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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

  • #87,501
  • Jan 31, 2011 7:43pm Jan 31, 2011 7:43pm
Quoting Pinbar
Thanks for the info Mike.

Could you explain using this EJ chart, under what circumstances you would trade that weekly bearish PB against the Monthly BUEOB?

I put the fibo on the monthly BUEOB as I am wondering if you would trade it if the 61.8 of the BUEOB broke. or something like that.
Hey Pin

The simple answer is that neither to me is worth trading so there is no trade. But to clarify they are individually not strong enough trade setups for me by themselves. So the setups would have to just be better for me to consider either. If the weekly had a great pinbar that I considered worth trading I would not care what the monthly was doing. I would do my analysis , manage my trade according to what the weekly was telling me at the time.

Hope that helps
Mike
  • #87,502
  • Jan 31, 2011 7:49pm Jan 31, 2011 7:49pm
Quoting mbqb11
Hey Pin

The simple answer is that neither to me is worth trading so there is no trade. But to clarify they are individually not strong enough trade setups for me by themselves. So the setups would have to just be better for me to consider either. If the weekly had a great pinbar that I considered worth trading I would not care what the monthly was doing. I would do my analysis , manage my trade according to what the weekly was telling me at the time.

Hope that helps
Mike

I know different folks different strokes is what this is about but, you seem to imply that, the weekly PB was not worth taking. I know it was not a great size but, what confuses me here is that Jarroo seemed to think it was an ok setup. I know it was not an A plus setup for sure but, it seemed to have possibility. Now, this really confuses me.
  • #87,503
  • Jan 31, 2011 7:55pm Jan 31, 2011 7:55pm
Quoting Pinbar
I know different folks different strokes is what this is about but, you seem to imply that, the weekly PB was not worth taking. I know it was not a great size but, what confuses me here is that Jarroo seemed to think it was an ok setup. I know it was not an A plus setup for sure but, it seemed to have possibility. Now, this really confuses me.
Hey Pin

For me e/j is stuck in a very huge box. This means price is likely to chop around while in this box. This pinbar is super small. It would also be trading back into the mid section of the box which will usually be a PPZ as well in this case the BRN of 110. I don't use tight stops or get my stop to b/e when price moves 30-40 pips which is a situation with the e/j that would be the only way I could see it played. Notice as well the bigger BUOB that sits at the bottom of the range(to me a more playable bar). As you said different strokes and its the truth. But to me in all honesty I see a bar like that and don't spend more then a few seconds looking at it. Just the truth for me

My interest remains outside the top and bottom of this box for the most part

Best
Mike
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  • #87,504
  • Jan 31, 2011 8:01pm Jan 31, 2011 8:01pm
Quoting Pinbar
Great video Ghous.

Can we have some more?
from time to time...

Thanks everyone for the great compliments.

g.
I believe . . .
  • #87,505
  • Jan 31, 2011 8:17pm Jan 31, 2011 8:17pm
anybody like this?

just realized price stalled at the brn 1.37
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  • #87,506
  • Jan 31, 2011 8:25pm Jan 31, 2011 8:25pm
Quoting mbqb11
Hey Pin

For me e/j is stuck in a very huge box....

Hmmm, I can see where you are coming from, for sure and thanks for taking the time out to explain it.

I don't know. Maybe, I have put too much weight and thought into the PBT&CA below, analysis and need to put it into the greater perspective of the whole. It makes me think, I don't know what to think.
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  • #87,507
  • Jan 31, 2011 9:14pm Jan 31, 2011 9:14pm
Quoting DBallerz
I have feeds from fxPro and FXCM. Do you recommend any others?
u can try what Sir mbqb11 uses:
FXpro - 5pm est
Alpari UK - 6pm est
IBFX 7pm
MB trading 8pm est

& there are many others out there.

Quoting Ifmyante
This was my first month without losing a pip. It feels good, really good

Stay focused & keep at it!
  • #87,508
  • Jan 31, 2011 9:25pm Jan 31, 2011 9:25pm
Quoting Pinbar
. Maybe, I have put too much weight and thought into the PBT&CA below, analysis and need to put it into the greater perspective of the whole.

