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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

  • #10,561
  • May 6, 2008 12:09pm May 6, 2008 12:09pm
Beautiful
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  • #10,562
  • May 6, 2008 12:13pm May 6, 2008 12:13pm
Quoting jarroo
BUOVB on the Hourly at a trendline.

Pin Bar on the 4 hour at a trendline.

That was good good . . . . I mean . . .nice job.
104.80 is still my only beef, if it goes through it again it could be a nice run and give your gj a long.
  • #10,563
  • May 6, 2008 2:18pm May 6, 2008 2:18pm
Hi gang,

I've started reading this thread for the 2nd time around (took me a month to get through the first time around). Thanks to James, Seek, Mike, Jaroo, and everyone else. I've been demoing since February and came across Forex Factory some time in March.

Price action rules! Hope to be in the private forum before 2008 is over.
"Don't trade to trade . . . trade to win." - James16
  • #10,564
  • May 6, 2008 3:26pm May 6, 2008 3:26pm
Quoting Flem26
Hi gang,

I've started reading this thread for the 2nd time around (took me a month to get through the first time around). Thanks to James, Seek, Mike, Jaroo, and everyone else. I've been demoing since February and came across Forex Factory some time in March.

Price action rules! Hope to be in the private forum before 2008 is over.
Welcome abroad Flem.
Indicators show the past. Price Action "Indicates" the future.
  • #10,565
  • May 6, 2008 4:50pm May 6, 2008 4:50pm
good evening everyone. noticed a couple of things on the daily charts.

CADJPY, BUOVB
EURCAD, DBHLC

a few of the swissy and yen pairs have pinbars too (long).
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  • #10,566
  • May 6, 2008 5:31pm May 6, 2008 5:31pm
Quoting SeekingLight
I've posted about this before. Getting a bearish reversal setup at the BOTTOM of the chart or a bullish one at the top of it is kind of pointless, as there is nothing to reverse. It's also very much selling into the low / buying the high of a chart, which simply is the lousiest r/r I can think of. This doesn't mean these things don't sometimes work out, but if we're trying to be in early, make the most out of a move and shift probability to our favor, it certainly won't do much good selling lows or buying highs.

There are people who say they like to "buy strength and sell weakness", but imho that's just another way of saying "I've no idea about PA so I am always terribly late".

IMHO our main advantage is getting a heads up as EARLY as possible, so being "late"(highs / lows) isn't very fashionable

Repeating this as the posted charts show a similiar dilemma imho. EURUSD got all of 65 pips before reversing that "DBHLC" at the low of the chart(size of that stop = 216 pips, moved: 65 pips, r/r = one to zero point errrr something, 1:0.3 or so, even at max. pips moved).

Just to illustrate I'm not making it up.
Sure, "this doesn't mean these things don't sometimes work out"(matter of fact I'm sure people could find me quite a few that went and moved really well etc), but I personally(my preference) would much rather have more optimal situations or at least situations coinciding with other events of significance in order to make the setup more meaningful than the bar alone(break/confirmation of something important or similiar).

There's more to a trade than a bar or two imho.
Trust price. Know yourself.
  • #10,567
  • May 6, 2008 5:37pm May 6, 2008 5:37pm
Quoting jarroo
Check this out Aad.

BUllish Outside Vertical Bars and BEarish Outside Vertical Bars are very tradable at swing highs and lows.
Thanks Jarroo, I saw that file also at the " Auslanco - GBP/JPY and GBP/USD" thread...
  • #10,568
  • Edited 6:24pm May 6, 2008 5:50pm | Edited 6:24pm
Quoting SeekingLight
Repeating this as the posted charts show a similiar dilemma imho. EURUSD got all of 65 pips before reversing that "DBHLC" at the low of the chart(size of that stop = 216 pips, moved: 65 pips, r/r = one to zero point errrr something, 1:0.3 or so, even at max. pips moved).

Just to illustrate I'm not making it up.
Sure, "this doesn't mean these things don't sometimes work out"(matter of fact I'm sure people could find me quite a few that went and moved really well etc), but I personally(my preference) would much rather have more optimal situations or at least situations coinciding with other events of significance in order to make the setup more meaningful than the bar alone(break/confirmation of something important or similiar).

There's more to a trade than a bar or two imho.
I think I'm getting this now. (It's not you Seeking, I tend to make things more complicated then they really are.)

