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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

  • #85,681
  • Jan 14, 2011 12:13am Jan 14, 2011 12:13am
Quoting the_wizard
Gold is one of the main markets on my radar tomorrow.

I've got a limit sell at 1377.5.
You and me both brotha Like you never "left"

I have it as a breakout and pullback


Hope all is well with you and yours bud

Mike
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  • #85,682
  • Jan 14, 2011 12:14am Jan 14, 2011 12:14am
Quoting crusen
First post here.

I believe my style of trading is very similar to many people here from what I've read here. Don't really know some of the acronyms used here yet but seems like everyone's really helpful.
Love trading, learning and teaching.

Here's one on the radar:
Welcome Cru

I love your simple clean chart.

I am looking right aroudn this former support area and 1.6 BRN(big round number as I have called them)

Hope you post more we will all love it

Mike
  • #85,683
  • Jan 14, 2011 12:15am Jan 14, 2011 12:15am
Quoting g_j_hook@yah
i see your point about the 9650 price but if you look at the box iv drawn covering the recent ranges the BEOB didnt close below that and is still moving within that range. imho it would be a much stronger signal if the BEOB closed below that ranges lows.
Right, I'm with you. I see it now on the 4hr chart. That makes sense. Thanks for the chart.

Dean
  • #85,684
  • Jan 14, 2011 12:16am Jan 14, 2011 12:16am
Quoting g_j_hook@yah
i dont think so. i think some of these bars have been termed pin bars by proxy if there are previous bar h/ls to use as a marker to measure against the o/c of the pin bar. A pin bar needs to close within the previous bars o/c to be a technically correct pin bar

jon
Hey Jon

That is something very unofficial that someone made long ago(not official j16). For a pinbar it only has to be withing the priors bar High to low. I do agree with you that when it is within the open/close it is much stronger. But technically j16 speaking it does not.

Welcome PKmurph
  • #85,685
  • Jan 14, 2011 12:36am Jan 14, 2011 12:36am
sysco breakout of the channel. closing nearly at dayhigh. could move higher now...
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meine augen sind die sterne
  • #85,686
  • Jan 14, 2011 12:37am Jan 14, 2011 12:37am
rimm: pinbar at a swing high. pro: macd divergence, resistance. contra: uptrend since august 20100.
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meine augen sind die sterne
  • #85,687
  • Jan 14, 2011 12:39am Jan 14, 2011 12:39am
Quoting mbqb11
Hey Jon

That is something very unofficial that someone made long ago(not official j16). For a pinbar it only has to be withing the priors bar High to low. I do agree with you that when it is within the open/close it is much stronger. But technically j16 speaking it does not.

Welcome PKmurph
ahha, thanks Mike, my bad. (i had to look at my charts to answer that LOL) I have always considered the bars valid if the close is very close to the previous bars open/close but not if it is a bit far away. i stand corrected.
Just how important do you see the close of the bar?? i know it will depend on the setup/story but a generel view would be good
PATIENCE... DISCIPLINE
  • #85,688
  • Jan 14, 2011 12:39am Jan 14, 2011 12:39am
and one more pinbar on lockheed martin...
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meine augen sind die sterne
  • #85,689
  • Jan 14, 2011 12:42am Jan 14, 2011 12:42am
dnr: returning in the channel and forming a beob. will likely run to the other side of the channel.
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meine augen sind die sterne
  • #85,690
  • Jan 14, 2011 1:18am Jan 14, 2011 1:18am
Quoting g_j_hook@yah
hi pkmurphys, i agree that this is a good level to look for a trade setup but
strictly speaking this is not a pin bar, we need the close to be inside the previous bars open/close. Also as you mentioned we would want a bigger bar as comparatively it is not too big, it looks more like an indecision bar or that momentum is fading.
The daily open/close price plays an important role in price movement and a close below that price(and the previous days open/close)shows the bears ended the day in control. When the bar closes above(in the case of bearish...

ok thanks for your thoughts, and the pinbar attachments, very helpful.
  • #85,691
  • Jan 14, 2011 2:03am Jan 14, 2011 2:03am
Quoting KissFan
Looking at euro. Will this be a blow off top or just a rest area for 1.3500 to 1.3700? I have 13 pips to my name on the short side now but am keeping my mind open. What an amazing run today. I thought we'd have to wait through the weekend before price touched the upper TL.

K.I.S.S.