I think that is a good point Steve. The whole is always the most crucial and it's about taking each of these pieces and building your overall story that you can be confident pulling the trigger on and managing too

Best
Mike
  • #87,509
  • Jan 31, 2011 9:25pm Jan 31, 2011 9:25pm
Quoting Pinbar
Hmmm, I can see where you are coming from, for sure and thanks for taking the time out to explain it.
...
yes, watch the trees & the forest, if we want to really get on top of this stuff.
i think we'll see a breakout of this huge box this week (114 - 116 remains key)
let's see
  • #87,510
  • Jan 31, 2011 9:32pm Jan 31, 2011 9:32pm
Quoting supremeChaos
yes, watch the trees & the forest, if we want to really get on top of this stuff.
i think we'll see a breakout of this huge box this week (114 - 116 remains key)
let's see

Mike & SC thanks.

Phew, I can see now how we MUST keep a balance and as SC says, look both at the Forrest and the trees.

Thanks for bringing me back to reality.

My mind was doing the tootsie.......

New rule, First the Forrest then I will look at the trees.
Which is more than likely Exactly as Jarroo intended it to be.
  • #87,511
  • Jan 31, 2011 9:43pm Jan 31, 2011 9:43pm
Quoting DBallerz
anybody like this?
just realized price stalled at the brn 1.37
hello DBallerz,
relatively small PB. this is more of a 'pause PA'.
it might work out (although unlikely, imho)... at least dont expect a smooth downmove, as there is potential trouble right below the PB, 1.36 - 1.37 area.

there are much better setups out there.
  • #87,512
  • Jan 31, 2011 9:54pm Jan 31, 2011 9:54pm
Quoting mbqb11
Hey Pin

For me e/j is stuck in a very huge box. This means price is likely to chop around while in this box. This pinbar is super small. It would also be trading back into the mid section of the box which will usually be a PPZ as well in this case the BRN of 110. I don't use tight stops or get my stop to b/e when price moves 30-40 pips which is a situation with the e/j that would be the only way I could see it played. Notice as well the bigger BUOB that sits at the bottom of the range(to me a more playable bar). As you said different strokes and...
I was starting to like this GBP/CAD Monthly until I saw your box explination on the E/J. Looks pretty similar. But what are your feelings on the Eur/Cad monthly?
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  • #87,513
  • Jan 31, 2011 10:03pm Jan 31, 2011 10:03pm
Quoting spookie94
I was starting to like this GBP/CAD Monthly until I saw your box explination on the E/J. Looks pretty similar. But what are your feelings on the Eur/Cad monthly?
Hey Spookie

You can see that the BUOB is actually not at the swing low point so this immediatly tips me off to the fact that there is traffic and to be cautious with where the first trouble areas are. Notice also overall price is just pretty much sideways from a monthly perspective. Another reason to be cautious. So what is the confluence BEYOND the bar here? Not much for me. Does it mean you can't trade it? Nope course not. But is it worth it for me. Nope.

Hope that helps
Mike
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  • #87,514
  • Jan 31, 2011 10:11pm Jan 31, 2011 10:11pm
Quoting mbqb11
Hey Spookie

You can see that the BUOB is actually not at the swing low point so this immediatly tips me off to the fact that there is traffic and to be cautious with where the first trouble areas are. Notice also overall price is just pretty much sideways from a monthly perspective. Another reason to be cautious. So what is the confluence BEYOND the bar here? Not much for me. Does it mean you can't trade it? Nope course not. But is it worth it for me. Nope.

Hope that helps
Mike
No arguments here. Not used to trading the monthlys so I want to stick to the best setups. These larger TFs require a lot of patience. In order to give them the time they may need I want to be confident in my chances for a winner. So if your passing then why in the h**l would I take it. Thanks for your quick response. Now I can get prepared for DEATH STORM 2011
  • #87,515
  • Edited 11:07pm Jan 31, 2011 10:51pm | Edited 11:07pm
Quoting Pinbar
Hmmm, I can see where you are coming from, for sure and thanks for taking the time out to explain it.

I don't know. Maybe, I have put too much weight and thought into the PBT&CA below, analysis and need to put it into the greater perspective of the whole. It makes me think, I don't know what to think.

Pb, let me go over this setup. Your Price Flip level was dead on.

If anything, you will put more weight into PBT&C Above or Below and I'll show you . .give me few . .
Indicators show the past. Price Action "Indicates" the future.
  • #87,516
  • Jan 31, 2011 11:39pm Jan 31, 2011 11:39pm
Quoting jarroo
Pb, let me go over this setup. Your Price Flip level was dead on.

