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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

  • #90,241
  • Feb 26, 2011 3:03pm Feb 26, 2011 3:03pm
ltc on weekly.
strong weekly and friday bar. breakout seems likely next week. making higher lows. only small volume traded on this stock, so use limit orders.
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meine augen sind die sterne
  • #90,242
  • Feb 26, 2011 3:24pm Feb 26, 2011 3:24pm
Quoting AvanishDemo
hey Mike..can we look for this as a possible breakout n look for a short..1.49(in pink)..multi lows over there..lets say Entry just below those lows...
..or else if the IB close bullish way..it could be IB setup..
do u agree?

Quoting AvanishDemo
Hi jarroo..
is this IB setup worth tradeble??
yes we hav 1.49 RN n swing low..
but my concern is the strong bearish momentum given the last's week BEOB n IB looks weak in front of it..

Another chart,i have been thinking of this BEOB on CHFJPY..yes it got CB 88.00RN but big concern 87.77..
I thought a lot about it but i need ur help!
First with the Gbp/Chf Daily IB . .Price is trapped right now between the 1.5 BRN and a strong PPZ level, 1.49. . . forming an IB.

The questions are . .will the strong move down continue and break through the 1.49, PPZ level that is acting as strong Support. Or will the 1.49 PPZ (Support level) be strong enough to stop the strong move down and reverse Price up through the 1.5 BRN and start heading up.

I would like to see Price contiune its momentum down through the 1.49 and turn it into Resistance . .but I will let Price show me where it wants to go. (chart)

Also, the green PB I have marked (yellow in your chart) . .can you tell me why it didn't break? We have gone through this exercise before . .right, AD?
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Indicators show the past. Price Action "Indicates" the future.
  • #90,243
  • Feb 26, 2011 4:34pm Feb 26, 2011 4:34pm
Quoting jarroo

Also, the green PB I have marked (yellow in your chart) . .can you tell me why it didn't break? We have gone through this exercise before . .right, AD?
Hi Jim,
just dropping in for a few minutes

Is this why?
Just stating the very obvious. Didn't take time to study it
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  • #90,244
  • Feb 26, 2011 5:04pm Feb 26, 2011 5:04pm
Quoting mbqb11
yep agreed, I would let the market take me out on that type of scenario

Mike
Thanks for the beta Mike and Donkey, I'll do just that.

I'm still trading small and keeping things as simple as I possibly can... it's certainly paying off
  • #90,245
  • Feb 26, 2011 5:07pm Feb 26, 2011 5:07pm
A prayer to mother market .....Please send me some of these...I am getting old and tired.
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  • #90,246
  • Feb 26, 2011 5:29pm Feb 26, 2011 5:29pm
Quoting mbqb11
Hey C

Yep you got it. Location doesn't matter as much but it helps in deciding how to properly manage the trade. I won't trade directly into a BRN, but I will trade a breakout above a BRN if they are clustering under it. By the nature of it there should always be some space as the bar highs or lows will be capping price at a certain level. The buffer I usually is roughly 10-15 pips on most timeframes as I want to play the immediate breakout.

Best
Mike
Thank you Mike for all the information. If I spot some break-out trades in real time, I will post it here just to make sure I am on right track.

Thank you !!
  • #90,247
  • Feb 26, 2011 5:31pm Feb 26, 2011 5:31pm
Quoting Ifmyante
Hi Jim,
just dropping in for a few minutes

Is this why?
Just stating the very obvious. Didn't take time to study it
the pinbar is too small compared to the previous bar
  • #90,248
  • Feb 26, 2011 5:38pm Feb 26, 2011 5:38pm
Quoting Dan Gilbert
I know Mike has mentioned this one, and it continued to wind up this week.

Looks interesting.

Remember when this thread saw the same thing happening on GBPJPY? It was a very good trade.

BEOB exiting consolidation on weekly.
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Many choose unhappiness over uncertainty.
  • #90,249
  • Feb 26, 2011 5:44pm Feb 26, 2011 5:44pm
Quoting Dan Gilbert
this one is starting to go a bit.
I'm in this one as well. I am not in love with my position, I'm in love with the setup though .
  • #90,250
  • Feb 26, 2011 6:05pm Feb 26, 2011 6:05pm
Quoting Wakanapi
I'm in this one as well. I am not in love with my position, I'm in love with the setup though .
yes. I think it's A+
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Many choose unhappiness over uncertainty.
  • #90,251
  • Feb 26, 2011 6:40pm Feb 26, 2011 6:40pm
Quoting Dan Gilbert
yes. I think it's A+
I like your charts!! Certainly a bearish candle before the pin setup bar, still an A+? (I am new to these pin bar setups, and would have shyed away from this setup.)
  • #90,252
  • Feb 26, 2011 6:46pm Feb 26, 2011 6:46pm
Quoting Dan Gilbert
yes. I think it's A+
I certainly agree. I managed to pull 1/3 off before the retrace. I'm planning to take the next 1/3 at approx. 805 and then let the rest run (hopefully).

