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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

  • #91,441
  • Mar 11, 2011 9:05am Mar 11, 2011 9:05am
Hi Mike, yes that was my question, I was just clarifying if the different shape of BEOB's had significance as well as the overall story. But as you pointed out is the complete story that counts and the PA bar is the trigger
Thanks Bill
  • #91,442
  • Mar 11, 2011 9:07am Mar 11, 2011 9:07am
Quoting Adilius07
Mike, may I ask last question please. Suppose this was a good time would you take that trade? I love the bar but FTA is right above, or not? It really broke nicely and went far beyond..
see chart
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  • #91,443
  • Mar 11, 2011 9:07am Mar 11, 2011 9:07am
Quoting aserbfx

shorted cnu at 5.39 usd. took 1/3 off with a profit about 4% (!) at 5.19 usd.
never been a single cent in drawdown. this is crazy...
i take one more 1/3 off here. 4.81 usd. this one here is +12% since monday.
this is just crazy.
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meine augen sind die sterne
  • #91,444
  • Mar 11, 2011 9:14am Mar 11, 2011 9:14am
Quoting mbqb11
see chart
chart 2
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  • #91,445
  • Mar 11, 2011 9:14am Mar 11, 2011 9:14am
Quoting aserbfx
i take one more 1/3 off here. 4.81 usd. this one here is +12% since monday.
this is just crazy.
very nice Al
  • #91,446
  • Mar 11, 2011 9:15am Mar 11, 2011 9:15am
Quoting mbqb11
see chart
Oh wow! Yes! The same pair but comepletely different story! How cool really.

So we really want more of a story than just nice looking bar at RN.
So it really makes sense and it is really important to notice this things (like you saw the flag breakout of which I had no idea).

I think I saw some very nice looking pic of those formations ( a lot of commom onces) here somewhere, I will search for them and study. Just amazing how you see what I missed comepletely (well sometimes I see those channels too, lol, just much less often)
  • #91,447
  • Mar 11, 2011 9:16am Mar 11, 2011 9:16am
Quoting mbqb11
notice the shape of this beob. Just a trigger point in
Somebody is on a roll!!
  • #91,448
  • Mar 11, 2011 9:17am Mar 11, 2011 9:17am
Hi Mike, what feed are you using for that GBPCHF chart, none of mine have a 4hr BEOB like yours. Which other charts do you use ?
thanks Bill
  • #91,449
  • Mar 11, 2011 9:22am Mar 11, 2011 9:22am
Quoting Adilius07
Oh wow! Yes! The same pair but comepletely different story! How cool really.

So we really want more of a story than just nice looking bar at RN.
So it really makes sense and it is really important to notice this things (like you saw the flag breakout of which I had no idea).

I think I saw some very nice looking pic of those formations ( a lot of commom onces) here somewhere, I will search for them and study. Just amazing how you see what I missed comepletely (well sometimes I see those channels too, lol, just much less often)
Here's one. Can I say that a good setup would be the one that has all criteria for being a strong bar (close, size etc) and ALSO IF:

1. It is breaking of one of the following patterns.
2. Broke before and now retest forming a trigger bar.

Strong bar + these formations = A+ setup?

And last, would you trade back inside the triangle?
Sorry for so many qestions in one day really. That was the last one I promise! Thank you!!!!
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  • #91,450
  • Mar 11, 2011 9:40am Mar 11, 2011 9:40am
Quoting billm
Hi Mike, what feed are you using for that GBPCHF chart, none of mine have a 4hr BEOB like yours. Which other charts do you use ?
thanks Bill
Hey Bill

I watch 4 feeds. That was alpari UK

The others are MB trading, FXpro , and IBFX

Currently, clocks change here soon so I just substitute one in where I need

Best
Mik
  • #91,451
  • Mar 11, 2011 9:42am Mar 11, 2011 9:42am
Quoting Panthera
Is it correct?
Any idea?
Thanks
Nice Panthera, this is more in line with what we want to look for. Now imagine that beob closed below that range of boxes

Best
Mike
  • #91,452
  • Mar 11, 2011 9:45am Mar 11, 2011 9:45am
Quoting pex
hyello everyone...
if this bar close as is now....what do you think guys?
Hey Pex

Cool one to watch, lets see if we can close above the prior lows and descending trendline


Mike
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  • #91,453
  • Mar 11, 2011 9:57am Mar 11, 2011 9:57am
jarro,
for your teaching of HCR /LCS, if we get a pin at a sup zone(multiple lows) and it closed above the highest-close-of-sup, but price have not even touched the LCS yet. do you consider this sup level tested and confirmed? (didn't spend too much time looking for a good chart to show this, but i think it's easy enough to understand the question)

i know location/bar size/etc. all matter. for this question, i'm simply referring to the context of HCR/LCS.

thank you.
  • #91,454
  • Mar 11, 2011 10:14am Mar 11, 2011 10:14am
Quoting aserbfx
oww with a weekly pinbar. broke through resistance and closed above.
not much action here. currently floating at 3.54 usd. little in negative.
meine augen sind die sterne
  • #91,455
  • Mar 11, 2011 10:15am Mar 11, 2011 10:15am
Quoting mbqb11
chart 2
Man I am learning a lot from your charts. Just taking my time and soaking it all in this time around brother. NO RUSH. This thread truly is gold. Thanks Mike.
"Don't trade to trade . . . trade to win." - James16
  • #91,456
  • Mar 11, 2011 10:18am Mar 11, 2011 10:18am
Quoting aserbfx
elnk on daily and weekly.
interesting situation. price respected the support at 7.85 usd. demand coming in on the daily. bar is closing away from the low. a nice opportunity to go long with stop below 7.85 usd.
got nearly stopped out here. had my stop at 7.75usd (not 7.85usd as stated above). low was 7.76 usd (by freestockcharts). support still holding. now at 7.92 usd near entry.
meine augen sind die sterne
  • #91,457
  • Mar 11, 2011 10:20am Mar 11, 2011 10:20am
I'm loving it.
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  • #91,458
  • Mar 11, 2011 10:20am Mar 11, 2011 10:20am
Quoting aserbfx
nice buob on weekly acat.
arctic cat ... cool name... .... this has to be a runner...
this one is not doing well. 13.65 usd now. but still enough space to my stopp at 11.95 usd.
meine augen sind die sterne
  • #91,459
  • Mar 11, 2011 10:24am Mar 11, 2011 10:24am
Quoting aserbfx
history repeating?
amgn has a very strong day so far. this could be arunner for the next week.
i will take first profit near 55 usd.
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meine augen sind die sterne
  • #91,460
  • Mar 11, 2011 10:58am Mar 11, 2011 10:58am
Hello, I just found out about this thread today, and I started trading the breakout of the double tops.

http://www.abload.de/img/what2bzm.png

This is the result on my demo account, i was trading 5m charts like a madman. I usually don't trade breakouts, but I have plenty of screentime, and usually i miss a limit order entry, and I KNOW it is going to head somewhere, these double tops really help me to profit from that.

Maybe it was all just a lucky day, maybe some magic I wont repeat for some time, but maybe I just unlocked the key to being a profitable trader.
In any case, thank you so much james16
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