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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

  • #95,641
  • May 25, 2011 6:55am May 25, 2011 6:55am
Adilius,

Go get 'em boy! I like your strategy of checking the different times - think i will follow suit!
  • #95,642
  • May 25, 2011 6:59am May 25, 2011 6:59am
Quoting Kalbar
Adilius,

Go get 'em boy! I like your strategy of checking the different times - think i will follow suit!
yes, let's see how it goes. Aiming for 20 winners in a row!
  • #95,643
  • May 25, 2011 7:22am May 25, 2011 7:22am
Hi everyone,

I've seen this nice PB on my 4h audjpy chart, I wondered what your thoughts are. I noticed it too late.
I have my FTA at 86.60 ish, it seems to me price is winding up in a triangle and price is right between the previous highs and lows, would this be correct? The PB was off RN and 365 ema. I'm not looking to get in this now but would this have been a valid set up/trade after the pin had formed?

Many thanks

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Free speech is an oxymoron
  • #95,644
  • May 25, 2011 8:32am May 25, 2011 8:32am
Quoting Adilius07
yes, let's see how it goes. Aiming for 20 winners in a row!
keep it up bud
  • #95,645
  • May 25, 2011 8:42am May 25, 2011 8:42am
Quoting mbqb11
keep it up bud
Thanks Mike, trying my best really!
  • #95,646
  • May 25, 2011 8:42am May 25, 2011 8:42am
Quoting Banzaisky
Hi everyone,

I've seen this nice PB on my 4h audjpy chart, I wondered what your thoughts are. I noticed it too late.
I have my FTA at 86.60 ish, it seems to me price is winding up in a triangle and price is right between the previous highs and lows, would this be correct? The PB was off RN and 365 ema. I'm not looking to get in this now but would this have been a valid set up/trade after the pin had formed?

Many thanks

Attachment
Hey B

To me price is winding up very very tight. This means choppy consolidation type movement. B/c this is at such a minor swing low you can see a break of the bar is right into the "traffic"(see my video on space vs traffic for more info). Is that tradeable? Depends on you the trader. Tough one that has to be managed to tight for my liking

Hope that helps
Mike
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  • #95,647
  • May 25, 2011 9:21am May 25, 2011 9:21am
That certainly does, cheers.
Free speech is an oxymoron
  • #95,648
  • May 25, 2011 10:57am May 25, 2011 10:57am
Hi,
I've been watching this pair for a possible short entry! Good retrace to the 61.8 fib, good res area reached with no close above, nice DT. Depending on how this daily bar closes - eg under the red line i have. FTA just above 97? what are your thoughts on this anyone. Thanks

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Free speech is an oxymoron
  • #95,649
  • May 25, 2011 11:05am May 25, 2011 11:05am
Closed my EUGB on 150 MA for +48.
  • #95,650
  • May 25, 2011 11:08am May 25, 2011 11:08am
Nice PB at a swing high? would mean buying the aud which i would favor over gbp. negative - strong move up. i don't think this is an A+. but is anyone else watching? would a good break add more confidence?

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Free speech is an oxymoron
  • #95,651
  • May 25, 2011 12:10pm May 25, 2011 12:10pm
Quoting Banzaisky
Hi,
I've been watching this pair for a possible short entry! Good retrace to the 61.8 fib, good res area reached with no close above, nice DT. Depending on how this daily bar closes - eg under the red line i have. FTA just above 97? what are your thoughts on this anyone. Thanks

Attachment
a pretty common theme of choppiness across the board right now. Even with it closing as a BEOB there are a lot of trouble areas with some of the bigger action being to the upside. It would have to be tightly managed in my eyes as it lacks any holding power or decisiveness at this point

Best
Mike
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  • #95,652
  • May 25, 2011 12:42pm May 25, 2011 12:42pm
Quoting mbqb11
Let's see if this BEOB is the breakout bar
update

we got our breakout now lets see if it takes off or retests and can hold the under side of the former support area
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  • #95,653
  • May 25, 2011 1:20pm May 25, 2011 1:20pm
Mike

If it retests the support level then will you be looking for a Pin or BEOB or will you be looking to play some other breakout strategy here?

Thanks,

kal
  • #95,654
  • May 25, 2011 1:23pm May 25, 2011 1:23pm
Quoting Kalbar
Mike

If it retests the support level then will you be looking for a Pin or BEOB or will you be looking to play some other breakout strategy here?

Thanks,

kal
Hey Kal

I am already short from the BEOB

http://www.forexfactory.com/showthre...10#post4635910

But if I wasn't yes you could potentially watch this former support area for PA to turn to resistance on a pullback. Certainly valid too

Best
Mike
  • #95,655
  • May 25, 2011 1:29pm May 25, 2011 1:29pm
Quoting mbqb11
update

we got our breakout now lets see if it takes off or retests and can hold the under side of the former support area
Hi Mike,

Your SL is still at the initial level.
Isn't it "safe" already to reduce it behind that 1.25 BRN?

I assume that is because of the type of setup (breakout) where you plan to hold for longer so you also give it more room to breath...

Can you please explain your reasoning for not reducing risk quickly for this trade?
  • #95,656
  • May 25, 2011 1:44pm May 25, 2011 1:44pm
Quoting Adilius07
Hi Mike,

Your SL is still at the initial level.
Isn't it "safe" already to reduce it behind that 1.25 BRN?

I assume that is because of the type of setup (breakout) where you plan to hold for longer so you also give it more room to breath...

Can you please explain your reasoning for not reducing risk quickly for this trade?
Yep You are correct Adi

For me this is one more that could take time to develop and has a much larger stronger story. The worse the story the quicker I am to reduce my risk on a trade

Best
Mike
  • #95,657
  • May 25, 2011 1:59pm May 25, 2011 1:59pm
Quoting mbqb11
Yep You are correct Adi

For me this is one more that could take time to develop and has a much larger stronger story. The worse the story the quicker I am to reduce my risk on a trade

Best
Mike

Got it, thanks for reply Mike!
  • #95,658
  • May 25, 2011 2:34pm May 25, 2011 2:34pm
Quoting Bulava
Hi! May I know what kind of indicator in the upper right corner?
Here it is
Attached File(s)
File Type: mq4 priceInfo.mq4   21 KB | 451 downloads
  • #95,659
  • May 25, 2011 3:10pm May 25, 2011 3:10pm
Quoting mbqb11
Yep You are correct Adi

For me this is one more that could take time to develop and has a much larger stronger story. The worse the story the quicker I am to reduce my risk on a trade

Best
Mike
Hey Mike

Just wanted to ask you about your entry on this one. You say you entered off the BEOB - is it J16 strategy to enter off these type of bars at a swing high? I am merely trying to find out if we can play these bars at swing low? It looks a good trade at the moment - are you targeting the bottom of the previous spike down?

Thanks
  • #95,660
  • Edited 3:41pm May 25, 2011 3:26pm | Edited 3:41pm
Quoting mbqb11
update

we got our breakout now lets see if it takes off or retests and can hold the under side of the former support area
Hey Mike,
one thing i didn't get it man...
i see u taking breakout of patterns with a BUOB/BEOB but only if it breaks the pattern..here i see good strong BEOB "BUT" its still sittin on the strong support 1.24 n it has not broken the "M" shape pattern..i mean i wuld hv understood if u took this BEOB if it had CB 1.24..
its pre-emptive breakout right?
but isn't it risky given the strong support we have..i mean i tried thinking it a lot but to no avail..is it something like the strong bearish momentum n strong BEOB makes u take such trades?

so can u explain?
Thanks!
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