a beob and divergence.

My issues with why it would be a pass for me personally.

Inability to close below the BRN of 1.000 parity. Would make me nervous always trading a break into such a large round number. It's a rule I never break.

Also I would want to see the high, go above the highest point, really test what is up there and get a better view.

If both of those conditions were met it would be a trade for me.

Again just some of the little things I do personally

Best
Mike
  • #79,682
  • Nov 10, 2010 9:28am Nov 10, 2010 9:28am
Quoting mbqb11
Hey Carnegie

Yep that is a beob and divergence.

My issues with why it would be a pass for me personally.

Inability to close below the BRN of 1.000 parity. Would make me nervous always trading a break into such a large round number. It's a rule I never break.

Also I would want to see the high, go above the highest point, really test what is up there and get a better view.

If both of those conditions were met it would be a trade for me.

Again just some of the little things I do personally

Best
Mike

Thanks Mike.

Allright that sounds reasonable, I was thinking about the part about the highest point sticking out a bit more also.

But the other part made me think. In my chart, market closed under parity. 8 pips under.
So wouldn't a entry 15 pips below that point 'filter' out any fakeouts?
Or is my reasoning a bit wrong here?

Thank Mike.
  • #79,683
  • Nov 10, 2010 9:38am Nov 10, 2010 9:38am
Quoting Carnegie
Thanks Mike.

Allright that sounds reasonable, I was thinking about the part about the highest point sticking out a bit more also.

But the other part made me think. In my chart, market closed under parity. 8 pips under.
So wouldn't a entry 15 pips below that point 'filter' out any fakeouts?
Or is my reasoning a bit wrong here?

Thank Mike.
yeah that sounds about right for a filter on this pair.

Mike
  • #79,684
  • Nov 10, 2010 9:47am Nov 10, 2010 9:47am
Quoting leelar
I did realize that while I try to analyze on Sun. found out that GU data is way off than others.
thanks for clearing that up.
I guess FX Pro or IBFX have better feeds
Hey Mike, does it make sense to use one broker for charting and another to place trades? Coz i have a live with alpari uk and was thinking of using you broker for charting
thanks
  • #79,685
  • Nov 10, 2010 9:48am Nov 10, 2010 9:48am
Quoting Be Cool
thanks for clearing that up.
I guess FX Pro or IBFX have better feeds
Hey Mike, does it make sense to use one broker for charting and another to place trades? Coz i have a live with alpari uk and was thinking of using you broker for charting
thanks
Hey BC

yes this is what I do. I do not chart with any of my live brokers. I use just random demo mt4 brokers

Mike
  • #79,686
  • Nov 10, 2010 9:49am Nov 10, 2010 9:49am
Quoting mbqb11
yeah that sounds about right for a filter on this pair.

Mike
Allright so no I've calculated my 2%. Stoploss above the BEOB and sell entry at 0.9976. Hopefully this one is working out.

Promising myself to stick to the Daily charts now, looking first at the different price action candles + divergence.
Lateron I will try some new things, just trying to learn everything from the beginning.

Oh, and almost forgot. Anyone looking at AUD/CAD Daily?
Almost the same thing there, and Mike, it closed under parity
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  • #79,687
  • Nov 10, 2010 9:53am Nov 10, 2010 9:53am
Quoting Carnegie
Allright so no I've calculated my 2%. Stoploss above the BEOB and sell entry at 0.9976. Hopefully this one is working out.

Promising myself to stick to the Daily charts now, looking first at the different price action candles + divergence.
Lateron I will try some new things, just trying to learn everything from the beginning.

Oh, and almost forgot. Anyone looking at AUD/CAD Daily?
Almost the same thing there, and Mike, it closed under parity
hmmm

Check again Carnegie price hasn't been back under 1.000 for awhile on AUd/cad

Mike
  • #79,688
  • Edited 9:55am Nov 10, 2010 9:53am | Edited 9:55am
Quoting PhAnTi'
i'm out with 20 pips +

let c what news are telling
I'm still in and it's flapping around a bit Been back below 1.0000, up to 1.0070, back down to 1.0035 - now back at 1.0050.

This is why I don't day trade or follow the news...

