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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

  • #82,941
  • Dec 18, 2010 3:26am Dec 18, 2010 3:26am
Quoting forex0908
1. Does I4B or I4+B mean that the latest bar is smaller than the earlier 3-4 bars AND also an IB? (I have started reading Dan's posts only recently.)
Yes. I4+B simply means that it's an inside bar AND the smallest in a range of minimum 5 bars. It does not matter if the preceding bars are also IBs or not.

Quoting forex0908
2. What do you call multiple (2 or more) IBs within a large bar. I have shown an example of EC on Weekly TF again. But this is from January 2010.
Not sure if there is a name. I would simply call them "multiple IBs within a large bar", LOL. The number between the I and the B just refers to the range of bars of which the bar is the smallest.
Thanks J16, Sam Seiden, Udine and Jacko
  • #82,942
  • Dec 18, 2010 3:38am Dec 18, 2010 3:38am
Quoting Pinbar
The weekly looks dodgy, going against that DBHLC, it may have hit its FTA but, the downtrend looks pretty serious and that daily PB like bar is not at a SL.

What are your thoughts on this GH?
It could be just a retest of the flag/channel before price starts to fall again but price was unable to breakthru last lows instead really big buy orders came into the market pushing the price higher in no time. You see DBHLC on weekly and i see pinbar on monthly chart but it is not the case for me right now. My view was short on this pair before yesterday but right now there is dollar strenght written all over the market. I will have my eyes on h4/h1 timeframes to look for some clues near the breakout area.
  • #82,943
  • Dec 18, 2010 4:10am Dec 18, 2010 4:10am
Quoting Greenhaze
It could be just a retest of the flag/channel before price starts to fall again but price was unable to breakthru last lows instead really big buy orders came into the market pushing the price higher in no time. You see DBHLC on weekly and i see pinbar on monthly chart but it is not the case for me right now. My view was short on this pair before yesterday but right now there is dollar strenght written all over the market. I will have my eyes on h4/h1 timeframes to look for some clues near the breakout area.
Thanks for the detailed opinion GH, I shall keep my eye on it.
  • #82,944
  • Dec 18, 2010 4:19am Dec 18, 2010 4:19am
the recently S&R:
1
0.9915
0.9790
0.9756
0.9720
0.9700(the currency rate)
0.9660
0.9555
0.9460
A chart helps those who can read it.
  • #82,945
  • Dec 18, 2010 4:33am Dec 18, 2010 4:33am
This is an option expiration calendar:
http://www.optionsclearing.com/about...n-calendar.jsp

Those big moves before 12:00 EST yesterday must have been related to the option expiry at this time. It is important to know about events like that.
  • #82,946
  • Dec 18, 2010 4:55am Dec 18, 2010 4:55am
Quoting jarroo
Hey d.

Mike's 2 bar trailing stop would have worked very well on this one.

I liked this one a lot mainly because it was off the Weekly BEOB's previous bar Low.

I mainly waited for the bars to close on the Daily (setup was on the Daily)to show me where to place my stop as they relate to the PPZ levels.

I see your logic with the bar not closing below the .9800 (Support) but it did close below the .9850 level (Resistance).

There were also some nice opportunities on the 4 hour that I took advantage of . . again waiting for the...
Hi Jarroo,

If you can elaborate on Mike's 2 Bar trailing stop ?

I am loving your BEOB Set-ups. Specially on the Weekly TF. They seem to occur quite frequently. And they also give you a clear idea of WHERE exactly to look for the PA that you want.

Thanks
0908
  • #82,947
  • Dec 18, 2010 5:03am Dec 18, 2010 5:03am
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A chart helps those who can read it.
  • #82,948
  • Dec 18, 2010 5:44am Dec 18, 2010 5:44am
Quoting mbqb11
THis is the most fun friday we have seen in awhile. You pick your poison

wish i held onto that euraud more though LOL
Is the blue box your final target, Mike?
  • #82,949
  • Dec 18, 2010 6:17am Dec 18, 2010 6:17am
give me your criticism。
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A chart helps those who can read it.
  • #82,950
  • Dec 18, 2010 6:23am Dec 18, 2010 6:23am
Quoting geniusztc
Notice also the significance of the 1.38 PPZ off which the 3 bar lows bounced. Notice how the pin bar is 'tucked' under the level and failed to close beyond it.

Conversely if price had been able to close above 1.38, the story would be completely different.

g.
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I believe . . .
  • #82,951
  • Dec 18, 2010 6:33am Dec 18, 2010 6:33am
Quoting ghous
Notice also the significance of the 1.38 PPZ off which the 3 bar lows bounced. Notice how the pin bar is 'tucked' under the level and failed to close beyond it.

Conversely if price had been able to close above 1.38, the story would be completely different.

g.
yes,got it .not only pin bar ,but also PPZ and round number.
A chart helps those who can read it.
  • #82,952
  • Dec 18, 2010 6:35am Dec 18, 2010 6:35am
Quoting geniusztc
give me your criticism。
Careful G,

That pin bar doesn't quite stand out (compare it with the 2W pin bar a few bars to the left.)

More importantly although the location is sweet, you cannot ignore the fact that price is in a tight congestion. Its caught up in a box and so it is lot more likely to creep up and down within the box between the close by trouble areas. You can say you're talking about a small bar with little to no space to play around with - a dangerous combo.

