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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

Quoting jarroo
Anytime bundy. Glad I could help.
Let me know if my . . umm . . achives can help.
Bundy's status today: "Waiting..."
does this qualify as a PB?
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Trade what you see - Not what you think
Quoting summitfx
does this qualify as a PB?
Does what qualify as a PB? The current bar?
Indicators show the past. Price Action "Indicates" the future.
heavy geppy shorts
can we take profit at 207 today? or Monday?
I AM NOT AGAINST ANY RETARD. I AM JUST AGAINST ANY WRONG/LOSING TRADES.
Quoting summitfx
does this qualify as a PB?


i assume you mean the bar at the top as shown below. Then yes. Not the longest nose but great location.


Enjoy the weekend

Mike
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Hello guys,

Anyone playing this pin if it sets up?

Have a great weekend everyone

T
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Thanks Mike - I always appreciate the time and effort you put in here.

Quoting mbqb11
i assume you mean the bar at the top as shown below. Then yes. Not the longest nose but great location.


Enjoy the weekend

Mike
Trade what you see - Not what you think
...
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Trade what you see - Not what you think
  • Post #11,329
  • Quote
  • Edited Jun 21, 2008 2:13am Jun 20, 2008 3:46pm | Edited Jun 21, 2008 2:13am
Quoting saskgui

Sheesh, i thought you were talking about me here.... the description was accurate. PA has changed the way i look at charts however i am still looking for a "system" that suits me. I was in the PF and i came out of it still looking for a "system".

On my PA trades i struggled with the lack of structure. Which pairs do i trade, which TF, what determines confluence, what about when i have conflicting confluence... what takes precedence? Is a trendline more powerfull than a 50 fib? How many trades can i have open at a time or should i be concerned about correlations? (not a mm question). What about news and fundamentals, as a technical analyzer should i try to learn more? Should i take PA against the trend or only with the trend? Which trend? Should i always risk 1% of my account on all open trades or should i develop expectations on which trade is a higher probability and commit more? This and so many other questions....

I respect Jim and all the contributors of this thread. I have alot of respect of you as well as you seem to be the package deal, able to pull everything together and make it look easy. Thank you for posting here even though you don't have to and could just stay in the PF. I as well as other people appreciate your work.

For me Jacko's system is attractive because it offers simplicity. One pair, one direction (only buys) one TF (or atleast nothing low) buy on dips and trail your stop. Can't get any easier. For me with only one pair to trade and only one direction i don't get enough action... (there are weeks between trades, maybe to simple?) so on to the the quest of system jumping... find something that i can trade on a day chart or higher that allows me to be somewhat agressive but not stupid. I don't want no holy grail, just something that is more than 50% accurate and gives me at least a couple of trades a week on average.

Yes i did see your recent post on trading the GBP/USD daily pins and i once again am demoing this. My experience with pins has not been that positive but i am still trying.
saskgui I understand your fustration. The hours of study, pouring over charts, looking at Price Action setups that are posted on this thread (after the fact) and saying to yourself "How did I miss that BEOVB on the Weekly, it's right there". But as you continue on, one day it will hit you. Not like ton of bricks more like you'll look at your charts or a posted chart on this thread and say "That DBHLC is not correct or that PB has so many conflunences around it I have to take." It'll hit you, but the study and practise has to be consistent. And if your like me, what makes it easier, is that it's a whole lot of fun.

Practise? How does one practise Price Action? Simply put, is that you physical make the trades on a demo account or on a mico or mini account. Reading and understanding Price Action is one thing, actually making a trade : entering, exiting, placing stops, etc., just seems to jell in the mind. You can read all about building a motorcycle, but until you physically get your hands dirty and using tools to actually put one together, you never really buildt one.

Practise on 4 hour charts and even the hourly charts. Look for PA with confluennce of trendlines, PPZ, Fib levels, Flags, etc., that support and do not support a trade. But always looking at the higher time frames. And you'll get my friend.

I would like to respond to raczekfx post because I feel that its appropriate as it relates to this post.

I am a Price Action guy and will always be one. I started a thread called the Daily Inside Bar System (DIBS). Which was provided by a credible trader named Peter Crowns. It is method of trading Price Action on the Hourly chart.

