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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

  • #127,041
  • Jul 30, 2013 11:32pm Jul 30, 2013 11:32pm
Quoting kaka_ht
{quote} Hi REED,I'm a newbie here!Can u explain me what ''BEOEB'' means?Thanks!
Its actually called a BEOB (Bearish Engulfing Outside Bar). BUEOB is a (Bullish Engulfing Outside Bar)

Here is a chart on the main PA bars.

Hope this helps
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  • #127,042
  • Jul 31, 2013 3:16am Jul 31, 2013 3:16am
Quoting Pinbar
{quote} Its actually called a BEOB (Bearish Engulfing Outside Bar). BUEOB is a (Bullish Engulfing Outside Bar) Here is a chart on the main PA bars. Hope this helps {image}
Ok,It's very useful for me!Thanks you!
  • #127,043
  • Jul 31, 2013 3:32am Jul 31, 2013 3:32am
Quoting mbqb11
{quote} sure dude I took the aud/jpy breakout Here were my charts from the PF at breakeven now

Sweet
  • #127,044
  • Jul 31, 2013 3:40am Jul 31, 2013 3:40am
Quoting LiFZ
{quote} Anyway, as a general rule I look for good PA to come into predefined confluence. For me, if there's no good PA, there's no trade. In that setup, there was no good PA and I didn't trade it! The curiosity had me going as to how others viewed that type of thing. I hope they did what all 3 of us who responded did: stayed out.
You were asking about other traders opinions. I was sleeping at that time so have already had great answers and already learned the lesson. But I would still like to answer your original question on my own way.

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  • #127,045
  • Jul 31, 2013 6:45am Jul 31, 2013 6:45am
Quoting rami_8
{quote} You were asking about other traders opinions. I was sleeping at that time so have already had great answers and already learned the lesson. But I would still like to answer your original question on my own way. {image} {image} {image}
Hey Rami_8,

Thanks for your opinions! I can relate to your outlook a little better in seeing it as a flag, pennant, or rising wedge rather than a box -- although they're all consolidation. However, since flags are continuation patterns, a directional breakout won't be surprising. If that happens, ideally there is an equal, or measured, move in the same direction as the prior strong move.

It's always fascinating to hear as many opinions on a chart as people analyzing it. I like to see those opinions for some reason; I guess for an insight into how other people think!

thanks again,
~Lifz
  • #127,046
  • Jul 31, 2013 6:49am Jul 31, 2013 6:49am
Hello, everybody. I wanted to ask you one thing, if you enter into a transaction on the daily chart, you will pay attention to the lower time-frames?

Sorry for my English. Google Translated.
It's only after we've lost everything that we're free to do anything.
  • #127,047
  • Jul 31, 2013 7:19am Jul 31, 2013 7:19am
Quoting mbqb11
{quote} sure dude I took the aud/jpy breakout Here were my charts from the PF at breakeven now {image} {image}
On AUD JPY daily chart do you think it's ok to blend the previous 5 bars with the other previous 5 bars? There's something I started to do in order to find more opportunities to trade. When I see a breakout I start to look to blendle previous bars to see if I get an outside bar. I saw some examples in which you blendle the previous 2 bars with the previous 2 bars but can I do this for more than 2 bars?

Thanks in advance.
  • #127,048
  • Jul 31, 2013 7:31am Jul 31, 2013 7:31am
Quoting Alexandr51
Hello, everybody. I wanted to ask you one thing, if you enter into a transaction on the daily chart, you will pay attention to the lower time-frames? Sorry for my English. Google Translated.
Hi, yeah, I manage my trades on the same timeframe where I entered it. So when I enter trade on daily TF I manage it there.

Mav
  • #127,049
  • Jul 31, 2013 8:12am Jul 31, 2013 8:12am
Quoting mbqb11
{quote} sure dude I took the aud/jpy breakout Here were my charts from the PF at breakeven now {image} {image}

good to see the markets moving again

take profit hit

patience is the name of the game
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  • #127,050
  • Jul 31, 2013 9:45am Jul 31, 2013 9:45am
Quoting mbqb11
{quote} good to see the markets moving again take profit hit patience is the name of the game {image}
Mike can I ask why did you take profit here ? Did you take it because of the small gap on daily ? I took that trade too but my target is somewhere around 87 based on projection.
  • #127,051
  • Jul 31, 2013 9:53am Jul 31, 2013 9:53am
Quoting Martin600
{quote} Mike can I ask why did you take profit here ? Did you take it because of the small gap on daily ? I took that trade too but my target is somewhere around 87 based on projection.
Hey Martin


Yep I took it because of the gap, was my plan the whole time.


Projection is valid too and your risk would be small to nothing at this point so nothing wrong with that. Just a nice healthy % gain for me at a logical area we may see a bounce.


