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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

  • #12,281
  • Aug 7, 2008 3:35am Aug 7, 2008 3:35am
Quoting Aad
Right you are Shermenator.

I also have looked into the DIBS thread, and of course this one as I have found candle patterns to hold good weight. But I always make sure my fibs confirm the PA especially with something like the DIBS method since there's no need to have horrible trades. LOL!

Fib S/R level rejections/retracements are my main focus but adding to my trading tool box/bag of tricks can be helpful to see a broader picture as to what PA is up to.

Bo+James strategies are a deadly (as in awesome, he he) combination when in agreement...
Yep its deadly....take a look at this pdf file I am sure you will like it....Its a vey powerfull tool...Its called the Master Bar...

Attached File(s)
File Type: pdf FxBlaster[1].pdf   924 KB | 1,811 downloads



We have a master bar in the 4 hour gbpusd right now....Thats why if 9514 goes expect buy stop to be triggered...I rather see the break down though
  • #12,282
  • Aug 7, 2008 3:40am Aug 7, 2008 3:40am
I have a sell stop waiting for me below the previous candles low...
I will move each hour to the last candles low as of right now...as long as 9514 does not brake

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  • #12,283
  • Aug 7, 2008 3:49am Aug 7, 2008 3:49am
Quoting Shermenator
GBPUSD


I did not take the break of the break of the Inside bar...I dont trust it ....Its a bearish intraday (yellow fibb)

Anything againt the intraday levels is treated as a scalp untill price brakes the 61.8 fibb ...not with the wick but with a close of body of a candle on the other side....

Though if 9514 breaks expect buy stops to get triggered...though It would be treated like a scalp...

Attachment
Yup I would not take that IB break either as I do not see PA actually proving that it really wants to go north...


Quoting Shermenator
Yep its deadly....take a look at this pdf file I am sure you will like it....Its a vey powerfull tool...Its called the Master Bar...

Attachment


We have a master bar in the 4 hour gbpusd right now....Thats why if 9514 goes expect buy stop to be triggered...I rather see the break down though
Hmm "Master bar", I'll look into that thanks. But yeah I would only go long if I saw a rejection/retracement of my support break fib line coming from the daily chart (seen on my h1 chart) or maybe 1.9466...
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  • #12,284
  • Aug 7, 2008 4:00am Aug 7, 2008 4:00am
Quoting Aad
Yup I would not take that IB break either as I do not see PA actually proving that it really wants to go north...




Hmm "Master bar", I'll look into that but yeah I would only go long if I saw a rejection/retracement of my support break fib line coming from the daily chart (seen on my h1 chart) or maybe 1.9466...
I see you have the reversal of the daily below in one of you pictures good stuff this is my daly chart below...I dont have my swing firm on it since I know the location of it in my head ( dont like cluttring)

I use the same chart with everything on it...just took some stuff from each chart so it would be clear to see...

Daily chart
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4 hour chart

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1 hour chart has what I feel I need at the moment...Keep in mind I move my swing fibb to know the different tears of support and resistances...

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  • #12,285
  • Aug 7, 2008 4:04am Aug 7, 2008 4:04am
I have moved my sell stop to the previous candles low...

You can place a buy stop above 9514 as well as a sell stop at 9482...
One trade has more probabilty then the other and thats the brake short....Its with the trend ...If you decide to take the brake north its simply a harder trade and needs more caring.....Treat as a scalp against the intraday levels...(yellow fibb)

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  • #12,286
  • Aug 7, 2008 4:17am Aug 7, 2008 4:17am
Guys sorry If I am cluttering a bitt with fibbs ...let me know if you guys whant me to stop since this is not a thread based directly in fibbs but more into price patterns...
  • #12,287
  • Aug 7, 2008 4:25am Aug 7, 2008 4:25am
Quoting Shermenator
I have moved my sell stop to the previous candles low...

You can place a buy stop above 9514 as well as a sell stop at 9482...
One trade has more probabilty then the other and thats the brake short....Its with the trend ...If you decide to take the brake north its simply a harder trade and needs more caring.....Treat as a scalp against the intraday levels...(yellow fibb)

Attachment
Yup if I did go north I would treat it as a scalp though I'm currently a bit bearish biased (LOL!) and simply awaiting the news. So I'm mainly just observing the market, perhaps next week we might see a clearer picture as to a possible trend continuation or change across various currencies.

P.S. I noticed that Bo added the Linear Regression Channel for those that want to use it. Has that improved your trading greatly? I also don't like cluttering my charts, so I try to keep it three fibs or less on my charts...

Quoting Shermenator
Guys sorry If I am cluttering a bitt with fibbs ...let me know if you guys whant me to stop since this is not a thread based directly in fibbs but more into price patterns...
I'm sure some will eventually cry foul (in 1, 2, 3, LOL!) so perhaps we best keep most of this in Bo's thread.

