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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

  • #21,621
  • Feb 17, 2009 5:52am Feb 17, 2009 5:52am
Quoting squeezy
pls comment guys
dlhc wit 2 pips difference
waiting for bar to close
looks like traffic to the left
confluence at blue line, 38.2 and 1.432 ppz area
r we going to hav problem around dis area or wld it scale thru to 1.45
hope i talked wit sense....lol
thnx guuys
Hey Sq,

As I can see you're using Fibo levels, or am I mistaken ?

Amis
simple....
  • #21,622
  • Feb 17, 2009 5:56am Feb 17, 2009 5:56am
Quoting squeezy
pls comment guys
dlhc wit 2 pips difference
waiting for bar to close
looks like traffic to the left
confluence at blue line, 38.2 and 1.432 ppz area
r we going to hav problem around dis area or wld it scale thru to 1.45
hope i talked wit sense....lol
thnx guuys
WTF??? Your chart looks diffrently from mine..how is this possible??
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  • #21,623
  • Feb 17, 2009 6:03am Feb 17, 2009 6:03am
Quoting scorpionFX
WTF??? Your chart looks diffrently from mine..how is this possible??

Sorry for confusion. The title says 4 hour because it's in reply to the post with GBP/USD trading the 4 hour chart on a BUOB. I put up a daily chart as is noted in my post.

As for Squeezy's being different - that just means that his 4 hour bar closes at a different time than your 4 hour bar. As we always say on this thread, Trade what you see on your own charts.

Josh
  • #21,624
  • Feb 17, 2009 6:07am Feb 17, 2009 6:07am
Quoting Jlr
Attachment

Is this a valid inside bar trade? Looked like a good trade at a swing high, wasn't sure though. Just learning inside bars, and lower timeframes, so didn't trade this. Can anyone help me out please?
It's a valid inside bar, in my opinion the fact that inside bars are at Swing highs it does not make a difference.

For me to trade an inside bar I need two things.

1) Bias in the direction it is going to go in.
2) An important PPZ / Psychological level to protect my SL on the other side of the inside bar from being hit.

The thing about inside bars is, it's not just about seeing an inside bar and going "I will trade that". After a while you will start getting an idea when it's good to see an inside bar. Examples are after a 4HR Bearish outside bar which has a psychological level running through it, the next bar is a 1HR inside bar. Trade in the direction the the bigger PA is telling, and Place your SL behind the psych level for better protection.

Just my thoughts. .
Jig
  • #21,625
  • Feb 17, 2009 6:08am Feb 17, 2009 6:08am
Quoting Greenhaze
USDCHF anybody took that PB on H1?

Quoting sertio
For me this is a bearish outside bar with double top, looking to short
Excellent example of playiing the 1 Hour (PB) and 4 hour (BEOB) time frame off the Daily PPZ level.

Nice job guys. (I missed it , of course. lol)
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Indicators show the past. Price Action "Indicates" the future.
  • #21,626
  • Feb 17, 2009 6:09am Feb 17, 2009 6:09am
Quoting scorpionFX
WTF??? Your chart looks diffrently from mine..how is this possible??
hey scorpion,
relax
we r using different feeds, mine is fxdd feed while u r looking at fxpro
they wont be the same feed, cos diff brokers hav diff closing time etc
hope u understand

hey airmos,
fibo levels, wats dat, if its an indicator then no
not using any , even do i still throw one in once in awhile, bad habit of mine
i drew my fibo using fibonacci retracement from swing high to low
hope ive answered ur question
Simplicity is the key to success
  • #21,627
  • Feb 17, 2009 6:09am Feb 17, 2009 6:09am
Quoting jarroo
Yeah Jim is Tenacious with a capital "T". He would probably be successful no matter what business or endeavor he wants to puruse.

I just thank God it was trading so we can learn form his mistakes, successes and everything that goes on in this business. Not many experienced successful traders are willing to do that.

Yes I feel lucky because I started learning FOREX on this thread here on FF. I never liked the idea of seeying my screen full of indicator.

Thanks to James16 and all other here for been doing this....
  • #21,628
  • Feb 17, 2009 6:21am Feb 17, 2009 6:21am
Quoting Jigsaw
It's a valid inside bar, in my opinion the fact that inside bars are at Swing highs it does not make a difference.

For me to trade an inside bar I need two things.

1) Bias in the direction it is going to go in.
2) An important PPZ / Psychological level to protect my SL on the other side of the inside bar from being hit.

The thing about inside bars is, it's not just about seeing an inside bar and going "I will trade that". After a while you will start getting an idea when it's good to see an inside bar. Examples are after a 4HR Bearish outside...
Sounds tough to spot, but makes sense to me. Ty Jig
  • #21,629
  • Feb 17, 2009 6:28am Feb 17, 2009 6:28am
I found 2 possible setups on 4h chart (IBfx feed). A BUOB on GbpUsd and a BEOB on EurGbp.
I don't think they are good ones. They are near PPZ and both have contrarian signals (PB) on 1h chart.
I don't like contradiction, so I'll stay out wait patiently.
regards,
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  • #21,630
  • Feb 17, 2009 6:39am Feb 17, 2009 6:39am
Quoting jarroo
Excellent example of playiing the 1 Hour (PB) and 4 hour (BEOB) time frame off the Daily PPZ level.

