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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

  • #86,881
  • Jan 24, 2011 2:57pm Jan 24, 2011 2:57pm
Quoting mbqb11
let's see what kind of wings this one has
Price retested the lows today(blue box we had marked), and now looking to form another BEOB. Will see how the day closes but I have locked some profit in here now
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  • #86,882
  • Jan 24, 2011 3:15pm Jan 24, 2011 3:15pm
Looking good

Quoting mbqb11
Price retested the lows today(blue box we had marked), and now looking to form another BEOB. Will see how the day closes but I have locked some profit in here now
  • #86,883
  • Jan 24, 2011 3:21pm Jan 24, 2011 3:21pm
Quoting mbqb11
Price retested the lows today(blue box we had marked), and now looking to form another BEOB. Will see how the day closes but I have locked some profit in here now
It looks like Gold & Silver are aproaching support levels where small bounce can be expected. Those monthly beobs , espacially on silver are pretty strong even compared to this crazy up momentum. 28 RN on Silver looks very interesting and its good area to hide stops above it if monthly BEOB triggers. I wouldnt mind next OIL-2008 scenario altough it still doesnt look like now its the time ;]
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  • #86,884
  • Jan 24, 2011 3:21pm Jan 24, 2011 3:21pm
Quoting mbqb11
Price retested the lows today(blue box we had marked), and now looking to form another BEOB. Will see how the day closes but I have locked some profit in here now

Mike it seems to me that you are not so picky lately, nice trade

just asking how many trades have you took so far this year?

all the best!
  • #86,885
  • Jan 24, 2011 3:32pm Jan 24, 2011 3:32pm
Quoting triger88990
Mike it seems to me that you are not so picky lately, nice trade

just asking how many trades have you took so far this year?

all the best!
Feel like I am being pretty picky, that gold trade has a heck of a story too it

I have taken 4 trades

Best
Mike
  • #86,886
  • Jan 24, 2011 3:33pm Jan 24, 2011 3:33pm
Quoting Greenhaze
It looks like Gold & Silver are aproaching support levels where small bounce can be expected. Those monthly beobs , espacially on silver are pretty strong even compared to this crazy up momentum. 28 RN on Silver looks very interesting and its good area to hide stops above it if monthly BEOB triggers. I wouldnt mind next OIL-2008 scenario altough it still doesnt look like now its the time ;]
yes we shall see! Just gotta see what the market dishes out now

Best
Mike
  • #86,887
  • Jan 24, 2011 3:43pm Jan 24, 2011 3:43pm
Quoting mbqb11
..... that gold trade has a heck of a story too it


Best
Mike
yap it sure have a story to say, bay the way got a better slightly price than yours and still manage the full position

all the best!
  • #86,888
  • Jan 24, 2011 3:52pm Jan 24, 2011 3:52pm
Quoting ghous
Any surprises there?

Well poodles don't make good trading account guard dogs.

A perfect example of why it is so important to stick with the very best out there until you get really good with only the basic and solid stuff.

Now here's one bar you just can't complain about. A very small Dojish pin bar heading straight for the 1.3 BRN. I will seriously feel bad if you took a full bar loss on this 5.25, did you?

Such setups require expert trade management that can only come through experience and chart time...time basically. What it basically...
Hey G

Thanks for the feed back.

In hind sight it's clearly obvious why I shouldn't have thaken that pin bar.

I can also see why BRN are given so much importance. My Support and Resistence line charting hierachy didn't obey the rule (on action) so the dominant S/R line was above the pin rather than below at BRN 1.300. (Thick vs dash). Visually it looked like a rejection of 1.3060 as opposed to closure above 1.3000 (as you said).

I stopped the trade at 1.3000 due to the above re-analysis.

1 pip trade equating to a +0.00 profit

What's the saying 'Curiosity Killed the Cat'? Not in this instance.

Question: I think this particular 'pin bar' was actually formed from weekend data on tha daily. Does that reduce the credibility of the data for Monday open Sydney/Tokyo or even London/NYC?

Thanks for the slap on the wrist G, despite the confidence bruising ... duly noted
  • #86,889
  • Jan 24, 2011 4:16pm Jan 24, 2011 4:16pm
It seems I recall someone once said break even goes in the win column!



Quoting 5.25
Hey G

Thanks for the feed back....
" I can read the left side of the chart, the right side's a Bitch!
  • #86,890
  • Jan 24, 2011 5:11pm Jan 24, 2011 5:11pm
Quoting poncho1
It seems I recall someone once said break even goes in the win column!
I also seem to recall someone saying a small account leads to trigger happy traders!
  • #86,891
  • Jan 24, 2011 5:14pm Jan 24, 2011 5:14pm
I totally agree, You pointed out the flaws and its good to recognize them. Just looking for the positives. Apparently you managed a bad entry well and we all know how important that is.


