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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

  • #21,121
  • Feb 11, 2009 7:04pm Feb 11, 2009 7:04pm
Quoting bundyraider
All your line studies should be on the basis of 'the bleeding obvious'. For obvious reasons. More people will believe. ...And even better, more people will have their various stops set in a position that protects your order.
Very true, I actually thought mine was pretty obvious though. I was flipping through charts and that one sort of popped out at me. I guess different people see things completely different I suppose. Would probably not be a bad idea to post my channels, in say some kind of a forum, where people could comment on whether they think it is a good channel or not? Hmm sounds like a crazy idea, but just might have some merit to it hehe

Thanks again, off to bed
Will stop cluttering this thread now
  • #21,122
  • Feb 11, 2009 7:10pm Feb 11, 2009 7:10pm
Quoting Jlr
Attachment

Ok, I am so very lost haha, I think I have this trade completely backwards. To me the start of the pattern is the thumbs up, the eye is the X, and the right eye is the check mark. The first part of the pattern isn't really what comprises a pin right, I know this isn't a pin? I think what you guys were trying to do, and probably correctly so, is to play this the totally opposite way as me, I think (sorry tired + fever + massly confused) and go long? If not, and you had the same idea as me to the short side, would you of...
Jlr just to be clear I don't think anybody was dreaming of going long here.
The 'thumbs up' bar is the Pin indicating a potential short trade. You would wait for the price to go lower than the low of the Pin to enter the trade. This didn't happen the next day (your 'X' bar) but it did break lower the following day ( your tick bar ).

I can maybe see that the 'tick' bar looks like a sort of Pin to go long but I don't think anybody would have considered that (too much traffic, bad formation etc)

This was simply a shorting opportunity that triggered on the 2nd day not the first day. Take another look at it (after some rest) and I'm sure you will see it. It sounds like you have all the information you need in your head but maybe trying to make it too complicated.

Hope I haven't made it anymore confusing
  • #21,123
  • Feb 11, 2009 7:15pm Feb 11, 2009 7:15pm
Quoting Jlr
Very true, I actually thought mine was pretty obvious though. I was flipping through charts and that one sort of popped out at me. I guess different people see things completely different I suppose. Would probably not be a bad idea to post my channels, in say some kind of a forum, where people could comment on whether they think it is a good channel or not? Hmm sounds like a crazy idea, but just might have some merit to it hehe

Thanks again, off to bed
Will stop cluttering this thread now
For what its worth I had my Trendline in the same place as you! I don't really try plot channels on my charts. I just draw in the most obvious Trend lines on my daily charts.
  • #21,124
  • Feb 11, 2009 7:16pm Feb 11, 2009 7:16pm
Quoting Jlr
Very true, I actually thought mine was pretty obvious though. I was flipping through charts and that one sort of popped out at me. I guess different people see things completely different I suppose. Would probably not be a bad idea to post my channels, in say some kind of a forum, where people could comment on whether they think it is a good channel or not? Hmm sounds like a crazy idea, but just might have some merit to it hehe

Thanks again, off to bed
Will stop cluttering this thread now
Don't take my word for it that your channel isn't a useful one. Even that one I had drawn isn't the best. The really good tradable ones will respect the upper and lower lines multiple times without fail.
If you like channels though, i'd watch out more for horizontal ones between good PPZs. Nothing beats horizontal levels. ...the price doesn't change as time moves on so they are more solid.

And don't worry away cluttering the thread. The rest of us don't worry. lol
Bundy's status today: "Waiting..."
  • #21,125
  • Feb 11, 2009 7:22pm Feb 11, 2009 7:22pm
Quoting ljr
For what its worth I had my Trendline in the same place as you! I don't really try plot channels on my charts. I just draw in the most obvious Trend lines on my daily charts.
It took me some time, but I eventually figured out exactly what you were talking about, and it made sense. I'm not so sure if I understand your exact entry (being a break below the PB) as I've read something different, which I won't quote because I'll get it wrong, but I'll need to look over it later
This thread is so addicting, but I love it
  • #21,126
  • Feb 11, 2009 7:22pm Feb 11, 2009 7:22pm
Hey Ghous,

I can see you down there. Post something lol Most actions are happening when I'm asleep. BTW, do you still long Eur/Gbp?
  • #21,127
  • Feb 11, 2009 7:44pm Feb 11, 2009 7:44pm
Quoting jarroo
Target:

I like to see .9000 hit, but first the High (plum) and these Lows (gold)
Interesting where yesterday's Close was at. It closed at "these Lows (gold)".
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #21,128
  • Feb 11, 2009 7:47pm Feb 11, 2009 7:47pm
Quoting 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.
I let my 2nd half close at break even.
Indicators show the past. Price Action "Indicates" the future.
  • #21,129
  • Feb 11, 2009 7:58pm Feb 11, 2009 7:58pm
Quoting jarroo
Interesting where yesterday's Close was at. It closed at "these Lows (gold)".
We had a BUOB on the H4 but we do not close above the gold area. hmm...actually I don't know what to anticipate lol would be nice to see price break the low and retest the ares. JMHO.
  • #21,130
  • Edited 9:21pm Feb 11, 2009 8:21pm | Edited 9:21pm
Quoting arcus
We had a BUOB on the H4 but we do not close above the gold area. hmm...actually I don't know what to anticipate lol would be nice to see price break the low and retest the ares. JMHO.
We know on Bullish/Bearish Outside Bars that Price tends to retrace back the previous bar Low (BEOB) or the High (BUOB).


Remember that we have a Weekly BEOB ( the 800 pound gorilla in the room)

The "Lows in gold" is the previous bar Low of the Weekly BEOB.

What does this mean? We could be heading downtown. If the Weekly BEOB acts like it suppose to do. lol
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #21,131
  • Feb 11, 2009 8:41pm Feb 11, 2009 8:41pm
Quoting jarroo
We know on Bullish/Bearish Outside Bars that Price tends to retrace back the the previous bar Low (BEOB) or the High (BUOB).


Remember that we have Weekly BEOB ( the 800 pound gorilla in the room)

The "Lows in gold" is the previous bar Low of the Weekly BEOB.

What does this mean? We could be heading downtown. If the Weekly BEOB acts like it suppose to do. lol
LOL Learn new stuff hehe Never now that BU/BEOB supposed to act that way. Thanks. So, we should wait for PA at this gold area. And one more thing, if I not mistaken, I think I read somewhere in this thread that some people enter on the retrace of the BU/BEOB, is it right?
  • #21,132
  • Feb 11, 2009 8:59pm Feb 11, 2009 8:59pm
Quote
We know on Bullish/Bearish Outside Bars that Price tends to retrace back the the previous bar Low (BEOB) or the High (BUOB).


Remember that we have Weekly BEOB ( the 800 pound gorilla in the room)

The "Lows in gold" is the previous bar Low of the Weekly BEOB.

What does this mean? We could be heading downtown. If the Weekly BEOB acts like it suppose to do. lol

I quite agree with that base on wot am seeing my chart , might not happen soo soon but looks obvious that we are headin downtown after this retracement long
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  • #21,133
  • Feb 11, 2009 9:00pm Feb 11, 2009 9:00pm
Quoting arcus
LOL Learn new stuff hehe Never now that BU/BEOB supposed to act that way. Thanks. So, we should wait for PA at this gold area. And one more thing, if I not mistaken, I think I read somewhere in this thread that some people enter on the retrace of the BU/BEOB, is it right?
Bearish PA on the Daily at this level is not a bad way to go. It would be in agreement with the Weekly BEOB.

Yes, some take a more aggressive entry at a retracement.
Indicators show the past. Price Action "Indicates" the future.
  • #21,134
  • Feb 11, 2009 10:55pm Feb 11, 2009 10:55pm
Hi, we got daily I4B across the board, anyone interested of trading any of them? if yes can u please post a chart? I really want to have this chance to study i4b.

below is the n/u daily I4b at ppz and fibo 50 support, I think will got 78% fibo which is around next ppz resistence level (0.5350 area). correct me please
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  • #21,135
  • Feb 11, 2009 11:03pm Feb 11, 2009 11:03pm
Here is something .. This is a trade you whant to move stop to break even once it moves your way a bitt it....it either runs fast or you get break even....keep in mind the reange and the condition ...

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  • #21,136
  • Feb 11, 2009 11:11pm Feb 11, 2009 11:11pm
Quoting Shermenator
Here is something .. This is a trade you whant to move stop to break even once it moves your way a bitt it....it either runs fast or you get break even....keep in mind the reange and the condition ...

