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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

  • #16,661
  • Dec 10, 2008 8:08pm Dec 10, 2008 8:08pm
Looking for some Bullish PA on this pair

Got divergence, breakout of PPZ would signal for aleast a short rally (b'coz the trade will be against the trend on daily)

ALM

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  • #16,662
  • Dec 10, 2008 8:53pm Dec 10, 2008 8:53pm
Quoting Almfx
Looking for some Bullish PA on this pair

Got divergence, breakout of PPZ would signal for aleast a short rally (b'coz the trade will be against the trend on daily)

ALM
It's interesting how this TL held. We have to break out sooner or later. It might be the beginning of trend reversal (watching daily) ...
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  • #16,663
  • Dec 10, 2008 9:20pm Dec 10, 2008 9:20pm
Quoting mbqb11


Go get em!
This reply make me . Beside your thoughtful/helpful insight/response u show your sense of humor ( At least it reduce the reading stress:nerd:..I'm stuck at pg250..).
Go figure.. Simplicity work
  • #16,664
  • Dec 10, 2008 9:22pm Dec 10, 2008 9:22pm
Quoting tokwanden
This reply make me . Beside your thoughtful/helpful insight/response u show your sense of humor ( At least it reduce the reading tension:nerd:..I'm stuck at pg250..).
It is a long read but worth every second I promise!
  • #16,665
  • Dec 10, 2008 10:03pm Dec 10, 2008 10:03pm
Quoting mbqb11
patience and discipline and ANYONE reading this thread can make money in this market if you put the time and energy into learning what James teaches

this one was easy as cake
I thought the saying was "easy as pie" and "a piece of cake". LOL.


Re-reading parts of this wonderful thread is always fun to do.
Indicators show the past. Price Action "Indicates" the future.
  • #16,666
  • Dec 10, 2008 10:05pm Dec 10, 2008 10:05pm
Quoting jarroo
I thought the saying was "easy as pie" and "a piece of cake". LOL.


Re-reading parts of this wonderful thread is always fun to do.
sometimes i get my desserts mixed up
  • #16,667
  • Dec 10, 2008 10:19pm Dec 10, 2008 10:19pm
Quoting mbqb11
sometimes i get my desserts mixed up
Sigh. Damn Yankee.

Mr. Trend
  • #16,668
  • Dec 10, 2008 10:21pm Dec 10, 2008 10:21pm
Quoting raczekfx
It's interesting how this TL held. We have to break out sooner or later. It might be the beginning of trend reversal (watching daily) ...
You can really see the double bottom on the 4H chart. Beautiful and classic pattern. I love these and head and shoulders.

What I love about double bottoms is there is a 3% failure rate if we close above the apex. Then, price throwsback around 68% of the time (according to Bulkowski)... so that's why I was saying earlier to look for a bounce off of 1.33 back down to that support area... and then continuation up...

If you do the price projection on that DB, it is 1000 pips from the top of the apex, which is 1.6530... well guess what that is? 50% fib... gotta love the confluence... (oh and resistance area too)...

Well, I was wrong earlier... I am back in on EURUSD and GBPUSD long and USDCAD short...this has been a good month so far.
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Mr. Trend
  • #16,669
  • Dec 10, 2008 10:46pm Dec 10, 2008 10:46pm
Quoting unlv_tj
What is a R-db trade?

My guess, from looking at the charts, is you look for an area of strong support/resistence that has been tested and held recently.

If the pair moves near this area of support or resistence and it appears to hold (though it doesn't have to hold through price action), you then look to play the bounce off the support/resistence?

Is this correct? Sort of like in Billy Ray Valentine's thread.
Good Question, I was also wondering what R-db meant?
I would guess it means "Reversal - Double Bottom"

Could someone with more experience please tell me if this is correct.
  • #16,670
  • Dec 10, 2008 10:51pm Dec 10, 2008 10:51pm
Quoting Mr Trend
You can really see the double bottom on the 4H chart. Beautiful and classic pattern. I love these and head and shoulders.

What I love about double bottoms is there is a 3% failure rate if we close above the apex. Then, price throwsback around 68% of the time (according to Bulkowski)... so that's why I was saying earlier to look for a bounce off of 1.33 back down to that support area... and then continuation up...

If you do the price projection on that DB, it is 1000 pips from the top of the apex, which is 1.6530... well guess what that is? 50%...
Are these the double bottoms your talking about on the Daily (blue) and 4 hour(white) charts, respectively?
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Indicators show the past. Price Action "Indicates" the future.
  • #16,671
  • Dec 10, 2008 11:26pm Dec 10, 2008 11:26pm
My Technical chart trading started with double bottoms and head shoulders and related patterns on shares 9 years ago. They are just too reliable to ever disregard. Even their associated targets. Convinced me over the nay-sayers advice.

