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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

  • #105,061
  • Dec 8, 2011 8:13pm Dec 8, 2011 8:13pm
NZDUSD BEOB at 365 EMA

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  • #105,062
  • Dec 8, 2011 9:06pm Dec 8, 2011 9:06pm
Quoting Fx7877
Mike,
As usual, good trade! Looking at this chart, I was just wondering if u can help to point out why it wld be NOT advisable to trade a BO to the upside when it occurred? (of course we know by now its a false break) Thanks again for sharing your trading process here.
Hey Fx

Well you could have bought a break it certainly went up pretty high that there was room. In terms of other reasons. Firstly I never buy or sell a break of a pattern just for no reason. I need more information via price action. So just cause there is a wedge or horizontal I'll never just straight out buy/sell. I was more biased down like I said on the nzd/sgd just because the markets were feeling heavy to me. I was convinced on anything and through it was a matter of time. In this case to me that false break up was another confluence for me to short back down via the beob.

Hope that helps, sounds more confusing then it really is

Mike
  • #105,063
  • Dec 8, 2011 9:11pm Dec 8, 2011 9:11pm
Quoting mbqb11
Here are the trouble areas I would mark up. first one is the very FTA

second is once the "space" runs out(see video called space vs traffic in the guest side for clarification).

The last is yours and clear the most major area.


For me in terms of trading I prefer to wait and watch what happens at 7.00 for a breakout up or maybe another break down. I love those types of areas

Hope this helps
Mike
Hello Mike,

A good demostration, but I had a little confusion about this pair, if we turn to weekly chart, we can see a roughly two-week berish pin bar, if we put long order, will it be too risky?

I am demoing this by going short, please kindly advise your opinon, thank you always Mike.

Best,
CK
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----------------------------- Discipline makes the difference.
  • #105,064
  • Dec 8, 2011 9:20pm Dec 8, 2011 9:20pm
Quoting CavinK
Hello Mike,

A good demostration, but I had a little confusion about this pair, if we turn to weekly chart, we can see a roughly two-week berish pin bar, if we put long order, will it be too risky?

I am demoing this by going short, please kindly advise your opinon, thank you always Mike.

Best,
CK
Hey CK

Neither one are personal trades I would take but both are not necessarily invalid. For example your weekly 2bar pinbar has not triggered yet. This is why understanding that until price breaks the low it is not a valid bar. This is why I tend to almost always sell on a break. So right now your 2 week bar doesn't come into play for me. Also if I am trading a daily I am rarely concerned with other timeframes. I fixate on the ebb and flow of that timeframe alone. Now it's entirely possible that price could work higher hit the areas on the daily, then come down an activate that 2week bar as well. If you look at the chart I marked the FTA is actually the left eye of your two week pinbar. So you can see each time frame has its own flow but that often does in turn coincide with other timeframes.

I just keep it simple though as much as possible

Best
Mike
  • #105,065
  • Dec 8, 2011 9:21pm Dec 8, 2011 9:21pm
Quoting mbqb11
updated chart

Hit and cut through FTA, now at the more major trouble area bottom of box. I have reduced my risk to above the round number area.
updated chart

stop now to b/e after breaking through the bottom of the box. Look for the bottom of the box to hold as resistance on a retest
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  • #105,066
  • Dec 8, 2011 9:24pm Dec 8, 2011 9:24pm
Quoting Rust
Me like it :
I like this pair too Rust. The only worry is that Friday seem to have poorer momentum. And it could be subject to news out of europe?

This things worry me although I understand J16 doesn't take into consideration news.
  • #105,067
  • Dec 8, 2011 9:24pm Dec 8, 2011 9:24pm
Quoting mbqb11
Hey CK

Neither one are personal trades I would take but both are not necessarily invalid. For example your weekly 2bar pinbar has not triggered yet. This is why understanding that until price breaks the low it is not a valid bar. This is why I tend to almost always sell on a break. So right now your 2 week bar doesn't come into play for me. Also if I am trading a daily I am rarely concerned with other timeframes. I fixate on the ebb and flow of that timeframe alone. Now it's entirely possible that price could work higher hit the areas on the daily,...
Thank you so much Mike, very good point for me to learn.
----------------------------- Discipline makes the difference.
  • #105,068
  • Dec 8, 2011 9:45pm Dec 8, 2011 9:45pm
Quoting mbqb11
Hey Fx

Well you could have bought a break it certainly went up pretty high that there was room. In terms of other reasons. Firstly I never buy or sell a break of a pattern just for no reason. I need more information via price action. So just cause there is a wedge or horizontal I'll never just straight out buy/sell. I was more biased down like I said on the nzd/sgd just because the markets were feeling heavy to me. I was convinced on anything and through it was a matter of time. In this case to me that false break up was another confluence...
Thanks Mike. In short, whenever u trade pattern, its Pattern + PA.

