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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

  • #96,581
  • Jun 14, 2011 2:28pm Jun 14, 2011 2:28pm
Quoting snowly
short aud vs 3 currencies, long vs 1...

funky; forex is about aud! The new world currency
ill be dead 100 years before aud turns world currencie...

check my age dude
Hero calls followed by margin calls...
  • #96,582
  • Jun 14, 2011 5:38pm Jun 14, 2011 5:38pm
Quoting Dan Gilbert
We know where price is going, and where it will stop. I exited my short on E/CHF @ 1.2020, today price has created the biggest bullish bar we have seen in a long time on this particular pair.

I love when this happens
Hi Dan, What a impresive trade! Big number Win!

I have some (stupid) questions on this trade, would you please help to advise? I marked some labels on your chart (The Paintbrush is so terrible for editting..)
Did you enter your trade at point A (the BEOB)? where did you put the SL (at C?), I saw a big bullish bar at Point B, what is you confidence that the trend will still go down as expected?

Oh... the picture attached did not show point ABC, A means the BEOB, C is at the top of BEOB, B is at 1.21700, the bullish bar.
Attached Image
----------------------------- Discipline makes the difference.
  • #96,583
  • Edited 6:25pm Jun 14, 2011 5:50pm | Edited 6:25pm
Quoting Banzaisky
Hi,
Just wanted to share one of my.. more successful trades on demo.
entered at 1.3644 off the beob and 150 ema. working out nicely so far, stop at be... fantastic!

Attachment
You mean a mental trade?

There is no order on that chart.

Took profit off the table and am going to let the rest run.
looks like the 61.8 is going to be a tough cookie.
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  • #96,584
  • Jun 14, 2011 6:07pm Jun 14, 2011 6:07pm
keepin an eye on that potential pin bar (6/14/11) on GBP/USD daily chart. The bar has already formed, but I'm waiting to see how today (15th) closes.

Anyone else see it?
  • #96,585
  • Jun 14, 2011 6:10pm Jun 14, 2011 6:10pm
Quoting Amart83
keepin an eye on that potential pin bar (6/14/11) on GBP/USD daily chart. The bar has already formed, but I'm waiting to see how today (15th) closes.

Anyone else see it?
Hey Amart

Certainly a pinbar, but stuck in a very sideways market both in the short and long term. Gotta be careful with these, they can chop around and get caught at the first trouble areas. The lack of space also will tell us were trading in a traffic area as well.

Best
Mike
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  • #96,586
  • Jun 14, 2011 6:12pm Jun 14, 2011 6:12pm
Quoting Pinbar
You mean a mental trade?

There is no order on that chart.
A lot of us don't chart and trade with the same brokers. Probably why you don't see the orders.

I nibbled at that eur/aud as well, nice big beob

Hope all is well Steve

Mike
  • #96,587
  • Jun 14, 2011 6:21pm Jun 14, 2011 6:21pm
Quoting mbqb11
Hey Amart

Certainly a pinbar, but stuck in a very sideways market both in the short and long term. Gotta be careful with these, they can chop around and get caught at the first trouble areas. The lack of space also will tell us were trading in a traffic area as well.

Best
Mike
Thanks for reminding, I'm still learning so I forget the small details that make a difference. No wonder I've been breaking even mostly today. It looks like all USD pairs are trading in a range right now.

I'd like to read more about 'trouble areas' and 'traffic areas.' Are they discussed in this thread?
  • #96,588
  • Jun 14, 2011 6:29pm Jun 14, 2011 6:29pm
Quoting Amart83
Thanks for reminding, I'm still learning so I forget the small details that make a difference. No wonder I've been breaking even mostly today. It looks like all USD pairs are trading in a range right now.

I'd like to read more about 'trouble areas' and 'traffic areas.' Are they discussed in this thread?
Hey Amart

Yep they sure are. Also if you are interested in some basics on space vs traffic check out my video on space vs traffic. It's in the guest section of the site

Best
Mike
  • #96,589
  • Edited 6:42pm Jun 14, 2011 6:31pm | Edited 6:42pm
Quoting mbqb11
A lot of us don't chart and trade with the same brokers. Probably why you don't see the orders.

I nibbled at that eur/aud as well, nice big beob

Hope all is well Steve

Mike

Thanks Mike...

Nope, the S**T is hitting the fan in Hong Kong, right now.

I am here on a viza run from mainland china.

I put the papers in Yesterday and they told me I had to go back to mainland China because, one of the papers serial numbers was wrong.
They cancelled my previous viza, now I am stuck in HK and can not get back into China.

All hell is getting let loose and my influential boss now has the minister of foreign affairs involved in it.

Why does this always happen to me.

Just as well I am used to it all. LOL

Nice day, so I am going for a swim while waiting to hear the outcome of all this.

here is the view from the hotel

Pretty crappy for Kowloon


Hey, maybe I should go check on Jacko..LOL
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  • #96,590
  • Jun 14, 2011 6:39pm Jun 14, 2011 6:39pm
Quoting Pinbar
Thanks Mike...

Nope, the S***T is hitting the fan in Hong Kong, right now.

I am here on a viza run from mainland china.

I put the papers in Yesterday and they told me I had to go back to mainland China because, one of the papers serial numbers was wrong.
They cancelled my previous viza, now I am stuck in HK and can not get back into China.

All hell is getting let loose and my influential boss now has the minister of foreign affairs involved in it.

Why does this always happen to me.

