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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

  • #15,861
  • Nov 28, 2008 7:10am Nov 28, 2008 7:10am
Hi Guys,

Recently a couple of nice looking daily inside bars have broken out. Been good trades for me so far, and locked in a small profit on each based on James s/r technique.

The question i have (as a relative newbie to the James16 method) is would these have been consider good trades? I think they qualify as proper IBs but what about location etc?

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd281108.gif Size: 14 KB
Click to Enlarge Name: usdchf281108.gif Size: 14 KB
  • #15,862
  • Nov 28, 2008 7:11am Nov 28, 2008 7:11am
Quoting jarroo
Thanks Peter. I would strongly suggest you click PeterFM's name and read his posts (make that all of his posts). It will help you greatly. It sure has helped me.
That's kind of you, Jarroo, we all do our bit in different ways and your work in Jim's thread is very beneficial.
  • #15,863
  • Nov 28, 2008 7:23am Nov 28, 2008 7:23am
Quoting DanUK
Hi Guys,

Recently a couple of nice looking daily inside bars have broken out. Been good trades for me so far, and locked in a small profit on each based on James s/r technique.

The question i have (as a relative newbie to the James16 method) is would these have been consider good trades? I think they qualify as proper IBs but what about location etc?

Thanks
I took both these IBs and have no reason to think they were poor. The shape is perfect and so is the location.

Both the trades are with the overall trend and have come off solid confluence, which seems like a tick mark to each of the things you need to check for when getting in a trade,

Eur/usd was off the confluence of the 1.29 ppz and the 23.6 fib level from the shorter term swing occurring somewhere around 19th September

Usd/chf being in a similar state was earlier supported by the confluence of 23.6 fib again from the shorter term swing low around 16th September and the 1.19 ppz.

Two of the few good trades i had recently

the charts:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 11 KB
Click to Enlarge Name: uc.gif Size: 11 KB
I believe . . .
  • #15,864
  • Nov 28, 2008 7:36am Nov 28, 2008 7:36am
Quoting ghous
I took both these IBs and have no reason to think they were poor. The shape is perfect and so is the location.

Both the trades are with the overall trend and have come off solid confluence, which seems like a tick mark to each of the things you need to check for when getting in a trade,

Eur/usd was off the confluence of the 1.29 ppz and the 23.6 fib level from the shorter term swing occurring somewhere around 19th September

Usd/chf being in a similar state was earlier supported by the confluence of 23.6 fib again from the shorter term swing...
I would consider those IBs as "Sunday Bars" which are ignore since they were formed on a US Holiday.

I'm not knocking your trade ghous. It just goes to show you the power of PPZ, Round numbers, and trading with the overall trend as you have indicated.

Nice trade my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #15,865
  • Nov 28, 2008 7:45am Nov 28, 2008 7:45am
I did a short on demo, the EJ as followed, (Black Line) as I am testing PA trading...

It was the end of the Red Bearish Engulfing candle

What u guys think?


Sonic
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  • #15,866
  • Nov 28, 2008 7:46am Nov 28, 2008 7:46am
Quoting jarroo
I would consider those IBs as "Sunday Bars" which are ignore since they were formed on a US Holiday.

I'm not knocking your trade ghous. It just goes to show you the power of PPZ, Round numbers, and trading with the overall trend as you have indicated.

Nice trade my friend.
I don't have Sunday bars from my broker so i never take these into consideration, but perhaps you're right, these may have formed due to low volatility yesterday anyways...

Here's the trade plan for each of the trades (Sl's are at break even), half of the trade volume gets closed as e hit our "Tp 1" on each trade:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uc mm.gif Size: 12 KB
Click to Enlarge Name: eu mm.gif Size: 12 KB
I believe . . .
  • #15,867
  • Nov 28, 2008 7:46am Nov 28, 2008 7:46am
Quoting sonicdeejay
I did a short on demo, the EJ as followed, (Black Line) as I am testing PA trading...

It was the end of the Red Bearish Engulfing candle

What u guys think?


Sonic
you do just love Ej don't you??
I believe . . .
  • #15,868
  • Nov 28, 2008 7:54am Nov 28, 2008 7:54am
Quoting ghous
I don't have Sunday bars from my broker so i never take these into consideration, but perhaps you're right, these may have formed due to low volatility yesterday anyways...

Here's the trade plan for each of the trades (Sl's are at break even), half of the trade volume gets closed as e hit our "Tp 1" on each trade:
Nicely done ghous. TPs are perfect in my book.

Notice the EU bounce right at 1.2700, interesting. lol.

Indicators show the past. Price Action "Indicates" the future.
  • #15,869
  • Nov 28, 2008 7:56am Nov 28, 2008 7:56am
Quoting Forex007
Thanks for the indi, Jarroo. I'll have a look at how it can be tweaked (when I have time )
Jarroo, this one seems to do what you want.

You can set History to false to show just LAST I4B/PB. Also, changing PB settings to 70/30 weeds out some weak ones - you may have to see if that works for you.

Enjoy!
Attached File(s)
File Type: mq4 I4B + Pinbar.mq4   11 KB | 1,016 downloads
One Chart is Worth Ten Thousand Words.
  • #15,870
  • Nov 28, 2008 8:00am Nov 28, 2008 8:00am
Quoting jarroo
I would consider those IBs as "Sunday Bars" which are ignore since they were formed on a US Holiday.

I'm not knocking your trade ghous. It just goes to show you the power of PPZ, Round numbers, and trading with the overall trend as you have indicated.

