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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

  • #86,941
  • Jan 25, 2011 5:14am Jan 25, 2011 5:14am
Quoting vasmiza
Hey guys,

Can one of the experts give me some advice on the GBP/CAD. Is yesterdays bar an IB. There seems to be significant confluence.

I have attached a few other reasons on the chart why I am bearish on this pair.

Attachment

Thnks guys.

Harry
Hey guys above was my previous post yesterday with reasons for being bearish on the GBP/CAD pair. The problem with the above was that the IB was Sundays bar. But guess what happened today?? We had another IB, and then BANG the rest is history. I'm out at 1.5700 (Not a good place to get out I know, 1.5660 would have been a little better as it is an area of support ; I really need to perfect my exits)

I've listed my reasons for entry on the above chart in my previous post. Over time hopefully I will start learning to find reasons for not to enter trades and be a little more picky. I need to learn to be patient and wait for those A+++ cherrys on the weekly.

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Cheers,

Harry
  • #86,942
  • Jan 25, 2011 5:29am Jan 25, 2011 5:29am
Quoting vasmiza
Hey guys above was my previous post yesterday with reasons for being bearish on the GBP/CAD pair. The problem with the above was that the IB was Sundays bar. But guess what happened today?? We had another IB, and then BANG the rest is history...[/ATTACH]
....
another IB? are u referring to the encircled candle?
in reference to the prior candle, it's not an IB. it is simply a doji-looking, indecision bar.
anyway, glad the trade worked out well for u.
  • #86,943
  • Jan 25, 2011 5:31am Jan 25, 2011 5:31am
Quoting supremeChaos
another IB? are u referring to the encircled candle?
in reference to the prior candle, it's not an IB. it is simply a doji-looking, indecision bar.
anyway, glad the trade worked out well for u.
yeah the encircled candle. Isn't that an IB???? The prior candle was Sundays bar. Isn't that also an IB???
  • #86,944
  • Jan 25, 2011 5:46am Jan 25, 2011 5:46am
Quoting vasmiza
yeah the encircled candle. Isn't that an IB???? The prior candle was Sundays bar. Isn't that also an IB???
The encircled bar is an IB, not technically because the low goes past the low of the prior bar, but then since we totally ignore Sunday bars your encircled bar is an IB in relation to the bar next to the one on immediate left.

g.
I believe . . .
  • #86,945
  • Jan 25, 2011 5:50am Jan 25, 2011 5:50am
Quoting vasmiza
yeah the encircled candle. Isn't that an IB???? The prior candle was Sundays bar. Isn't that also an IB???
can't see very clearly the size of the candles...
the Sunday candle, the whole of it is inside the prior bar, thus it's an IB.(this is the usual way of defining IBs)
the encircled candle is bigger than the Sunday candle, thus it's not an IB.

but if u consciously disregarded the Sunday candle in your mind, then it is an IB in reference to the green candle.

edit:
thanks ghous!
  • #86,946
  • Jan 25, 2011 5:55am Jan 25, 2011 5:55am
Quoting supremeChaos
can't see very clearly the size of the candles...
the Sunday candle, the whole of it is inside the prior bar, thus it's an IB.(this is the usual way of defining IBs)
the encircled candle is bigger than the Sunday candle, thus it's not an IB.

but if u consciously disregarded the Sunday candle in your mind, then it is an IB in reference to the green candle.

edit:
thanks ghous!
Hope this makes more sense

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  • #86,947
  • Jan 25, 2011 6:06am Jan 25, 2011 6:06am
Quoting vasmiza
Hope this makes more sense
...
thanks, the chart is much clearer now.
still, ghous's & my post still apply.

btw, that pinbar is not a good/ideal-looking bearish pinbar.
an ideal one is the green candle 4 candles prior your bearish PB, but with a longer nose/tail & lower close.(note: im only talking about the pinbar form, not about the location)
what im trying to say is, be picky& be more discerning with the bars that catch your eye & plan to trade.

hope that helps
  • #86,948
  • Jan 25, 2011 6:14am Jan 25, 2011 6:14am
Quoting supremeChaos
thanks, the chart is much clearer now.
still, ghous's & my post still apply.

btw, that pinbar is not a good/ideal-looking bearish pinbar.
an ideal one is the green candle 4 candles prior your bearish PB, but with a longer nose/tail & lower close.(note: im only talking about the pinbar form, not about the location)
what im trying to say is, be picky& be more discerning with the bars that catch your eye & plan to trade.

hope that helps
Totally agree. That PB I have highlighted is not a good looking PB. I did not take that PIN, just used it as part of the entire picture to add context to my trade.

