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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

  • #91,661
  • Mar 15, 2011 11:26am Mar 15, 2011 11:26am
Quoting Osman
Thx for your answer, I was almost going to take it due to the size and the bounce of the 130... It seemed to have potential to reach the 133.

Thx god i didnt

In your views, it was an easy pass due to the consolidation/box/sideways action ?

Os.
Yes and if you looked at all the other xxx/jpy pairs which were heavily correlated there was no indication of anything other then indecision in a risk adverse environment. Any buffer above the high of the pin essentially has you at the FTA in a rough environment. To me that is easy to pass on these days

Hope that helps
Mike
  • #91,662
  • Mar 15, 2011 11:29am Mar 15, 2011 11:29am
Quoting mbqb11
Hey BC

We would be in a larger box of consolidation so by nature we have to be aware of that. But it would be a breakout type quality since it closed above the descending trendline. So the make up would still be one that I understand taking and I would manage according to the environment we are in( a larger consolidation box)

Best
Mike
Thanks for your reply Mike
So breakout setup inherently has more momentum that can move through traffic more easily? I notice from some of your charts that your targets are mostly based on price pattern projection, not some close PPZ. Now i know why you place stop above /below PA bar. With those kinda targets your R:R makes alot of sense.
  • #91,663
  • Mar 15, 2011 11:32am Mar 15, 2011 11:32am
Quoting mbqb11
"irrational" markets are some of the best times to find setups
Todays frenzy market selloff reaction to talk about the possible reactor meltdown is good example of it imo. Maybe not irrational but over exaggerated for sure.
  • #91,664
  • Mar 15, 2011 11:53am Mar 15, 2011 11:53am
Quoting mbqb11
Hey C

I don't do too well in those deep consolidations like that. I don't like to overly babysit my trades and this one in my eyes needed to be. I think it is a fine trade if you are very quick to b/e and understand that type of environment you are trading in. That is just personal preference and style that will play a role in that part

Hope that helps
Mike
Mike,

I am usually in front of the screen working, i would be moving to BE ASAP on a trade like this. Sometimes i just look to get a quick 20 or so from these moves.
  • #91,665
  • Mar 15, 2011 1:23pm Mar 15, 2011 1:23pm
just one doubt, why is this thread in the commercial section?

Is it not supposed that this thread helps a lot of people?

Are they selling something? I can't see they selling anything. Just wondering.
The Black Swan: The Impact of the Highly Improbable
  • #91,666
  • Mar 15, 2011 1:31pm Mar 15, 2011 1:31pm
a daily close below 0.97 will be interesting.
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meine augen sind die sterne
  • #91,667
  • Mar 15, 2011 1:40pm Mar 15, 2011 1:40pm
chf/sgd at upper trendline. drop down to lower timeframes to enter.
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meine augen sind die sterne
  • #91,668
  • Mar 15, 2011 2:09pm Mar 15, 2011 2:09pm
Quoting mbqb11
Hey Os

Yeah I agree this was an easy pass. Funky looking bar with all that was going on in a very strong consolidation box. That for me is easy to watch on the sidelines

Best
Mike
Hey Mike,

That GBP/USD pinbar killed me - I took it with a fairly aggressive trade I guess, not waiting for full confirmation, as I had to go away and wouldn't be there for it, but I set a nice tight stop loss accepting I may stop out if it doesn't go my way and come back to see .. 300 bucks down! WTF.

My stop loss didn't trigger. Anyone else have things like that happen? It's twice either a stop loss hasn't triggered for me .. I am going to have to look at moving my demo account elsewhere haha. Good job I am using a demo account for these trade experiments :S
  • #91,669
  • Mar 15, 2011 2:38pm Mar 15, 2011 2:38pm
Quoting AvanishDemo
Hey Mike/Ghous..
i was jus watching this Pinbar..sadly no RN..but location seems to be good+space to run
but i jus dont like the way it got rejected from the high of PB..so passed it..are such kind of PBs in ur book..i would like to know that?
Hey AV

The location is not bad with that prior low but I don't like the way it closed. The FTA is very close(which it properly bounced at), so it makes mgmt a bit tricky . I would be passing here too for sure

Best
Mike
  • #91,670
  • Mar 15, 2011 2:39pm Mar 15, 2011 2:39pm
Quoting Greenhaze
Todays frenzy market selloff reaction to talk about the possible reactor meltdown is good example of it imo. Maybe not irrational but over exaggerated for sure.
yeah for sure green
  • #91,671
  • Mar 15, 2011 2:40pm Mar 15, 2011 2:40pm
Quoting Chelski
Mike,

I am usually in front of the screen working, i would be moving to BE ASAP on a trade like this. Sometimes i just look to get a quick 20 or so from these moves.
That is perfect Chelski
  • #91,672
  • Mar 15, 2011 2:41pm Mar 15, 2011 2:41pm
Quoting AlanB
Hey Mike,

That GBP/USD pinbar killed me - I took it with a fairly aggressive trade I guess, not waiting for full confirmation, as I had to go away and wouldn't be there for it, but I set a nice tight stop loss accepting I may stop out if it doesn't go my way and come back to see .. 300 bucks down! WTF.

