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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

  • #127,301
  • Aug 14, 2013 7:39pm Aug 14, 2013 7:39pm
Quoting Pinbar
{quote} But where is it going? Mike is probably waiting to short it. LoL {image}
nope I already caught my piece on that one
http://www.forexfactory.com/showthre...=6858033#reply


I am watching gbp/jpy more closely though for the jpy pairs



Mike
  • #127,302
  • Aug 14, 2013 7:53pm Aug 14, 2013 7:53pm
Good spot to watch for a breakout? Can we draw the box like that ignoring the huge breakout last month or does that need to be included? The white box seems to be the biggest resistance area.
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  • #127,303
  • Aug 14, 2013 8:02pm Aug 14, 2013 8:02pm
Quoting mbqb11
{quote} nope I already caught my piece on that one http://www.forexfactory.com/showthre...=6858033#reply I am watching gbp/jpy more closely though for the jpy pairs Mike
The Daily BEOB at the top of the range eh?
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  • #127,304
  • Aug 14, 2013 8:07pm Aug 14, 2013 8:07pm
Quoting Pinbar
{quote} The Daily BEOB at the top of the range eh? {image}
whoops realized I pasted wrong link


No it was a breakout trade

http://www.forexfactory.com/showthre...33#post6858033
  • #127,305
  • Aug 15, 2013 7:41am Aug 15, 2013 7:41am
Quoting mbqb11
{quote} whoops realized I pasted wrong link No it was a breakout trade http://www.forexfactory.com/showthre...33#post6858033

Hey Mike

I just noticed something, that AUDJPY 4HR you took the BEOB closed quite below the trendline and I remember you say something generally not liking. However, I can see there is lots of support at 89.50 and so if the BEOB closes below all that support it will now be resistance and a good area to manage the trade?

Would you still have taken it if it closed just slightly below the trendline?

Thanks
  • #127,306
  • Aug 15, 2013 8:31am Aug 15, 2013 8:31am
Hey guys,

Here is a current trade which I am looking at and would love your thoughts.

Market: NZD/USD
Logic: Price has touched 0.81 and dropped quite heavily. This also consolidates with a descending TL and then created a nice BEOB on the 4HR chart. Though the risk:reward is not pukka per se the logic of the trade is what I am trying to portray. Please correct my logic if wrong
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  • #127,307
  • Aug 15, 2013 8:35am Aug 15, 2013 8:35am
Quoting hunzul
{quote} Hey Mike I just noticed something, that AUDJPY 4HR you took the BEOB closed quite below the trendline and I remember you say something generally not liking. However, I can see there is lots of support at 89.50 and so if the BEOB closes below all that support it will now be resistance and a good area to manage the trade? Would you still have taken it if it closed just slightly below the trendline? Thanks
Hey Hunzul


In this case the lower close is better because of where the base of the pattern is. Price should break hard and that area I want to see hold

Here was my live video from the PF for you
http://rapidshare.com/files/29302268...4hr%20beob.wmv

Best
Mike
  • #127,308
  • Aug 15, 2013 8:53am Aug 15, 2013 8:53am
Quoting makwana
Hey guys, Here is a current trade which I am looking at and would love your thoughts. Market: NZD/USD Logic: Price has touched 0.81 and dropped quite heavily. This also consolidates with a descending TL and then created a nice BEOB on the 4HR chart. Though the risk:reward is not pukka per se the logic of the trade is what I am trying to portray. Please correct my logic if wrong {image} {image}
great to see you mark off the BRN

This pairs is very choppy but price could be going back into the range . Very tricky area to trade into . 8000 is logical where is price going. After that it's up to the market in my book



Best
Mike
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  • #127,309
  • Aug 15, 2013 8:56am Aug 15, 2013 8:56am
Quoting makwana
Hey guys, Here is a current trade which I am looking at and would love your thoughts. Market: NZD/USD Logic: Price has touched 0.81 and dropped quite heavily. This also consolidates with a descending TL and then created a nice BEOB on the 4HR chart. Though the risk:reward is not pukka per se the logic of the trade is what I am trying to portray. Please correct my logic if wrong {image} {image}
I don't like pin bars or outside bars that touch a PPZ or a trend line only with the tail. You don't enter at the source of the move.
The only logical place to put the stop loss is at the high of the bar which means you can't reduce the risk. And usually you also don't have space.
  • #127,310
  • Aug 15, 2013 8:59am Aug 15, 2013 8:59am
Quoting str8
{quote} I don't like pin bars or outside bars that touch a PPZ or a trend line only with the tail. You don't enter at the source of the move. The only logical place to put the stop loss is at the high of the bar which means you can't reduce the risk. And usually you also don't have space.
Hey Str8

The way you explain above is easier, but their are lots of opportunities where you don't have that you will probably want to learn as you progress(nothing wrong with not though)


For example here you can use the minor swing high as a "left" eye. Use the pullback bar to this area for entries/stop management

Just as an example here

Mike
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  • #127,311
  • Aug 15, 2013 9:10am Aug 15, 2013 9:10am
Quoting mbqb11
great to see you mark off the BRN
Hi Mike, yep from what I have learnt/learning is that when going to put on a trade ensure you know where the BRN's are, this way I'm not blindly going into a trade naive of that fact that there won't be any BRN's there.

