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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

  • #91,241
  • Mar 9, 2011 7:40pm Mar 9, 2011 7:40pm
Quoting johoma
Took the BEOB break and -0.6R on this. Being cautious was OK, but by getting in beyond those potential trouble areas, I was just entering closer to other trouble that I hadn't recognised (1.6130 area). Lesson learnt on trading into traffic (and the BEOB wasn't THAT big in hindsight).
I'm actually in this one...I took the break with a stop loss above the bar. The BEOB is not huge, but the close is lower than the low of the 4 previous bars.

I slightly reduced risk after price hit FTA yesterday. I like the chances of the 6250-6300 to hold for one more run at pushing through the 6130 area you mentioned. I have a TP in, and plan to check back in on this one before NY open (work) and decide whether to keep open for another day or tighten stop.
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  • #91,242
  • Mar 9, 2011 8:16pm Mar 9, 2011 8:16pm
Quoting jarroo
That's right D. . .a 115.00 BRN entry could be a good entry once Price broke through and closed above the HCR (Weekly), 114.75.

You can use the 114.75 as the S/L for the 115.00 or an entry itself. The first couple attempts would have stopped you out depending on how low you were below the 114.75.

Man . . the left eye of that Daily PB sure is strong Resistance . they usually are. . .I like to see PBT&CA that left eye . .
Really liking this concept...this evening I've been going through chart drawing weekly HCR/LCS and looking at past PA at the levels....CADJPY was interesting.

It was too choppy on weekly to draw the lines so I moved up to monthly to draw the lines (I'm kind of partial to drawing three). Hindsight is 20/20, but dropping to daily, the Feb 24 daily pin that triggered the current daily up move had confluence at a monthly LCS from last June's monthly bar.

There was a RN for the daily pin, obvious ppz, LCS, ema, and 61.8 retracement as confluence.

I have a few different templates for concepts I'm practicing...This one's pretty cool because I'll mark 3 or 4 HCR/HCS lines on weekly or monthly, no other numbers, and check only those levels for PA. Review the lines at the end of each week/month...and just wait.
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  • #91,243
  • Mar 9, 2011 8:34pm Mar 9, 2011 8:34pm
Quoting Atc
TT with the all the confluence....FTA was 85.25( thought with countertrend and the way I believe yen pairs like quarters that I would pull some profits)....Stopped out for the rest...may have moved my stop to early....thought we would retest the 85.00 area ....i guess just not yet
Ok. When you go for TT, how far away generally put your SL ?
  • #91,244
  • Mar 9, 2011 8:36pm Mar 9, 2011 8:36pm
Quoting mbqb11
Not wiz, but

What I am watching
Mike, do you play this out as a pure break-out trade ? Since you generally play break-out with the trend, are you biased to take long ?
  • #91,245
  • Mar 9, 2011 8:48pm Mar 9, 2011 8:48pm
Quoting cprao
Mike, do you play this out as a pure break-out trade ? Since you generally play break-out with the trend, are you biased to take long ?
Hey C someone asked me this in the PF earlier my answer

_____

Hey Harry

I would not personally play a straight breakout of this area. Tight areas like this are better for that, but I still won't do it on them. I would look for confirmation on the 1hr and under timeframes for price action. I would not trade this setup any way but long based on the trend. I would look the previous high, but not necessarily take profit there. Depending on how it breaks would be how I trail it out. If I found an entry on say the 15m, a move to the prior top could be a very very large R return.
  • #91,246
  • Mar 9, 2011 9:03pm Mar 9, 2011 9:03pm
Quoting mbqb11
Hey C someone asked me this in the PF earlier my answer

_____

Hey Harry

I would not personally play a straight breakout of this area. Tight areas like this are better for that, but I still won't do it on them. I would look for confirmation on the 1hr and under timeframes for price action. I would not trade this setup any way but long based on the trend. I would look the previous high, but not necessarily take profit there. Depending on how it breaks would be how I trail it out. If I found an entry on say the 15m, a move to the prior top could...
Thank you Mike. Some follow up questions, if I may ask.

1) Since you are watching this break on Hrly timeframe, the only lower TF available to look for a PA is at 30 and 15 TF (10,5, 1M Tfs are too low, I believe), right ?
2) You are saying these tight areas are good for purebreak out. but you still says - you don't take it ? Is there any specific reason in relation to this setup or pair ?

3) Even if it breaks out low, you will not take it since it would be counter trend, right ?
  • #91,247
  • Mar 9, 2011 9:09pm Mar 9, 2011 9:09pm
Quoting cprao
Ok. When you go for TT, how far away generally put your SL ?
generally 20-35 pips
  • #91,248
  • Mar 9, 2011 9:26pm Mar 9, 2011 9:26pm
Quoting Atc
generally 20-35 pips
Thank you Atc. Makes sense.
  • #91,249
  • Mar 9, 2011 9:32pm Mar 9, 2011 9:32pm
Quoting cprao
Thank you Mike. Some follow up questions, if I may ask.