Though I think if folks learn to use the fibs s/r as a confirmation tool for candle price patterns it would be a powerful combination...
  • #12,288
  • Aug 7, 2008 4:32am Aug 7, 2008 4:32am
Quoting Aad
Yup if I did go north I would treat it as a scalp though I'm currently a bit bearish biased (LOL!) and simply awaiting the news. So I'm mainly just observing the market, perhaps next week we might see a clearer picture as to a possible trend continuation or change across various currencies.

P.S. I noticed that Bo added the the Linear Regression Channel for those that want to use it. Has that improved your trading greatly? I also don't like cluttering my charts, so I try to keep it three fib or less on my charts...

Lol never have a BIAS....since your Bias is short no matter if the market screams at you long you wont take it lol... let price show you the way

Yep it has helped me greatly to know the future supports and resistance...It a tool similar to fibbs the way he places them....It shows you the future not the past...that why I use it as well
  • #12,289
  • Aug 7, 2008 4:40am Aug 7, 2008 4:40am
Quoting Shermenator
Lol never have a BIAS....since your Bias is short no matter if the market screams at you long you wont take it lol... let price show you the way

Yep it has helped me greatly to know the future supports and resistance...It a tool similar to fibbs the way he places them....It shows you the future not the past...that why I use it as well

He he, very true and that's why I watch for those fib line rejections/retracements as a slap on my face telling me, hey PA has spoken now trade the setup like a robot already...
  • #12,290
  • Aug 7, 2008 4:44am Aug 7, 2008 4:44am
Quoting Aad
He he, very true and that's why I watch for those fib line rejections/retracements as a slap on my face telling me, hey PA has spoken now trade your setup like a robot already...


LOL

Price can run to 9533 the first swing end at that point in the gbp usd...then 9544 lets see how much volume and speed we have after impacting the first target since intraday pivot is on the way....at price 9529...pivot means 50 percent resistance fibb
  • #12,291
  • Aug 7, 2008 4:51am Aug 7, 2008 4:51am
Price can run out of volume around this area ....if you are long you can close your scalp in this area .....


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as well as this counter swing targets....you what to be aware of all this areas since you dont whant to loose in a scalp because of not knowing of certain extensions...

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  • #12,292
  • Aug 7, 2008 5:04am Aug 7, 2008 5:04am
I have brought up my sell stop ( that means I will reverse If hit)

I have also brought up the closes tear of support and will watch price action if it decides to come back down a bitt...

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  • #12,293
  • Aug 7, 2008 5:18am Aug 7, 2008 5:18am
take a look at how price is still finding support....as long as price continues to make higherhighs and higher lows momentum is still found for the bulls...
If lows start to crack it would be because momentum has shifted for that moment due to the sellers on the 38.2 fibb ( intrada short)

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Though I dont like the fact that price failed to close above the high of the swing...

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  • #12,294
  • Aug 7, 2008 5:50am Aug 7, 2008 5:50am
Once again if I am cluttering let me know and I will stop posting updates on how I am trading the currency and what I am looking at in price...

Well as we can see price is perfectly holding at the pivot of my closes tear of support I have mentioned in the past post...

Price action is still pushing up...keep in mind I do know that news is coming out ...I see news as gasoline to move price faster to its daily targets...thats what I have been tought from BOBOKUS its a war between support and resistance ...either support holds or breaks . If you have ever done VHANDS do you know what the news events are? you still trade your plan right?.
Thats how i see it ...everyone does not have to agree with my point of view...just throwing something out there to think about...
As well as when you backtest you dont know the news events..

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  • #12,295
  • Aug 7, 2008 6:17am Aug 7, 2008 6:17am
We have a nice inside bar ....(green arrow)....a break of high should allow it to at least retest 9520...
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  • #12,296
  • Aug 7, 2008 6:24am Aug 7, 2008 6:24am
gbpusd has hit some of its swing targets...remeber this is a trade treated like a scalp since its against the intraday levels..

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  • #12,297
  • Aug 7, 2008 6:28am Aug 7, 2008 6:28am
Now that a good portion of my trade is out you whant to see price action at areas that can cause volume to go low....(this does not mean close trade but watch closely...

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  • #12,298
  • Aug 7, 2008 6:37am Aug 7, 2008 6:37am
I have now brought up the closes tear of support to get a good view at price action....

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  • #12,299
  • Aug 7, 2008 6:37am Aug 7, 2008 6:37am
Shermantor - maybe you could start a journal?
Money & Pain Respect the market, protect your capital, be patient
  • #12,300
  • Aug 7, 2008 6:48am Aug 7, 2008 6:48am
Quoting toyboy tramp
Shermantor - maybe you could start a journal?

I will defently consider it...either way if you guys are intrested in the way I trade its all on BOBOKUS thread...he is the trader that got me to trade the way I do...he is 10 times better then me...I am now trying to get an edge by learning from this thread the Bar formations and improve in price action with this thread...
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