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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

  • #97,481
  • Jun 28, 2011 10:02am Jun 28, 2011 10:02am
Quoting huskyboy
valid setup ....or just lucky, EUR/USD
You got lucky in my opinion. The high of that bar needs to get above the high of the previous bar in order for it to be an outside bar.
  • #97,482
  • Jun 28, 2011 10:12am Jun 28, 2011 10:12am
Quoting huskyboy
valid setup ....or just lucky, EUR/USD
Nice trade, thermobee I think he was playing that as a pin and not a BUOB. Anyways I see a nice size supply area on the left that you are getting into now. I would look for a bearish reaction in this area. I'd probably close out, but thats just me.

Jacob
  • #97,483
  • Jun 28, 2011 10:32am Jun 28, 2011 10:32am
Quoting CavinK
Could anyone help to analyze this? demo on GBPJPY, a BUOB at swing low, close above 129, I hope that the 129 could be some pull back resistance, however looks like failed, price continuously drop down.
Is this type of "Trade into traffic"?

MAYBE it's because I am fighting a Downtrend....
The 3 previous bars to BUOB would be a concern for me because of the strength/steepness of the bearish move. For me, a strong BUOB after consolidation and weak price action like small inside bars at the swing low is ideal. If you were to take this trade, I think entering on a 50% retrace of the BUOB would be safer and then watching very closely to take profit. And yes, this being a counter trend trade would be another reason to stay away.
  • #97,484
  • Jun 28, 2011 10:45am Jun 28, 2011 10:45am
Quoting mbqb11
Yep certainly quite choppy here.

It is a BUOB at a swing low but were trading back up into the 130 area which has recently broken down with a bigger BEOB as well. So these you have to be smart with and to me that is not getting fancy if you choose to play them. Stops get moved up quick. I personally will not trade back into a BRN that is so close in this case

Best
Mike

Mike,

Just wanted to say, thank you for all your recent posts.

KR
  • #97,485
  • Jun 28, 2011 10:56am Jun 28, 2011 10:56am
Quoting mbqb11
Hey Walcott

Technically on your chart that isn't a buob. It must have a high higher then the previous bars high.

With that said some brokers do have a BUOB

This is a BUOB up at a swing high point, remember to look for these at swing low points initially. They are easier to grasp before trying to play them as continuation bars on the lower timeframes.

Let me know if that makes sense
Mike
Thanks for you review, very helpfull.
It's better to have buob on swing low points, you're right but it's also intresting to catch them as continuation with an important support below and a tight trade management.

Walcott
  • #97,486
  • Jun 28, 2011 11:02am Jun 28, 2011 11:02am
Quoting Walcott
Thanks for you review, very helpfull.
It's better to have buob on swing low points, you're right but it's also intresting to catch them as continuation with an important support below and a tight trade management.

Walcott
Yep You are right W, they are good. Just more tricky in my eyes for people new to PA to pick up and manage effectively.

Check out James16 recent posts on them they were gold as always

Best
Mike
  • #97,487
  • Jun 28, 2011 11:02am Jun 28, 2011 11:02am
Quoting Knight Rider
Mike,

Just wanted to say, thank you for all your recent posts.

KR
anytime bud

Best
Mike
  • #97,488
  • Jun 28, 2011 11:03am Jun 28, 2011 11:03am
I have just recently started trying to implement some J16 tactics into my current trading strategy (what I'm currently doing isn't important to this post, though, so I'll just leave it at that), and wanted to see what you all thought about this chart.

It has found support at/around the .8320 level on the 4H chart quite a bit recently, and now has broken through. If it comes back up to the .8320 level and forms a pinbar or bearish OB (on the 4H or 1H chart), is this a legitimate setup?
Attached Image (click to enlarge)
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  • #97,489
  • Jun 28, 2011 11:16am Jun 28, 2011 11:16am
Quoting relyt
I have just recently started trying to implement some J16 tactics into my current trading strategy (what I'm currently doing isn't important to this post, though, so I'll just leave it at that), and wanted to see what you all thought about this chart.

