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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

  • #81,241
  • Nov 30, 2010 8:22pm Nov 30, 2010 8:22pm
I lurk but hardly ever post. Im watching the NZDUSD now to see if it drops below .74 The daily seems to be sitting on decent support, trendline, fib level and BRN; Im not bullish nor bearish however monthy seems to be forming a pin too.
Thoughts?
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  • #81,242
  • Nov 30, 2010 8:56pm Nov 30, 2010 8:56pm
Quoting mbqb11
not much confluence just a big BEOB in a sideways market. If it was played it could be played like any other bar(that is to say if it is worth playing).

Where is price likely to go with such a traffic bar
Might have to pass this one. If I start with my SL above the BEOB and use a 2% risk I would be looking at about 2 cents a pip ( and thats rounding up ) May have to leave this one to the big dogs. For now.
  • #81,243
  • Nov 30, 2010 9:19pm Nov 30, 2010 9:19pm
Quoting mbqb11
Just a bar alone can be enough sometimes. Sometimes you have just a bar at a swing high with divergence
Mike, could you give an example of situation when just a bar alone at swing high is enough to take the trade? You had me confused -i thought you said you never trade that kinda bar anymore ?
  • #81,244
  • Nov 30, 2010 9:25pm Nov 30, 2010 9:25pm
Quoting spookie94
Might have to pass this one. If I start with my SL above the BEOB and use a 2% risk I would be looking at about 2 cents a pip ( and thats rounding up ) May have to leave this one to the big dogs. For now.
Yep, I looked at it more, and the overall size of the bar, and the traffic close below, I decided to pass on trading directly off the Monthly chart.

Most likely there will be some sort of pull back, and a much clearer opportunity to go short. And at that point, I will then look for my TP of 1.2000.

Or maybe it will drop like a rock and I will miss out. In this case, well I missed it.
  • #81,245
  • Nov 30, 2010 9:34pm Nov 30, 2010 9:34pm
Quoting Be Cool
Mike, could you give an example of situation when just a bar alone at swing high is enough to take the trade? You had me confused -i thought you said you never trade that kinda bar anymore ?
sue BC

I am open to any/all situations If I think it's a high probability spot I am all for it

Here is just a huge beob at a swing high not much else to say about it

Best
Mike
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  • #81,246
  • Edited 9:53pm Nov 30, 2010 9:34pm | Edited 9:53pm
I know this is serious counter trend but, I am looking at it as a study of support and resistance of even a bar at a swing high.

I am not going to take this but, I am wondering if even a bar like this having a good location as in this case, being off the monthly PPZ, the open and close being above parity, can make it to the FTA which is where I am going to be looking for bearish PA.
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  • #81,247
  • Nov 30, 2010 10:35pm Nov 30, 2010 10:35pm
Quoting Pinbar
Nice monthly GBP/NZD PB.

Almost a double low and off the 2.0300 area.

Maybe we will see some daily setups once we get past the 38.2 & the 2.1000 BRN
I noticed this one earlier too. After looking at it several times it seems like it might be played better off the daily for my style. It seems to be one of those pairs which can move 200 pips in both directions on the same day. Wouldn't want to be caught napping with a position on the monthly. I don't think I could stomach the draw down.
  • #81,248
  • Nov 30, 2010 10:36pm Nov 30, 2010 10:36pm
Quoting TheSnowman
Here is the DEMO account trade I am referring to, signal taken from the Bearish Engulfing Bar formed on the weekly chart, that is my interpretation anyway . Friday's low is 130.834 on my data.

Sold at 130.830 with 50 pip Sl and 100 pip TP - it was hit while I was out, other wise I would have moved it down, I may re-enter on a pull back. Profit was 1,249.51, sure was nice to see those number going up in the account, also short EUR-GBP and AUD-USD on similar signals
Nice one, Snowman, and sorry to misunderstand; thought we were looking at the same trade!

--Dave
  • #81,249
  • Edited 11:04pm Nov 30, 2010 10:43pm | Edited 11:04pm
Quoting spookie94
I noticed this one earlier too. After looking at it several times it seems like it might be played better off the daily for my style. It seems to be one of those pairs which can move 200 pips in both directions on the same day. Wouldn't want to be caught napping with a position on the monthly. I don't think I could stomach the draw down.

Yeah, it is just a study in these types of bars, the FTA etc.


I am just hammering this into my head and working on keeping it simple.
How hard it is to make it simple, yet it is really simple. For me, that is the Dilemma. I am trying to get my eye to see these things.


