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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

  • #21,081
  • Feb 11, 2009 11:59am Feb 11, 2009 11:59am
Quoting jarroo
How we doing arcus.
Looks good I guess. Dunno what's happening on my 2nd half lol Just want to ask about the 4H PB, looks good though it's no longer valid right now. I don't take it since I was asleep. I'm wondering would you close your long when the 4H PB hit? Can't post chart right now, still in school.
  • #21,082
  • Feb 11, 2009 12:01pm Feb 11, 2009 12:01pm
Quoting Jduester
I think Jig might have asked me a few days ago about why I'm using FX Accucharts (with PFG FX Express). I found another reason this morning.

I can offset all my charts. So I can make 3 separate 4 hour charts, each with an hour offset. All in same broker, same page. (Not there yet, as I'm not even looking at 4 hour yet). Not trying to sell Accucharts in any way, just noticed that some on here are using 3 different brokers to accomplish chart deviation.

Josh
I liked this charting package too when I was demoing Fxsol. It's perhaps the closest to mt4 amongst all chartings and platforms with regard to the looks of it.
I believe . . .
  • #21,083
  • Feb 11, 2009 12:13pm Feb 11, 2009 12:13pm
how would you play an ob that closes at high/low of bar & then there is no retrace in the next bar? my guess would be not tradeable. & that ob's are only tradeable if there is a retrace in the next bar and then moves back and breaks previous high/low of ob. thanku.
  • #21,084
  • Feb 11, 2009 12:17pm Feb 11, 2009 12:17pm
Quoting dkmb92
how would you play an ob that closes at high/low of bar & then there is no retrace in the next bar? my guess would be not tradeable. & that ob's are only tradeable if there is a retrace in the next bar and then moves back and breaks previous high/low of ob. thanku.

Hmm not quite sure what you mean here dk. If you have an outside bar you trade it like a pin. Where you can play a break of the high/low of the outside bar to enter.

So if you have a BUOB, I would place my buy order above the high of the BUOB. If the next bar never breaks the high, then I would personally cancel my order.

If that wasn't your question my apologies

Mike
  • #21,085
  • Feb 11, 2009 12:19pm Feb 11, 2009 12:19pm
Quoting dkmb92
how would you play an ob that closes at high/low of bar & then there is no retrace in the next bar? my guess would be not tradeable. & that ob's are only tradeable if there is a retrace in the next bar and then moves back and breaks previous high/low of ob. thanku.
Hi there,

A retrace is not important IMO. An honest immediate break is just as good, in fact I would term this situation better than that of a retracment. when the next bar immediately shoots it is a clear indication of what price is looking to do and the hurry it may be in to do so...

However there is a drawback here and that is that an immediate break of an Oustide Bar may lead to some retracment into the OB but again I dont think it's something that should keep you out of an otherwise A+ trade. an SL on the other side of the Ob should keep you safe...

Regards,
Ghous.
I believe . . .
  • #21,086
  • Feb 11, 2009 12:21pm Feb 11, 2009 12:21pm
Quoting jarroo
Is this a raczek type trade? It looks good. Keep your stop loss small.

Wonder how raczek would rate this.
I think this could be one of good example of Raczek saying that the first test is always GOLD Be back after class. J16 is better than college!
  • #21,087
  • Feb 11, 2009 12:24pm Feb 11, 2009 12:24pm
Quoting DutchTrader
Anyne watching usd/chf? Looks like its headed for a test of the 1.17 PPZ
It may...

I am waiting for some direction on this one and sustained move...

This one's off my watchlist for a while...

Regards,
Ghous.
I believe . . .
  • #21,088
  • Feb 11, 2009 12:38pm Feb 11, 2009 12:38pm
Quoting mbqb11
Hmm not quite sure what you mean here dk. If you have an outside bar you trade it like a pin. Where you can play a break of the high/low of the outside bar to enter.

So if you have a BUOB, I would place my buy order above the high of the BUOB. If the next bar never breaks the high, then I would personally cancel my order.

