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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

  • #103,301
  • Oct 19, 2011 6:54pm Oct 19, 2011 6:54pm
Quoting mbqb11
nice D, I think it's looking just fine now, just wanted to pullback a bit further this time around

Hopefully continues moving for you guys

Mike
i closed out just at the 61.8 and before it retraced 100+ pips.

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  • #103,302
  • Oct 19, 2011 7:07pm Oct 19, 2011 7:07pm
Quoting mbqb11
nice D, I think it's looking just fine now, just wanted to pullback a bit further this time around

Hopefully continues moving for you guys

Mike
Thanks Mike...exits are the toughest part for me....definitely gotta keep working on those.

What do you think of CHFSGD...looks like key support....valid wedge? Also a cup and handle look to it.
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  • #103,303
  • Oct 19, 2011 8:39pm Oct 19, 2011 8:39pm
There is a head and shoulder formation on 4 hr Eurusd which is developing and at the same time a pin bar had formed on a daily tf. I am watching it to see how it unfolds.
Any comment is welcome.
Regards.
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  • #103,304
  • Oct 19, 2011 9:03pm Oct 19, 2011 9:03pm
Quoting Fx7877
Hi Mike,
I've got a chart here with some questions for learning purpose:

-The bar with an arrow is considered a neutral bar (2 pips diff bet open & close). Yes?

-If that bar had been a PB, wld u have considered it a gd setup to go long on break of high base on PPZ and BRN 105 support and fib 38%. The con being its not at swing low but this type wld be considered continuation of trend PB.

-Shld we take FTA based on most recent action or areas that has more flips & touches but less recent?
Case in pt: Just assuming if it had been a PB and we entered...
Hey FX

That is still a pinbar. The open and close have to be within the prior bar it doesn't matter what that looks like. Notice the tail sticking out. What makes a neutral bar is when the open and close are near the middle of the bar(meaning you would have wicks sticking out of each side).

This is not where we want to see a bullish pin, its up at a swing high in traffic(see my video on both pinbars and space vs traffic). Look for these at swing lows.

In a case like this that is in traffic you need to be much much much more aware of FTA.

I use mt4 for my charting. I annotate my charts with snag-it

Hope that helps
Mike
  • #103,305
  • Oct 19, 2011 9:03pm Oct 19, 2011 9:03pm
Quoting Donkey
Thanks Mike...exits are the toughest part for me....definitely gotta keep working on those.

What do you think of CHFSGD...looks like key support....valid wedge? Also a cup and handle look to it.
sure is D

I like it a bit better from the 4hr perspective myself

Best
Mike
  • #103,306
  • Oct 19, 2011 9:35pm Oct 19, 2011 9:35pm
Quoting Edonya
There is a head and shoulder formation on 4 hr Eurusd which is developing and at the same time a pin bar had formed on a daily tf. I am watching it to see how it unfolds.
Any comment is welcome.
Regards.
Looks decent to me. Here's 4H HNS on CADJPY....neckline is BRN. Would personally need close below 74.76. Let's watch this one too.
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  • #103,307
  • Oct 19, 2011 9:47pm Oct 19, 2011 9:47pm
Quoting Donkey
Looks decent to me. Here's 4H HNS on CADJPY....neckline is BRN. Would personally need close below 74.76. Let's watch this one too.
It looks ok. We have a number of pairs forming H & S. AudJpy among them, on 4 hrs. Let us watch them and trade the best of those if one can.
Regards.
  • #103,308
  • Oct 20, 2011 12:13am Oct 20, 2011 12:13am
Quoting mbqb11
nice D, I think it's looking just fine now, just wanted to pullback a bit further this time around

Hopefully continues moving for you guys

Mike
i got in at 78.25 from the break of pin that formed yesterday. I moved my stop to b/e at 78.02. lets see if it breaks through. if not worst case is b/e - which go to winners column
Trading is a test match not a Twenty20.
  • #103,309
  • Oct 20, 2011 1:23am Oct 20, 2011 1:23am
Good morning ladies and gentlemen,
what do you think about this chart?

There is BEOB pattern (or DBHLC with slight diference in highs), retracement to PPZ and FIB 61 (from previous swing low to swing high). Is the FTA area too cloes? Would you consider to take this as a short term trade?
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  • #103,310
  • Oct 20, 2011 1:44am Oct 20, 2011 1:44am
Morning people. Looking at the charts again this morning GMT, and seeing the Asian action, I feel happy in my decision last night at closing out my 2 trades before bed. The only real kicker is that AJ would have come back down and touched T1 for me, but hey, with hindsight I'm a perfect trader . I'm happy with my decision. Price is struggling to break the lows of the BEOBs....at the moment.

But it's back to looking for new trade setups now. Nothing too much really happening from eyeballing the charts. A lot of sideways movement really at the moment. Only 2 pairs peaking my interest at the moment. One is in development, and one is a B trade to be fair.

AUDCHF Daily

This one caught my eye for the simple fact that it formed a PB at a resistance area which is a RN also. Been a good strong flip zone previously. there are some rising trend lines as well.

Negatives: No fib confluences for me. PB is tiny. PB is a bullish bar at a swing high.

