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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

  • #120,001
  • Oct 24, 2012 12:14pm Oct 24, 2012 12:14pm
What about this BEOB on EURNZD Daily?
+swing high
+below BRN
+breakout of TL
+quite big

-trading into traffic
-150 EMA as support

TP at ppz and SL above BRN.
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  • #120,002
  • Oct 24, 2012 12:35pm Oct 24, 2012 12:35pm
SILVER

a nice area for a bounce...waiting for PA there

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  • #120,003
  • Oct 24, 2012 1:15pm Oct 24, 2012 1:15pm
Quoting Johan N
What about this BEOB on EURNZD Daily?
+swing high
+below BRN
+breakout of TL
+quite big

-trading into traffic
-150 EMA as support

TP at ppz and SL above BRN.
1. large bar on my feed does not quite engulf the smaller bar at the top (so it's not a BEOB).
2. Very steep near-term trend - probably unsustainable long-term.
3. Price currently sitting on top of an old resistance - possible support.
4. Price still making higher highs.

I'd wait until the bar closed. It might close below the old resistance area, since it might have trouble breaking it. However, if it were me, I would not take it on account of not being a BEOB and also sitting on top of potential support- but I'm a newbie myself and I have zero experience with trendline breaks.
  • #120,004
  • Oct 24, 2012 2:02pm Oct 24, 2012 2:02pm
Quoting patapouer
Hi there,

here are few things I'm watching at:

GBP ZAR:
2 bar lows at 13.78 + 2nd IB forming.
Short at the break of the TML. Troubles areas: dashed lines.

Practicing Mike's BO patterns:
EUR PLN: 2 IB on D1, price "squeezing" towards 4.1 RN.
Waiting for a BO of the descending TL as well as a confirmation of 4.1 to hold as support.
Long entry if bullish signal on H4.
Quick update:

GBP ZAR ended as a loss, with a strong move upward after my sell order got triggered by a tiny spike... Buffers, buffers...

EUR PLN:
well, won't surprise Mike and others pattern BO aficionados, but that stuff work!


Few other stuff I'm having a look at: EURCAD, CADCHF, CHFJPY.
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Slow & steady
  • #120,005
  • Oct 24, 2012 2:28pm Oct 24, 2012 2:28pm
Quoting Sciurus
1. large bar on my feed does not quite engulf the smaller bar at the top (so it's not a BEOB).
2. Very steep near-term trend - probably unsustainable long-term.
3. Price currently sitting on top of an old resistance - possible support.
4. Price still making higher highs.

I'd wait until the bar closed. It might close below the old resistance area, since it might have trouble breaking it. However, if it were me, I would not take it on account of not being a BEOB and also sitting on top of potential support- but I'm a newbie myself and I have zero...
Thanks for your point of view Sciurus. I do agree with you. I am mostly worried about the Bearish bar reaching an old resistance which might turn into support. I will just watch it, not take it.
  • #120,006
  • Oct 24, 2012 2:57pm Oct 24, 2012 2:57pm
Quoting mbqb11
Hey I

I put some notes on a chart for you

Best
Mike

Hey, Mike. I'm was watching this also as u pointed out. But now this PB is so tempting to take as it proves our 0.94 line as resistance, but not quite close to decending TL. Is this a good PB from your point of view?
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If not up, then down, otherwise sideways :-)
  • #120,007
  • Oct 24, 2012 3:01pm Oct 24, 2012 3:01pm
Quoting meshka
GBPJPY - if this resistance level will be broken up, it would be nice long at 128 BRN too as it should become a nice support then. now i decided to go for a little short.

Price could not Close above after touching it . .still Resistance . nice one, meshka ..
Indicators show the past. Price Action "Indicates" the future.
  • #120,008
  • Oct 24, 2012 3:03pm Oct 24, 2012 3:03pm
Quoting Magestic
Hey, Mike. I'm was watching this also as u pointed out. But now this PB is so tempting to take as it proves our 0.94 line as resistance, but not quite close to decending TL. Is this a good PB from your point of view?
Hey M

This isn't quite a strong enough area alone to play a pullback continuation bar for me. I would want to see price test a more significant pattern. If we created a swing point like James teaches with space then it might be much better.

Here is what I mean by a better area I wanted to see


Best
Mike
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  • #120,009
  • Oct 24, 2012 3:06pm Oct 24, 2012 3:06pm
Quoting meshka
GBPJPY - if this resistance level will be broken up, it would be nice long at 128 BRN too as it should become a nice support then. now i decided to go for a little short.

The Weekly LCS level at the 128.10-20 is sure have its say as Resistance..
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Indicators show the past. Price Action "Indicates" the future.
  • #120,010
  • Oct 24, 2012 3:18pm Oct 24, 2012 3:18pm
Quoting dan89
this looks like a failed setup to me. strong PBT&CA on weekley. plenty of space. retest, fail. W chart below. refer to D, 1h, 15m etc to see the setup fail. Am i missing something here ?

Attachment

Dan
Not a losing trade on the weekly chart that you presented . .the Weekly candle after PBT&CA could not close below the Weekly HCR level . .. The Weekly HCR acted as Support once PBT&CA.

Now the lower TFs failed to act as Support at times at this flip level but the bias long was there ...

This is a great level . .let's see where it close on the Daily and Weekly this week . . .Price is testing it now . .
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Indicators show the past. Price Action "Indicates" the future.
  • #120,011
  • Oct 24, 2012 3:23pm Oct 24, 2012 3:23pm
Quoting DaGrizlyBull
If you had a tight stop, it failed. But the idea is VALID. Price retested the level and closed above it => Support, which we expected.

