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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

  • #20,461
  • Feb 4, 2009 6:10pm Feb 4, 2009 6:10pm
Quoting Baba G
so what do you think im gonna do...Nothing. Price action can be so much better than this really.
trading is a waiting game..
  • #20,462
  • Feb 4, 2009 6:21pm Feb 4, 2009 6:21pm
Quoting rustyjeff
trading is a waiting game..
your so right..after a while you become so intimate with a chart after so many trades on that pair you cant remember them all(just how you did) that you know what you want and when so when it happens it jumps out at you enrty,targets every thing all done in 30 secs.Why even try to rollerskate round the buffalos.Its your money or in my case some elses
  • #20,463
  • Feb 4, 2009 6:22pm Feb 4, 2009 6:22pm
Quoting Baba G
What alot of dojis across the yens and the Cad,Swissy has an IB the size of a small nation which it is, cable and fiber nothing.To me this means global...
I hadn't thought about that statement. I guess it makes sense.
1. Small Inside bar allows you to place a tighter stop loss.
2. Small inside bar shows that there was a lot of indecision in a small range, so when the range is broken, ideally, the indecision will go away - and a direction established. With a large ranging inside bar, the indecision was more spread out, so maybe it'll take more convincing movement outside the bar for the indecision to move to establishing a direction.

Good stuff. Will be writing that one in the Book of James16 knowledge.

Josh
  • #20,464
  • Feb 4, 2009 6:38pm Feb 4, 2009 6:38pm
[quote=Jduester;2516639]I hadn't thought about that statement. I guess it makes sense.
1. Small Inside bar allows you to place a tighter stop loss.
2. Small inside bar shows that there was a lot of indecision in a small range, so when the range is broken, ideally, the indecision will go away - and a direction established. With a large ranging inside bar, the indecision was more spread out, so maybe it'll take more convincing movement outside the bar for the indecision to move to establishing a direction.

Good stuff. Will be writing that one in the Book of James16 knowledge.

Josh[/quote
yes your right and swissy could and might break long but i have found that the better the price action looks or the closer it is to the ideal the better it is and its important to make good habits from the begining.It does have a weekly IB but where is she in relation to her surrounding bars? looks tight in there.The worst that could happen is she breaks we miss it or do we? do we not get the oppotunity to long it After the weekly and daily break making us feel stronger when a DBLHC arrives or a pin long all after NFP?That will make me sit up and put 2.5% on that ticket just try and stop me!!
  • #20,465
  • Feb 4, 2009 7:14pm Feb 4, 2009 7:14pm
Quoting Baba G
As the title reflects i am now entring the 4th year in the study of charts and taking trades based on that charting.1 year live and with clients money who as i said in the title is happy needless to say so am i.
I play Daily bars, mostly on trend and i look for confluance on higher time frames.
Hey Baba G.

I've been enjoying your posts. Sounds like you have experienced many different situations over the last 3 years. Is there any one (or two) moments that you realized or had a thought that said " . . . . ohhh . . now I get it."
An epiphany, so to speak, in the trading world.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,466
  • Feb 4, 2009 7:33pm Feb 4, 2009 7:33pm
hi gang,
what's your thought eurgbp on daily tf?
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  • #20,467
  • Feb 4, 2009 7:43pm Feb 4, 2009 7:43pm
now I get it.
An epiphany, so to speak, in the trading world.

LOL oh god yes every time i lost! The voice would say STOP TRADING YOU DONT HAVE A CLUE

On a more sensible note i had 4.The first is consistant entry and win.Second was consistant managment.Third consistant exit and last consistant % risk.
They are all individual methods which if separated renders the system absolute rubbish but together create a yield curve and a system performance rate which over time and only over time fills you with a confidance to place your bets.Each part needs to be practiced over and over again and as we play dailys this can take as long as it takes.After 3 years you know the charts like the backs of your hands and you know what you want and where and when.Sup/res pivots ect are burnt into your mind and if you can wait and wait some more it happens in all its glory.PRICE ACTION just where you want it pow its beautiful.Sitting here i smile at the memory of those set ups,gbp/swiss when she broke the bottom in dec 08 wow or kiwi short and aussie over night in august.It really is worth its wait in gold.
  • #20,468
  • Edited 7:51pm Feb 4, 2009 7:50pm | Edited 7:51pm
Quoting AlexWong76
hi gang,
what's your thought eurgbp on daily tf?
On the whole its got a IB with a nearly DBHLC with weekly BEOB break on bias off trend so id sell on a break at a reduced %risk but as a rule i dont play eur/gbp...long story
  • #20,469
  • Feb 4, 2009 7:50pm Feb 4, 2009 7:50pm
Quoting Baba G
now I get it.
An epiphany, so to speak, in the trading world.

LOL oh god yes every time i lost! The voice would say STOP TRADING YOU DONT HAVE A CLUE

On a more sensible note i had 4.The first is consistant entry and win.Second was consistant managment.Third consistant exit and last consistant % risk.
They are all individual methods which if separated renders the system absolute rubbish but together create a yield curve and a system performance rate which over time and only over time fills you with a confidance to place your bets.Each...

