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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

  • #99,681
  • Edited 7:33am Aug 2, 2011 7:21am | Edited 7:33am
Quoting james16
Which OB would you trade, and why?

The lower one for sure, mainly because of the close and the previous flip area which has been tried and tested over and over & of course the FTB to the 150.

PS. Glad to see you back in action again James!
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  • #99,682
  • Aug 2, 2011 8:43am Aug 2, 2011 8:43am
Hello to add to the GU discussion, I too saw the BEOB, I liked the fact that it closed below .6300, but was concerned that if I traded it at the break of the bar I would be too close to the round number .6200, so I drew a fib of the bar then dropped to a lower time frame and watched how price closed at the fib levels and sold at .6310 after it failed to close above the 38 fib a few times, took profits at .6279 and moved to BE and just now at .6265 closed the other portion. I often times see on James charts that he takes bars on retrace, I think this is a more aggressive method, personally I prefer break of bars.



Quoting fx trader-
Hi guys,
Anyone interested for the Daily BEOB on GBP/USD ??
CORRECT me incase i m wrong in judging if its a BEOB?? i dont trade them a lot just trying to get them now .

Pros:
With the trend , on a retracement ,confident close, swing high .

Cons :
FTA ,traffic (May be acc to seniors , i m not a fan of FTA )

The only thing bothering me is do we call such kind of bar as a BEOB

regards,
kunal
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  • #99,683
  • Aug 2, 2011 9:22am Aug 2, 2011 9:22am
Quoting vbmark
EURUSD, Daily chart.

The latest bar went past the bottom of the BEOB. Good time to go short?

Attachment
chart.
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  • #99,684
  • Edited 9:36am Aug 2, 2011 9:23am | Edited 9:36am
pin on aud/jpy H4; but very cluttered(and the ship kinda left - should've stayed around instead of leaving)...

case anyone still on - closed eur/aud at 1.31544(didn't leave anything run, doubt it'll have stamina)

and look what's forming on eur/aud(beware, it's on H1 and it ain't closed - it's still half an hour left - enough so you can calculate position size and target/stop/entry lvl)
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  • #99,685
  • Aug 2, 2011 11:18am Aug 2, 2011 11:18am
Quoting AvanishDemo
i understand that we will hav choppy thing everywhere..but for me 1.6270 was ultimate PPZ..as it holded more story..(again js my views)..plus GU pair is quite choppy if u see...

here is a trade im currently in..
i missed one h4 setup early morning..6.30 am as per our time. i was sleeping
but i got on this one js now..
Huge Downtrend.
Mikes 1.25 BRN.
BEOB with break of Pattern..
lets see how this rolls out..
oops forgot to put SL..

And we will have a nice beob on daily tf probably. Retest of the breakout area a bit below the 1.25 might give an opportunity to short with tight stop. Would be nice to see 1.2000 in few weeks. Definitely one of the strongest setups for some time imo.
  • #99,686
  • Aug 2, 2011 11:54am Aug 2, 2011 11:54am
Hi guys
how are u

IS any one looking to short when this pinbar completely formed.
If it is closses below 1.36
then i am going for short otherwise stay away.
guys whats ur opinion regarding this pinbar
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  • #99,687
  • Aug 2, 2011 12:27pm Aug 2, 2011 12:27pm
Quoting featurelion
Hi guys
how are u

IS any one looking to short when this pinbar completely formed.
If it is closses below 1.36
then i am going for short otherwise stay away.
guys whats ur opinion regarding this pinbar
Hey FL

Be careful with these when starting out. Remember James says to look for these bars at clear swing points. Notice how yours is in a sideways market.

Here are some examples from jim at pinbars at great swing points. They are much easier in my view to learn to play and as you progress you can progress with locations as well. If you are confused what I mean by good swing point also check out my video in the guest section called pinbar introduction.

Also don't forget to start on the daily weekly as outlined in post one. It is very important to build a good foundation which that will do for you


http://www.forexfactory.com/showthre...49#post2752349
http://www.forexfactory.com/showthre...40#post2913840
http://www.forexfactory.com/showthre...41#post2913741


here is an example of one not at a good swing point but how to deal with it properly if the location is good

http://www.forexfactory.com/showthre...63#post2819063

Hope that helps
Mike
  • #99,688
  • Aug 2, 2011 12:28pm Aug 2, 2011 12:28pm
The Global situation precludes me as a Trader.

I'll stick with "The Flight" for now.

B
  • #99,689
  • Aug 2, 2011 1:06pm Aug 2, 2011 1:06pm
Anyone looking at this GBP/USD 4H pin? Not the greatest bar but the location is nice
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Anything can happen.
  • #99,690
  • Aug 2, 2011 1:08pm Aug 2, 2011 1:08pm
Quoting J.W. Holmes
Hey Rob, I am also a Mac user (although I have a PC for trading). Parallels will work, however some of the most frustrating computer experiences in my life have come from that program. The support for Parallels is pretty terrible should you have issues with it (which I had and have several). You can try bootcamp which should already be on your machine, you will still have to buy windows though.

One thing I will say is that I have an indi (on my PC) that picks out PA and sends me an alert. When I initially found it I thought, this is gonna...
ha ha ok thanks, will try bootcamp first and if not working great i go foa a pc for trading.
best Rob
  • #99,691
  • Aug 2, 2011 1:13pm Aug 2, 2011 1:13pm
Quoting alicimo
Hi Rob,
My friend used MT 4 on his MAC, Ill ask him tomorrow how he configured it. I attach an indicator and alert (simple) for pinbars. The Pattern Recognintion indicator has the alerts.

