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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

  • #26,481
  • Edited Apr 8, 2009 1:09am Apr 7, 2009 8:42pm | Edited Apr 8, 2009 1:09am
Quoting mrsingha
There you go Jim.
Thanks mrsingha.

Inside Bars are usually looked for just like any other PA formation i.e, Location, PPZs , swing High/Low, with the trend and other supporting cast of confluences.

With these double barrel IBs, Price tends to be sqeezed tighter and tighter until strong breakout ocurrs. Managed carefully ( meaning quick to break even trade, etc.,) they can prove to be quite successful.
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Indicators show the past. Price Action "Indicates" the future.
  • #26,482
  • Apr 7, 2009 8:46pm Apr 7, 2009 8:46pm
Quoting jarroo
Did you take the short? Sorry I can't post a chart right now. Can someone post a 4 hour Euro chart?

There's a member named Dale that I have talked to on the DIBs thread that swears by these double inside bars on the 4 hour and Daily time frames. He may have some other criteria, I don't know, but they do not happen often.

Sure, its just a wedge type formation on the lower time frames but not always. Check some back testing on these, it's an interesting Price Action formation.
Jarroo,
I have actually become quite fond of these setups as well. I included that setup in my backtesting (post 26257) and it gave me great results when we had some space. There are a few things I like to look for (space is main one). I take the break of the First bar with stop at opposite end of the First bar. Cuts down on false breakouts. Definitely worth some backtesting though, as I found it to be very good.

Josh
  • #26,483
  • Apr 7, 2009 8:47pm Apr 7, 2009 8:47pm
hey everyone, i know a lot of you use fxpro for charting, but do any of you trade live with them?

I've been doing a lot of research and it seems that the only issue is having an unclear withdrawal policy.

I would like to be able to trade forex, stocks, and futures from the same place (at least for the next few years - until i have the funds to spread around to other brokers).

Feel free to pm or email if you don't want to post your experience to this thread. thanks.
  • #26,484
  • Edited 10:18pm Apr 7, 2009 8:48pm | Edited 10:18pm
Quoting Nanook438
Hi Jim,
Sadly no. I didn't set up for it but decided to wait and see what it would do. It was sitting on the 150 and a fib confluence on my chart hence the original thinking it might break long.
The professionals were right in that it broke lower. There will be others though. No sweat.

BPP Grasshopper

Inside Bars by definition are an indecision or neutral formations. So depending on the Location, PPZ, swing High/Low, etc., they can tip their hand and give us a hint to where Price may be going.
Indicators show the past. Price Action "Indicates" the future.
  • #26,485
  • Apr 7, 2009 9:01pm Apr 7, 2009 9:01pm
Quoting stoli7188
hey everyone, i know a lot of you use fxpro for charting, but do any of you trade live with them?

I've been doing a lot of research and it seems that the only issue is having an unclear withdrawal policy.

I would like to be able to trade forex, stocks, and futures from the same place (at least for the next few years - until i have the funds to spread around to other brokers).

Feel free to pm or email if you don't want to post your experience to this thread. thanks.
i trade with them for over 1 year withdrawal could not be any better. I have the funds back into paypal and then my bank account in no more than two business days.

as for stocks and futures I think they only offer CFDs
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #26,486
  • Apr 7, 2009 9:25pm Apr 7, 2009 9:25pm
Quoting jarroo
Inside Bars by definition are an indecision or neutral formations. So depending on the Location, PPZ, swing High/Low, etc., they can tip their hand and gives us a hint to where Price may be going.

Thanks Jim,
It didn't seem to have far to go before hitting support but if it breaks 1.3150 area it may go a ways. Looking to train myself to trade longer moves but 75 pips to support on my chart is certainly nothing to sneeze about.

BPP Grasshopper
  • #26,487
  • Apr 7, 2009 9:56pm Apr 7, 2009 9:56pm
Quoting stoli7188
hey everyone, i know a lot of you use fxpro for charting, but do any of you trade live with them?

I've been doing a lot of research and it seems that the only issue is having an unclear withdrawal policy.

I would like to be able to trade forex, stocks, and futures from the same place (at least for the next few years - until i have the funds to spread around to other brokers).

Feel free to pm or email if you don't want to post your experience to this thread. thanks.
i would be interested in this as well. i am in the process of finding a broker too. my main concern is safety of funds, capitalization. citifx offers fdic?
  • #26,488
  • Apr 7, 2009 10:09pm Apr 7, 2009 10:09pm
Quoting Nanook438
Thanks Jim,
It didn't seem to have far to go before hitting support but if it breaks 1.3150 area it may go a ways. Looking to train myself to trade longer moves but 75 pips to support on my chart is certainly nothing to sneeze about.

BPP Grasshopper
75 pips is a HUGE trade at $50 to $100 a pip, but at $.50 to $1.00 a pip its not overwhelming. James16 talks about account size very much recently and through the thread. I'm sure when you reach that level of pip size a "longer pip move" may be only 20pips to 30pips to be worthwhiled.

