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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

  • #95,881
  • Jun 1, 2011 5:22pm Jun 1, 2011 5:22pm
Quoting biDc
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.
Shame it's not at a swing high. That's a solid BEOB though.
  • #95,882
  • Jun 1, 2011 5:45pm Jun 1, 2011 5:45pm
Quoting 5.25
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
Bummer! That would've been quite profitable! I think if I were to take this trade I'd keep a very tight management on it. Probably move to BE at break of PPZ or touch of RN.

On the other hand, the USD closed with a very nice BUOB and price was able to close above the 50%fib ret. It could spell bearish trouble for the NU pair.
Attached Image (click to enlarge)
Click to Enlarge Name: DAY.png Size: 49 KB
  • #95,883
  • Jun 1, 2011 5:55pm Jun 1, 2011 5:55pm
Quoting Dan Gilbert
I was finally able to get into my account stick this sell order in

looking good on the breakout + trend + BEOB + VBRN....

easy life.
still in it, got a bit nervous last night but it dropped back down again
Attached Image
Many choose unhappiness over uncertainty.
  • #95,884
  • Jun 1, 2011 6:14pm Jun 1, 2011 6:14pm
Quoting Dan Gilbert
still in it, got a bit nervous last night but it dropped back down again
Had the same dilemma last night with evil part of my trading brain ))

Good place to add to position?

Curious how is Mike managing this trade.

Thanks in advance!
Attached Image (click to enlarge)
Click to Enlarge Name: eur chf beob.add.jpg Size: 106 KB
Anything can happen - You never know
  • #95,885
  • Jun 1, 2011 7:34pm Jun 1, 2011 7:34pm
Quoting dede777
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'd skip the fibs - they are just noise, and add too many meaningless lines to your chart. Aside from that, looks perfect to me - direction, location, setup.

Quoting dede777
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.
Excellent reasoning. Basing your stops on market action, rather than arbitary pips/percentages is definitely the right way to go about it.

Very methodical approach all around - I like it
When you have to shoot, shoot. Dont talk.
  • #95,886
  • Jun 1, 2011 7:58pm Jun 1, 2011 7:58pm
Quoting kwikwis
Had the same dilemma last night with evil part of my trading brain ))

Good place to add to position?

Curious how is Mike managing this trade.

Thanks in advance!
Attachment
Have moved my stop down above the high and looking to move it down further on a break as we are now approaching another BRN

But sort of just going with the flow here myself

I don't add to positions myself, a position has to be good enough that I would take it regardless if I was already in one. Just something I do myself

Best
Mike
Attached Image (click to enlarge)
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  • #95,887
  • Edited 9:27pm Jun 1, 2011 9:20pm | Edited 9:27pm
Hey guys, 1st post in this forum after watching it for a few weeks and reading the PDF's etc.

Just wondering what you guys think of this pin bar on the GBP 4H. If the current bar can break above the high of the previous bar I was looking to go long except it was 14 pips of hiting 1.63 which is a pivot line and the 50% retrace(fib) of the previos move, so now I am thinking twice.

Just curious for any opinions thoughts...
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 62 KB
  • #95,888
  • Jun 1, 2011 9:22pm Jun 1, 2011 9:22pm
Quoting Strick
Hey guys, 1st post in this forum after watching it for a few weeks and reading the PDF's etc.

Just wondering what you guys think of this pin bar on the GBP 4H. If the current bar can break above the high of the previous bar I was looking to go long except it was 14 pips of hiting 1.63 which is a pivot line and the 50% retrace(fib) of the previos move, so now I am thinking twice.

Just curious for any opinions thoughts...
Hey Strick

Welcome bud

See how small that bar is in comparison to the previous bars. We can almost ignore bars like this most of the time. Unless your location is dead on these bars usually get run over. If you zoom your chart out a bit you can get a better idea of the size of the bars verse proceeding bars.

Hope that helps
Mike
  • #95,889
  • Jun 1, 2011 9:29pm Jun 1, 2011 9:29pm
Quoting mbqb11
Hey Strick

Welcome bud

See how small that bar is in comparison to the previous bars. We can almost ignore bars like this most of the time. Unless your location is dead on these bars usually get run over. If you zoom your chart out a bit you can get a better idea of the size of the bars verse proceeding bars.

Hope that helps
Mike
Ahh that makes sence,

Cheers mate.
  • #95,890
  • Jun 1, 2011 9:45pm Jun 1, 2011 9:45pm
E/A IPB? It's right at the confluences of multiple fib ret, RN, PPZ, PPZ. The only thing lacking is I'm not sure if you can classify that as a "swing high" though...
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  • #95,891
  • Jun 1, 2011 10:21pm Jun 1, 2011 10:21pm
This is the only trade i have taken today, so far up by a few pips.

Went long on the break out upwards of yesterdays pin bar.

Anyone else in this? Or any reason why you are not???
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP.jpg Size: 79 KB
  • #95,892
  • Jun 1, 2011 11:15pm Jun 1, 2011 11:15pm
is it safe to trader a couple of usd/GB this week?
  • #95,893
  • Jun 2, 2011 12:00am Jun 2, 2011 12:00am
Audjpy false breakout to the upside of the wedge, then coming back and forming a beob.

Attached Image (click to enlarge)
Click to Enlarge Name: audjpy beob.gif Size: 24 KB


pat
  • #95,894
  • Jun 2, 2011 12:11am Jun 2, 2011 12:11am
Thanks, Pat

I'm watching this as well, daily close below 86.00 makes this look promising and we also have a nice space to FTA/EMA150

Andreas


Quoting plund
Audjpy false breakout to the upside of the wedge, then coming back and forming a beob.

Attachment

pat
  • #95,895
  • Jun 2, 2011 12:34am Jun 2, 2011 12:34am
Quoting aapkae
is it safe to trader a couple of usd/GB this week?
what do u mean?
  • #95,896
  • Edited 4:03am Jun 2, 2011 1:10am | Edited 4:03am
I think there is a high possibility of a downtrend in EURUSD because last day candle made swing high and closed very low. Am I right?
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  • #95,897
  • Jun 2, 2011 1:41am Jun 2, 2011 1:41am
Quoting Russo
I think there are a high possibility of a downtrend in EURUSD because last day candle made swing high and closed very low. Am I right?
cant answer with certainty.
so the only way to find out is see what happens in the next few days.
  • #95,898
  • Jun 2, 2011 2:09am Jun 2, 2011 2:09am
BEOB formed in daily TF, closed below the trendline and round number 86.00. H4 TF, pinbar formed retested the trendline.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audjpy.png Size: 57 KB
Click to Enlarge Name: audjpyh4.png Size: 60 KB
  • #95,899
  • Jun 2, 2011 2:22am Jun 2, 2011 2:22am
Quoting biDc
E/A IPB? It's right at the confluences of multiple fib ret, RN, PPZ, PPZ. The only thing lacking is I'm not sure if you can classify that as a "swing high" though...
hi biDc, that bar was invalidated when its high got broke. Your right about the swing high not being very good. it s more of a little move out of that conjestion it was in. if it had broke to the downside it would still have been an easy pass for me personally.

jon
PATIENCE... DISCIPLINE
  • #95,900
  • Jun 2, 2011 2:34am Jun 2, 2011 2:34am
Quoting TransPorter
BEOB formed in daily TF, closed below the trendline and round number 86.00. H4 TF, pinbar formed retested the trendline.
anybody in this trade?
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