So, you would maybe wait for a retrace into that DBHLC so the stop loss (which would be on top of the DBHLC) would give a better r/r?

Or some other confluence (resistence in this case) within the DBHLC to place your stop to give you a better r/r?

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,569
  • May 6, 2008 5:53pm May 6, 2008 5:53pm
Quoting Aad
Thanks Jarroo, I saw that file also at the " Auslanco - GBP/JPY and GBP/USD" thread...
Cool Aad.

Some people only trade Pin Bars and BUOVB/BEOVB at swing highs/lows and do very well.
Indicators show the past. Price Action "Indicates" the future.
  • #10,570
  • May 6, 2008 5:58pm May 6, 2008 5:58pm
This thread is wonderful. Thank you to all those who post here and share so much helpful advice. I lurk a lot, but I do not post much, as I still have a lot to learn.

How do many you play Inside Bar formations (normally, I know there are different circumstances)?

Do you play the break of the outside bar?

Do you wait for it to break the outside bar, and then let it retrace back to the inside bar and get in expecting a continuation away from the outside bar (breaks long, comes back and touches the outside bar, you then buy long)?

Thank you!

T.J.
  • #10,571
  • May 6, 2008 6:19pm May 6, 2008 6:19pm
Quoting unlv_tj
This thread is wonderful. Thank you to all those who post here and share so much helpful advice. I lurk a lot, but I do not post much, as I still have a lot to learn.

How do many you play Inside Bar formations (normally, I know there are different circumstances)?

Do you play the break of the outside bar?

Do you wait for it to break the outside bar, and then let it retrace back to the inside bar and get in expecting a continuation away from the outside bar (breaks long, comes back and touches the outside bar, you then buy long)?

Thank you!

T.J.
Yes, and this ties into what Seeking is talking about. There should be (or "must" be) other reasons to entering a trade than just a bar or two.

Inside Bars, Outside Bars, etc. need to have other confluences surrounding that formation to support a given trade. An Inside Bar that is just below a new High, at a S/R level (PPZ), Trendline right on top of it, at a 61.8 Fib level . . . wow, sounds like a good trade to short. These confluences, not all but many, need to be seen before a trade can be placed. imho.

Also, on higher time frames Price Action formations will tend to retrace before they break. Finding retracement levels, be it Fibs, long term MAs, S/R levels, etc., are the key trading requirement that takes practise.

Sorry, I can't post a chart right now, not at home.
Indicators show the past. Price Action "Indicates" the future.
  • #10,572
  • May 6, 2008 6:39pm May 6, 2008 6:39pm
what about the current DBLHC on GBPUSD H4?

it's kinda long. Like 100+ pips long
100% of traders are losers. Just that some win more than they lose!
  • #10,573
  • May 6, 2008 6:44pm May 6, 2008 6:44pm
Quoting Mr demark
what about the current DBLHC on GBPUSD H4?

it's kinda long. Like 100+ pips long
Sorry, I can see my regular charts. Could you post yours?
Indicators show the past. Price Action "Indicates" the future.
  • #10,574
  • May 6, 2008 6:53pm May 6, 2008 6:53pm
Quoting jarroo
I think I'm getting this now. (It's not you Seeking, I tend to make things more complicated then they really are.)

So, you would maybe wait for a retrace into that DBHLC so the stop loss (which would be on top of the DBHLC) would be give a better r/r?

Or some other confluence (resistance in this case) within the DBHLC to place your stop to give you a better r/r?

Thanks,

Jim
Hi Jim,

I noticed your DBHLC post the other day. Was in traffic in my opinion, for one.

Like Seek mentioned, you'll do a lot more good taking those types of trades when they're placed better. ...Against trendlines or PPZ or swing highs or whatever. With the major trend even better.

It's an important point to remember that we don't take every price bar setup just because it meets the definition. You make a lot more money by waiting. You know that!

You COULD have used that daily DBHLC as a momentum indicator if you were good. Trading intraday price action in that direction. ....Using the appropriate nimble trade management that goes with it, of course. (hmmmm ....new smilies!! )
Bundy's status today: "Waiting..."
  • #10,575
  • May 6, 2008 7:11pm May 6, 2008 7:11pm
Quoting jarroo
Yes, and this ties into what Seeking is talking about. There should be (or "must" be) other reasons to entering a trade than just a bar or two.