Best
Mike
  • #127,052
  • Jul 31, 2013 9:54am Jul 31, 2013 9:54am
Quoting str8
{quote} On AUD JPY daily chart do you think it's ok to blend the previous 5 bars with the other previous 5 bars? There's something I started to do in order to find more opportunities to trade. When I see a breakout I start to look to blendle previous bars to see if I get an outside bar. I saw some examples in which you blendle the previous 2 bars with the previous 2 bars but can I do this for more than 2 bars? Thanks in advance.
Hey Str8

Yes technically speaking it's all price so it doesn't matter. I often don't go blending too many bars as it can begin to make you see a lot more trades then I need too. I tend to blend mostly 2 bar type patterns. But I'll do some blending from time to time outside that. Enough charts to watch without blending is sort of my mindset

Best
Mike
  • #127,053
  • Jul 31, 2013 10:07am Jul 31, 2013 10:07am
Quoting mbqb11
{quote} Hey Martin Yep I took it because of the gap, was my plan the whole time. Projection is valid too and your risk would be small to nothing at this point so nothing wrong with that. Just a nice healthy % gain for me at a logical area we may see a bounce. Best Mike

Thank you for answer Mike, I will take the profit too if we start bounce. It is my first live trade so I want to be it in a profit
  • #127,054
  • Jul 31, 2013 12:10pm Jul 31, 2013 12:10pm
Evening everyone,

I'm a little early with these but I won't get a chance to post later and wanted opinions on these charts if you wouldn't mind?

Couple of charts I'm looking at. Mike, I asked you earlier about CHFJPY - you said it didn't look like it had retested the trend line. What do you think now? Rejected with a BUOB. I'm put off a little because the past few days price kind of slouched around the trend line and the BUOB isn't that big. Thoughts?

And a very similar situation in GOLD. Again slow price and maybe not too much space to work with below.

Thanks!
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  • #127,055
  • Jul 31, 2013 4:21pm Jul 31, 2013 4:21pm
Quoting dan89
Hey Mike! Its been a while Have not been trading much myself and got out of touch with it and the concepts learnt over at the PF while I was there. Just getting back into it now and wanted to get your opinion on this chart ive been watching for a few days. I wont go into all the details of the chart since you will know what im looking at but ive made a few markings on the chart. The pattern however is a little large for a 1hr TF but a little too small on the 4H. I remember a bit about what you said over in the PF about pattern size (which webinars...
well this pattern is continuing nicely. Adjusted the trendlines slightly but still a decent pattern in my opinion...
  • #127,056
  • Jul 31, 2013 4:22pm Jul 31, 2013 4:22pm
Quoting pip_la
Evening everyone, I'm a little early with these but I won't get a chance to post later and wanted opinions on these charts if you wouldn't mind? Couple of charts I'm looking at. Mike, I asked you earlier about CHFJPY - you said it didn't look like it had retested the trend line. What do you think now? Rejected with a BUOB. I'm put off a little because the past few days price kind of slouched around the trend line and the BUOB isn't that big. Thoughts? And a very similar situation in GOLD. Again slow price and maybe not too much space to work with...
Hey Pip

For me since price already reached to top of that wedge I think it makes more sense to view it as a Box and watch that current resistance for clue about what price wants to do next. That's where I will be watching

Best
Mike
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  • #127,057
  • Aug 1, 2013 8:06am Aug 1, 2013 8:06am
if this bar ends like as a beob then i would take the trade but move to breakeven fast at the FTA while i take half of the table.
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  • #127,058
  • Aug 1, 2013 9:22am Aug 1, 2013 9:22am
I dont often contribute, but:
Eur/JPY
Trend line break, retest. Fib retracement. Prior Support + Resistance.
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Dr. C
  • #127,059
  • Aug 1, 2013 12:24pm Aug 1, 2013 12:24pm
I haven't been around in a long time, but thanks in large part to this thread (specifically Mike, actually), I am trading profitably.

Now that I am profitable, I'm curious if anyone knows of, or has done, any statistical analysis on whether it's (in the long term, of course) better to:

a. Take profit at an immediate or close S/R area and forgo the possibility of larger returns for guaranteed gains or,
b. Get into profit X pips, set S/L to ~B/E and hope for a big return

Obviously it's a matter of whether or not lots of small wins is better (or worse) than a few big wins. I would love someone to save me the trouble of having to do the stats myself!
  • #127,060
  • Aug 1, 2013 2:13pm Aug 1, 2013 2:13pm
Hey guys,

Can somebody help me out with MT4 please? I'm using FxPro and whenever I load it up I get 4 charts on their automatically the EUR, GBP, CHF, JPY.

I tried to delete them but they keep reappearing each time I load MT4. Is there a way to make them not appear?

Thank you so much guys...
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