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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

  • #89,661
  • Feb 21, 2011 6:05am Feb 21, 2011 6:05am
Quoting jarroo
A+ setups do have that potential . . from 30 pips to 3000 pips . . . the key is how to manage them once you find one or when one is presented to you.

Interesting! After your post I opened the same chart and found this BUOB (I marked with arrow). Why do you think it failed? Nice bar, engulfing several bars, strong close.

Is there a reason in your opinion? Or maybe this is just one of those that fail?

Any opinions much appreciated!
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  • #89,662
  • Feb 21, 2011 6:13am Feb 21, 2011 6:13am
Quoting Adilius07
Interesting! After your post I opened the same chart and found this BUOB (I marked with arrow). Why do you think it failed? Nice bar, engulfing several bars, strong close.

Is there a reason in your opinion? Or maybe this is just one of those that fail?

Any opinions much appreciated!
With proper trade management there were very good chances to exit at be atleast.
Keeping the sl below the buob bar still gave you 1/2 RR which should be enough to cover. On another hand price broke thru and closed back in the channel giving you clues about the overall bulls strenght. Honestly there was a lot of time to exit that trade without 1R loss imo.
  • #89,663
  • Edited 6:36am Feb 21, 2011 6:16am | Edited 6:36am
Quoting Greenhaze
With proper trade management there were very good chances to exit at be atleast.
Keeping the sl below the buob bar still gave you 1/2 RR which should be enough to cover. On another hand price broke thru and closed back in the channel giving you clues about the overall bulls strenght. Honestly there was a lot of time to exit that trade without 1R loss imo.
The only way I see to exit without loss is to have some kind of fixed fractional profit (before FTA) or like BE at +30 pips. But the BE at plus 30 will require you to sit 72 hours non stop so not to miss it.

Otherwise I don't see how it is possible to avoid loss, 1/2R loss is possible yes, but also we see that price is nicely sitting above BRN for a few days so realistically will one take a half R loss when he see it?

EDIT: Comepletly forgot it was WEEKLY so babysitting is not necessary )
  • #89,664
  • Feb 21, 2011 6:26am Feb 21, 2011 6:26am
Quoting Adilius07
The only way I see to exit without loss is to have some kind of fixed fractional profit (before FTA) or like BE at +30 pips. But the BE at plus 30 will require you to sit 72 hours non stop so not to miss it.

Otherwise I don't see how it is possible to avoid loss, 1/2R loss is possible yes, but also we see that price is nicely sitting above BRN for a few days so realistically will one take a half R loss when he see it?
Before i would enter that trade i would analyse dailys. Entering on first break of this weekly high was risky becouse there was lack of any kind of corrective move on lower tf so i would wait for price to form a bottom and then look for the trigger.
If i would play this setup using surrounding supports/resistance there is really no way i would take that loss.
  • #89,665
  • Feb 21, 2011 6:32am Feb 21, 2011 6:32am
Quoting Greenhaze
Before i would enter that trade i would analyse dailys. Entering on first break of this weekly high was risky becouse there was lack of any kind of corrective move on lower tf so i would wait for price to form a bottom and then look for the trigger.
If i would play this setup using surrounding supports/resistance there is really no way i would take that loss.
I was thinking about dailies just now too!!! The price (on daily) was above the entry for a few days (red line is entry) so that is when I should be moving to BE. Exactly!

Oh well for this one example it worked. I need to test the same approach with more trades, but looks as an interesting way to trade weekly
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  • #89,666
  • Feb 21, 2011 6:42am Feb 21, 2011 6:42am
I've separated friday candle from the sunday one. You can see that on the friday, price was making new highs and that move was overextended without any , even smallest retracement. I have a simple rule that keeps me out from trades like this. Becouse of that i miss some of the trades but a lot of the times i am able to get a better price and RR.
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  • #89,667
  • Feb 21, 2011 6:44am Feb 21, 2011 6:44am
Quoting 5.25
Still riding the Silver?
Yep.... Still riding that beast
  • #89,668
  • Feb 21, 2011 8:13am Feb 21, 2011 8:13am
The 365 ma providing support on the daily and resistance on the weekly!
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  • #89,669
  • Feb 21, 2011 8:37am Feb 21, 2011 8:37am
Quoting jarroo
Not sure what you mean . . How do I4Bs behave? Do you mean in a robust breakout, being that they are a compression type setup. . . .KaBoom!

Yeah, I like the breakout / retest of the 1.36/1.34

Typically, once price breaks the high or low of the i4b, it will not make a 50% retracement of the i4b that it broke.

more often, we see price re-test the high or low of the bar before it takes off to FTA...



Great example that I traded, and I have found this is typically what I see in these setups (if it doesn't re-test the low, it will not retrace as far as the middle of the i4b):
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Many choose unhappiness over uncertainty.
  • #89,670
  • Feb 21, 2011 9:17am Feb 21, 2011 9:17am
Quoting Adilius07
Interesting! After your post I opened the same chart and found this BUOB (I marked with arrow). Why do you think it failed? Nice bar, engulfing several bars, strong close.

Is there a reason in your opinion? Or maybe this is just one of those that fail?

Any opinions much appreciated!
Hey Adi

Why do you think this one failed? It went exactly to the previous swing low point(support turning into resistance, just as James shows). And it definitely blew past the FTA(smaller blue line). This is textbook stuff in my view.