Patience: Its worth its wait in gold.

You gotta like that.

Thanks G.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,470
  • Feb 4, 2009 8:00pm Feb 4, 2009 8:00pm
Quoting Baba G
yes your right and swissy could and might break long but i have found that the better the price action looks or the closer it is to the ideal the better it is and its important to make good habits from the begining.It does have a weekly IB but where is she in relation to her surrounding bars? looks tight in there.The worst that could happen is she breaks we miss it or do we?...
So if I'm understanding you correctly - if it was you who were looking at the USD/CHF, you would notice that the highs of the last few days are also a PPZ on the weekly, making it tougher for us to actually breakout. And if we do breakout, we still have the highs from 1/23 to contend with.

Instead, it would/might be a better probability to 1)wait to enter till we break 1/23 highs or 2) not take the initial breakout (assuming there is one) and instead wait for a retracement to 1.17 or slightly below.


Thanks for your input here. Learning learning, let's keep learning.

Josh
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  • #20,471
  • Feb 4, 2009 8:18pm Feb 4, 2009 8:18pm
Well at the moment my position is im waiting for more price bars as when i start my charting i always zoom right out to see the trend and bias leanings and go from there and on the whole its looks very undicided which is probably why we have daily and weekly IB s.So my quick fix is wait for more bars.Personaly id like to see a directional bar at this level to go with my weekly IB break long or short the other way.Hope that helps
  • #20,472
  • Feb 4, 2009 8:30pm Feb 4, 2009 8:30pm
Thanks Baba,
eurgbp 4h, daily, weekly is BEOB. patient is the key because we might have reversal. eurgbp has character like stock? so which pair do you trade.

Quoting Baba G
Well at the moment my position is im waiting for more price bars as when i start my charting i always zoom right out to see the trend and bias leanings and go from there and on the whole its looks very undicided which is probably why we have daily and weekly IB s.So my quick fix is wait for more bars.Personaly id like to see a directional bar at this level to go with my weekly IB break long or short the other way.Hope that helps
  • #20,473
  • Feb 4, 2009 10:50pm Feb 4, 2009 10:50pm
holy cow, went on vacation for two weeks and had 40 pages to get through. Anyone find it a bit hard to get back into the swing of things after being away for awhile? Guess I'll probably sit on the sidelines until next week to get my bearings back.
  • #20,474
  • Feb 4, 2009 10:58pm Feb 4, 2009 10:58pm
Quoting Icehocey77
holy cow, went on vacation for two weeks and had 40 pages to get through. Anyone find it a bit hard to get back into the swing of things after being away for awhile? Guess I'll probably sit on the sidelines until next week to get my bearings back.
Oh ya mate. Been fishing for 2 months on Fraser Island. Think I'll demo trade for a while as my mind is still on the end of my fishing rod.

Glad to be back, not happy about the amount of reading I have to do on here
  • #20,475
  • Feb 5, 2009 12:02am Feb 5, 2009 12:02am
Quoting NuckingFuts
Oh ya mate. Been fishing for 2 months on Fraser Island. Think I'll demo trade for a while as my mind is still on the end of my fishing rod.

Glad to be back, not happy about the amount of reading I have to do on here
Oh Hi Buddy.

Nice to see you again.
I believe . . .
  • #20,476
  • Feb 5, 2009 12:10am Feb 5, 2009 12:10am
Quoting ghous
Oh Hi Buddy.

Nice to see you again.
Hey thanks bud. Great to be back.

Hope the pins are playing nice for you. I see that I've missed some doosies.
  • #20,477
  • Feb 5, 2009 12:10am Feb 5, 2009 12:10am
G/u H8, PB.

this PB formed at strong resistence and now have 2 eyes

what u guys think of this PB? it's in traffice for sure, but I think it's worthy for us to discuss it specially from BIG GUYS.

Aslo it is very interensting the left and right eye themselves are sort of Pinbar too, Battle pinbars as my trading mate and I call it
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  • #20,478
  • Feb 5, 2009 12:23am Feb 5, 2009 12:23am
Quoting ljr
Hi Ghous

I'm also short on EurGbp. I waited for the break of the consolidation on the 4H and then waited for a retest and got in at 8996. I closed half at 8846 and then moved my stop to BE.

Just been looking to see if I can tighten the stop on the 2nd half. The only place I can see is around 8920 where there has been some consolidation. You say you have moved to better than BE. Do you mind sharing your reasoning for moving anywhere else than BE.

Thanks

Leon
I have mine at 8930 for the half of my trade that's still there, I either get stopped out or bust through the 0.88 level allowing me to add some more to the break of the weekly BEOB

Regards,
Ghous.
I believe . . .
  • #20,479
  • Feb 5, 2009 12:24am Feb 5, 2009 12:24am
Quoting NuckingFuts
Hey thanks bud. Great to be back.

Hope the pins are playing nice for you. I see that I've missed some doosies.
lol! You know you have a gazillion more setups left in your career
I believe . . .
  • #20,480
  • Feb 5, 2009 12:45am Feb 5, 2009 12:45am
Quoting ghous
lol! You know you have a gazillion more setups left in your career
How right you are my friend
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