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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

  • #12,221
  • Aug 5, 2008 2:54am Aug 5, 2008 2:54am
Quoting bundyraider
I certainly don't mind the heads up.

I'll wait for a retrace to 1.5520 area on this one though. If we get one! lol
Thanks bundy, I appreciate that.

"I always hit on the cute ones". I wish I would have added that one.
Indicators show the past. Price Action "Indicates" the future.
  • #12,222
  • Aug 5, 2008 3:07am Aug 5, 2008 3:07am
Quoting jarroo
How cute was this PB on the Usd/Jpy hourly.

(Did I just say Price Action was "cute". I got to get out more.)
Price Action does work on the lower time frames (Hourly PB on the Usd/Jpy), but their strength and consistency is no match to the higher time frame PA. (Daily PB on Usd/Jpy).

That's why Jim, mike and others stress the point of trading PA on higher time frames.
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Indicators show the past. Price Action "Indicates" the future.
  • #12,223
  • Aug 5, 2008 4:29am Aug 5, 2008 4:29am
Hello everyone,
First of all I would like to thank James16 for this great thread. I have some questions however.

1) How long do you wait before canceling pending orders when you see a PA setup like a double bar high possible breakout ? If the price doesn't break out on the next bar, is the setup considered invalid ?

2) For a double bar high with lower close setup to be valid, the new close has to be lower than the previous close or lower than the entire previous bar ?

3) When you look at smaller time frame like H1, do you check the trend on bigger TF's or do you just take a quick look at the H1 trend ?

I'm just at page 6 of the thread, I might have more questions later. 810 pages left...
  • #12,224
  • Aug 5, 2008 9:18am Aug 5, 2008 9:18am
maybe it falls to 1.53ish then we get a signal to ride long ^_^
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  • #12,225
  • Aug 5, 2008 9:30am Aug 5, 2008 9:30am
Hey Boomswitch

My opinions below in bold

Quoting boomswitch
Hello everyone,
First of all I would like to thank James16 for this great thread. I have some questions however.

1) How long do you wait before canceling pending orders when you see a PA setup like a double bar high possible breakout ? If the price doesn't break out on the next bar, is the setup considered invalid ?

Bar patterns like TBH, or multiple Barh highs/lows IMO can be valid many bars later. Because that Resistance or Support has not been broken means that it was significant. I think a chart shows best what I mean, see below. At area B, you can clearly see we had multiple bar highs(my fav), and price didn't break out on the next bar, but when it eventually did breakout you could see the power with which it did. Now if you look over at Point A, which was a TBH, when price broke this area as well it continued higher. And you can see this didn't happen for quite some time. Again the resistance of the TBH was still a significant area.

2) For a double bar high with lower close setup to be valid, the new close has to be lower than the previous close or lower than the entire previous bar ?

Lower then the entire bar. So lower then the previous bars LOW.

3) When you look at smaller time frame like H1, do you check the trend on bigger TF's or do you just take a quick look at the H1 trend ?

This is really up to the trader. Again as James recommends if you are new to PA, stick to the larger timeframes(daily/weekly). Basically he recommends until you can prove to yourself you can be profitable on the higher timeframes don't drop down to the lower timeframes. But personally when I trade lower timeframes, I keep them separated from any other timeframes for the most part.

I'm just at page 6 of the thread, I might have more questions later. 810 pages left...
Yeah you will find most of the answers to your questions as you move through(if not ask away!). I know a lot of people get discouraged by the length of this thread, but believe me it is well worth it. I personally went through it 3-4 times when I stumbled onto it. Then a few more times as I grasped the concepts.

Enjoy!

Mike
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  • #12,226
  • Aug 5, 2008 9:31am Aug 5, 2008 9:31am
Quoting ezz
maybe it falls to 1.53ish then we get a signal to ride long ^_^
I like this idea
  • #12,227
  • Aug 5, 2008 9:35am Aug 5, 2008 9:35am
Quoting jarroo
Price Action does work on the lower time frames (Hourly PB on the Usd/Jpy), but their strength and consistency is no match to the higher time frame PA. (Daily PB on Usd/Jpy).

