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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

  • #91,261
  • Mar 9, 2011 10:54pm Mar 9, 2011 10:54pm
Quoting cprao
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 ?
Hey C

Gonna reference you back to
http://www.forexfactory.com/showpost...ostcount=90084

I only play pure breaks of multi bar highs/lows. Here are just two lows and simply not enough for me to warrant a pure break. I use these boxes to play the other variations of breakouts we spoke about in that post

Best
Mike
  • #91,262
  • Mar 9, 2011 10:55pm Mar 9, 2011 10:55pm
Quoting mbqb11
Hey Minos

I am going to disagree with Adi, as he said it is opinion but here is from my experience

http://www.forexfactory.com/showpost...ostcount=91070

I actually believe there is a lack of confluence in a consolidating market. These markets are VERY tough to trade. So it is crucial for my trading to be able to recognize them and react appropriately

Take care
Mike
Thanks to both Mike, Adi and others. I take it that in this case, betting on this PB simply bears two potential risks:

1) The consolidating trend does not agree with the PB;

2) In a consolidating market, this PB is quite close to the "end" of consolidation. This could mean that the impending zig-zag this PB indicates could be quite small & obscure.

So @Adi I am no longer discouraged by this case since the PB actually "succeeded" in hitting its FTA, just it was tricky to B/E. @Mike hopefully I've correctly verbalized your rationale of taking half-bar loss.
  • #91,263
  • Mar 9, 2011 10:56pm Mar 9, 2011 10:56pm
Quoting gladiator123
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.
Hey G

Like pinbars outside bars can be played in the following ways

1. Confirmed break. That is a break of the high for a buob or a break of the low for a beob. An outside bar like a pinbar is not confirmed until this occurs. This is how I play them

2. On a retrace. That is like a pin using a retrace level such as the 50% mark or previous highs/lows/ppz to get a better entry.

3. On a close. More aggressive and not as common

Hope that helps
Mike
  • #91,264
  • Mar 9, 2011 10:57pm Mar 9, 2011 10:57pm
BOB = bearish outside bar
BUOB = bullish outside bar


I think the abbreviation BOB, is the problem.
Soundslike a name and when we add the E to it, BEOB.
I think people read it as Bearish engulfing outside bar. LOL
  • #91,265
  • Mar 9, 2011 10:58pm Mar 9, 2011 10:58pm
Quoting minos.niu
Thanks to both Mike, Adi and others. I take it that in this case, betting on this PB simply bears two potential risks:

1) The consolidating trend does not agree with the PB;

2) In a consolidating market, this PB is quite close to the "end" of consolidation. This could mean that the impending zig-zag this PB indicates could be quite small & obscure.

So @Adi I am no longer discouraged by this case since the PB actually "succeeded" in hitting its FTA, just it was tricky to B/E. @Mike hopefully I've correctly verbalized your rationale...
Bingo Minos.

This is a case where the choppy market will likely continue to be choppy and we must be fully aware of that when then deciding what to do. Like you said when price hits these FTA it's up to the market. In this case a FTA can have a very strong effect based on the above observations.

I see a light just went on for you
MIke
  • #91,266
  • Mar 9, 2011 10:59pm Mar 9, 2011 10:59pm
Quoting Pinbar
Ok which is it to be?
I only say BUOB, but it's the same thing to me. Just a nickname for a bar

Mike
  • #91,267
  • Mar 9, 2011 11:01pm Mar 9, 2011 11:01pm
Hi Mike,

thanks ...one more question..if i may..

so for buob and beob we still look for location right? what i mean is a buob is valid at swing low like bullish pin bar and beob at swing high.

So in short we trade buob or beob exactly like pin bar except the difference in shape of the candle. thanks a lot for ur advice.

Quoting mbqb11
Hey G

Like pinbars outside bars can be played in the following ways

1. Confirmed break. That is a break of the high for a buob or a break of the low for a beob. An outside bar like a pinbar is not confirmed until this occurs. This is how I play them

2. On a retrace. That is like a pin using a retrace level such as the 50% mark or previous highs/lows/ppz to get a better entry.

3. On a close. More aggressive and not as common

Hope that helps
Mike
  • #91,268
  • Mar 9, 2011 11:04pm Mar 9, 2011 11:04pm
Quoting gladiator123
Hi Mike,

thanks ...one more question..if i may..

so for buob and beob we still look for location right? what i mean is a buob is valid at swing low like bullish pin bar and beob at swing high.

So in short we trade buob or beob exactly like pin bar except the difference in shape of the candle. thanks a lot for ur advice.
Hey G

Yes for the most part. Location combined with the look/shape of a bar is your story. THey go hand and hand for me. So pulling all the pieces together is where it is at


Best
Mike
  • #91,269
  • Mar 9, 2011 11:08pm Mar 9, 2011 11:08pm
Quoting mbqb11
Hey C

Gonna reference you back to
http://www.forexfactory.com/showpost...ostcount=90084

I only play pure breaks of multi bar highs/lows. Here are just two lows and simply not enough for me to warrant a pure break. I use these boxes to play the other variations of breakouts we spoke about in that post

Best
Mike
Sorry Mike for all the questions. I want to make sure I can spot the gaps between these two setups.

Chart you played last time.. also has two bounces to down.
However the first bounce has 3 bars
2nd bounce has 2 bars

So total 5 bars - high


Current USDMXN chart also has 2 bounces to up.. but not as strong as GBPJPY..
First bounce has only 1 bar
2nd bounce has 3 bars..

