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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

  • #95,861
  • Jun 1, 2011 8:12am Jun 1, 2011 8:12am
would the break of this ib have been a good entry?
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  • #95,862
  • Jun 1, 2011 8:31am Jun 1, 2011 8:31am
Quoting Kalbar
MikeHook

Thanks for the replies on the bank holidays and effect on the markets. One thing i have noticed is that the day after a bankpublic holiday the stock markets like Dow and FTSE seem to have a good day!! Something to do with human psychology along the lines of people in a good mood after a holiday?

Kal
A hangover effect maybe

Not something I have researched myself, but could be!

Mike
  • #95,863
  • Jun 1, 2011 8:31am Jun 1, 2011 8:31am
Quoting jc.
would the break of this ib have been a good entry?
Hey JC

I actually don't mind that inside bar entry after such a strong breakout right on that former low. If it breaks the new low and stalls you cut out, but if the momentum is there you should see good follow through

Best
Mike
  • #95,864
  • Jun 1, 2011 8:32am Jun 1, 2011 8:32am
Quoting jc.
would the break of this ib have been a good entry?
what i can say is a PA setup or trade with the trend has a greater chance to work.
that gbpchf made a pretty nice move.
  • #95,865
  • Jun 1, 2011 9:41am Jun 1, 2011 9:41am
thank you all guys for your answers!

i don't want to abuse your patience but i'm curious of how i could trade a pennant..
i know it's a continuation pattern so i prefer looking for a breakout with the trend..but how you place your orders? do you wait for a pa setup on the direction it breaks?
example: gbpcad (thanks to mike for showing it)
the trend is down but it's broken the descending tl.. so is it too risky wait for bullish pa around 1.6000?
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  • #95,866
  • Jun 1, 2011 10:49am Jun 1, 2011 10:49am
Quoting jc.
thank you all guys for your answers!

i don't want to abuse your patience but i'm curious of how i could trade a pennant..
i know it's a continuation pattern so i prefer looking for a breakout with the trend..but how you place your orders? do you wait for a pa setup on the direction it breaks?
example: gbpcad (thanks to mike for showing it)
the trend is down but it's broken the descending tl.. so is it too risky wait for bullish pa around 1.6000?
hey jc, actually a pennent like the one you showed are neutral patterns so can be traded either way equally.
My personal way to trade them is to enter when the previous swing high is broken.(see chart)
but they could be traded straight from the break of the TL or on a retest.(another fav of mine.)
stops for me vary according to the chart , but can be as tight as 30 pips.

hope this helps

jon
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PATIENCE... DISCIPLINE
  • #95,867
  • Jun 1, 2011 10:51am Jun 1, 2011 10:51am
Quoting jc.
would the break of this ib have been a good entry?
imho this is where IBs are strongest. great continuation trades, especially like Mike said, when there is good momentum and a follow through is likely.

jon
PATIENCE... DISCIPLINE
  • #95,868
  • Jun 1, 2011 10:56am Jun 1, 2011 10:56am
Quoting mbqb11
A hangover effect maybe

Not something I have researched myself, but could be!

Mike
lol, yeah there are still seeing double and buying twice what they wanted


jon
PATIENCE... DISCIPLINE
  • #95,869
  • Jun 1, 2011 11:12am Jun 1, 2011 11:12am
Quoting g_j_hook@yah
hey jc, actually a pennent like the one you showed are neutral patterns so can be traded either way equally.
My personal way to trade them is to enter when the previous swing high is broken.(see chart)
but they could be traded straight from the break of the TL or on a retest.(another fav of mine.)
stops for me vary according to the chart , but can be as tight as 30 pips.

