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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

  • #127,761
  • Sep 12, 2013 11:03pm Sep 12, 2013 11:03pm
Quoting Friend1975
Hi everybody. I am the beginner.I 'd like to clarify the following. Can anybody help me studying price action? What should I start? Thanks in advance for any advice.
welcome to the thread Friend, don't hesitate to ask questions as you work your way through



Best
Mike
  • #127,762
  • Sep 13, 2013 1:03am Sep 13, 2013 1:03am
We got BEOB on AUDUSD and BUOB on EURAUD. I'm not taking this becasue I have this strange feeling about them. But otherwise they're proper BEOB/BUOB and not at bad locations. Anyone taking them? Any thoughts what might be wrong with them or why you think they're great?
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  • #127,763
  • Sep 13, 2013 2:33am Sep 13, 2013 2:33am
I took the Aussie trade. It's a very strong downtrend and the BEOB is off a pull back. It shows clearer on the weekly chart:

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On the daily the picture is a little different in my opinion. Expect some difficulty in getting through this mess:

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Only look for shorts on a "down day" and unless you have plenty of margin, look for J16 entries on the H1 or even the M30 and M15 charts so that your R : R is potentially enormous because you want into the daily and weekly.
Gone to a better place
  • #127,764
  • Sep 13, 2013 3:13am Sep 13, 2013 3:13am
Quoting smikester
I took the Aussie trade. It's a very strong downtrend and the BEOB is off a pull back. It shows clearer on the weekly chart: {image} On the daily the picture is a little different in my opinion. Expect some difficulty in getting through this mess: {image} Only look for shorts on a "down day" and unless you have plenty of margin, look for J16 entries on the H1 or even the M30 and M15 charts so that your R : R is potentially enormous because you want into the daily and weekly.
Hi smikester, for me the EURAUD BEOB is heading right into strong support which was resistance before, also the close wasn't that strong, I am actually long this pair so I am biased
  • #127,765
  • Sep 13, 2013 3:15am Sep 13, 2013 3:15am
Hello friends!

I've been away from this forum and trading for a while because I moved to South Korea for work. I had pretty good success trading this method but I seem a little bit rusty right now. It's funny how much you can forget with a little time away from the charts.

I'll be lurking in the background and posting charts when I see things and hopefully it will come back to me without too much trouble...
  • #127,766
  • Sep 13, 2013 3:35am Sep 13, 2013 3:35am
Quoting Bullet
{quote} Hi smikester, for me the EURAUD BEOB is heading right into strong support which was resistance before, also the close wasn't that strong, I am actually long this pair so I am biased
Hello Bullet. My charts are for the Aussie. I have no view or analysis for Eur/Aud. Anyway. I hope your long works out.
Gone to a better place
  • #127,767
  • Sep 13, 2013 3:53am Sep 13, 2013 3:53am
Quoting deltaskelta
Hello friends! I've been away from this forum and trading for a while because I moved to South Korea for work. I had pretty good success trading this method but I seem a little bit rusty right now. It's funny how much you can forget with a little time away from the charts. I'll be lurking in the background and posting charts when I see things and hopefully it will come back to me without too much trouble...
Hello buddy,
I'm in the same boat. Was away from charts for months(actually almost two years). Back now and settled. Let's brush our skills, I bet old timers will get us back on track in no time!
  • #127,768
  • Sep 13, 2013 4:06am Sep 13, 2013 4:06am
Quoting michal7
{quote} Hello buddy, I'm in the same boat. Was away from charts for months(actually almost two years). Back now and settled. Let's brush our skills, I bet old timers will get us back on track in no time!

Sounds good, I was having a little trouble with the patience part right when I came back because I just wanted to jump in and start trading. I remember that being almost they key factor in the whole thing for me, waiting...waiting....waiting....and pounce
  • #127,769
  • Sep 13, 2013 7:56am Sep 13, 2013 7:56am
Nice (imho) pinbar formed at a swing in a H4 downtrend. Tolerable traffic too. Price (probably?) got carried down by retail sales news. I had to get out when price hit 1st resistance.
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There is no good news or bad news. Only news.
  • #127,770
  • Sep 13, 2013 9:32am Sep 13, 2013 9:32am
Quoting michal7
{quote} Hello buddy, I'm in the same boat. Was away from charts for months(actually almost two years). Back now and settled. Let's brush our skills, I bet old timers will get us back on track in no time!