This is why i asked about keeping the setup on the same timeframe and ignoring lower TF signatures VS playing the lower TF signatures.

Think in the end it's about experience and finding a balance between the two.

I'm gonna post an after the fact thought. I'm curious what Jaroo thinks about this approach:

Attachment
Great chart DGB . .

Notice that since PBT&CA we now have "Long Bias" for this pair .and your chart gives a great example of how we can use that long bias to see if there are signs or hints that Price will be going up . .Fib ret., bullish PA, Bulllish Price Patterns, etc . .
Indicators show the past. Price Action "Indicates" the future.
  • #120,012
  • Oct 24, 2012 3:24pm Oct 24, 2012 3:24pm
Quoting mbqb11
Hey M

This isn't quite a strong enough area alone to play a pullback continuation bar for me. I would want to see price test a more significant pattern. If we created a swing point like James teaches with space then it might be much better.

Here is what I mean by a better area I wanted to see


Best
Mike
Thank you, Mike. As clear as a day.
If not up, then down, otherwise sideways :-)
  • #120,013
  • Oct 24, 2012 3:26pm Oct 24, 2012 3:26pm
Quoting Donkey
Me too. I've been watching this area since the daily HCR formed last month. Today is the first daily test since price went through that area. I will see how the daily closes (if above I will consider long entry).

You picked the nose of the Daily PB, D . .. lol. . . . .(make sure you wash you hands after that . .lol)
Indicators show the past. Price Action "Indicates" the future.
  • #120,014
  • Oct 24, 2012 3:29pm Oct 24, 2012 3:29pm
Quoting jarroo
You picked the nose of the Daily PB, D . .. lol. . . . .(make sure you wash you hands after that . .lol)

Could it be time for another picking, Donkey ..
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Indicators show the past. Price Action "Indicates" the future.
  • #120,015
  • Oct 24, 2012 3:40pm Oct 24, 2012 3:40pm
I spotted a very interesting potential setup.
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If not up, then down, otherwise sideways :-)
  • #120,016
  • Oct 24, 2012 3:48pm Oct 24, 2012 3:48pm
Quoting DaGrizlyBull
I agree with you to some degree. But to think that a H1 bar will not close below a weekly level seems unrealistic (or whatever couple you use for signatures).

All i wanted to know was if the lower TF signatures small loses (strict filter on the levels) is less, or more, profitable longterm than just sticking to the Daily Close Confirmation ( Or Weekly Close Confirmation for weekly setups) to get out of a trade. You basically have :

1) Waay fewer trades with lower TF signatures, BUT with smaller loses each time the setup fails (if you...
Some great points DGB . .You will find the lower TF Signature workout more on the higher TF levels when the Higher TF levels are stronger in location, Confluences, bigger Story, Confluences, etc. . .did I mention Confluences.

There is nothing wrong with trade the level on the TF that it was presented . .James16 does it this way . .most of the time.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #120,017
  • Edited 4:04pm Oct 24, 2012 3:50pm | Edited 4:04pm
AUDCAD is currently showing a pin bar touchin a BRN with nose which also very close to a PPZ and has some space to fall. going to take this once it closes

looks better on H1!
Thank you J16 & Trader Dante
  • #120,018
  • Oct 24, 2012 3:50pm Oct 24, 2012 3:50pm
Quoting DaGrizlyBull
I think he got grounded by his parents

lol . .good one . .
Indicators show the past. Price Action "Indicates" the future.
  • #120,019
  • Oct 24, 2012 4:00pm Oct 24, 2012 4:00pm
Quoting ksganesh100
Dan

I have read your's and DGB's posts with great interest and hoped you would not mind if I offered my 0.02 on this topic. Not offering any answers, just sharing my thoughts.

Jim - in case any of this is inappropriate please feel free to remove the post.

Price breaks through is a method I have closely looked at over the last couple of months and there are a few searching questions I pondered over:

What kind of a trader are you?
I believe Jarroo's method offers a brilliant toolbox using which you can pick and choose tools from...

Great post Ganesh . ..

I would look at those 10 trades you took and see if there were any additional Confluences and/or Confirmations that stood out in favor or out of favor of the Setup. . .

. .meaning, were you trading into Space, were they Weekly / Daily levels, EMA Confluences, BRN / RN Confluences. ..was there a Price Pattern formation aligned with the setup. . .etc.

Additional confluence with the setup/level can make or break the level we are trading.
Indicators show the past. Price Action "Indicates" the future.
  • #120,020
  • Oct 24, 2012 4:23pm Oct 24, 2012 4:23pm
Quoting trc
Hi, look what you've done to my trading this is all your fault

Thank you for opening my eyes

Best regards,
Peter

EURJPY - 2 trades I'm still in...

Attachment


And something that looks promising

Attachment
Looking good as always Peter . .

The EurJpy HCR level, 102.23 sure is holding as Support once PBT&CA. That BUOB was off a nice Weekly LCS level. ..I'm going to next get you to enter at the low of that BUOB . .


ChfJpy . . .the TBLHC is a Bullsh pattern and are best when seen at Swing Lows. As a contuation pattern they can be tricky . .meaning we would like to see the pattern as part of a bigger story like a Weekly or Daily Price Pattern (Thanks Mike), formation from a breakout of multiple HCR levels, etc.

I like this multi TF HCR levels at the 84.50ish on the ChfJpy.
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Indicators show the past. Price Action "Indicates" the future.
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