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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

  • #82,341
  • Dec 13, 2010 7:08am Dec 13, 2010 7:08am
Quoting xmzhang
Just sold the Guppy, entry off the 5m-TF via a PB @ previous 4H-bar low ....... Also looking to sell the U-J, still waiting for some bearish PA on the lower TF .......
Hi xmz,

I was also looking at this setup, its a very nice BEOB engulfing a nice number of bars with a rejection of the 133 area but the thing that stopped me from taking this trade was the traffic we´ve got below, around 132-131.70 (Chart attached)

Let me know what you think...

Os.
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Trade Smart
  • #82,342
  • Edited 7:25am Dec 13, 2010 7:08am | Edited 7:25am
Quoting Pinbar
IBs are neither bearish nor bullish, it is which way they break that determines the direction of the trade.

I also feel, IBs are better traded when their backs are to the wall, like a BRN, strong PPZ above or below them etc.
Thanks, PB. I've been confused about how to trade IBs for a while; I know i read about this in the early posts, but it's gotten lost in my mind. So we trade them as breakouts? And by "backs to the wall", you mean trading them in the opposite direction from a BRN, etc, assuming they break in the right direction?

Thanks,

--Dave

Edit: Hey PB, I'm not sure you're right about the "neither bullish nor bearish". Take a look at the following Ghous post, where he distinguishes between bullish and bearish IBs: http://www.forexfactory.com/showpost...ostcount=17570

Am I reading him correctly? I agree that it's in the nature of an IB to "swing both ways" but he seems to put emphasis on the close of the IB as a factor in whether to take it or not; i.e., if bias is bearish, then a bullish close on the IB would detract from the quality of the setup, whereas a bearish close would be one more factor in its favor. What do you think?

Your second comment seems completely in line with what Ghous describes; so it's just the "bullish/bearish" issue I'm trying to get clarity on. Thanks!
  • #82,343
  • Dec 13, 2010 7:10am Dec 13, 2010 7:10am
i am in this one
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  • #82,344
  • Dec 13, 2010 7:38am Dec 13, 2010 7:38am
Quoting Osman
Hi xmz,

I was also looking at this setup, its a very nice BEOB engulfing a nice number of bars with a rejection of the 133 area but the thing that stopped me from taking this trade was the traffic we´ve got below, around 132-131.70 (Chart attached)

Let me know what you think...

Os.
True, support lies in the 13170-13200 zone, but it al depends on ones trading objective/intention. As this is a countertrend trade, my objective is to take a quick profit at the mentioned support zone, I need some pocket money I already closed 1/2 of my position and hope to close my remaining position at 13200-ish, if guppy gets there ....... I also sold U-J for the same purpose, entry off the 10m-TF via a BEOB @ previous 4H-bar low, final target @ 8375-ish ......
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Pipcrawler
  • #82,345
  • Dec 13, 2010 8:23am Dec 13, 2010 8:23am
Quoting jarroo
Usd/Chf daily PB update. 1st target hit.

2nd target hit.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,346
  • Dec 13, 2010 8:24am Dec 13, 2010 8:24am
Quoting Osman
GM guys,

Anybody took this ? I personally missed it

Very nice 4hr setup on G/CHF
Big strong BEOB engulfing 10 bars, close below 1.55
365 ema above.
50% of previous down move

Os.
Fantastic!

It was the story here that makes it so friggin' cool!

Nice...

g.
I believe . . .
  • #82,347
  • Dec 13, 2010 8:25am Dec 13, 2010 8:25am
Quoting Osman
GM guys,

Anybody took this ? I personally missed it

Very nice 4hr setup on G/CHF
Big strong BEOB engulfing 10 bars, close below 1.55
365 ema above.
50% of previous down move

Os.
Hey Os

That was a nice trade you spotted there - I would have taken it but did not spot it. A nice downtrend line as well and a good TP1 with the daily PPZ. All in all a good prob setup I would say.

Kal
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  • #82,348
  • Edited 8:55am Dec 13, 2010 8:37am | Edited 8:55am
Quoting xmzhang
True, support lies in the 13170-13200 zone, but it al depends on ones trading objective/intention. As this is a countertrend trade, my objective is to take a quick profit at the mentioned support zone, I need some pocket money I already closed 1/2 of my position and hope to close my remaining position at 13200-ish, if guppy gets there ....... I also sold U-J for the same purpose, entry off the 10m-TF via a BEOB @ previous 4H-bar low, final target @ 8375-ish ......

I see your liking the previous bar Highs/Lows of Outside Bars, xmz . .very nice.

I caught that one too . .Usd/Jpy 4 Hour BEOB, previous bar Low.