It has found support at/around the .8320 level on the 4H chart quite a bit recently, and now has broken through. If it comes back up to the .8320 level and forms a pinbar or bearish OB (on the 4H or 1H chart), is this a legitimate setup?
In a perfect world you would like that bar with the overall trend and not going into traffic, but like you said if it comes up and closes above the .8320 it would be a decent set up on a pair that hasnt seen much action and I will be in it for sure, cant really speak for others
  • #97,490
  • Jun 28, 2011 11:18am Jun 28, 2011 11:18am
Quoting thermobee
In a perfect world you would like that bar with the overall trend and not going into traffic, but like you said if it comes up and closes above the .8320 it would be a decent set up on a pair that hasnt seen much action and I will be in it for sure, cant really speak for others
Sorry, I wasn't clear. If price comes up and forms a pinbar (with nose pointing UP) or a BEARISH outside bar, would it be a legitmate setup to GO SHORT?

Thanks for your reply, hopefully I was more clear this time.
  • #97,491
  • Jun 28, 2011 11:21am Jun 28, 2011 11:21am
Quoting relyt
Sorry, I wasn't clear. If price comes up and forms a pinbar (with nose pointing UP) or a BEARISH outside bar, would it be a legitmate setup to GO SHORT?

Thanks for your reply, hopefully I was more clear this time.
I think that happens very rarely. Imho whats more likely to happen is to just turn into a breakthrough trade. It went through the support and now it should just head down. The dollar seems to be under pressure on all the pairs today.

PS. Also dont be pressing for pin bars. The really good ones just jump right at you. In the scenario you described you are looking for a continuation of the trend, pinbars are more of a reversal signal at a top or bottom.
  • #97,492
  • Jun 28, 2011 11:25am Jun 28, 2011 11:25am
Quoting relyt
I have just recently started trying to implement some J16 tactics into my current trading strategy (what I'm currently doing isn't important to this post, though, so I'll just leave it at that), and wanted to see what you all thought about this chart.

It has found support at/around the .8320 level on the 4H chart quite a bit recently, and now has broken through. If it comes back up to the .8320 level and forms a pinbar or bearish OB (on the 4H or 1H chart), is this a legitimate setup?

I am confused, do you mean bullish outside bar? If I was playing this I would play it as a breakout, if it pulled back to the .8320 I would look to short it hoping the support has now formed into resistance. Of course I am new here myself and only play the daily charts so I won't be trading this at all. Also looking at the long term down trend on this pair, I am not sure I would be long this pair for any significant amount of time. Probably just a quick scalp off the daily if I found a buy opportunity.

Welcome to thread, best of luck

Jacob
  • #97,493
  • Jun 28, 2011 11:29am Jun 28, 2011 11:29am
Quoting relyt
Sorry, I wasn't clear. If price comes up and forms a pinbar (with nose pointing UP) or a BEARISH outside bar, would it be a legitmate setup to GO SHORT?

Thanks for your reply, hopefully I was more clear this time.
Hope this is helpful for you
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  • #97,494
  • Jun 28, 2011 11:30am Jun 28, 2011 11:30am
Does it make sens to change your GMT on your plateform for NYopen correspond to the open of the new candle ?
It can be better to have momentum on your side if you take trades on closes.

I'm just saying.
  • #97,495
  • Jun 28, 2011 11:31am Jun 28, 2011 11:31am
Maybe this will clear up what I'm saying.

I drew in yellow bars as a potential scenario to look for. Alternatively, it could be a bearish outside bar instead of a pin.

Sounds like thermobee says it rarely happens, so maybe this is all irrelevant.
Attached Image (click to enlarge)
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  • #97,496
  • Jun 28, 2011 11:34am Jun 28, 2011 11:34am
Quoting relyt
Maybe this will clear up what I'm saying.

I drew in yellow bars as a potential scenario to look for. Alternatively, it could be a bearish outside bar instead of a pin.

