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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

  • #103,221
  • Oct 18, 2011 3:38pm Oct 18, 2011 3:38pm
Quoting mbqb11
you can use this FL

http://www.forexfactory.com/showpost...ostcount=54148


Best
Mike
Thanks Mike
  • #103,222
  • Oct 18, 2011 3:51pm Oct 18, 2011 3:51pm
Quoting nikim
Understood Mike, but the chart that I have, is that a tradeable setup?

Not that I will trade it as it is out of my class but what would you look for if you were to take that trade.

Just trying to understand the thought process.
Hey Nik

Being that this bar is at a swing low this is an easy pass for me. To me it's nothing more then a BEOB at a swing low in a sideways market. I want those bars to come off a larger story, some more confluence, and usually breakout patterns with continuation bars.

This is the tricky part about playing them at swing lows. Look for them at swing highs when building your stories and confluence to start, it will be much easier in my view.

Best
Mike
  • #103,223
  • Oct 18, 2011 4:04pm Oct 18, 2011 4:04pm
Quoting mbqb11
Hey Nik

Being that this bar is at a swing low this is an easy pass for me. To me it's nothing more then a BEOB at a swing low in a sideways market. I want those bars to come off a larger story, some more confluence, and usually breakout patterns with continuation bars.

This is the tricky part about playing them at swing lows. Look for them at swing highs when building your stories and confluence to start, it will be much easier in my view.

Best
Mike
Here is an example

http://www.forexfactory.com/showthre...10#post4635910

But I do highly recommend learning them the traditional way first, and building up to the different places. That's why we talk about them at swing highs(for beobs) here so often. It's easier to learn at those places first

Hope that helps
Mike
  • #103,224
  • Oct 18, 2011 4:34pm Oct 18, 2011 4:34pm
Missed this yesterday, as I was busy but, I had my eye on this DBL breakout at the RN.

Was a nice one.
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  • #103,225
  • Oct 18, 2011 4:53pm Oct 18, 2011 4:53pm
Thanks.

Quoting mbqb11
Hey Nik

Being that this bar is at a swing low this is an easy pass for me. To me it's nothing more then a BEOB at a swing low in a sideways market. I want those bars to come off a larger story, some more confluence, and usually breakout patterns with continuation bars.

This is the tricky part about playing them at swing lows. Look for them at swing highs when building your stories and confluence to start, it will be much easier in my view.

Best
Mike
  • #103,226
  • Oct 18, 2011 5:34pm Oct 18, 2011 5:34pm
Quoting Fx7877
Hi, been out of action for a few days as I was sick. Lots to catch up here. Any seniors out there give advice as to which of these 3 daily setups are the best? All 3 are BEOB (I'm not sure if AUDUSD qualifies as one though as it didn't close near its day's low)

I personally prefer the AUDJPY and NZDUSD setups the best, looks cleanest with BRN above as resistance. Pls give your comments. Thks
Mike,
What's your take on these 3 setups? I'm not asking for trade recommendation, just want to learn how the pros read the chart to seive out the better (or best) setup. Many times I encounter similar setups across a few pairs of currencies and can't decide quickly which is best one or two to take. Am still demo trading, no worries.

http://www.forexfactory.com/attachme...1&d=1318911512

http://www.forexfactory.com/attachme...1&d=1318911531

http://www.forexfactory.com/attachme...1&d=1318911595
  • #103,227
  • Oct 18, 2011 5:40pm Oct 18, 2011 5:40pm
Quoting jarroo
I do like that it Closed below a strong level, the 1.0850ish. It does have good potential of hitting its targets (previous bar Highs/Lows) if or when it breaks the BEOB. A sell stop below the BEOB would not be a bad play at all ..

Should be fun to watch or demo . .


