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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

  • #80,241
  • Edited 4:36am Nov 17, 2010 4:25am | Edited 4:36am
Quoting jarroo
Usually, Yes. Strong confluenced levels can tell us a lot about the strength of a trend and the momentum of Price by how Price breaks through them. . .sometimes it like a hot knife through warm butter.

Also, we can now look to the 83.00 to act as Support from its previous Resistance.

Very good point for me to remember.

Appreciate it Jarroo.


Let's see how today's EU bar closes.
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  • #80,242
  • Nov 17, 2010 4:49am Nov 17, 2010 4:49am
Quoting Pinbar
Very good point for me to remember.

Appreciate it Jarroo.


Let's see how today's EU bar closes.

Yeah . .I'm sure Mike is looking for a story to build off that 1.3500 BRN.
Indicators show the past. Price Action "Indicates" the future.
  • #80,243
  • Nov 17, 2010 4:55am Nov 17, 2010 4:55am
Quoting xmzhang
Just closed a trade on oil for a 105 profit, daily PB hit my target @ RNB 8400. Entry on 30m-TF via a PB (not actually a James PB, more of a shooting star) I expect oil to get some firm support at 8400.
I've received some posts/questions about my oil trade yesterday, I just wanted to explain the trade in somewhat more detail for those guys. The trade was a simple S/R flipplay of the 8550, previous support, price then broke with quite some momentum, price revisited 8550 and found resistance as seen via the daily PB in question. Entry on a pullback, as I like to find a more optimal entrypoint to minimize potential drawndown/risk. Price gave me a sell trigger on the 30m-TF via a "shooting star", not an ideal PB because its body didn't fall within the body of previous bar, but good enough for me to enter.
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Pipcrawler
  • #80,244
  • Nov 17, 2010 4:59am Nov 17, 2010 4:59am
Quoting jarroo
Thanks xmz. A lot of good people on this thread and you are one of them.

I enjoy your charts and analysis.


Jim
Thanx for your kind comment Jarroo, you make me
Pipcrawler
  • #80,245
  • Nov 17, 2010 5:03am Nov 17, 2010 5:03am
Quoting mbqb11
Hey Carnegie

Gbp/jpy is of very little interest in my opinion . It would be a stretch on my feed to call it a DBHLC, really not much confluence or else to go by.

Cad/jpy is a bit more interesting since price in wedging up and now its off the upper wedge. But the wedge also signifies consolidation(been stuckin a range for awhile now) which then means price could chop around. A break should see us near 81, but these aren't the bars to get too carried away with. Only engulfing one bar, and a personal preference for me is a close below the previous...
Hmm that's reasonable Mike! Didn't notice the wedge... Thanks for pointing that one out.

The thing is here that you told me the bars doesn't matter so I started to look for confluence rather. (In my feed this is a BEOB.. I use OANDA).

If you look at the GBPJPY chart I'd say there is confluence here.
I have fibonacci confluence (both high swings) and a PPZ sitting right on top of the high of that BEOB.
Would you say I have drawn these wrong?

Thanks mikey!
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  • #80,246
  • Nov 17, 2010 5:18am Nov 17, 2010 5:18am
Quoting Carnegie
Found two charts that were of interest to me.
Hopefully some of you will guide me thru' what's good or bad with these. And please if you can, look especially at where I have put my S&R/PPZ areas (if they are right or wrong) and also look where I have missed any PPZ etc.

First chart is the CAD/JPY that I have attached.
What I liked about this chart is that it retraced from PPZ at 82.5 and also a couple of pips from the 61% Fibonacci retracement.
From what I see it is a BEOB.