Well now, I am in good company. I am also just getting back into trading. I come back with a bit more patience and maturity.....we'll see if it is enough. I am ready to stop chasing the market and let it come to me instead. So, this makes three of us that are just getting back into things. Best of luck my friends!
  • #127,771
  • Sep 13, 2013 10:40am Sep 13, 2013 10:40am
Quoting smikester
{quote} Hello Bullet. My charts are for the Aussie. I have no view or analysis for Eur/Aud. Anyway. I hope your long works out.
Sorry I meant the AUDUSD.
  • #127,772
  • Sep 14, 2013 3:56am Sep 14, 2013 3:56am
Hi,


Please, tell your opinion. This Pin bar on Daily Gold is strong or no ? Although it has not support (near support is about 1270-76) , but it has 50 % fibo from (1180-1433). Please give me any advice, how to analyse this situation correctly.
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  • #127,773
  • Sep 14, 2013 8:16am Sep 14, 2013 8:16am
Hey Guyz, I want your help with this trade please , we have a CLEAR BREAK of a BRN 8400 in EUR/GBP in the weekly time frame , given all the strength present right now in GBP across all majors with all the fundamentals in favor of the pound . What would be the first Target or FTA and what are the possible targets . I currently see a possible PPZ between 8400 and 8200 , with a VERY probable possiblility of reaching at least 8300 by early 2 days next week.
Thanks a lot for all the support .
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  • #127,774
  • Sep 14, 2013 11:17am Sep 14, 2013 11:17am
good breakout on amgen. weekly chart.
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meine augen sind die sterne
  • #127,775
  • Sep 14, 2013 2:03pm Sep 14, 2013 2:03pm
Quoting Ebont74
{quote} Well now, I am in good company. I am also just getting back into trading. I come back with a bit more patience and maturity.....we'll see if it is enough. I am ready to stop chasing the market and let it come to me instead. So, this makes three of us that are just getting back into things. Best of luck my friends!
hey guys, same as me. I'm in a bit different situation, but it's similar. I've been trading forex for some time, but only with small success. This small success was mainly thanks to price action. To make a long story short- I am going back where I started and that's this thread, but this time want to be more active. Good luck fellas.
  • #127,776
  • Sep 14, 2013 2:51pm Sep 14, 2013 2:51pm
Quoting aserbfx
good breakout on amgen. weekly chart. {image}

Looking at this chart, I think I would be very wary of that massive pinbar that is two bars to the left. What happens when price reaches that high? The volume is also shrinking and it's looking kind of 'double toppy' as well which isn't such a good sign I think. Just my opinion of course, I know nothing of that stock.
  • #127,777
  • Sep 15, 2013 4:05am Sep 15, 2013 4:05am
Let's see how it goes...

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  • #127,778
  • Sep 15, 2013 12:44pm Sep 15, 2013 12:44pm
Quoting michal7
Nice daily pin bar on GBPCHF. In a bit of traffic but near key resistance 1.4750-1.4800, two Fibo levels, 50% and 76.4%. I have sell stop order at 1.4689, SL above pin bar at 1.4786. TP is at 1.4632 for now. I will carefully watch 1.4666-61 and 1.4647 and take some profit there and move SL. This is on demo. If someone has any comments I'd appreciate your opinion. {image} {image} {image}
Hey Michal

Few things can keep you out of a bar like this in my view

Firstly size, notice the size verse the VERy strong up move.


Second close, notice how price barely closes as a pinbar

third and perhaps most important is how the bar size . Notice how we have the left bar highs so the pinbar sits down on it and then puts us in complete traffic.

Lastly notice price isn't off the previous high. It "stalled" just prior to it. To me thats weak selling cause the stronger selling should come at the swing high or just above it.


Hope that ehelps
Mike
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  • #127,779
  • Sep 15, 2013 12:46pm Sep 15, 2013 12:46pm
Quoting makwana
{image}
Hey Mak


That's the area that worries me personally. For me that makes this pinbar more iffy with the size of it. But yes you can use that area as the left eye

Best
Mike
  • #127,780
  • Edited 4:06pm Sep 15, 2013 3:37pm | Edited 4:06pm
Quoting mbqb11
{quote} Hey Michal Few things can keep you out of a bar like this in my view Firstly size, notice the size verse the VERy strong up move. Second close, notice how price barely closes as a pinbar third and perhaps most important is how the bar size . Notice how we have the left bar highs so the pinbar sits down on it and then puts us in complete traffic. Lastly notice price isn't off the previous high. It "stalled" just prior to it. To me thats weak selling cause the stronger selling should come at the swing high or just above it. Hope that ehelps...
Hello Mike,
I was opening forex factory to ask you(and others) about this trade I took as it was loosing trade for me and I wanted to know what was wrong with my thinking. I saw pin bar, I saw strong resistance and I saw Fib confluence. So thank you for your thoughts, much appreciated!
I didn't take a full loss as I moved my SL at 1.4740. My tactic is to move my SL to BE and take some profit very soon at first trouble area which in my opinion was at 1.4660-48 if looking at bar high from 4th september and also hourly chart(attached). I was dissappointed because price didn't even get there. And it usually gets there even if it's B setup, right?
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