Jim
Thanks Jim for your insight
  • #103,228
  • Oct 18, 2011 5:41pm Oct 18, 2011 5:41pm
Quoting Fx7877
Mike,
What's your take on these 3 setups? I'm not asking for trade recommendation, just want to learn how the pros read the chart to seive out the better (or best) setup. Many times I encounter similar setups across a few pairs of currencies and can't decide quickly which is best one or two to take. Am still demo trading, no worries.

http://www.forexfactory.com/attachme...1&d=1318911512

http://www.forexfactory.com/attachme...1&d=1318911531

http://www.forexfactory.com/attachme...1&d=1318911595...
Hey FX

You aren't that far off. These setups, and essentially every setup from yesterday is exactly alike. That is a FTA is close, but some of them had some decent confluence. In fact I am in aud/jpy and MOSTLY b/c of this extreme correlation yesterday. Things felt heavy and can often get moving after that.

The biggest issue I see is that new traders will take all these setups or many of them which is in turn really just increasing your exposure on one particular idea(meaning that days action). I liked nzd/usd but it didn't close as a beob on my feed, so I opted for a similar aud/jpy

You are doing the right thing, demo and take good notes. I personally think taking the best one(or none, just cause there are setups doesn't mean you have to take them, I actually talked myself a bit into aud/jpy I must admit).

Here was my aud/jpy chart, you can see the FTA has held us up as had all the other pairs SO far

http://www.forexfactory.com/showthre...37#post5048237

Best
Mike
  • #103,229
  • Oct 18, 2011 5:43pm Oct 18, 2011 5:43pm
Hey guys,
Is J16 email still valid [email protected]? I got his email from the early pages of this thread so I'm not sure if there has been any change. I emailed the master alittle over a wk back but haven't heard from him. He is probably busy, but just wanted to be sure I sent it to the right address.
  • #103,230
  • Oct 18, 2011 5:50pm Oct 18, 2011 5:50pm
Quoting mbqb11
Hey FX

You aren't that far off. These setups, and essentially every setup from yesterday is exactly alike. That is a FTA is close, but some of them had some decent confluence. In fact I am in aud/jpy and MOSTLY b/c of this extreme correlation yesterday. Things felt heavy and can often get moving after that.

The biggest issue I see is that new traders will take all these setups or many of them which is in turn really just increasing your exposure on one particular idea(meaning that days action). I liked nzd/usd but it didn't close as a beob...
Exactly like u said, I only wanted to pick the best setup to take, even in demo trade, knowing that 3 all will probably move similar fashion, I didn't want to double up or triple up my risk. Actually I took the NZDUSD in my demo. I moved half to b/e after it hit 30pips in my favour, but I didn't partial take profit. So I ended up with b/e for half my size and the other still in the trade with a slight loss now still having original s/l

Ha, may I ask if the reason u talked yourself into taking the AUDJPY trade was due to the presence of FTA?
  • #103,231
  • Oct 18, 2011 6:02pm Oct 18, 2011 6:02pm
Quoting Fx7877
Hey guys,
Is J16 email still valid [email protected]? I got his email from the early pages of this thread so I'm not sure if there has been any change. I emailed the master alittle over a wk back but haven't heard from him. He is probably busy, but just wanted to be sure I sent it to the right address.
yep that is still his. He has been very busy but I have spoken with him , should be back to things soon

Mike
  • #103,232
  • Oct 18, 2011 6:04pm Oct 18, 2011 6:04pm
Quoting Fx7877
Exactly like u said, I only wanted to pick the best setup to take, even in demo trade, knowing that 3 all will probably move similar fashion, I didn't want to double up or triple up my risk. Actually I took the NZDUSD in my demo. I moved half to b/e after it hit 30pips in my favour, but I didn't partial take profit. So I ended up with b/e for half my size and the other still in the trade with a slight loss now still having original s/l

Ha, may I ask if the reason u talked yourself into taking the AUDJPY trade was due to the presence of FTA?
Hey FX

More so because the trade didn't have the BEST story ever. But because everything was moving so closely in tandem I believed the probability for a move lower was high enough with the other confluences. Not as A++ strictly from a chart perspective, and most of the other pairs were not even close for me because of other things

Best
Mike
  • #103,233
  • Oct 18, 2011 6:12pm Oct 18, 2011 6:12pm
Quoting mbqb11
Hey FX

More so because the trade didn't have the BEST story ever. But because everything was moving so closely in tandem I believed the probability for a move lower was high enough with the other confluences. Not as A++ strictly from a chart perspective, and most of the other pairs were not even close for me because of other things

