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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

  • #80,121
  • Nov 15, 2010 9:56pm Nov 15, 2010 9:56pm
Hi guys
Not sure what went wrong with this one. Minor PPZ at 1.7500 which also a round number, has confluence with 76.4 ret and TL. Price bounced off and formed BUOB. Almost stopped me out but now at -115 I am considering closing this position.
Any ideas?
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  • #80,122
  • Nov 15, 2010 10:00pm Nov 15, 2010 10:00pm
Quoting Be Cool
Hi guys
Not sure what went wrong with this one. Minor PPZ at 1.7500 which also a round number, has confluence with 76.4 ret and TL. Price bounced off and formed BUOB. Almost stopped me out but now at -115 I am considering closing this position.
Any ideas?
Hey BC

Here was my view on this one

http://www.forexfactory.com/showpost...ostcount=80049

Did you see where it stalled though?
  • #80,123
  • Nov 15, 2010 10:04pm Nov 15, 2010 10:04pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Pinbar
NZD/CHF has got that cup & handle look to it, with large wicks off the bottom of the candles.
Which side does it normally break out from a cup & handle...
I have seen the enemy, and it is me.
  • #80,124
  • Nov 15, 2010 10:27pm Nov 15, 2010 10:27pm
Quoting Jey
Which side does it normally break out from a cup & handle...
Usually towards the mouth of the cup.
  • #80,125
  • Nov 15, 2010 11:00pm Nov 15, 2010 11:00pm
Becool.

I just looked at it with Jarroo's PPZ zones.
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  • #80,126
  • Nov 16, 2010 12:13am Nov 16, 2010 12:13am
Hi
This is my trade on Soybean (weekly chart). We also have a BEOB on daily.
Does it look nice?
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  • #80,127
  • Nov 16, 2010 1:01am Nov 16, 2010 1:01am
Quoting DaveI
Hi
This is my trade on Soybean (weekly chart). We also have a BEOB on daily.
Does it look nice?
Hey Dave

It's a decent pinbar at a swing high, not much in way of confluence. As for FTAs we really want to pick the very first areas so I would go with 1240 as the very first with the bar high(especially coming into a strong trend), with the more logical BRN of 1200 being the more obvious area(or at least pretty logical to me)
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  • #80,128
  • Nov 16, 2010 1:02am Nov 16, 2010 1:02am
Quoting xmzhang
Price generated a 4H-PB which was for me the...
The wonder of PA. Great trade, xmzhang!

Quoting Pinbar
Ok, please remember I am also a newbie to the J16 methodology and don't take my word as gospel, ask Mike & Jarroo for the Gospel.
This is good though, because it makes me think more about what I am doing myself, helps me solidify things and, if it helps another person, that is a double Plus!



Here you go, I hope this is basically what you were asking and that it may help you a little.

I can only get 7 charts in one post, so I had to cut down on the number of charts from the weekly a little.

EDIT: Forgot to mention, you can on the daily or whatever...
Very informative post, PB. To use different styles for the lines is a very good idea. I will give this a try today.

Quoting Pinbar
I am kind of wondering what to do with this trade from November 9 that I left a tiny amount in, in case it wants to run. I mean, I can't decide if I should close it and take the extra 130 pips or leave it to see what it does. I don't think I have ever held onto a trade this long.

Just seems a waste if it is hanging around this long.

I mean, there will always be more PA if it is going to be a runner.

Any thoughts?
I would not know what to do either. But it looks like there may still be some downward pressure and you've got a well respected resistance and the 150EMA above. I would probably move my SL above the 150EMA. So in case the trade is stopped out I could still enjoy some hard earned pips.

Where's your SL at the moment?

BTW, there's a traingle forming on 4h and you may soon see a reaction. Another possible SL would be above this triangle in case of a breakout to the upside. You would still book most of your pips and would be prepared in case it rides down. Just some thoughts...
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,129
  • Edited 2:07am Nov 16, 2010 1:40am | Edited 2:07am
Quoting HanSolo
The wonder of PA. Great trade, xmzhang!



Very informative post, PB. To use different styles for the lines is a very good idea. I will give this a try today.



I would not know what to do either. But it looks like there may still be some downward pressure and you've got a well respected resistance and the 150EMA above. I would probably move my SL above the 150EMA. So in case the trade is stopped out I could still enjoy some hard earned pips.

Where's your SL at the moment?

BTW, there's a traingle forming on 4h and you may soon see a reaction....
Thanks HS...