1) Since you are watching this break on Hrly timeframe, the only lower TF available to look for a PA is at 30 and 15 TF (10,5, 1M Tfs are too low, I believe), right ?
2) You are saying these tight areas are good for purebreak out. but you still says - you don't take it ? Is there any specific reason in relation to this setup or pair ?

3) Even if it breaks out low, you will not take it since it would be counter trend, right ?

Hey C

1. Yes that is correct
2. I am more comfortable playing pure breakouts of more specific areas that are hit like multi highs or lows. See James explanation on TBH/TBL coupled with my explanation we discussed previously
3. Yes correct

Best
Mike
  • #91,250
  • Mar 9, 2011 10:11pm Mar 9, 2011 10:11pm
Quoting mbqb11
Hey C

1. Yes that is correct
2. I am more comfortable playing pure breakouts of more specific areas that are hit like multi highs or lows. See James explanation on TBH/TBL coupled with my explanation we discussed previously
3. Yes correct

Best
Mike
Thank you.. So you believe this does not really fit the criteria of multi highs or lows. How about attached USD/MXN, does this fit ?
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  • #91,251
  • Mar 9, 2011 10:14pm Mar 9, 2011 10:14pm
Quoting cprao
Thank you.. So you believe this does not really fit the criteria of multi highs or lows. How about attached USD/MXN, does this fit ?
Hey C

Nope not for me, this is just a box consolidation to watch for a breakout

Best
Mike
  • #91,252
  • Mar 9, 2011 10:26pm Mar 9, 2011 10:26pm
How do you guys feel about GBPUSD? Sucks we couldn't get a solid close above 1.62

http://my.jetscreenshot.com/5886/m_2...-kf2z-76kb.jpg
  • #91,253
  • Mar 9, 2011 10:36pm Mar 9, 2011 10:36pm
Quoting mbqb11
Hey C

Nope not for me, this is just a box consolidation to watch for a breakout

Best
Mike
I was also considering this as a breakout pattern. Don't you consider the pattern is broken today ?

Arrows are showing multi bar lows..Shadded area is the consolidation.
  • #91,254
  • Mar 9, 2011 10:41pm Mar 9, 2011 10:41pm
Quoting cprao
I was also considering this as a breakout pattern. Don't you consider the pattern is broken today ?

Arrows are showing multi bar lows..Shadded area is the consolidation.
Yep that is a breakout pattern, but not one I would play a pure break off myself. Not necessarily wrong remember that, just my interpretation

Best
Mike
  • #91,255
  • Mar 9, 2011 10:46pm Mar 9, 2011 10:46pm
Hi all,

I saw a pdf file on pin bar introduction and advanced pin bar techniques.Is there any pdf file on how to trade bearish and bullish engulfing pattern? can anyone please post if there is one like that. thanks a lot for your help.
  • #91,256
  • Mar 9, 2011 10:47pm Mar 9, 2011 10:47pm
Quoting mbqb11
Yep that is a breakout pattern, but not one I would play a pure break off myself. Not necessarily wrong remember that, just my interpretation

Best
Mike

Hey Mike.

Which is best for the terminology list, BUEOB or BUOB?

I am sure, I have seen both referred to, just want to make sure it is right.
  • #91,257
  • Mar 9, 2011 10:48pm Mar 9, 2011 10:48pm
Quoting jarroo
I like I4B or I4+B.

Have you been watching the Aud/Cad?

Jarroo, can you post a chart.
I posted mine but you must have missed it.

I think you are talking about the breakout of this range but, there is also a H&S pattern so, I am not sure.
  • #91,258
  • Mar 9, 2011 10:48pm Mar 9, 2011 10:48pm
Quoting Pinbar
Hey Mike.

Which is best for the terminology list, BUEOB or BUOB?

I am sure, I have seen both referred to, just want to make sure it is right.
Hey pin

They are the same thing, but most people will call them BUOBs here

Best
Mike
  • #91,259
  • Mar 9, 2011 10:49pm Mar 9, 2011 10:49pm
Quoting mbqb11
Hey pin

They are the same thing, but most people will call them BUOBs here

Best
Mike

Ok which is it to be?
  • #91,260
  • Mar 9, 2011 10:51pm Mar 9, 2011 10:51pm
Quoting mbqb11
Yep that is a breakout pattern, but not one I would play a pure break off myself. Not necessarily wrong remember that, just my interpretation

Best
Mike
What stopped you from playing this as a pure break-out ? Are you looking for one more bounce ? This one has only two bounces from the breakout level.

Or do you play this on retrace if PA is formed at the breakout level ?
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