Cool charts Rog . . .
Indicators show the past. Price Action "Indicates" the future.
  • #85,692
  • Jan 14, 2011 2:07am Jan 14, 2011 2:07am
Quoting g_j_hook@yah
hey MustardPlug, about time too!!
the main problem i see with this set up is the fact that it is running right into support (as you mentioned) at 95.50-96.00, then again at 95.00. We also have price ranging for the last few days and the bar comes within that range so doesnt stand out to me as a reversal bar?? imho the bar doesnt have the strength to convince me it wont bounce right off those FTAs.

just my view..

jon
Hey Jon

Do you see this bar as a BEOB? Agree with your assessment that FTA is not far away but do you think this could be a J16 himself classic move in terms of 'take kwik profits at FTA?'
  • #85,693
  • Jan 14, 2011 2:12am Jan 14, 2011 2:12am
Quoting ghous
As jarroo stated the Ej IPB was not tradable in my book because of the size factor.

To add to what jarroo said regarding the low/high of the IPB marking the swing high/low, here's a chart of Usd/Cad daily.

Notice we have an IPB (or a bar that looks like one) except that its not really at a swing low. As a result taking such a bar and placing a tight stop below the low of the IPB is not exactly playing safe, because then you're sitting at your hands hoping price won't look to test the actual swing low marked by the lowest bar low.

This...

Great examples g.
Indicators show the past. Price Action "Indicates" the future.
  • #85,694
  • Jan 14, 2011 2:19am Jan 14, 2011 2:19am
Quoting ghous
As jarroo stated the Ej IPB was not tradable in my book because of the size factor.

To add to what jarroo said regarding the low/high of the IPB marking the swing high/low, here's a chart of Usd/Cad daily.

Notice we have an IPB (or a bar that looks like one) except that its not really at a swing low. As a result taking such a bar and placing a tight stop below the low of the IPB is not exactly playing safe, because then you're sitting at your hands hoping price won't look to test the actual swing low marked by the lowest bar low.

This...
Thanks mate.

Very helpful indeed.
  • #85,695
  • Jan 14, 2011 2:26am Jan 14, 2011 2:26am
Hey Jarroo

Just wanted to ask your opinion of this BEOB on U/CHF. Do you think it is worth taking a quick trade and getting out at nearby bar low support around 9550? What you might call a quick scalp type trade?

Kal
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  • #85,696
  • Jan 14, 2011 2:27am Jan 14, 2011 2:27am
Quoting g_j_hook@yah
yeah, this is where we would look for PA confirmation of the break. i also think this was close enough to be a valid setup if all else is well. I couldn't say for sure but in my experience a retest as spot on as this is a good sign. in these breakout situations a drop/retrace too low into the broken PPZ can often be a sign of weakness, so a quick reaction from that level is what i personally want. A strong break is always the best break and so a quick bounce off the level is a good sign to me, when price starts dawdling around this level it can...


I like this post very much jon . .good stuff . .
Indicators show the past. Price Action "Indicates" the future.
  • #85,697
  • Jan 14, 2011 2:37am Jan 14, 2011 2:37am
Quoting Kalbar
Hey Jarroo

Just wanted to ask your opinion of this BEOB on U/CHF. Do you think it is worth taking a quick trade and getting out at nearby bar low support around 9550? What you might call a quick scalp type trade?

Kal

Hey Kal.


Its not a bad setup . .I would have liked the High of the BEOB to be the Highest high of the swing high . .say that three times fast. lol

Pinnish looking BEOB . .you got to love those. . .I know I do.

There's a FTA right infront (blue line) and entry below that level and a strong break would keep me in it. . . meaning I would consider this more that a scalp. . . and I like your .9550 target.
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Indicators show the past. Price Action "Indicates" the future.
  • #85,698
  • Edited 3:05am Jan 14, 2011 2:45am | Edited 3:05am
Quoting spookie94
I saw this as a Mike breakout trade on the daily. Drop down to the 4h and 1h for PA conformation. Would this BOUB qualify or is it better to have a touch off that S/R level?

Touch trades can be a very smart play but imo I like the PA confirmation.

But . . . let me post this chart from James16, you can see what happened days later. .practise, practise, practise
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Indicators show the past. Price Action "Indicates" the future.
  • #85,699
  • Jan 14, 2011 2:48am Jan 14, 2011 2:48am
Jarroo

I must be doing something right as I have placed an order just below the FTA you mentioned!!! Now we will see if it is triggered - just want to ask why you would have liked the BEob to be higher?

Thanks,

kal
  • #85,700
  • Edited 3:07am Jan 14, 2011 2:51am | Edited 3:07am
Quoting spookie94
I saw this as a Mike breakout trade on the daily. Drop down to the 4h and 1h for PA conformation. Would this BOUB qualify or is it better to have a touch off that S/R level?

I also like to put a line at the highest close of this break out area (green line) to see if it holds. Its a level where Price could not close above. . . we shall see.


Notice the 1st time back on the lower times frames, 4 hour and Hourly. 63.50 and 63.30.
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Indicators show the past. Price Action "Indicates" the future.
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