My stop loss didn't trigger. Anyone else...
Hey Alan

Be sure to get that checked out. I get slippage here and there but never too bad or a stop missed to bad. I am guessing you bought towards the left eye but it creeped down a bit too far for you

Mike
  • #91,673
  • Mar 15, 2011 3:02pm Mar 15, 2011 3:02pm
Quoting AlanB

That GBP/USD pinbar killed me - :S
And I thought I had trouble today setting up all my charts three times after my platform crashed and died again and again.
That really sucks mate. I hope it gets resolved
  • #91,674
  • Mar 15, 2011 3:18pm Mar 15, 2011 3:18pm
Any thoughts on the IPB on E/U Daily? If it closes as is..

Off the VBRN
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  • #91,675
  • Mar 15, 2011 3:43pm Mar 15, 2011 3:43pm
Quoting AvanishDemo
Hey Jarroo,
i never tried TT but is it ok to take TT @ 1.87?if Yes,then Target would be 1.90/1.92..
Reason:Weekly Chart.
OR
should we wait for Bullish PA?
EDIT:1.8860 is also concern..so maybe that can be final target!(not shown on chart)
Quoting jarroo
You can see how a TT can be risky, AD.

Interesting where Price closed above . . Still need more convincing PA at this level.
Quoting jarroo
With many traders, that's all they look for in a setup like this. No PA .(in this case Bullish PA) . . No Trade. . . pass.

Its all about being picky . .
If only that Daily "PB" on the Eur/Nzd was structured better. .darn it. The weekly open gap didn't help either. Notice the 365 ema confluence.

Being picky will mean seeing setups workout.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,676
  • Mar 15, 2011 3:46pm Mar 15, 2011 3:46pm
Lots of significant happenings with EURCAD today. It seems to have reentered a massive area of consolidation (I didn't box it, but you'll see it on the monthly), and it would be nice to find a way to get in on the ground floor.

Even if it just gets to 1.4226(Red line, monthly resistance), how bad would that be?

Now, what am I missing?
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  • #91,677
  • Mar 15, 2011 3:47pm Mar 15, 2011 3:47pm
Quoting ksganesh100
Waiting for a convincing close above 1.3842 (which is the highest close of resistance). Maybe we get some nice bullish PA after it bounces off the weekly PPZ

Regards,
Ganesh

Looks like that one work out well, ksg . .
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Indicators show the past. Price Action "Indicates" the future.
  • #91,678
  • Edited 4:32pm Mar 15, 2011 4:01pm | Edited 4:32pm
Quoting leelar
Jarroo, this looks great. Is it possible to talk about the entry?

I have EURCAD chart like yours, but I am struggling to enter a trade even I have analyzed the chart right.

Any comments would be greatly appreciated.

Leelar
There's a few ways to take an entry on a setup like this on the Eur/Cad.

A simple breakout of the pattern with a qualifying S/L. . .meaning placing your stop loss under an PPZ level or other strong level (like a BRN, RN,).

Or we can wait for Price to pull back and give us a some bullsh PA (in this case) at the pattern breakout level. The latter is more confirming and preferred in my book.

Check out Mike's post below, its a very similar type setup. .also checkout his many charts in this thread on the subject . .you'll be glad you did. . .

Quoting mbqb11
very good bud
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Indicators show the past. Price Action "Indicates" the future.
  • #91,679
  • Mar 15, 2011 4:22pm Mar 15, 2011 4:22pm
Quoting jarroo
Price at the previous bar high of the Daily BUOB of the Aud/Cad. .let's see if it holds . .

Well the Aud/Cad Daily BUOB didn't work out well. It did give a bit of a bounce at it's previous bar high. Also it never did break.


We may have a stronger Daily close below the Weekly LCS . .should be interesting to watch at that level if it retraces back. A Weekly close below would be stronger, of course.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,680
  • Mar 15, 2011 4:32pm Mar 15, 2011 4:32pm
Quoting jarroo
Looks like that one work out well, ksg . .
Jarroo - Was about to draw your attention to it but you beat me to it

Dint play this one as we dint get any PA around that level. This rocket left without me in it!
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