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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

  • #86,521
  • Jan 20, 2011 2:00pm Jan 20, 2011 2:00pm
Quoting Adilius07
Yes I agree that shape and close is very important for BUOBs.
See these criteria is very easily identified objectively, where SIZE is something we have to identify subjectively... i.e it seemed OK to me but you thought it was not big enough... see.

I was even surprised when Pinbar made a comment that he didn't like the size. It really looked very nice to me...

Does this make any sense?
I think I just need to take those that REALLY STICK OUT/JUMP OUT.
So there is absolutely no doubt that size could be questionable...

Like this one...
it makes perfect sense..
thats a nice pinbar
in the world of fx BiGGER IS BETTER!!! (dont tell my women)
the more "space" a bar "tests" the better chance of us guessing the right direction.that also includes (to me) the lows(bullish trigger bar) as well as the highs.

jon
PATIENCE... DISCIPLINE
  • #86,522
  • Jan 20, 2011 2:02pm Jan 20, 2011 2:02pm
Quoting g_j_hook@yah
it makes perfect sense..
thats a nice pinbar
in the world of fx BiGGER IS BETTER!!! (dont tell my women)
the more "space" a bar "tests" the better chance of us guessing the right direction.that also includes (to me) the lows(bullish trigger bar) as well as the highs.

jon
thanks, I need to remember this!
  • #86,523
  • Jan 20, 2011 2:05pm Jan 20, 2011 2:05pm
Quoting Adilius07
small size...
u do crack me up bro!!

i agree though. i dont like the FTA below as it a pretty strong looking zone at first glance.
PATIENCE... DISCIPLINE
  • #86,524
  • Jan 20, 2011 2:15pm Jan 20, 2011 2:15pm
Quoting aserbfx
any comment about this two h4 (ergo one h8) pinbar(s)?
price touched and crossed the 1.35.
i think this is a classic Jarroo style "price closes above(134.00)".. and so we can expect the area to become resistance. i personally would like to see some bullish bars at that level (134.00)on a retrace..??
jus my view

jon
PATIENCE... DISCIPLINE
  • #86,525
  • Jan 20, 2011 2:18pm Jan 20, 2011 2:18pm
Quoting g_j_hook@yah
u do crack me up bro!!

i agree though. i dont like the FTA below as it a pretty strong looking zone at first glance.
yes. i didn't spotted that one...
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meine augen sind die sterne
  • #86,526
  • Jan 20, 2011 2:25pm Jan 20, 2011 2:25pm
Quoting Adilius07
So.. if this one close like this, could it be a continuation BUOB now?
Sort of breakout-continuation setup?
Hi Adilius.

I'm just hoping it gets past 1.3070

Quite a bit of space above it
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  • #86,527
  • Jan 20, 2011 2:28pm Jan 20, 2011 2:28pm
Hi Guys

Level to keep an eye on ....

Monthly PPZ meets intraday PPZ. This very tight zone could be good for a bounce atleast so touch trade wouldnt be so bad idea.
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  • #86,528
  • Jan 20, 2011 2:31pm Jan 20, 2011 2:31pm
Quoting Ifmyante
Hi Adilius.

I'm just hoping it gets past 1.3070

Quite a bit of space above it
I see. I still don't quite sure if I should add the "continuation" BUOBs into my trading plan. In backtest they look good to me, but I often hear Seniors say they are more advanced and better to take them in swing hi/lo's...

Do you trade that kind of buobs in general?
  • #86,529
  • Jan 20, 2011 2:36pm Jan 20, 2011 2:36pm
Quoting Adilius07
I see. I still don't quite sure if I should add the "continuation" BUOBs into my trading plan. In backtest they look good to me, but I often hear Seniors say they are more advanced and better to take them in swing hi/lo's...

Do you trade that kind of buobs in general?
Well, as with every setup, there are lots of things to consider. Why not demo the ones that seem A+ and see how you go. That sure is a very strong bar, but that single point way off East looks like it could possibly stop the charge
  • #86,530
  • Jan 20, 2011 2:40pm Jan 20, 2011 2:40pm
Quoting Ifmyante
Well, as with every setup, there are lots of things to consider. Why not demo the ones that seem A+ and see how you go. That sure is a very strong bar, but that single point way off East looks like it could possibly stop the charge
Yes, cool. Thanks for advice
  • #86,531
  • Jan 20, 2011 2:41pm Jan 20, 2011 2:41pm
Quoting Dan Gilbert
I can't imagine I'm the only one who got nabbed here.

had my stop 15 pips above the left eye, trade went ~50 pips into profit, and retraced HARD (I had my manager set to move stop to B/E after 60 pips....)

note: I sold on the close, not on the break
Dan here were my thoughts on why I passed....I don't know if they were justified but here's what I saw...

PB off that RN 1.3 lookin good(temptation) .....but I didn't see it close down lower through a PPZ...and then i see that daily BUOB next to it showing strength.... and saw PB was like as a retrace to touch a minor ppz.... in addition to the strength of the previous bars for the last several days which hinted the strength of the up move or what I believe Mike would call the story or what I saw...in addition the prior weekly bar was a massive BUB...so i passed

Dan I don't know if this was good analysis or maybe lucky or just to picky

I don't know if this helps ...just trying to contribute as you have many times.