Thanks for the advice,
  • #86,949
  • Jan 25, 2011 6:18am Jan 25, 2011 6:18am
Quoting vasmiza
Totally agree..I did not take that PIN, just used it as part of the entire picture to add context to my trade.
..
that is a good way to look at it, IMHO...
having a 'story' or putting puzzle pieces together
keep it up Sir!
  • #86,950
  • Jan 25, 2011 6:25am Jan 25, 2011 6:25am
Dam..I took this trade and it just didn't triggered..missed it by 1 pip or let say 1 dot...a nice BUOB pattern @ 61.8 fib..though there was lot of traffic but i GUESS the strength of BUOB had enough potential to break it..
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  • #86,951
  • Edited 7:22am Jan 25, 2011 6:41am | Edited 7:22am
Quoting jarroo
Hey ifmyante . .I should have been more clear with that chart I posted . .instead of just throwing it out there.

If you can understand how Support can turn into Resistance once Price Breaks Through and Closes Below it (and vice versa) then this Blue area on this chart can make sense to you. I'll let you check the lower TFs to see if there were any opportunities once this Price Flip occurred.
Hi Jarroo. Let's have a go then. I'll probably make a fool of myself, which is a good thing for me, thank you!

I'll be as honest as I can about what I would have done

I've made a start on the early Jan 08 H4 part, and shall then get on to the latter.

So,
1. Nice easyish call
Beeob after last pin couldn't break S/R
Entry at close, TPP at last low, move stop to BE, leave rest on 'til PA says exit.
That IPB at the bottom wasn't good enough to go long, but good enough to exit short at close.

2. Wouldn't have taken
BUEOB from 3 bar lows, nice
But closed at FTA. Big stoploss, no space to move- PASS

3. Very nice PB after 3 slow down bars
Once price reaches the 3 highs just to the left of arrow 2, move stop to BE, as it's a nice PB. Let's see if it can get legs.
TP at 1.05. What more could you expect from it?

4. IPB whose high couldn't reach last bar high, which itself got stopped by proven resistance.
Low momentum on the way up.
Quick move down on that bar. at close, move SL to bottom of IPB. Not sure which support it'll use, so adopt Mike's 2 bar stop. Price breaks lovely bearish bar, so a definite exit.

5. IB

I know it's beside a tall bar, but the SL is so tight the gambler in me comes out and takes notice!

By the break of the IB, a third attempt to break the bullish high has failed, So I'd ride the bear.
Very strong move down. Move SL to BE + 2 and see if we can keep it running.
I believe I've lied on the chart on where I'd close the position. I reckon I would have lost my resolve 2 bars to the left where both blue highs were broken.

6. Gap

I've never traded a gap in my life, but apparently it was all the rage at that time, so I included it anyway

7. Breakout from bar lows
Yes, they broke, but there was a demand line just below.
I've marked the potential entry and TPP or exit point.
R:R no good. PASS

8. BEEOB

I might very well have taken this, and lost.
I might have gotten away with it if it weren't for those meddling highs between arrows 5 and 6!

I'd like to tell you that I'd have traded a breakout of the bar lows at A, and maybe if I'd gone back to the 1 hour chart there I would have. I don't know

I'd also like to tell you that I'd have traded a breakout of the consol' box. I'd've gotten burned on the first breakout if lower TF's had shown a pullback to the box and even the slightest move down from there. (I seem to always wait for the pullback and advancement). My feed doesn't give me lower TF's that far back.

This may or may not have stopped me from trading the second breakout.

I then saw nothing conclusive on H4 until number 9, although I would, I hope, have shorted the weekly I4B and still been on it 'til after 9.

9. Retrace to BRN 105.

Definite entry. Exit before the gap gets filled.


Thank you so much for opening my eyes to the many opportunities between the zones, tradeable with at least as much safety as out in the open



Thanks for the task Jarroo. I hope I didn't bugger it up too badly!
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  • #86,952
  • Jan 25, 2011 6:49am Jan 25, 2011 6:49am
Hey Mike..is this a good BEOB for u??
actually,not much of consolidation and it looks swing high..but still need ur confirmation as I see bit of consolidation of previous bars!!

