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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

  • #9,901
  • Apr 8, 2008 2:04pm Apr 8, 2008 2:04pm
Just to clarify:

Bearish Outside Bar means a Bearish encompassing bar?
and IB means when the previous bar encompasses the latest bar? (like the opposite of BOB)
What is Inside 4 Bar?


I take it as a project now to gather all these, maybe Jim can stick it in the first post for newbies like myself I've added TBHLC and TBLHC to the list.
Just joking..
  • #9,902
  • Apr 8, 2008 2:05pm Apr 8, 2008 2:05pm
thanks j,

j has been a friend a long time. late 2005 to be exact.

jim

Quoting jarroo
Once people live and learn this simple yet powerful statements, and concentrate on practising Price Action with S/R Levels, the better off they will be. (but you guys know this already on this thread.)

It has changed my accounts form negative to postive.

Jim, you are, and will always be, THE MAN.


Jim
  • #9,903
  • Apr 8, 2008 2:06pm Apr 8, 2008 2:06pm
I am using Alpari MT4
my daily charts don't match your previous chart that you posted on previous page. hhmmmmm. So i did not see your setup.
I think, from your graphs, that you are using Interbank.

Is anyone going long gbp/usd based on Guru James16 system?
I used the closing price of the previous 2 hours ~2 pips.

Please correct me if im mistaken on this entry.

Thank you so much everyone.
  • #9,904
  • Edited 2:25pm Apr 8, 2008 2:12pm | Edited 2:25pm
Quoting james16
thanks j,

j has been a friend a long time. late 2005 to be exact.

jim
To be honest, it took me awhile to fully except and appreciate Price Action solely. If it wasn't for Jim's teaching style and kind hearted approach to this business, I probably would have never got there.

Thanks again, Jim, for all you do.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #9,905
  • Apr 8, 2008 2:18pm Apr 8, 2008 2:18pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
?Why bars and not candles, i see candles clearer at the moment as thats all i'm used to.

looked back at my charts and should kick myself square in the back side. AJ, i was tempted to long around 89.ish as this looked good on my MA's, now i look at the Daily charts and can see it straight off hugh support and 4 failed tries to break through since Aug 07.

much clearer to me on candles still.
  • #9,906
  • Apr 8, 2008 2:30pm Apr 8, 2008 2:30pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
should have added, i found some great PDF's on pinbars in this thread, look under the attachments file and hide the images, i'll post them here, but there are some other items people might want.

Attached File(s)
File Type: pdf Pin bars-advanced.pdf   113 KB | 1,085 downloads


Attached File(s)
File Type: pdf Pin bars-introduction.pdf   175 KB | 1,154 downloads


Attached File(s)
File Type: pdf pinbar[1].pdf   113 KB | 1,591 downloads


Attached File(s)
File Type: doc Pinochio.doc   186 KB | 1,748 downloads


Attached File(s)
File Type: pdf Practical Fibonacci Methode for Forex Trading.pdf   431 KB | 2,695 downloads
  • #9,907
  • Apr 8, 2008 2:35pm Apr 8, 2008 2:35pm
Quoting MPP
?Why bars and not candles, i see candles clearer at the moment as thats all i'm used to.

looked back at my charts and should kick myself square in the back side. AJ, i was tempted to long around 89.ish as this looked good on my MA's, now i look at the Daily charts and can see it straight off hugh support and 4 failed tries to break through since Aug 07.

much clearer to me on candles still.
Yeah I dont think it really matters. It's personal preference.
Some people within here do use candles. It's still the same information.

Tom
  • #9,908
  • Apr 8, 2008 2:37pm Apr 8, 2008 2:37pm
I've always traded with candlestix and know and trust the patterns well. Are there specific advantages in switching to bars and learning the james16 method- anyone?

Thanks

Quoting mbqb11
Hey Pedro

I assume you are referring to the Price Bar abbreviations.

Pin = Pin Bar
BEOB = Bearish Outside Bar
BUOB = Bullish Outside Bar
DBHLC = Double Bar High Lower Close
DBLHC = Double Bar low Higher Close
TBH = Two Bar High
TBL = Two Bar Low
IB = Inside Bar
I4B = Inside 4 Bar
BEB = Bearish Bar
Bub = Bullish Bar
NB = Neutral Bar

Might have missed a few this is off the top of my head, if you have any specific ones let me know

Mike
  • #9,909
  • Apr 8, 2008 3:12pm Apr 8, 2008 3:12pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting ShadyChars
I've always traded with candlestix and know and trust the patterns well. Are there specific advantages in switching to bars and learning the james16 method- anyone?

Thanks
I think from what i see the only difference is the names, jap Candlesticks have Doji and star etc, bars use pins etc. i personnally think the info can be seen the same in both, but for me candles just stand out more - what i'm us too i guess.
  • #9,910
  • Apr 8, 2008 4:01pm Apr 8, 2008 4:01pm
What happens next....
Attached Image
  • #9,911
  • Apr 8, 2008 4:19pm Apr 8, 2008 4:19pm
Quoting ShadyChars
I've always traded with candlestix and know and trust the patterns well. Are there specific advantages in switching to bars and learning the james16 method- anyone?