Anyway the important part is really where the bar is located...
Nice analysis C, I like the BEOB on the Guppy. I want to share my view on that one. As you see price is having a hard time taking the 13350 out on the last 3 occasions it failed to close above it. This tells me that the momentum of the current uptrend on the daily is dissipating somewhat, we could see a subtantial drop. This is also in line with your BEOB. I wanted to trade this BEOB on a demo and waited as usual for a pullback to some keylevel to sell. Price gave me a nice doji bar @ the 13300 on the 1H-TF, which is good enough for me to enter. I'am aiming initially for the 13200, there the up-TL also comes in play. Lets wait to see how price reacts if it gets there ......
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Pipcrawler
  • #80,247
  • Nov 17, 2010 5:21am Nov 17, 2010 5:21am
Quoting xmzhang
I've received some posts/questions about my oil trade yesterday, I just wanted to explain the trade in somewhat more detail for those guys. The trade was a simple S/R flipplay of the 8550, previous support, price then broke with quite some momentum, price revisited 8550 and found resistance as seen via the daily PB in question. Entry on a pullback, as I like to find a more optimal entrypoint to minimize potential drawndown/risk. Price gave me a sell trigger on the 30m-TF via a "shooting star", not an ideal PB because its body didn't fall within...
That's a tough trade, xmz.

Where were your fibs drawn from ?

The 85.00 looked good for a retracement . . but never got there.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,248
  • Nov 17, 2010 5:51am Nov 17, 2010 5:51am
thank you pinba ,and all other members in James thread. i just come back from classroom .and i saw your replys. really thank you .however ,i am a little disappointed . you know , i ever thought i can earn much money with my only 200 dollar. lol. actually , i know why i trade the lower TF . i just have no patience .i know it .i always fear that i miss some good chances(i think most newbies have this problem). i know it but i can not control myself . but ,i want to say i traded not too bad in the low TF. as you said ,Pinba ,i maybe be luck. and , i will go on . i believe i can success .if i lost my money ,it will be a part of my growing up. i will accept your advice ,if i can .i will ask you all my confused things ,but i will also think by myself .

now i will learn from this thread more .

really thank you . and give my best wishes to all of you .
A chart helps those who can read it.
  • #80,249
  • Nov 17, 2010 6:09am Nov 17, 2010 6:09am
Quoting xmzhang
Nice analysis C, I like the BEOB on the Guppy. I want to share my view on that one. As you see price is having a hard time taking the 13350 out on the last 3 occasions it failed to close above it. This tells me that the momentum of the current uptrend on the daily is dissipating somewhat, we could see a subtantial drop. This is also in line with your BEOB. I wanted to trade this BEOB on a demo and waited as usual for a pullback to some keylevel to sell. Price gave me a nice doji bar @ the 13300 on the 1H-TF, which is good enough for me to enter....
Nice that you took it!
After I made that comment I have had several different ideas about it. Some saying it's bad and some saying it's good.

Another thing besides the Resistance or PPZ at 133.5 is that if you draw two fibs (one from swing high @ 137.7 and one from swing high @ 146) you will get fib confluence really strong at that BEOB + PPZ!

I'm thinking about putting my entry 20 pips below the low, being entry @ 131.96.. What do you think?

Thanks. And good luck hope it works out for you Z!
  • #80,250
  • Nov 17, 2010 6:20am Nov 17, 2010 6:20am
Quoting jarroo
That's a tough trade, xmz.

Where were your fibs drawn from ?

The 85.00 looked good for a retracement . . but never got there.
Hey Jarroo, my fib was drawn along the daily PB. After the close of the daily PB price didn't validated the PB but pulled back first, so my purpose was to preempt a possible break of the PB. Confluence of a minor PPZ @ 8515, 50Fib and shooting star PA made me pull my selltrigger on the 30m-TF. I don't quite understand your remark about the 8500.
Pipcrawler
  • #80,251
  • Nov 17, 2010 6:26am Nov 17, 2010 6:26am
Quoting mbqb11
Hey C

Basically it was that 80 was being defended very hard and we had a large range. I was looking for a bit lower low on the BUOB or higher close and just ended up passing. The FTA was very clear so I almost did but since I was in a bunch of other trades I just passed.

Logical area though

Mike
Thank you Mike.
  • #80,252
  • Nov 17, 2010 6:33am Nov 17, 2010 6:33am
Quoting Carnegie
Nice that you took it!
After I made that comment I have had several different ideas about it. Some saying it's bad and some saying it's good.

Another thing besides the Resistance or PPZ at 133.5 is that if you draw two fibs (one from swing high @ 137.7 and one from swing high @ 146) you will get fib confluence really strong at that BEOB + PPZ!

I'm thinking about putting my entry 20 pips below the low, being entry @ 131.96.. What do you think?

