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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

  • #90,861
  • Mar 5, 2011 10:19pm Mar 5, 2011 10:19pm
Quoting Adilius07
Hi Mugged, to me this would be a weak setup.
Much weaker than the daily ones. Because:

1) Weak close
2) Swing High
3) Space below was not tested (the more space below is tested the better)
4) Close above BRN but NOT authoritative
5) The Res you have was not overcome, (115.62)

Just my 2 cents for the cons of this setup as you asked
This would be very much tradable to me. The only one thing is missing is it's not at swing low, otherwise is great. Just an example
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  • #90,862
  • Mar 5, 2011 10:28pm Mar 5, 2011 10:28pm
ok that makes sense... thanks guys!

the reason i brought this one up is because it reminds me of that buob on e/u daily from last week. we had a similar test of the top of the range... and obviously looking back we can see it turned out to be a great trade.

http://content.screencast.com/users/...1-22.32.54.png

I think one thing i do like about eur/jpy is that anyone who is going to take a short off the daily pb will have a stop placed above the high... so in order for the long buob position to be triggered all those stops will have to get blown out first... essentially adding more buying pressure to the market.
  • #90,863
  • Mar 5, 2011 10:33pm Mar 5, 2011 10:33pm
Hey, Mugged, I took that BUOB on EU bought in 15 pips above the high of the BUOB, yes it did work out great until the trade manager EA I was testing closed it for 1/2 %...all this on demo

Hey Adious can you resize those charts
Quoting mugged
ok that makes sense... thanks guys!

the reason i brought this one up is because it reminds me of that buob on e/u daily from last week. we had a similar test of the top of the range... and obviously looking back we can see it turned out to be a great trade.

.
  • #90,864
  • Mar 5, 2011 10:35pm Mar 5, 2011 10:35pm
Quoting Patrick.
Hey, Mugged, I took that BUOB on EU bought in 15 pips above the high of the BUOB, yes it did work out great until the trade manager EA I was testing closed it for 1/2 %...all this on demo

Hey Adious can you resize those charts
Hi Patrick, what do you mean? I didn't get it.
  • #90,865
  • Mar 5, 2011 10:42pm Mar 5, 2011 10:42pm
Quoting Adilius07
Hi Mugged, to me this would be a weak setup.
Much weaker than the daily ones. Because:

1) Weak close
2) Swing High
3) Space below was not tested (the more space below is tested the better)
4) Close above BRN but NOT authoritative
5) The Res you have was not overcome, (115.62)

Just my 2 cents for the cons of this setup as you asked
I dont quite understand what you mean by #3 "space below not tested"
Maybe im missing something...

http://content.screencast.com/users/...1-22.39.24.png

Ive gone ahead and boxed the obvious ranges imo...
i think this one looks like the other two, and the bottoms here (circled in green) seem to be roughly at the same level (not quite exact but the closes seem to be in line...)
potentially a double bottom type pattern if we can clear that resistance lvl

thoughts?
  • #90,866
  • Mar 5, 2011 10:46pm Mar 5, 2011 10:46pm
Quoting Patrick.
Hey, Mugged, I took that BUOB on EU bought in 15 pips above the high of the BUOB, yes it did work out great until the trade manager EA I was testing closed it for 1/2 %...all this on demo

Hey Adious can you resize those charts
hmm if you dont mind me asking... what was the criteria to exit the trade?
was there some technical break down on a lower timeframe? or just an glitch in the ea?
  • #90,867
  • Mar 5, 2011 10:48pm Mar 5, 2011 10:48pm
Quoting mugged
I dont quite understand what you mean by #3 "space below not tested"
Maybe im missing something...

http://content.screencast.com/users/...1-22.39.24.png

Ive gone ahead and boxed the obvious ranges imo...
i think this one looks like the other two, and the bottoms here (circled in green) seem to be roughly at the same level (not quite exact but the closes seem to be in line...)
potentially a double bottom type pattern if we can clear that resistance lvl

thoughts?...
Whole Pattern looks as it is reversing to me too.
I meant the trigger bar itself.

