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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

  • #124,781
  • Apr 17, 2013 8:52pm Apr 17, 2013 8:52pm
Quoting Yaboykt
Thought this was a very nice set up with confluence...what do you guys think? It is actually touching the 365ema which isn't on my chart and two other fibs as well and they are all working together to form what i think will be extremely strong resistence and there's also plenty of space!!! {image}
Hey Yabo

On my feed it's more of a neutral bar. Notice the open and close are near the middle of the bar with equal size "tails" on each end. This is more indecision than anything.

Also notice the much larger bullish bars proceeding it. I would prefer to see us test a bit higher myself(marked)

Best
Mike
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  • #124,782
  • Apr 17, 2013 9:32pm Apr 17, 2013 9:32pm
D2 pinbar , confluence with confirming price action
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  • #124,783
  • Apr 17, 2013 9:57pm Apr 17, 2013 9:57pm
Quoting Nake
D2 pinbar , confluence with confirming price action {image}
Hey Nake,

That does look like a strong looking 2 day Pin / 1 day BUOB.

However notice how this could be tricky, because its not exactly headed into a open space. The biggest source of worry for me would be the the bullish BUOB low near the 9350 area which forms the lower limit of a consolidation box. Looking to the left we also have a decent proven PPZ off which the consolidation box found support. As I keep the 150 EMA on my charts I know its also right in the way.

Looking at the strength contained within your setup this may push through but that's exactly what I mean when I say this could be "tricky" to manage.

g.
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I believe . . .
  • #124,784
  • Apr 18, 2013 3:30am Apr 18, 2013 3:30am
Quoting mbqb11
Hey Yabo On my feed it's more of a neutral bar. Notice the open and close are near the middle of the bar with equal size "tails" on each end. This is more indecision than anything. Also notice the much larger bullish bars proceeding it. I would prefer to see us test a bit higher myself(marked) Best Mike {image}
Mike,

I would agree that its not a very convincing pinbar and relatively small compared to the previous bar. But considering the layers of confluence with multiple fibs, an interior pivot zone, and the fact that its the first time price has returned to the 365 ema, i figured it was a good set up. Is this the type of situation i should feel comfortable in playing the touch or would you say, "wait for better pa confirmation"?
  • #124,785
  • Apr 18, 2013 3:33am Apr 18, 2013 3:33am
Quoting iuliu00
Yaboykt, I`m not an expert,but if you consider the down bar as a bearish pinbar,I don`t like that the left eye is too high and the wick of the pinbar is too small...but this is just my opinion...
Thanks for your feedback bro, i have definitely taken you suggestion into consideration.
  • #124,786
  • Apr 18, 2013 3:36am Apr 18, 2013 3:36am
Quoting Pinbar
Its a BUEOB bar on my fxpro feed. However, it never actually triggered as price did not exceed the high. If we add a 10-15 pip buffer on the daily, we would not have been in this trade anyway. {image}
Cheers dude for the insight. My question then posed is on entry as well as risk management. So far I have seen that for entry you could enter on the following:

1. A retrace of confirmation candle
2. On candle close of confirmation candle

Have i missed something regarding a 10-15 buffer? lol. If supposedly you were looking at taking this trade, where you would you put the entry and stop area and which areas would you have looked at in taking profit or bringing stop to b/e. Although look back, i know this trade would've failed.

Quoting Mav13
Hi, FTA= First Trouble Area. Mav
Cheers dude for the explanation
  • #124,787
  • Apr 18, 2013 6:04am Apr 18, 2013 6:04am
Quoting makwana
Cheers dude for the insight. My question then posed is on entry as well as risk management. So far I have seen that for entry you could enter on the following: 1. A retrace of confirmation candle 2. On candle close of confirmation candle Have i missed something regarding a 10-15 buffer? lol. If supposedly you were looking at taking this trade, where you would you put the entry and stop area and which areas would you have looked at in taking profit or bringing stop to b/e. Although look back, i know this trade would've failed. Cheers dude for...

I would not trade that BUEOB for the reasons on the chart.
So, SL placement and entry explanation are redundant.
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  • #124,788
  • Apr 18, 2013 8:29am Apr 18, 2013 8:29am
Quoting Yaboykt
Mike, I would agree that its not a very convincing pinbar and relatively small compared to the previous bar. But considering the layers of confluence with multiple fibs, an interior pivot zone, and the fact that its the first time price has returned to the 365 ema, i figured it was a good set up. Is this the type of situation i should feel comfortable in playing the touch or would you say, "wait for better pa confirmation"?
Hey Yabo

I would wait for better confirmation myself as it's just easier in my book. I think a level like that might work better on a touch with quick to b/e rather than trying to play continuation off the so-so reversal bar.

