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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

  • #123,101
  • Feb 6, 2013 2:07pm Feb 6, 2013 2:07pm
Evening all,

Anyone looking at this?
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  • #123,102
  • Feb 6, 2013 2:30pm Feb 6, 2013 2:30pm
Quoting pip_la
Evening all,

Anyone looking at this?
Hey Pip

Technically on my feed price didn't close within the prior bar by 2 pips. It closed within the low from 2 days ago. But either way that to me is price struggling to be bullish, struggling to hang on verse the stronger down move. If this doesn't break hard this thing will go right back through that wick that it created. I would be very careful with these without more confluence to suggest a move higher


Best
Mike
  • #123,103
  • Feb 6, 2013 3:03pm Feb 6, 2013 3:03pm
Quoting mbqb11
Hey Pip

Technically on my feed price didn't close within the prior bar by 2 pips. It closed within the low from 2 days ago. But either way that to me is price struggling to be bullish, struggling to hang on verse the stronger down move. If this doesn't break hard this thing will go right back through that wick that it created. I would be very careful with these without more confluence to suggest a move higher


Best
Mike
Thanks Mike, much appreciated.
  • #123,104
  • Feb 6, 2013 5:34pm Feb 6, 2013 5:34pm
Quoting mbqb11
Hey Kenny

Check out that before chart I posted. Look at where price bounced. Your box IS correct. but the stronger confluence for me is the Rising TL right into the BRN. That box is useful in my view ONLY if price gets UNDER the TL.

I've attached the before and after again. We could be seeing an exhaustion move now though


Learning to be disciplined and flexible. Learning to be "psychologically" ok in trading is nothing more then Persistence and dedication to your business. You have to really learn your method. This comes from...
Hi Mike,

Thank you for your explanation. I have a question though. When will you choose to use a TL and when to use a box? Do you draw both and look at the one with better confluence?

Here's another breakout chart but I have problem with the stop loss. Where should we place the stop loss? I'm planning to short when it breaks the DBL.

Happy trading

Kenny
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  • #123,105
  • Feb 6, 2013 9:00pm Feb 6, 2013 9:00pm
pin bar forming at the chart i posted, close and open of pin bar away from 365 ema and ppz. confluence. is this a valid entry?
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  • #123,106
  • Feb 7, 2013 12:34am Feb 7, 2013 12:34am
Quoting Microtrader_
This can worth to watch.

Excellent!!!
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  • #123,107
  • Feb 7, 2013 2:06am Feb 7, 2013 2:06am
Take three trades today, and i closed it just now. need comments on this trade
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  • #123,108
  • Feb 7, 2013 5:56am Feb 7, 2013 5:56am
played the break of these levels..............input really appreciated.......
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  • #123,109
  • Feb 7, 2013 6:10am Feb 7, 2013 6:10am
Hi guys! I bought a DBLHC pattern on breakthrough on GBPUSD last tuesday but price went down. Can you explain me where my mistake was?
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Sorry for my bad English..
  • #123,110
  • Feb 7, 2013 7:20am Feb 7, 2013 7:20am
  •  Hummar
  • | Joined Sep 2012 | Status: May the price action be with you | 27 Posts
Quoting NortT
Hi guys! I bought a DBLHC pattern on breakthrough on GBPUSD last tuesday but price went down. Can you explain me where my mistake was?Attachment

Hi,

DBLHC means Double bar low HIGHER close. The second bar was closed in the middle of the first one. It should looks like this:
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  • #123,111
  • Feb 7, 2013 7:34am Feb 7, 2013 7:34am
Quoting Hummar
Hi,