#3 - is I meant there is no Tail to the bar, as you see I added the pic where the space below previous bar was tested. (making it a stronger BUOB bar)

EDIT: Continuation bars are more difficult to play and are tricky, right, so we want the bar itself to be almost perfect. Otherwise it is better to stick to those at swing hi/lo only.
  • #90,868
  • Mar 5, 2011 10:51pm Mar 5, 2011 10:51pm
Hey Adi

Been thinking about that GBP/JPY PB.

It does look tempting from the size and location, but as we discussed I think it is a pass because of the FTA being so close after we add a 10 pip buffer and figure in the spread. It sure will be interesting to see how this plays out next week.

Note I said " a ten pip stop" in the video, I mean to say, a "10 pip buffer".


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  • #90,869
  • Mar 5, 2011 10:53pm Mar 5, 2011 10:53pm
Quoting mugged
hmm if you dont mind me asking... what was the criteria to exit the trade?
was there some technical break down on a lower timeframe? or just an glitch in the ea?
A glitch in the EA, or maybe I just dont know how to use the EA.
  • #90,870
  • Mar 5, 2011 10:54pm Mar 5, 2011 10:54pm
Quoting Adilius07
Whole Pattern looks as it is reversing to me too.
I meant the trigger bar itself.

#3 - is I meant there is no Tail to the bar, as you see I added the pic where the space below previous bar was tested. (making it a stronger BUOB bar)

EDIT: Continuation bars are more difficult to play and are tricky, right, so we want the bar itself to be almost perfect. Otherwise it is better to stick to those at swing hi/lo only.
ahh ok i see what you mean.

ok thats interesting because from the way ive learned pa, generally no lower wick shows strength... because right from the get go the bears had no chance and the bulls were in complete control

but on the other hand i can see what you mean... if there is a lower wick chances are the less experienced shorts got sucked into the market causing max pain.

might need someone to clarify this concept for me...
  • #90,871
  • Mar 5, 2011 11:00pm Mar 5, 2011 11:00pm
Quoting Pinbar
Hey Adi

Been thinking about that GBP/JPY PB.

It does look tempting from the size and location, but as we discussed I think it is a pass because of the FTA being so close after we add a 10 pip buffer and figure in the spread. It sure will be interesting to see how this plays out next week.

http://www.youtube.com/watch?v=goR7aRY-7qk

Hi Pinbar, thanks for the video! But my setup is CADJPY!!! It also has some space issues but there are more confluence like Div and tail which protrudes above previous swing high (which I understand as FAIL to go higher).

Actually I was analyzing 3 xxx/jpy pairs for next week, and the winner was CADJPY. There are some charts in my journal here.

Unfortunately I have to leave the town today and I will come back almost 12 hours after market open (( Hope I will still be able to execute the trade.
  • #90,872
  • Mar 5, 2011 11:01pm Mar 5, 2011 11:01pm
so whats up with this BEOB on pound swissy that got rejected at 2 confluenced fib levels after the retrace on the recent down move?
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  • #90,873
  • Mar 5, 2011 11:02pm Mar 5, 2011 11:02pm
Quoting mugged
ahh ok i see what you mean.

ok thats interesting because from the way ive learned pa, generally no lower wick shows strength... because right from the get go the bears had no chance and the bulls were in complete control

but on the other hand i can see what you mean... if there is a lower wick chances are the less experienced shorts got sucked into the market causing max pain.

might need someone to clarify this concept for me...
That is what I believe in too Jarroo has a lot of examples here where he draw the tail on the chart and says it would be better. Also Mike showed same more than several times. Just check through their attachments you will see some great examples of this!

