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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

  • #82,461
  • Dec 14, 2010 12:41pm Dec 14, 2010 12:41pm
Quoting dmc
Now, what I want to stress to newer traders is that you can learn all of these things about picking a good entry point but the next part of the puzzle, and probably more importantly is identifying your FTA(First Trouble Area) and understanding the power of support and resistance....

Please just understand that it is not all about the entry and that managing the trades comes with hours of screen time. .

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This is a great post. I'm currently reading Van Tharp, Trade Your Way to Financial Freedom, and he places a lot of (if not most) interest on exits.

All you have to do is look at charts and this is everywhere. A strong exit strategy can turn a poor entry into a good trade, or a great entry into a poor trade.

I know this is probably my biggest short coming right now and will be a big focus for the foreseeable future. I have been so focused on identifying S/R to enter trades that I haven't been giving that same focus to managing/exiting. I either don't see trouble and get a suprise...or to me even worse, see it but don't react when it gets there.

It took me several times of reading, but I now fully understand what Mike and others mean when they say "you simply can't take a full bar loss in this situation."
  • #82,462
  • Dec 14, 2010 1:18pm Dec 14, 2010 1:18pm
Quoting dmc
Just a quick rant post as we are quickly approaching year end.

Attached is the GBP/AUD Daily BUOB that formed last week. (sorry if the chart isn't great, I do not have access to my MT4.)

I took this bar along with a few other members on the forum. I am posting this today because if you did not use the methods J16 teaches here you may have finally been stopped out for a full bar loss. Something we definitely dont want to happen often.

I took this trade. It had quite a few things going for it. Large Bar, Good strong close above the 1.60 and...

great post bud!
  • #82,463
  • Dec 14, 2010 1:37pm Dec 14, 2010 1:37pm
interesting situation on gbp/chf. price is floating around a resistance area (ckeck weekly and daily tf). i would love to see a pinbar into fresh ground with a strong close.
meine augen sind die sterne
  • #82,464
  • Dec 14, 2010 1:49pm Dec 14, 2010 1:49pm
Could anyone help me to identify if the pinbar that is forming on the 4h gbpnzd is a valid/good or is there too much traffic above .
Thanks
  • #82,465
  • Dec 14, 2010 1:56pm Dec 14, 2010 1:56pm
Quoting grahamec
Could anyone help me to identify if the pinbar that is forming on the 4h gbpnzd is a valid/good or is there too much traffic above .
Thanks
it is right at a ppz with a round number and resistance.
i would take this trade after a break of the 2.10
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meine augen sind die sterne
  • #82,466
  • Dec 14, 2010 2:05pm Dec 14, 2010 2:05pm
Quoting aserbfx
it is right at a ppz with a round number and resistance.
i would take this trade after a break of the 2.10
Thanks aserbfx
I see the ppz and the 21000 what do you think about consolidation area it would be heading for ?
Thanks for your time
  • #82,467
  • Dec 14, 2010 2:06pm Dec 14, 2010 2:06pm
Quoting bluetrader
The location sure is nice chap. Also nice to have the monthly BEOB on your side.

We'll see how she closes.


-- Danny
If it closes below the 61.8 fib it just bounced off and the 150 EMA it would be tasty.

Here we have a BEOB on the monthly, a bullish PIN on the weekly and now a bearish PIN on the daily - this pair is confused
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Anything can happen.
  • #82,468
  • Dec 14, 2010 2:18pm Dec 14, 2010 2:18pm
I took AUD/JPY this morning on yesterday's (could have been stronger) break and close above the 83.00 PPZ.

Hopefully I might get a chance to do that 2 bar trailing stop thing

The divergence is a bit of a concern although it seems to be trending up.
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Anything can happen.
  • #82,469
  • Dec 14, 2010 2:38pm Dec 14, 2010 2:38pm
Quoting grahamec
Thanks aserbfx
I see the ppz and the 21000 what do you think about consolidation area it would be heading for ?
Thanks for your time
sorry, i don't understand your question...
do you mean what may happen if price is entering the (blue) box above?
well it will be very likely ranging there. see last breakout...
this is my personal view. it can be right or ...
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meine augen sind die sterne
  • #82,470
  • Dec 14, 2010 2:49pm Dec 14, 2010 2:49pm
Quoting aserbfx
sorry, i don't understand your question...
do you mean what may happen if price is entering the (blue) box above?
well it will be very likely ranging there. see last breakout...
this is my personal view. it can be right or ...
Thanks aserbfx
I was wondering if that area (blue box ) would be a reason not to take the trade
  • #82,471
  • Dec 14, 2010 3:02pm Dec 14, 2010 3:02pm
Quoting grahamec
Thanks aserbfx
I was wondering if that area (blue box ) would be a reason not to take the trade
hmm, i think we gonna see this now for ourselves ...