That's why Jim, mike and others stress the point of trading PA on higher time frames.
Yep listen to Jarroo(jim number 2 ) he knows his stuff.

This hrly pin was a nice one, and based on how James teaches it went right to where we would expect it to stall

Of course depending on how you handle your exits you might still be in
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  • #12,228
  • Aug 5, 2008 11:21am Aug 5, 2008 11:21am
i think i caught this disease a few days ago and its destroying my R/R to every potential trade .lemme pop some charts to explain .

Before

After(light greenie ones)
i think i need treatment .do u guys consider all there ppz b4 trading?
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  • #12,229
  • Edited 1:17pm Aug 5, 2008 11:32am | Edited 1:17pm
Quoting ezz
i think i caught this disease a few days ago and its destroying my R/R to every potential trade .lemme pop some charts to explain .
i think i need treatment .do u guys consider all there ppz b4 trading?

This is what I always tell people who come to me with this problem: go to a higher TF, things are much clearer and cleaner there. On 1h and 4h there are 50 million flips, but the "true" boundaries imho(personal opinion) are outlined on weekly and monthly.

Here's a chart with my current EURUSD example, since Jarroo has been so nice about chart posting to me lately
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Trust price. Know yourself.
  • #12,230
  • Aug 5, 2008 12:36pm Aug 5, 2008 12:36pm
ezz, try this: keep only the most obvious and important ppz on your charts. Less trades, the most obvious ones -> higher success rate!
  • #12,231
  • Aug 5, 2008 1:17pm Aug 5, 2008 1:17pm
Nice fib, s/r confluence, anyone got reservations?
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Money & Pain Respect the market, protect your capital, be patient
  • #12,232
  • Aug 5, 2008 1:25pm Aug 5, 2008 1:25pm
Quoting toyboy tramp
Nice fib, s/r confluence, anyone got reservations?
Hi toyboy,

still 30 min for daily close for my broker, but i see a "setup".

Add ema150 and ichimoku cloud to your arguments



I see a setup on nzd/usd and cad/jpy too.
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  • #12,233
  • Aug 5, 2008 1:28pm Aug 5, 2008 1:28pm
Quoting toyboy tramp
Nice fib, s/r confluence, anyone got reservations?
I do.
Indicators show the past. Price Action "Indicates" the future.
  • #12,234
  • Aug 5, 2008 1:37pm Aug 5, 2008 1:37pm
Quoting jarroo
I do.
You taking any hand luggage?
Money & Pain Respect the market, protect your capital, be patient
  • #12,235
  • Aug 5, 2008 1:38pm Aug 5, 2008 1:38pm
Here's another one to throw into the mix, EURCAD.
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If it's too good to be true, it probably is.
  • #12,236
  • Aug 5, 2008 2:08pm Aug 5, 2008 2:08pm
Quoting toyboy tramp
You taking any hand luggage?
I took a small poisition on the break of this IB at 211.52. Needs to break a lot of resistence for me to add to the position. A bit risky but fun.
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Indicators show the past. Price Action "Indicates" the future.
  • #12,237
  • Aug 5, 2008 5:25pm Aug 5, 2008 5:25pm
Quoting mbqb11
Yep listen to Jarroo(jim number 2 ) he knows his stuff.

This hrly pin was a nice one, and based on how James teaches it went right to where we would expect it to stall

Of course depending on how you handle your exits you might still be in
Nice one as always mike.
Indicators show the past. Price Action "Indicates" the future.
  • #12,238
  • Aug 5, 2008 10:27pm Aug 5, 2008 10:27pm
HI guys

Could i please your thoughts on AUD/CAD daily for a long?
a/c strong PPZ

Thanks Gerard
  • #12,239
  • Aug 5, 2008 10:34pm Aug 5, 2008 10:34pm
Quoting Gerard212
HI guys

Could i please your thoughts on AUD/CAD daily for a long?
a/c strong PPZ

Thanks Gerard
If I would take any position it would be a short with the break of the BEOB to .9400 and 150 ema area.
  • #12,240
  • Aug 6, 2008 1:02am Aug 6, 2008 1:02am
I am new to this thread...let me know what you guys think of this pin in the 1 hour chart for the gbp usd thanks...

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