QUOTE=5.25;4339975]True P, but is it not dangerous to justify a bad entry with a profitable outcome? It might set off bad habits.[/quote]
" I can read the left side of the chart, the right side's a Bitch!
  • #86,892
  • Jan 24, 2011 5:23pm Jan 24, 2011 5:23pm
No ones talking about the Swissy? Close below the brn, What would Jarroo do? Looks like some space.
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" I can read the left side of the chart, the right side's a Bitch!
  • #86,893
  • Jan 24, 2011 5:26pm Jan 24, 2011 5:26pm
Quoting mbqb11
Price retested the lows today(blue box we had marked), and now looking to form another BEOB. Will see how the day closes but I have locked some profit in here now
Well that is pretty cool

you have been owning this thread in 2011 so far. A+ posts bro. I love following along with your active trades.
Many choose unhappiness over uncertainty.
  • #86,894
  • Jan 24, 2011 5:34pm Jan 24, 2011 5:34pm
Quoting menomoo
If 1.3650 acts like a support and lets say you get a good PA on the hourly then your immidiate area of trouble will be nex line up near 1.3925 yeah ? I mean on that time frame . And if it breaks that and closes above then we are off to moon maybe ?

Am I getting it right ?

Cheers V
Yes, your getting it right. . .but (there's always "but" lol) Pb's level, the 1.3763, would be a serious target or FTA.

Also . .how would you rate the level of strength of this Support level? meaning is it at a BRN?, RN?, does it have muti-bar touches at the Lows and/or Closes, etc. These are things you have to consider.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,895
  • Jan 24, 2011 5:36pm Jan 24, 2011 5:36pm
Quoting Dan Gilbert
Well that is pretty cool

you have been owning this thread in 2011 so far. A+ posts bro. I love following along with your active trades.
Very amazing trade.

Was this a touch trade Mike, or did you get in on a smaller time frame?
  • #86,896
  • Jan 24, 2011 5:47pm Jan 24, 2011 5:47pm
Quoting Ifmyante
Jarroo,

a question for you about two close PPZ's, say 60 to 150 pips apart, on a pair which averages about 250 pips per day.

My mind has been telling me that the area inside is basically a no-trade-zone, unless there is very serious reversal PA, bearish BEEOB or PB off the top and bullish BUEOB or PB off the bottom.

Would you take a trade off these, or wait for price to leave the zone and the top to prove its support and bottom to prove its resistance?

Can there be an A+ trade inside the zone?

I hope I was clear in my question.

Thanks...
A chart example would be helpful, Michael.

It sounds like you're describing an area of consolidaion ..Price bouncing back and forth between a Support and Resistance level.

Taking a setup in the middle of this would be trading in the no trade zone. But a setup off Bullish PA at Support or Bearish PA at Resistance of a consolidation area can be very predictable.
Indicators show the past. Price Action "Indicates" the future.
  • #86,897
  • Jan 24, 2011 5:52pm Jan 24, 2011 5:52pm
Quoting poncho1
No ones talking about the Swissy? Close below the brn, What would Jarroo do? Looks like some space.
Definitely looks to have some downward momentum. A close below the flip area around .9460 would have been nice.
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  • #86,898
  • Jan 24, 2011 6:01pm Jan 24, 2011 6:01pm
Quoting Donkey
Definitely looks to have some downward momentum. A close below the flip area around .9460 would have been nice.

Give it another day D .. lol. The close below the .9500, albeit a minor one, was significant. Good eye on momentum D.
Indicators show the past. Price Action "Indicates" the future.
  • #86,899
  • Edited 8:02pm Jan 24, 2011 6:06pm | Edited 8:02pm
Quoting spookie94
Hey PB,
I think its ok to see it as 2 different S/R levels if you know its best not to trade in the middle. Like Jarroo stated you have to know which type of PA to look for. In your example it may be less risky to wait for a bullish PA above the top zone and a bearish below the bottom. I think the area between the 2 could be an area for a range to develope.
Possibly, you missed the point.
I know it is ok to see two different PPZ levels.
The problem was, I was seeing it as one band with a top and a bottom, but as it is a band, the area in between is No Man's Land.

That was the thing.
  • #86,900
  • Jan 24, 2011 6:07pm Jan 24, 2011 6:07pm
I really don't see anything worth risking my $15.
:nerd:
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