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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

  • #95,661
  • May 25, 2011 3:52pm May 25, 2011 3:52pm
Quoting Kalbar
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
Hey Kal

Yes you are correct. That traditionally speaking we want a BEOB at a swing high. This is the best way to learn them hands down. Sometimes I expand a bit in this thread to show other ways I use the material. Continuation beobs can be played but are in my opinion more tricky. I am not sure what previous spike down you are referring to, but I have no target in mind as of now.

Best
Mike
  • #95,662
  • May 25, 2011 3:53pm May 25, 2011 3:53pm
Quoting AvanishDemo
Hey Mike,
one thing i didn't get it man...
i see u taking breakout of patterns with a...
Hey AV

The answer is I play them in both manners, just as I play them in multiple manners as reversals. This is a case where the BEOB is literally sitting on that support, when you have such a strong beob like this in a down trend supported by a BRN, supported by a breakout pattern, support by a strong close, price has literally no where to go but down. How far down ? TBD. This to me is as easy an A+ trade as their gets in terms of a breakout continuation pre-emptive bar. Always remember, the story that makes up your bar is the most important part.

As a follow up to the previous post, I must say I refrain from talking about continuation bars too much in this thread as it is my firm belief they are trickier to understand and people need to get them down as James teaches first. But I do also like to keep you guys on your toes

Take care
Mike
  • #95,663
  • May 25, 2011 4:01pm May 25, 2011 4:01pm
Mike

thanks for those replies there....detailed and insightful as ever man. Keep the wisdom and advice coming......some of us need it. As you say the story wasis most important part and the bar is confirmation. Thanks for your patience in answering all these questions...appreciated.

kal
  • #95,664
  • May 25, 2011 4:17pm May 25, 2011 4:17pm
Quoting Kalbar
Mike

thanks for those replies there....detailed and insightful as ever man. Keep the wisdom and advice coming......some of us need it. As you say the story wasis most important part and the bar is confirmation. Thanks for your patience in answering all these questions...appreciated.

kal
anytime my friend
  • #95,665
  • May 25, 2011 4:30pm May 25, 2011 4:30pm
Quoting mbqb11
Hey AV

The answer is I play them in both manners, just as I play them in multiple manners as reversals....
No PA bar confirmation but GBP/JPY looks like it might be breaking out - 61.8, 133 RN, 150 EMA, reverse H&S formation... On the 4H it's Jaroo'd it's way over the PPZ and come back for a retest.. got the 365 as well as the 150 EMAs there as well
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Anything can happen.
  • #95,666
  • May 25, 2011 4:35pm May 25, 2011 4:35pm
Quoting mbqb11
anytime my friend
I second that Mike. Thanks for sharing Always good to learn something new. My trading artillery is expanding quite nicely
  • #95,667
  • May 25, 2011 4:59pm May 25, 2011 4:59pm
Quoting Atc
J16 daily classic breakout matching lows http://www.forexfactory.com/attachme...1&d=1306316011

breakout retrace TT short missed it ----Damn---waiting
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  • #95,668
  • May 25, 2011 5:36pm May 25, 2011 5:36pm
I have a question for you vets if you don't mind. How do you keep track of all the pairs? Do you scan through every pair everyday to look for potential setups?
  • #95,669
  • May 25, 2011 7:02pm May 25, 2011 7:02pm
Quoting biDc
I have a question for you vets if you don't mind. How do you keep track of all the pairs? Do you scan through every pair everyday to look for potential setups?
+1 Scanning the daily charts, I haven't seen much lately. The only thing remotely close is that the NZDUSD has been pushing against a strong resistance level for a few days and EURUSD has been hovering around a strong support line for a while. I am waiting for a nice pattern to form on one of these lines.
  • #95,670
  • May 25, 2011 7:24pm May 25, 2011 7:24pm
Quoting biDc
I have a question for you vets if you don't mind. How do you keep track of all the pairs? Do you scan through every pair everyday to look for potential setups?
Hey B

I personally scan all my pairs at day end/week end

The ones I trade intraday I have stretched across my monitors and monitor through the night/day. The more important ones I tend to keep a closer eye on etc

That's how I go about it

Best
Mike
  • #95,671
  • May 25, 2011 8:40pm May 25, 2011 8:40pm
GBP/AUD
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  • #95,672
  • May 25, 2011 9:02pm May 25, 2011 9:02pm
Quoting mbqb11
Hey B

