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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

  • #125,921
  • Jun 5, 2013 10:18am Jun 5, 2013 10:18am
Hi


GBP AUD is at a key resistance area. Time to look for bearish PAs?
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  • #125,922
  • Jun 5, 2013 10:26am Jun 5, 2013 10:26am
Quoting mbqb11
{quote} Hey Nake Price is in a box here so the midpoint should at least get tested with that pin at the BRN. Trying to hold to the bottom of the box is fine too but this pair is a bit more tricky since that bottom of the box is getting close to where price was capped for so long. So that could be extra strong so be aware. Just make sure that the left eye area holds(top of box BRN) for a good reduction in stop loss/risk Here is a chart Mike {image}

closed this one myself for a quick profit
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  • #125,923
  • Jun 5, 2013 11:40am Jun 5, 2013 11:40am
Quoting mbqb11
{quote} Hey Jon Just to clarify for the new folks a beob doesn't technically have to close below the previous bar. It must have a lower low than the previous bar and a close near the bottom portion. This is often a close still within the previous bar. I personally like you prefer that strong close like your example above. Just another aspect to keep picky Thanks for helping out Mike
Thanx for that clarification Mike....its been a while


jon

p.s. $50....!! its not cheap over the pond eh!
PATIENCE... DISCIPLINE
  • #125,924
  • Jun 5, 2013 11:48am Jun 5, 2013 11:48am
Quoting jarroo
{quote} {quote} 2013 GbpNzd- 2012 GbpAud (5-13-13) . .two parts . . . http://rapidshare.com/files/32976822...20part%201.wmv http://rapidshare.com/files/60744078...20part%202.wmv Jim
Hey Jarroo,
you must be loving todays action! This is quite a tricky chart for me and i am in this trade myself.(demo) i dont see much before 1.9600 and then 1.9750-70ish. any help? hopefully the1.9300 will hold as sup. now

cheers
jon

nicr vids btw. thanx for sharing
PATIENCE... DISCIPLINE
  • #125,925
  • Jun 5, 2013 12:42pm Jun 5, 2013 12:42pm
Quoting g_j_hook@yah
{quote} Hi mate, for a BEOB to be as per J16 style it should close below the previous candle. Also imo for them to be an A+ set up they should be at a swing high. hope this helps jon {image}
Thanks a lot for quick answer! Here's another one. USDTRY

I normally don't do exotics, but I think considering Turkey there is nothing that can do TRY and good vs. any average or bad news from ancara will send this baybe south. On top of that for extra premium I get guaranteed SL.

Bottom line - can someone please evaluate for me quality of the bullish inside bar (marked with arrow) and wah you think of using strong fundaments as a confirmation?
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There's always a bounce...
  • #125,926
  • Jun 5, 2013 1:56pm Jun 5, 2013 1:56pm
Quoting mbqb11
some good monthly bars on equities after last few weeks Here is one of them I will be watching see how we break {image}
trade triggered nice strong break, stop reduced
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  • #125,927
  • Jun 5, 2013 10:11pm Jun 5, 2013 10:11pm
Hey, how's it going? I'm very new to trading - I've almost graduated from 'preschool' over at babypips . I've also been reading up to page 33 of this thread and have opened a demo account. Could someone give me some pointers?:

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Looking to at Monday's DBHLC (ignoring Sunday). Weekly trend suggest market is consolidating, coming down from a record 8 months high. However, it's meeting heavy support at the SMA365 & 79, Fib 23.6, Round Number 0.9450 and S&R lines.

1. Is my drawing, interpretation and terminology of the chart and terms correct?
2. What should I have done?

Anyway, I entered Short at 0.9480 on Tuesday, SL above Monday's open. It turned against me on Tuesday, but on Wednesday broke through some of the support and closed at the SMA365. I closed 50% at 48pips gained. Moved SL to BE. Any pointers would be helpful.
  • #125,928
  • Jun 6, 2013 5:24am Jun 6, 2013 5:24am
i hate hurricane season but gives me more at home time in front of the charts!!!
  • #125,929
  • Jun 6, 2013 6:14am Jun 6, 2013 6:14am
What is the time it's good to skip a bar?

