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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

  • #85,881
  • Jan 15, 2011 4:37am Jan 15, 2011 4:37am
Quoting msmarple
Hello aserbfx, what Mt4 do you use for non-forex charts ? Broco, XTB or FXpro ? I was looking for a way to chart like you but I was shying away from large spread cfd charts....

BTW : Muenchener Rueck ( Buffet holds 10% ) looks good too, upcoming earnings announcement and dividends.
i use gci for mt4-charts. i am not trading any cfds, i trade the stocks directly with interactive brokers.
-------------
here is a chart of muv2.
it's in a sideways market since more than 2 years. last week with a pinbar. but a weak close and still in a ranging market.
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meine augen sind die sterne
  • #85,882
  • Jan 15, 2011 4:59am Jan 15, 2011 4:59am
Quoting Ifmyante
I don't know, Adi. it sounds like a good idea in theory. But a year ago if I had stumbled upon a site like that, I'm sure I would have thought, 'Yippee, free money', jumped on every call, panicked on every pullback, and blown my account in a week!

As it is, there's a myriad set ups on this thread, but even more advice on how to read them.

I think for the sake of all noobs to trading, this is the safest place to be.

Just my perspective.


Kancha, if you're listening(reading)

Great analogies. I wonder how rude your image of a pinbar...

Yes, exactly for this reason someone (can't remember who) suggested to do it on Facebook, so new people will not confuse it with "free signals" offered by J16 or something like this.
  • #85,883
  • Jan 15, 2011 5:09am Jan 15, 2011 5:09am
Quoting Adilius07
Yes, exactly for this reason someone (can't remember who) suggested to do it on Facebook, so new people will not confuse it with "free signals" offered by J16 or something like this.
Stupid me

I can never remember what FB means, no matter how many times I'm reminded.

Long strings of numbers are no problem to remember, mathematical equations, stuck in like glue. FB, in one ear, out the other
  • #85,884
  • Jan 15, 2011 5:12am Jan 15, 2011 5:12am
Quoting Ifmyante
Stupid me

I can never remember what FB means, no matter how many times I'm reminded.

Long strings of numbers are no problem to remember, mathematical equations, stuck in like glue. FB, in one ear, out the other
Although, I did log in to facebook for the first time in ages, shortly after reading your post
  • #85,885
  • Jan 15, 2011 5:39am Jan 15, 2011 5:39am
Quoting aserbfx
bristol myers on daily.
38.2 fib + resistance + trendline.
no big action on bristol last week. weekly bar nearly closed as a doji. this is showing indicision.
meine augen sind die sterne
  • #85,886
  • Jan 15, 2011 5:56am Jan 15, 2011 5:56am
Quoting aserbfx
costco on weekly.
large beob. near rn 70 usd which make me suspicious.
perhaps short below 70 usd as a conservative approach?
any comments?
costco never fell below the 70 usd, but retraced the current highs. the weekly beob didn't get triggered.
meine augen sind die sterne
  • #85,887
  • Jan 15, 2011 6:02am Jan 15, 2011 6:02am
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
Attached Image
  • #85,888
  • Jan 15, 2011 6:41am Jan 15, 2011 6:41am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
1st. if you have your stop at the high of the pb, you should be still in this trade.

2nd. compare the size of the pinbar to the size of the previous bar. yes, the pinbar isn't larger in size than the previous.

3rd. i am always suspicious with bearish pinbars where the close is higher than the the open.

just mho...
meine augen sind die sterne
  • #85,889
  • Jan 15, 2011 6:43am Jan 15, 2011 6:43am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
I think the Pinbar has a good location but it is a bit too small.But remember this Pinbar hasn´t failed yet if you placed you stop above the PB

This could be the FTA:
Attached Image
  • #85,890
  • Jan 15, 2011 7:32am Jan 15, 2011 7:32am
a nice breakout above the 32 usd. will likely move further up.
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #85,891
  • Edited Jan 16, 2011 12:27am Jan 15, 2011 7:46am | Edited Jan 16, 2011 12:27am
My first post here on the thread. Have decided to read the whole thread, up to pg 150 still long way to go. Man this is gonna take a whole. Hopefully it pays off.I seriously need to get PA embedded into my brain.

Attached are a few setups for Mon.

With EUR/USD we do have had significant bullish momentum and the V formation as discussed, but there is also significant confluence. Still requires confirmation for entry. Mike what would you rate this setup??

Attachment

Similar setup on EUR/CAD, Mike just wondering why the RN is so important in this case?

Attachment

Will post a similar setup for GBP/CAD soon. What do you guys reckon?

I will play either of these depending on the break of the Pin.