The weekly has been telling this story for some time now. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #82,349
  • Dec 13, 2010 8:44am Dec 13, 2010 8:44am
Quoting xmzhang
Just sold the Guppy, entry off the 5m-TF via a PB @ previous 4H-bar low ....... Also looking to sell the U-J, still waiting for some bearish PA on the lower TF .......
Closed both trades near the high of previous daily BUOB's on both pairs for a total of 135 pips, I won't be needing pocket money for the next couple of weeks ........
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Pipcrawler
  • #82,350
  • Dec 13, 2010 8:45am Dec 13, 2010 8:45am
Quoting Oldice
Thanks, PB....
IBs can be bearish and bullish yes.

an IB by definition is obviously a bar that get's engulfed by the previous bar. Thing is if you go looking for such bars, you'll end up over trading because IBs by definition are everywhere and at the end of the day you'll have a bunch of long and short orders on your charts waiting for either end of the IBs to break. That you obviously don't want. You need a filter that will help you take only the strong ones.

One way to do that is to obviously look for confluence (S/R flips/PPZs, fibs, BRNs, MAs). Additionally the close matters a lot for me. For a pair that is showing bearish divergence, is giving up on momentum and is rounding up at a BRN, (hence a good bearish story) makes up for a great location for a bearish IB - i.e an IB by definition with a small bearish body and close below the open.

Now again given the location perhaps even an indecision bar at such a location might do, which is why for me "A lot depends on the ongoing story"

That said, nothing catches my eye on the Eu daily. I see an IB yes, but just like any other solidly located PA bar, the "story" is missing.

I am back after a long day at uni, so hopefully I made sense here, do let me know if I don't.

g.
I believe . . .
  • #82,351
  • Dec 13, 2010 8:46am Dec 13, 2010 8:46am
Quoting Pinbar
Thanks but, they are reconstructed J16 charts.

That is why they are GREAT, for SURE.

I think James16 has totally rewired his mind and he actually sees charts like that, you know like a composer can hear the notes from just looking at the score.

The Big Guy is something else for sure.

That's true . . but you added where Price closes above or below . . . that is key, my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #82,352
  • Dec 13, 2010 8:46am Dec 13, 2010 8:46am
Quoting jarroo
2nd target hit.
Jarroo at work?...hmm...Yummy treat!



g.
I believe . . .
  • #82,353
  • Dec 13, 2010 8:49am Dec 13, 2010 8:49am
Quoting ghous
Jarroo at work?...hmm...Yummy treat!



g.

I managed this one old school style . . like an "A+" setup . .working out nicely.
Indicators show the past. Price Action "Indicates" the future.
  • #82,354
  • Dec 13, 2010 8:49am Dec 13, 2010 8:49am
Quoting jarroo
I see your liking the previous bar Highs/Lows of Outside Bars, zmx . .very nice.

I caught that one too . .Usd/Jpy 4 Hour BEOB, previous bar Low.

The weekly has been telling this story for some time now. . .
Thanx J, I always forget to watch the weekly TF before I enter a trade, in the U-J this would have added more confidence to the trade

BTW, it's xmz
Pipcrawler
  • #82,355
  • Dec 13, 2010 9:03am Dec 13, 2010 9:03am
Quoting xmzhang
Thanx J, I always forget to watch the weekly TF before I enter a trade, in the U-J this would have added more confidence to the trade

BTW, it's xmz

Ooops sorry about that xmz . . lol


The weekly can add a lot of confidence to a lower TF setup, as you well know, xmz.

I sure you could have found something on the lower TFs with this BUOB on the Weekly Chf/Jpy. ..
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Indicators show the past. Price Action "Indicates" the future.
  • #82,356
  • Dec 13, 2010 9:04am Dec 13, 2010 9:04am
eurcad has just hit FTA.SL at BE and partial closed.The decision trade was based upon weekly and daily analyse.
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Nothing personal,just business
  • #82,357
  • Dec 13, 2010 9:12am Dec 13, 2010 9:12am
Quoting jarroo
Ooops sorry about that xmz . . lol


The weekly can add a lot of confidence to a lower TF setup, as you well know, xmz.

I sure you could have found something on the lower TFs with this BUOB on the Weekly Chf/Jpy. ..
Excellent examples Jaroo !!
Trade Smart
  • #82,358
  • Dec 13, 2010 9:15am Dec 13, 2010 9:15am
Only 9 pages left and we hit an BRN ;-)
  • #82,359
  • Dec 13, 2010 9:16am Dec 13, 2010 9:16am
Something to watch on the Eur/Gbp

Let me know how it goes guys . .

gotta go.

Later

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #82,360
  • Dec 13, 2010 9:16am Dec 13, 2010 9:16am
Quoting jarroo
Ooops sorry about that xmz . . lol


The weekly can add a lot of confidence to a lower TF setup, as you well know, xmz.

I sure you could have found something on the lower TFs with this BUOB on the Weekly Chf/Jpy. ..
Are you referring to my post about the C-J of two weeks ago ? Yes, I was looking for a buy PA on the lower TF to enter that weekly BUOB, but price didn't gave me a clear PA for quite some time so I lost interest, I don't want to wait that long for a entry ....... maybe I should be more patient
Pipcrawler
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