Inside Bars, Outside Bars, etc. need to have other confluences surrounding that formation to support a given trade. An Inside Bar that is just below a new High, at a S/R level (PPZ), Trendline right on top of it, at a 61.8 Fib level . . . wow, sounds like a good trade to short. These confluences, not all but many, need to be seen before a trade can be placed. imho.

Also, on higher time frames Price Action formations will tend to retrace before they break. Finding retracement levels, be it Fibs, long term MAs, S/R levels, etc., are the key trading requirement that takes practise.

Sorry, I can't post a chart right now, not at home.

Just my opinion,
I think all this only comes from time put in to practise & personal experience with J16 matterial. As is often the case many new people (me included) rush to try all & everything that we can find that might make us successfull & make this easy.
Well it is easy. It just takes time for each of us to find what works for us. little tweaks here & there may work or not, who knows...
But the really obvious trades that Jim teaches will make MONEY.
Sure, play with things that work for oneself but allways remember the basics.
This stuff + mm = MONEY...... simple.
Its frustrating at times, It still is for me.... But its fun & it makes me money that i can live off.
The one most importantant thing that I think I should say (now that I have been ranting,) is that the single most important part to all this, If you want to make a business of this or want to make some extra money, is to get your head right. YES I mean personal physc..
I will stop now but say this.. THERE ARE NO LIMITATIONS TO THE MIND EXCEPT THOSE WE ACKNOWLEDGE. Napoleon Hill..
  • #10,576
  • May 6, 2008 7:16pm May 6, 2008 7:16pm
Quoting bundyraider
Hi Jim,

I noticed your DBHLC post the other day. Was in traffic in my opinion, for one.

Like Seek mentioned, you'll do a lot more good taking those types of trades when they're placed better. ...Against trendlines or PPZ or swing highs or whatever. With the major trend even better.

It's an important point to remember that we don't take every price bar setup just because it meets the definition. You make a lot more money by waiting. You know that!

You COULD have used that daily DBHLC as a momentum indicator if you were good. Trading intraday price action in that direction. ....Using the appropriate nimble trade management that goes with it, of course. (hmmmm ....new smilies!! )
Excellent bundy.

"DBHLC as a momentum indicator". Price Action itself as an indicator. I love it.
Indicators show the past. Price Action "Indicates" the future.
  • #10,577
  • May 6, 2008 9:44pm May 6, 2008 9:44pm
Quoting jarroo
4 hour Pin Bar proved itself with a 50% retrace before the break.
I can see the next bar after the pin bar broke the lower level, then it went against you a great deal (50%) what was your SL??
  • #10,578
  • Edited 10:52pm May 6, 2008 10:37pm | Edited 10:52pm
Quoting judith
I can see the next bar after the pin bar broke the lower level, then it went against you a great deal (50%) what was your SL??
Depends on your entry.

Many different ways to approach a pretty good located Pin Bar with a few good confluences. With that said . . .

The ideal stop loss position is always above or below the Price Action your trading. In this case, above the Pin Bar.

Now it you entered at the open of he next Bar the s/l could go above the PB at about 100 pips. Enter at the break of the PB, s/l could go at or above the 38.2, 50, 61.8 or above the PB. You do the math.

Or you could of waited for a nice level right eye to form and then enter, which would have been at about the 50% then enter. s/l would have been less then 100pips. I believe this is the best case according to James16 and others.

Now this is with the Pin Bar itself, placing a s/l. Other factors (like trendlines, S/R levels, etc.,) can come into play to effect the placement of a s/l.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,579
  • May 6, 2008 10:42pm May 6, 2008 10:42pm
Quoting judith
I can see the next bar after the pin bar broke the lower level, then it went against you a great deal (50%) what was your SL??
Oh, you were asking my s/l. It was above the PB.
Indicators show the past. Price Action "Indicates" the future.
  • #10,580
  • May 6, 2008 11:36pm May 6, 2008 11:36pm
Quoting giusepp8
...any thoughts??
on my platform the data goes back to 2005... however on the weekly we have our first bullish signal in two years ... two weeks ago we had a BUOVB and last week a TBH that can be considered a I4B .. actually i see it as a double bullish signal ... now we are having a little retracement to th trendline ... i think buyers should show up NOW! ...
If usd/sgd is starting to look a little bit north .... usd/jpy ???????
I played this pair a bit, but its too slow for me. At least as long as you are long you won't get beat to death by swap!
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