Nice trade my friend.
I hadn't thought of Bank holidays as "Sunday Bars" before!

Quoting ghous
I don't have Sunday bars from my broker so i never take these into consideration, but perhaps you're right, these may have formed due to low volatility yesterday anyways...

Here's the trade plan for each of the trades (Sl's are at break even), half of the trade volume gets closed as e hit our "Tp 1" on each trade:
That's great. Also gives me a bit of a confidence boost as my TP1 on the EU trade was 2700 and the UC was 2150 which looks to be similar areas that you outlined?
  • #15,871
  • Nov 28, 2008 8:04am Nov 28, 2008 8:04am
Quoting Forex007
Jarroo, this one seems to do what you want.

You can set History to false to show just LAST I4B/PB. Also, changing PB settings to 70/30 weeds out some weak ones - you may have to see if that works for you.

Enjoy!
Yes. Thank you, 007! Its working great now.

I don't rely totally on this identifier, there are obviously many other factors that we as Price Action traders take into consideration.
Indicators show the past. Price Action "Indicates" the future.
  • #15,872
  • Nov 28, 2008 8:13am Nov 28, 2008 8:13am
Quoting jarroo
Yes. Thank you, 007! Its working great now.

I don't rely totally on this identifier, there are obviously many other factors that we as Price Action traders take into consideration.
Sure thing! I call those things "service indicators" (like Bar expiration time, for example) - with many pairs and TFs to watch (and other things to balance - I cannot be in from of monitors all the time for now), they do help.

Over the last few days I tweaked some old indies to do nice alerts for SR levels (you simply move the lines where needed) and TLs. Let me know if you are interested.
One Chart is Worth Ten Thousand Words.
  • #15,873
  • Nov 28, 2008 8:14am Nov 28, 2008 8:14am
Quoting sonicdeejay
I did a short on demo, the EJ as followed, (Black Line) as I am testing PA trading...

It was the end of the Red Bearish Engulfing candle

What u guys think?


Sonic
Here is what I have for PPZs on the Daily.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #15,874
  • Nov 28, 2008 8:18am Nov 28, 2008 8:18am
Quoting Forex007
Sure thing! I call those things "service indicators" (like Bar expiration time, for example) - with many pairs and TFs to watch (and other things to balance - I cannot be in from of monitors all the time for now), they do help.

Over the last few days I tweaked some old indies to do nice alerts for SR levels (you simply move the lines where needed) and TLs. Let me know if you are interested.
Sure I'm interested. I liked this horizonal alert but if you change time frames it reset itself. Any help with this one?
Attached File(s)
File Type: mq4 Chin Breakout Alert.mq4   17 KB | 799 downloads
Indicators show the past. Price Action "Indicates" the future.
  • #15,875
  • Nov 28, 2008 8:54am Nov 28, 2008 8:54am
Quoting jarroo
Nicely done ghous. TPs are perfect in my book.

Notice the EU bounce right at 1.2700, interesting. lol.

Lol! I managed to hit the Tp in Usd/chf on Eu i missed it, the reason being that the stops are mental, it was a single trade i took on each pair and had these levels as mental stops, ill try to catch it next time

Regards,
Ghous.
I believe . . .
  • #15,876
  • Nov 28, 2008 8:55am Nov 28, 2008 8:55am
Quoting raczekfx
eu (alert areas)
.
Price bounced off area where we'd expect it to.
4hr ppz,1d ppz, 50/61 fib and something else, confluence.
Good target and quick aggressive long off 2700.

p.s. I was short cable and fiber from 1.2925 last night, but closed too soon
Attached Images
  • #15,877
  • Nov 28, 2008 8:58am Nov 28, 2008 8:58am
Quoting jarroo
Sure I'm interested. I liked this horizonal alert but if you change time frames it reset itself. Any help with this one?
That's exactly the problem I was fixing Also, I wanted a double-line alert (S and R), so that I can watch range BO I can make it to a single line, if needed, but SR seems to make more sense.

The last problem was alerts themselves - the best original version kept giving alerts at every bar once conditions were met, e.g. once once crossed S and stayed below, alerts would keep coming in. I changed that to one alert at crossing SR or TL. New alert would only be given after re-test (i.e. crossing back, and the breaking the line again).

There we go (attached). Enjoy!
Attached File(s)
File Type: mq4 SR Alerts - AP v3.mq4   5 KB | 784 downloads
File Type: mq4 TL DOWN - BO alert - AP - V3.mq4   5 KB | 804 downloads
File Type: mq4 TL UP - BO alert - AP - V3.mq4   5 KB | 832 downloads
One Chart is Worth Ten Thousand Words.
  • #15,878
  • Nov 28, 2008 8:59am Nov 28, 2008 8:59am
Quoting jarroo
Here is what I have for PPZs on the Daily.

PPZ means??

what is ur entry will be..in this case.??

Sonic
  • #15,879
  • Nov 28, 2008 9:05am Nov 28, 2008 9:05am
I also played short cable this morning after price retested break out area with 61fib confl.
I bet RustyJeff played that pb ? It formed in a perfect location..
Attached Images
  • #15,880
  • Nov 28, 2008 9:13am Nov 28, 2008 9:13am
Quoting raczekfx
I also played short cable this morning after price retested break out area with 61fib confl.
I bet RustyJeff played that pb ? It formed in a perfect location..

Let the pros play the 5min, you stick to that 1hr+ stuff lol j/k

Have a good one
Keep taking CT trades, I need more money
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