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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

  • #97,101
  • Jun 22, 2011 1:28pm Jun 22, 2011 1:28pm
Quoting dede777
The seniors wil correct me but this pinbar doesn't appear good to me
- downtrend
- the body is rather "central"
- the previous bar is a big BEOB

The seniors will also correct me but I would pay more attention to the bar on daily chart: if the BEOB closes below the BRN 1,61, I would enter short (green line). Due to the fact that the general trend is up, it would be a short trade whose target would be the BRN 1,60.

Comments are of course welcome.

D.
I was suspect of this one too.

For this reason, I did not close out of my long on this pair.
  • #97,102
  • Jun 22, 2011 1:34pm Jun 22, 2011 1:34pm
Quoting Knight Rider
BEOVB - bearish engulfing outside ....?
"bearish engulfing outside vertical bar" or you can leave the vertical part out since there aren't many horizontal bars
  • #97,103
  • Jun 22, 2011 1:35pm Jun 22, 2011 1:35pm
Quoting Knight Rider
BEOVB - bearish engulfing outside ....?
check Pinbar's list
  • #97,104
  • Jun 22, 2011 1:36pm Jun 22, 2011 1:36pm
Quoting Knight Rider
BEOVB - bearish engulfing outside ....?
bearish outside vertical bar, thats what i noted when i started reading the thread.
  • #97,105
  • Jun 22, 2011 1:49pm Jun 22, 2011 1:49pm
http://www.mataf.net/en/forex-charts/c-index#c_index_rt

if you look at the chart for gbp you'll see it's a major support which held already twice in the last 1.5years(the area 75.5 - 76 of the index).

don't know if it's the best time to short it. And the triggering event was a switch in keeping interest rates from 6vs3 to 7vs2 plus some hints of more easing. Important, but hardly ground breaking.

obviously, it could break out of the support(it's not like it's set in stone)... and gbp is in a long time downtrend.
  • #97,106
  • Jun 22, 2011 2:07pm Jun 22, 2011 2:07pm
Quoting snowly
http://www.mataf.net/en/forex-charts/c-index#c_index_rt

if you look at the chart for gbp you'll see it's a major support which held already twice in the last 1.5years(the area 75.5 - 76 of the index).

don't know if it's the best time to short it. And the triggering event was a switch in keeping interest rates from 6vs3 to 7vs2 plus some hints of more easing. Important, but hardly ground breaking.

obviously, it could break out of the support(it's not like it's set in stone)... and gbp is in a long time downtrend.

That looks like it will be a great break out trade one of these days...Maybe today
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  • #97,107
  • Jun 22, 2011 2:11pm Jun 22, 2011 2:11pm
1... 2... 3... break; fully agree. But wouldn't put all the position in advance.

and man, I love Bernanke.
  • #97,108
  • Jun 22, 2011 2:20pm Jun 22, 2011 2:20pm
SL moved slightly below BE.
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Trading: the skill of avoiding trades
  • #97,109
  • Jun 22, 2011 2:31pm Jun 22, 2011 2:31pm
Quoting eswap0
SL moved slightly below BE.
Lol I like your sig.
Many choose unhappiness over uncertainty.
  • #97,110
  • Jun 22, 2011 3:04pm Jun 22, 2011 3:04pm
another one for some comments please. Looks like a daily PB forming? Would this need to close below .8120 area of S/R to be considered a viable trade? Would the general uptrend in this pair be an influence?
Attached Image (click to enlarge)
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  • #97,111
  • Jun 22, 2011 3:08pm Jun 22, 2011 3:08pm
probably there'll be pins on most usd charts
  • #97,112
  • Jun 22, 2011 3:10pm Jun 22, 2011 3:10pm
Quoting J.W. Holmes
"bearish engulfing outside vertical bar" or you can leave the vertical part out since there aren't many horizontal bars

Ha ha the V in there has thrown me for a loop the past couple of days too. I just know at a minimum it was a BEOB when you threw up some charts...
  • #97,113
  • Jun 22, 2011 3:23pm Jun 22, 2011 3:23pm
Quoting Dan Gilbert
Lol I like your sig.
Thanks Dan!
Watching this pin (AA stocks), not for its size but location.
Attached Image (click to enlarge)
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Trading: the skill of avoiding trades
  • #97,114
  • Jun 22, 2011 3:27pm Jun 22, 2011 3:27pm
Quoting human2
another one for some comments please. Looks like a daily PB forming? Would this need to close below .8120 area of S/R to be considered a viable trade? Would the general uptrend in this pair be an influence?

