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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

  • #131,201
  • Jun 10, 2014 5:55am Jun 10, 2014 5:55am
Quoting mbqb11
{quote} Hey Mav I was cautious against this one because although we are below that major support we are right near a major PPZ. So with the weaker closing pinbar and the previous more bullish bar being cautious here was what I was doing. Now a break of the bar would be the ONLY way I could see playing it in hopes that the BRN then holds. But there is no space so it's also trading into a tougher area. It looks like it should continue lower now that most of the USD pairs have gotten strong. I caught the usd/mxn breakout, so hopefully come out with...
Okay, thanks a lot for explanation.

Mav
  • #131,202
  • Jun 10, 2014 8:45am Jun 10, 2014 8:45am
Quoting vanilla.sky
#1. USDJPY we are bullish long term and we pull back after breakout from triangle consolidation. low of pin touched diagonal trendline and ppz, if you change ma20 to ema20 you will also have another though to the pip actually see no much against long entry with first tp few pips below top of prev candle.... which is not good I guess. {image}
Update: Next day price dounced from diagonal trendline based on last 2 bars and closed as consolidation so I closed position on BE.
Regards.
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  • #131,203
  • Jun 10, 2014 11:16am Jun 10, 2014 11:16am
Quoting dan89
Hi all, Something I noticed today whilst scanning my charts. Looks good to me. Pattern size is a little small ... Mike could you remind us on the importance on pattern size when trading these types of setups ? {image} Take care Dan
Hi all,

Just an update on this setup:

Closed with +5%.

Mike did you take this one in the end ... PA wasnt the best and I know your picky

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Take care
Dan
  • #131,204
  • Jun 10, 2014 2:15pm Jun 10, 2014 2:15pm
Quoting dan89
{quote} Hi all, Just an update on this setup: Closed with +5%. Mike did you take this one in the end ... PA wasnt the best and I know your picky {image} Take care Dan
way to go buddy

Didn't take that one myself but still holding my usd/mxn for now

Mike
  • #131,205
  • Jun 11, 2014 5:48am Jun 11, 2014 5:48am
Update on NZDJPY...

Second entry going good...

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  • #131,206
  • Jun 11, 2014 9:40am Jun 11, 2014 9:40am
I everybody,
i have a question for all of you:
The following chart is to Usd\chf on daily Tf.
The white rectangle that I drew,
is the area of ​​the confluence of the retracements of the previous 3 LH.
So the question is the setup given by BEOB on last Thursday has failed?

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  • #131,207
  • Jun 11, 2014 10:26am Jun 11, 2014 10:26am
Quoting alegargano
I everybody, i have a question for all of you: The following chart is to Usd\chf on daily Tf. The white rectangle that I drew, is the area of ​​the confluence of the retracements of the previous 3 LH. So the question is the setup given by BEOB on last Thursday has failed? {image}
In the technical sense the BEOB itself has not failed for 2 reasons:

1) It never broke, or traded below the low, so it was never validated.
2) Also the high of the BEOB has not yet been taken out, so while in significant retrace or drawdown it is still valid.

A conservative entry playing the break on the next bar, keeps traders out of the mess I'm currently watching unfold on this one....
  • #131,208
  • Jun 11, 2014 11:27am Jun 11, 2014 11:27am
Quoting mbqb11
{quote} Hey Mav I was cautious against this one because although we are below that major support we are right near a major PPZ. So with the weaker closing pinbar and the previous more bullish bar being cautious here was what I was doing. Now a break of the bar would be the ONLY way I could see playing it in hopes that the BRN then holds. But there is no space so it's also trading into a tougher area. It looks like it should continue lower now that most of the USD pairs have gotten strong. I caught the usd/mxn breakout, so hopefully come out with...
closed out of the usd/mxn now. Could be boxing up above the BRN for another move higher but too much profit to give up here
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  • #131,209
  • Jun 11, 2014 11:30am Jun 11, 2014 11:30am
Quoting Donkey
{quote} In the technical sense the BEOB itself has not failed for 2 reasons: 1) It never broke, or traded below the low, so it was never validated. 2) Also the high of the BEOB has not yet been taken out, so while in significant retrace or drawdown it is still valid. A conservative entry playing the break on the next bar, keeps traders out of the mess I'm currently watching unfold on this one....
thanks D for jumping in here
  • #131,210
  • Jun 11, 2014 11:45am Jun 11, 2014 11:45am
Hey Donkey so what you meant is to sell when the low of todays session wil be violated tomorrow ? To put sell stop below the previous low ?
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Man lie, woman lie, numbers don't
  • #131,211
  • Jun 11, 2014 11:58am Jun 11, 2014 11:58am
Quoting MisterG
Hey Donkey so what you meant is to sell when the low of todays session wil be violated tomorrow ? To put sell stop below the previous low ?{image}
Hey MrG

What D was speaking about is the BEOB outside itself. I like to see the next bar break the low(which also validates the bar). This is a way I measure momentum. But what D was also referring to is that this bar is technically not validated but not invalid. For the BEOB to become invalid the high needs to be taken out. For it to be valid the low needs to be taken out.