Harry,
  • #85,892
  • Jan 15, 2011 7:48am Jan 15, 2011 7:48am
slb with a weekly dblhc. good r:r with sl below the recent box and fta the 100 usd round number.
Attached Image (click to enlarge)
Click to Enlarge Name: slb.png Size: 44 KB
meine augen sind die sterne
  • #85,893
  • Jan 15, 2011 7:49am Jan 15, 2011 7:49am
Quoting kancha1115
Hi Sir, Thanks for your comment on my chart, I m glad to it

and about BUOB(EURJPY 4h)

Imho, It doesn`t retrace enough.

I found BUOB which I guess it might be good example, so plz take a look , if you like.

and I think Sir mbqb11 gives us many good examples on BUOB or BEOB , I...

Thank you Ken for that clarification.

@Ifmyante: I clearly see what you meant. Plus I believe that 111 RN affected the momentum also.
  • #85,894
  • Jan 15, 2011 8:05am Jan 15, 2011 8:05am
I don't find any daily, weekly or D3 tradable FX setups...
  • #85,895
  • Jan 15, 2011 8:05am Jan 15, 2011 8:05am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
If I recall properly (i've seen this mentioned several times by seniors), it is better to have the pinbar close within the body of the previous bar.
  • #85,896
  • Edited 8:57am Jan 15, 2011 8:14am | Edited 8:57am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
Hey Autum,
To answer that question you'll have to zoom in a bit more to see what path price has travelled after that small daily (not so pretty BTW) PB closed. As you see price didn't go anywhere during the asian session, at the Frankfurt opening price pulled back to the left eye of that PB also the RNB @ 15300, this would be a great confluence lvl to look for a sell PA, price got rejected via a beauuuuuuuuuutifull PB, this would be my sell trigger for a preemptive breakout trade of that PB which would then be validated. FTA of course @ the low of that PB and as this is a countertrend trade, I would certainly close my whole position at RNB @ 15200/50% retracement. You don't want to keep a countertrend trade open for a long time certainly not when you see such a very strong previous uptrend, it's more like a hit and run type of trade which would've given you about 90 pips though So that PB has done its job already ...... for now imho.
Attached Image (click to enlarge)
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Pipcrawler
  • #85,897
  • Jan 15, 2011 8:42am Jan 15, 2011 8:42am
Quoting lallous
The one thing that still confuses me with the outside bars is that I tend to believe that the more bars they gulf + the stronger the close => the higher the probability of it succeeding.
Can someone please shed some light ?
Hey Lallous,
The more bars engulfed also means the more bar Highs/Lows engulfed and also the more previous resistance/support levels engulfed and if the engulfing bar also closes above/below the high/low of the engulfed bar with the highest high/lowest low out of all the multiple engulfed bars, this will mean a strong BUOB/BEOB. Because all these multiple previous resistance/support could provide multiple support/resistance for price after the BUOB/BEOB closes. I hope I've written down everthing correctly, if not please correct me.
Pipcrawler
  • #85,898
  • Edited Jan 16, 2011 12:27am Jan 15, 2011 8:46am | Edited Jan 16, 2011 12:27am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
I've just been looking at GBP/CHF; there was a similar PB formation in October 2010. I guess you need to look the PB in the context of previous price action. If there is a strong upward trend, you need a PB with a long tail to break such a strong trend. In both these cases the the PB formation in the relative context does not have much credibility. You cannot expect these PinBars to break the bullish momentum.

Check it out below.

Attachment
  • #85,899
  • Edited 8:57am Jan 15, 2011 8:46am | Edited 8:57am
Quoting jarroo
I see your loving the previous bar Low on the BEOBs as well xmz . .


Also I'm still liking your post very much on Outside Bars . . good for a repost..
Thanx J, you give me to much credit, I had and still have a great teacher from whom I've learned so much
Pipcrawler
  • #85,900
  • Edited 11:18am Jan 15, 2011 8:51am | Edited 11:18am
Quoting Autumm
Hi guys,

i took the pinbar on this pair and am just wondering what went wrong.
Hey Autumn, that to me is really just a pin bar by definition than anything else. As people have deciphered already the bar was pretty small compared to the up move, the bullish close added to its mediocrity.

Additionally it didn't have any real space to be moving into. Notice where we bounced. 1.52 held as support and if you look at the left you would know it didn't do it for the first time.

So it turns out you're shorting a smallish pin bar against a good sized up move heading into an important support area. Ample reasons to pass on the trade I guess.

Again the trade isn't over yet and the pin bar hasn't exactly failed in the true sense of the word but we at least know why we didn't see a free fall on the setup.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.png Size: 27 KB
I believe . . .
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