Must ignore the one eyed monster and do some work..
Anything can happen.
  • #79,689
  • Nov 10, 2010 10:03am Nov 10, 2010 10:03am
Quoting mbqb11
hmmm

Check again Carnegie price hasn't been back under 1.000 for awhile on AUd/cad

Mike
My bad Mike, didn't look properly. And this might be a sign to me that I am in a hurry.

Anyway, just wanted to check with you if you thought the same thing about the AUDCAD (Daily) I posted in the other post.
I thought about what you said about parity and look at the AUDCAD.

2 weeks ago it was trading below parity (0.99) and it jumped up immediately to 1.1. Now it's divergence, wouldn't that be a sign or should we just keep away from anything not closing under parity?

Just want to learn how you guys trade, sorry for all of the questions.

Thanks!
  • #79,690
  • Edited 10:22am Nov 10, 2010 10:05am | Edited 10:22am
Another bearish PB on 1h and 30min broken to the upside. It sat right on the daily TL and may act as another bastion to the downside.

Next trouble area is at about 82.86 (daily low). I will manage my trade according to how it behaves up there. It seems to have enough momentum to reach my green line at 83.16. SL is under the last TA.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,691
  • Nov 10, 2010 10:13am Nov 10, 2010 10:13am
Quoting Carnegie
My bad Mike, didn't look properly. And this might be a sign to me that I am in a hurry.

Anyway, just wanted to check with you if you thought the same thing about the AUDCAD (Daily) I posted in the other post.
I thought about what you said about parity and look at the AUDCAD.

2 weeks ago it was trading below parity (0.99) and it jumped up immediately to 1.1. Now it's divergence, wouldn't that be a sign or should we just keep away from anything not closing under parity?

Just want to learn how you guys trade, sorry for all of the questions....
Remember divergence is just a heads up. It can give you an idea but I still need more then that. Aud/cad I wouldn't ever trade back into parity personally. I would watch the 1.000 level for hints though.

Also I would recommend using an earlier close. You don't have to chart and trade on the same broker like me and Be Cool were just talking about. Oanda is one of my brokers I trade with but their daily closes at midnight and that includes a lot of dead time about 7 hours of it and in my mind that changes things a bit too much. Again just from experience but that is up to you though

Best
Mike
  • #79,692
  • Nov 10, 2010 10:20am Nov 10, 2010 10:20am
Quoting mbqb11
Remember divergence is just a heads up. It can give you an idea but I still need more then that. Aud/cad I wouldn't ever trade back into parity personally. I would watch the 1.000 level for hints though.

Also I would recommend using an earlier close. You don't have to chart and trade on the same broker like me and Be Cool were just talking about. Oanda is one of my brokers I trade with but their daily closes at midnight and that includes a lot of dead time about 7 hours of it and in my mind that changes things a bit too much. Again just from experience...
Yeah I was thinking more about just learning to trade these two things together. Indication of divergence + J16 candlesticks. Just in the beginning you know.

Yeah I read that one and I use OANDA + Alpari on my MT5 to check whats going on in the charts.

btw, I'm now in the AUDUSD Daily trade I talked about, just want to check things out how they work (don't be scared, I'm just trying out on demo!).
  • #79,693
  • Nov 10, 2010 10:22am Nov 10, 2010 10:22am
Quoting mbqb11
Also I would want to see the high, go above the highest point, really test what is up there and get a better view.
Could you please elaborate Mike? What high needs to be tested and why? Is that how you always trade BEOB?
Thanks
  • #79,694
  • Nov 10, 2010 10:26am Nov 10, 2010 10:26am
Quoting Be Cool
Could you please elaborate Mike? What high needs to be tested and why? Is that how you always trade BEOB?
Thanks
Hey BC

I drew what I would want the high to look like and the close.

The reason is without it it is technically a beob in terms of how we define a beob, but things like where the high is or close are just as important if not more for me. If price was able to create a new high, it would have retested the orderflow above that last high, and showed the sellers are strongly coming in. Without that retest above the high it just doesn't give me as much confidence.

