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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

  • #92,201
  • Mar 24, 2011 10:21am Mar 24, 2011 10:21am
Quoting MCFly
Hi,
only my opinion: when the 4 hr will close like it looks on the chart it is maybe better to let the trade pass. The reason is that the candle close is near a troube area. I think it would be better to wait for a break and retest of this area.

I'm not an expert and it's probably better you wait for a comment from mike, ghous...

Some thoughts on chart


Best
Mike
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  • #92,202
  • Mar 24, 2011 10:32am Mar 24, 2011 10:32am
Ok, thanks,
So it should go deeper than a previous lowest one to be a good pin, or the previous should not have this long tail....or something like this.
Thanks
  • #92,203
  • Mar 24, 2011 10:46am Mar 24, 2011 10:46am
Great explaination Mike,

In addition when i see a pin bar pull right down away for price i like to think of the break as having more of a slingshot effect..like this......
Quoting mbqb11
Some thoughts on chart


Best
Mike
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  • #92,204
  • Mar 24, 2011 10:50am Mar 24, 2011 10:50am
Quoting Panthera
Ok, thanks,
..., or the previous (bar) should not have this long tail.
yes, something like that.

we just want our bullish pinbar to appear very near the low of the prior bar... in percentage terms, we ideally want the high of the pin appearing at the bottom 10 - 30% of the prior bar. the lower the better (&/or the greater the protrusion, the better)
for illustration, review Sir Mike's chart above.

to add to the prior comments, gbp has been weak this week.. so, careful.
  • #92,205
  • Mar 24, 2011 10:53am Mar 24, 2011 10:53am
Hi Mike
Do you know why this BUOB worked so well?
Didn't take it due to near FTA
Thanks
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  • #92,206
  • Mar 24, 2011 11:12am Mar 24, 2011 11:12am
OOOOOOOhhhh, I was so happy, I had a feeling I saw a great pin and now a I have to realize it was a doggy....so sad....make me realize I have to learn so much....
Thanks everyone!
  • #92,207
  • Mar 24, 2011 11:36am Mar 24, 2011 11:36am
Quoting Panthera
OOOOOOOhhhh, I was so happy, I had a feeling I saw a great pin and now a I have to realize it was a doggy....so sad....make me realize I have to learn so much....
Thanks everyone!
no no , it was great. don't worry. i mean this is the reason of this thread: to learn.
keep on posting.
meine augen sind die sterne
  • #92,208
  • Mar 24, 2011 11:44am Mar 24, 2011 11:44am
Quoting Be Cool
Hi Mike
Do you know why this BUOB worked so well?
Didn't take it due to near FTA
Thanks
hello,
if i may...
quick answer is: Eur strength.
eurusd has been moving up since the start of 2011, with only minor retracements (see Daily chart: u can simply compare the number & strength of upbars vs downbars within that time period)
...& i believe there was news about Portugal earlier (if u read &/or believe news)
  • #92,209
  • Mar 24, 2011 12:07pm Mar 24, 2011 12:07pm
Quoting ghous
I think you guys are well equipped for the Aussies, this should be yours. and Yeah what a game that semifinal would be.

g.
Wow..can u imagine its gonna be India-Pak Semi-Final...man this is the match everyones gonna watch!!!

  • #92,210
  • Mar 24, 2011 12:13pm Mar 24, 2011 12:13pm
What do you think of this PB?
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  • #92,211
  • Mar 24, 2011 12:22pm Mar 24, 2011 12:22pm
Quoting FxPrelude
Looks like a good place to watch for some bulish PA ... BRN - 1.4 , 50 fibo , S/R .. up trend idk will see what it does ...
Any coments ?
Didnt reach the 1.4
Made a nice PB on 1H and just bounced off 38 fibo lol

And Mike , Ghous or Jaroo would you minde to share your opinion on that BUOB ony daily all i see is previuse resistance turn suport and 38 fibo and 1.4250 resistance from last year ...

ty
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  • #92,212
  • Mar 24, 2011 12:22pm Mar 24, 2011 12:22pm
Quoting aserbfx
nice buob on weekly acat.
arctic cat ... cool name... .... this has to be a runner...
the cat has finally jumped off. acat with a strong day. i sold the whole position at 15.50 usd. making this a nice profit (exit vs. entry)of +7%!!!
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meine augen sind die sterne
  • #92,213
  • Mar 24, 2011 12:36pm Mar 24, 2011 12:36pm
Quoting Mak
Thank you. If I had entered this trade, I would have entered 10 pips below the low of the bar which would be 1.5904. But I would like to enter below 1.5900 as it is RN and it would get even closer to 150 ema.