If that wasn't your question my apologies

Mike
i am thinking in this situation that one would have to be there upon the close of the ob & place an immediate pending order slightly above to continue in the same direction. but more importantly we would need to take trend, location, & ppz's into consideration first. thx.
  • #21,089
  • Feb 11, 2009 12:44pm Feb 11, 2009 12:44pm
I hope I am not getting off topic here...

Over time I've been looking at a bar with a particular shape and that has really caught my eye, since it's PA thought I would share...

Here are it's specifications:

1) It's this bar at a swing high/low often found at a trend line or at an important ppz,

2) it's often got the open and close stacked in order with the trend that has produced it

3) it has a short tail on the end that lies with the trend (upper tail in case of this bar in an uptrend vice versa for downtrend)

4) it has a long tail on the end opposite to the current trend. (lower tail in case of an uptrend and vice versa with downtrend)

It looks like a pin bar that seems to signal the continuation of the trend but often results in the next bar shooting in the opposite direction of the trend...

Here are a few chart examples for you to look into, look for these around your charts guys...looks like it's got some weight...

Trying to find the logic of it's behavior, perhaps it's kind of a signal of the opposing party (bears in the case of an uptrend and vice versa for downtrend) via that long tail opposite the current trend, but if that was so what we call a bearish pin bar should actually have been a bullish sign or maybe it has to do with location or something else that I am not looking it...

Fund it interesting so thought I should share...

Back to textbook stuff.

Regards,
Ghous.
Attached Images
I believe . . .
  • #21,090
  • Feb 11, 2009 12:48pm Feb 11, 2009 12:48pm
Quoting ghous
I hope I am not getting off topic here...

Over time I've been looking at a bar with a particular shape and that has really caught my eye, since it's PA thought I would share...

Here are it's specifications:

1) It's this bar at a swing high/low often found at a trend line or at an important ppz,

2) it's often got the open and close stacked in order with the trend that has produced it

3) it has a short tail on the end that lies with the trend (upper tail in case of this bar in an uptrend vice versa for downtrend)

4) it has a long tail on the...
Another one on the Aud/Cad...
Attached Image
I believe . . .
  • #21,091
  • Feb 11, 2009 12:58pm Feb 11, 2009 12:58pm
the arrows are pointing to outside bar. what does outside bar do?


Quoting ghous
I hope I am not getting off topic here...

Over time I've been looking at a bar with a particular shape and that has really caught my eye, since it's PA thought I would share...

Here are it's specifications:

1) It's this bar at a swing high/low often found at a trend line or at an important ppz,

2) it's often got the open and close stacked in order with the trend that has produced it

3) it has a short tail on the end that lies with the trend (upper tail in case of this bar in an uptrend vice versa for downtrend)

4) it has a long tail on the...
  • #21,092
  • Feb 11, 2009 1:04pm Feb 11, 2009 1:04pm
Quoting ghous

Trying to find the logic of it's behavior, perhaps it's kind of a signal of the opposing party (bears in the case of an uptrend and vice versa for downtrend) via that long tail opposite the current trend, but if that was so what we call a bearish pin bar should actually have been a bullish sign or maybe it has to do with location or something else that I am not looking it...
I think it has to do with location , This is a "hanging man" (is it ? someone correct me who is better at Japaneese candlesticks ? )

When found at highs it can indicate selling pressure.

Look at the long wick downward, it indicates that sellers came into the market and were able to push price down good and low, but the bulls regained control in the end. . Its a location issue really.

I agree I initially thought that it's the sort of bar that would make price go up more . . But thats not the case.