*************
apart from this...
what really helps me is to have 4 different mt4-closing times (and therefore every hour a close of h4-candle). i draw s/r and other chart patterns for every mt4 on itself and compare them later. a great way to learn... imho.
meine augen sind die sterne
  • #82,472
  • Dec 14, 2010 3:09pm Dec 14, 2010 3:09pm
Quoting aserbfx
hmm, i think we gonna see this now for ourselves ...

*************
apart from this...
what really helps me is to have 4 different mt4-closing times (and therefore every hour a close of h4-candle). i draw s/r and other chart patterns for every mt4 on itself and compare them later. a great way to learn... imho.
Thanks once again, I might try that idea with the 4 MT4s plenty of practice
  • #82,473
  • Dec 14, 2010 3:16pm Dec 14, 2010 3:16pm
Hey Kal !

Thx for your kind words but im still on the way ... have to work more in the " story" of the setup.

My trading has improved drastically since I joined this thread, senior posts are gold.. James16, Mike, Ghous, Jaroo, joelfc, bluetrader ect.. (sorry if ive missed anyone)

A big thanks to Mike, for taking the time to answer all my Pms, his videos and webinars on the PF (which I recommend to everyone) are excellent, they have really helped me A LOT.

Os.

Quoting Kalbar
Hey OS

you def have the eye for spotting good setups my friend - this looks like another one and your charts are nice too. This trader(learner) for one loks forward to your posts!

cheers

kal
Trade Smart
  • #82,474
  • Dec 14, 2010 3:25pm Dec 14, 2010 3:25pm
Quoting HanSolo
I23B on weekly EURCHF. First time a weekly bar closed below the BRN. Also notice the low at the end of june that may very well act as resistance now.
I wonder if this would be a viable setup for an experienced IB trader. Or are IBs not that reliable at the end of the year? Any comments very appreciated.
Quoting jarroo
Sorry about that Hans and thanks ppfx for the info.


Dan Gilbert (username) and others have noticed this interesting setup where an I4B or I4+B (more than 4 bars) occurring at BRNs can provide a robust move.

It combines the I4B, that James16 talks about, and the importance of the BRNs that Mike has show throughout this thread.

They don't occurr often but when they do, its something to keep an eye on . .

There you go Hans. The I4+B (I23B) on the Weekly Eur/Chf.

This one shows the beauty of this setup, meaning how the I4B is aligned with a BRN, 130.00.

The stop loss placement, like with all IBs, is at the opposite end of the I4B. But you can gauge the setup by how Price reacts to the BRN. In this case, the 130.00 acted as Resistance. You can see on the Daily, no bar closed above the 130.00.


Ideally we would like to see them break hard and never look back, but this one came close and made sense why it did, what it did.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,475
  • Dec 14, 2010 3:41pm Dec 14, 2010 3:41pm
any idea about this daily pb?
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meine augen sind die sterne
  • #82,476
  • Dec 14, 2010 3:43pm Dec 14, 2010 3:43pm
and this one here , too...
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meine augen sind die sterne
  • #82,477
  • Dec 14, 2010 3:51pm Dec 14, 2010 3:51pm
Quoting Osman
Jarroo BEOB retracement on 4hr

We had a BEOB on G/CAD

 

  1. Engulfing 3 previous bar
  2. Rejection of the 1.60 level
  3. 150 ema above
  4. 50fib of the previous down move..rite in line with the 1.60 area
  5. Kinda triple top off the 1.60 area
  6. Divergence

Also we have been in a kinda box for a few days, thats why im already at B/E

We can see the candle after the beob went to retouch the lows of the engulfed bars (red line), thats a Jaroo retracement

Os.

Beau . .ti . . .ful . . Look at all those confluences . . nice.

I would also add the confluence that the Daily and Weekly bar(s) did not close above the 1.6000.


Now can you imagine Os, that you will only take setups that are just like this one. . . meaning exactly like this one. . .not one or two confluences but all of them combined that you have here.

If you do . .welcome to the trader's world of pickiness.
Indicators show the past. Price Action "Indicates" the future.
  • #82,478
  • Dec 14, 2010 4:13pm Dec 14, 2010 4:13pm
Quoting aserbfx
any idea about this daily pb?
If E-U closes as a PB, I'll be looking for a sell right back into the 13200 the bottom of the consolidation.
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Pipcrawler
  • #82,479
  • Dec 14, 2010 4:18pm Dec 14, 2010 4:18pm
Quoting Thierry
In my opinion the bar itself is nice, but i do not like the location. We are trading (on fxpro feed) right into ppz and 38.2 fib. Also the low never broke. See that BEOB at the ultimate high. That is what we realy want to see.
i agree, that other bar was a better trade, nice beob on the daily also. i also have the same PPZs as you have
i also like this one but im not liking the lack of momentum, i think it could be a continuation trade of that first BEOB if the move down continues??
heres how im seeing it


jon
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PATIENCE... DISCIPLINE
  • #82,480
  • Dec 14, 2010 4:37pm Dec 14, 2010 4:37pm
Quoting aserbfx
any idea about this daily pb?
Would have liked to see a larger push through the 1.35 area. Not much space to work with on the daily. A break should see the blue boxed area at least
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