Yeah, I already took two thirds off while scaling out at 60 & 130 pips + plus, the SL is currently at 1.28434, 80 pips above the 150 and, there is only a small portion left in currently 150 pips in profit.

I think if it can break the lower PPZ it may run a bit, possibly to 1.26500


EDTI: It is pushing the monthly PPZ so, I decided to actually lower the SL to 1.28140, 14 pips above the RN and lock in another 60 pips, while giving it enough room to run if it wants.
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  • #80,130
  • Nov 16, 2010 2:04am Nov 16, 2010 2:04am
Quoting Pinbar
Thanks HS...

Yeah, I already took two thirds off while scaling out at 60 & 130 pips + plus, the SL is currently at 1.28434, 80 pips above the 150 and, there is only a small portion left in currently 150 pips in profit.

I think if it can break the lower PPZ it may run a bit, possibly to 1.26500


EDTI: It is pushing the monthly PPZ so, I decided to actually lower the SL to 1.28140, 14 pips above the RN and lock in another 60 pips, while giving it enough room to run if it wants.
just another view Pin,
i like 1.24 area for a bounce
nice trade btw
s/r rulessssss
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Simplicity is the key to success
  • #80,131
  • Nov 16, 2010 2:12am Nov 16, 2010 2:12am
Quoting Pinbar
....
Yeah, I already took two thirds off while scaling out at 60 & 130 pips + plus, the SL is currently at 1.28434, 80 pips above the 150 and, there is only a small portion left in currently 150 pips in profit.
....
great to know your trade went your way.

since u are online, see what happens around 1.2700 --- a snap back above it or good momentum below it.
  • #80,132
  • Edited 2:48am Nov 16, 2010 2:15am | Edited 2:48am
Thanks SC, I don,t think I have ever held a trade so long.

Yes, that is my thinking in moving the SL to above the RN and monthly PPZ.





No point giving back too much back to the market.

Locked in 150 pips, if it breaks the monthly PPZ. it is going to move up for sure.
H4 is showing bullish Div.


EDIT: This trade really shows me a great deal, 1 how accurate Jarro's PPZ are and how the boxes of consolidation work. Great learning experience and profitable also. Can't beat that.
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  • #80,133
  • Nov 16, 2010 2:17am Nov 16, 2010 2:17am
Quoting squeezy
just another view Pin,
i like 1.24 area for a bounce
nice trade btw
s/r rulessssss

Thanks for the input Squeezy.
It will be interesting.


PS: Nice PPZ by the way.
  • #80,134
  • Nov 16, 2010 2:49am Nov 16, 2010 2:49am
Quoting unlv_tj
Took my first loss in a while on the EURAUD. No biggie, I am trying some more aggressive methods with a very, very, very small percent of my account and going to keep seperate statistics on them to see where I am at.

I think on the Weekly/Daily with the obvious set-ups, I am good to go. I have really made great progress.

But I do not have the confidence to take some of the "surprise set-ups" (ones I didn't expect, but look good, and I don't know what to do so I stay out) and also work on cutting down my stop loss size on my original trades....

Hey TJ, I took this one on the retrace.

I agree with you that the BUOB looked good on the Daily but the Weekly PB looked to small for me. .its funny because the Weekly PB is made up of the Daily bars of the BUOB. Just shows how relative time frames are compared to the PA that is presented.

Anyways, I was looking to enter at the retrace level of this BUOB, at its previous bar Highs. I don't know if you saw any of my posts talking about previous bar Highs/Lows on Outside Bars . .they can be a great entry point when confirmed with PA.

I did notice that the FTA or target was pretty close which is a good thing to have when your looking for a retracement level entry. The BUOB hit its target which unfortunately was your entry . .something to take note of.

I moved down to the 4 hour at the retracement level and looked for bullish PA at this level. The IBFX feed had a PB not the best in size but good enough for me and I took it. I did the same thing with the Daily BUOB on the Eur/Cad but no PA was there.

Just thought I would give you a different look on trading good looking Outside Bars.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #80,135
  • Nov 16, 2010 4:03am Nov 16, 2010 4:03am
Quoting jarroo
Hey TJ, I took this one on the retrace.

I agree with you that the BUOB looked good on the Daily but the Weekly PB looked to small for me. .its funny because the Weekly PB is made up of the Daily bars of the BUOB. Just shows how relative time frames are compared to the PA that is presented.

