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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

  • #21,641
  • Feb 17, 2009 10:09am Feb 17, 2009 10:09am
Quoting Scot Pippin'
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.

Most in here put stops on the opposite end of the OB. The stop distance just means that you will have a smaller position... to keep the same %risk of account/trade.
Alternatives are to have a fixed # of pips as stop or to enter at retrace. Both have pros/cons, which are outlined many times in this thread.

Hope this helps.

Josh
  • #21,642
  • Feb 17, 2009 10:28am Feb 17, 2009 10:28am
Hey guys, what do you think about this BEOB? I'm not trading it because its on H1 chart and I don't like the position aswell, otherwise it really has room to run short to 1.24 area
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  • #21,643
  • Feb 17, 2009 10:38am Feb 17, 2009 10:38am
Quoting datogio
Hey guys, what do you think about this BEOB? I'm not trading it because its on H1 chart and I don't like the position aswell, otherwise it really has room to run short to 1.24 area
Yeah I'm also thinking the same. Dunno whats going on because I have my daily resisntance trendline broken this morning (my time) and it still is going bearish. But there is just no place yet for an entry. I'm passing this one out
  • #21,644
  • Feb 17, 2009 10:49am Feb 17, 2009 10:49am
Quoting datogio
Hey guys, what do you think about this BEOB? I'm not trading it because its on H1 chart and I don't like the position aswell, otherwise it really has room to run short to 1.24 area
Hey Datogio,

Remember, James teaches to take BEOBS at swing highs. This is a swing low, and like you said the 1hr chart. If you are new to this material stick to the rules James stuck to the first page it will save you a long time of frustration.

Can BEOBs be played as continuations like this? Yes they certainly can, but it is IMO that they are easy to learn as reversal bars like pinbars as James teaches

Take care

Mike
  • #21,645
  • Feb 17, 2009 10:51am Feb 17, 2009 10:51am
Quoting datogio
Hey guys, what do you think about this BEOB? I'm not trading it because its on H1 chart and I don't like the position aswell, otherwise it really has room to run short to 1.24 area
Hi Datogio,

Really we want to see BEOB's at swing highs (and conversely, BUOBs at swing lows.) The bar you have pointed out is in a lot of traffic and more at the bottom end of the swing.

If you have a look at the chart below, I've drawn some price bars on there for as an example of where I'd want to see a BEOB forming. This would be off a swing high point, off a ppz, with plenty of space to move down.

Can you see the difference between this one and your original chart?

Hope this helps.

Chris
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  • #21,646
  • Feb 17, 2009 10:54am Feb 17, 2009 10:54am
Quoting mbqb11
Hey Datogio,

Remember, James teaches to take BEOBS at swing highs. This is a swing low, and like you said the 1hr chart. If you are new to this material stick to the rules James stuck to the first page it will save you a long time of frustration.

Can BEOBs be played as continuations like this? Yes they certainly can, but it is IMO that they are easy to learn as reversal bars like pinbars as James teaches

Take care

Mike
Thanks my friend, exactly that rules made me step out and just let it go.

Quote
Hi Datogio,

Really we want to see BEOB's at swing highs (and conversely, BUOBs at swing lows.) The bar you have pointed out is in a lot of traffic and more at the bottom end of the swing.

If you have a look at the chart below, I've drawn some price bars on there for as an example of where I'd want to see a BEOB forming. This would be off a swing high point, off a ppz, with plenty of space to move down.

Can you see the difference between this one and your original chart?

Hope this helps.

Chris

Yes that helps really much thanks.

Much success

David
  • #21,647
  • Feb 17, 2009 10:54am Feb 17, 2009 10:54am
Quoting mbqb11
Hey Datogio,

Remember, James teaches to take BEOBS at swing highs. This is a swing low, and like you said the 1hr chart. If you are new to this material stick to the rules James stuck to the first page it will save you a long time of frustration.

Can BEOBs be played as continuations like this? Yes they certainly can, but it is IMO that they are easy to learn as reversal bars like pinbars as James teaches

Take care

Mike
Wise words as always Mike. There's the experience showing through again. I didn't even check the timeframe on the chart! lol
  • #21,648
  • Feb 17, 2009 12:23pm Feb 17, 2009 12:23pm
Quoting Chris P
Hi Datogio,

Really we want to see BEOB's at swing highs (and conversely, BUOBs at swing lows.) The bar you have pointed out is in a lot of traffic and more at the bottom end of the swing.

If you have a look at the chart below, I've drawn some price bars on there for as an example of where I'd want to see a BEOB forming. This would be off a swing high point, off a ppz, with plenty of space to move down.

Can you see the difference between this one and your original chart?

Hope this helps.

Chris
Lovely chart Chris,

Your progress is amazing dude!

Do keep it up

Regards,
Ghous.
I believe . . .
  • #21,649
  • Feb 17, 2009 12:38pm Feb 17, 2009 12:38pm
Anyone else like the EUR/GBP 4HR Pin?

Location seems pretty sweet, should be good for some pips.

Any thoughts?
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  • #21,650
  • Feb 17, 2009 1:00pm Feb 17, 2009 1:00pm
Quoting Swampy
Anyone else like the EUR/GBP 4HR Pin?