It's all about putting things in my favor as much as possible. Many trades will dow what I think ,but that doesn't make them worth putting my money behind, b/c it comes down to my overall trading as a whole in the long run. Not one trade, one week, one month.

So this is just one of the many little things I do to keep myself consistent

Mike
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  • #79,695
  • Nov 10, 2010 10:39am Nov 10, 2010 10:39am
USDJPY, a bullish outside-bar. currently +70.
I think i should close the position around 82.80 because of a resistance.
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  • #79,696
  • Nov 10, 2010 10:45am Nov 10, 2010 10:45am
Quoting mbqb11
hmmm

Check again Carnegie price hasn't been back under 1.000 for awhile on AUd/cad

Mike
Hey Mike, i need to borrow your expertise here. EUR/NZD Daily chart
Not the best PPZ but with TL and Fib confluence. First there is IB, then a bad shape PB, and then bearish bar. What am i looking at?

At first i thought the IB has a bullish bias with the rising TL and being at swing low, but after that ugly looking PB -i am lost. i don't even know why price had trouble breaking above the previous two bars

You know Mike, you have a way of explaining things very clearly - really enjoy your videos & posts
thanks
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  • #79,697
  • Nov 10, 2010 10:48am Nov 10, 2010 10:48am
Quoting Be Cool
Hey Mike, i need to borrow your expertise here. EUR/NZD Daily chart
Not the best PPZ but with TL and Fib confluence. First there is IB, then a bad shape PB, and then bearish bar. What am i looking at?

At first i thought the IB has a bullish bias with the rising TL and being at swing low, but after that ugly looking PB -i am lost. i don't even know why price had trouble breaking above the previous two bars

You know Mike, you have a way of explaining things very clearly - really enjoy your videos & posts
thanks

Hey BC

Thanks for the nice comments

I would say there isn't much to do right now but wait if one isn't already in. Were coming off strong bearish bars and today may close as a bearish outside bar indicating further downside. I would be looking to 1.7500 for potentially more info(which maybe a bounce and/or could breakout again to the downside and resume the trend.

I'll be watching the BRN

Mike
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  • #79,698
  • Nov 10, 2010 10:54am Nov 10, 2010 10:54am
Quoting jarroo
We can see on the Daily the multiple confluences that line up with the .7600 . . trendline, 50% ret., 150 ema . .a nice touch trade opportunity (purple) or even better, bullish PB confirmation.
Most of the times when i see your setups i am in awe -it's a work of art. Truly a maestro's touch
  • #79,699
  • Nov 10, 2010 11:10am Nov 10, 2010 11:10am
Quoting mbqb11
Hey BC

Thanks for the nice comments

I would say there isn't much to do right now but wait if one isn't already in. Were coming off strong bearish bars and today may close as a bearish outside bar indicating further downside. I would be looking to 1.7500 for potentially more info(which maybe a bounce and/or could breakout again to the downside and resume the trend.

I'll be watching the BRN

Mike
From your videos, it seems the way you trade breakout is waiting for the support to break, wait for retest and look for bearish PA. Many of your chart examples the retest happen after many bars-giving the bearish PB some space.

My question is, let's say after the break the next bar is a retest bearish PB. Then it would be at swing low and not much space. Will you never trade this kinda PB?

and would your answer be different if the PPZ is major (like weekly or monthly) or if the consolidation is very large (stronger ghous' jack in the box) ?

thanks
  • #79,700
  • Nov 10, 2010 11:33am Nov 10, 2010 11:33am
Quoting Be Cool
From your videos, it seems the way you trade breakout is waiting for the support to break, wait for retest and look for bearish PA. Many of your chart examples the retest happen after many bars-giving the bearish PB some space.

My question is, let's say after the break the next bar is a retest bearish PB. Then it would be at swing low and not much space. Will you never trade this kinda PB?

and would your answer be different if the PPZ is major (like weekly or monthly) or if the consolidation is very large (stronger ghous' jack in the box) ?

thanks...

it all depends on the setup really. There isn't one general answer unfortunately. I have played bars at every high low middle you can imagine. I play both reversals in tons of space, ones that would be called a lot of traffic. I try to build the story around my bars and then the bar is nothing more then a trigger point for me.

Hope that helps
Mike
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