Hope everyone had a nice long weekend
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  • #89,671
  • Feb 21, 2011 11:24am Feb 21, 2011 11:24am
Mike, I think this is something you mentioned back a few pages...a break out and a pull back.... now to look for PA?
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  • #89,672
  • Feb 21, 2011 11:55am Feb 21, 2011 11:55am
Quoting Patrick.
Mike, I think this is something you mentioned back a few pages...a break out and a pull back.... now to look for PA?
Hey Patrick

Yes this is something I was watching, but more on the initial burst. I wanted to see the overall pattern remain more intact, but now we could begin to watch this area again still

Best
Mike
  • #89,673
  • Feb 21, 2011 12:02pm Feb 21, 2011 12:02pm
Nice Daily IB from a few days ago working out well on Oil, quite the run today!
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Price is beautiful. A repetitive method is a competitive method.
  • #89,674
  • Edited 3:18pm Feb 21, 2011 1:32pm | Edited 3:18pm
Quoting Adilius07
Interesting! After your post I opened the same chart and found this BUOB (I marked with arrow). Why do you think it failed? Nice bar, engulfing several bars, strong close.

Is there a reason in your opinion? Or maybe this is just one of those that fail?

Any opinions much appreciated!
I see that Mike answered this obvious one . . .I'm surprised Adili that you didn't see the previous Highs/Lows as the target or even the 1.0700 RN.


But I'm sure you know what I see . . . . . . . . (or those that know me).

The prevous bar High(s) of these BUOBs. You can see on the Daily TF (and/or staying on the Weekly) at this level the PA opportunities they present. (or non-PA opps)

I didn't even look at the 4 Hour at this level . .I let you do that . .
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Indicators show the past. Price Action "Indicates" the future.
  • #89,675
  • Feb 21, 2011 1:47pm Feb 21, 2011 1:47pm
Quoting Dan Gilbert
Typically, once price breaks the high or low of the i4b, it will not make a 50% retracement of the i4b that it broke.

more often, we see price re-test the high or low of the bar before it takes off to FTA...



Great example that I traded, and I have found this is typically what I see in these setups (if it doesn't re-test the low, it will not retrace as far as the middle of the i4b):

I like it, Dan . . but isn't this what exactly happened on the Euro I4B at the 135.00? . .on the 4 hour and Daily too.


Edit: wait a mintue . .I think you have to define "once price breaks the high or low of the i4b" . .I guess this means any Price break above or below these levels.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,676
  • Feb 21, 2011 1:53pm Feb 21, 2011 1:53pm
Quoting 4FXsake
The 365 ma providing support on the daily and resistance on the weekly!

Great example 4FX . . .thanks . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,677
  • Feb 21, 2011 1:53pm Feb 21, 2011 1:53pm
Very strong demand base at the 87.85 level. Libya situation seems to be the major drive in oil prices right now. With current market sentiment and strong commodities touch trade might be a good choice here.
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  • #89,678
  • Feb 21, 2011 2:05pm Feb 21, 2011 2:05pm
Quoting mbqb11
Hey Adi

Why do you think this one failed? It went exactly to the previous swing low point(support turning into resistance, just as James shows). And it definitely blew past the FTA(smaller blue line). This is textbook stuff in my view.

Hope everyone had a nice long weekend

http://www.forexfactory.com/attachme...6&d=1298301411
Hi Mike, well of course I saw that previous swing low. My feed show the lowest low of that swing is 1.0930 and the high of that bar (spike) is 1.0866 so it didn't make it there by 64 points! In my opinion it did not reach that level. 64 is too much.

Those highs yes I see them, but there is always something on the way, the bar like this should have a potential to break through it. Just like the Pinbar Jarroo showed. It closed right below a very important level 0.9500 but it is tradable as we think it has a potential to break that BRN.

So maybe the loss could have been avoided by proper management. Like quick BE, but in general I would expect a stronger move from the bar like this. If I traded it like I do now I most likely would have taken a loss, because I would expect it to reach that previous swing low (it didn't by 64 points).

But now I think if I take a setup from weekly I will just manage it on daily, this way I could move to BE much quicker.
  • #89,679
  • Feb 21, 2011 2:08pm Feb 21, 2011 2:08pm
Quoting jarroo
I see that Mike answered this obivious one . . .I'm surprised Adili that you didn't see the previous Highs/Lows as the target or even the 1.0700 RN.


But I'm sure you know what I see . . . . . . . . (or those that know me).

The prevous bar High(s) of these BUOBs. You can see on the Daily TF (and/or staying on the Weekly) at this level the PA opportunities they present. (or non-PA opps)

I didn't even look at the 4 Hour at this level . .I let you do that . .
Thanks Jarroo, I need more practice to improve my trade management and my picks. Thanks for reply!
  • #89,680
  • Feb 21, 2011 2:12pm Feb 21, 2011 2:12pm
Quoting Adilius07
Hi Mike, well of course I saw that previous swing low. My feed show the lowest low of that swing is 1.0930 and the high of that bar (spike) is 1.0866 so it didn't make it there by 64 points! In my opinion it did not reach that level. 64 is too much.

Those highs yes I see them, but there is always something on the way, the bar like this should have a potential to break through it. Just like the Pinbar Jarroo showed. It closed right below a very important level 0.9500 but it is tradable as we think it has a potential to break that BRN.

So maybe...

James16's "This is Critical" would apply great to this one . . .I haven't found that many that don't apply .. lol
Indicators show the past. Price Action "Indicates" the future.
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