Haha, why were u feeling that markets were heavy? I thought some of them had the bullish flag pattern with the strong bullish bars sometime back than then consolidating. Guess it comes with experience or there were subtle tell tale signs u saw?
  • #105,069
  • Dec 8, 2011 10:49pm Dec 8, 2011 10:49pm
eur/aud

very strong support + 1.300RN + BUOB

plenty of room until very clear and defined FTA
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  • #105,070
  • Dec 9, 2011 4:16am Dec 9, 2011 4:16am
Quoting fascist
I like this pair too Rust. The only worry is that Friday seem to have poorer momentum. And it could be subject to news out of europe?

This things worry me although I understand J16 doesn't take into consideration news.
Actually Fridays have even greater volatility in my view . A lot of positions are closed for people who don't like keeping through the weekend .
I mind that on Friday , but actually I like it
  • #105,071
  • Dec 9, 2011 4:19am Dec 9, 2011 4:19am
Quoting Rust
Actually Fridays have even greater volatility in my view . A lot of positions are closed for people who don't like keeping through the weekend .
I mind that on Friday , but actually I like it
EURCAD is lingering for now. bounced off the lows of today.

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  • #105,072
  • Dec 9, 2011 4:26am Dec 9, 2011 4:26am
A little update on EURAUD chart with some thoughts .

Although the pointed pinbar kinda failed , the overall situation was right. So what I think (because I have seen this happen many times) is that we don't trade the price formations . We trade the scenario , and that's why the experienced guys here keep reminding that the location is more important. The price formations are very important to help us to confirm what we see and to add more probability . And of course to introduce an entry point
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  • #105,073
  • Dec 9, 2011 4:31am Dec 9, 2011 4:31am
Quoting fascist
EURCAD is lingering for now. bounced off the lows of today.

Attachment
I'm on it , too
Euro session just started few hours ago ... no rush . I will re-evaluate on the end of the day .
  • #105,074
  • Dec 9, 2011 6:05am Dec 9, 2011 6:05am
Quoting Rust
Actually Fridays have even greater volatility in my view .
Exactly!
i use to wonder why people say friday is slow when i see something opposite(many times).
  • #105,075
  • Dec 9, 2011 7:47am Dec 9, 2011 7:47am
Quoting Fx7877
Thanks Mike. In short, whenever u trade pattern, its Pattern + PA.

Haha, why were u feeling that markets were heavy? I thought some of them had the bullish flag pattern with the strong bullish bars sometime back than then consolidating. Guess it comes with experience or there were subtle tell tale signs u saw?
Hey FX

Just a feeling the way the markets were acting on multiple pairs. Things were all lining up across the board very similar. Hence why their were so many opportunities everywhere, the correlation of that type of move was high. With the gaps to fill it just makes me stand up and take notice, and then once things started to consolidate and the momentum was fading in the direction they were going you could sort of see it coming. Doesn't mean you trade till you have a good setup, so I just waited till that happened.

Best
mike
  • #105,076
  • Dec 9, 2011 7:48am Dec 9, 2011 7:48am
Quoting AvanishDemo
Exactly!
i use to wonder why people say friday is slow when i see something opposite(many times).
It's not necessarily slow. I think it's hit or miss depends on the day. A rough generalization is that it is often "different" then the rest of the week. People closing up shop for weekend etc that new or opposite market flow(heck people positioning before the weekend too maybe) causes what people call "friday trading". I'll tend to stop trading early morning intraday because of this, but I tend to do that most days anyway as US late session is like that most times anyway. At the end of the day were lucky cause we can just follow ye old charts

Best
Mike
  • #105,077
  • Dec 9, 2011 7:58am Dec 9, 2011 7:58am
Quoting mbqb11
It's not necessarily slow. I think it's hit or miss depends on the day. A rough generalization is that it is often "different" then the rest of the week. People closing up shop for weekend etc that new or opposite market flow(heck people positioning before the weekend too maybe) causes what people call "friday trading". I'll tend to stop trading early morning intraday because of this, but I tend to do that most days anyway as US late session is like that most times anyway. At the end of the day were lucky cause we can just follow ye old...
Nice take on that Mike.

Happy Weekend!

http://t1.gstatic.com/images?q=tbn:A...XgNWgdhY3F7Ik-
  • #105,078
  • Dec 9, 2011 8:21am Dec 9, 2011 8:21am
Quoting AvanishDemo
Nice take on that Mike.

Happy Weekend!

http://t1.gstatic.com/images?q=tbn:A...XgNWgdhY3F7Ik-
yummy, happy weekend
  • #105,079
  • Dec 9, 2011 8:23am Dec 9, 2011 8:23am
Quoting mbqb11
updated chart

stop now to b/e after breaking through the bottom of the box. Look for the bottom of the box to hold as resistance on a retest
Look what happened as we would look to expect

Bottom box tested. Now it's a matter if that box will hold or not. Simple side to side support/resistance . I'll lock in profit above that high once this bar closes

Best
Mike
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  • #105,080
  • Dec 9, 2011 8:40am Dec 9, 2011 8:40am
Nice saying Happy Friday !http://a8.sphotos.ak.fbcdn.net/hphot...80306290_n.jpg
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