Good Trading!!
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  • #86,953
  • Jan 25, 2011 6:51am Jan 25, 2011 6:51am
Quoting jarroo
Hey fxg I think the PBT&CB may be a better option to look for here. Looks to be in a consolidation area on the Daily.

Although I do see that 2 Day IPB that you see in blue . . and it did work nicely much like ghous' 2 day IPB on the GU.

I have adjust my Support level to the 1.5200 RN from the 1.5175. Clarity of the Support level could be alot clearer.
Your chart is so simply and precise that today candle retreaced to the pip till your ppz level.A very important lesson,what I'm very greateful for.I made my analyze of that pair,showing ppz,confluence and my story of reading candles,because my trading style has 2 elements:time(candle reading,market structure,etc)+location(ppz).For me bouth of conditions must to be met,in order to make a daily trading decision,only after according with monthly and weekly(just my way to be picky).Watching to weekly chart I'm looking for double bottom.Thanks again.
Nothing personal,just business
  • #86,954
  • Jan 25, 2011 6:53am Jan 25, 2011 6:53am
Generally speaking, I think it was interesting how we were at R with IB's on GBP pairs and waiting for break of higher or lower -----some negative news hit on GBP GDP and we broke down.

I believe Joelcf would combine this knowledge of fundies/news with how he would play this.

Am I with on this Joel?

How about a Joel quip?

Thanks,

Bill
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  • #86,955
  • Jan 25, 2011 7:24am Jan 25, 2011 7:24am
AUDCHF would have been a good opportunity.
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Nothing personal,just business
  • #86,956
  • Jan 25, 2011 7:32am Jan 25, 2011 7:32am
[quote=Ifmyante;4341912]Hi Jarroo. Let's have a go then. I'll probably make a fool of myself, which is a good thing for me, thank you!

I'll be as honest as I can about what I would have done

I've made a start on the early Jan 08 H4 part, and shall then get on to the latter.

quote]

I know you are directing this post towards Jarroo and he is by all means a czarr(sp).

I think this may help, I didn't see you mention it in your analysis, and that is the concept of space that Mike refers to when looking at a setup. You can refer to the guest section of J16 PF forum for a vid by Mike. This, to me at least adds to the grading of the setups that you see, and act as a filter in your decision making process. Further, it will help with your management of a trade greatly, particularly when you see it doesn't have much room to move.

Maybe, you are already aware of this and have seen the video....I'm just trying to help.

Regards,
Bill
  • #86,957
  • Jan 25, 2011 7:48am Jan 25, 2011 7:48am
Looking good ....Waiting for pull back to .9400 for entry short on the break down
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  • #86,958
  • Jan 25, 2011 7:53am Jan 25, 2011 7:53am
Quoting Atc

I think this may help, I didn't see you mention it in your analysis, and that is the concept of space that Mike refers to when looking at a setup. You can refer to the guest section of J16 PF forum for a vid by Mike.
Hi Bill

Thank you so much for your input, and you're absolutely right for pointing it out..

The closest I got to mentioning space(although I was aware of it), was the amount of momentum to the left of my trigger bars.

More momentum = less space.

I'm sure I'm missing something important here. Forgive me, I'm on day 2 without cigarettes and having trouble thinking clearly.

I'll rewatch the video now, thanks.

Michael
  • #86,959
  • Jan 25, 2011 7:59am Jan 25, 2011 7:59am
Quoting Atc
Looking good ....Waiting for pull back to .9400 for entry short on the break down
Been watching that one likewise. I hope we haven't missed the boat!
  • #86,960
  • Jan 25, 2011 8:00am Jan 25, 2011 8:00am
Quoting Ifmyante
Hi Jarroo. Let's have a go then. I'll probably make a fool of myself, which is a good thing for me, thank you!

I'll be as honest as I can about what I would have done

I've made a start on the early Jan 08 H4 part, and shall then get on to the latter.

So,
1. Nice easyish call
Beeob after last pin couldn't break S/R
Entry at close, TPP at last low, move stop to BE, leave rest on 'til PA says exit.
That IPB at the bottom wasn't good enough to go long, but good enough to exit short at close.

2. Wouldn't have taken
BUEOB from 3 bar lows,...
Hey Ifmyante,

I just pop in for a quick scan but I got to go for now.

No way will you make a fool of yourself . .I wish more people would do what you have done here.

Later tonight or late this afternoon (EST) I'll do a complete run down of the "Blue Area" and your charts . . This is going to be GREAT!

Got to go for now . .





Jim
Indicators show the past. Price Action "Indicates" the future.
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