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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

  • #86,901
  • Jan 24, 2011 6:16pm Jan 24, 2011 6:16pm
Quoting jarroo
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.
Hi Jarroo

One example would be below. Pretty tight zone but a nice bar. Sorry my arrow is obscuring the top wick which IS higher than the last bar.
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  • #86,902
  • Jan 24, 2011 6:16pm Jan 24, 2011 6:16pm
Quoting jarroo
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.
Morning Jarroo


I think this is the situation he was talking about.

OOopps...FF is still acting strange when trying to upload images.
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  • #86,903
  • Jan 24, 2011 6:25pm Jan 24, 2011 6:25pm
Quoting Ifmyante
Hi Jarroo

One example would be below. Pretty tight zone but a nice bar. Sorry my arrow is obscuring the top wick which IS higher than the last bar.

This is a good setup in my book and I'll show you why in a mintue . .but let me ask you this . .was this setup (4 Hour BEOB) determined on your 4 hour levels or Higher TF levels?
Indicators show the past. Price Action "Indicates" the future.
  • #86,904
  • Jan 24, 2011 6:25pm Jan 24, 2011 6:25pm
Quoting unlv_tj
Very amazing trade.

Was this a touch trade Mike, or did you get in on a smaller time frame?
Hey TJ

Just a breakout and pullback to that major trendline. Also notice the massive divergence and turning over of price at the 1400$ mark.

http://www.forexfactory.com/showpost...ostcount=85703

Best
Mike
  • #86,905
  • Jan 24, 2011 6:33pm Jan 24, 2011 6:33pm
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.
thanks Dan, always nice to start off good, but we'll see how the coming months are
  • #86,906
  • Jan 24, 2011 6:38pm Jan 24, 2011 6:38pm
Quoting Pinbar
Morning Jarroo


I think this is the situation he was talking about.

OOopps...FF is still acting strange when trying to upload images.

I can see your chart, Pb.

Pb, can you see why I liked Ifmyante's 4 Hour BEOB on the Aud/Cad?

Anyone?
Indicators show the past. Price Action "Indicates" the future.
  • #86,907
  • Jan 24, 2011 7:10pm Jan 24, 2011 7:10pm
Quoting 5.25
Hey G

Thanks for the feed back....
Oops. I didn't mean to bruise your confidence at at all 5.25.

It is great to see you pull out a break even from that situation. Fantastic trade management!

I am not sure what you mean by 'weekend data'? Could you elaborate a bit?

g,
I believe . . .
  • #86,908
  • Jan 24, 2011 7:10pm Jan 24, 2011 7:10pm
Quoting Osman
Yeah a nice one.. you can add Divergence + 61.8 fib from previous down move.

Would like to see it closing below 1.3650.


Os.
Failed to do so...pass.

I believe . . .
  • #86,909
  • Jan 24, 2011 7:20pm Jan 24, 2011 7:20pm
Ghous

I am sure you must have notice the EU IPB. Any comments?

EUR is looking bearish against other currencies as well.

EURCHF BEOB for example.

Thanks
0908

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  • #86,910
  • Jan 24, 2011 7:24pm Jan 24, 2011 7:24pm
Quoting jarroo
This is a good setup in my book and I'll show you why in a mintue . .but let me ask you this . .was this setup (4 Hour BEOB) determined on your 4 hour levels or Higher TF levels?
Sorry Jarroo

My little boy took me away from computer.

That's just the first example I found. In that instance all seemed bullish on the daily. And it seemed to be bouncing off the base of a large consolidation area.

The previous day couldn't break the upper PPZ though
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  • #86,911
  • Jan 24, 2011 7:28pm Jan 24, 2011 7:28pm
Quoting forex0908
Ghous

I am sure you must have notice the EU IPB. Any comments?

EUR is looking bearish against other currencies as well.

EURCHF BEOB for example.

Thanks
0908

Attachment Attachment
Its an easy pass because of the 'near ppz rather than on it' deficiency. If it was located in a way where at least the high was touching the 1.37 it would have been a valid IPB as per my book.

Eur/Chf doesn't appeal to me either. The size of that beob is way smaller than the bullish bars its up against. As it is Eur/Chf has just broken out of this consolidation box with hefty bullish momentum...the 'story' doesn't go well. Add to that the S/R flip close by that the trade is heading straight into.

Again an easy pass for me.

g.
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I believe . . .
  • #86,912
  • Jan 24, 2011 7:50pm Jan 24, 2011 7:50pm
Quoting ghous
Oops. I didn't mean to bruise your confidence at at all 5.25.

It is great to see you pull out a break even from that situation. Fantastic trade management! :Rockon:

I am not sure what you mean by 'weekend data'? Could you elaborate a bit?

g,
Hey G, it's good to get some sense knocked into you sometimes.

Markets are obviously quite over the weekend. Different trading platform treat this data differently e.g. some may hide it altogether. I acted on this pin bar after a weekend. My question was, whether this LACK of trading gave such a thing as a 'false' pin bar (or just poodle one) before market open.

This may just involve some platform investigating...
  • #86,913
  • Jan 24, 2011 7:58pm Jan 24, 2011 7:58pm
Quoting 5.25
Hey G, it's good to get some sense knocked into you sometimes.

