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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

  • #79,861
  • Nov 12, 2010 5:28am Nov 12, 2010 5:28am
Morning guys! (Shouldn't really be morning since I should have been awake 4 hours ago..)
Had a nice day yesterday, played football with my friends to 2AM in the morning. Nice day!

Anyway just trying to catch up here and I have a couple of questions.
Hopefully some of you recall my Daily AUDUSD trade (short from 0.9975) and I closed it for 2 pips profit because I decided I really shouldn't have taken the trade in the first place.

Now, I have attached a picture.
There are two BEOB bar and a divergence but never mind that.

Mike told me (when we only had that number 1 BEOB) that it wasn't a very safe trade and he was correct, because the high of it didn't protrude much above the other highs to show that there really are selling pressure there.
Anyway, what happened later was that we had a spinning top and the day after that another BEOB.

Now my question is, if you have a setup that isn't very strong, and the market develops ANOTHER signal (two after eachother) does that make it OK to take the trade?
Like in this example.

Thank you and hope my English isn't too confusing.
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  • #79,862
  • Nov 12, 2010 5:37am Nov 12, 2010 5:37am
Quoting Carnegie
..Now, I have attached a picture.
There are two BEOB bar and a divergence but never mind that.
...
Now my question is, if you have a setup that isn't very strong, and the market develops ANOTHER signal (two after eachother) does that make it OK to take the trade?...
Your English is suprerb..

the answer to your Q:
depends on your experience.
if u are still learning this method, it would best benefit u to follow Sir Mike's advice. he is very picky & his advice stems from the fact that he doesnt want traders get caught up in a bad/mediocre trade.
if u have relatively good experience with PA analysis & this method, u can trade anyway u want, including the setup (2 BEOBs at unideal locations) u presented here.

u must realize that price doesnt always present us with good/great setups (which moves with momentum & hits targets fairly quickly). the setup u presented happen often --- price along the way develops further, in favor of your trade (in this case, let's say u traded the first BEOB) so u can stay in the trade & see what happens.
once in a trade, trade management & S/R identification are crucial.

hope that helps
  • #79,863
  • Nov 12, 2010 5:45am Nov 12, 2010 5:45am
Quoting supremeChaos
Your English is suprerb..

the answer to your Q:
depends on your experience.
if u are still learning this method, it would best benefit u to follow Sir Mike's advice. he is very picky & his advice stems from the fact that he doesnt want traders get caught up in a bad/mediocre trade.
if u have relatively good experience with PA analysis & this method, u can trade anyway u want, including the setup (2 BEOBs at unideal locations) u presented here.

u must realize that price doesnt always present us with good/great setups...
Chaos, just a couple of questions:

You say these BEOB are at unideal locations, what makes them unideal? Should they be at a swing high or low to be ideal?

And yes I will listen to Mike from now on but I wanted to ask if two setups after eachother raises the 'probability of profitability' or what the name is.. If it stacks more odds in our favour.

Let's say I missed out on the first BEOB, would the second one give me more incentive (more setups = more momentum) to take the trade.

But I do understand what you say, it's up to experience and I should look to see if price develops "in my way" as I am into the trade.

Thanks chaos!
  • #79,864
  • Nov 12, 2010 6:00am Nov 12, 2010 6:00am
Quoting Carnegie
..
You say these BEOB are at unideal locations, what makes them unideal? Should they be at a swing high or low to be ideal?
And yes I will listen to Mike from now on but I wanted to ask if two setups after each other raises the 'probability of profitability' or what the name is.. If it stacks more odds in our favour.
Let's say I missed out on the first BEOB, would the second one give me more incentive (more setups = more momentum) to take the trade.
..
well, u have a short term memory like me, huh?
its unideal....
Quoting Carnegie
..
Mike told me (when we only had that number 1 BEOB) that it wasn't a very safe trade and he was correct, because the high of it didn't protrude much above the other highs to show that there really are selling pressure there.
Anyway, what happened later was that we had a spinning top and the day after that another BEOB....
the bar setup (BEOB, PB etc) is a small part of the equation.
the location & S/R are important too --u always have to take them into account.
a BIG bar or 2 consecutive PA setups (like in your chart) is not always enough to break through, specially if u are heading into a strong S/R or PPZ.

in your chart, (is it audusd?), price is at 0.9900 round number. to the left of price, u can see price hovered around that area. so it's possible that price will stall & bounce from here (0.9900 may act as support) or break thru. whatever happens, u should be prepared to act accordingly (based on your risk profile -- u can take full profit, take partial profit, trail/tighten stop... assuming u are in a trade)
  • #79,865
  • Edited 6:22am Nov 12, 2010 6:09am | Edited 6:22am
Quoting Carnegie
Chaos, just a couple of questions:

You say these BEOB are at unideal locations, what makes them unideal? Should they be at a swing high or low to be ideal?

And yes I will listen to Mike from now on but I wanted to ask if two setups after eachother raises the 'probability of profitability' or what the name is.. If it stacks more odds in our favour.

Let's say I missed out on the first BEOB, would the second one give me more incentive (more setups = more momentum) to take the trade.

