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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

  • #1,481
  • Dec 11, 2006 8:44pm Dec 11, 2006 8:44pm
<TABLE class=tborder cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 157968" vAlign=top><TD class=alt1 align=middle width=125>goodthings</TD><TD class=alt2>dbh(higher close)hc. From this can a fella expect a continual up move</TD></TR></TBODY></TABLE>


looks like a pin bar after the dbh, watch out
  • #1,482
  • Dec 12, 2006 9:28am Dec 12, 2006 9:28am
Is the 4th bar from right a beovb??
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  • #1,483
  • Dec 12, 2006 9:45am Dec 12, 2006 9:45am
Getting familiar with price action...
Can we consider this DBLHC....anybody take this trade?
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Shah For every action there is an equal and opposite reaction.....
  • #1,484
  • Dec 12, 2006 10:25am Dec 12, 2006 10:25am
Quoting Panjan
Getting familiar with price action...
Can we consider this DBLHC....anybody take this trade?

Hi Panjan,
I don't trade USDCAD, it's too oil correlated for me, but it looks like a bullish outside (vertical) bar / bullish engulfing candle to me.
I'd recommend looking for nearby zones of resistance that will turn into support once you are above them to enter instead of right away.
You might miss some trades, but you make up for it in less stop and more profit.

Here's the chart from my timezone with the example.
Hope this helps.

Best wishes,

SeekingLight
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Trust price. Know yourself.
  • #1,485
  • Dec 12, 2006 10:54am Dec 12, 2006 10:54am
Quoting c1ro
Is the 4th bar from right a beovb??
3rd bar on your chart is bovb (bearish).

Last bar on my chart is bullish overlapping ....
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  • #1,486
  • Dec 12, 2006 3:55pm Dec 12, 2006 3:55pm
Nice setup for short trade. Price bounce off 50 ret twice, includes pin bar followed by double high. I recomend and I am sure James and others will agree to place short order about 10 pips below the low of the candle.(aprox 116.40 on my chart) This is because you need price action to confirm the down move.
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  • #1,487
  • Dec 12, 2006 4:33pm Dec 12, 2006 4:33pm
PipBirds post,

Noticed this yesterday on the 4hr chart.... Currently bouncing off of the 200 EMA (red line, of course.) Waiting for it to break free before doing anything. Though that double top is promising!

,Bundy
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Bundy's status today: "Waiting..."
  • #1,488
  • Dec 12, 2006 7:35pm Dec 12, 2006 7:35pm
Quoting bundyraider
PipBirds post,

Noticed this yesterday on the 4hr chart.... Currently bouncing off of the 200 EMA (red line, of course.) Waiting for it to break free before doing anything. Though that double top is promising!

,Bundy
Well said bunnyraider, price confirmation is key on these trades
  • #1,489
  • Dec 12, 2006 9:45pm Dec 12, 2006 9:45pm
Seekinglight,

Thanks for the feedback. I would love to learn more about this price action especially the BUOB/BUOVD.

In my country the forex books are very limited and expensive. Is there any link that I can surf to increase my knowledge in this area. I just finished reading james thread from page 1....you guys are great. Thinking to joint J16 group too when comes to right time....$$$

Regards,
Shah For every action there is an equal and opposite reaction.....
  • #1,490
  • Dec 13, 2006 5:45am Dec 13, 2006 5:45am
Quoting raczekfx
3rd bar on your chart is bovb (bearish).

Last bar on my chart is bullish overlapping ....
If it is beovb why the next bar is a bull bar??
  • #1,491
  • Dec 13, 2006 7:02am Dec 13, 2006 7:02am
Quoting PipBird
Nice setup for short trade. Price bounce off 50 ret twice, includes pin bar followed by double high. I recomend and I am sure James and others will agree to place short order about 10 pips below the low of the candle.(aprox 116.40 on my chart) This is because you need price action to confirm the down move.
Hi PipBird,
Sorry to disagree, but I'd rather be looking to go long on the break of the 2 daily highs ... 117.22. Just going with the recent daily uptrend. Also, I've got support coming in around the 116.50-60 area. Would probably be best to place orders either side of the yesterdays IB.

Take Care
Habeeb
Keeping it Simple
  • #1,492
  • Dec 13, 2006 10:11am Dec 13, 2006 10:11am
Quoting c1ro
If it is beovb why the next bar is a bull bar??
If I knew the answer to this question I’d be trading from my space station on mars right now….and looking at all earth’s affairs from a distance…lol
  • #1,493
  • Dec 13, 2006 3:31pm Dec 13, 2006 3:31pm
Quoting habeeb
Hi PipBird,
Sorry to disagree, but I'd rather be looking to go long on the break of the 2 daily highs ... 117.22. Just going with the recent daily uptrend. Also, I've got support coming in around the 116.50-60 area. Would probably be best to place orders either side of the yesterdays IB.

Take Care
Habeeb
Thank you so much for your input, big up day as you predicted. My short never executed so no harm. Also, Do you always put both buy and sell orders on inside bars and double top/double low. Or do you mainly only follow the current trend
  • #1,494
  • Dec 13, 2006 9:41pm Dec 13, 2006 9:41pm
Example Chart
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  • #1,495
  • Dec 13, 2006 9:56pm Dec 13, 2006 9:56pm
Hi Habeeb,
Wat kind of stop loss did, or would you use on that ib break up you mentioned on yen?

Westie


Quoting habeeb
Hi PipBird,
Sorry to disagree, but I'd rather be looking to go long on the break of the 2 daily highs ... 117.22. Just going with the recent daily uptrend. Also, I've got support coming in around the 116.50-60 area. Would probably be best to place orders either side of the yesterdays IB.

Take Care
Habeeb
  • #1,496
  • Dec 14, 2006 2:26am Dec 14, 2006 2:26am
Quoting PipBird
Thank you so much for your input, big up day as you predicted. My short never executed so no harm. Also, Do you always put both buy and sell orders on inside bars and double top/double low. Or do you mainly only follow the current trend
No, I don't place orders both sides of an IB. I look at the probabilities of a direction and only place one order. Yesterday's trade was a text book trade. I just played it one of the ways Jim taught it. I closed that trade for
+30, 'cos I decided to jump on the EurChf Pin. We had a Monthly Pin, and the second eye has retraced to the level of the first eye, and yesterday was a pin, pointing the same way as the Monthly.
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Keeping it Simple
  • #1,497
  • Dec 14, 2006 2:29am Dec 14, 2006 2:29am
Quoting Westie
Hi Habeeb,
Wat kind of stop loss did, or would you use on that ib break up you mentioned on yen?

Westie
Hi Westie,
my stops are fixed at 30 pips. Usually, you'd place the stop below the IB.
Keeping it Simple
  • #1,498
  • Dec 14, 2006 2:58am Dec 14, 2006 2:58am
Looks like the daily pin on EurChf just got wiped aside. Well, just gives a better entry on the Monthly pin, and reduces the stop. I'm short again.
Keeping it Simple
  • #1,499
  • Dec 14, 2006 3:21am Dec 14, 2006 3:21am
Im right with you habeeb. No better time to be short on this monthly for a great risk:reward ratio. Heres the chart for those interested.

Lets hope this bad boy takes a nose dive

Best,
Mike
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  • #1,500
  • Dec 15, 2006 2:01pm Dec 15, 2006 2:01pm
here is the eur/cad daily chart IB bar broke south.

Again the weekly pin held up, and maybe this could be the start of the reversal. We shall see what next week brings
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