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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

  • #136,821
  • Sep 5, 2015 1:07pm Sep 5, 2015 1:07pm
What do you think guys about these charts? On GBPCAD weekly we have two bearish bars that form a big bearish outside bar. If we switch to daily, we can see that the price did not close to strong under the PPZ. I would put a pending order under the low of the last bearish bar, selling with the trend. On EURJPY we can definitely see that price closed pretty strong under the PPZ. The first trouble area is not so far but it's worth for a trade. Some opinions? Thanks! Have a great weekend.
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  • #136,822
  • Sep 5, 2015 3:06pm Sep 5, 2015 3:06pm
Quoting zamfir
Setups for this week Aug 31 - Sep 04. A normal week. Total Net Pips = 660. {file}
Hi Zamfir, thanks a lot again for your weekly posts! Can you describe shortly your trade management? I assume risk = candle size, and your TP is at FTA. When do you move to BE? Thanks!
Market can stay irrational longer than you can stay solvent.
  • #136,823
  • Sep 5, 2015 5:02pm Sep 5, 2015 5:02pm
Quoting analysttrade
{quote} Nice one zamfir! I only dont understood why you put this trades ?. Can you write on photo why you go in this trade please, Tnx
This is what I see on the charts posted, all Daily charts and there is Arrow to indicate:

AUDCAD - Bearish Outside Bar
AUDNZD - Bullish Outside Bar
CADCHF - Inside Bar
CADJPY - Inside Bar
EURAUD - Inside Bar
EURCAD - Inside Bar
EURGBP - Inside Bar
EURNZD - Bullish Outside Bar
EURUSD - Inside Bar
GBPCAD - Bearish Outside Bar
USDCHF - Bullish Pin Bar
USDJPY - Inside Day

Also, the candles are from Oanda which has GMT-5 closing and gives 6 bars per week, instead of the universally accepted GMT-2 which has New York 5pm close and give 5 bars per week, so perhaps your signals will not match exactly.

Hope that helps, John
MAY THE TREND BE WITH YOU
  • #136,824
  • Sep 5, 2015 5:24pm Sep 5, 2015 5:24pm
Quoting analysttrade
{quote} where you will put entry and stop loss sir?
Greetings AT. I haven't decided to trade this as yet. I will wait to see what happens next week. Entry and SL will likely be on a smaller TF if I do decide to enter. If price breaks below support (lower red line on chart), I will consider taking trade on breakout (with PA) or retrace to support after breakout (with PA) with SL just above that support. Price is also trading in a large box like range on the daily so something to consider too. GB
'Fail to plan, plan to fail'
  • #136,825
  • Sep 5, 2015 5:24pm Sep 5, 2015 5:24pm
Quoting minijup9615
What do you think guys about these charts? On GBPCAD weekly we have two bearish bars that form a big bearish outside bar. If we switch to daily, we can see that the price did not close to strong under the PPZ. I would put a pending order under the low of the last bearish bar, selling with the trend. On EURJPY we can definitely see that price closed pretty strong under the PPZ. The first trouble area is not so far but it's worth for a trade. Some opinions? Thanks! Have a great weekend.
I'm only just starting to follow this thread and method of pattern recognition so don't believe anything I say.

I am curious why you say there are 2 bearish bars to form the outside bar? On my charts it clearly shows that last week was a Bearish Outside Bar on it's own?

Looking to the Daily, there is clearly 4 days when that trade could have been entered, albeit with some drawdown.

In fact, the Monday which I marked, is a HUGE Bearish Outside Bar and price has closed around that low for the week.
Attached Image(s) (click to enlarge)
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MAY THE TREND BE WITH YOU
  • #136,826
  • Sep 5, 2015 5:36pm Sep 5, 2015 5:36pm
Quoting minijup9615
What do you think guys about these charts? On GBPCAD weekly we have two bearish bars that form a big bearish outside bar. If we switch to daily, we can see that the price did not close to strong under the PPZ. I would put a pending order under the low of the last bearish bar, selling with the trend. On EURJPY we can definitely see that price closed pretty strong under the PPZ. The first trouble area is not so far but it's worth for a trade. Some opinions? Thanks! Have a great weekend. {image} {image} {image}
Hey Mini. Well spotted. We have a DBHLC on E/J W1 and G/C is at a strong support level but both pairs look bearish to me. I will watch them with interest next week for a PA opportunity to go short if/when PA presents. Thanks for your charts. GB.
'Fail to plan, plan to fail'
  • #136,827
  • Sep 6, 2015 12:47am Sep 6, 2015 12:47am
Quoting FXBat
{quote} Hi Zamfir, thanks a lot again for your weekly posts! Can you describe shortly your trade management? I assume risk = candle size, and your TP is at FTA. When do you move to BE? Thanks!
yes, Risk - size of bar , sometimes behind a nice strong area.

TP = FTA

When to move to BE? that depends on each setup. General principle is that you move you SL behind strong S/Rs or confluence areas once the price has gone beyond it and we have a close.
  • #136,828
  • Sep 6, 2015 12:48am Sep 6, 2015 12:48am
Quoting analysttrade
{quote} Nice one zamfir! I only dont understood why you put this trades ?. Can you write on photo why you go in this trade please, Tnx
Hey analysstrade ,

I would suggest you go through my previous posts as to why i take these trades. I have explained the idea behind this strategy. Its not very hard. This is one of the most simplest PA strategies one can trade.
  • #136,829
  • Sep 6, 2015 2:30am Sep 6, 2015 2:30am
Quoting Guitarbloke
{quote} Hey Mini. Well spotted. We have a DBHLC on E/J W1 and G/C is at a strong support level but both pairs look bearish to me. I will watch them with interest next week for a PA opportunity to go short if/when PA presents. Thanks for your charts. GB.
Thanks for your reply GB.
  • #136,830
  • Sep 6, 2015 2:32am Sep 6, 2015 2:32am
Hey folks, any plans on trading that Friday IB on oil and CAD crosses?



