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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

  • #124,941
  • Apr 25, 2013 3:06pm Apr 25, 2013 3:06pm
Looked at EURUSD this morning and saw this BEOB at a swing high. So why is it bouncing back from 1.30?
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  • #124,942
  • Apr 25, 2013 3:31pm Apr 25, 2013 3:31pm
Quoting oradba
Looked at EURUSD this morning and saw this BEOB at a swing high. So why is it bouncing back from 1.30? {image}
Why such a big difference in charts???????????? This frustrates me. Pls see mine here ...
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  • #124,943
  • Apr 25, 2013 3:35pm Apr 25, 2013 3:35pm
Couple I'm looking at tonight...

NZD/CHF

Pin bar becomes SFP at previous resistance this has struggled to break. Nice looking bar but we have the BRN right in the way.

AUD/CHF

Small but nice looking pin bar off trendline. Bit of space underneath.

I know they're correlated, but anybody got a preference between these two? I'm leaning towards the AUDCHF.
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  • #124,944
  • Apr 25, 2013 3:39pm Apr 25, 2013 3:39pm
Quoting Mayube
{quote} Why such a big difference in charts???????????? This frustrates me. Pls see mine here ... {image}
No need to get frustrated Mayube, different brokers use different opening/closing times. This causes bars to close at different times and can translate to different price action. A lot of people prefer brokers which have a daily close at 5PM Eastern time. I like to think of this as more opportunities to look for good price action when you can review the bar closes on different brokers, some will produce a PB, BEOB, BUOB, and others wont. Still need to be picky though.
Price is beautiful. A repetitive method is a competitive method.
  • #124,945
  • Apr 25, 2013 4:16pm Apr 25, 2013 4:16pm
I was so tempted to put a sell order on this PB. It has good shape at clear swing high. We have space below. The only thing that is bad is location. Its in the midle of nowhere. What are your opinions fellows. Mike, would you consider this PB tradeble? I belive it is discussed on PF. I know it didnt break the next candle, but its offmarket time right now. I would give it another 4 hours to break if I play it.
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If not up, then down, otherwise sideways :-)
  • #124,946
  • Apr 25, 2013 4:23pm Apr 25, 2013 4:23pm
Quoting Fx-chriz
and here's the chart. {image}
A

IMO Be careful with that pin on audchf

On my chart it is directly facing EMA50 and EMA150 on D1 and the whole bounce of EMA(50+150+365) on H4.
As you think, but I skipped it.
  • #124,947
  • Apr 25, 2013 4:31pm Apr 25, 2013 4:31pm
Quoting dan89
{quote} Been away from the factory for a while. Used to be a member of the PF, Mike might remember me Thinking of joining again when the new site is up and running. Anyway breakouts is the only thing I look for now. We all have our own ways of doing things .. but for me personally that pattern just isnt well developed or large enough. Difficult for me to explain but imt sure Mike can explain how important pattern size is. Also for me, I like to see price really swing INTO the pattern and bounce significantly. On your chart price is kinda just...
Thanks Dan,

Well, when I noticed you post I had already been in position with this pair. I understand your conception about the chart pattern
but when I realized that an 1,5 BRN - EMA150 (Daily chart) confluence will protect my stop loss when the price shows strong divergence on H4 I decided to get in and sell.
We will see how it will work
  • #124,948
  • Apr 25, 2013 4:33pm Apr 25, 2013 4:33pm
Quoting oradba
Looked at EURUSD this morning and saw this BEOB at a swing high. So why is it bouncing back from 1.30? {image}
Hey Oradba

Be very careful, the markets are very choppy right now. If you notice your beob is not at a swing high but in a very sideways market. This means price has no space and is trading into trouble. We would be trading backinto the BRN too which is giving it problems.

it's just a big ole mess right now. These markets can really chew up an account

Just be careful out there guys in these choppy markets don't force trades with small bars or bars in a lot of traffic

Best
Mike
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  • #124,949
  • Apr 25, 2013 4:38pm Apr 25, 2013 4:38pm
Quoting Magestic
I was so tempted to put a sell order on this PB. It has good shape at clear swing high. We have space below. The only thing that is bad is location. Its in the midle of nowhere. What are your opinions fellows. Mike, would you consider this PB tradeble? I belive it is discussed on PF. I know it didnt break the next candle, but its offmarket time right now. I would give it another 4 hours to break if I play it. {image}
Hey M

Not a whole lot going for this one in my eyes. You have tomorrow being friday which is probably the only confluence here fighting such a strong trend. Fridays are notorious take profit days. With it being so late in the day trading a 4hr bar like this is out of the question for me personally. Just tricky really I think its mostly playing an attempt at lack of momentum into weeks end rather then any other specific confluence. BRN of 1.45 just below

Best
Mike
  • #124,950
  • Apr 25, 2013 4:39pm Apr 25, 2013 4:39pm
Quoting PhAnTi'
{quote} cool action, but why the heck do they attach ''hearts'' to the chart ? ^^
They, don't.
One of the girls in the class did, it must be a girlie thingy. Haa
  • #124,951
  • Apr 25, 2013 4:51pm Apr 25, 2013 4:51pm
Quoting mbqb11
{quote} it might be nearly 4 years later(whoa) but this is still my favorite post in this thread most likely Someone emailed me today about it and I got a kick out of it yet again and decided to repost. (added the chart) {image}