Anyways, I was looking to enter at the retrace level of this BUOB, at its previous bar Highs. I don't know if you saw any of my posts talking about previous bar Highs/Lows on Outside Bars . .they can be a great entry point when confirmed with PA.

I did...
Jim, I actually got in this trade on the retracement as well, all before reading your post. Thank you though for this post, I greatly appreciate it.

I only planned to play the BUOB on a good break and a quick hit to 1.3970. I set my price at 1.3930, and the high I have on my chart is 1.3926, so slippage got me into the trade.

I am now in on the retracement though, with my original TP of 1.3970 (though at 1.3925 I will bring my stop loss up to BE). My stop los is at 1.3670 (hide behind the 1.3700 level).

Thank you for your help!

T.J.
  • #80,136
  • Nov 16, 2010 4:03am Nov 16, 2010 4:03am
Quoting unlv_tj
xmzhang, great trade, you faded my long (thanks to slippage I got stuck in), LOL.

We often know that outside bars retrace before moving in the desired direction. What was your signal to short this BUOB? Just a touch trade and a hunch?
Hey TJ, my style of trading is that I almost never trade the first break of a higher TF PA. Just like you mentioned, outside bars very often pull back first. In my E-A trade it was no different, I wasn't planning to trade the first break of the weekly PB/daily BUOB, In this trade on the 4H-TF price generated a PB right at the high of the higher TF PA, this was for me the starting signal for a pullback. The second 4H-PB signaled that the pullback was completed, and also a oppertunity to go long for another shot at the higher TF-PA. In that way if the higher PA eventually breaks (or not) you would have already banked profit on 2 previous trades. If you would have entered on the first break (depending on your entry buffer) you would have to face a initial drawndown of about 210 pips, the question would then be: are mentally capable of withstanding such a drawdown without fear taking over ? I certainly not, drawdown makes me nervous, I want to minimize drawdown as much as possible. Look at the E-A now, isn't price predictable ?
Lets see if price breaks the BUOB/PB this time.....
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Pipcrawler
  • #80,137
  • Nov 16, 2010 4:17am Nov 16, 2010 4:17am
Quoting xmzhang
Price generated a 4H-PB which was for me the trigger to close my pullback trade for a 129 pip profit, my maximum profit was 174 pip at one time so I've given about 45 pips back to the market. So a 4H-PB got me into the trade and also a 4H-PB got me out of my trade. I was considering to reverse my trade and to go long at the break of this second 4H-PB but I didn't because of the RNB @ 13900 just above. In hindsight I could have banked another 26 pip. I think the pullback has completed now and if price manages to breach the 13800 and then gets support...
Looks like price is going for another shot at the PB/BUOB. Price indeed broke the 13800 and got support. Really amazing how price sometimes can be such predictable, two clear PB's on the 4H-TF of E-A predicted the whole movement uptill now and could've made you nearly 275 pips ! I tell you guys (PA + story) really pays off
Pipcrawler
  • #80,138
  • Nov 16, 2010 4:35am Nov 16, 2010 4:35am
What a bummer, my other trade on the A-U, price has stopped me out. I was interested in the 2weekly PB of A-U and trying to preempt this PB at a pullback at RNB/PPZ @ 9900. On the 4H-TF price gave me a PB which triggered my sell signal. Initially price went my may nicely and got to my FTA @ 9815 the low of the higher TF-PA. But forgot to take some profit of the table and price spiked me out later that evening.
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Pipcrawler
  • #80,139
  • Nov 16, 2010 4:47am Nov 16, 2010 4:47am
Quoting xmzhang
What a bummer, my other trade on the A-U, price has stopped me out. I was interested in the 2weekly PB of A-U and trying to preempt this PB at a pullback at RNB/PPZ @ 9900. On the 4H-TF price gave me a PB which triggered my sell signal. Initially price went my may nicely and got to my FTA @ 9815 the low of the higher TF-PA. But forgot to take some profit of the table and price spiked me out later that evening.
Hello Xmzhang, sorry for off topic, what platform are you using?
What broker is this?
Thanks!
  • #80,140
  • Nov 16, 2010 4:53am Nov 16, 2010 4:53am
Quoting Adilius07
Hello Xmzhang, sorry for off topic, what platform are you using?
What broker is this?
Thanks!
Hey Adi, my broker is IG-index the UK-branch. Their platform is called PureDeal and its at the moment my favourite tradingplatform.
Pipcrawler
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