DBLHC means Double bar low HIGHER close. The second bar was closed in the middle of the first one. It should looks like this:
Hey Hummar! Thanks for explanations. You're right, this wasn't a DBLHC setup. Nevertheless, we can regard this setup as an "inside bar". Or not?
Sorry for my bad English..
  • #123,112
  • Feb 7, 2013 7:44am Feb 7, 2013 7:44am
I took a trade in this EURSGD Daily chart. I entered on the break of a decent sized bearish bar on a swing high. It took two-three days until it went my way. Now I am at BE. Was it wrong to keep the trade live the whole time? Would it be safer to exit the trade after one day if it still was not doing like I wanted. Or was it correct to be patient like I was? I had the SL just above the bearish bar in the begining. This is a demo account.
Looking forward to hear your expert opinions.
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  • #123,113
  • Feb 7, 2013 7:47am Feb 7, 2013 7:47am
  •  Hummar
  • | Joined Sep 2012 | Status: May the price action be with you | 27 Posts
Quoting NortT
Hey Hummar! Thanks for explanations. You're right, this wasn't a DBLHC setup. Nevertheless, we can regard this setup as an "inside bar". Or not?
I don't think that this was an inside bar. Even if that would be an inside bar, remmember that this bars are more difficult to play. I trade since 10 months, so I'm not very experienced and I don't play this kind of setups.
  • #123,114
  • Feb 7, 2013 8:17am Feb 7, 2013 8:17am
Quoting ken.b
Hi Mike,

Thank you for your explanation. I have a question though. When will you choose to use a TL and when to use a box? Do you draw both and look at the one with better confluence?

Here's another breakout chart but I have problem with the stop loss. Where should we place the stop loss? I'm planning to short when it breaks the DBL.

Happy trading

Kenny
Hey Kenny

I think in this case placing your stop above the high of the inside bar that is creating the TBL makes sense. The idea especially on that TBL is price shouldnt' have to come back up much higher. I prefered to use that TBL as part of the BEOB breakout of the potential larger weekly WEDGE pattern. So the beob to me made more sense and the TBL had me keep my order there(which is now gonna get pulled at days end).

Generally on the multi bar highs/lows the way I play them I look for a quick "burst" out from the built up consolidation that creates them. I don't get too fancy with them. I prefer multi highs/lows that's the way I teach them

Best
Mike
  • #123,115
  • Feb 7, 2013 8:20am Feb 7, 2013 8:20am
Quoting pip_la
Evening all,

Anyone looking at this?
pip I just wanted to follow up on this now that it broke hard
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  • #123,116
  • Feb 7, 2013 8:31am Feb 7, 2013 8:31am
Quoting Aretes
pin bar forming at the chart i posted, close and open of pin bar away from 365 ema and ppz. confluence. is this a valid entry?
Hey Aretes

Are you speaking about the current bar on your chart?

Remember for a pinbar we want to see the open and close within the prior bar with a nice long nose

Let me know if that makes sense or you need some examples

Best
Mike
  • #123,117
  • Feb 7, 2013 9:22am Feb 7, 2013 9:22am
nice setup for friday .
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all is eternal - this is good news for people who loves bad news
  • #123,118
  • Feb 7, 2013 9:28am Feb 7, 2013 9:28am
Quoting carbonado
played the break of these levels..............input really appreciated.......
dont forget to react here carbonado
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all is eternal - this is good news for people who loves bad news
  • #123,119
  • Feb 7, 2013 9:34am Feb 7, 2013 9:34am
Quoting meshka
nice setup for friday .
newbie here got a question about this chart.Since this is an important level, wasn't one of the previous green candles pbt&ca?shouldn't we look for a long at the touch/retest of that level?
  • #123,120
  • Feb 7, 2013 9:54am Feb 7, 2013 9:54am
Quoting dervel
newbie here got a question about this chart.Since this is an important level, wasn't one of the previous green candles pbt&ca?shouldn't we look for a long at the touch/retest of that level?
Daily candle isnt closed yet so long is still possible we should wait for real close. If price will close above that double level so yes we may look for bullish scenario. if below - look for test of that level and if price doesnt want to play above it - sell it.
all is eternal - this is good news for people who loves bad news
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