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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

  • #24,841
  • Mar 25, 2009 2:37pm Mar 25, 2009 2:37pm
Thin Ice & Eagles Above.

Tread very carefully.
  • #24,842
  • Mar 25, 2009 3:03pm Mar 25, 2009 3:03pm
Quoting layton
I believe that I downloaded from this site. I'll take a look.
Thx bud, much appreciated.
  • #24,843
  • Mar 25, 2009 3:16pm Mar 25, 2009 3:16pm
Quoting Bemac
Thin Ice & Eagles Above.

Tread very carefully.
Or vultures above...
  • #24,844
  • Mar 25, 2009 4:25pm Mar 25, 2009 4:25pm
Hello people, my first post in this excellent thread.

I have been reading many pages of this topic and learned about price action patterns and I'm trying to learn about fibo ret from other sources, also about pivot points.

I have some questions about the recommended Time Frame. Jim talks about trading in the Daily and Weekly time frames. I understand this is to reduce noise and to have better quality trades, specially for new trades as myself.

However I see that I need huge stop losses, because in the daily and weekly time frames we have a lot of ups and downs, before we take profit.

So, do you let your trades open a lot of days when you trade with daily time frames?? What are your stop losses?? What about overnight commissions??

Maybe this was answered somewhere, if it was please point me to the right post. Otherwise if anyone can advise me about this I appreciate it.

Greetings,
ForexDude.
Why do we fall? "So we can learn to pick ourselves up."
  • #24,845
  • Mar 25, 2009 4:30pm Mar 25, 2009 4:30pm
[quote=mbqb11;2604068]Hey Gerard

This is when you combine 2 bars and view them as if they were one. So you take the open from the first day, and the close from the second day. You also use the highest high from either day, and the lowest low. Basically just combining the price action over the course of 2days. Put them together and you have a 2 day pinbar. Often times the second bar is an inside bar, or something of the sorts, but to view it as a combined pin, or a 2day pin is a technique many use. Same to be said for a 8hr pin which would be combining two 4hr pins. Simply aggregating the price differently then what is given to us through a charting program.

Ex chartquote]

This is a great definition from Mike of a 2 bar pinbar, or proxy bar. Thanks Mike.

Josh
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  • #24,846
  • Mar 25, 2009 4:35pm Mar 25, 2009 4:35pm
Quoting ForexDude
Hello people, my first post in this excellent thread.

I have been reading many pages of this topic and learned about price action patterns and I'm trying to learn about fibo ret from other sources, also about pivot points.

I have some questions about the recommended Time Frame. Jim talks about trading in the Daily and Weekly time frames. I understand this is to reduce noise and to have better quality trades, specially for new trades as myself.

However I see that I need huge stop losses, because in the daily and weekly time frames we have a...
ForexDude,
Welcome to the thread! There is only one great place to start and that is from the first post. From there you'll learn this method inside out, plus answer all your money management questions. If you don't have the patience to do that, then you can [temporarily] skip ahead to post 23250

http://www.forexfactory.com/showpost...ostcount=23250

There are many posts that are linked to that one that will answer the money management stuff. Quick answer is that yes, the stops are lots of pips, but still only 1-2% of the account due to proper risk management. The difference is that a daily trade will use a smaller position size...

Hope this helps,

Josh
  • #24,847
  • Mar 25, 2009 4:40pm Mar 25, 2009 4:40pm
Sorry for off topic. Does anyone know if it's possible to quote a full message when you reply to someone on the thread? It seems every time I reply, the quoted section gets cut off and I get "..."... which is frustrating if I want people to read the quoted message AND have the link to that message.

Any help would be much appreciated. I've tried lots of stuff, looked at the forum FAQ, etc... no luck so far.

Josh
  • #24,848
  • Mar 25, 2009 4:51pm Mar 25, 2009 4:51pm
Jduester http://www.forexfactory.com/images/s...ser_online.gif thanks for that one.

Yes, I have read the first 10-15 pages of this thread and have added your post to my favorites to keep reading during the next weeks. I want to learn and read a lot more before I start trading. I put on a few hours after my day work every day to learn this business. I learned a lot from Jim's charts on those pages, my only doubt and the question that comes to my mind all the time, is the huge time frame and how people manage stops, overnight commissions or if someone tried price action on smaller time frames. Because I see a lot of people in the irc chats saying "long-short-long-short" all the time, so I guess they are not waiting literally days to open or close a trade, that really confuses me... or maybe they are experienced enough to do that, just wondering, but I guess I will find the answer in that post with the links.

Thanks,
ForexDude.
Why do we fall? "So we can learn to pick ourselves up."
  • #24,849
  • Mar 25, 2009 4:52pm Mar 25, 2009 4:52pm
I use the right click with the copy and paste. That way you can easily get all or part of whatever you want.

BTW, your post at #23250 was VERY good and obviously took a lot of effort.
Well Done!!

