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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

  • #16,681
  • Dec 11, 2008 2:23am Dec 11, 2008 2:23am
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) ...
Hey RAC! This pair (GU,4H) brokeout thru the TL on your chart... But there is yet to have any bullish PA.
But there is IB breakout on the Daily tf (There is PPZ ahead, so will for the ppz break too). Thanks

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #16,682
  • Dec 11, 2008 2:32am Dec 11, 2008 2:32am
Quoting jarroo
In the same vein of Steve Nison price projections.
Nison has projections? Wow. Didn't know that.

For candel patterns? Or other complimentary techniques of his?
Bundy's status today: "Waiting..."
  • #16,683
  • Dec 11, 2008 2:45am Dec 11, 2008 2:45am
Quoting bundyraider
Or other complimentary techniques of his?
Its been awhile but consolidation to consolidation, stuff like that.
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Indicators show the past. Price Action "Indicates" the future.
  • #16,684
  • Dec 11, 2008 2:50am Dec 11, 2008 2:50am
Quoting jarroo
Its been awhile but consolidation to consolidation, stuff like that.
Ok , pretty much the old school pattern projection techniques.

Trendy could probably real them off the top of his head.
Bundy's status today: "Waiting..."
  • #16,685
  • Dec 11, 2008 2:54am Dec 11, 2008 2:54am
Quoting jarroo
Oh . . OK. Now I see how DB relates to the Head and Shoulder pattern .

Thanks Bundy your good, man.
but i thought/read when a HnS forms you are looking to play the break of the neckline? therefore if this is HnS then the break would be south? I can't quite see how it is valid if you are looking for a break up.
  • #16,686
  • Dec 11, 2008 2:57am Dec 11, 2008 2:57am
Quoting simoncs
but i thought/read when a HnS forms you are looking to play the break of the neckline? therefore if this is HnS then the break would be south? I can't quite see how it is valid if you are looking for a break up.
Sure, if the HnS is standing on its head. lol Inverted HnS Pattern.
Indicators show the past. Price Action "Indicates" the future.
  • #16,687
  • Dec 11, 2008 3:08am Dec 11, 2008 3:08am
Quoting jarroo
Sure, if the HnS is standing on its head. lol Inverted HnS Pattern.
maybe I am looking at the wrong thing here then?
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  • #16,688
  • Dec 11, 2008 3:11am Dec 11, 2008 3:11am
Quoting simoncs
maybe I am looking at the wrong thing here then?
Looks like a HnS continuation pattern if it breaks the neck line. Neck line could be more horizonal.
Indicators show the past. Price Action "Indicates" the future.
  • #16,689
  • Dec 11, 2008 3:21am Dec 11, 2008 3:21am
Quoting jarroo
Looks like a HnS continuation pattern if it breaks the neck line. Neck line could be more horizonal.
which is surely not valid as i thought HnS was a reversal pattern and aren't Bundy and Mr T looking to go long?
sorry, just not seeing the connection with the double bottom formation and the HnS (if i drew it correctly - which now not convinced i have as shouldn't it be inverted at market bottom?)

this is what i was looking at for confirmation http://www.chartpatterns.com/headandshoulders.htm
  • #16,690
  • Dec 11, 2008 3:33am Dec 11, 2008 3:33am
Quoting simoncs
which is surely not valid as i thought HnS was a reversal pattern and aren't Bundy and Mr T looking to go long?
sorry, just not seeing the connection with the double bottom formation and the HnS (if i drew it correctly - which now not convinced i have as shouldn't it be inverted at market bottom?)

this is what i was looking at for confirmation http://www.chartpatterns.com/headandshoulders.htm

Red line is the double Bottom of a inverted HnS.
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Indicators show the past. Price Action "Indicates" the future.
  • #16,691
  • Dec 11, 2008 3:35am Dec 11, 2008 3:35am
I think the combinication of price action and the trader's reaction(behind the price) will be more effective, especially during open times & major session.

market maker alwasy want to good price to enter in or exit, or screw unsophisticated traders for liquidity.