If anything, you will put more weight into PBT&C Above or Below and I'll show you . .give me few . .

First off, the Price Flip YOU pointed out was perfect. Nice clean line of Highs and Lows meeting together at the 111.60-111.50 level.

Secondly, I put the Sunday market activity into Friday's market activity. (shown in yellow on the Hourly). Some people put it into Monday's market. I view it like this, Friday ends early and Sunday opens late . .thus making a more complete trading day . .whether its right or wrong , its how I view it.

That being said, the low of that Weekly PB is about the 111.40. and add your trigger buffer 10-20pips, you now have a good test of the momentum of the setup . .if it breaks. . . .which it didn't.

You can see by last night that Price reacted to this Support level very strongly.. . .Why did Price react very strongly to this Support ?. . ..Because Price broke through and Closed above.

next why I still liked it . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,517
  • Feb 1, 2011 12:09am Feb 1, 2011 12:09am
Quoting jarroo
First off, the Price Flip YOU pointed out was perfect. Nice clean line of Highs and Lows meeting together at the 111.60-111.50 level.

Secondly, I put the Sunday market activity into Friday's market activity. (shown in yellow on the Hourly). Some people put it into Monday's market. I view it like this, Friday ends early and Sunday opens late . .thus making a more complete trading day . .whether its right or wrong , its how I view it.

That being said, the low of that Weekly PB is about the 111.40. and add your trigger buffer 10-20pips,...

I am with you Jarroo.

Thanks for taking the time out to explain.

My mind was overheating, had to go and take a nap.
Think I need another one now. LoL


Too bad price did not show us any bearish PA around that level.
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  • #87,518
  • Feb 1, 2011 12:25am Feb 1, 2011 12:25am
Quoting jarroo
next why I still liked it . . .

Pb . .remember your video when you talked about the Daily BEOB on the Nzd/Usd? You showed a key qualifying feautre of that BEOB . .that the Close was below that obvious and clear PPZ level. It also was good in size and engulfed that bit of consolidation.. etc. A great setup that hit is target with no problems.

Well, the Eur/Jpy Weekly PB's Close was below the 111.50ish. Albeit a minor close below . .actually you could say it the same Support level, the 111.40.. . .I would have liked a strong close below .. . but I saw its potential.

I still like this level, more so then I like the PB .. meaning The PB could have been better in sturcture (lower Open and Close). It is on my watch list for sure.

I believe the key thing to remember is that PBT&CAorB is a powerful transformation of Support and Resistance levels. I can show you examples where this transitition has stopped really good size PA in its tracks. . .and I'm sure you could do the same.

The key to finding the good levels (PPZs or S/R) the clean, clean, multi-bar High, Lows and even Closes . .that really stand out and are very obvious .
The 111.50 level that you pointed out, is a great example of a good level.

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Indicators show the past. Price Action "Indicates" the future.
  • #87,519
  • Feb 1, 2011 12:37am Feb 1, 2011 12:37am
Quoting Pinbar
I am with you Jarroo.

Thanks for taking the time out to explain.

My mind was overheating, had to go and take a nap.
Think I need another one now. LoL


Too bad price did not show us any bearish PA around that level.

A better question that we (myself included) need to ask ourselves is this. . . .


Why weren't we looking for Bullish PA at this newly formed and confirmed Support level?



Gotta go . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,520
  • Feb 1, 2011 12:55am Feb 1, 2011 12:55am
On an absolute basic PA level, I would like to post a successful 100 pip gain on the AUD/NZD. I actioned a Friday close daily pin bar on Monday Australian open (a more aggressive entry I beleive). I have taken a 50% profit at the FTA, then a further 40% at my target area and am now left with a free trade, 10% of my original.

In the simplest of terms, entry was defined by:

a) Pin bar rejection of 1.2800 - 1.2820 zone (proven to be a stong level on the weekly and daily time frame).

b) 'Space' to the left of the PB. (As noted by one of Mike's recorded webinars. Let me know if I interpreted it ok).

c) PA came at a lower low.

Given the trade was small (very small) in size I was prepared to go against the greater immediate down trend.

No fibs or MA were used in the decision making process. Only PA, strong S/R level and location. I will save the complexity in my trading plan for the future.

As I am new please feel free to critque this trade. I'm particularly keen to hear any negatives for future reference.

Attachments: Before and after charts.
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