Someone will give you a better answer I am sure, but thats how I view them (dont trade them though)
  • #21,093
  • Feb 11, 2009 1:11pm Feb 11, 2009 1:11pm
trades with "old lame " trend

http://img101.imageshack.us/img101/5505/eurom5nc7.gif
  • #21,094
  • Feb 11, 2009 1:17pm Feb 11, 2009 1:17pm
Ghous, most of the bars look very much like a neutral bar or a doji (i think thats the term for the candlestick). These bars are suppose to represent indecision in the market. I agree with Jig though that these bars are working mainly because of the location (being off of strong PPZ). Not trying to put down your ingenuity but it is an interesting observation none the less.
  • #21,095
  • Feb 11, 2009 1:19pm Feb 11, 2009 1:19pm
Quoting Luso
Hi,

I am thinking going short on this one. I like the location and that pin was a clear swing high.
Comments are more than welcome.
ty
P.S. - Unless this last 5m to the candle close changes everything
Nice catch Luso

Now it looks good on daily aswell. It bounced 3rd time from strong weekly resistance area.
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  • #21,096
  • Feb 11, 2009 1:20pm Feb 11, 2009 1:20pm
Quoting Jankone
trades with "old lame " trend

Hey jank, glad to see you're still trading the 5min. I broke my ankle playing rugby a few days ago so now I seem to have a whole bunch more screen time. So at some point in this 8 week period of being in a boot I'll probably hop back down and get back to work on my 5min plan (note- I'm still demo and am focusing on 4hr+ first).

Just two quick questions for ya:

-If you don't mind, what broker do you use for you're 5min trades?

-Those pivots on the chart, those are the floor trader pivots, correct?
  • #21,097
  • Feb 11, 2009 1:31pm Feb 11, 2009 1:31pm
Hey man,
since i use Ryanmcd's method, i'm not "losing" trader . it's great :-)
I think, if u dont have million acount, oanda or interbank are ok for m5
I dont have big acc.
Pivots? I really dont know, it's indicator from this thread, but it works and it's all what i know.

Quoting stoli7188
Hey jank, glad to see you're still trading the 5min. I broke my ankle playing rugby a few days ago so now I seem to have a whole bunch more screen time. So at some point in this 8 week period of being in a boot I'll probably hop back down and get back to work on my 5min plan (note- I'm still demo and am focusing on 4hr+ first).

Just two quick questions for ya:

-If you don't mind, what broker do you use for you're 5min trades?

-Those pivots on the chart, those are the floor trader pivots, correct?
  • #21,098
  • Feb 11, 2009 1:37pm Feb 11, 2009 1:37pm
Hi Jig I might be able to help
Well a hammer looks just like a hammer with little to no upper wick and at the top its called a Hanging man for obvious reasons. It is bearish as it indicates Bulls are loosing control.
I think Ghous has a very good point highlighting this. Though most pointed out are closer to doji s it is the same principle at the top.
I have also made the mistake that what looks like a pin bar at the top that should be at the bottom is Bullish, it is not.
Take a look at the recent GBP JPY chart, the signal was clear. (Not Bullish lol )




[quote=Jigsaw;2532209]I think it has to do with location , This is a "hanging man" (is it ? someone correct me who is better at Japaneese candlesticks ? )

quote]
Attached Image (click to enlarge)
Click to Enlarge Name: 13 gbp-jpy daily - 10-2.gif Size: 20 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #21,099
  • Feb 11, 2009 1:43pm Feb 11, 2009 1:43pm
Quoting Bones
Hi Jig I might be able to help
Well a hammer looks just like a hammer with little to no upper wick and at the top its called a Hanging man for obvious reasons. It is bearish as it indicates Bulls are loosing control.
I think Ghous has a very good point highlighting this. Though most pointed out are closer to doji s it is the same principle at the top.
[font=Calibri][size=3]I have also made the mistake that what looks like a pin bar at...
There you have it guys, Bones = Top notch trader. I learn something new from this guy every day that I read his posts.

Cheers Tony
Jig
  • #21,100
  • Feb 11, 2009 1:43pm Feb 11, 2009 1:43pm
I have been taken out by hanging man trades as well.

I try to keep them in the back on my mind, because they look so good to go long, when in fact they often do not work out.
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