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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

  • #23,141
  • Mar 5, 2009 12:29pm Mar 5, 2009 12:29pm
Quoting Chris P
Hey Alter,
An exercise which I found really helpful when I first started, and something which I would urge any newcomer to do. Pull up as many chart as you can, zoom out to the weekly so you can see as much data as possible and draw on all the obvious PPZ's. 99% of the time they'll line up with round numbers (00, or 50). You can then go into the daily and refine them or add one or two more. From there, go back and look at what price action you get off those levels. Start with the weekly and daily. Once you've done that step down to the 4h....
Great post Chris. I'm going to incorporate this exercise as the next step in my goals.
Josh
  • #23,142
  • Mar 5, 2009 12:36pm Mar 5, 2009 12:36pm
Mark, any trade in particular that you are....
Or hold the sames in the morning...
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,143
  • Mar 5, 2009 12:45pm Mar 5, 2009 12:45pm
Resident experts:

I have a question regarding PA bars. With regard to a PB or BUOB/BEOB if the next bar does not trigger your entry (eg. on a bullish PB the high of the PB is not taken out by the next bar or on a BUOB its high is not broken by next bar) is the signal no longer valid at that point or can you still take the signal to go long on the following bar (the second bar after the PB or BUOB)?
It's all about cautious - and highly educated - wagering on probabilities.
  • #23,144
  • Mar 5, 2009 12:52pm Mar 5, 2009 12:52pm
Quoting Santana55
Resident experts:

I have a question regarding PA bars. With regard to a PB or BUOB/BEOB if the next bar does not trigger your entry (eg. on a bullish PB the high of the PB is not taken out by the next bar or on a BUOB its high is not broken by next bar) is the signal no longer valid at that point or can you still take the signal to go long on the following bar (the second bar after the PB or BUOB)?
Hey Santana,

Depending on how strong you might feel about the bar you might decide to leave your order there until the bar gets invalidated(such as the low of the BUOB being penetrated). I prefer to cancel my order if the next bar does not trigger my order. I like to see momentum/follow through.

-Mike
  • #23,145
  • Mar 5, 2009 1:06pm Mar 5, 2009 1:06pm
I got into this trade last night, have taken 1/2 profit and set stop to B/E. We just got this bullish outside bar of questionable quality. How does it rate as a continuation bar in others' view? I think its questionable due to the close is so far down from the high and well inside the prior bar. Should I put a tighter leash on this trade, maybe on the hourly TF?
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  • #23,146
  • Mar 5, 2009 1:08pm Mar 5, 2009 1:08pm
Thanks Mike,

That's what I figured but I had seen some examples in the past with PB's working a day after the following bar's formation. I think the safest bet is to pull the order like you said given momentum isn't there.

I have heard one exception being an IB following the PB which is very close to the PB's high. In that case you might take the PB once the IB triggers.
It's all about cautious - and highly educated - wagering on probabilities.
  • #23,147
  • Mar 5, 2009 1:37pm Mar 5, 2009 1:37pm
Quoting raczekfx
I'm flat now, but I will vigorously short any bounce ups on us-based crosses.
I am trying to learn what you do, but I don't really understand it. The DJ hit 6600 level, so would that be an area to consider looking for a good long entry on xx/JPY pair? Looks like there is a lot of support there... but I don't really understand this method at all Any ideas? Ty
  • #23,148
  • Mar 5, 2009 2:04pm Mar 5, 2009 2:04pm
Quoting Jlr
I am trying to learn what you do, but I don't really understand it. The DJ hit 6600 level, so would that be an area to consider looking for a good long entry on xx/JPY pair? Looks like there is a lot of support there... but I don't really understand this method at all Any ideas? Ty
I won't even look at yen crosses today....

Not before Non Farm news is out. Tomorrow might be a different story, but not today. I have posted a couple of times in the past on my trading before payroll numbers are released. You'd have to do some digging...

I may go good size long tomorrow on au, nu, eu and gu, but not today....and since this has nothing to do with PA......
apologies for cryptology but there are many tools for different work..
  • #23,149
  • Mar 5, 2009 2:10pm Mar 5, 2009 2:10pm
BEOB on USD/JPY. It looks like it's bouncing from the daily/weekly ppz with 50% fib confluence at a well defined swing high. I'm liking this setup alot because the 100.00 round number ppz is very important. The only thing that concerns me is the minor consolidation area below and that pinbar looking bar high below.

I'm not sure about this but this also looks like hidden bearish divergence to me.

edit: 98.00 (the daily beob low) looks like a daily ppz to me.
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  • #23,150
  • Mar 5, 2009 2:20pm Mar 5, 2009 2:20pm
Not looking to promising in breaking this one. Still a few hours left but, I doubt it will happen. I liked it off of that .5000 level and divergence. Ah well.
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  • #23,151
  • Mar 5, 2009 2:26pm Mar 5, 2009 2:26pm
Quoting dmc
Not looking to promising in breaking this one. Still a few hours left but, I doubt it will happen. I liked it off of that .5000 level and divergence. Ah well.
Hey dmc could you post a chart of that setup on the 4 hour Gbp/Jpy you had today? Good example of a 4 hour PA setup off of higher time frame Highs/PPZs. Sorry I can't post a chart right now.
Indicators show the past. Price Action "Indicates" the future.
  • #23,152
  • Mar 5, 2009 2:27pm Mar 5, 2009 2:27pm
Quoting dmc
Not looking to promising in breaking this one. Still a few hours left but, I doubt it will happen. I liked it off of that .5000 level and divergence. Ah well.
I'm still waiting for this one to break also. About 3.5 hours left for it and then I'm planning on canceling my order.
  • #23,153
  • Mar 5, 2009 2:32pm Mar 5, 2009 2:32pm
mark,
i cant find Dow future under FxPro or it's just me demo

