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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

  • #90,381
  • Feb 28, 2011 1:53pm Feb 28, 2011 1:53pm
Quoting Dan Gilbert
The problem I have with these setups is the horizontal resistance we see to the left of our trendline breakout.

I've ran into this in the past, and it was painful to see price breakout of the trendline, then hit the horizontal resistance to the left and completely reverse in doing so.

see my yellow horizontal lines in the attached picture to see what I mean.
Yep you are quite right Dan. This is why I am very picky with my breakout patterns as well as the criteria for entry after the breakout. Once you figure out the ones that are actually breaking out you won't be as put off by that and just manage it like most other trades. They are some of my favorite

Mike
  • #90,382
  • Feb 28, 2011 2:03pm Feb 28, 2011 2:03pm
Quoting mbqb11
ouch it hurts, but it happens both ways. We just tend to remember these times much more vividly

On to the next one

Mike
Im so mad at my self that i dont eaven want to watch gpb/usd chart any more ... i probably mesed up realy realy nice entry ... and with souch a strong move it will proably go tru resistance and continiue to go higer lol

yep to the next one
  • #90,383
  • Feb 28, 2011 2:06pm Feb 28, 2011 2:06pm
Quoting mbqb11
Yep you are quite right Dan. This is why I am very picky with my breakout patterns as well as the criteria for entry after the breakout. Once you figure out the ones that are actually breaking out you won't be as put off by that and just manage it like most other trades. They are some of my favorite

Mike
I like this one better, we have the 1.63 as a obvious previous resistance, if price can break through that 1.63, we are into a more traffic-free area.
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Many choose unhappiness over uncertainty.
  • #90,384
  • Feb 28, 2011 2:10pm Feb 28, 2011 2:10pm
Quoting Dan Gilbert
I like this one better, we have the 1.63 as a obvious previous resistance, if price can break through that 1.63, we are into a more traffic-free area.
Yep this is a great area to watch dan. I would like to see us stay under the highs now(late in day we should) drift lower slightly and then breakout in the next main sessions. I will look for entries on both the 4hr and one hr

Best
Mike
  • #90,385
  • Feb 28, 2011 2:14pm Feb 28, 2011 2:14pm
Me to
... sory gpb/usd made me cry and made me laugh tooday ...
  • #90,386
  • Feb 28, 2011 2:32pm Feb 28, 2011 2:32pm
Quoting mbqb11
Yep this is a great area to watch dan. I would like to see us stay under the highs now(late in day we should) drift lower slightly and then breakout in the next main sessions. I will look for entries on both the 4hr and one hr

Best
Mike

Since we are on this topic, I want to know what you think of this 1hr bar that occured on NZDJPY after price broke through the long term support trendline (drawn here in yellow).

As soon as this 1 hr bar formed, I was sitting with my finger on the trigger and thought I could sell on the close of that 1 hr bar, and place my S/L just above the high. Then I considered the strange time of the day that the trendline broke, and opted not to.

Lets say this same highlighted 1hr bar formed during london, would you take it, Mike?

Obviously this is hindsight, but I seriously saw that 1hr bar and wanted to jump on it so badly.

the yellow trendline you see represents the daily upward sloping trendline we saw on all that longer-term consolidation.
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Many choose unhappiness over uncertainty.
  • #90,387
  • Feb 28, 2011 2:32pm Feb 28, 2011 2:32pm
Well after a long break I am now back in a position to work hard and learn this thing!!!. Today I shorted the Eur/Gbp on the break of the daily pin bar. First half closed at FTA which was the brn. stop now at break even to see how far it can go
cheers
hair
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  • #90,388
  • Feb 28, 2011 2:58pm Feb 28, 2011 2:58pm
Quoting Dan Gilbert
Since we are on this topic, I want to know what you think of this 1hr bar that occured on NZDJPY after price broke through the long term support trendline (drawn here in yellow).

As soon as this 1 hr bar formed, I was sitting with my finger on the trigger and thought I could sell on the close of that 1 hr bar, and place my S/L just above the high....
Hey Dan

Yes I will trade those types of bars as long as they clearly retest my breakout area. I will sell the new low in this case(which would be a sell under the bar before that one). If everything else lines up

Mike
  • #90,389
  • Feb 28, 2011 2:58pm Feb 28, 2011 2:58pm
Quoting haircut
Well after a long break I am now back in a position to work hard and learn this thing!!!. Today I shorted the Eur/Gbp on the break of the daily pin bar. First half closed at FTA which was the brn. stop now at break even to see how far it can go
cheers
hair
Great job Hair
  • #90,390
  • Feb 28, 2011 3:14pm Feb 28, 2011 3:14pm
Quoting john225
Nice trade mike Are you mbqb11 with an new account? xD
Lol, no But that's a nice compliment. The trade is still running, half profit taken, rest at BE. Damn good feeling
  • #90,391
  • Feb 28, 2011 3:38pm Feb 28, 2011 3:38pm
Quoting Sgrb1
Hi Jarroo, appreciate the charts, gives us all something to think about

Here's another one.. CAD finally breaking out of the range with a weekly BEOB, maybe we'll see a retrace and some decent PA at .9850..