Was looking at this one when you posted it up and I would be careful of few major things that jump out at me:

1) I would want to see the close below the open to even consider this one. The main reason for this would be number 2 below

2) The .8100 area is previous S/R area as I see it that I feel must be dispatched before a move lower is possible.

3) I don't see much in the way of good space and story with this pin.

These 3 things listed above would concern me with my trade style, but that is just me. If this type of trade works with your trade style/system then figure out a game plan and go for it.
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  • #97,115
  • Jun 22, 2011 3:30pm Jun 22, 2011 3:30pm
Quoting eswap0
Thanks Dan!
Watching this pin (AA stocks), not for its size but location.
Just a quick curious question. I don't trade stocks and one of the main reasons is all of the gaps that occur like in your chart. How do you deal with gaps in the charts when you look to take a trade like the one you placed in this post?
  • #97,116
  • Jun 22, 2011 3:49pm Jun 22, 2011 3:49pm
Quoting gungriffin
Just a quick curious question. I don't trade stocks and one of the main reasons is all of the gaps that occur like in your chart. How do you deal with gaps in the charts when you look to take a trade like the one you placed in this post?
I just use weekly charts to draw PPZ and identify oportunities: gaps in weekly nearly disappear.
Use smaller positions than in forex to limit risk: you never know where your stocks are opening tomorrow.
And set stop+limit orders, to avoid getting filled far from the trigger.
Hope it helps, just my non-pro experience.

Edited: and always trade very liquid stocks!
Trading: the skill of avoiding trades
  • #97,117
  • Jun 22, 2011 4:12pm Jun 22, 2011 4:12pm
Quoting eswap0
I just use weekly charts to draw PPZ and identify oportunities: gaps in weekly nearly disappear.
Use smaller positions than in forex to limit risk: you never know where your stocks are opening tomorrow.
And set stop+limit orders, to avoid getting filled far from the trigger.
Hope it helps, just my non-pro experience.

Edited: and always trade very liquid stocks!

Have thought about the liquid stocks before to limit the choppiness. Seems like only trading those types of stocks would be a very good idea. Thanks for the reply on everything. Everything that you say makes sense and I look forward to seeing more of these trades as you find them. I am always game to look into new markets for potential trade possiblilities and such. As for the non pro comment; we all have to start somewhere! It is just our commitment to personal growth that maps out where we are headed
  • #97,118
  • Jun 22, 2011 5:12pm Jun 22, 2011 5:12pm
Quoting gungriffin
Was looking at this one when you posted it up and I would be careful of few major things that jump out at me:

1) I would want to see the close below the open to even consider this one. The main reason for this would be number 2 below

2) The .8100 area is previous S/R area as I see it that I feel must be dispatched before a move lower is possible.

3) I don't see much in the way of good space and story with this pin.

These 3 things listed above would concern me with my trade style, but that is just me. If this type of trade works with your...
Thanks for your thougts Gungriffin. Reading them makes it all clear. Looking at the chart now it doesn't look like forming any trade setup.
  • #97,119
  • Jun 22, 2011 5:56pm Jun 22, 2011 5:56pm
a set up straight from heaven.

that chart is worth a lot of money to the "right" eyes.

Quoting mbqb11
updated chart, we got a beautiful beob

Bout as easy as it gets
  • #97,120
  • Jun 22, 2011 6:01pm Jun 22, 2011 6:01pm
an outside bar that straddles a brn or a lrn and a ton of past s/r and gives you a pullback to that brn/lrn/s/r might be the best set up you will ever find looking at a chart.

get good at that one set up and become ultra patient and you got a set of keys that fits the ignition. its a winning lottery ticket and i dont say stuff like that very often.

lets have some fun and everyone post a chart of that set up on say 4 hour and over.

go find one.

jim



Quoting Kalbar
Hey Mike

Nice trade but just wanted to ask: under the J16 methodology are we not supposed to look for BEob at swing highs rather than swing lows? This has worked well but I am trying to stick to Beob at swing highs so would appreciate your comments on this one!!

Thanks

Kal
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