hope this helps

jon
great example! i've seen that one on eur/aud too but i've not traded it beacause of a few resistences i've seen that scare me a little

p.s. i'm going to print your answer..i like your way of trading it!
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  • #95,870
  • Jun 1, 2011 11:14am Jun 1, 2011 11:14am
It looks like almost all the CHF pairs can close with a BEOB today. Too early to tell though since there are a few more hours to go
  • #95,871
  • Jun 1, 2011 1:04pm Jun 1, 2011 1:04pm
Quoting jc.
great example! i've seen that one on eur/aud too but i've not traded it beacause of a few resistences i've seen that scare me a little

p.s. i'm going to print your answer..i like your way of trading it!
your right to be wary of the level you marked on the chart but its not something i personally worry too much about, unless it has more history than the pattern.
the only other thing i would say is that the traditional projection to take profit is the hight of the pattern but in my experience 2/3rds is much more realistic.(at least before some retrace kicks in)
glad to help
happy hunting

jon
PATIENCE... DISCIPLINE
  • #95,872
  • Jun 1, 2011 1:37pm Jun 1, 2011 1:37pm
What do you guys think of the potential BEOB in the mini-S&P?
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  • #95,873
  • Jun 1, 2011 2:28pm Jun 1, 2011 2:28pm
i bet it is forming head and shoulders.
  • #95,874
  • Jun 1, 2011 3:03pm Jun 1, 2011 3:03pm
1h to go, nzdusd is shaping up quite nicely for a double high lower close.

-Swing high
-Room to move
- 0.8000 target?
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  • #95,875
  • Jun 1, 2011 4:08pm Jun 1, 2011 4:08pm
Hey Mike,
js a quick..i js started using pattern thing..
btw,do this break of Ascending pattern with DBHLC look good(0.70BRN as well)?
couple of examples will be good for ascending patterns!!do let know if it looks invalid..i dnt think im right with this one.
Thanks
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  • #95,876
  • Jun 1, 2011 4:36pm Jun 1, 2011 4:36pm
Quoting AvanishDemo
Hey Mike,
js a quick..i js started using pattern thing..
btw,do this break of Ascending pattern with DBHLC look good(0.70BRN as well)?
couple of examples will be good for ascending patterns!!do let know if it looks invalid..i dnt think im right with this one.
Thanks
Hey AV

For me that pattern is not quite uniform(meaning obvious) enough for me. Although there is certainly strength to the downside from that size bar I like my patterns to be more neat and orderly. This is a bit more advanced play then the traditional of what is taught here so just be sure to test test test

Best
Mike
  • #95,877
  • Jun 1, 2011 4:59pm Jun 1, 2011 4:59pm
Quoting 5.25
1h to go, nzdusd is shaping up quite nicely for a double high lower close.

-Swing high
-Room to move
- 0.8000 target?
I thought about it but ultimately decided to let it go. It would've been nicer if it could close below the PPZ and/or 0.81 RN
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  • #95,878
  • Jun 1, 2011 5:05pm Jun 1, 2011 5:05pm
What do you guys think about this BEOB?

Pretty close to 1.2 RN but aside from that lot's of potential room to go. And a short trade would be with the trend as well.
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  • #95,879
  • Jun 1, 2011 5:18pm Jun 1, 2011 5:18pm
Quoting biDc
I thought about it but ultimately decided to let it go. It would've been nicer if it could close below the PPZ and/or 0.81 RN
Very true and such is the dilemma. But when I look back on the eurnzd daily chart I posted once before, I too passed because of the 1.850 RN below a BEOB with weak close. Look how it broke with some descent momentum (attachment).

Thanks for your input.

Edit: That's not to say I'm promoting to trade it
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  • #95,880
  • Jun 1, 2011 5:21pm Jun 1, 2011 5:21pm
Hello everyone,

This is my first post on this thread. I'm following you since a few weeks now. I have already learnt a lot thanks to you.
Following the different pieces of advice that I have read on this thread, I tried to elaborate a "way of working"

I’m currently looking at the EURCHF
1°) I determine the "direction" of the market. In this case, lower highs and lower lows à bearish trend in the case of the EURCHF
2°) before searching for any price action setup, I put the obvious PPZ (the blue lines on my chart)
3°) I put the BRN on my charts
4°) If possible, I draw the fibs in order to find some confluence (it is not relevant in this case, isn’t it?)
5°) I analyse the bar itself : in this case, DBHLC with a strong close and a close belove the BRN
--> based on these elements, I decided to take the trade.

Concerning my stop loss, I placed it just above the previous S/R level 1,2180
Concerning my target, in my opinion, there is no resistance insight until the BRN 1,20.
If something in that thought process is wrong, don’t hesitate to correct me.
Thank you very much in advance.
Dede
(sorry for the spelling mistakes, English is not my first language).
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