Damn I remember when that was written. Makes me emotional!
Also makes me remember how much I learned from this thread, and how much it's evolved over the years. Some truly great traders have passed through this thread and I'm glad to have picked up some bits along the way. Big thanks the big man J16, Mike, and of course Raczekfx. You all have influenced my life in some way Good luck in your trading!
Time for a new chapter
  • #124,952
  • Apr 25, 2013 5:33pm Apr 25, 2013 5:33pm
Quoting markf45
{quote} Damn I remember when that was written. Makes me emotional! Also makes me remember how much I learned from this thread, and how much it's evolved over the years. Some truly great traders have passed through this thread and I'm glad to have picked up some bits along the way. Big thanks the big man J16, Mike, and of course Raczekfx. You all have influenced my life in some way Good luck in your trading!
It's crazy right! I can't even believe it how the years fly by.

I love this thread, that's for sure!

Best
Mike
  • #124,953
  • Edited 8:37pm Apr 25, 2013 8:31pm | Edited 8:37pm
Quoting pip_la
Couple I'm looking at tonight... NZD/CHF Pin bar becomes SFP at previous resistance this has struggled to break. Nice looking bar but we have the BRN right in the way. AUD/CHF Small but nice looking pin bar off trendline. Bit of space underneath. I know they're correlated, but anybody got a preference between these two? I'm leaning towards the AUDCHF. {image} {image}
AUDCHF might be a bit risky, as the bigger picture says something slightly different. A bit messy, but hope you can understand the scribble.

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Maybe I'm looking at it wrong.
  • #124,954
  • Apr 25, 2013 8:40pm Apr 25, 2013 8:40pm
Here a question about inside bar's, so it's not a suggestion:

Chart is H4 GBP CAD.

Is this a good pattern to trade? should I be aiming up or down?
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  • #124,955
  • Apr 25, 2013 11:37pm Apr 25, 2013 11:37pm
Quoting ping-ping
HI FFL, I watch this on low TF h4, for me buying rite now is kinda risky in my opinion, because the first FTA kinda messy there not enough space. but that's just my opinion on this pair
I agree it is quite messy but I am in this mainly for the carry trade. 3% on 1 lot is quite nice and I plan on carrying for a long time if history repeats its self.
  • #124,956
  • Apr 26, 2013 12:21am Apr 26, 2013 12:21am
Quoting Microtrader_
{quote} Thanks Dan, Well, when I noticed you post I had already been in position with this pair. I understand your conception about the chart pattern but when I realized that an 1,5 BRN - EMA150 (Daily chart) confluence will protect my stop loss when the price shows strong divergence on H4 I decided to get in and sell. We will see how it will work
Dan, you are more experienced and you were right, my GBPAUD trade ended in breakeven.

How many times I have already seen.....experience=knowledge

just like now
  • #124,957
  • Edited 6:21am Apr 26, 2013 3:14am | Edited 6:21am
Hi there,

A short has been triggered yesterday on the break of a D1 BEOB on Merck stocks. Patiently waiting for the weekly to close, most likely as a bearish pinbar at a strong PPZ with nice divergence and some space... Will assess the strength of the 48RN - if it doesn't hold as a resistance, I guess I'll kill the trade with a minor loss.
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I'm also looking at a "3-days" pinbar at a swing high on EuroNok (150EMA on the weekly, RN/PPZ). Let's see how it unfolds

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Slow & steady
  • #124,958
  • Apr 26, 2013 6:20am Apr 26, 2013 6:20am
Quoting patapouer
Hi there, A short get triggered yesterday on the break of a D1 BEOB on Merck stocks. Patiently waiting for the weekly to close, most likely as a bearish pinbar at a strong PPZ with nice divergence and some space... Will assess the strength of the 48RN - if it doesn't hold as a resistance, I guess I'll kill the trade with a minor loss. {image}{image}{image} I'm also looking at a "3-days" pinbar at a swing high on EuroNok (150EMA on the weekly, RN/PPZ). Let's see how it unfolds {image}
being following this thread for a while now and i think your first chart is a classic J16.
Reasons:
1. daily bearish engulfing at swing high
2. SFP forming on weekly chart
3. PB forming on weekly chart
4. Good space below your entry.

I think probability of success on it quite high but I could be wrong.Anyway I am still learning.
  • #124,959
  • Apr 26, 2013 6:26am Apr 26, 2013 6:26am
Quoting Pinbar
{quote} They, don't. One of the girls in the class did, it must be a girlie thingy. Haa

haha okay .... thought u teached that to em ...


kiddin
Hero calls followed by margin calls...
  • #124,960
  • Apr 26, 2013 9:09am Apr 26, 2013 9:09am
Quoting springger
{quote} AUDCHF might be a bit risky, as the bigger picture says something slightly different. A bit messy, but hope you can understand the scribble. {image} {image} Maybe I'm looking at it wrong.
This is a great job Springer. Good way to show how choppy this market is right now. Many markets are pretty choppy and if we aren't quick to protect ourselves it can chop up ones account

Consolidating markets are one of the biggest account killers

Best
Mike
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