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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

  • #125,621
  • May 23, 2013 3:25am May 23, 2013 3:25am
hey mike,

i have been busy in personal life for 5-6 months so i was totally untouch with forex.
I am just back and decided to start from public form for a while.
Please have a look at the attached charts of eur usd , we see a huge beob on daily as well as 4h from 1.3 brn.
Shall i place entry from the break or wait for some retracement.
I think i shall wait for entry around 1.29 area .
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Tough Times Never Last But Tough People Do
  • #125,622
  • May 23, 2013 3:37am May 23, 2013 3:37am
Quoting loog12us
hey mike, i have been busy in personal life for 5-6 months so i was totally untouch with forex.I am just back and decided to start from public form for a while.Please have a look at the attached charts of eur usd , we see a huge beob on daily as well as 4h from 1.3 brn.Shall i place entry from the break or wait for some retracement.I think i shall wait for entry around 1.29 area . {image} {image}
Just seen your last post now , you already answered that , sorry for re posting b/w its at swing low on daily but what about 4h ,
its at a minor swing high with a very huge bar , your comments plz
Tough Times Never Last But Tough People Do
  • #125,623
  • May 23, 2013 5:17am May 23, 2013 5:17am
Hi Mike

I was wondering if the daily bar S&P was classed as a BEOB. I know it closed below the previous bar, but it didn't really close near it's own low.

Would this be a high quality BEOB?

Thanks for you help.
  • #125,624
  • May 23, 2013 5:38am May 23, 2013 5:38am
Quoting loog12us
hey mike, i have been busy in personal life for 5-6 months so i was totally untouch with forex.I am just back and decided to start from public form for a while.Please have a look at the attached charts of eur usd , we see a huge beob on daily as well as 4h from 1.3 brn.Shall i place entry from the break or wait for some retracement.I think i shall wait for entry around 1.29 area . {image} {image}
Hi
I'm not Mike, but this is how I see it....the BEOB did'n close bellow the range market what is stuck in and the price is still kept by the trend line !
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Nothing personal,just business
  • #125,625
  • May 23, 2013 5:47am May 23, 2013 5:47am
Eur/usd looks like a h+s on wkly and daily too bad the beob didn't close below
  • #125,626
  • May 23, 2013 5:48am May 23, 2013 5:48am
The neckline sorry
  • #125,627
  • May 23, 2013 5:49am May 23, 2013 5:49am
Quoting fxgroup
{quote} HiI'm not Mike, but this is how I see it....the BEOB did'n close bellow the range market what is stuck in and the price is still kept by the trend line ! {image}
Lol sorry didn't refresh the page didn't see your post
  • #125,628
  • May 23, 2013 8:00am May 23, 2013 8:00am
Hello All,

I have not been on FF for a while but wanted to know are there any active j16 members that trade Forex fulltime as there only source of income? tia
  • #125,629
  • May 23, 2013 8:45am May 23, 2013 8:45am
Quoting loog12us
hey mike, i have been busy in personal life for 5-6 months so i was totally untouch with forex.I am just back and decided to start from public form for a while.Please have a look at the attached charts of eur usd , we see a huge beob on daily as well as 4h from 1.3 brn.Shall i place entry from the break or wait for some retracement.I think i shall wait for entry around 1.29 area . {image} {image}

Hey Loog


Welcome back good to see you , hope all is well



For me the 4hr is the same as the daily. It's really in such a tight space and not at a swing point rather a swing low for me. This is trading right back into that trouble and the prior buying area. This is where just because we have a big bar doesn't trump that area for me unless we have a LOT more info


Hope that helps
Mike
  • #125,630
  • May 23, 2013 8:46am May 23, 2013 8:46am
Quoting hunzul
Hi Mike I was wondering if the daily bar S&P was classed as a BEOB. I know it closed below the previous bar, but it didn't really close near it's own low. Would this be a high quality BEOB? Thanks for you help.
Hey Hunzul


Technically it was a beob but I was hoping for a stronger close myself. I think entering on a break of a bar that closes like that is tougher. Really an entry on the close of that bar makes the most sense. I couldn't pull the trigger on it myself though

Best
Mike
  • #125,631
  • May 23, 2013 8:48am May 23, 2013 8:48am
caught this breakout on gbp/jpy. Used a 4hr beob(not pictured I aggregated it on the 1hr )

Simple projection of the width of the pattern. It obviously fell more after that, but that's ok
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  • #125,632
  • May 23, 2013 11:06am May 23, 2013 11:06am
another trade today