But I do understand what you say, it's up to experience...



I think you really should make good on your promise to practice PPZ and be aware of the BRNs. LoL


You always want Bearish PA at a swing high & Bullish PA at a swing Low.
But as SC said, the location is also very important.
Sitting right on top of a VBRN is not a good place to find a BEOB, unless the close is below the VBRN.

Note how the second BEOB closed below the 1.00000 and it worked out.

But, that BEOB is now not at a swing high.
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  • #79,866
  • Nov 12, 2010 6:23am Nov 12, 2010 6:23am
Quoting supremeChaos
i think this is a good example of bar with a 'poor/unideal close' but a possible great trade, nevertheless.
yup, exactly ..... the location is A+ for me, no doubt
the buob has broken, its up to the mkt now .... lets see how this bar closes
Simplicity is the key to success
  • #79,867
  • Nov 12, 2010 6:37am Nov 12, 2010 6:37am
Quoting aserbfx
hi guys.
hope you are all doing well.
i am back after nearly 3 weeks in hospital after a horrible car accident.
a truck crashed into my car and several others behind and in front of me at the end of a traffic jam on a german highway. about 7 people were injured.
i got several broken bones (rips, left forearm, etc.).
shows that nothing is more important in life than good health.
good trades
take care
Glad to have you back, viele besserung !
Pipcrawler
  • #79,868
  • Nov 12, 2010 6:49am Nov 12, 2010 6:49am
i bliv ive posted this chart a while back, just wanted to show the power of support turning into resistance & vice versa.
once u can get a hang of the location, itll get much easier from there.
cheers
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Simplicity is the key to success
  • #79,869
  • Nov 12, 2010 6:50am Nov 12, 2010 6:50am
no charts, but...
there's a Big bad BUOB on euraud Daily. (IBFX feed)
let's see how it closes today
  • #79,870
  • Nov 12, 2010 7:42am Nov 12, 2010 7:42am
Quoting squeezy
yup, exactly ..... the location is A+ for me, no doubt
the buob has broken, its up to the mkt now .... lets see how this bar closes
Awesome charts sqeezy. Keep them coming.
  • #79,871
  • Nov 12, 2010 8:09am Nov 12, 2010 8:09am
Quoting aserbfx
hi guys.
hope you are all doing well.
i am back after nearly 3 weeks in hospital after a horrible car accident.
a truck crashed into my car and several others behind and in front of me at the end of a traffic jam on a german highway. about 7 people were injured.
i got several broken bones (rips, left forearm, etc.).
shows that nothing is more important in life than good health.
good trades
take care
Gute Besserung aserbfx
  • #79,872
  • Nov 12, 2010 9:19am Nov 12, 2010 9:19am
Quoting jarroo
I like the way you think. Some nice bullish PA would be nice at the 1.3700.
I was watching this pair for the last few days.. for a Bullish PA at 1.37.. since 1.37 confluenced with
1)PPZ
2) Monthly BUOB retracement pt (Jarroo's secret weapon)
3) and obviously now becomes a Swing low for any bullish PA.

I guess finally BUOB is forming.. however..it all depends on how it closes at the end of the day..
  • #79,873
  • Nov 12, 2010 9:21am Nov 12, 2010 9:21am
Quoting aserbfx
hi guys.
hope you are all doing well.
i am back after nearly 3 weeks in hospital after a horrible car accident.
a truck crashed into my car and several others behind and in front of me at the end of a traffic jam on a german highway. about 7 people were injured.
i got several broken bones (rips, left forearm, etc.).
shows that nothing is more important in life than good health.
good trades
take care
Sorry to hear about this.. I Wish you a speedy recovery..
  • #79,874
  • Nov 12, 2010 9:32am Nov 12, 2010 9:32am
Quoting Carnegie
Chaos, just a couple of questions:

You say these BEOB are at unideal locations, what makes them unideal? Should they be at a swing high or low to be ideal?

And yes I will listen to Mike from now on but I wanted to ask if two setups after eachother raises the 'probability of profitability' or what the name is.. If it stacks more odds in our favour.

Let's say I missed out on the first BEOB, would the second one give me more incentive (more setups = more momentum) to take the trade.

But I do understand what you say, it's up to experience...
Hey C

SC gave a great answer that will make more sense too as you continue to practice and grow as a trader. The learning curve as large and what seems confusing does get easier the more you see, do, ask about it all

I actually liked the second BEOB better based on the fact that this one at least could close below the parity level and coming into a friday where retracements of the current trend(profit taking) and riding those that get caught up can often see some more selling. So in a sense you are correct. multiple beobs like that in a row are signaling selling pressure, the key though is What else is going on around it, and is that alone worth to sell. The answer can be both yes and no. Then you move onto well where should price likely go, how am I going to react when it gets there(or if it doesn't etc).

So because the beob was still small and we are fighting a very strong up trend, I would look to the FTA as the previous bar high/low flip(area in blue) with it also lining up with the 9900.