I trade 4hr, 8hr and 12 hr time frames. I use NY close (5 pm EST).

What bars should I watch? There are 4hr bars at 5 pm, 9 pm, 1 am, 5 am, 9 am, 1 pm. (EST)

8hr bars are at 5 pm, 1 am, 9 am. And 12hr bars are at 5 pm and 5 am.

I usually skip the bars that form during Asia session. It's good to also skip other bars? For instance the 4hr bars formed at 5 pm because Asia session will start? How about the 12hr chart formed at 5 am? Most of it has formed during Asia session.
  • #125,930
  • Jun 6, 2013 7:10am Jun 6, 2013 7:10am
Hey Ferox,

Just thought I'd throw in my thoughts. First off congrats on the trade, a bit risky in my mind but it's made you money. Monday was certainly a big down day but notice the action that has taken place at that price level in the past, kind of congested. But on the other hand, I'm not sure if you're familiar with Jarroo's method but I think it would have thrown in another piece of the puzzle. If you look at the following chart you see a cluster of weekly HCR's highlighted in the grey boxes. Notice the importance of these area's from the weekly all the way down to the H4. With the information that you already have and seeing that PBT&CB those W HCR's you could have waited for price to retrace to those levels for entry. Just my thoughts which are always open for critique as well. As far as managing the trade, possible TP area's for the remainder of your trade are the .9350 area where the TL and W LCS as well as a 61.8 Fib are at but it could be a rough ride down to that point.

Walt.

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  • #125,931
  • Jun 6, 2013 7:51am Jun 6, 2013 7:51am
Walt,

I've read the pdf made by Chanya describing Jarroo's method. I understand now about what you said about congestion and should be looking at better setups on swing high/lows. I have not thought of looking at different TF to see strong correlation (if any) with the lines. Will be doing that in the future. Anyway, I have since closed my position as I feel it's in a poor position. Thanks!
  • #125,932
  • Jun 6, 2013 8:12am Jun 6, 2013 8:12am
Quoting ferox
Hey, how's it going? I'm very new to trading - I've almost graduated from 'preschool' over at babypips . I've also been reading up to page 33 of this thread and have opened a demo account. Could someone give me some pointers?: {image} Looking to at Monday's DBHLC (ignoring Sunday). Weekly trend suggest market is consolidating, coming down from a record 8 months high. However, it's meeting heavy support at the SMA365 & 79, Fib 23.6, Round Number 0.9450 and S&R lines. 1. Is my drawing, interpretation and terminology of the chart and terms correct?...
Hey Ferox

Welcome to the thread and trading!

For DBHLC we want to find them up at swing high points. Notice your bar is down at a swing low point. Let me know if this makes sense or you need some examples

Again welcome
Mike
  • #125,933
  • Jun 6, 2013 8:14am Jun 6, 2013 8:14am
Quoting str8
What is the time it's good to skip a bar? I trade 4hr, 8hr and 12 hr time frames. I use NY close (5 pm EST). What bars should I watch? There are 4hr bars at 5 pm, 9 pm, 1 am, 5 am, 9 am, 1 pm. (EST) 8hr bars are at 5 pm, 1 am, 9 am. And 12hr bars are at 5 pm and 5 am. I usually skip the bars that form during Asia session. It's good to also skip other bars? For instance the 4hr bars formed at 5 pm because Asia session will start? How about the 12hr chart formed at 5 am? Most of it has formed during Asia session.
Hey Str8

Trades can always pop up at any time but in general the slow times of the market area asia/sydney. Also late ny is pretty dead in general as well. So skipping the 1pm , 5pm, 9pm bars you are going to miss much in the long run. I don't like entering intraday trades during these times(in general unless volatility is very high). Getting into a 12hr chart every bar would be important since you are only looking at 2 and 12hrs of data is always encompassing data of important times

Best
Mike
  • #125,934
  • Jun 6, 2013 8:28am Jun 6, 2013 8:28am
check out the boxing on this pair, thing of beauty

notice the midpoint of a box is also
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  • #125,935
  • Jun 6, 2013 8:40am Jun 6, 2013 8:40am
Quoting mbqb11
check out the boxing on this pair, thing of beauty notice the midpoint of a box is also {image}
lol...i was only admiring that this morning myself! it sure loves them RNs. right down to the 15min chart!

