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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

  • #105,101
  • Dec 9, 2011 5:00pm Dec 9, 2011 5:00pm
Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
Thanks for sharing, Mike.
  • #105,102
  • Dec 9, 2011 5:57pm Dec 9, 2011 5:57pm
hope everyone made some good pips with aussie trade! just in time for christmas shopping right

it was a really good setup considering how price was congested there, then created a daily BEOB at an area full of confluences...200EMA, PPZ, RN, FIBS (action occurring between 50/61.8 fibs with confluences from PPZ...doesn't that remind us of a certain someone

i don't think this move is over yet..we are seeing a retracement of the daily BEOB right now and we can see in the H4 chart price has retraced to 50% of the total move so far and once again we are seeing some confluences in this area. another bearish PA up here and it might be good for another move down

BTW great vid Mike
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  • #105,103
  • Edited 11:22pm Dec 9, 2011 10:47pm | Edited 11:22pm
[quote=Mpondondo;5210809]I see yes, hmmm got to find a way to remove the sunday bars...

Hi Guys,
Just a suggestion My brokers feed has Sunday bars so what I have done is instead of trading with the 365ema I am using the 417ema which is the 365ema + 52 more full days data which seems to give me the same result as the 365ema on a feed without sunday bars... not 100% if this is a exact but its much closer. (Daily Charts)

EDIT: I guess if you wanted it to be perfect it would be the 424ema (365ema +52ema +7 to make up the extra 7 sundays you gain in the 52.. ) I think this is not to important as you are just looking at a general area around the ema to use it as confluence.
  • #105,104
  • Dec 9, 2011 11:05pm Dec 9, 2011 11:05pm
[quote=kiaora;5211495]
Quoting Mpondondo
I see yes, hmmm got to find a way to remove the sunday bars...

Hi Guys,
Just a suggestion My brokers feed has Sunday bars so what I have done is instead of trading with the 365ema I am using the 417ema which is the 365ema + 52 more full days data which seems to give me the same result as the 365ema on a feed without sunday bars... not 100% if this is a exact but its much closer. (Daily Charts)
Interesting: Altering Input Periods of an MA to Customize it to Your Needs.

Cool.

B
  • #105,105
  • Dec 10, 2011 9:09am Dec 10, 2011 9:09am
Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
Just another Mike Classic . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,106
  • Dec 10, 2011 10:50am Dec 10, 2011 10:50am
Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
Thanks for this one !
Hero calls followed by margin calls...
  • #105,107
  • Edited 7:35pm Dec 10, 2011 10:59am | Edited 7:35pm
Quoting PinWing
Thank you Jim

Really appreciate your feedback, yesterday was too tired and didnt understood well what you meant. Today I re-read your post and watched what happened, and guess what, it made me kick my self ;-).

Yesterday I also was wondering if the small movement after the buob meant anything, now it seems it meant something too. You described the reason of the small movement really well.

That could have been a 30ish pip stop loss trade for a daily pinbar, what a bargain.

Many pips of knowledge on the bag, thanks a lot!!!

Best wishes...
Hey Hector,

You can see that it is the Location of the PB . .not the PB itself . .that caused Price to do what it did. That is why it is very important to look for that great location first and foremost . . then wait for PA to present itself.

The Weekly PPZ level (PPZ levels being where Support and Resistance levels meet or where Highs and Lows meet) was pretty broad in size.(green area). I like when there is no gap between them, . . meaning almost a single line but they are mostly "Zones".

The Daily PB formed as an after effect (for lack of a better word) of the Weekly PPZ level. If the "nose" of that PB has bigger, the momentum of the PA would have been bigger. But the PB hit its target(s) nicely, previous Highs and Lows. That is all we can really expect from this setup.

That BUOB didn't really work out, that's why we like them at Swing Lows, not at Swing Highs.

Wil Price continue downward on the Cad/Jpy? I don't know. I do know that as long as Price continues to Close below the Weekly PPZ level it will remain as a Resistance level. And if Price Closes strongly above this level it could easily filp to Support and upward movement is in the cards . . ..with PA showing us the way.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #105,108
  • Dec 10, 2011 11:09am Dec 10, 2011 11:09am
Quoting jarroo
You beat me to it, T . . . . .well said post . . .Daily targets hit nicely . .

Jim
GbpAud update . . The 1.5500 is a great PPZ level. Throw in the 150 ema confluence and it only got stronger.
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Indicators show the past. Price Action "Indicates" the future.
  • #105,109
  • Dec 11, 2011 4:28am Dec 11, 2011 4:28am
Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
Hey Mike,

First of all thanks again for your video.

If you dont mind i'll give you my heads-up for this setup.

I absolutely agree with your entry and the intial stop right above the spike.
I also agree with your 1.0000 level target for the long run, BUT i would've bank at least 3/4 around the 1.0050 level. A lot of confluence there ( see attached chart ), also i dont wanna risk 150-200 pips for another possible 50 pips down to the 1.0000 level...
Maybe you just missed this support level by focusing straight on the 1.000. level , i dont know

I would've played the trailing stop as similar as you did, good one.

anyway thats me, nice trade, nice profit

kindest regards and a lovely sunday,
Jonas

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Hero calls followed by margin calls...
  • #105,110
  • Dec 11, 2011 7:07am Dec 11, 2011 7:07am
GBPCHF is looking heavy at the moment...

my bias is bullish for CHF pairs..
if CA 1.4550..i will go long..