Quoting mbqb11
Very tricky area to trade into . 8000 is logical where is price going. After that it's up to the market in my book Best Mike {image}
I aimed for the 0.8 level but to ensure I get it, I try and get out 5 pips earlier, thus was out by 0.8005.

Quoting str8
I don't like pin bars or outside bars that touch a PPZ or a trend line only with the tail. You don't enter at the source of the move.
Cheers for the comment st8, would that mean in scenario's like this, you would prefer to 'touch' trade?

Quoting str8
The only logical place to put the stop loss is at the high of the bar which means you can't reduce the risk. And usually you also don't have space.
My stop was placed just above the descending TL at 0.8060. My logic behind this was, the TL would hold and if it didn't that would be the market is reversing anyway, as well as as 0.85 is a minor BRN it helped the cause of having a double resistance area which I felt comfortable with. Again this is only my two pence from a newbie.
  • #127,312
  • Edited 9:53am Aug 15, 2013 9:37am | Edited 9:53am
Quoting mbqb11
{quote} Hey Str8 The way you explain above is easier, but their are lots of opportunities where you don't have that you will probably want to learn as you progress(nothing wrong with not though) For example here you can use the minor swing high as a "left" eye. Use the pullback bar to this area for entries/stop management Just as an example here Mike {image}
Mike, what do you think about the OB from this chart?

I don't know how to trade these type of pins/OB where the PPZ is touched only with the tail.

You're right in the trade above there is a minor SH I can use for stop MG but usually I don't have other places to reduce the risk other than the high/low of the pin.

Do you trade setups where it's difficult to manage but have space (it seems this gold BUOB has some space but it's difficult to manage)?
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  • #127,313
  • Aug 15, 2013 9:44am Aug 15, 2013 9:44am
Quoting makwana
Cheers for the comment st8, would that mean in scenario's like this, you would prefer to 'touch' trade?
I haven't noticed the swing high you can use for reducing risk. I was speaking generally because I noticed the majority of PA signals only touch an important level with the tail.

I first want to be sure I'm profitable with PA before learning touch trading (Pinbar has a thread about touch trading if you're interested). I prefer to play pin bars where the PPZ is at the left eye.
  • #127,314
  • Aug 15, 2013 11:16am Aug 15, 2013 11:16am
Quoting mbqb11
{quote} Hey Str8 The way you explain above is easier, but their are lots of opportunities where you don't have that you will probably want to learn as you progress(nothing wrong with not though) For example here you can use the minor swing high as a "left" eye. Use the pullback bar to this area for entries/stop management Just as an example here Mike {image}
great Mak look at what happens at the heavy confluenced area
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  • #127,315
  • Aug 15, 2013 11:59am Aug 15, 2013 11:59am
Hey Mike, just wanted to get your opinion on the chart below. I rarely find decent looking box breakouts but this one was pretty obvious when I scanned the charts. What I do now is scan through each chart and just look for no more then a few seconds, if a pattern is obvious ill put some lines up, seems to be working ok.

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  • #127,316
  • Aug 15, 2013 1:11pm Aug 15, 2013 1:11pm
Quoting dan89
Hey Mike, just wanted to get your opinion on the chart below. I rarely find decent looking box breakouts but this one was pretty obvious when I scanned the charts. What I do now is scan through each chart and just look for no more then a few seconds, if a pattern is obvious ill put some lines up, seems to be working ok. {image}
yep looks good dan...more so even to take that pinbar off the box low ...where is price going in that type of situation?

the top of the box isn't well formed as a horizontal(although we can see the box of price) . Top of the box is more part of the diagonal TL potential breakout

Best
Mike
  • #127,317
  • Aug 15, 2013 1:24pm Aug 15, 2013 1:24pm
Hey Mike, I hadnt even seen that pinbar ive been so focused on breakouts. Ermm, I would say that price is likley to go to the marked areas on the chart. Previous bar lows and a small flip a little higher up ??

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Cheers
Dan
  • #127,318
  • Aug 15, 2013 1:52pm Aug 15, 2013 1:52pm
Quoting dan89
Hey Mike, I hadnt even seen that pinbar ive been so focused on breakouts. Ermm, I would say that price is likley to go to the marked areas on the chart. Previous bar lows and a small flip a little higher up ?? {image} Cheers Dan
hehe that's ok eventually you will see everything

Yes you got it but what does your first purple line also represent
  • #127,319
  • Aug 15, 2013 2:20pm Aug 15, 2013 2:20pm
Quoting mbqb11
{quote} hehe that's ok eventually you will see everything Yes you got it but what does your first purple line also represent

MIDPOINT :-)
If not up, then down, otherwise sideways :-)
  • #127,320
  • Aug 15, 2013 2:40pm Aug 15, 2013 2:40pm
Quoting Magestic
{quote} MIDPOINT :-)
yup the midpoint I was actually going to draw that line on in the first attatchment but i couldnt get a 'clean' enough midpoint line .. so left it out

here is an updated chart of where price went

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