jon
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PATIENCE... DISCIPLINE
  • #125,936
  • Jun 6, 2013 9:01am Jun 6, 2013 9:01am
Quoting str8
What is the time it's good to skip a bar? I trade 4hr, 8hr and 12 hr time frames. I use NY close (5 pm EST). What bars should I watch? There are 4hr bars at 5 pm, 9 pm, 1 am, 5 am, 9 am, 1 pm. (EST) 8hr bars are at 5 pm, 1 am, 9 am. And 12hr bars are at 5 pm and 5 am. I usually skip the bars that form during Asia session. It's good to also skip other bars? For instance the 4hr bars formed at 5 pm because Asia session will start? How about the 12hr chart formed at 5 am? Most of it has formed during Asia session.
Str8,

I second what Mike said.

Another suggestion to get more opportunities on more bars would be to download other brokers that have their 4-hr bars closing at different times. By doing this you can have a 4-hr bar closing every hour.

-Dave
  • #125,937
  • Jun 6, 2013 11:13am Jun 6, 2013 11:13am
Quoting mbqb11
{quote} Hey Str8 Trades can always pop up at any time but in general the slow times of the market area asia/sydney. Also late ny is pretty dead in general as well. So skipping the 1pm , 5pm, 9pm bars you are going to miss much in the long run. I don't like entering intraday trades during these times(in general unless volatility is very high). Getting into a 12hr chart every bar would be important since you are only looking at 2 and 12hrs of data is always encompassing data of important times Best Mike
Thanks for the answer Mike.

When you say skipping the 1pm bar do you want to say skipping the bar that opens at 1pm and closes at 5 pm, right? The bar that closes at 1pm I suppose is still good to trade because the voltatility is still good.
  • #125,938
  • Jun 6, 2013 11:42am Jun 6, 2013 11:42am
Quoting mbqb11
Hey Ferox Welcome to the thread and trading! For DBHLC we want to find them up at swing high points. Notice your bar is down at a swing low point. Let me know if this makes sense or you need some examples Again welcome Mike
Mike, yes I understand. Today's trade:

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1. I've wrongly identify this as an IB, with the 3rd bar breaking upwards (it didn't close higher than the previous high).
2. However, it seems to be want to shoot up off the EMA365 and a PPZ.

Anyway, entered a buy stop about 20 pips above the bar around the resistance (for a safer trade). It triggered and when prices reached the next resistance, I closed 50%, SL to BE for 116 pips.

I get the feeling I'm not seeing the right, good setups here. Also,
1. What MAs do you guys use and why? I'm using EMA365 and SMA79 but have no idea why.
  • #125,939
  • Jun 6, 2013 11:56am Jun 6, 2013 11:56am
Hello, this is the first time I'm posting here and I have spotted a nice chart.

On AUDNZD there's a pinbar on Daily
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Also a piercing pattern on Weekly
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Although there was some retrace for a few days, looks pretty good to me for a long setup.

What do you think?
“A year from now you will wish you had started today.” -Karen Lamb
  • #125,940
  • Jun 6, 2013 2:01pm Jun 6, 2013 2:01pm
Quoting str8
{quote} Thanks for the answer Mike. When you say skipping the 1pm bar do you want to say skipping the bar that opens at 1pm and closes at 5 pm, right? The bar that closes at 1pm I suppose is still good to trade because the voltatility is still good.
Hey Str8


I actually meant the 4hr bar that closes at 1pm. Markets generally are slow from lunch time ny on till the next euro session. That's a generalization as markets can be busy at all times depending on the day. I personally execute very little intraday trades post 11 pm et. So my window is generally 2/3 am et - 11am et NY time. Of course as dave suggested above you could have a 4hr closing at 10pm et that's just as good as one closing at 9am et etc. If we play the story it will always lead the way(for example small 4hr bars often happen during slow times and will keep us out of a lot of bad trades too)

Best
Mike
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