Regards,
Bill
  • #86,532
  • Jan 20, 2011 2:51pm Jan 20, 2011 2:51pm
All major fib levels have good confluence. 1.3570 looks interesting.
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  • #86,533
  • Jan 20, 2011 2:52pm Jan 20, 2011 2:52pm
Quoting Greenhaze
Hi Guys

Level to keep an eye on ....

Monthly PPZ meets intraday PPZ. This very tight zone could be good for a bounce atleast so touch trade wouldnt be so bad idea.

Good Eye
  • #86,534
  • Jan 20, 2011 3:05pm Jan 20, 2011 3:05pm
Hey everyone,
Do you guys think this chart is correct ?
I drew some kind of trendline to link those former highs (Dec 14 - Jan 4) on EU 1 hour.
This resistance is broken but can we consider it has now turned into a support ?
For the euro bulls out there, what would be your target for this huge H&S ?
Happy trading for all.
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  • #86,535
  • Jan 20, 2011 3:07pm Jan 20, 2011 3:07pm
Quoting Atc
Dan here were my thoughts on why I passed....I don't know if they were justified but here's what I saw...

PB off that RN 1.3 lookin good(temptation) .....but I didn't see it close down lower...
^

Can you tell me which PPZ it didn't close through? The nearest trouble area I see is around 1.2772. the BUOB of today is bouncing off seemingly no PPZ at all....

I would have taken yesterdays bearish pin over and over though. Even in hindsight I don't see how it failed as bad as it did.
Many choose unhappiness over uncertainty.
  • #86,536
  • Jan 20, 2011 3:15pm Jan 20, 2011 3:15pm
Quoting g_j_hook@yah
hi Optimuss, it is usually a reversal sign.
i personally am not convinced that in this case it is legit though, although i could be wrong. not an expert on this. Although i also see plenty of signs of a reversal/retrace

jon

p.s. you could google it for more info.theres loads out there
Thanks Jon
  • #86,537
  • Jan 20, 2011 3:41pm Jan 20, 2011 3:41pm
Quoting ts63
Hey everyone,
Do you guys think this chart is correct ?
I drew some kind of trendline to link those former highs (Dec 14 - Jan 4) on EU 1 hour.
This resistance is broken but can we consider it has now turned into a support ?
For the euro bulls out there, what would be your target for this huge H&S ?
Happy trading for all.
I wish I'd seen the TL on my chart below!

I've delivered my humble opinion too. Glad to be contradicted
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  • #86,538
  • Jan 20, 2011 3:45pm Jan 20, 2011 3:45pm
There is one big mistake that new thread participants made over and over.
Instead of waiting for a perfect pinbar/beob/buob it's wiser to wait for price to reach strong, confluenced area and then analyse its behaviour. There is a lot of pbs/buobs/beobs but only few of them are worth playing.Remember that Bars/candles are just price agregation and in most cases it doesnt mean much if there is no additional confluence. Trading higher timeframes is somehow harder becouse of amount of patience you need to have while waiting for really interesting setup. Lots of new traders take every pb/buob/beob on daily/weekly/monthly thinking it will work but thats just not true. Most good setups are build around strong sup/res/tl/fibs. The most important thing here is the story that market tells around those support/resistance areas. Thats nothing new but i thought it should be reminded.
  • #86,539
  • Jan 20, 2011 3:46pm Jan 20, 2011 3:46pm
Quoting Dan Gilbert
^

Can you tell me which PPZ it didn't close through? The nearest trouble area I see is around 1.2772. the BUOB of today is bouncing off seemingly no PPZ at all....

I would have taken yesterdays bearish pin over and over though. Even in hindsight I don't see how it failed as bad as it did.
Just my thoughts Dan what I told someone yesterday

Basically overall I saw it as a small bar with very little confluence(not even able to touch the BRN). Often times price stops shy of a BRN before actually testing it. Also notice the swing low we just closed above that and even had a buob. I am not saying it is a bad trade to take(obviously like you said you would take it 100 times over and that is more important for your overall trading). I am just sharing what I saw at the time. To me the pressure was still to the upside and these need to be played tightly(why i avoid them cause I just suck at babysitting personally).

Again just to share my views , as I always say it matters what you do as a whole not a single trade

Best
Mike
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  • #86,540
  • Jan 20, 2011 3:47pm Jan 20, 2011 3:47pm
Quoting Dan Gilbert
^

Can you tell me which PPZ it didn't close through? The nearest trouble area I see is around 1.2772. the BUOB of today is bouncing off seemingly no PPZ at all....

.
That is my point I don't see a ppz that it cut through....it was more of a touch trade....back into an area I thought it would consolidate more after the big up move...however didn't... and once again the prior wkly bar was fighting the direction of the PB ....in other words I didn't think that the PB could force a trend move against the wkly BUB.....strength goes to the Weekly as is panning out.
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