Location seems pretty sweet, should be good for some pips.

Any thoughts?
Hi swampy,

I don't like the shape much, the long upper wick gives it undecided looks which you don't want to see in a pin bar,

However...

I like the location and would rate the ooation part A+...it has come off nicely as the 0.88 level which has been acting as pivot for Eur/Gbp recently...

coming to space, i see some trouble as we have the 50 fib from the most recent swing high just above the high of the Pin Bar, plus a few clusters of bars marked on my chart may also impede any positive impact on your trade.

To conclude it's not A+ IMO

Regards,
Ghous.
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I believe . . .
  • #21,651
  • Feb 17, 2009 1:09pm Feb 17, 2009 1:09pm
gj

.
p.s. just noticed my message from early morning never showed up, re-posting
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  • #21,652
  • Feb 17, 2009 1:16pm Feb 17, 2009 1:16pm
Thanks for the analysis Ghous.
  • #21,653
  • Feb 17, 2009 1:19pm Feb 17, 2009 1:19pm
Quoting raczekfx
gj

.
p.s. just noticed my message from early morning never showed up, re-posting
Nice Mark

What do you think is happening with the yen - DJ correlation? you entered long Gj but DJ is very much down, I am long EJ, Uj and Gj (demo) and was worrying abt the DJ drop, but it is'nt really pulling any of these crosses with it...

Regards,
Ghous.
I believe . . .
  • #21,654
  • Feb 17, 2009 1:54pm Feb 17, 2009 1:54pm
Mark,
We touch a strong support.
Can we expect a PA for today.?
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #21,655
  • Feb 17, 2009 1:58pm Feb 17, 2009 1:58pm
Quoting ghous
Lovely chart Chris,

Your progress is amazing dude!

Do keep it up

Regards,
Ghous.
Thanks Ghous,

I think my progress over the last few months has definitely been down to spending more time backtesting ideas, but also lurking around here more often. It's down to posts from yourself and other senior contributors that help to solidify ideas in the mind. It's also largely down to all the newcomers as well, who so eagerly post their charts for analysis. I rarely comment on them, but they are an invaluable tool for spotting the difference between good and bad setups. I'm pretty confident I can now spot a tradeable setup within 5-10 seconds of looking at a chart.

The other effect all this screen time has had on me is to become a calmer trader. I'm now very relaxed about my trades, because I'm pretty sure I know how price is going to behave once it reaches certain levels. I've got a loooong way to go until I reach racefx's level though

Gotta shoot, but loving this thread, the private site and all you guys/gals lol

Chris
  • #21,656
  • Feb 17, 2009 2:15pm Feb 17, 2009 2:15pm
Quoting ghous
Nice Mark

What do you think is happening with the yen - DJ correlation? you entered long Gj but DJ is very much down, I am long EJ, Uj and Gj (demo) and was worrying abt the DJ drop, but it is'nt really pulling any of these crosses with it...

Regards,
Ghous.
I missed my entry... due to ..., hence I entered on 1hr buov PA.
Normally I would've been in around 129.80, 115.80
I don't see dj (futures) breaking 7420, at least yen crosses telling me about strong bounce coming (at least for time being) we shall see.
It's times like today where fortunes are made and/or lost...
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  • #21,657
  • Feb 17, 2009 2:16pm Feb 17, 2009 2:16pm
hi, just wanted to know whether ppz employed in some of these PA trades are set discretionary looking at multiple swing reversals on higher time frames, or whether you actually use coventional computed pp's on the larger time frames (Presumably both!?) Thanks
  • #21,658
  • Edited 2:51pm Feb 17, 2009 2:17pm | Edited 2:51pm
Quoting Piproo
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
(Sorry I can't post a chart)

One thing I look for when I enter a trade off a good PA setup, and I believe this 4 Hour Usd/Chf BEOB off a Daily PPZ was a good setup.

Did it break on the next bar? Yes it did.

Was the break hard/fast and keep running? Not really, it broke downwards about 20 pips and then immediately started running the other way (upwards).
I would have probably cut this one loose for a small loss. Or stopped it out at break even.

A good confirmation is that when Price breaks, on the next bar, it should run for a good amount of pips (30-50 pips). This tells me that the setup and my entry are correct. Especially on the 4 hour/Hourly time frames.

I missed it because I was not watching this pair at the time and I would not enter on a retrace. I would wait and look for another PA setup at this level to develop.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #21,659
  • Feb 17, 2009 2:17pm Feb 17, 2009 2:17pm
Quoting ikki
Mark,
We touch a strong support.
Can we expect a PA for today.?
No, i don't think today, price might test 7450 first...
I'll be there..
  • #21,660
  • Feb 17, 2009 2:23pm Feb 17, 2009 2:23pm
Quoting lstd
hi, just wanted to know whether ppz employed in some of these PA trades are set discretionary looking at multiple swing reversals on higher time frames, or whether you actually use coventional computed pp's on the larger time frames (Presumably both!?) Thanks
Hey Lstd

PPZ are discretionary "zones". Drawn in using previous support and resistance. These can be large to smaller zones.

Check these posts out they are the best by james

http://www.forexfactory.com/showpost...ostcount=14084

Mike
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