If you want to enter a trade on the break out, how many pips will you leave below the low? Secondly the yellow line on my chart with red arrow is the reason for your pending order at 1.5980?

Thanks
Ammar
An entry below the 1.59 is a great idea of course.

Not sure if you have already done it but do go through this gold nugget from the big guy

THIS IS CRITICAL

And yeah I was basically targeting the prior bar highs marking the left eye of the BEOB. Price never pulled back and its one of those times when you just sit out and watch the trade play out like mad. lol

g.
I believe . . .
  • #92,214
  • Mar 24, 2011 12:37pm Mar 24, 2011 12:37pm
Quoting spookie94
Took it for a nice 1% gain! You gotta like the power of a nice S/R level.
nice nice nice.

This one was soooo tempting...but then again...rules are rules.

Nice trade there Spookie.

g.
I believe . . .
  • #92,215
  • Mar 24, 2011 12:38pm Mar 24, 2011 12:38pm
Quoting aserbfx
the cat has finally jumped off. acat with a strong day. i sold the whole position at 15.50 usd. making this a nice profit (exit vs. entry)of +7%!!!
Are the gaps not a problem for you?

Grüße
  • #92,216
  • Mar 24, 2011 12:39pm Mar 24, 2011 12:39pm
Quoting AvanishDemo
Wow..can u imagine its gonna be India-Pak Semi-Final...man this is the match everyones gonna watch!!!

I can't wait for Wednesday...I really can't!!

g.
I believe . . .
  • #92,217
  • Mar 24, 2011 12:39pm Mar 24, 2011 12:39pm
Gold is showing major weakness after piercing thru all time highs. H4 looks interesting. Nice trap for bulls :>
  • #92,218
  • Mar 24, 2011 12:44pm Mar 24, 2011 12:44pm
Quoting ghous
I can't wait for Wednesday...I really can't!!

g.
Is wednesday football?
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  • #92,219
  • Mar 24, 2011 12:47pm Mar 24, 2011 12:47pm
Quoting MCFly
Are the gaps not a problem for you?

Grüße
sure. that's the biggest problem with stocks. i always try to stay away from some sectors which are prone to gaps (eg pharmacy). i do not trade against the direction of stocks with a lot of gaps in a particular direction.
as far as acat is concerned: this stocks only made up-gaps in the last years. and the setup was long.
gruß zurück
meine augen sind die sterne
  • #92,220
  • Mar 24, 2011 12:48pm Mar 24, 2011 12:48pm
Quoting FxPrelude
Didnt reach the 1.4
Made a nice PB on 1H and just bounced off 38 fibo lol

And Mike , Ghous or Jaroo would you minde to share your opinion on that BUOB ony daily all i see is previuse resistance turn suport and 38 fibo and 1.4250 resistance from last year ...

ty
Its an absolute no no for me if it closes as is.

I can't help notice the significance of the 1.42 PPZ. Do you see that mammoth rejection off the level the last time price tested it?

The markets do have a good memory...no great memory, and such strong rejection points just have to be accounted for at all times.

So I am obviously not liking the fact that we're headed straight into that PPZ. Now if we get a close beyond our recent swing high...say somewhere around 14270, then the story changes a bit and tilts in our favor. Not only will we end up with a nice sized BUOB we'll also have the "res turns into supp" phenomena on our side should price pull back to test the prior swing high/1.42.

But that won't still make up for an easy 'money in the bank' trade. Continuation bars can be very tricky...

Hope this makes sense.

g.
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I believe . . .
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