Quoting raczekfx
Rebound or a tease.....
.
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  • #23,154
  • Mar 5, 2009 2:40pm Mar 5, 2009 2:40pm
Quoting AlexWong76
i cant find Dow future under FxPro or it's just me demo
.
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  • #23,155
  • Mar 5, 2009 2:44pm Mar 5, 2009 2:44pm
Quoting Jduester
I know what you mean....

where I'll comment on other things I've learned in this thread, which I've now completely read!

Hello Josh,

You don't know me, but I have been a member of James16's group since the very beginning, and I've been following this thread ever since. I must commend you on completing this thread given the size that it has become. All too often, we see people looking for shortcuts - "is there a summary," pdf, starting off on lower timeframes, not demoing first, etc etc. It's nice to see someone actually following James16's requirements and I just know that you'll be making it in this business given your dedication. Just had to give you props! By the way, both my parents went to UW for grad school (from Hawaii - imagine that...lol). Keep up the great work and the insightful posts!
  • #23,156
  • Mar 5, 2009 2:53pm Mar 5, 2009 2:53pm
Here was the 4 hr setup today on the GBP/JPY BEOB. We had a triple top, with divergence, and close under the Big Round number. The triple top can be seen clearly on the daily chart as well. This are was a huge area of support. See attached.



Quoting jarroo
Hey dmc could you post a chart of that setup on the 4 hour Gbp/Jpy you had today? Good example of a 4 hour PA setup off of higher time frame Highs/PPZs. Sorry I can't post a chart right now.
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  • #23,157
  • Mar 5, 2009 3:12pm Mar 5, 2009 3:12pm
Quoting dmc
Here was the 4 hr setup today on the GBP/JPY BEOB. We had a triple top, with divergence, and close under the Big Round number. The triple top can be seen clearly on the daily chart as well. This are was a huge area of support. See attached.
Thanks d.

Very nice. Looks like its gaining some more pipage as we speak. There was a 70 pip draw down after the break but a very good setup indeed.

If you look at Price Action on the 4 hour chart at this level over the last few weeks there wasn't any clear PA setup to speak of. As James16, Mike and others have mentioned many times before waiting for the right one to come along takes time. Patience is the key. This may be the only PA setup on the 4 hour time frame this month for this pair. Well, maybe .
Indicators show the past. Price Action "Indicates" the future.
  • #23,158
  • Mar 5, 2009 4:11pm Mar 5, 2009 4:11pm
Is anyone else looking at the usd/jpy daily trade? My bar closes in 2 hours and it looks like an A trade or pretty close to an A to me.
  • #23,159
  • Mar 5, 2009 4:19pm Mar 5, 2009 4:19pm
Hi Alter,
on daily charts, you can use brokers that provide quite big history and start with "F12 work" lets say from the year 1990 until now. I think it is long enough history :-) It will take you days to go through it on more pairs.

If you are familiar with excel, try to put as many info as you can to have correct analyse of your entries-exits after you finish some pair. I mean don't mix Entry patterns, specify if you're with/against trend or in range; if you buy or sell, how big is risk (pips) and when do you exit (first half of your position and second position again in pips), if you have some confluence - PPZ, Round number, Fibo, Divergency, whatever else... and do some counting in the end :-)
OR, if you are more experienced in Metatrader, especially in MQL, you can even program very nice things. E.g. I just put into XLS date of the entry, amount of pips for first PT, amount of pips for second target, save it as csv and script in strategy tester will process it. Than you can try to optimize it, change exit techniques, filter trades using trend, take only bigger pins with good shape, take it only if it breaks on next candle etc etc etc, whatever you will think you can do. Many times it will open your eyes if you see what is profitable and what not, quite outstanding statistics are made too so you can see all important parameters of your trading. And if it's not enough, you can use MSA to improve money management, position sizing and much more.


Quoting alter
Mike it is difficult to take just weekly and daily setups , I have 16 hours every day that I can spend trading {or learning}, but I had just 9 weekly and 12 daily setups this year. How can I learn from that? I know this H1 trade was not good one, in fact I took it just because I took some loses on EURUSD/NZDJPY weekly, so I wanted to make something back. Not smart. This is different from demo.
Chris, thank you for your advice. It is difficult to do some back testing with this method, I just press F12 on my MT4 and move forward.

alter
  • #23,160
  • Mar 5, 2009 4:20pm Mar 5, 2009 4:20pm
Still 45 minutes to the close of the bar..but i can see 2 possible setup. I don't think they are A setup;
how do you qualify them?

1) 2 day pin bar on CHF/JPY, attached there is the chart. It comes at a swing high and there is a sort of double top, and important Fibo ret level. But i think it can face some problem in the downward direction.

2) BEOB on USD/JPY.
This is a quite powerful pin bar, but it's too close to a strong PPZ, 98.00. Therefore, there can be some problem at about 96.86.

Any ideas?
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