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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

  • #92,541
  • Mar 30, 2011 10:37am Mar 30, 2011 10:37am
Quoting Adilius07
Me too, I like this setup. All good but the close is a bit weak I think, so I gave it 1 more hour to develop and will take it an hour from now (if on Alpari it will close stronger). Besides the close looks really promising to me.

For now I have already set my order to short below this CADCHF BEOB.
Lets see
A+ setup in my book ADI....wish I could watch 4HRS. I'm going to have to hope this one gives a setup on the daily!
  • #92,542
  • Mar 30, 2011 10:45am Mar 30, 2011 10:45am
Quoting Donkey
A+ setup in my book ADI....wish I could watch 4HRS. I'm going to have to hope this one gives a setup on the daily!
Hi D, I like it I think it is A+ too, I did not include it on the chart but there is a Hidden Div too. Well not sure if I can still count that as Div when the highs are so much apart?...

May I ask, you don't trade H4 due to some responsibilities you have, or because you just stay away from less than Daily? I was thinking a lot about H4 and should I or not, and decided I will trade H4...so I will have more "practice" so to say, on my small live acc.
  • #92,543
  • Mar 30, 2011 10:52am Mar 30, 2011 10:52am
Quoting Sgrb1
Agreed, wasn't the strongest close. I like the CADCHF aswell, in fact all the swiss based pairs seem to be giving a strong bearish signal which is a good sign. I'd rather stick with the major though..

Let's see, as you say

SG
I like them as well, I just have one concern, time of day when they are forming. Everything usually slows down from now, on an already pretty slow day.

pat
  • #92,544
  • Mar 30, 2011 10:54am Mar 30, 2011 10:54am
Quoting Greenhaze
A+ trade imo.

Stops were tipped...price went back above the 1.5980 level with strong momentum....slowly retraced to 1.5980....and kaboom, h1/m30/m15 strong buob bar. It wont get much easier then this.
Quoting jarroo
I agree GH. . .excellent trade.

No Daily Close below the 1.5980. . .strong Support. . .bottom of the Daily consolidation but mainly the Weekly bottom consolidation. Although that 1.6 BRN sticking out like sore thumb.

I like these at tops and bottoms of consolidations. They work really well. I think is because of that whole market-moves-sideways-most-of-the-time type of thing . ..

Catching a top or bottom of a consolidation area can be very predictable.
Let's see if the weekly consolidation will continue, GH . ..
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Indicators show the past. Price Action "Indicates" the future.
  • #92,545
  • Mar 30, 2011 11:01am Mar 30, 2011 11:01am
Here is a break out trade i took today ( demo only ) would appreciate any thoughts.

The price broke through support on my chart and closed below, retested and closed below and then I entered on the break of the BEOB and closed the trade at the FTA which was the BRN

Any advice much appreciated

cheers
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  • #92,546
  • Mar 30, 2011 11:11am Mar 30, 2011 11:11am
Quoting jarroo
Let's see if the weekly consolidation will continue, GH . ..
1.6250 area looks juicy. Some positive comments about interest rate hike and we might be there in no time.

Are you playing with ***/chf shorts Jarroo?
  • #92,547
  • Mar 30, 2011 11:11am Mar 30, 2011 11:11am
Quoting Adilius07
Hi Gladiator, if I may. That was a really tiny bar, not a setup bar for me at all. I don't see which broker is your feed, so I analyzed my Alpari.
As you see even this BAD bar reached it's target though, but that doesn't mean we have to take such a low quality setups. All aspects that we watch for are weak here: size, close, tail, confluences (weak to none)..imo

Great analysis, Adilius . .

I would also add that Price broke through and closed above the Weekly and Daily Highest Close of Resistance. . .which means this level has a good chance of turning into Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #92,548
  • Mar 30, 2011 11:20am Mar 30, 2011 11:20am
Quoting jarroo
Great analysis, Adilius . .

I would also add that Price broke through and closed above the Weekly and Daily Highest Close of Resistance. . .which means this level has a good chance of turning into Support.
Hi Jarroo, thanks!
I still have problems switching to higher or lower TF, as I get confused many times. But yes, makes great sense to me as you put it now!
I need to practice looking the higher TF's more. I will!
  • #92,549
  • Mar 30, 2011 11:24am Mar 30, 2011 11:24am
Quoting Greenhaze
1.6250 area looks juicy. Some positive comments about interest rate hike and we might be there in no time.

Are you playing with ***/chf shorts Jarroo?
The BEOBs on those pairs look real good. To late in the day for me to play them now. . . lets's hope they don't break until London . .
Indicators show the past. Price Action "Indicates" the future.
  • #92,550
  • Mar 30, 2011 11:24am Mar 30, 2011 11:24am
BOJ+G7 are selling yen. BOE and ECB are slowly starting the process of raising interest rates. Is it good time for carry traders to hop on the ***/jpy long train?

The market conditions are appealing and...this monthly PB looks super attractive.
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  • #92,551
  • Mar 30, 2011 11:25am Mar 30, 2011 11:25am
Just my thoughts on possible RT entry points.

Rather than see a full position go into DD, I've entered short at the first entry line. I can then add more on further retracement, lessening the risk each time.

