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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

  • #70,041
  • Jul 28, 2010 10:33pm Jul 28, 2010 10:33pm
Has anyone else noticed the Weekly on GBP/CAD?

I kind of thinks we may be ready for a nice break up. Possibly a change in the trend (maybe for a short period anyway)?
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  • #70,042
  • Jul 28, 2010 10:34pm Jul 28, 2010 10:34pm
Quoting Dan Gilbert
here it is
Oh cool, I see. But the range of this inside bar is smaller than, well smaller than 20-30 bars on my charts I think.

That is of no importance maybe, I4B is to know that it is in fact smaller than AT LEAST THREE previous bars?
  • #70,043
  • Jul 28, 2010 10:35pm Jul 28, 2010 10:35pm
Quoting Dan Gilbert
here it is
I always thought an I4B was a bar that was Inside - 4 - bars. It made more sense to me that way, but I see you're including the inside bar itself in the bar count. hmmm...

g.
I believe . . .
  • #70,044
  • Jul 28, 2010 10:36pm Jul 28, 2010 10:36pm
Hey Dan,
Did you notice this one? Straddling 83...........
Should be interesting.

CY
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  • #70,045
  • Jul 28, 2010 10:40pm Jul 28, 2010 10:40pm
I thought we paid attention to BRN here! Congrades on #70,000 (2 pages back).
  • #70,046
  • Jul 28, 2010 10:41pm Jul 28, 2010 10:41pm
Quoting ertorque
Hey Dan,
Did you notice this one? Straddling 83...........
Should be interesting.

CY

that's not a BRN.... BRN for me would be 75, 80, 85, 90
Many choose unhappiness over uncertainty.
  • #70,047
  • Jul 28, 2010 10:43pm Jul 28, 2010 10:43pm
Quoting Adilius07
Oh cool, I see. But the range of this inside bar is smaller than, well smaller than 20-30 bars on my charts I think.

That is of no importance maybe, I4B is to know that it is in fact smaller than AT LEAST THREE previous bars?

exactly!

actually, an "I20B" or something of that nature is even better than just an "I4B". The tighter that price gets wound up, the more significant it is.
Many choose unhappiness over uncertainty.
  • #70,048
  • Jul 28, 2010 10:54pm Jul 28, 2010 10:54pm
Quoting kcardinalis
Hello Everyone!....
What pairs have you all found the greatest quantity of profitable set ups on? Specifically on the daily timeframe? I've backtested the GBP/JPY to good effect. I'm backtesting the GBP/CHF now and only finding about half as many good trades but it is otherwise OK. I've come to realize though that I am extremely picky about entering trades; my win percentage tends to be good, but I don't have very many trades. Thus I need to trade more pairs.
Hello Kyla,
IMHO, quality (better/best setups) is preferred over quantity (number of profitable setups).

also, i think, there are factors at play.
-spread (a pair may have a lot of good setups, but the spread is too wide)
- liquidity & volatility (a pair might be too quiet or whippy for your taste)
-chart time. a pair may have a lot of good setups, but u are not around enough to take advantage of it
-most importantly, YOUR risk profile, comfort. a pair may have a lot of good setups, but the pair is NOT in tune with your personality/risk profile/personal comfort. then, the quantity becomes highly immaterial.

being picky is great! keep it up & Keep posting!
  • #70,049
  • Jul 28, 2010 10:55pm Jul 28, 2010 10:55pm
Quoting Dan Gilbert
exactly!

actually, an "I20B" or something of that nature is even better than just an "I4B". The tighter that price gets wound up, the more significant it is.
Cool thanks Dan, I think I begin to understand.
  • #70,050
  • Jul 28, 2010 10:57pm Jul 28, 2010 10:57pm
The NZD/USD PB broke but did fell into trouble at the FTA area 0.7200 and the 23.6 fibo.

This makes me think we may be in for a run up to test the 0.7300 again.

Perhaps we may see some clearer PA there. That said it is Friday and profit taking may bring it down again.

Any thoughts on this people?

Still managing to stick to the daily but am floundering a little.

I suppose as this PB was off the 0.7400 it was a reasonably good setup.
However, I did not like the way it stopped dead at the 0.7311 area without actually piercing the 0.7300 mark.