Just as well I am used to it all. LOL

Nice day, so I am going...
damn man that sounds intense, I hope it all works out for you and will be thinking about it

Take care of yourself
Mike
  • #96,591
  • Jun 14, 2011 6:53pm Jun 14, 2011 6:53pm
Hey Pin, I have a demo with IBFX but use saxo bank charts.
Sorry to hear about your troubles there, hope it gets sorted soon for you.
Free speech is an oxymoron
  • #96,592
  • Jun 14, 2011 7:43pm Jun 14, 2011 7:43pm
Quoting CavinK
Hi Dan,
Did you enter your trade at point A (the BEOB)?..
i believe that's about the same candle he based his entry on (he's using IBFX, while u use FXPro).
see his main post here
  • #96,593
  • Jun 14, 2011 7:48pm Jun 14, 2011 7:48pm
Friends there,
A chart and question again, would you please help to analyze the EUR/CAD chart?
Is this a valid BEOB? I mean PBT and CB the PPZ&BRN 1.4, looks good formation.
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----------------------------- Discipline makes the difference.
  • #96,594
  • Jun 14, 2011 7:58pm Jun 14, 2011 7:58pm
Quoting supremeChaos
i believe that's about the same candle he based his entry on (he's using IBFX, while u use FXPro).
see his main post here
Thank you sir, I did not catch too much from the Quoted post, but I guess Dan's justification on that BEOB is that he waited the price break through 1.24 and entered there, is my understanding correct?
----------------------------- Discipline makes the difference.
  • #96,595
  • Jun 14, 2011 8:16pm Jun 14, 2011 8:16pm
Quoting 5.25
I played the break of the IB, still in with a profit. Nothing personal JC, I hope it doesn't pullback. I hate being tested!

Avanish, how did you manage this one? Did you take it?
Hey Tomek,
no i did not take it..some idiosyncratic thoughts js kept me out of this trade,lol.
congratz it worked out for u..looks like it has now crossed the first price flip(blue)..n now we hav BUOB "in the air" on daily..so im hoping to see the price move up..n touch another FTA (in yellow).
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  • #96,596
  • Jun 14, 2011 8:19pm Jun 14, 2011 8:19pm
Quoting CavinK
Friends there,
A chart and question again, would you please help to analyze the EUR/CAD chart?
Is this a valid BEOB? I mean PBT and CB the PPZ&BRN 1.4, looks good formation.
the BEOB is valid but relatively small in size.
looks like 1.3940 - 1.3970 is a PPZ. if price can break through that, then your FTA is very possible.

Quoting CavinK
Thank you sir, I did not catch too much from the Quoted post, but I guess Dan's justification on that BEOB is that he waited the price break through 1.24 and entered there, is my understanding correct?
yes Sir, i think so. (better to wait for Dan's reply)
his trade was in-trend, he liked the big BEOB slashing through & closing strongly below 1.25 VBRN. his entry was below the BEOB (&below all the bar lows in his chart). stop is possibly (/normally) above the BEOB.
  • #96,597
  • Jun 14, 2011 8:21pm Jun 14, 2011 8:21pm
OK this is a bit of bragging on my part but yall are my friends so allow me the pleasure.

I actually have a Dallas Cowboy super bowl ring from 93 after they won 2 in a row.

I have been trying to get my grubby hands on one for years and years but its tough because no one lets go of them.

I won this on Heritage auctions out of Dallas a couple of years ago and based on appraised value picked it up for about half its value.

A bad economy can sometimes present oppurtunities.
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  • #96,598
  • Jun 14, 2011 8:24pm Jun 14, 2011 8:24pm
Quoting CavinK
Friends there,
A chart and question again, would you please help to analyze the EUR/CAD chart?
Is this a valid BEOB? I mean PBT and CB the PPZ&BRN 1.4, looks good formation.
This is a valid BEOB, but a rather small one IMO. I've got my FTA a little tighter, at the minor flip at 1.3950 (I'm pretty conservative with FTA though). This one is trading back into a recent consolidation box (blue on my chart) so it would need to be watched closely and risk reduced quickly I think - which seems pretty typical with continuation bars.
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  • #96,599
  • Jun 14, 2011 8:24pm Jun 14, 2011 8:24pm
Quoting AvanishDemo
Hey Tomek,
no i did not take it..some idiosyncratic thoughts js kept me out of this trade,lol.
congratz it worked out for u..looks like it has now crossed the first price flip(blue)..n now we hav BUOB "in the air" on daily..so im hoping to see the price move up..n touch another FTA (in yellow).
@Tomek:
i have mostly traded/liked IBs in the "middle of the charts"..
need to excercise more on IBs though..as they are considered tricky..
some more examples..(3rd chart:there was glitch,at 1.50BRN,bt worked out)
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  • #96,600
  • Jun 14, 2011 8:25pm Jun 14, 2011 8:25pm
Quoting james16
...
1. very small initial stop.
2. im out if it goes against me.
3. breakeven as soon as i can.
4. take profit at "trouble" areas.
5. try to manage the trade for a larger move.
...
.
Hi Jim,

Thanks for the coaching here, I copied all above 5 items, would like to get some detail of those motto.

1. very small initial stop.
Do you mean that the SL should be very small? I know that set SL is a quite technical thing, if I set too small SL, I am afraid it would be triggered soon, any topic on how to set SL?

2. im out if it goes against me.
Do you mean that if the price is going against you, even it did not triggered you SL yet, you will just close it?

5. try to manage the trade for a larger move.
Does this mean we need to follow the main trend? for example, if we found there's a PA but the PA is against the main move, we need to be very careful about it...

Sorry sir, it's may be some very basic thing, it would be highly appreciated if you can make some clarification on that..
----------------------------- Discipline makes the difference.
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