J16 and Larry helped me a lot. Thanks
  • #16,692
  • Dec 11, 2008 3:53am Dec 11, 2008 3:53am
Quoting jarroo
Red line is the double Bottom of a inverted HnS.
Ok. No not the same as a double bottom. Double bottom infers a double touch of the absolute low. The same way as tripple tops etc that we play.

An inverted Head and Shoulders Pattern is a single touch of the bottom with an immediate change of trend ....confirmed by the break of the right shoulder line.

You could get a head and shoulder pattern with a double bottom in it. BUT there would be two heads.

If you want to find the equivilent pattern in bars. A Pin bar would be a head and shoulder pattern. With the two eyes defining the shoulders and the break of the pin being the neckline.

Double Bottom equivalent would be an IB bar formation such as I talked about a couple of weeks ago. Where the IB is broken the wrong way , continues on to match the low of the bar preceding the IB, then price reverses and breaks in the reversal direction. The break of the high of that IB is the trigger point. Or the mid point that you get in a classic double bottom chart pattern.
Bundy's status today: "Waiting..."
  • #16,693
  • Dec 11, 2008 3:58am Dec 11, 2008 3:58am
The "double bottom" as a chart pattern gives us probability based method to trade that pattern with.

Sometimes if you don't find a bar formation there is often an underlying pattern there that you can trade with a high probability method. Giving you a trigger point, pullback possibliity, target and stop placement ideas.

A LOT of pins have double bottoms at their head point when you click down and look at a lower time frame.
Bundy's status today: "Waiting..."
  • #16,694
  • Dec 11, 2008 3:58am Dec 11, 2008 3:58am
Quoting bundyraider
Ok. No not the same as a double bottom. Double bottom infers a double touch of the absolute low. The same way as tripple tops etc that we play.

An inverted Head and Shoulders Pattern is a single touch of the bottom with an immediate change of trend ....confirmed by the break of the right shoulder line.

You could get a head and shoulder pattern with a double bottom in it. BUT there would be two heads.

If you want to find the equivilent pattern in bars. A Pin bar would be a head and shoulder pattern. With the two eyes defining the shoulders...

Oh I see . I was tring to inter relate the two. I see that now.

Thanks for the clarification. My bad.
Indicators show the past. Price Action "Indicates" the future.
  • #16,695
  • Dec 11, 2008 4:03am Dec 11, 2008 4:03am
Quoting jarroo
Oh I see . I was tring to inter relate the two. I see that now.

Thanks for the clarification. My bad.


Sorry if I repeated stuff you already know amongst that too man. lol
Bundy's status today: "Waiting..."
  • #16,696
  • Dec 11, 2008 4:06am Dec 11, 2008 4:06am
Quoting bundyraider


Sorry if I repeated stuff you already know amongst that too man. lol
Not at all. Good info can't be repeated enough.
Indicators show the past. Price Action "Indicates" the future.
  • #16,697
  • Dec 11, 2008 4:07am Dec 11, 2008 4:07am
Quoting bundyraider


Sorry if I repeated stuff you already know amongst that too man. lol
not at all.
hopefully the more times i read it, it will eventually begin to stick.
The pattern thing is interesting and something I am trying to involve in my analysis. it has been triangles and breakouts this week - only problem is i keep seeing them everywhere now and expect a breakout.
  • #16,698
  • Dec 11, 2008 4:15am Dec 11, 2008 4:15am
Quoting simoncs
not at all.
hopefully the more times i read it, it will eventually begin to stick.
The pattern thing is interesting and something I am trying to involve in my analysis. it has been triangles and breakouts this week - only problem is i keep seeing them everywhere now and expect a breakout.
lol... yeah. Welcome to "the path"...
Bundy's status today: "Waiting..."
  • #16,699
  • Dec 11, 2008 4:20am Dec 11, 2008 4:20am
Remember too, that these patterns are like any other PA formation. They work best and give the highest chance of success when they are in the right place.

Consolidation breakouts, triangles etc usually happen for a reason. When it's a very good reason it gives a better chance of success. (edit: I'm talking of confluence and so on)
Bundy's status today: "Waiting..."
  • #16,700
  • Dec 11, 2008 4:54am Dec 11, 2008 4:54am
Quote
http://www.forexfactory.com/showpost...ostcount=16674

this is awesome, cant wait to join the james16 group!
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