If it runs without retracing further, I can still re enter on later similar retracements, paying close attention to S/R. I'd rather profit a little less than DD a full position. I HATE drawdown

I know I'm posting an M5 chart, but it is still in the context of the H4 BEOB
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  • #92,552
  • Mar 30, 2011 11:27am Mar 30, 2011 11:27am
Quoting jarroo
The BEOBs on those pairs look real good. To late in the day for me to play them now. . . lets's hope they don't break until London . .
Asian sessions are full of surprises lately. I will be on the hunt for retrace entry tomorrow morning.
  • #92,553
  • Mar 30, 2011 11:28am Mar 30, 2011 11:28am
Quoting Adilius07
Hi Jarroo, thanks!
I still have problems switching to higher or lower TF, as I get confused many times. But yes, makes great sense to me as you put it now!
I need to practice looking the higher TF's more. I will!
I mainly look at the levels from the higher time frames to the lower time frames. One thing good about BRNs is that they are on all time frames . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #92,554
  • Mar 30, 2011 11:32am Mar 30, 2011 11:32am
Quoting Adilius07
Hi D, I like it I think it is A+ too, I did not include it on the chart but there is a Hidden Div too. Well not sure if I can still count that as Div when the highs are so much apart?...

May I ask, you don't trade H4 due to some responsibilities you have, or because you just stay away from less than Daily? I was thinking a lot about H4 and should I or not, and decided I will trade H4...so I will have more "practice" so to say, on my small live acc.
Adi - I don't trade 4H because of my work schedule and I don't have the time to watch the trades as much as I would need to. Also, I have only been trading for a year, mostly demo, so I still want to prove myself a bit more on daily and above.

However, on my trading to do list this year is to back test about 4 pairs and determine if trading 4H is worth the effort or not. In order to trade 4H with my work/family schedule I would have to be willing to let each trade sit for 3 bars (12 hours) before being able to make any manual adjustments. I'm not comfortable with that yet, but maybe....
  • #92,555
  • Mar 30, 2011 11:32am Mar 30, 2011 11:32am
Quoting Greenhaze
Asian sessions are full of surprises lately. I will be on the hunt for retrace entry tomorrow morning.
That's true GH . .the Asain session can get crazy . .( have you even seen their videos .. wow . . lol)


I like to see prices retrace during Asisan . .to the correct level, of course . .lol. . . and then fall during London ..
Indicators show the past. Price Action "Indicates" the future.
  • #92,556
  • Mar 30, 2011 11:36am Mar 30, 2011 11:36am
Quoting jarroo
I mainly look at the levels from the higher time frames to the lower time frames. One thing good about BRNs is that they are on all time frames . . lol
LOL, not only they are the same on all time frames, but they also look the same on different pairs too!

The thing that cofuse me the most on Higher TF is if I look for a level, I would usually find a bar, for example a previous Daily BUOB (and I am looking to short from H4) now I begin to experience those strong doubts: did that Daily BUOB reached its target or not, is it still in play or not, can I fade it, am I fading it or I am ok etc... and then begins this process of switching back and forward between TF's trying to make up my mind...which will of course make me cancel/skip that trade. Sometimes that will help, sometimes will not. So this is the problem for me, for now...
  • #92,557
  • Mar 30, 2011 11:42am Mar 30, 2011 11:42am
Quoting Donkey
Adi - I don't trade 4H because of my work schedule and I don't have the time to watch the trades as much as I would need to....
Yes, perfectly, understand. That interval ( of 4 hours) is really hard to follow even for me now and I am single and don't really have that much to do at the moment And I am sure that when my schedule becomes more filled (that will happen soon) I will not be able to follow H4 like I do now.

So I already inserted that into my trading plan, I will only trade:
1) Daily (they close before my work starts)
3) H4 (the one that opens US markets, that's when I come back from work)
4) Weeklies of course.

So that's all, I really cannot give in any more time.. So I will watch just 1 H4 candle a day... should give me ( I approximate) at least 1-2 trades per month from H4 TF

EDIT: Or I need to quit sleeping... so I will get 2 more H4 candles to watch. And I am not joking I know some people do that and I think not just a few, but many
  • #92,558
  • Mar 30, 2011 11:43am Mar 30, 2011 11:43am
Quoting fxgroup
BUOB,double bottom at 1.55.Target=1.58(RN).
Its getting there, fxg. .patence my friend .. its been a pretty strong move down . .we may get some bigger PA at the 1.5435ish level or Price may start to consolidate at this level to compensate this strong move down.

Don't get me wrong fxg . .that is a good story you got there . .
.. notice the weak break of the 4 Hour BUOB . .tells me we have some more downward movement (potentially).
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Indicators show the past. Price Action "Indicates" the future.
  • #92,559
  • Mar 30, 2011 11:49am Mar 30, 2011 11:49am
In London this pair has pinbars on every time frame from 1H upwards.

This is the daily chart. The pinbar comes off the 61.8% fib virtually to the pip.
The pin bar is not perfect on the daily as the body is not quite within the previous bar but it is not closed yet.
Ideally the body would get behind the 50% fib.

The first target would be the lower bars at 94122 but more likely the BRN at 94000.

ps you can also run a trend line down from the previous two tops and you don't have to make it particularly curvilinear.
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  • #92,560
  • Mar 30, 2011 11:49am Mar 30, 2011 11:49am
i don't know if this setup has already been díscussed.
chart nzd/usd touch trade at fib-confluence, s/r and minor rn. 0.7650.
comments appreciated
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