Nice job guys. (I missed it , of course. lol)
Hi Jarroo, question again

the h4 OB is only broken by 25 pips and now retrace. I wonder why u said u missed it and do u think of enter at the retrace?

Thanks again
  • #21,631
  • Feb 17, 2009 6:52am Feb 17, 2009 6:52am
Quoting james16
me it was about 25.
That's some "persistance" (followed by PERSISTANCE) As they say in the movies - "Respect, man!"

P.S. I take it you had a rich uncle who died just before you started trading...
One Chart is Worth Ten Thousand Words.
  • #21,632
  • Edited 7:02am Feb 17, 2009 6:55am | Edited 7:02am
Quoting Jlr
Sounds tough to spot, but makes sense to me. Ty Jig
It's true they are tough to spot but the reason that is is because there are so little of the A+++ ones around

Heres some charts that hopefully explain what I mean earlier in relation to 1) Having a bias direction for them to break in. and 2) Trading away from psychological levels because if price comes back up the psych level will (hopefully ) protect your stop.

Obviously trade the Daily and demo etc.

Actually I just had a closer look at the 1HR chart I doodled up. There are plenty of inside bars around. Even a few inside bars off of the .90 beforehand. But they are (imho) pretty useless when you don't have a direction to trade them. I don't really understand the idea why a person would place opposite orders on both sides of Inside Bars. DIBS is great and works for different reasons.

I used to not even trade inside bars up until lately, I just . . they were just too confusing, I did not know what way to trade them. Am i going to trade them with the trend, if they are up on the day, down on the day. But the thought process I use to trade them now has allowed me to trade them pretty successfully .

Problem with me trading them at first is that Inside Bars are everywhere lol. They are literally all over the place on TF's like the 1HR so if you are going to trade them then trade them with good reason and you would want to have a good plan in place.

Sure not many opportunities like this turn up, but they are worth waiting for.

Regards,
Jig
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  • #21,633
  • Feb 17, 2009 7:07am Feb 17, 2009 7:07am
Quoting Jigsaw
It's true they are tough to spot but the reason that is is because there are so little of the A+++ ones around

Heres some charts that hopefully explain what I mean earlier in relation to 1) Having a bias direction for them to break in. and 2) Trading away from psychological levels because if price comes back up the psych level will (hopefully ) protect your stop.

Obviously trade the Daily and demo etc.

Actually I just had a closer look at the 1HR chart I doodled up. There are plenty of inside bars around. Even a few inside bars off...


Thanks Jigsaw looks like a good way to look for bias direction! I love trading inside bars but have tried lots of indicators to try and get some better ideas without great success, will do some backtesting on this.

regards
  • #21,634
  • Feb 17, 2009 7:08am Feb 17, 2009 7:08am
Quoting Jigsaw
It's true they are tough to spot but the reason that is is because there are so little of the A+++ ones around

Heres some charts that hopefully explain what I mean earlier in relation to 1) Having a bias direction for them to break in. and 2) Trading away from psychological levels because if price comes back up the psych level will (hopefully ) protect your stop.

Obviously trade the Daily and demo etc.

Actually I just had a closer look at the 1HR chart I doodled up. There are plenty of inside bars around. Even a few inside bars off of...
Nice explanation Jig. Took some notes for myself on that one. Josh
  • #21,635
  • Feb 17, 2009 7:23am Feb 17, 2009 7:23am
Ty Jig Makes a lot of sense now.
  • #21,636
  • Feb 17, 2009 7:27am Feb 17, 2009 7:27am
4hr Pin on Gold, looks like its going to break. anyone taking it ?
  • #21,637
  • Feb 17, 2009 7:51am Feb 17, 2009 7:51am
Hi,

Still doing my homework.
On EURNOK we have a PB that is forming (as long as it closes as per the rules).

Pro:
1. The shape, long nose and well above the previous high
2. Rebound on a PPZ

Cons:
1. More sideways trading that swing high
2. The lower PPZ is very close (8.7300)

Which rating do you give to this one?
Would you trade it?

Thanks
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  • #21,638
  • Feb 17, 2009 8:05am Feb 17, 2009 8:05am
There looks to be a nice pb forming on Eur/usd daily chart long way to go of course
Patience + Humility + Study = Success
  • #21,639
  • Feb 17, 2009 8:19am Feb 17, 2009 8:19am
Quoting DutchTrader
There looks to be a nice pb forming on Eur/usd daily chart long way to go of course
Dutch,
Here's my EUR/USD to compare... no sign of pin today (yet anyway). Still 8 hours to close.

Josh
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  • #21,640
  • Feb 17, 2009 9:36am Feb 17, 2009 9:36am
Hey guys, how does Jim usually play his outside bars in respect to placing the stop? Is it above the entire outside bar and enter on the break? (like a pin bar?)

Just wondering since outside bars tend to do be so large.
"Whether you think you can or can't, you're right." Henry Ford
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