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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

  • #128,681
  • Nov 12, 2013 7:17am Nov 12, 2013 7:17am
Quoting mbqb11
one of my current trades I liked the retrace entry best on this beob with the perfect massive pivot and boxed area. I think a break entry was trickier we are right at the FTA now {image} {image}

Hey Fudd I've shorted this one on three different time frames so far. Posted is one example. It also didn't hurt that when I saw the BEOB there was a gap in the 9837 area that needed filling.


K.I.S.S.
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  • #128,682
  • Nov 12, 2013 8:03am Nov 12, 2013 8:03am
Quoting Friend1975
Hi. I have a question. There are BEEBBUEB and BEOBBUOB, i.e. engulfing and outside bars, I met in the Internet. Please advise the difference between them, if any. If possible - in examples. Thank you in advance.

Hey Friend,
The answers to your questions are in the first 20 or 30 pages of this great thread. Enjoy!
  • #128,683
  • Nov 12, 2013 8:40am Nov 12, 2013 8:40am
Hey Ghous,
possible fake out?

http://i1243.photobucket.com/albums/...psa5e9dc0f.jpg

http://i1243.photobucket.com/albums/...ps73cf033c.jpg
  • #128,684
  • Nov 12, 2013 8:59am Nov 12, 2013 8:59am
Quoting Neytiri
{quote} Mike, By not taking an entry at the break of the low of the beob, don't you think that you are running into the risk that price might simply consolidate after your retrace entry. How are you able to make a decision that in this case price will not consolidate? Is it just because the beob was formed at the massive PPZ and closed below it? N
Hey N

Taking a retrace entry is playing an unconfirmed bar(a bar must break for it to be confirmed). The benefits of a retrace are of course a better price. In this case here the beob to me was better played on a retrace vs a break and this is ultimately what made my decision. Here we can see the beob close under the massive PPZ so a retrace to that PPZ is a VERY high probability short area.

Remember my EGN chart here? Same example of a retrace back to the PPZ.
http://www.forexfactory.com/showthre...44#post7068444

I don't care if price consolidates or whatever. It's never about that it's about the overall trade plan. For example once price retraces and picks up my order my stop is in place. My job is to wait and then react on what to do next. In this case here was my chart when I moved my stop down as price rejected off the PPZ. This allowed me to reduce half my risk and maintain the integrity of my trade.
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Hope that helps
Mike
  • #128,685
  • Nov 12, 2013 9:05am Nov 12, 2013 9:05am
again Ghous,
http://i1243.photobucket.com/albums/...ps5f6993ae.jpg
http://i1243.photobucket.com/albums/...ps3bd72d6f.jpg

too far away from the level?
  • #128,686
  • Nov 12, 2013 9:05am Nov 12, 2013 9:05am
Quoting Friend1975
Hi. I have a question. There are BEEBBUEB and BEOBBUOB, i.e. engulfing and outside bars, I met in the Internet. Please advise the difference between them, if any. If possible - in examples. Thank you in advance.
hey Friend

We define an engulfing bar or outside bar as.

Buob- must have a lower low than the previous bar. Must have a higher high than the previous bar and must close near the upper portion of the bar(think top 1/4)
BEOB - must have a higher high than the previous bar , must have a lower low than the previous bar and must close near the lower portion of the bar

Best
Mike
  • #128,687
  • Nov 12, 2013 9:05am Nov 12, 2013 9:05am
Quoting dan89
{quote} Have not been active on FF much as of late but ive been watching this pair as well. I have my trendlines slightly different but the same concept. Would really need to see a rejection/retracement off the current trendline to confirm this pattern before looking for a break to the upside. I've had a number of PMs asking me to post up trades/setups/ideas more often, so im going to try and do so from now on {image} Take care Dan
you peeking in at my computer

Good job sir
Mike
  • #128,688
  • Nov 12, 2013 9:06am Nov 12, 2013 9:06am
Quoting KissFan
{quote} Hey Fudd I've shorted this one on three different time frames so far. Posted is one example. It also didn't hurt that when I saw the BEOB there was a gap in the 9837 area that needed filling. K.I.S.S. {image}
Awesome Kiss, the gap was part of what I used to get me in on the retrace as well. It was just too juicy to pass up

Way to go

Mike
  • #128,689
  • Nov 12, 2013 9:09am Nov 12, 2013 9:09am
Any thoughts on GBP/USD? looks like nice fakey. maybe the wick might be a little too long though?

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  • #128,690
  • Nov 12, 2013 9:10am Nov 12, 2013 9:10am
Looks like Gio got there first lol. AT least i know i'm looking in the right places
  • #128,691
  • Nov 12, 2013 9:12am Nov 12, 2013 9:12am
Quoting GiovanniV
Hey Ghous, possible fake out? {image} {image}
The swing low is pretty minor. It does borrow some strength from the PPZ in the region, but I personally prefer deeper stronger swing points and a story buildup that is highly suggestive of a fake out scenario.

