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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

  • #81,121
  • Nov 29, 2010 2:11pm Nov 29, 2010 2:11pm
Quoting john225
Was the PA signal the Inside bar or the BEOB?
The Beob which would also be selling a break of the new low, is the best. I wouldn't be trading 4hr IBs personally. But the BEOB makes the most sense alongside with Lallous analysis

Best
Mike
  • #81,122
  • Nov 29, 2010 2:18pm Nov 29, 2010 2:18pm
Quoting mbqb11
perfect my friend , that is how I saw it too, the major trouble being 1.3 but 1.31 being where to watch off yours being a continuation play
Thanks Mike,
I only learn from the pros
  • #81,123
  • Nov 29, 2010 3:17pm Nov 29, 2010 3:17pm
Interesting, don't you think?

Or still too risky? I only see that the close is kinda above that level 11050.. the close below would be stronger. Any thoughts?
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  • #81,124
  • Nov 29, 2010 3:19pm Nov 29, 2010 3:19pm
Quoting bluetrader
Hi Geo,

I agree with Atc on this... but just sticking to the same timeframe. I highlighted the FTA on the chart (I know it's in hindsight, but do you see where price reacted to the .8515 level?). The key point with passing on this trade for me would have been the close. On this BUOB, the close only engulfed 1 bar and price failed to close above the BIG round number .8500

An additional weaknesses to the setup would also be a weak bar size.

I'm not saying this to beat you up Geo, we are all trying to learn here. Avoiding tricky setups like...
Quoting jarroo
I didn't mean to ignore them, nov. They are definitely in play here on the Daily BUOB.

The size of the BUOB is not that big and the traffic you showed is a bit heavy. It should be an easy pass.

I do like its location and how Price will react to the .8500-8450 (meaning acting as Support) will be key for me.


Should be fun to watch or demo. .
I was looking to do a followup on this Daily BUOB on the Eur/Gbp but you expressed it perfectly, Danny. Price could not find Support at the .8500-8450 levels, to say the least.

Currently, Price looks to close below the .8450 on the Daily as BEOB continuation play. I would look for the .8450 to act as Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,125
  • Nov 29, 2010 3:32pm Nov 29, 2010 3:32pm
Quoting Adilius07
Interesting, don't you think?

Or still too risky? I only see that the close is kinda above that level 11050.. the close below would be stronger. Any thoughts?
Hey Adi

I think coming off that HUGE bullish bar with such a weak close is a dead no-no how I play things. Remember bar = small part of this

Always ask yourself the story that way when we get in our reasons are very clear and then we can follow through with the trade plan.

Best
Mike
  • #81,126
  • Edited 3:50pm Nov 29, 2010 3:40pm | Edited 3:50pm
Quoting xmzhang
Hey Jarroo, got a question for you... Today my tradingsoftware generated on most of the major pairs strong BEOB's, but the positions of these BEOB's were not at swing highs. Normally a BEOB's can be traded as a pullback pattern (@ swing high), breakout pattern (within a range) or as a continuation pattern (@ swing low. How would you classify the BEOB's in the attachements ? And is there a different trading approach between these BEOB's @ different postions ? Why are continuation BEOB's more difficult to trade ? I took all these BEOB's on a demotrade...
One on the reasons we want our Bullish PA at a swing Low and our Bearish PA at a swing High, is the Space they provide at these swing points. Space provides room for our setup to run.

Continuations setups, like an BEOB that is not at a swing High, will tend to have more traffic and have less space to allow our setup to run . . .this translates into risky.

Like Mike has expressed many times, the story of the setup needs to be pretty compelling. He looks to continuation setups to have some other supportive characteristic that agrees with the story that setup is telling.

For example . . a pattern breakout, like a wedge break out, that fits into the story of a BEOB continuation. In other words, continuation setups better have other supportive qualities then just PA at an improper swing point location.

(chart example) Note: this wedge on the Daily Eur/Gbp may not fit Mike's strict criteria for wedge formation.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,127
  • Nov 29, 2010 3:53pm Nov 29, 2010 3:53pm
Quoting g_j_hook@yah
hi ghous, nice charts as usual , hope your well.

ii was just lookin at my chart before i read your post and i also liked the chance of the touch trade this mornin. i like this kind of setup,retest of the TL,with the PPZ at the RN, plenty of momentum..

jon
Nice chart Jon.

It may be the third touch of the trendline . .but its the 1st touch of the Resistance confluence that was previous Support. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #81,128
  • Nov 29, 2010 3:54pm Nov 29, 2010 3:54pm
Quoting mbqb11
Hey Adi

I think coming off that HUGE bullish bar with such a weak close is a dead no-no how I play things. Remember bar = small part of this

Always ask yourself the story that way when we get in our reasons are very clear and then we can follow through with the trade plan.

Best
Mike
Thanks Mike, looking at it I like it less and less. But that bullish bar I thought was ok, because the bearish bars before are also strong I think. But I understand what you mean, we really need to look for much stronger setups.
I am training my patience, but slowely. Thanks.
  • #81,129
  • Nov 29, 2010 3:56pm Nov 29, 2010 3:56pm
Quoting lallous
Hello everyone,

I managed to document a trade I decided to enter today on the Eur/Usd.
I would love to hear from everyone.
Please go easy on me

Beautiful . . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,130
  • Nov 29, 2010 3:59pm Nov 29, 2010 3:59pm
Quoting james16
looks like a good crowd today.

any new folks here finding some success since my vacation started?

i see some new "faces".

welcome,

jim

Hey Big guy

Its good to see your young face.
Indicators show the past. Price Action "Indicates" the future.
  • #81,131
  • Nov 29, 2010 4:05pm Nov 29, 2010 4:05pm
stopped out!!!!

as usual!!!!


