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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

  • #87,321
  • Jan 29, 2011 11:33am Jan 29, 2011 11:33am
Quoting Pinbar
I don't like it on the weekly TF or the daily for that matter.
On teh daily it is going right into the 365 EMA which has confluence with the 0.85500
3 green bars in a row is a bearish PA right?
  • #87,322
  • Jan 29, 2011 11:37am Jan 29, 2011 11:37am
Quoting aserbfx
nice looking pinbar on dnb. breaking through resistance and closing far below.
Nice find Aserbfx. I would play that for sure if i had dnb. Where will You have your sl?
  • #87,323
  • Edited 11:52am Jan 29, 2011 11:51am | Edited 11:52am
Quoting Greenhaze
Nice find Aserbfx. I would play that for sure if i had dnb. Where will You have your sl?
sl above the high of the bar. but i am not sure if i take the trade.
meine augen sind die sterne
  • #87,324
  • Jan 29, 2011 12:50pm Jan 29, 2011 12:50pm
Quoting Greenhaze
Hey Ghous,
1.3650 is also a 50% fib retracement of last swing low. This looks like a strong support and more important level then 1.3700 so atleast i would wait for price to get there and then decide to play the break or wait for a retrace entry. The topish pattern looks interesting btw.
Perfectly acceptable.

g.
I believe . . .
  • #87,325
  • Jan 29, 2011 12:57pm Jan 29, 2011 12:57pm
Quoting AvanishDemo
HA,CLASSIC POST GHOUS!!

I knew u would like EURAUD more than other 2..but needed ur knowledge just to knw wat makes those setups different..Thanks a lot man..
I'm wondering how come u gained so much abt the market,u just 1 year elder than me...but dat was awesome post..dat really helped..HATS OFF!!
No worries bro.

let us know if you have more questions.

g.
I believe . . .
  • #87,326
  • Jan 29, 2011 1:01pm Jan 29, 2011 1:01pm
Quoting Donkey
Hi ghous. I was looking at this one too and like it. We also have a touch of the 150 ema, which has been previous support on the current trend.

As far as FTA - would you not consider the flip at 1.3650 as the area we need to watch first? If price gets through this area it would be a nice place to hide a breakeven stop.

I'm considering an order on this one as pros of: The RN, strong close, 61.8, and 150 ema far outweigh the potential blip at 1.3650 in my eyes. I also like that there are obvious s/r areas to trail if the bar breaks nicely.
I like that D,

13650 will be on the watch list for me. Just that it isn't a factor based of which I would pass on the setup.

g.
I believe . . .
  • #87,327
  • Jan 29, 2011 3:54pm Jan 29, 2011 3:54pm
Have to see how much momentum this BUOB actually has...
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Many choose unhappiness over uncertainty.
  • #87,328
  • Jan 29, 2011 6:31pm Jan 29, 2011 6:31pm
Quoting john225
3 green bars in a row is a bearish PA right?
No, bullish.
3 red candles in a row would be bearish.

J16, "We also look for 3 higher or lower closes in a row, price will usually continue in that direction".

Maybe you are confused with the bulls and bears terminology, I also would get this wrong.

I remembered it like this, Bulls having horns scooping up the enemy into the air with them. Bears standing erect and pounding the enemy into the ground.
  • #87,329
  • Jan 29, 2011 7:52pm Jan 29, 2011 7:52pm
Yes i mean bullish it was a typing problem xD
  • #87,330
  • Jan 29, 2011 8:08pm Jan 29, 2011 8:08pm
Quoting john225
Yes i mean bullish it was a typing problem xD

Well, it is more of a sign of a continuation in that direction rather than a specific PA. I feel. How much further it will continue is decided on nearby traffic.
  • #87,331
  • Jan 29, 2011 8:29pm Jan 29, 2011 8:29pm
Ghous

Any ideas as to why EUR/AUD closed below the 1.3700 on your chart but not on my live FXDD or IBFX charts?
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  • #87,332
  • Edited 8:59pm Jan 29, 2011 8:46pm | Edited 8:59pm
Quoting Pinbar
Ghous
Any ideas as to why EUR/AUD closed below the 1.3700 on your chart but not on my live FXDD or IBFX charts?
probaby have something to do with spread &/or broker (demo vs. live)

Quoting Dan Gilbert
Have to see how much momentum this BUOB actually has...
nice chart.
interesting how this will play out..

Quoting Ifmyante
My broker found the 1.37 to be crucial to his profits. He switched off for 10 minutes!
H..
havent checked charts yet...
is it your live account broker?
why not try other brokers... FXPro, IBFX, FXDD, Alpari, etc
or, have/monitor 2 broker feeds (if u are comfortable doing so)
  • #87,333
  • Jan 29, 2011 8:58pm Jan 29, 2011 8:58pm
Quoting supremeChaos
probaby have something to do with spread &/or broker (demo vs. live)


nice chart.
interesting how this will play out..

Hmm, interesting but, FXDD is the live account & IBFX the demo account.

Yeah, could be the spread.