Many like to take retrace entries and their was a few spots for that too including where are now. I marked two potential retrace entries. Personally I think because of the location we wanted to see the first retrace area hold and break quick. Many took a retrace to this area and got their stops above the high that was put in and minimized their loss.

I like the idea of playing a break of this bar as it would have put us back into the previous larger box(marked by the white box).

Best
Mike
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  • #131,212
  • Jun 11, 2014 12:02pm Jun 11, 2014 12:02pm
Quoting MisterG
Hey Donkey so what you meant is to sell when the low of todays session wil be violated tomorrow ? To put sell stop below the previous low ?{image}
I can't post charts from this computer...I was saying sell the break of the daily BEOB from last week. I've seen and tested 3 entry methods for outside bars.

1) Break of the bar...most conservative and taught by Mike....and indicates the setup has momentum to carry the move to FTA or beyond. This will limit losses by keeping you out of strong reversals.

2) Retrace to previous bar high/low, ppz, etc. This is most aggressive and usually yields higher returns on winners, but can result in lower win percentages and more drawdown (at least in my testing). I also missed nice trades in my testing because price would often retrace little or not at all - especially the best outside bars.

3) Market entry at or near candle close. This is my preferred entry. It gives me a "little" better R on winners, and enough opportunity to reduce risk that the account drawdowns are not as severe as playing pure retrace (touch trade) entries.

Hope this helps...I will post an illustration tonight if it may help more.
  • #131,213
  • Jun 11, 2014 12:06pm Jun 11, 2014 12:06pm
Quoting mbqb11
{quote} Hey MrG What D was speaking about is the BEOB outside itself. I like to see the next bar break the low(which also validates the bar). This is a way I measure momentum. But what D was also referring to is that this bar is technically not validated but not invalid. For the BEOB to become invalid the high needs to be taken out. For it to be valid the low needs to be taken out. Many like to take retrace entries and their was a few spots for that too including where are now. I marked two potential retrace entries. Personally I think because of...
No need for a chart from me.....with this beauty.

I am currently sitting in a drawdown using the BRN as my reduced risk (slightly) loss. It has come within a couple of pips from getting stopped out over last few days. We'll see if Bears can continue to hold off the Bulls current advance.
  • #131,214
  • Jun 12, 2014 9:34am Jun 12, 2014 9:34am
Quoting Donkey
{quote} No need for a chart from me.....with this beauty. I am currently sitting in a drawdown using the BRN as my reduced risk (slightly) loss. It has come within a couple of pips from getting stopped out over last few days. We'll see if Bears can continue to hold off the Bulls current advance.
Hi.
I am still looking how this develops but I have been stopped already as I expected rather that price will not retrace too much.
I was thinking about this scenario from perspective of H/L analysis. We had double bottom. Then HH and retrace to 38.2 exactly. It is very common that after first (and possibly long) HH we have retrace only to 38.2. So I know it we had technically BEOB but it is against the scenario.
How price is just below BRN forming Two Bar High (highs are above BRN) so we have some potential to go long.
ps. Last days I have BEOB headache. I am very stressing if close/low of this bar reached some important target and if yes I consider this as 'used'. I prefer also that it is not bigger then 23.6 Fibo.
Regards.
  • #131,215
  • Jun 12, 2014 5:43pm Jun 12, 2014 5:43pm
here are some charts i've been sending to the group over time including my today chart

Simple s/r i'm looking for here + PA. Let's see what happens



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  • #131,216
  • Jun 12, 2014 11:51pm Jun 12, 2014 11:51pm
Nice to see price move in your favor when you wake up in the morning....

BTW anyone else short on EUR.

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  • #131,217
  • Jun 13, 2014 6:10am Jun 13, 2014 6:10am
Who else continues to watch price go against them even when your out at +4R ?

I used to feel bad when I saw a chart like the one below. I see the setup, I enter, I exit with decent profit -5-6%, but continue to watch as price goes against where it 'should' go ? I still have that habbit of watching a pair even after a profitable trade just to see if I was 'right' ... at least I dont feel bad about it anymore ...But, I need to learn to close down the chart and just let it go ... Mike whats your take on this ? Any suggestions, have you experienced this ?

Take care
Dan

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  • #131,218
  • Jun 13, 2014 8:19am Jun 13, 2014 8:19am
Anyone else in this trade? Beautiful pin bar on the daily time frame.
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  • #131,219
  • Jun 13, 2014 8:47am Jun 13, 2014 8:47am
Quoting Cricketer
Anyone else in this trade? Beautiful pin bar on the daily time frame. {image}
Man I went to happy hour after work instead of scanning charts and missed that one. It is definitely a nice one. Just curious as to where your original stop was, under the low or left eye of the PB maybe? It's gone straight to FTA so anything more is gravy. Great looking entry .
  • #131,220
  • Jun 13, 2014 9:10am Jun 13, 2014 9:10am
Nice weekly BEOB on palladium...
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