Sounds like thermobee says it rarely happens, so maybe this is all irrelevant.
I thought you meant on the bar we were looking at the time. I think Jacob was confused as well about that. The way you drew it, yes that would be a great set up in my opinion. It has space to work with, its in the general direction of the trend and its off of a previous support/resistance.
  • #97,497
  • Jun 28, 2011 11:36am Jun 28, 2011 11:36am
Quoting relyt
Sorry, I wasn't clear. If price comes up and forms a pinbar (with nose pointing UP) or a BEARISH outside bar, would it be a legitmate setup to GO SHORT?

Thanks for your reply, hopefully I was more clear this time.
I would suggest the USD/CHF has been/is a long term short anyway. You could have done a lot worse than just stick a stop loss (a few pips) behind the previous daily bar in much the same way I was doing with the long on AUD/USD during the middle of March (soon to be repeated with "interest"). This often works when a pair is on the run; a hot hand so to speak.

I realise, though, this is getting away from this thread. Just my two cents!

KR
  • #97,498
  • Jun 28, 2011 11:38am Jun 28, 2011 11:38am
Quoting relyt
Maybe this will clear up what I'm saying.

I drew in yellow bars as a potential scenario to look for. Alternatively, it could be a bearish outside bar instead of a pin.

Sounds like thermobee says it rarely happens, so maybe this is all irrelevant.
If I may. That look a bit like the chart Avanish posted (look below).
Those are riskier as they are at the swing low, we want to see them at the swing high. So no space, no room to go.


http://www.forexfactory.com/attachme...7&d=1309193519
  • #97,499
  • Jun 28, 2011 11:42am Jun 28, 2011 11:42am
Quoting relyt
Maybe this will clear up what I'm saying.

I drew in yellow bars as a potential scenario to look for. Alternatively, it could be a bearish outside bar instead of a pin.

Sounds like thermobee says it rarely happens, so maybe this is all irrelevant.
Ok, yeah I was confused. Yeah if that happens, in my mind it would be a valid setup. Although that is a ton of what ifs. A lot of more expierenced traders here would play a touch of that level.

On a side note, if you are new here I would recommend switching gears to the daily time frame (at least for demo purposes). The PA setups on the daily are going to be more reliable. It takes a lot of patience trading from this timeframe but it is worth the time. I took three trades this month, all winners no losers with a 10% gain on my account (demo of course). This type of trading has cured my itch to always be in a trade. That feeling alone is priceless.

Best of luck

Jacob
  • #97,500
  • Jun 28, 2011 11:44am Jun 28, 2011 11:44am
Quoting huskyboy
valid setup ....or just lucky, EUR/USD
nice trade.
it was a 3 bar high (or 2-bar high, if u are strict) breakout. (agree, with JWHolmes that it's a 2-bar PB too)
& if u extend that horizontal line all the way to the left (right exactly where u have your buy order on), u will see it was/is a PPZ that got broken with momentum.
Quoting relyt
I have just recently started trying to implement some J16 tactics into my current trading strategy ...
It has found support at/around the .8320 level on the 4H chart quite a bit recently, and now has broken through. If it comes back up to the .8320 level and forms a pinbar or bearish OB (on the 4H or 1H chart), is this a legitimate setup?
i think i know your strat: O....
yes, it is a legit setup if that happens

hey huskyboy, check relyt's chart.
this is the opposite of your trade -- a 2-bar low break.
Quoting Adilius07
If I may. That look a bit like the chart Avanish posted (look below).
Those are riskier as they are at the swing low, we want to see them at the swing high. So no space, no room to go.
if u look closely & compare the 2 charts, that eur$ situation & current $chf's situation structurally look different.
also, IMHO, eur$ has been bullish (even prior that PB) & $chf has been bearish.
Quoting Walcott
Does it make sens to change your GMT on your plateform for NYopen correspond to the open of the new candle ?....
change the broker time, u mean?
for platforms like MT4, broker time cannot be changed, unfortunately. (solution for MT4 users is pick a broker that closes at a specific desired time)
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