When I was reading Bemac thread I saw the word "Inside Bar" and said "Hey, that's Price Action" and study his method further. The thread is going very well and many people using this method have had positive results. But . . . . all we're really doing is practising Price Action on the hourly chart. We are still practising the method and with practise (as with anything in life) we'll get better and sharper.

I am thinking of starting another thread using the DIBS method on the 4 hour, Daily and Weekly. But that thread has already been established. It's called the James16 Chart Thread.

I may do it anyways because it would just be using Inside Bars. I'd like to see a thread just on Outside Bars and one on just Pin Bars. But that's just me.

Jim


DIBS Method : http://www.forexfactory.com/showthread.php?t=86766
Indicators show the past. Price Action "Indicates" the future.
valid pin or people covering for the weekend...hmmm....
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Hindsight is 20/20
Quoting cosgrove
valid pin or people covering for the weekend...hmmm....

It looks valid as it sits on 4hr ppz.
Find an Edge. Only way to succeed in this business.
Quoting jattputt
It looks valid as it sits on 4hr ppz.
I convinced myself that I didn't like its overall position. I'd probably wait for a play off of the trendline again.
Hindsight is 20/20
Excellent thread you guys...thanks for sharing!
Quoting jarroo
On page 8, Post 111; Jim shows a chart of DBLHC on the Daily Eur/Jpy which doesn't prove successful (let's just say it was delay a few days)

On this chart he refers back to the chart on Post 58, page 4. The actual chart is on Post 59. Trust me on that,
I . . umm . . archived that chart and noted the page and post number. (archived is such a better word then copied.)

Anyway, Jim made an error on referring "everyone go back and look at post 58", he meant to say post "68", which is now post 69. It was post 68 back then, again confirming from my archives.

Post 69 shows a failed DBHLC on the 15 min and he explained ways to check higher time frames and so on.


http://www.forexfactory.com/showpost...&postcount=111


http://www.forexfactory.com/showpost...5&postcount=69

Yes, you can say I read the thread a few times.

Jim
Excellent, thanks very much!
Im on my first read and tearing through it!
EUR-USD 4IB @PPZ ......
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Find an Edge. Only way to succeed in this business.
Hello everyone,

I am slowly reading throgh this thread and have come to the posts from last july about jpy (#4994). They just brought up a question.

Is it time to go short soon in USD/JPY? I just saw this formation and I think it's a DBHLC? They have a difference of one pip at my chart. Would someone play it from here or wait for some more pa signals that price is going down? Because the last months price has been going up?

Thanks in advance,

Diane
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Hi Diane.
That is a good double-high lower close candle. You could definitely trade it, but be aware of the longer term trend. The weekly candles have alternated high and lows each week for 8 straight weeks, with the up weeks much stronger than the down. If this pattern holds, then last week was a retrace of the prior week's move. I'm waiting for a 50 percent retracement of the prior week's candle with confirmation to go long.

The market is making lower highs and lower lows on the 4 hour chart, supporting the DHLC signal on the Daily. If I was going to take the daily signal, I would wait for a retrace, and keep an eye on it because of the long term trend.

There are definitely opportunities either way. Happy trading!
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Anyone watching Eurjpy daily?
PB there last week?
Its been knocking around a strong range recently


Also lovely PB on usdcad last friday. on 150ema and previous pivot
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Quoting Diane
...Is it time to go short soon in USD/JPY? I just saw this formation and I think it's a DBHLC? They have a difference of one pip at my chart. Would someone play it from here or wait for some more pa signals that price is going down? Because the last months price has been going up?
Thanks in advance,
Diane
Hey Diane,
this is just my personal view on this: By definition it is a DBHLC (1 pip difference on daily is ok I think). But it is not at the swing high, or better said, it doesnīt define the swing high itself. So personally, I would not trade this DBHLC in that place. Had it occurred a few days earlier right at 108.00, then I wouldīve taken it short.
Where itīs located at now, it may act as a continuation sign if you were already in a trade short. But unfortunately we didnīt get a clear and confidence-building PA setup (in my opinion) at this current swing high, so no trade (for me at least).
What price has done the last few months may have an effect on how you manage your trade/stops, but - for me - a good setup is a good setup.

Hope that helps a bit
RM
Quoting Rainmaker
Hey Diane,
this is just my personal view on this:...
Well said. Couldn't agree more. Just about word for word on what I was thinking too, RM.

.
Bundy's status today: "Waiting..."
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