The setup went to where we would expect it to go, I suppose?
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  • #70,051
  • Jul 28, 2010 10:59pm Jul 28, 2010 10:59pm
Quoting spookie94
Has anyone else noticed the Weekly on GBP/CAD?
...
i'll have to check my other MT4 for this. (no gbpcad on FXDD)
but looks interesting, Sir.

multiple bar high break or possible breakout + pullback.

keep us updated, just in case
  • #70,052
  • Jul 28, 2010 11:04pm Jul 28, 2010 11:04pm
Quoting Pinbar
The NZD/USD PB broke but did fell into trouble at the FTA area 0.7200 and the 23.6 fibo....That said it is Friday and profit taking may bring it down again.
...
my initial thought is that... it's only Thursday.
i know Japan is just 1 hour ahead of us here, not 1 day ahead..heheh

so 0.7300 did break convincingly huh.
see if the downmove still has energy or it's just a retracement.
  • #70,053
  • Jul 28, 2010 11:04pm Jul 28, 2010 11:04pm
Quoting supremeChaos
i'll have to check my other MT4 for this. (no gbpcad on FXDD)
but looks interesting, Sir.

multiple bar high break or possible breakout + pullback.

keep us updated, just in case
Yes agree,
If it does break that area should make for good support on a pull back. IMO the way this one has been knocking on the door for a while it may have a good run up on the initial break. I'm going to play this one on the break with a conservative FTA of 1.6300ish.
  • #70,054
  • Jul 28, 2010 11:07pm Jul 28, 2010 11:07pm
trendline traders!
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Many choose unhappiness over uncertainty.
  • #70,055
  • Edited 11:33pm Jul 28, 2010 11:22pm | Edited 11:33pm
Quoting supremeChaos
my initial thought is that... it's only Thursday.
i know Japan is just 1 hour ahead of us here, not 1 day ahead..heheh

so 0.7300 did break convincingly huh.
see if the downmove still has energy or it's just a retracement.

Yes, You are right, I am losing it in this heat recently!

And you are also correct about the break, as I now take a look at the H4, I can see that we had a PB confirming the D1 pa by taking us as low as 0.7289 after which we had a test of the 0.7300 before it went on its way showing us an IB4.

Hmm, so this kind of hints that it may be ok to drop down a TF to look for confirmation of a daily setup such as this.
What do you guys think about this methodology?


Thanks SC, appreciate the input.

Belated, but, I extend my condolences to the families of the air crash in Pakistan.
May they find whatever comfort they can in this time.
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  • #70,056
  • Jul 28, 2010 11:31pm Jul 28, 2010 11:31pm
Quoting Pinbar
Yes...
Hmm, so this kind of hints that it may be ok to drop down a TF to look for confirmation of a daily setup such as this.
What do you guys think about this methodology?
....
the answer is:

if it adds value...
if it's beneficial (rather than detrimental)...
if it works for YOU...
go for it
  • #70,057
  • Jul 28, 2010 11:49pm Jul 28, 2010 11:49pm
Quoting supremeChaos
the answer is:

if it adds value...
if it's beneficial (rather than detrimental)...
if it works for YOU...
go for it

SC, I was rather asking that question from a more general point of view.

At this stage, I am hardly the one to decide these things.

Yes, in this case it appears to have been advantageous after the fact, as to whether this will be the case in the future, I will have to look into it but do not want to get into another wild goose chase.
  • #70,058
  • Jul 29, 2010 12:16am Jul 29, 2010 12:16am
we had 3 pbs in a row, although that shows that level/trendline is holding, isn't a negative sign that price didn't bounce off that level with the first pb and continue with momentum up, but came back down 2 more times?
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  • #70,059
  • Jul 29, 2010 12:21am Jul 29, 2010 12:21am
Quoting mbqb11
just browsing some markets

who caught this simple one. Can't get easier then that one
Mike just watched one of ur vids on the site about pb's and the location, how you want lots of space, this one doesn't have much space and isn't really protruding much...? After watching ur vid on pbs I watched one, think it was under the "james16" section, and the guy was pointing out pbs more like this one, in consolidation areas, against and with the trend, he really wasn't concerned with location or space.
  • #70,060
  • Jul 29, 2010 12:25am Jul 29, 2010 12:25am
Quoting True777
Mike just watched one of ur vids on the site about pb's and the location, how you want lots of space, this one doesn't have much space and isn't really protruding much...? After watching ur vid on pbs I watched one, think it was under the "james16" section, and the guy was pointing out pbs more like this one, in consolidation areas, against and with the trend, he really wasn't concerned with location or space.
Hey True

This is a BEOB not a pinbar(be sure to go back through post one to read up on outside bars) so it is engulfing a range of bars so by the nature of it it might not look like it has space(and the protrusion is very high over the range of the prior bars - think of it as price tried to break higher and was rejected strongly down closing below that entire range of 4 bars) . IMO this is as A+ of a setup as you get. Very good swing high on a retracement of a large down move. Price is at a major round number and the 50% mark. Very strong close.

Remember that pinbar video is part of what it takes to understand multiple concepts. Think of it as the most basic introduction to understanding location/price bars etc. Each situation will present its own strengths/weaknesses.

This chart can be used as one that I would say is a model for a perfect bar in a perfect location

Hope that helps
Mike
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