(Have the Bulkowski chart patterns encyclopedia here somewhere too. )

Quoting Mr Trend
You can really see the double bottom on the 4H chart. Beautiful and classic pattern. I love these and head and shoulders.

What I love about double bottoms is there is a 3% failure rate if we close above the apex. Then, price throwsback around 68% of the time (according to Bulkowski)... so that's why I was saying earlier to look for a bounce off of 1.33 back down to that support area... and then continuation up...

If you do the price projection on that DB, it is 1000 pips from the top of the apex, which is 1.6530... well guess what that is? 50%...
Bundy's status today: "Waiting..."
  • #16,672
  • Dec 10, 2008 11:36pm Dec 10, 2008 11:36pm
Quoting jarroo
Are these the double bottoms your talking about on the Daily (blue) and 4 hour(white) charts, respectively?
As below dude....

EDIT: Damn MT4 is annoying when it changes the chart position when saving. :-P

Doesn't always stop at the middle peak on the pullback. Can return to 61% etc too. So you really need to watch your bar formations.

I add the distance from bottom to middle peak onto the break out point to get my target. I think that's the understood way too. You can reliably play the pure break and ride till the 100% target if you like.
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Bundy's status today: "Waiting..."
  • #16,673
  • Dec 10, 2008 11:44pm Dec 10, 2008 11:44pm
Edited that above post quite a few times. lol
Bundy's status today: "Waiting..."
  • #16,674
  • Dec 10, 2008 11:49pm Dec 10, 2008 11:49pm
Quoting bundyraider
As below dude....

EDIT: Damn MT4 is annoying when it changes the chart position when saving. :-P

Doesn't always stop at the middle peak on the pullback. Can return to 61% etc too. So you really need to watch your bar formations.

I add the distance from bottom to middle peak onto the break out point to get my target. I think that's the understood way too.

Oh . .Ok. Mr. T didn't make as clear as you have Bundy. Thanks.
So, Double bottoms can be off by a few pips. Not like a TBH or TBL.


(Use the "Text" not the "Text Label")
Indicators show the past. Price Action "Indicates" the future.
  • #16,675
  • Dec 10, 2008 11:53pm Dec 10, 2008 11:53pm
Quoting jarroo
Oh . .Ok. Mr. T didn't make as clear as you have Bundy. Thanks.
So, Double bottoms can be off by a few pips. Not like a TBH or TBL.


(Use the "Text" not the "Text Label")
For sure. The usual PPZ style buffer/looseness(lol) caper in fact.

They are strong trend reversal patterns on decent timeframes (actually all time frames, if kept in context)
Bundy's status today: "Waiting..."
  • #16,676
  • Dec 10, 2008 11:55pm Dec 10, 2008 11:55pm
Quoting jarroo


(Use the "Text" not the "Text Label")
Ok, thanks bud.
Bundy's status today: "Waiting..."
  • #16,677
  • Dec 10, 2008 11:59pm Dec 10, 2008 11:59pm
Quoting raczekfx
... I've been looking for ... 1.33, later in a week....
.
how did you jump on this beautiful trade? what was the setup?

thanks
  • #16,678
  • Dec 11, 2008 12:02am Dec 11, 2008 12:02am
Quoting bundyraider
For sure. The usual PPZ style buffer/looseness(lol) caper in fact.

They are strong trend reversal patterns on decent timeframes (actually all time frames, if kept in context)
Oh . . OK. Now I see how DB relates to the Head and Shoulder pattern .

Thanks Bundy your good, man.
Indicators show the past. Price Action "Indicates" the future.
  • #16,679
  • Dec 11, 2008 12:11am Dec 11, 2008 12:11am
Quoting jarroo
Oh . . OK. Now I see how DB relates to the Head and Shoulder pattern .

Thanks Bundy your good, man.
Yeah they are both just ways of filtering a good 1-2-3 pattern down to a better trade. With targets. Love the projections these patterns give.

I'm not that good. I have my favourites. MR T is one that has the most experience with all these chart patterns and how to play them.

Track down a copy of the bulkowski chart pattern encylopedia too and check it out.
Bundy's status today: "Waiting..."
  • #16,680
  • Dec 11, 2008 12:17am Dec 11, 2008 12:17am
Quoting bundyraider
Yeah they are both just ways of filtering a good 1-2-3 pattern down to a better trade. With targets. Love the projections these patterns give.

I'm not that good. I have my favourites. MR T is one that has the most experience with all these chart patterns and how to play them.

Track down a copy of the bulkowski chart pattern encylopedia too and check it out.
In the same vein of Steve Nison price projections.
Indicators show the past. Price Action "Indicates" the future.
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