(something similar we have on EURCHF but i like GCHF more ).
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  • #105,111
  • Dec 11, 2011 9:15am Dec 11, 2011 9:15am
Quoting PhAnTi'
Hey Mike,

First of all thanks again for your video.

If you dont mind i'll give you my heads-up for this setup.

I absolutely agree with your entry and the intial stop right above the spike.
I also agree with your 1.0000 level target for the long run, BUT i would've bank at least 3/4 around the 1.0050 level. A lot of confluence there ( see attached chart ), also i dont wanna risk 150-200 pips for another possible 50 pips down to the 1.0000 level...
Maybe you just missed this support level by focusing straight on the 1.000. level , i dont...
Hey J

Thanks for the comments , I actually wasn't looking for 1.0 as a target, just the next level to watch. This was a much bigger overall trade for me targeting the last swing low(gap are). I also NEVER take partial profits

Lovely sunday to you too bud!

Mike
  • #105,112
  • Dec 11, 2011 10:46am Dec 11, 2011 10:46am
There seems to be a few PBs formed on Friday and a few of them against BEOB from the Thursday, I was wondering if anyone has any advice on these sort of set ups.
As an example I will use NZDUSD.

On the on the attached chart there was a BEOB of the range on Thursday which low tested into the FTA and has now formed a PB at a confluence of 50% Fib level and weekly bar lows, the previous move up also contained some large bullish bars (larger that the Thursday BEOB)

If it wasn’t for the Thursday BEOB I would probably take a long trade here, however I am concerned to trade against the BEOB.

I know my indecision should make my decision not to take the trade (and I probably won’t as I don’t feel sure), however I am interested on the opinions of others about this kind of setup and taking PBs in this kind of situation.

Please advise

Regards

GP
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  • #105,113
  • Dec 11, 2011 10:51am Dec 11, 2011 10:51am
I forgot to add that after watching Mike’s video of the AUD/USD trade (which was great, very informative, thanks Mike)

I would take a bearish approach to the overall story for the NZD/USD trade; however could there still be some further upside before the fall??

GP
  • #105,114
  • Dec 11, 2011 6:08pm Dec 11, 2011 6:08pm
Quoting Gpfx
There seems to be a few PBs formed on Friday and a few of them against BEOB from the Thursday, I was wondering if anyone has any advice on these sort of set ups.
As an example I will use NZDUSD.

[color=black][font=Verdana]On the on the attached chart there was a BEOB of the range on Thursday which low tested into the FTA and has now formed a PB at a confluence of 50% Fib level and weekly bar lows, the previous move up also contained some large bullish bars...
I'm also interested on others opinion on this one.
Personally, i won't trade this one. As i am more bearish basis.
My 2 cent on this pinbar is:
1. Very close to next resistance
2. No much space
3. At a very minor swing low
4. Bad R:R ratio
  • #105,115
  • Dec 11, 2011 7:45pm Dec 11, 2011 7:45pm
what a nice chart to watch
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  • #105,116
  • Dec 11, 2011 8:40pm Dec 11, 2011 8:40pm
Quoting mbqb11
what a nice chart to watch
Closed Friday with a nice sized PB that is with the trend too. Confluence with PPZ and fibs.
  • #105,117
  • Dec 11, 2011 9:37pm Dec 11, 2011 9:37pm
Mike,
Thanks for sharing the AUDUSD video here. Learnt a great deal abt trade management in this video.

Btw, did u manage to get on the NZDSGD trade?

How is this GBPCAD setup looking for u? Bearish PB rejected at 1.6 BRN. Location not the best as its not exactly at swing high though
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  • #105,118
  • Dec 11, 2011 9:42pm Dec 11, 2011 9:42pm
Quoting Fx7877
Mike,
Thanks for sharing the AUDUSD video here. Learnt a great deal abt trade management in this video.

Btw, did u manage to get on the NZDSGD trade?

How is this GBPCAD setup looking for u? Bearish PB rejected at 1.6 BRN. Location not the best as its not exactly at swing high though
Hey Fx

There were no good entries for the nzd/sgd so I just watched it. Pattern is no longer there but the area is still good to watch.

Gbp/cad is an easy pass for me. This pair is very very range bound. The pinbar itself is also at a very very sharp swing low placing it in a sideways market. Which means there is no space. Look at all the bar lows and highs at the 1.59 level. If you check a weekly chart you can really see how tight things are

Best
Mike
  • #105,119
  • Dec 12, 2011 7:54am Dec 12, 2011 7:54am
Quoting mbqb11
Hey J

Thanks for the comments , I actually wasn't looking for 1.0 as a target, just the next level to watch. This was a much bigger overall trade for me targeting the last swing low(gap are). I also NEVER take partial profits

Lovely sunday to you too bud!

Mike
Alright,

thank you for your reply !
Hero calls followed by margin calls...
  • #105,120
  • Dec 12, 2011 8:18am Dec 12, 2011 8:18am
Quoting PhAnTi'
Alright,

thank you for your reply !
anytime!

Just to explain further. I was in a similar situation with a trade on the gbp/nzd. My idea was for a larger move. BUT you still have to time it. Aud/usd I simply got nicked out but now price has dropped lower so I still feel my idea to hold was right, but that doesn't mean we are always able to. Similarly on gbp/nzd(see chart) price came very close to stopping me out for b/e when we fell sharply lower after the breakout, but has since moved higher. So the only doubt I have no post this happening was potentially be more conservative on one verse the other, but since I still was protected from losses I felt like giving it a go

Most important is to have that trade plan, just as you would have yours too. It keeps the emotions down

Have a great week all

Mike
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