Now there are a billion and one ways to manage this trade if you decided to take it. And even knowing all this for me personally even though I know where it is likely to go doesn't necessarily mean I would take it(I pass on a lot of trades as being picky with whatever you learn to do and following that is more important).
Have a nice weekend
Mike
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  • #79,875
  • Nov 12, 2010 9:42am Nov 12, 2010 9:42am
Quoting Pinbar
Jarroo,

You were right, James16 mini dow video was really great and it answered a lot of questions I had about how he uses floor trader pivots in those markets.
They are just another confluence factor and nothing more, while everyone else is buying and selling blindly at them. Crazy thought is it not.


The passion of the Big Guy just oozes out of that video..."It's Garbage, It's all Garbage". I think he had some of those listeners to the webinar worried for a second there. "What's Garbage" one of them asks in a very surprised manner....

hello，Pinba..where can i get james's videos ?? you know ,i am from china ,and because some reasons of law ,i can not open some websites in china. can you give me resourses. thank you
A chart helps those who can read it.
  • #79,876
  • Nov 12, 2010 9:43am Nov 12, 2010 9:43am
Quoting supremeChaos
no charts, but...
there's a Big bad BUOB on euraud Daily. (IBFX feed)
let's see how it closes today
showing up on FXpro too.

Lets say it turns out to be a good play, how do you enter? Retrace or break?

Now since its Friday, is it important to place your trade before the close to insure it gets filled? Or does it not matter? I'm not sure how it works say if you play a break but you placed an order on Saturday. Will it get filled if there is a spike up?
  • #79,877
  • Nov 12, 2010 10:04am Nov 12, 2010 10:04am
Hi, can I say it will form the AB/CD ?

1. C is at .382 retracement level of AB.
2. Price broke through B despite of the week of 10/17 and 10/24. I am thinking 10/17 and 10/24 weekly bars are due to what was happening around G20.
3. D is about to the resistance of 1.7000.

It will take weeks to get there even it will be AB/CD. God knows what happens between now and then.

Since this is james16 thread, are members of j16 group taught to disregard to news totally, or ppl can still use the news to find what the price acts certain way?

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  • #79,878
  • Nov 12, 2010 10:06am Nov 12, 2010 10:06am
Quoting leelar

Since this is james16 thread, are members of j16 group taught to disregard to news totally, or ppl can still use the news to find what the price acts certain way?

Attachment
Hey Leelar

You can ignore news, a lot of us do. I do personally. But many integrate the knowledge here into their knowledge of fundies and other things they have accumulated. I always say use something if it adds value, if it isn't get rid of it

Best
mike
  • #79,879
  • Nov 12, 2010 10:29am Nov 12, 2010 10:29am
2-week bearish pinbar on AU
Another dollar rally next week ?
Attached Image
  • #79,880
  • Nov 12, 2010 10:52am Nov 12, 2010 10:52am
Quoting supremeChaos
well, u have a short term memory like me, huh?
I think it's time to be honest. The truth of the matter (as it seems right now) is that I actually have a good memory. So the reason therefore should be that I just haven't understood yet.


Quote
its unideal.... because the high of it didn't protrude much above the other highs to show that there really are selling pressure there.
Yep, and that's what we (Mike + you guys) said about THE FIRST BEOB. And I understood that part, the first BEOB wasn't good enough. But the second BEOB engulfed the spinning top before it and had a bit of a high above the high of the spinning top. Wouldn't that mean that the area has been tested twice? (First moving down, then moving up - being rejected.. And then rejected again when being engulfed).


Quote
the bar setup (BEOB, PB etc) is a small part of the equation.
the location & S/R are important too --u always have to take them into account.
a BIG bar or 2 consecutive PA setups (like in your chart) is not always enough to break through, specially if u are heading into a strong S/R or PPZ.
Yeah I have to understand that part but I just can't make it fit.. As soon as I see a bar I jump right on it. But it's a matter of understanding things. So, I agree, it is a small part of the equation.


Quoting Pinbar
I think you really should make good on your promise to practice PPZ and be aware of the BRNs. LoL
I'm doing my best don't make fun of me!

Quote
You always want Bearish PA at a swing high & Bullish PA at a swing Low.
But as SC said, the location is also very important.
Sitting right on top of a VBRN is not a good place to find a BEOB, unless the close is below the VBRN.

Note how the second BEOB closed below the 1.00000 and it worked out.
But, that BEOB is now not at a swing high.


Yeah that's the question Pinbar, it's not about the first BEOB (Mike's one) but rather about the second one.

You see the first BEOB closed right above parity, so that's really a trade one shouldn't take.
BUT!!!
The second BEOB closed BELOW the VBRN so there is my question really.

And when you say practice PPZ and pay attention to BRN, wouldn't this brake the BRN? I mean if price closes BELOW it?
That was my question!!


And oh another one.. I seem to see PPZ everywhere.
Look at the picture you added Pinbar.
From what I see (S&R turn into eachother + round number) there is a PPZ at .9800.

What I am wondering here is.. wouldn't this be really hard to trade?
With a PPZ (from what I see) at:

1.0000
0.9800
0.9700

This is a birdcage! How can one trade here?

Thanks guys.
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