Markets are obviously quite over the weekend. Different trading platform treat this data differently e.g. some may hide it altogether. I acted on this pin bar after a weekend. My question was, whether this LACK of trading gave such a thing as a 'false' pin bar (or just poodle one) before market open.

This may just involve some platform investigating...
It did have a full 24 hours of data included in it, and was not a Sunday bar because the bar showed up on Fxpro which does not include Sunday bars.

It just was a small PB that did what one could expect of it (find trouble at the big hurdle of 1.3)

Also you mentioned in your previous post how the flip that formed the PB jumped out at you more than the 1.3 BRN. There's this thing with BRNs, they act as psychological levels with various types of traders watching them at all times. Just because a BRN does not show you enough bar highs and lows bouncing off it, it does not mean it is any less valid. BRNs always...literally always have to be respected.

g.
I believe . . .
  • #86,914
  • Jan 24, 2011 8:04pm Jan 24, 2011 8:04pm
Quoting jarroo
I can see your chart, Pb.

Pb, can you see why I liked Ifmyante's 4 Hour BEOB on the Aud/Cad?

Anyone?

Just noticed his post and yours, give me a sec.
  • #86,915
  • Edited 9:56pm Jan 24, 2011 8:41pm | Edited 9:56pm
Quoting jarroo
I can see your chart, Pb.

Pb, can you see why I liked Ifmyante's 4 Hour BEOB on the Aud/Cad?

Anyone?

Yes, I think this is the basis of why you liked it.

This is my FXDD live feed as, I was just setting up that particular chart when I noticed your post.


EDIT: maybe it is easier to see on a zoomed out chart.
Better weekly PPZ level.
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  • #86,916
  • Jan 24, 2011 9:21pm Jan 24, 2011 9:21pm
Anyone got this one on their "maybe radar"? I Like the location. Kind of reminds me of one of the examples off the J16 Guest videos, one of Mike's favorites. Nice swing high, a break of the VBRN but a rejection. The FTA is really close, but would that be the target for most? Would you use the FTA as an idication of what chance it has to reach the lower blue line? What I mean is should the FTA and target on this trade be different areas?
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  • #86,917
  • Jan 24, 2011 9:25pm Jan 24, 2011 9:25pm
Quoting spookie94
Anyone got this one on their "maybe radar"? I Like the location. Kind of reminds me of one of the examples off the J16 Guest videos, one of Mike's favorites. Nice swing high, a break of the VBRN but a rejection. The FTA is really close, but would that be the target for most? Would you use the FTA as an idication of what chance it has to reach the lower blue line? What I mean is should the FTA and target on this trade be different areas?
Hey Spookie

Glad to see those two blue lines on your chart. This one is a pass for me as there is just not enough info for me to short a smaller bar, and notice shorting back into a bigger BUOB that has been with the recent strength. But I am proud to see you mark those two areas down. To me not one to get carried away with or take a full bar loss on, would be very painful in my eyes

Best
Mike
  • #86,918
  • Jan 24, 2011 9:59pm Jan 24, 2011 9:59pm
Quoting Pinbar
Yes, I think this is the basis of why you liked it.

This is my FXDD live feed as, I was just setting up that particular chart when I noticed your post.


EDIT: maybe it is easier to see on a zoomed out chart.

Pb . .you Rule!!

I completed these charts . . what . .3 hours ago . .and this is what they look like . I haven't changed them one bit. (charts). Nice clear, strong level of Support.

I keep with Ifmyante's feed but .yes I like that pinnish looking BEOB too.


Great job Steve . . Hmmm . . The Steve16 Chart Thread . .its got a ring to it.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,919
  • Jan 24, 2011 10:09pm Jan 24, 2011 10:09pm
Quoting Ifmyante
Sorry Jarroo

My little boy took me away from computer.

That's just the first example I found. In that instance all seemed bullish on the daily. And it seemed to be bouncing off the base of a large consolidation area.

The previous day couldn't break the upper PPZ though

Hey Ifmyante . .I see your point of the closeness of the PPZ levels.

What I like to do is check the higher TFs like the Weekly and your Daily and see which PPZ level is stronger. By stronger I mean . .How many touches or Price Flips do they have . .are they at a BRN or RN. The Higher TFs have more time and data on them so I look at these levels to be stronger.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,920
  • Jan 24, 2011 10:09pm Jan 24, 2011 10:09pm
Quoting jarroo
Pb . .you Rule!!

I completed these charts . . what . .3 hours ago . .and this is what they look like . I haven't changed them one bit. (charts). Nice clear, strong level of Support.

I keep with Ifmyante's feed but .yes I like that pinnish looking BEOB too.


Great job Steve . . Hmmm . . The Steve16 Chart Thread . .its got a ring to it.

Haaaa LoL Not yet!

I actually missed that weekly PPZ but caught it on the daily which shows me, that J16 is doing the very same thing. I mean, I believe he is clocking the weekly PPZ on the daily by looking at the Bar highs & lows and noting the consolidation with PBT&CA. He actually commented when I asked him about this,. if you remember, and he also probably makes a great effort to stay on a single TF to not confuse new people.

Anyway, thanks for the question Jarroo, it makes me think about things more. Which, I am totally aware of you know.
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