This one was inside a box, double top, pinbar/beob(depending on how you played it). Trading towards bottom of box , rising TL and BRN. Took my profit since it's late in the day
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  • #125,633
  • May 23, 2013 11:23am May 23, 2013 11:23am
Hi Mike, nice sharing trade
whats your view on gold !
Investing is SIMPLE but NOT EASY
  • #125,634
  • May 23, 2013 12:58pm May 23, 2013 12:58pm
Quoting Moly_Cam5
Hi Mike, nice sharing tradewhats your view on gold !
Hey Moly


THat buob is still valid, but price is chopping around quite a bit. Not much to do on gold. I still think silver is the best for either buying at the retrace area I marked, or buying above the BUOB(my order is still sitting there).

Gold to me like I spoke about here is just tougher to navigate compared to silevr
http://www.forexfactory.com/showthre...27#post6695527

Best
Mike
  • #125,635
  • May 23, 2013 1:56pm May 23, 2013 1:56pm
Quoting mbqb11
{quote} Hey Jomi For me not quite enough confluence but the bar is good size. It is fighting a bigger buob but I think a break of the bar should get us to the 9600 area. I do think in a situation like this a retrace entry to the left eye makes the most sense. Of course I think stops should be tight above the left eye either way in a situation like this Best Mike
Mike, how's it going man?

I been trying to keep a journal of my trades in order to gain a better understanding on my logic. You said that it would make more sense to take a trade that retraces to the left eye? Why would that make more sense?
  • #125,636
  • May 23, 2013 4:06pm May 23, 2013 4:06pm
Hey Mike,
Can I ask your opinion on this? I know I can already here you saying that I should look for these at swing highs and lows, but I know James has given examples of range trades like this.
So in the chart we have a massive pin, rejected at the support boundary and 150 ema. Looks like (if it breaks) it will be heading up to the range resistance.
What do you reckon? Is this something you or James would be interested in?
Thanks
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  • #125,637
  • May 23, 2013 4:11pm May 23, 2013 4:11pm
As I am an aggressive trader i took this pinbar on USDMXM, fully aware of the trouble areas. Will watch it closely and take full profit at lower blue zone. I like pinbars from established trendlines and in this trade also from round number.

I forgot to mention, i almost always enter trades immediately. I dont wait for price to break bar.
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  • #125,638
  • May 23, 2013 5:40pm May 23, 2013 5:40pm
Quoting Flamegs23
{quote} Mike, how's it going man? I been trying to keep a journal of my trades in order to gain a better understanding on my logic. You said that it would make more sense to take a trade that retraces to the left eye? Why would that make more sense?
Hey F

For me the tough part about that one is that their wasn't a ton of confluence and a break to the FTA was pretty close. So not the most room to work with. That FTA was very very important too. So if i had to play it(obviously I passed) I think a retrace touch at the left eye is a better option because in a situation like that often if that left eye doesn't hold that bar will tend to not work. In that case though waiting for a break was better since it put a hefty retrace in first. Such will happen though


Hope that helps
Mike
  • #125,639
  • May 23, 2013 5:42pm May 23, 2013 5:42pm
Quoting pip_la
Hey Mike,Can I ask your opinion on this? I know I can already here you saying that I should look for these at swing highs and lows, but I know James has given examples of range trades like this.So in the chart we have a massive pin, rejected at the support boundary and 150 ema. Looks like (if it breaks) it will be heading up to the range resistance.What do you reckon? Is this something you or James would be interested in?Thanks {image}
Hey Pip

That is a tough tough environment to trade. You have all the right information just be aware that price is extremely choppy and extremely consolidated. This means price is usually more likely to chop around and that can make mgmt tough. I think making sure to protect yourself quick if you play in such a situation. I avoid the chart when it's this messy. Not my forte. This is another such area where I believe a retrace entry to your lower line makes more sense then a traditional break because of the nature of that environment


Hope that helps
Mike
  • #125,640
  • May 23, 2013 5:55pm May 23, 2013 5:55pm
Quoting mbqb11
{quote} Hey Pip That is a tough tough environment to trade. You have all the right information just be aware that price is extremely choppy and extremely consolidated. This means price is usually more likely to chop around and that can make mgmt tough. I think making sure to protect yourself quick if you play in such a situation. I avoid the chart when it's this messy. Not my forte. This is another such area where I believe a retrace entry to your lower line makes more sense then a traditional break because of the nature of that environment Hope...
Thanks for the tips Mike, very helpful. Will watch this rather than get involved. Cheers!
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