EDIT: Wrong daily chart.
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  • #81,250
  • Nov 30, 2010 10:54pm Nov 30, 2010 10:54pm
Quoting mbqb11
sue BC

I am open to any/all situations If I think it's a high probability spot I am all for it

Here is just a huge beob at a swing high not much else to say about it
So if it's a huge PA bar compared to previous bars being at swing high/low it is ?????k to trade by itself without any other confluence factor. Am I right?
  • #81,251
  • Nov 30, 2010 11:17pm Nov 30, 2010 11:17pm
Quoting Adilius07
It is a historical day for me today!!! First time in my life I am going to take a trade from Monthly chart!!! No more 2 min TF's.. haha I'm excited!!!

http://cdn.forexfactory.com/attachme...1&d=1291149353
Welcome home!
I believe . . .
  • #81,252
  • Nov 30, 2010 11:22pm Nov 30, 2010 11:22pm
Quoting Be Cool
So if it's a huge PA bar compared to previous bars being at swing high/low it is ?????k to trade by itself without any other confluence factor. Am I right?
That is confluence in my eyes , Momentum change, bar size, Space etc Confluence is just multiple factors. Factors are what we define as the trader(which varies)

Mike
  • #81,253
  • Dec 1, 2010 12:29am Dec 1, 2010 12:29am
Quoting xmzhang
This trade is really going my way, I sold the N-J last week on a pullback of a 4H-BEOB via a 30m-BEOB. Look how we started with a 4H-BEOB, then price gave us a daily BEOB and finally price gave us last week a weekly BEOB That 30m-BEOB gave me the most optimal entry point for this shorttrade, no or a very small drawdown that's what I prefer. Today price broke below the weekly BEOB and is heading for RNB @ 6200. Currently 271 pips profit on my remaining 1/2 position and closed first 1/2 position for a 175 pips of profit. SL currently @ the low of...

I do like this appraoch xmz. Playing smaller TF PA in confluence with a Higher TF PA . . .both of course, being bearish or bullish. The key is always the qualilty of the higher TF PA your're confluencing with. . .and the Nzd/Jpy 4 Hour BEOB fits; big size, BRN (65.00), etc.

I like how the 4 Hour BEOB cuts through a couple of Daily Highs (make that Weekly Highs) (purple lines). . .and when the Hourly and 30min BEOB forms off those Daily/Weekly highs as well . .what can I say . .it makes for a pretty good story.


PA Rules! . . .and so do Big Bars.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,254
  • Dec 1, 2010 12:44am Dec 1, 2010 12:44am
Quoting xmzhang
Price has hit my buy limit @ 6200 and closed my remaining position. At 6200 there's some support confluence via a up-TL, 50% retracement and 150 SMA also previous consolidation could also provide some support.

Looks like its heading for the 61.50. Nice strong PPZ level there.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,255
  • Dec 1, 2010 12:48am Dec 1, 2010 12:48am
Quoting john225
Where is Ace? I´m missing his nice videos ;-)

Me too . . . Don't know where he's been . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,256
  • Dec 1, 2010 12:56am Dec 1, 2010 12:56am
Quoting mbqb11
Hey Decentchap

Be careful with these. That bar is very small in relation to the strong bearish bars. Price hit the BRN of 1.55 and has "stalled" this is forming what looks like a pin by definition but the size would have me thinking of it as a small stall rather then true buying. These often do make the FTA(previous bar high) but will get quickly run back over by the sheer momentum of the downside

Best
Mike
I'm starting to think those small poodle PB at the end of a big move (in this case a bullish PB) as a sell signal . .lol . . be it at the low of the poodle or at its small target, if one is there.

But the 1.5500 BRN PPZ level will get some respect.
Indicators show the past. Price Action "Indicates" the future.
  • #81,257
  • Dec 1, 2010 1:08am Dec 1, 2010 1:08am
Quoting jarroo
I'm starting to think those small poodle PB at the end of a big move (in this case a bullish PB) as a sell signal . .lol . . be it at the low of the poodle or at its small target, if one is there.

But the 1.5500 BRN PPZ level will get some respect.
It also got the fibo.38 confluence with weekly ppz
atleast a short term run to FTA(prev.bar high) will be
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #81,258
  • Dec 1, 2010 1:08am Dec 1, 2010 1:08am
Quoting Pinbar
Nice monthly GBP/NZD PB.

Almost a double low and off the 2.0300 area.

Maybe we will see some daily setups once we get past the 38.2 & the 2.1000 BRN

What can I say, Pb . . . I couldn't have said it better . .great analysis on such a choppy pair.

I like your Daily senario. . .well done, sir.
Indicators show the past. Price Action "Indicates" the future.
  • #81,259
  • Dec 1, 2010 1:14am Dec 1, 2010 1:14am
Quoting Almfx
It also got the fibo.38 confluence with weekly ppz
atleast a short term run to FTA(prev.bar high) will be
The 1.5500 is definitely a strong BRN PPZ level . . .and that FTA could well be reached. Some nice big PA would but icing on the cake for me.

Not a bad locational play, Alm.
Indicators show the past. Price Action "Indicates" the future.
  • #81,260
  • Dec 1, 2010 1:19am Dec 1, 2010 1:19am
Quoting mbqb11
sure BC

I am open to any/all situations If I think it's a high probability spot I am all for it

Here is just a huge beob at a swing high not much else to say about it

Best
Mike

I couldn't help myself . . .I had to show her again . . Nov. 2007 Weekly PB.
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Indicators show the past. Price Action "Indicates" the future.
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