I apologize for showing no charts but on my phone and limited skills in phone screen photo
  • #136,831
  • Sep 6, 2015 2:45am Sep 6, 2015 2:45am
Quoting Erebus
{quote} I'm only just starting to follow this thread and method of pattern recognition so don't believe anything I say. I am curious why you say there are 2 bearish bars to form the outside bar? On my charts it clearly shows that last week was a Bearish Outside Bar on it's own? Looking to the Daily, there is clearly 4 days when that trade could have been entered, albeit with some drawdown. In fact, the Monday which I marked, is a HUGE Bearish Outside Bar and price has closed around that low for the week. {image} {image}
Hey Erebus,

I am pretty new in this business too...so don't take it for certain. I will just share here my opinion. I don't know if it's right or not. I linked those two bars because i wanted to see the overall direction. If we have a BEOB, i am thinking that i should sell(a BEOB gives more power to the setup). On daily, the things change a little bit. Indeed we have that bearish outside bar, but that is not a strong close(from my perspective). Now again, how would one trade a BEOB? On the retrace of that bar, or on the brake of that bar. I am pretty sure that the price will go up but not to much (you can see a cluster of lows on your left). So ... that's my story. If you have more questions please ask. Hope it helps! Take care.

M.
  • #136,832
  • Sep 6, 2015 11:08am Sep 6, 2015 11:08am
Quoting contrails
Hey folks, any plans on trading that Friday IB on oil and CAD crosses? I apologize for showing no charts but on my phone and limited skills in phone screen photo
Oil looks lower.
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  • #136,833
  • Sep 6, 2015 11:08am Sep 6, 2015 11:08am
Wow, this thread is awe inspiring... been reading a couple of hours. Lots of hidden gems.

I was aware of the pin bar setup, but the rest... just wow!
  • #136,834
  • Sep 6, 2015 12:24pm Sep 6, 2015 12:24pm
Quoting minijup9615
What do you think guys about these charts? On GBPCAD weekly we have two bearish bars that form a big bearish outside bar. If we switch to daily, we can see that the price did not close to strong under the PPZ. I would put a pending order under the low of the last bearish bar, selling with the trend. On EURJPY we can definitely see that price closed pretty strong under the PPZ. The first trouble area is not so far but it's worth for a trade. Some opinions? Thanks! Have a great weekend. {image} {image} {image}
I'm also watching GBP/CAD and in my opinion it's to early to place a sell limit order. We haven't closed under the support level yet (blue rect.).
What I'd like to see is a long BEOB closing under the round number 2.0000 as I drew on the chart. Then I'd definitely be in on the pullback.
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Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,835
  • Sep 6, 2015 1:12pm Sep 6, 2015 1:12pm
Quoting ChiLL 14
{quote} I'm also watching GBP/CAD and in my opinion it's to early to place a sell limit order. We haven't closed under the support level yet (blue rect.). What I'd like to see is a long BEOB closing under the round number 2.0000 as I drew on the chart. Then I'd definitely be in on the pullback. {image}
I have same view like you, I will entry on breakout or on price action pattern
  • #136,836
  • Sep 6, 2015 1:24pm Sep 6, 2015 1:24pm
Quoting ChiLL 14
{quote} I'm also watching GBP/CAD and in my opinion it's to early to place a sell limit order. We haven't closed under the support level yet (blue rect.). What I'd like to see is a long BEOB closing under the round number 2.0000 as I drew on the chart. Then I'd definitely be in on the pullback. {image}
I really like this one. I don't know about you). Thanks for the reply!

@Erebus: Sorry! It's not a bearish outside bar.
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  • #136,837
  • Sep 6, 2015 2:25pm Sep 6, 2015 2:25pm
Quoting srt
{quote} Oil looks lower.
Also gold and silver.
  • #136,838
  • Sep 6, 2015 3:12pm Sep 6, 2015 3:12pm
Quote
Oil looks lower.

Interesting. I am considering buying...

I would consider the weekly BUOB closing back above 44.00 combined with some RSI divergence to have some sort of trend reversal potential.

Or am I missing something?

...and monthly is a pin bar...
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  • #136,839
  • Sep 6, 2015 3:29pm Sep 6, 2015 3:29pm
Quoting SophieFX
{quote} Interesting. I am considering buying... I would consider the weekly BUOB closing back above 44.00 combined with some RSI divergence to have some sort of trend reversal potential. Or am I missing something? ...and monthly is a pin bar... {image}
yes very nice setup, but where we will put stop loss?
  • #136,840
  • Sep 6, 2015 3:35pm Sep 6, 2015 3:35pm
Quoting SophieFX
{quote} I would consider the weekly BUOB closing back above 44.00 combined with some RSI divergence to have some sort of trend reversal potential. Or am I missing something?
I see a classic stop hunting going on. Once the 45.00 level broke on the week of Aug 9th, fresh sellers entered the market already. Then institutional money tried to raise the price just over 45 to take out the stops. Now, if it breaks 45 again, its going to be a big fall. If it can't break 45 again in 2 to 3 days, then only I would consider buying. Also, there isn't much fundamental news that can possibly change the whole downtrend.
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