Thanks SC.
  • #87,334
  • Jan 29, 2011 9:03pm Jan 29, 2011 9:03pm
Quoting Pinbar
Ghous

Any ideas as to why EUR/AUD closed below the 1.3700 on your chart but not on my live FXDD or IBFX charts?
Its probably due to close times? Fx markets we know don't have a standard week close as in the stock markets, the brokers can close with a few hours between them, which may cause the bars to appear different on different feeds.

g.
I believe . . .
  • #87,335
  • Jan 29, 2011 9:15pm Jan 29, 2011 9:15pm
Quoting Dan Gilbert
Have to see how much momentum this BUOB actually has...
I have this on my list of potential setups too as it's a weekly Pin as well... Looks interesting.
  • #87,336
  • Jan 29, 2011 11:39pm Jan 29, 2011 11:39pm
Quoting ghous
Its probably due to close times? Fx markets we know don't have a standard week close as in the stock markets, the brokers can close with a few hours between them, which may cause the bars to appear different on different feeds.

g.

Thanks Ghous
  • #87,337
  • Jan 29, 2011 11:46pm Jan 29, 2011 11:46pm
Question for Mike, Jarroo, Ghous, SC.
Just practicing my boxing skills and have a question.

Let's assume this BEOB is not engulfing the Sunday bar but maybe 2 regular daily bars. I cut off the tail of the PB for the purpose of using this as an example.

Can we use consolidation boxes to our advantage like this.

I mean, if we see a PA setup close inside one of these boxes of consolidation and we see the next bar get rejected by the top of it, would you take a setup trading into one of these boxes as in this example.

I am leaning towards the possibility that, as long as the PA closes inside them, this consolidation may work to our advantage.

Any thoughts on this?
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  • #87,338
  • Jan 30, 2011 12:55am Jan 30, 2011 12:55am
Quoting Pinbar
Question for Mike, Jarroo, Ghous, SC.
Just practicing my boxing skills and have a question.

Let's assume this BEOB is not engulfing the Sunday bar but maybe 2 regular daily bars. I cut off the tail of the PB for the purpose of using this as an example.

Can we use consolidation boxes to our advantage like this.

I mean, if we see a PA setup close inside one of these boxes of consolidation and we see the next bar get rejected by the top of it, would you take a setup trading into one of these boxes as in this example.

I am leaning towards the possibility...
Hey Steve,

I think it all comes down to whether the consolidation box carries aimless up and down moves containing very few or no price flips at all or it has some flips in it that could act as S/R. Again the latter condition is mostly true.

Unless you have a real tight and small box that quickly breaks you should normally expect PPZs to exist in the box and so when a PA setup closes below the top range of a Consolidation box it should be considered as a setup in traffic. Again like I said the more obvious the price flips are in the box the more intensified are your spatial concerns.

Don't get me wrong, the top and the bottom ranges of a consolidation box are extremely important areas of S/R, and where its a positive sign that a PA setup was able to close beyond this major hurdle, you cannot take things for granted each time and expect the momentum to take you through the consolidation box every time...it is specially difficult for it do so if there are signs of obvious price flips within the box.

Here are a few examples of situations where price does penetrate through the top/bottom range of the box and still bounces off an S/R inside the box.

The first chart is your chart with the box you drew. Notice that there was in fact a PPZ within the box, and which although didn't hold, it was acknowledged by a "supp turns into res" move indicated by the pull back.

Hope this clears things up.

g.
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I believe . . .
  • #87,339
  • Jan 30, 2011 1:51am Jan 30, 2011 1:51am
Quoting Pinbar
Question..
Let's assume this BEOB is not engulfing the Sunday bar but maybe 2 regular daily bars. I cut off the tail of the PB for the purpose of using this as an example.
Can we use consolidation boxes to our advantage like this....
Hello Steve,
it depends on the market situation (trending or ranging).
a BEOB closing inside a consolidation does not always guarantee price will follow through & move smoothly.
even in trending environments, price still gets rejected, example, on the range bottom (in your chart's case). afterwards, sometimes price follows through, sometimes not.
the only way to know if price will follow through, is by having a position on (guesstimating the direction, momentum/trend correctly), & letting price move further(if u feel/believe trend will persist).
the key is knowing price moves in a certain fashion (trend, consolidate, trend, consolidate).

let me know if i answered your question correctly, & if i made sense.
  • #87,340
  • Jan 30, 2011 2:17am Jan 30, 2011 2:17am
Quoting ghous
Hey Steve,

I think it all comes down to whether the consolidation box carries aimless up and down moves containing very few or no price flips at all or it has some flips in it that could act as S/R. Again the latter condition is mostly true.

Unless you have a real tight and small box that quickly breaks you should normally expect PPZs to exist in the box and so when a PA setup closes below the top range of a Consolidation box it should be considered as a setup in traffic. Again like I said the more obvious the price flips are in the box the more...

Thanks Ghous....I was thinking the same thing about the size of the consolidation box.

I also agree that the top and bottom of these are probably more reliable than the area inside these boxes.

Very clear explanation.

Many thanks.
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