Attachment

Keep in mind their still might be a retest to the wick of the pin bar before th fall
  • #21,137
  • Feb 11, 2009 11:26pm Feb 11, 2009 11:26pm
First I have a question about inside bars. What criteria do most use to trade them? What is a conservative way to play them, and is there some set up of prior bars one likes to see before entering? Do they need to be in any formations at all, or is there some sliding scale? The reason I ask is that there seem to be inside bars all over the place on the 4-hr FX, or were in the last couple periods.

Second I wanted to post this hourly Oil chart and ask thoughts on this PB. It was a while ago but has not failed or had a break out over its high. Could oil be due for a retracement before resuming its slide (imho), perhaps retest the 38.00 level? Anyone trade oil? I would like to try it, since its fundamentals seem a bit easier to keep up on. Anyway, here it is:
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  • #21,138
  • Feb 11, 2009 11:37pm Feb 11, 2009 11:37pm
Quoting johnnyonspot
First I have a question about inside bars. What criteria do most use to trade them? What is a conservative way to play them, and is there some set up of prior bars one likes to see before entering? Do they need to be in any formations at all, or is there some sliding scale? The reason I ask is that there seem to be inside bars all over the place on the 4-hr FX, or were in the last couple periods.
Inside bars used to baffle me so I'll explain what I've learned and how I became able to make use of them.
First I only look at those on daily and up because an IB during the day can be created for the wrong reasons, inactive periods rather than consolidation as we like to think of it, so a "break" is more insignificant. But if an entire trading day forms an inside bar it is consolidating because the active session of the day couldn't make new highs or lows.

For how to use them I've seen all kinds of things from trading the break of the IB itself to trading the break of the bar before it...and trading both sides of the IB if they should both break... For me I like it to appear as in this chart of a trade I took recently. It was a weekly IB so the time frame was reliable and what I like to see is the previous bar is at least 25% larger (estimate, just visually to see there is a significant size difference) because when I think of obstacles when trading the break of the IB, my first thought is the high or low of the previous bar will be the first stop. So with a daily or higher time frame and a significantly larger prior bar, a small move is a significant number of pips if it only makes it to that previous bar extreme.

Otherwise I'd look for the same as any other setup, location. In this trade there was a clean move up and a clean drop, then the IB with room to trade to the extreme of the previous bar (in fact the extreme was so far away there was another obstacle to meet first, drawn in the blue line), so to me it looked like the trade would have minimal restrictions with any recent sideways bar highs/lows in the way of progress.

For the direction to trade the IB, well in this case it was clear to me, the immediate momentum was up and we were in a pullback so I'd be looking for price action to continue upward while experiencing the pullback itself. And the position of this IB was right at the bottom of the previous bar so there was trading room to the upside, not the downside. If the IB low and previous bar low were both within a few pips of each other (two matching lows) maybe it could have been traded short as a breakout continuation downward but every situation will be different and experience will dictate the comfortable way to interpret the chart.


http://www.forexfactory.com/attachme...1&d=1232509826
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #21,139
  • Feb 11, 2009 11:39pm Feb 11, 2009 11:39pm
Quoting johnnyonspot
First I have a question about inside bars. What criteria do most use to trade them? What is a conservative way to play them, and is there some set up of prior bars one likes to see before entering? Do they need to be in any formations at all, or is there some sliding scale? The reason I ask is that there seem to be inside bars all over the place on the 4-hr FX, or were in the last couple periods.

Second I wanted to post this hourly Oil chart and ask thoughts on this PB. It was a while ago but has not failed or had a break out over its high. Could...

Its in a range why bother with something that does not know in what direction it whants to go?....

look for something that stands out thts new and fresh nd that moves right away....if it does not move fast it means its not ready as well s the market is not convinced enought yet...
  • #21,140
  • Feb 11, 2009 11:49pm Feb 11, 2009 11:49pm
Quoting Thexder
Inside bars used to baffle me so I'll explain what I've learned and how I became able to make use of them.
First I only look at those on daily and up because an IB during the day can be created for the wrong reasons, inactive periods rather than consolidation as we like to think of it, so a "break" is more insignificant. But if an entire trading day forms an inside bar it is consolidating because the active session of the day couldn't make new highs or lows.

For how to use them I've seen all kinds of things from trading the break of the IB itself...
Great post on Inside Bars Thexder. Great insight. Thanks.
Indicators show the past. Price Action "Indicates" the future.
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