Thanks!!
  • #99,692
  • Aug 2, 2011 2:25pm Aug 2, 2011 2:25pm
Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.
Glad to hear that you are doing better big guy. Hopefully better than ever
  • #99,693
  • Aug 2, 2011 2:43pm Aug 2, 2011 2:43pm
Quoting fx trader-
Hi guys,

Anyone interested for the Daily BEOB on GBP/USD ??

CORRECT me incase i m wrong in judging if its a BEOB?? i dont trade them a lot just trying to get them now .

Pros:
With the trend , on a retracement ,confident close, swing high .

Cons :
FTA ,traffic (May be acc to seniors , i m not a fan of FTA )

The only thing bothering me is do we call such kind of bar as a BEOB

regards,
kunal

For the way that I trade to me, yes it is a BEOB. That having been said it does not seem to be doing anything special other than exist. I believe this is a great example when Mike says to look beyond the bar for the story.

Do you see one?

At the end of the day I did see this, but I struggled to see anything other than a bar going on here. I have not looked to see how it has done on the charts so far but here are my thoughts. One of the biggest issues that struck me is actually marked on your chart. It is that grey line that is just below the close. Mike was the fist person to make me aware of placing priority on bar closes. I like to see them close THROUGH whatever it is that they will face. That would have made this trade MUCH more favorable if that had happened. I make no predictions as to what this one will do. It is just not something that gave me the confidence to wager my paper. Anything is tradable if it fits your style, system and you have a plan. A plan is key.

Ryan

*edit* Just got to AD's post. I view his thoughts as spot on.

Quoting AvanishDemo
yes by definition..its a BEOB...
but that would be a "no trade" atleast for me...
reason because its sitting right at the PPZ...1.6270..

On Daily:yellow mark,some arrows.(1st two arrows determines huge swings)

On Weekly:HCR @ 1.6270(as Jarroo teaches us abt HCR,LCS),some arrows.

CB 1.6270 wuld hv been better.

js my 2pips.

P.S: Trading is art of Skipping setups as well
  • #99,694
  • Aug 2, 2011 3:26pm Aug 2, 2011 3:26pm
Quoting vbmark
EURUSD, Daily chart.

The latest bar went past the bottom of the BEOB. Good time to go short?

Attachment

If possible throw up the whole chart so that we can see things exactly as you are.


This was a very easy pass for me. Just too much traffic. Trading in these areas can be done with the proper plan, but that is not my style. I just like to pick the low hanging fruit, and this does not qualify as such. This will not ever give me 1000% annual returns, but I am in this for the long run. I am about capital preservation and safe growth.

Ryan
  • #99,695
  • Aug 2, 2011 3:32pm Aug 2, 2011 3:32pm
Quoting Patrick.
Hello to add to the GU discussion, I too saw the BEOB, I liked the fact that it closed below .6300, but was concerned that if I traded it at the break of the bar I would be too close to the round number .6200, so I drew a fib of the bar then dropped to a lower time frame and watched how price closed at the fib levels and sold at .6310 after it failed to close above the 38 fib a few times, took profits at .6279 and moved to BE and just now at .6265 closed the other portion. I often times see on James charts that he takes bars on retrace, I think...
With regards to Jim taking the retrace trades- The more and more that I trade the more that I am seeing that these can often make more sense. This comes with tons of time and practice though. ATM I only take retrace trades when the reasoning is literally smacking me in the face. I like confluence at the retrace area. This confluence does not always happen and that is when I instead trade breaks. I don't know that Jim is more agressive in his trading, but he has been doing this MUCH longer than 99.9% of us. Seems he has just gotten good at cutting the fat
  • #99,696
  • Aug 2, 2011 3:34pm Aug 2, 2011 3:34pm
Quoting snowly
pin on aud/jpy H4; but very cluttered(and the ship kinda left - should've stayed around instead of leaving)...

case anyone still on - closed eur/aud at 1.31544(didn't leave anything run, doubt it'll have stamina)

and look what's forming on eur/aud(beware, it's on H1 and it ain't closed - it's still half an hour left - enough so you can calculate position size and target/stop/entry lvl)
Hey there snowly. That AJ bar is not a pin. Be careful with that one. At best it is an inside bar, but I am not sure on that one.

Ryan
  • #99,697
  • Aug 2, 2011 3:43pm Aug 2, 2011 3:43pm
Quoting Bemac
The Global situation precludes me as a Trader.

I'll stick with "The Flight" for now.

B

I believe that i am right there with you. Seems like everything that is going on is more of a knee jerk reaction. Knee Jerk does not equal A+ to me... I will continue to look at the charts, but it is going to take one hell of a set up to get me to bite.

Ryan
  • #99,698
  • Aug 2, 2011 3:57pm Aug 2, 2011 3:57pm
Thought that this one was interesting enough to post up here. I did not trade it, but still entertaining enough.


Seem odd to have a strong reaction on the daily here?
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How about now?
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Keep going back and the dark grey resistance line only shows further validation. WIPG prediction? ~.8260
  • #99,699
  • Edited 4:43pm Aug 2, 2011 4:19pm | Edited 4:43pm
Quoting gungriffin
Hey there snowly. That AJ bar is not a pin. Be careful with that one. At best it is an inside bar, but I am not sure on that one.

Ryan
eventually, it's a shooting star which is abit better than a pin and with a perfect location. An inside bar has to be inside somethin'...

what you don't have is body inside the previous bar, but the previous one was the mother off beobs and this one confirmed 84 as resistance. If the body was inside the previous bar it would've been worthless anyway, since it wouldn't have a confirmed close below 84 which was the missing part.

but still crappy market... I made money and didn't exactly understand why; scary.
  • #99,700
  • Aug 2, 2011 5:01pm Aug 2, 2011 5:01pm
just checked dailys, not many setups from what i can see closest is a small pb on gbpjpy but not something i would go for, anyone else spot anything?
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