How are you managing this one?
  • #90,253
  • Feb 26, 2011 7:24pm Feb 26, 2011 7:24pm
Quoting Wakanapi
I certainly agree. I managed to pull 1/3 off before the retrace. I'm planning to take the next 1/3 at approx. 805 and then let the rest run (hopefully).

How are you managing this one?
full profit take @ 820ish
Many choose unhappiness over uncertainty.
  • #90,254
  • Feb 26, 2011 7:37pm Feb 26, 2011 7:37pm
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  • #90,255
  • Feb 26, 2011 9:06pm Feb 26, 2011 9:06pm
Quoting Ifmyante
Hi Jim,
just dropping in for a few minutes

Is this why?
Just stating the very obvious. Didn't take time to study it
Quoting DBallerz
the pinbar is too small compared to the previous bar

Yeah Ifmy, that was part of it , that PB was trading right into a PPZ level acting as Support. The relative smallness, DB I thought gave the PB a chance to work out because it was coming off prior Resistance (bottom of consolidation). . .but the big BUOB coming off its own consolidation gave it the strength it needed to go upward.

I would like to think if that PB broke (& closed below) that PPZ level and turned into Resistance . .it would have worked out on going lower. But we'll never know since it never broke through.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #90,256
  • Feb 26, 2011 9:37pm Feb 26, 2011 9:37pm
Quoting 5.25
At +325 pips and with a bullish PB added to the mix, I thinks it's time to close this little runner

Is the newly formed PB at 1.5800 also tradable?
Nice job, 5.25 . good catch on the top of the Weekly consolidation . .


That PB is too small to be tradable in my book, but I do like the 1.58 level, which is the bottom of the Weekly consolidation. If Price is about to break that 1.58 (Weekly consolidation bottom) . . that Weekly BEOB may be the hint.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,257
  • Feb 26, 2011 9:40pm Feb 26, 2011 9:40pm
Quoting Donkey
That is one beautiful trade floppy. I'd say that bar is tradable, but looking at the momentum to the downside you caught, I'd be tempted to keep the short open with a tight S/L above that pin bar. That pin par could be just late week profit taking.

Beautiful trade ...
Ditto . . D.
Indicators show the past. Price Action "Indicates" the future.
  • #90,258
  • Feb 26, 2011 10:06pm Feb 26, 2011 10:06pm
So I need some advice...

I got into the aud/jpy trade off the pinbar that formed on the daily chart. It looked pretty good at the time because of the all the support areas on the chart. The initial plan was to place a stop below the left eye and also to enter on a break of the 83 round number, take half off the table at first target.

long story short... im in the trade now and what im seeing on the 4 hour chart doesnt look encouraging. So what would you do if you were in my shoes?

Here are what I think my options are so far...
1. Take the whole trade off the table or perhaps take half off
2. Trail my stop to the low of the previous daily candle and wait to see what happens.
3. Move my stop just below the 4h pinbar and let the market do its magic
4. Move my stop just behind a near term trendline, maybe off the 1H chart

(ive attached some screen shots of what im thinking)

Thanks!
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  • #90,259
  • Edited 10:24pm Feb 26, 2011 10:11pm | Edited 10:24pm
Quoting AvanishDemo
Hi jarroo..

Another chart,i have been thinking of this BEOB on CHFJPY..yes it got CB 88.00RN but big concern 87.77..
I thought a lot about it but i need ur help!
Quoting bakko85
Hi Avanish,

regarding the CJ, the bar is quite strong (it engulfs the 2 previous bars), but, as you pointed out, the close is not below that PPZ at 87.75 - look at how price reacted well in the recent past -.
Personally I would wait until next Monday to see what will happen: only if it will close strongly and in a convincing way below 87.75, I would trade it (after a re-test of this level, turned into resistance again).

Just my 2 pips
B.
I agree bakko ( and with Mike) that Price has broken and close above consolidation on the Daily/Weekly and more uptrend may be in store.

And if Price falls below (and closes below) the top of consolidation at the 87.75ish level the consolidation could continue down.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,260
  • Feb 26, 2011 10:22pm Feb 26, 2011 10:22pm
Quoting mugged
So I need some advice...

I got into the aud/jpy trade off the pinbar that formed on the daily chart. It looked pretty good at the time because of the all the support areas on the chart. The initial plan was to place a stop below the left eye and also to enter on a break of the 83 round number, take half off the table at first target.

long story short... im in the trade now and what im seeing on the 4 hour chart doesnt look encouraging. So what would you do if you were in my shoes?

Here are what I think my options are so far...
1. Take the...
Quoting jarroo
I like it, Srgb. although the target(s) look pretty tight. Size could be BOLDER ..

I like the story on the Weekly . .Previous bar High on the Weekly BUOB that coincides with a clear PPZ level.

Its got a chance.
Deja vu . .I've seen this post before . .just kidding, mug.

Have you seen my previous post on this?


Price has reached its target(s) on that PB . .Price may continue up or retest the Support level again.

Have you read James16's "This is Crirital"?

Quoting james16
THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area (or target/FTA) just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken....
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Indicators show the past. Price Action "Indicates" the future.
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