:-))))))))))))))
Don't give up
  • #81,132
  • Nov 29, 2010 4:10pm Nov 29, 2010 4:10pm
Quoting jarroo
Beautiful . . .
Thanks Jarroo

That BEOB on Eur/Gbp looks very interesting also. The 4H tf shows some nice rejection of the 0.85 BRN.
  • #81,133
  • Nov 29, 2010 4:12pm Nov 29, 2010 4:12pm
Quoting geomink
stopped out!!!!

as usual!!!!


:-))))))))))))))
Geo did you read Dannys post under yours? There were some very important points. I know this is frustrating but we only learn this way

Take care
Mike
  • #81,134
  • Nov 29, 2010 4:13pm Nov 29, 2010 4:13pm
Quoting jarroo
I was looking to do a followup on this Daily BUOB on the Eur/Gbp but you expressed it perfectly, Danny. Price could not find Support at the .8500-8450 levels, to say the least.

Currently, Price looks to close below the .8450 on the Daily as BEOB continuation play. I would look for the .8450 to act as Resistance.
I had this on the watch list from earlier in the day. But I needed a close under the previous swing there to consider it personally.

8500 has been a fun area though

Mike
  • #81,135
  • Nov 29, 2010 4:19pm Nov 29, 2010 4:19pm
Quoting mbqb11
I had this on the watch list from earlier in the day. But I needed a close under the previous swing there to consider it personally.

8500 has been a fun area though

Mike
Did you see my Daily wedge on the Daily Eur/Gbp? . . .too much form fitting there?
Indicators show the past. Price Action "Indicates" the future.
  • #81,136
  • Nov 29, 2010 4:23pm Nov 29, 2010 4:23pm
Quoting jarroo
Did you see my Daily wedge on the Daily Eur/Gbp? . . .too much form fitting there?
Yeah a bit for me Jim. Not that I don't agree we are wedging up cause we are. But to pull the trigger on. I still actually think that the area is good enough that if it closed down below the lows, price has no where to go in this situation.

Just my way of being picky of course

Mike
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  • #81,137
  • Nov 29, 2010 4:27pm Nov 29, 2010 4:27pm
Quoting mbqb11
Yeah a bit for me Jim. Not that I don't agree we are wedging up cause we are. But to pull the trigger on. I still actually think that the area is good enough that if it closed down below the lows, price has no where to go in this situation.

Just my way of being picky of course

Mike

That looks much better . .clearer. The squeezy could be on.
Indicators show the past. Price Action "Indicates" the future.
  • #81,138
  • Nov 29, 2010 4:30pm Nov 29, 2010 4:30pm
Quoting lallous
Thanks Jarroo

That BEOB on Eur/Gbp looks very interesting also. The 4H tf shows some nice rejection of the 0.85 BRN.
Yes some good rejection on the 4 hour

I should just stay with the basics. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #81,139
  • Nov 29, 2010 5:08pm Nov 29, 2010 5:08pm
Quoting jarroo
One on the reasons we want our Bullish PA at a swing Low and our Bearish PA at a swing High, is the Space they provide at these swing points. Space provides room for our setup to run.

Continuations setups, like an BEOB that is not at a swing High, will tend to have more traffic and have less space to allow our setup to run . . .this translates into risky.

Like Mike has expressed many times, the story of the setup needs to be pretty compelling. He looks to continuation setups to have some other supportive characteristic that agrees with the...
Yes I see, so looking at the posted chart of the E-C, the triangle would then complete the story of the BEOB-continuation setup.
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Pipcrawler
  • #81,140
  • Nov 29, 2010 5:27pm Nov 29, 2010 5:27pm
Quoting Pinbar
Maybe a Trading station platform broker.
Quoting Jey
FXCM provides a trading station platform, fantastic to trade.
Tradestation != Trading Station. One is a professional level futures (and everything else under the sun) trading platform, the other is just some junky inhouse margin fx broker software.

MT4 has its quirks, for sure, but it is better than most of the other 'free' solutions out there. As always, you generally get what you pay for

Quoting Adilius07
I read somewhere on the FF, that when something like this happens with Oanda they will promptly return all the money back, if you complain immediately.
Should be the same with IBFX no?
Any reputable broker will scrub the trades if it is a data glitch. If they dont, then you need a new broker.

Quoting Adilius07
If this kind of things are ok with brokers, and one can loose money from such invalid charting glitches we really do nothing but gambling here. This is not serious.
Welcome to the world of offexchange margin fx trading. You are talking about an industry built on giving massive leverage to people with $50 accounts with the promise that 'trading the aussie is easy', and where the profits of many players are directly correlated with how much their clients lose.

Most people dont even realise that they dont actually have a broker.

I wont even bother starting on spreadbetting and CFDs.


Quoting Oldice
Chasing the market? Yes. But this is a demo trade; I want to see what happens.
Slippery slope, my friend. Slippery slope.

Quoting PhAnTi'
actually, there aren't any gaps, gaps a information lacks of your broker, so gaptrading is a myth and gaps as well.... markets are open 24/7,
No they arent. And even if they were, whether the 'markets' are open is irrelevant if your broker isnt.

Quoting PhAnTi'
There is no big vola in december, actually most of the traders trade 10-11 months a year and enjoy the christmas time with their families and make some vacations
*looks around* uhm..

Quoting PhAnTi'
markets will get smooth next few weeks until new year
That's actually the opposite of why people recommend skipping lower volume periods.
When you have to shoot, shoot. Dont talk.
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