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AUDNZD Weekly

This one is still in development so is subject to change as we still have 2 full days trading left.

A weekly PB developing at the moment. Tested the 50% fib line at 2950 which is in the middle of a nice PPZ (if I've marked it up correct).

Negatives: Smallish PB again. Not at a swing high, more like a pull back high. No fib confluences. Not a lot of room to the left. Selling into a consolidation area.

Need to think carefully about this one, and look how it finishes on Friday.

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  • #103,311
  • Oct 20, 2011 1:52am Oct 20, 2011 1:52am
What do u think about this setup (y)
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  • #103,312
  • Oct 20, 2011 1:54am Oct 20, 2011 1:54am
Quoting darxtar
Good morning ladies and gentlemen,
what do you think about this chart?

There is BEOB pattern (or DBHLC with slight diference in highs), retracement to PPZ and FIB 61 (from previous swing low to swing high). Is the FTA area too cloes? Would you consider to take this as a short term trade?
I took an earlier BEOB on this one last week, but I would consider this new one a B setup. Mainly because I don't like the size of the bullish bar the day before the BEOB based on my data. If you were aggressive you could look for a 50% retrace of the BEOB as an entry with a target just above the lows, but I think if it was me I would be stepping away from this one and waiting for a prettier looking setup.
  • #103,313
  • Oct 20, 2011 1:58am Oct 20, 2011 1:58am
Quoting featurelion
What do u think about this setup (y)
Need to wait for it to close first. Then I'd be looking for some other areas to confirm the trade like some fib confluences or ema's. Or take a look at the higher TFs and see whether those confirm your analysis.

Just from looking at your chart at the moment it seems there is only the declining trend line, and the possibility that a BEOB will setup that is interesting you.

I'm no expert, but I would say put it on your watch list, and do some more research on the chart and see what you come up with.
  • #103,314
  • Oct 20, 2011 2:04am Oct 20, 2011 2:04am
Quoting picon1
I took an earlier BEOB on this one last week, but I would consider this new one a B setup. Mainly because I don't like the size of the bullish bar the day before the BEOB based on my data. If you were aggressive you could look for a 50% retrace of the BEOB as an entry with a target just above the lows, but I think if it was me I would be stepping away from this one and waiting for a prettier looking setup.
Thank you very much Picon
  • #103,315
  • Oct 20, 2011 2:10am Oct 20, 2011 2:10am
Quoting darxtar
Thank you very much Picon
Look at the 240 now. You've got price at a new support area looking abck across the chart. Previous consolidation price action area as well. A rising trend line off the daily chart not too far away. The daily is still up for now in direction.

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So with a little bit more time and looking at the bigger picture, I would say this has now become a stand aside decsion.

But like I said. I'm no expert, just trying to use my experience. Ultimately anything can happen. It could sell off and go on a rampage, but for me that is the most unlikely scenario.
  • #103,316
  • Oct 20, 2011 3:12am Oct 20, 2011 3:12am
Quote
So with a little bit more time and looking at the bigger picture, I would say this has now become a stand aside decsion.

But like I said. I'm no expert, just trying to use my experience. Ultimately anything can happen. It could sell off and go on a rampage, but for me that is the most unlikely scenario.

Yes Picon, I agree with you. I took the trade (with a smaller amount then usual), although its a B trade - I have to work on this, I think I suffer of overtrading - one of the beginners common mistakes. But as soon as the resistance became support - the new support area you described, I took my losses and went away

Thanks again on your comments.
  • #103,317
  • Oct 20, 2011 3:38am Oct 20, 2011 3:38am
Quoting darxtar
Good morning ladies and gentlemen,
what do you think about this chart?

There is BEOB pattern (or DBHLC with slight diference in highs), retracement to PPZ and FIB 61 (from previous swing low to swing high). Is the FTA area too cloes? Would you consider to take this as a short term trade?
Is that BEOB at a swing high?
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  • #103,318
  • Oct 20, 2011 3:49am Oct 20, 2011 3:49am
Quoting picon1
I took an earlier BEOB on this one last week, but I would consider this new one a B setup. Mainly because I don't like the size of the bullish bar the day before the BEOB based on my data. If you were aggressive you could look for a 50% retrace of the BEOB as an entry with a target just above the lows, but I think if it was me I would be stepping away from this one and waiting for a prettier looking setup.

I don't see anything wrong with the size of the previous bar, the BEOB is bigger simply by the nature that it engulfs the previous bar. The location is the problem. At a SL when we want to see them at a SH and going right into a daily PPZ.
  • #103,319
  • Oct 20, 2011 3:52am Oct 20, 2011 3:52am
Quoting Pinbar
Is that BEOB at a swing high?
No it is not. Now I feel kinda embarassed and thats why I will remember to trade BEOB at swing high and BUOB at swing low

Thanks for reminding me Pinbar.
  • #103,320
  • Oct 20, 2011 3:52am Oct 20, 2011 3:52am
Took a short trade on audusd earlier in e day.. Quickly took profit when there was a change In trend.. Glad I did it cos e whole move has reversed.. Can pinbar and other trades share their thoughts if it's still safe to short eurusd and audusd given the sudden surge?
-thanks guys for all your sharings and contributions..
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