Thanks
Hey shady,

you can use candlesticks or OHLC bars as James does. The information is EXACTLY the same. It is just a matter of preference. Although a lot tend to switch to bars because it makes it easier to learn alongside the material presented by James. But there are a great deal of traders that use j16 material using candlesticks. I often switch to candles out of boredom

Mike
  • #9,912
  • Apr 8, 2008 5:10pm Apr 8, 2008 5:10pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
What happens next....
Clueless

but my view would be that this would normally be bearish - how far?

my problem is that the daily chart has been following along a nice TL, which currently sits around 1.566x and has held up well, also support is in the same arena, so do we look to the weekly or 4h charts, each again tells a different tale, the 4h has 2 bullish inside candles but the weekly also has a bullish tone to it as it failed to break support but the candle closed lower - bearish.

Maybe i'm just to much of a bull on EU, i know i have much to learn and felt that someone should try to answer this - if only to get a good talking too.
  • #9,913
  • Apr 8, 2008 5:14pm Apr 8, 2008 5:14pm
OK

Thanks Mike!!

Quoting mbqb11
Hey shady,

you can use candlesticks or OHLC bars as James does. The information is EXACTLY the same. It is just a matter of preference. Although a lot tend to switch to bars because it makes it easier to learn alongside the material presented by James. But there are a great deal of traders that use j16 material using candlesticks. I often switch to candles out of boredom

Mike
  • #9,914
  • Apr 8, 2008 5:28pm Apr 8, 2008 5:28pm
Quoting mbqb11
Hey shady,

you can use candlesticks or OHLC bars as James does. The information is EXACTLY the same. It is just a matter of preference. Although a lot tend to switch to bars because it makes it easier to learn alongside the material presented by James. But there are a great deal of traders that use j16 material using candlesticks. I often switch to candles out of boredom

Mike
Privately, I mix the two up from week to week, just as I do my colour schemes. For some reason I think/see better with one style one week and another the next week. Often I'll switch back and forth between bars and candles, depending on mood. I definitely notice some set ups better with bars and then other set ups with candles. Anyone starting out from scratch would be better sticking to bars eh?

In the interest of consistency, I decided a while back to only post bar charts in Jims thread. Even using a similar colour scheme. It's a lot easier learning from examples when they are consistent in style, in my humble opinion.
Bundy's status today: "Waiting..."
  • #9,915
  • Apr 8, 2008 5:46pm Apr 8, 2008 5:46pm
no pin bar, but worth considering putting a short order in under the low of the preceding bar?
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  • #9,916
  • Apr 8, 2008 6:14pm Apr 8, 2008 6:14pm
Quoting eltrot1979
no pin bar, but worth considering putting a short order in under the low of the preceding bar?
No Eltrot . Not worth it. Watch for the higher probability trades.

To me it's undecided still. You'll want a stronger sign of reversal than that. Even if it does look a little bearish.

If you draw a trendline from 10th of Jan high to the 26th of Feb high , todays bar actually sits on top of it and just looks like a pullback.
Bundy's status today: "Waiting..."
  • #9,917
  • Apr 8, 2008 6:25pm Apr 8, 2008 6:25pm
Quoting eltrot1979
no pin bar, but worth considering putting a short order in under the low of the preceding bar?
Gar! Check it out man, go to your monthly chart and it will tell you the classic tale of bullishness on this pair. Trade with the trend and you'll make a lot more money than trying to force a trade in the other direction. Instead, wait for another solid bullish signal when it comes about. Always check out the major trend and then try to trde along with it. Good luck!

On another note, what are everyone's thoughts on the eur/usd? I'm thinking we need more downside to get another push upwards, otherwise we'll just sit here for quite a while. Today closed with a bearish pin bar and we could definitely consider this an area of resistance.
I dream, therefore I become.
  • #9,918
  • Apr 8, 2008 6:40pm Apr 8, 2008 6:40pm
Quoting mike w
On another note, what are everyone's thoughts on the eur/usd? I'm thinking we need more downside to get another push upwards, otherwise we'll just sit here for quite a while. Today closed with a bearish pin bar and we could definitely consider this an area of resistance.
I agree. Looks like it wants to go down at this point in time, but there is strong evidence of bulls waiting just below. I'm sitting it out until the triangle breaks and proves itself either way.
Bundy's status today: "Waiting..."
  • #9,919
  • Apr 8, 2008 6:40pm Apr 8, 2008 6:40pm
Quoting MPP
Clueless

but my view would be that this would normally be bearish - how far?

my problem is that the daily chart has been following along a nice TL, which currently sits around 1.566x and has held up well, also support is in the same arena, so do we look to the weekly or 4h charts, each again tells a different tale, the 4h has 2 bullish inside candles but the weekly also has a bullish tone to it as it failed to break support but the candle closed lower - bearish.

Maybe i'm just to much of a bull on EU, i know i have much to learn and felt that someone should try to answer this - if only to get a good talking too.
I’m a bear right now and looking forward to test that TL you mentioned (around 1.5530) and its break lower eventually, to test price pivot near 1.5000. I might be terribly wrong and that’s why stop is in place, but because of G7 approaching and ECB rate announcement on Thursday, I don’t know of many bulls who are willing push it higher in the next 48 hours. Last night we had an attempt that failed … I'd love to see another one but doubt it. We shall see. Let's PA unfold...

P.S. what I also like, is yen getting weaker again and that's been a sign of a stronger $ for me in the past.
  • #9,920
  • Apr 8, 2008 7:52pm Apr 8, 2008 7:52pm
SOOOOOOOO tempted!!

If it weren't for that big blue smudge I'd go short. LOL

Maybe a trade will eventuate later. :

That double bottom like pattern, that broke upwards, just below doesn't help me either.
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Bundy's status today: "Waiting..."
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