Total 4 bars lows.

So Mike, am I spotting the gaps between two setups ?
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  • #91,270
  • Mar 9, 2011 11:12pm Mar 9, 2011 11:12pm
thanks mike for ur help...

Quoting mbqb11
Hey G

Yes for the most part. Location combined with the look/shape of a bar is your story. THey go hand and hand for me. So pulling all the pieces together is where it is at


Best
Mike
  • #91,271
  • Mar 9, 2011 11:13pm Mar 9, 2011 11:13pm
Quoting cprao
Sorry Mike for all the questions. I want to make sure I can spot the gaps between these two setups.

Chart you played last time.. also has two bounces to down.
However the first bounce has 3 bars
2nd bounce has 2 bars

So total 5 bars - high


Current USDMXN chart also has 2 bounces to up.. but not as strong as GBPJPY..
First bounce has only 1 bar
2nd bounce has 3 bars..

Total 4 bars lows.

So Mike, am I spotting the gaps between two setups ?
Hey C

Notice on usd/mxn where you have marked 1 is lower then the area marked 2. This already negates it for me to play as a pure breakout.

Here is another more obvious one to watch. 4 bar high. I'd like to see one more stall out at these highs and then it's a great multi bar high breakout. Again notice on your usd/mxn point 1 already unevens everything from being a true significant level(in terms of a multi bar break play). Your box is still a great one to use and watch and one I have been speaking about myself in the pf too(just so you know you are spotting good areas, just a matter of how you are comfortable using them

Best
Mike
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  • #91,272
  • Mar 9, 2011 11:20pm Mar 9, 2011 11:20pm
a beauty

http://my.jetscreenshot.com/5886/m_2...-anff-77kb.jpg
  • #91,273
  • Mar 9, 2011 11:23pm Mar 9, 2011 11:23pm
Quoting minos.niu
Thanks to both Mike, Adi and others. I take it that in this case, betting on this PB simply bears two potential risks:

1) The consolidating trend does not agree with the PB;

2) In a consolidating market, this PB is quite close to the "end" of consolidation. This could mean that the impending zig-zag this PB indicates could be quite small & obscure.

So @Adi I am no longer discouraged by this case since the PB actually "succeeded" in hitting its FTA, just it was tricky to B/E. @Mike hopefully I've correctly verbalized your rationale...
Me too, I have calmed down, I see two errors I made:

1. Misreading the FTA.
2. Not reducing risk (or exiting) after the FTA was proven to be hit.

Let's do it correctly next time
  • #91,274
  • Mar 9, 2011 11:25pm Mar 9, 2011 11:25pm
Quoting Adilius07
Me too, I have calmed down, I see two errors I made:

1. Misreading the FTA.
2. Not reducing risk (or exiting) after the FTA was proven to be hit.

Let's do it correctly next time

Adi, post a chart.

I presume you also took that PB?
  • #91,275
  • Mar 9, 2011 11:25pm Mar 9, 2011 11:25pm
Quoting mbqb11
Hey C

Notice on usd/mxn where you have marked 1 is lower then the area marked 2. This already negates it for me to play as a pure breakout.

Here is another more obvious one to watch. 4 bar high. I'd like to see one more stall out at these highs and then it's a great multi bar high breakout. Again notice on your usd/mxn point 1 already unevens everything from being a true significant level(in terms of a multi bar break play). Your box is still a great one to use and watch and one I have been speaking about myself in the pf too(just so you know...
Thank you Mike.. This is a great lesson. Now I get it.. The first bar low disqualifies the setup for multibar low breakout.
  • #91,276
  • Mar 9, 2011 11:30pm Mar 9, 2011 11:30pm
Even if this stops me out I am at BE because I closed 80% of the trade and left just enough in so that if the BRN breaks & I get stopped out, the profit taken covers it.
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  • #91,277
  • Mar 9, 2011 11:31pm Mar 9, 2011 11:31pm
Quoting Pinbar
Adi, post a chart.

I presume you also took that PB?
Hi Pinbar, here you go.
All I shoud have done is moved my SL above that red doji.
I zoomed in the chart so you can see better. This is CADJPY

EDIT: Yes, had a full loss on it
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  • #91,278
  • Mar 9, 2011 11:35pm Mar 9, 2011 11:35pm
Quoting jarroo
Looks real good V . .

What's CBT?

Come Back for Tea.... only to get F..ALL ,,, well FALL )) well donno why but probably in my head I thought pirce Come Back and Test... May be it should be Come Back ReTest.. CMRT... Didnt wana come up with something new or anything just thinking loud in my head and just how it ended up on the chart...


Cheers

V
  • #91,279
  • Mar 9, 2011 11:44pm Mar 9, 2011 11:44pm
Quoting Adilius07
Hi Pinbar, here you go.
All I shoud have done is moved my SL above that red doji.
I zoomed in the chart so you can see better. This is CADJPY

EDIT: Yes, had a full loss on it
Another thing to note is that it didn't move for 2 days. Strong moves like that are usually moving right away. The price stalling like that should raise some red flags.
  • #91,280
  • Mar 9, 2011 11:47pm Mar 9, 2011 11:47pm
Quoting DBallerz
Another thing to note is that it didn't move for 2 days. Strong moves like that are usually moving right away. The price stalling like that should raise some red flags.
Hi DB, that green doji bar after pin is a sunday bar, you won't even see it on other platforms like Fxpro. So it moved right away but not strong enough and stalled at the very very first trouble area.

Really should be a warning sign next time...
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