I personally scan all my pairs at day end/week end

The ones I trade intraday I have stretched across my monitors and monitor through the night/day. The more important ones I tend to keep a closer eye on etc

That's how I go about it

Best
Mike
Thanks for the reply Mike! Out of curiosity how many pairs do you keep track of? I'm following J16's advise on just looking at charts in the daily and weekly time frame so I guess there's no need to monitor them throughout the day for me and just check chart at the daily close everyday.
  • #95,673
  • May 25, 2011 9:14pm May 25, 2011 9:14pm
Quoting biDc
Thanks for the reply Mike! Out of curiosity how many pairs do you keep track of? I'm following J16's advise on just looking at charts in the daily and weekly time frame so I guess there's no need to monitor them throughout the day for me and just check chart at the daily close everyday.
Hey B

It's somewhere in the 50-60 range of the daily/weekly FX pairs

FXpro has a lot of great pairs for charting
  • #95,674
  • May 25, 2011 9:20pm May 25, 2011 9:20pm
Quoting mbqb11
Hey B

It's somewhere in the 50-60 range of the daily/weekly FX pairs

FXpro has a lot of great pairs for charting
Oh wow! I keep track of a basket of 10-15 and it already gets chaotic sometimes for me because I forgot which one caught my attention. I guess I have WAYS to go!
  • #95,675
  • May 25, 2011 9:59pm May 25, 2011 9:59pm
Hi guys! Long time lurker, first time poster! I'm very blessed that Sir SupremeChaos lead me to this thread early in my trading education. To Sir james16 and to the whole gang, Thank you, thank you! I'm still in demo trade, I traded twice for the last two months and I won both of them. It's my first lost today regarding AUD/USD trade. I shorted the TBL (exactly the same low in my feed) from May 23 to 24 on a break, my stoploss is just above May 24 bar high, and my TP level is 1.0400. TBL is sitting on 1.0500 RN area, trendline, and short term down trend. Any suggestions and opinions are greatly appreciated. Thank you!!!
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  • #95,676
  • May 25, 2011 10:20pm May 25, 2011 10:20pm
Quoting mbqb11
lol I love how you said please

We'll be able to throw a TL in and some fibs maybe ? will have to wait a bit for price to move to fit that
Maybe 1.7500 will give us that push back to 1.8000. I'm not picky, I'll take bullish PA at 1.7500....please.
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  • #95,677
  • Edited 11:24pm May 25, 2011 10:44pm | Edited 11:24pm
Quoting Donkey
Maybe 1.7500 will give us that push back to 1.8000. I'm not picky, I'll take bullish PA at 1.7500....please.
I am also waiting for the price to hit 1.75. I am short from 1.8 since 5/13.

Edit: Demo account and chart is added.
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  • #95,678
  • May 25, 2011 11:13pm May 25, 2011 11:13pm
Quoting TransPorter
Hi guys! Long time lurker, first time poster! I'm very blessed that Sir SupremeChaos lead me to this thread early in my trading education. To Sir james16 and to the whole gang, Thank you, thank you! I'm still in demo trade, I traded twice for the last two months and I won both of them. It's my first lost today regarding AUD/USD trade. I shorted the TBL (exactly the same low in my feed) from May 23 to 24 on a break, my stoploss is just above May 24 bar high, and my TP level is 1.0400. TBL is sitting on 1.0500 RN area, trendline, and short term down...
Hey TP

Welcome glad to see you come out of lurk mode

We talked about this one last night in my webinar so just gonna relay what I said then. Dave brought this one up (DMC) about one he was watching too. I love multi bar lows(more like 4-5 bar lows/highs in a row). When you have two they can often be GREAT signs for continuations, but b/c of the recent choppy markets I would have to look to the first trouble area

Here is a screen shot from last nights webinar where you can see price is likely to go. So price really did do its thing here and I think b/c of the nature of the market this was a great area to do "something" B/e, take profit etc.

Again welcome from unlurking and hope this helps

Mike
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  • #95,679
  • May 25, 2011 11:15pm May 25, 2011 11:15pm
What do you guys think of this? I'm eyeing for PA at the RN
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  • #95,680
  • May 25, 2011 11:24pm May 25, 2011 11:24pm
Entered on retrace of buob.
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