Best
Mike
Mike, can u share what other things u saw on the chart that was a "-" other than the FTA which made this not a Grade A++ setup? Thks alot for helping out
  • #103,234
  • Oct 18, 2011 7:21pm Oct 18, 2011 7:21pm
Quoting Fx7877
Mike, can u share what other things u saw on the chart that was a "-" other than the FTA which made this not a Grade A++ setup? Thks alot for helping out
Hey FX

Apologies on my phone so no chart

I liked that there was fib confluence, a nice descending TL, and the BRN of 80. But although this was good confluence it wasn't quite enough of a story for me as the PPZ around 80 is not the best. But the tipping point was the correlation of things for me yesterday

Best
Mike
  • #103,235
  • Oct 18, 2011 10:40pm Oct 18, 2011 10:40pm
Quoting Pinbar
No, I am not saying you should not have taken it, neither am I saying you should have taken it.

All, I am saying is, that if we take a PA setup going into a strong PPZ area, we should not put our hands together and pray, it goes back in our direction, when it comes back on us after hitting the PPZ. We should know it is a PPZ before we take the trade and fully expect it to reverse on us, once it gets to the trouble area. I think you knew that and went to BE.
Thanks again for explanation Pinbar. Very helpfull post and for sure not only for me :-) Now I understand very well. I thought the PPZ to be lower then you posted, although I had taken a look at the Weekly and Monthly graphs. I went to BE as soon as I got some reasonable profit, because thats what you guys suggest all over this thread and I like it very much :-)
  • #103,236
  • Oct 19, 2011 12:40am Oct 19, 2011 12:40am
Quoting darxtar
Thanks again for explanation Pinbar. Very helpfull post and for sure not only for me :-) Now I understand very well. I thought the PPZ to be lower then you posted, although I had taken a look at the Weekly and Monthly graphs. I went to BE as soon as I got some reasonable profit, because thats what you guys suggest all over this thread and I like it very much :-)

Look at the monthly chart and notice how when price breaks through this area, it comes back to retest it. This is obviously a strong flip area, a transitional area where price flips from one pole to the other.

We can't see all the flips here but, if we go to a lower TF, I bet you can find a lot of PA.
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  • #103,237
  • Oct 19, 2011 1:39am Oct 19, 2011 1:39am
Looking at things this morning, and there are quite a few pairs that have retraced or are in the middle of retracing from their original setups, and are offering the possibility of entries on 50% retraces of the setup bar. The JPY crosses are a case in point. EJ, GJ, CJ, AJ all giving these entry possibility.

Didn't take the $CAD setup I posted last night for the simple reason that it was late on in the evening here in the UK, and I'm not a fan of placing a trade, then going to bed without it triggering. This morning it's saved me a bit of heat thankfully.

Couple of other pairs I'm looking at and waiting for something to develop are NZDUSD and AUDUSD. Getting some fib confluences on the dailies from recent fibs, and some longer term fibs from '10 lows to '11 highs. PPZ areas, and RN's.

AUDUSD
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NZDUSD
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  • #103,238
  • Oct 19, 2011 1:51am Oct 19, 2011 1:51am
Hi Guys

Just wondering if anyone took the AJ et al BEOBs and still holding them after the strong retrace? I am having a difficult month with 3 losers on the trot so have to wait for the next A++ trade to hopefully stop the bleeding!

Markets are testing me at the moment so will have to show a lot of discipline and patience in waiting for the next really good setup.

Good trading to all,

Kal
  • #103,239
  • Oct 19, 2011 2:18am Oct 19, 2011 2:18am
EJ has got my attention.
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  • #103,240
  • Oct 19, 2011 2:21am Oct 19, 2011 2:21am
Quoting Kalbar
Hi Guys

Just wondering if anyone took the AJ et al BEOBs and still holding them after the strong retrace? I am having a difficult month with 3 losers on the trot so have to wait for the next A++ trade to hopefully stop the bleeding!

Markets are testing me at the moment so will have to show a lot of discipline and patience in waiting for the next really good setup.

Good trading to all,

Kal
Be patient and wait for those A+ setups. They will come Kalbar. Stick with it.
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