EDIT: When Jarroo draws tail to make the bar wider that is usually (as I understand) to have this bar a true Swing bar at it's high or low. Just note this. But in general I think that also applies to continuation bars (Jarroo may correct me with this). Anyway as was said many times we have to be very careful with those contuniation setups at the learning stage...
  • #90,874
  • Mar 5, 2011 11:03pm Mar 5, 2011 11:03pm
Quoting Adilius07
Hi Pinbar, thanks for the video! But my setup is CADJPY!!! It also has some space issues but there are more confluence like Div and tail which protrudes above previous swing high (which I understand as FAIL to go higher).

Actually I was analyzing 3 xxx/jpy pairs for next week, and the winner was CADJPY. There are some charts in my journal here.

Unfortunately I have to leave the town today and I will come back almost 12 hours after market open (( Hope I will still...
Oh, man, I am watching so many pairs I am losing it. LoL

Ok, anyway, any opinions on this GBP/JPY setup, folks?
  • #90,875
  • Mar 5, 2011 11:14pm Mar 5, 2011 11:14pm
Quoting Patrick.
so whats up with this BEOB on pound swissy that got rejected at 2 confluenced fib levels after the retrace on the recent down move?

The 1.5000 VBRN just 12 pips below it and also the PBT&CA on the weekly.

This area is what stopped that monthly bearish PB so, I feel it is a very strong area.
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  • #90,876
  • Mar 5, 2011 11:15pm Mar 5, 2011 11:15pm
Quoting Patrick.
so whats up with this BEOB on pound swissy that got rejected at 2 confluenced fib levels after the retrace on the recent down move?
Daily chart deoesnt have enough information and seems confusing to me so im moving down to 4H to try and get an idea of whats going on...
seems to be pretty range bound. Sometimes it helps me to lay out all my options on what price might do and then trade it accordingly.

couple things that come to mind here though...

- we are in the middle of the range here on the daily tf so its pretty much no mans land, i would hold off on taking any trades at these levels, its a gamble
- the overall trend is down on larger tf, so if i absolutely had to pick a side it would be the bearish case (again that also favors the daily beob we are seeing)

http://content.screencast.com/users/...1-23.11.53.png
  • #90,877
  • Mar 5, 2011 11:20pm Mar 5, 2011 11:20pm
Quoting Pinbar
Oh, man, I am watching so many pairs I am losing it. LoL

Ok, anyway, any opinions on this GBP/JPY setup, folks?
great video!

just my 2 cents...

i agree with you fta is very tight here. i know r:r is not as much of a concern with this method because the % win rate is high. but on the same token i think it is important not to be wreckless and throw that concept out the window. making 30ish pips on half the position with a risk of roughly 200 doesn't seem logical to me.
the other thing that comes to mind is, lets say you do take the trade and move to b/e after fta. with a pair like g/j the vol is high. so the odds of being stopped out with under 30 pips of wiggle room are high.

i would agree with you in sitting on the sidelines for this one.
  • #90,878
  • Mar 6, 2011 12:41am Mar 6, 2011 12:41am
Quoting mugged
great video!

just my 2 cents...

i agree with you fta is very tight here. i know r:r is not as much of a concern with this method because the % win rate is high. but on the same token i think it is important not to be wreckless and throw that concept out the window. making 30ish pips on half the position with a risk of roughly 200 doesn't seem logical to me.
the other thing that comes to mind is, lets say you do take the trade and move to b/e after fta. with a pair like g/j the vol is high. so the odds of being stopped out with under 30 pips of...

Yeah, it is too tight for me also.
  • #90,879
  • Mar 6, 2011 12:43am Mar 6, 2011 12:43am
Here is another video as I try and get my mind around what Jarroo posted today about the highest close of resistance.

I am using the CAD/JPY PB that Adi & I talked about earlier.
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  • #90,880
  • Mar 6, 2011 1:15am Mar 6, 2011 1:15am
any thoughts on this one...
coming into the bottom of the range, off a longer term up trend

http://content.screencast.com/users/...1-01.13.56.png
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