Thanks. And good luck hope it works out for you Z!
Hey C, I really don't use fibs that much, about your entry, I prefer to enter on a pullback just like I showed you in my previous post but that's just me. I like to see price reaction when it gets to RNB @ 13200, if it gets there. I've already taken 45 pips off the table when price hit the 150-EMA. That's the difference between trading the pullback or waiting for the BEOB finally to break
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Pipcrawler
  • #80,253
  • Nov 17, 2010 6:36am Nov 17, 2010 6:36am
I've got a system which is good for me becouse of my working hours. I do not have a time to manage a trade on daily tf when it hits FTA so i assumed i wont be doing anything before the next bar close. Being picky and taking good setups a lot of the time result in getting breakeven just becouse of moving the stop to early but afterall price often moves forward in the desired direction. I know when i take a good setup on lower tf its easier for me to let it run just becouse of seeing the current momentum and being in the same mindframe opposite to daily tf where sometimes its better to leave and forget just to avoid of changing your mind to often. Being picky is the most important thing here and i know how hard it is to not take some setups just becouse your guts tell you to play with it. My solution is to take them all if you wont but adjust the MM rationaly.
It doesnt mean those setups wont work , it means we do not have much trust in them becouse of lack of experience or good methodology for entry/exit but it allow us to learn quicker if we keep good trade records like Mike. Sometimes i will take some setup which doesnt look very good but my guts tell me to take it. For me it is all about the MM and it varies from 0.25 to 3% a trade depending of the quality. I guess it is more about chart time and less about reading everybody opinions on forums... Just some thoughts
  • #80,254
  • Nov 17, 2010 6:40am Nov 17, 2010 6:40am
Quoting xmzhang
Hey C, I really don't use fibs that much, about your entry, I prefer to enter on a pullback just like I showed you in my previous post but that's just me. I like to see price reaction when it gets to RNB @ 13200, if it gets there. I've already taken 45 pips off the table when price hit the 150-EMA. That's the difference between trading the pullback or waiting for the BEOB finally to break
That's awesome man!

So what you do is find a good trade on daily, then trade the retracement on the hourly?

By trading the retracement on hourly you look for pins, beob etc.. in THAT timeframe also?

Thanks Z.
Congratulations on the trade also!
  • #80,255
  • Nov 17, 2010 6:45am Nov 17, 2010 6:45am
Quoting Carnegie
That's awesome man!

So what you do is find a good trade on daily, then trade the retracement on the hourly?

By trading the retracement on hourly you look for pins, beob etc.. in THAT timeframe also?

Thanks Z.
Congratulations on the trade also!
Correct
Pipcrawler
  • #80,256
  • Nov 17, 2010 6:54am Nov 17, 2010 6:54am
Quoting xmzhang
Correct
Nice Z! Do you look at anythnig less than hourly or do you only look at 4HR or what?

Thanks.
  • #80,257
  • Nov 17, 2010 7:43am Nov 17, 2010 7:43am
Quoting Carnegie
Nice Z! Do you look at anythnig less than hourly or do you only look at 4HR or what?

Thanks.
For a daily setup I usually look for an PA on the 1H-TF or 4H-TF.
Pipcrawler
  • #80,258
  • Nov 17, 2010 8:12am Nov 17, 2010 8:12am
Quoting jarroo
I liked this one on Quantitative Easing . . .lol. . .Joel should like it too. lol

http://www.youtube.com/watch?v=PTUY16CkS-k

LMAO Great Jim
  • #80,259
  • Nov 17, 2010 8:25am Nov 17, 2010 8:25am
Quoting jarroo
Good question spookie.

It usually depends on the quality of the setup. With that given, I would say Yes, Price tends to that after the next target after the first target has been hit. This usually involves a retracement as a normal vicissitude of the market. But again, if the retracement already occurred prior to the break of the setup, I would like Price to have a slight stall at the first target and then to the moon.
Very interesting. Thanks for pointing that out, Jarroo.

Here is another expample: DBHLC on daily GJ. Retrace on 4h with a PB. The PB looks weak + there's a recently broken TL and a PPZ@RN below. So I will watch it from the sideline.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,260
  • Nov 17, 2010 8:52am Nov 17, 2010 8:52am
can usd go on bullish ??
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A chart helps those who can read it.
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