Best
Mike
  • #124,789
  • Apr 18, 2013 10:55am Apr 18, 2013 10:55am
here was a breakout trade I just closed

BEOB on breakout of a nice clean wedge

Moved my stop aboev the pullback area when I was in about half bar drawndown. Respected this area as we might expect(also good for a retrace entry for those that like that)
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  • #124,790
  • Apr 18, 2013 1:16pm Apr 18, 2013 1:16pm
Two unconventional!
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Time for a new chapter
  • #124,791
  • Apr 18, 2013 2:11pm Apr 18, 2013 2:11pm
Hey, a novice basic question. I have a $1,000 demo account , I want to get a trade, the size should be $ 20 (2% risk) How to calculate the size of the trade in lot's ? thanks
  • #124,792
  • Apr 18, 2013 2:13pm Apr 18, 2013 2:13pm
Quoting mbqb11
here was a breakout trade I just closed BEOB on breakout of a nice clean wedge Moved my stop aboev the pullback area when I was in about half bar drawndown. Respected this area as we might expect(also good for a retrace entry for those that like that) {image}
Mike, would you quit the trade if one of these bars closed above the bottom line of the wedge back to the pattern?
If not up, then down, otherwise sideways :-)
  • #124,793
  • Apr 18, 2013 2:16pm Apr 18, 2013 2:16pm
Quoting yaki
Hey, a novice basic question. I have a $1,000 demo account , I want to get a trade, the size should be $ 20 (2% risk) How to calculate the size of the trade in lot's ? thanks
This is my easiest posion size calculator. Just excel file.
Update. You may also need tick value indicator.
Attached File(s)
File Type: xlsx pos size calculator.xlsx   9 KB | 498 downloads
File Type: ex4 Tick-Value.ex4   2 KB | 332 downloads
If not up, then down, otherwise sideways :-)
  • #124,794
  • Apr 18, 2013 2:26pm Apr 18, 2013 2:26pm
Hey Question entrance conditions , I have not seen specific reference for situation in which I found under the moving averages and thinking of going long in such situation should I look for just short? I hope my English is understandable
  • #124,795
  • Apr 18, 2013 2:40pm Apr 18, 2013 2:40pm
Quoting Magestic
This is my easiest posion size calculator. Just excel file. Update. You may also need tick value indicator. {file} {file}
thank you
  • #124,796
  • Apr 18, 2013 3:52pm Apr 18, 2013 3:52pm
Quoting Magestic
Mike, would you quit the trade if one of these bars closed above the bottom line of the wedge back to the pattern?
Hey M

Yes or if it just moved to far in I would cut out as well too, Stocks I give a bit more room

Best
Mike
  • #124,797
  • Apr 18, 2013 3:56pm Apr 18, 2013 3:56pm
Quoting mbqb11
Hey Moly That's a good area to watch for PA. I need more then just price closing below an area. I look for PA bars that James shows in this thread. That's a good spot to watch for one. Best Mike
doesn't a buob have to close above the previous bars high?
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  • #124,798
  • Apr 18, 2013 4:00pm Apr 18, 2013 4:00pm
Quoting equivestor12
doesn't a buob have to close above the previous bars high? {image}

No, a BUEOB does not have to close above the previous bar's high.
The DBLHC needs to close above the high of the previous bar and, this confuses a lot of people.

See chart
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  • #124,799
  • Apr 18, 2013 4:06pm Apr 18, 2013 4:06pm
Quoting Pinbar
No, a BUEOB does not have to close above the previous bar's high. The DBLHC needs to close above the high of the previous bar and, this confuses a lot of people. See chart {image}
Thank Steve

Yes a BUOB needs to have a low lower than the previous bars low a high higher than the previous bars high and a close near the upper portion of the bar. I prefer a stronger close above the previous bar high much like the DBLHC.

Here is a DBHLC I am currently in(yes been quite active in stocks). Classic j16 stuff on this one
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  • #124,800
  • Apr 18, 2013 4:07pm Apr 18, 2013 4:07pm
Just entered PF!
Thank you guys!
It's all psychology...
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