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For example here's a trade that I am in.

A very strong support region (trend line + EMA + PPZ) and price created a bullish pin bar off of it. The wick of the pin bar pretty much held confirming that this really just wasn't weak buying. If that was the case, we would have seen price completely fill the pin bar's wick and continue its way down. Instead we saw price trickle all the way back above all those key confluence factors. Not much left in this for sellers one could say . . . leaving no doubts about a valid fake out scenario.

Clearly there is almost no guesswork involved here. And that's what this thread always preaches. The ability to pick and choose the no brainers. Hard to do (at first) but sure as hell worth it. Be it your fake out trades or your macho pin bars and outside bars.

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g.
I believe . . .
  • #128,692
  • Nov 12, 2013 9:21am Nov 12, 2013 9:21am
Quoting Joe trader
Any thoughts on GBP/USD? looks like nice fakey. maybe the wick might be a little too long though? {image}
Hey Joe and Gio,

Again very tricky for my liking as its heading straight into the BRN 1.6 (assuming we get a daily close under it). Trading back into a consolidation box can always be very tricky and you need to know all your trouble areas by heart as price is chopping around in the first place because it's being tossed around major and minor S/R flips as its too weak to break through and sustain that break through momentum.

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g.
I believe . . .
  • #128,693
  • Nov 12, 2013 9:32am Nov 12, 2013 9:32am
Quoting mbqb11
{quote} hey Friend We define an engulfing bar or outside bar as. Buob- must have a lower low than the previous bar. Must have a higher high than the previous bar and must close near the upper portion of the bar(think top 1/4) BEOB - must have a higher high than the previous bar , must have a lower low than the previous bar and must close near the lower portion of the bar Best Mike
Thank you Mike. The above is clear to me. I`d like to clarify the following: 1. BEEB and 2. BEOB - it is one and the same bar or these are two different bars? Thanks
  • #128,694
  • Nov 12, 2013 9:35am Nov 12, 2013 9:35am
GOOOOOOOOD THANKS !
Ghous
  • #128,695
  • Nov 12, 2013 9:40am Nov 12, 2013 9:40am
Quoting Friend1975
{quote} Thank you Mike. The above is clear to me. I`d like to clarify the following: 1. BEEB and 2. BEOB - it is one and the same bar or these are two different bars? Thanks
Hey Friend


Do you mean BEB? BEB stands for Bearish bar, which is simply a "down" day that isn't categorized as one of the other bar types we use.

Best
Mike
  • #128,696
  • Nov 12, 2013 10:46am Nov 12, 2013 10:46am
Quoting mbqb11
{quote} Hey Friend Do you mean BEB? BEB stands for Bearish bar, which is simply a "down" day that isn't categorized as one of the other bar types we use. Best Mike
Mike, excuse me for my insistency again. I have met 2 names of bars: Bearish engulfing bar and Bearish outside bar thanks to Internet. Please tell me, whether these 2 names mean the same ? thanks in advance.
  • #128,697
  • Nov 12, 2013 10:51am Nov 12, 2013 10:51am
its an interesting chart because whilst im bullish usd higher tf is bearish .
I think its not a continuation pattern


Quoting dan89
{quote} Have not been active on FF much as of late but ive been watching this pair as well. I have my trendlines slightly different but the same concept. Would really need to see a rejection/retracement off the current trendline to confirm this pattern before looking for a break to the upside. I've had a number of PMs asking me to post up trades/setups/ideas more often, so im going to try and do so from now on {image} Take care Dan
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #128,698
  • Nov 12, 2013 11:07am Nov 12, 2013 11:07am
Quoting Friend1975
{quote} Mike, excuse me for my insistency again. I have met 2 names of bars: Bearish engulfing bar and Bearish outside bar thanks to Internet. Please tell me, whether these 2 names mean the same ? thanks in advance.
As far as I am concerned and have been taught, they are one in the same. They mean more to me at swing highs than anywhere else.

K.I.S.S.
  • #128,699
  • Nov 12, 2013 11:28am Nov 12, 2013 11:28am
Quoting Friend1975
{quote} Mike, excuse me for my insistency again. I have met 2 names of bars: Bearish engulfing bar and Bearish outside bar thanks to Internet. Please tell me, whether these 2 names mean the same ? thanks in advance.
Hey Friend


Kiss answered for you, yep they are the same thing


Best
Mike
  • #128,700
  • Nov 12, 2013 11:35am Nov 12, 2013 11:35am
Quoting ghous
{quote} The swing low is pretty minor. {image} g.
Hi Ghous, Can you tell how much you risk / trade?
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