Let's see if she comes back, Sgrb.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,392
  • Feb 28, 2011 3:57pm Feb 28, 2011 3:57pm
Quoting Atc
TT or pb..... off ppz (Wkly+ Mnthly lows) 1.3640-50 and 50 fib went right to BRN--target

I missed it

That's a classic Bill . .nice one even though you missed it.

I was looking for the 4 Hour PB to have a close below the 1.3600. Darn it.

I've seen to often these break a little and then go the other way. . .had to give it a pass.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,393
  • Feb 28, 2011 4:01pm Feb 28, 2011 4:01pm
Quoting jarroo
Let's see if she comes back, Sgrb.
Yep, eyes are peeled for this one. My bets on that we don't get a retest for a while..
  • #90,394
  • Edited 4:18pm Feb 28, 2011 4:06pm | Edited 4:18pm
Quoting Sgrb1
Yep, eyes are peeled for this one. My bets on that we don't get a retest for a while..
That maybe true or maybe not.

But if it does go down deeper and then comes back and gives us some nice Bearish PA . . we'll have some of that nice Space that Mike talks about all the time. .
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Indicators show the past. Price Action "Indicates" the future.
  • #90,395
  • Feb 28, 2011 4:17pm Feb 28, 2011 4:17pm
I think saw someone talk about the Gbp/Jpy Weekly BEOB ( I can't find it now)

Interesting level where Price is now . .previous bar Low of the BEOB.

You guys can see the PBT&CAand B, right? Resistance will be confirmed if Price closes as it is now on the Daily.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,396
  • Feb 28, 2011 4:26pm Feb 28, 2011 4:26pm
Quoting jarroo
That maybe true or maybe not.

But if it does go down deeper and then comes back and gives us some nice Bearish PA . . we'll have some of that nice Space that Mike talks about all the time. .
have to see if this is the one LOL
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  • #90,397
  • Feb 28, 2011 4:32pm Feb 28, 2011 4:32pm
Quoting mbqb11
have to see if this is the one LOL
I should have known . . lol . ..nice Mike.

Let's see if the Cad choppiness has now broken free. .by all apprearances it sure looks that way . . .
Indicators show the past. Price Action "Indicates" the future.
  • #90,398
  • Feb 28, 2011 4:40pm Feb 28, 2011 4:40pm
Interesting I4B on USDCHF... not at a VBRN but these types of I4B's tend to be useful in making a trade because of the breakout location.

I have drawn on the attached chart what I expect to happen. I will not enter until after price makes a break SOUTH, and then re-tests the I4B low. really I need some ideal movement over the next couple days before I can consider playing this, because of the extreme swing low it is at, and the fact that it is not at a VBRN discourages me from playing a standard break.
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Many choose unhappiness over uncertainty.
  • #90,399
  • Feb 28, 2011 4:42pm Feb 28, 2011 4:42pm
Quoting mbqb11
have to see if this is the one LOL
Good one. I was anticipating a re-test of 9815 before making it's dive.
Many choose unhappiness over uncertainty.
  • #90,400
  • Edited 6:10pm Feb 28, 2011 4:48pm | Edited 6:10pm
Quoting vasmiza
aud/jpy finally takes off after BEing on me
That's a win in my book and in many others. . .next one will go to the moon . .

We (or I should say "I") often forget that a quality PA setup will tend to work out just fine when we place our S/Ls in their proper place . .which is above or below the given PA setup.

I refer you to SR2's post where he does an analysis on PA setups. Notice where he placed his stops ( - SL set at low/high of PA bar -/+ 10pips) and his pickiness went out the window.

I not saying that we should manage all of our setups like this or pick setups like this . . .we all have our different trade management and setup selection styles.

It just interesting to see how these setups really do work out and how we can use this knowledge to better suit our styles and manage our entries and S/Ls better.



Quoting sr2
Hello all

I am what you would call a lurker here (been a member for years), life member of the PF and been following the J16 method for a while. Even though I have traded live with J16 I still consider myself a newbie. Anyway the reason for my post. I wanted to do some analysis on what would happen if I took all PB, BEOB or BUOB J16 PA trades with a set target regardless of location, pair, size, PPZ, etc. I put all my analysis in an Excel spreadsheet and wanted to share it with you all. I hope you find it enlightening. I want to stress that I...
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Indicators show the past. Price Action "Indicates" the future.
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