I say that because often when you have a good sized bar the momentum can push through near by trouble areas i.e the momentum can see through spatial concerns. On the other hand a small bar is most likely work when its got that space to allow the thin order flow to trickle through. So you see you don't have a lot to escape from in a situation where you have weak momentum (small bar) to guide you through S/R flips close by lik in the setup you just mentioned.

It obviously isn't guaranteed to not work. Being at parity, you never know what the next week would bring but we here like to deal with strong probability line ups and solid money making opportunities rather than blatant expectations.

just my rambling thoughts...

g.
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I believe . . .
  • #82,953
  • Dec 18, 2010 6:37am Dec 18, 2010 6:37am
Geniusztc, I like the false break on the IB, nice room for 1.3 target and Euro seems to be moving in 200 pip blocks once it's made its mind up, daily bar looks good, lets see if we get some momentum in the asian session, I can get my stop to break even and go to bed.
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  • #82,954
  • Dec 18, 2010 6:51am Dec 18, 2010 6:51am
Quoting Paj
Geniusztc, I like the false break on the IB, nice room for 1.3 target and Euro seems to be moving in 200 pip blocks once it's made its mind up, daily bar looks good, lets see if we get some momentum in the asian session, I can get my stop to break even and go to bed.
great. on the daily chart ,3185 may be give some resistance. and if we break 3118---3100, then 1.3 is easier to arrive .
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A chart helps those who can read it.
  • #82,955
  • Dec 18, 2010 7:04am Dec 18, 2010 7:04am
Quoting aserbfx
sdf on weekly.
rn 55 eur, 38.2% fib, resistance.
wait for bearish pa-setup and set tight sl because of probable news-spike.
Hi aserbfx
I am just curious, applying J16 stuff to trading stocks - how much different is it from trading forex? Is it harder or just the opposite? Also have you been doing this for long?
thank you
  • #82,956
  • Dec 18, 2010 7:14am Dec 18, 2010 7:14am
Quoting ghous
Careful G,

That pin bar doesn't quite stand out (compare it with the 2W pin bar a few bars to the left.)

More importantly although the location is sweet, you cannot ignore the fact that price is in a tight congestion. Its caught up in a box and so it is lot more likely to creep up and down within the box between the close by trouble areas. You can say you're talking about a small bar with little to no space to play around with - a dangerous combo.

I say that because often when you have a good sized bar the momentum can push through near by trouble...
ghous,you are right. it is weak momentum and it is in a box. if i turn to daily chart, i will get more support lines so that i have little profit zone.
thank you .
i am agree you that we just win on the probability and we should trade better opportunities.

some other thinking: i just find that EU and AU like brothers. when we wath them on the low time frame just like 5 min, we will always see they moving in the same style. isn't it ?
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A chart helps those who can read it.
  • #82,957
  • Edited 7:41am Dec 18, 2010 7:18am | Edited 7:41am
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. ..
Hi Jarroo,

We had a BUOB on the CHFJPY Weekly TF sometime back. I am assuming that you prefer to trade at 50% retracement of BUOBs / BEOBs or at previous bar high.

Now immediately when the market opened next week, we had a BEOB on Monday - i.e. Daily TF - it engulfed the Friday Bar.

It even touched the 61.8 % retracement of the Weekly BUOB. How do you deal in such a case?

I know the Weekly TF holds more weight than the daily.

But how strong a PA signal would we need (let's say at 50% retracement of the weekly BUOB or previous bar high or please suggest a better location in such cases) after such a BEOB on the daily. What else should we keep in mind?

I hope I am asking a valid question. And I agree with you the CHFJPY - even the weekly does look like an H4 chart. ...

Thanks
0908

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  • #82,958
  • Edited 7:58am Dec 18, 2010 7:36am | Edited 7:58am
Hi

We have a 2 Weekly bullish Pinbar (the nose is not really sticking out a lot though) followed by a 1 Weekly Pinbar on the USDJPY. I know it's not the usual Pinbar where the wick sticks out. The weekly Pinbar has a wick / nose which is inside the previous bar.

1. First, am I right in mixing the two time frames in the above analysis?

2. If it's okay to mix, should we be biased to look for some bullish PA next week inspite of downtrend that we have had since May 2010.

Thanks
0908

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  • #82,959
  • Dec 18, 2010 7:56am Dec 18, 2010 7:56am
Quoting Be Cool
Is the blue box your final target, Mike?
Hey BC

Yep this is where I closed them both

Best
Mike
  • #82,960
  • Dec 18, 2010 7:59am Dec 18, 2010 7:59am
Quoting forex0908
Hi Mike / Jarroo (Jim) / Pinbar / Ghous,

We have a 2 Weekly bullish Pinbar followed by a 1 Weekly Pinbar on the USDJPY.

1. First, am I right in mixing the two time frames in the above analysis?

2. If it's okay to mix, should we look for some bullish PA next week?

Thanks
0908

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i am sorry about i am not Mike / Jarroo (Jim) / Pinbar / Ghous. but if i can reply .lol.

i am not sure ,but i do not think it is a 2 days pinbar ,it is a 2 days hanging man ,and if i am not wrong ,it is a bearish PA .
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