BS
  • #24,850
  • Mar 25, 2009 4:52pm Mar 25, 2009 4:52pm
BUOB or PB if you take the last two bars...
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  • #24,851
  • Mar 25, 2009 5:06pm Mar 25, 2009 5:06pm
Hi all - I'm still learning what the different PA bar patterns mean but am I right in thinking that a BEOB at a Swing High is a reversal pattern, whereas a BEOB in a stalled down trend is a continuation pattern? As an example of the latter, on this chart of USD/CHF there seems to be a BEOB forming (not yet closed) in the area of congestion following the monster down of a few days ago. If the BEOB forms on close of the bar could this be traded as a potential breakout to the downside or would it be better to wait for the breakout (if/when it happens) to retrace back to that area of support around 1.1170 which would then act as resistance?

On the other hand of course, that previous support of some time ago could simply bounce the price back up again to continue the area of congestion?

The fact that this bar passes through the 365 EMA is also presumably significant.

Thanks for any advice...
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When in doubt, sit on your hands...
  • #24,852
  • Mar 25, 2009 5:19pm Mar 25, 2009 5:19pm
Quoting gododdin
Hi all - I'm still learning what the different PA bar patterns mean but am I right in thinking that a BEOB at a Swing High is a reversal pattern, whereas a BEOB in a stalled down trend is a continuation pattern?...
Yes you are correct. A BEOB at a swing high, which is the taught way to0 trade it signifies a reversal, where as a BEOB at a swing low signifies a continuation. It is in my experience the latter takes more experience to get a handle on.

Your example of USD/CHF I would see something like this. If you break the low of the BEOB you are also breaking nearly a 4 bar low. These can often signal continuations, or what you get is a quick breakout before price pullsback. One would expect that price would likely break down and stall at the next set of prior lows. as seen in chart

Best
Mike
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  • #24,853
  • Edited 5:44pm Mar 25, 2009 5:26pm | Edited 5:44pm
Quoting mbqb11
Yes you are correct....
Thanks very much for your comments Mike - nice to know I'm on the right lines. So presumably one way to approach this would be to (demo) trade the BEOB if it forms on close of the bar but to move stop to break even asap in case of a quick reversal? Another would be to sit on the hands and see which way it goes following the breakout?

One of the great things about this thread is the way that really experienced traders like yourself are happy to comment on and help complete beginners like me. It makes us less afraid that we are making fools of ourselves asking stupid questions and creates a real nurturing environment. Thanks again!
When in doubt, sit on your hands...
  • #24,854
  • Mar 25, 2009 5:49pm Mar 25, 2009 5:49pm
i like this. this person gets it.

he knew where the first area of support was and he knew it could turn back which it did.

this is how we keep from losing money and eventually get to where losses are rare.

very nice,

jim

Quoting mattfx
For those in the trade.... an update, 54 has been hit as expected and has reversed back to the entry ...lets see what happens from here
  • #24,855
  • Mar 25, 2009 5:52pm Mar 25, 2009 5:52pm
4hr pin on GBPJPY off of PPZ around 141 area. For me the nose is not long enough so I'll probably pass.
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  • #24,856
  • Mar 25, 2009 5:52pm Mar 25, 2009 5:52pm
yep.

that one made it to post 1.

jim

Quoting supremeChaos
http://www.forexfactory.com/showpost...ostcount=24631

on a serious note..... Thanks a lot for this TiaForex.
  • #24,857
  • Mar 25, 2009 5:59pm Mar 25, 2009 5:59pm
man i wish i was there having a cold one with you.



Quoting rustyjeff
Have to agree. I just read this from a bar in key west. no i havent been trading while i'm here. Too Risky.... but having this business alows me to be here..
I think I'll sail home friday.
  • #24,858
  • Mar 25, 2009 6:07pm Mar 25, 2009 6:07pm
ive just about come to the conclusion that B is either shakespeare rencarnated or has been taken over by his spirit.

i bet b would be really cool to sit down in an old castle late at night with several beers and just talk.

jim

Quoting Bemac
1) Never can it be so. Period Exclamation etc. etc.

2) Don't chase it but allow it to come to you. This takes Time & Focus.

3) Mentally Chasing Pips you left on the table will do one of two things.
a} Drive you Nuts.
b} Give you a further education.
Make sure you know which track you are on.

4) As long as the "Push" is in the basement. Don't Push the Front, that has only one outcome. Push the Understanding.
  • #24,859
  • Mar 25, 2009 6:15pm Mar 25, 2009 6:15pm
Quoting eltrot1979
4hr pin on GBPJPY off of PPZ around 141 area. For me the nose is not long enough so I'll probably pass.
If you're thinking of passing it's always good to do so.

This one doesn't jump out and say "Trade me MOFO or I'll kick you asse!!!" , but it's got a lot going for it otherwise.

I like that it closed above the trouble area. Always a good 'plus' in my book.

Edit: Not to mention this could be the beginning of a very good run upwards via 148.50 to the mid 150s
.
Bundy's status today: "Waiting..."
  • #24,860
  • Mar 25, 2009 6:19pm Mar 25, 2009 6:19pm
GBP_USD Spot.png

2 day Cable....anyone see any Problems with this..

baz
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