Most of the top quality, A+ PA trades do break hard when tiggered, but the initial pip amount given may only be 30 to 50 pips. Learn to caputure these moves first and grow from there. imo
Indicators show the past. Price Action "Indicates" the future.
  • #26,489
  • Apr 7, 2009 10:33pm Apr 7, 2009 10:33pm
Quoting jarroo
75 pips is a HUGE trade at $50 to $100 a pip, but at $.50 to $1.00 a pip its not overwhelming. ..
That's the problem with many new traders and a sign that they don't treat trading seriously.

In our circle of traders-friends there are several, who trade at only $10-15/pip and manage 50-75pips day-in and day out.
I still remember when back a couple of years ago I carried company BBs, pagers, sat phones... you name it, being available 24hrs on call and didn't even come close to their daily income...

Folks, respect your 'pips' even if you only trade at 0.1$/ps. One day you will be grateful for that.
  • #26,490
  • Apr 7, 2009 10:40pm Apr 7, 2009 10:40pm
Quoting mrsingha
Ghous,
You didn't get your .8200 close but it's a BUOB none the less.
Would you still be tempted to take it long on a break?

Steve.
Hi Steve,

The 8200 was as important to me as the location itself.

The reason I wanted a close above 8200 is because the resistance ppz I mentioned in my chart is built around this round number.

Good momentum isn't the only think we need to be looking for when trying to catch a break of such an old range. SO although we had a decent move from my point "1" as I typed my post I saw the 4H give a lovely pin bar near the 8200, and yes it was an A+ one. I knew straight away that my long wasn't good to eat yet...

When trying to take range breakouts a rational approach is of paramount importance. When we approach such a huge ppz we want price to show some "DECENT IRREVERENCE" for the ppz zone, which can often be considered as an authoritative close above/below the ppz. A close above 8200 would have sufficed to meet this criteria IMO, the fact that price still had to bounce off this region bruised and hurt and made to flee should straight away make you feel that a long isn't a good idea OR even a pending order above the high of the buob for that matter...

Regards,
Ghous.
I believe . . .
  • #26,491
  • Apr 7, 2009 11:23pm Apr 7, 2009 11:23pm
Thanks for the replies Ghous and Tom.
It certainly wasn't a very convincing close to the daily bar and although I didn't see your 4hr pinbar Ghous, there's an 8hr PB on IBFX that had me thinking the same as you both.
Will watch and wait with interest.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #26,492
  • Apr 7, 2009 11:24pm Apr 7, 2009 11:24pm
Quoting raczekfx
That's the problem with many new traders and a sign that they don't treat trading seriously.

In our circle of traders-friends there are several, who trade at only $10-15/pip and manage 50-75pips day-in and day out.
I still remember when back a couple of years ago I carried company BBs, pagers, sat phones... you name it, being available 24hrs on call and didn't even come close to their daily income...

Folks, respect your 'pips' even if you only trade at 0.1$/ps. One day you will be grateful for that.
Amen brother.
Indicators show the past. Price Action "Indicates" the future.
  • #26,493
  • Apr 7, 2009 11:35pm Apr 7, 2009 11:35pm
Quoting ghous
When we approach such a huge ppz we want price to show some "DECENT IRREVERENCE" for the ppz zone, . . .

. . . A the fact that price still had to bounce off this region bruised and hurt and made to flee should straight away make you feel that a long isn't a good idea . . .


Ghous.
I think we know who the poet is around here. lol
Indicators show the past. Price Action "Indicates" the future.
  • #26,494
  • Apr 7, 2009 11:36pm Apr 7, 2009 11:36pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi,Ghous, probably you draw a couple of ideal scenarios you are expecting
around 8200, either bullish or bearish, and illustrate what you might do with these probable situation. I feel you have very reliable sense in managing the chart, so, will be very helpful to understand your thinking process. thank you.



Quoting ghous
Hi Steve,

The 8200 was as important to me as the location itself.

The reason I wanted a close above 8200 is because the resistance ppz I mentioned in my chart is built around this round number.

Good momentum isn't the only think we need to be looking for when trying to catch a break of such an old range. SO although we had a decent move from my point "1" as I typed my post I saw the 4H give a lovely pin bar near the 8200, and yes it was an A+ one. I knew straight away that my long wasn't good to eat yet...

When trying to take range breakouts...
  • #26,495
  • Apr 7, 2009 11:46pm Apr 7, 2009 11:46pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I am tempted by this setup, not on the location I draw, curious to see others' view, coz I am not confident about what I am seeing, particularly in assessing the major S/R zones. thanks for help
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  • #26,496
  • Apr 7, 2009 11:55pm Apr 7, 2009 11:55pm
Quoting jarroo
Amen brother.
totally agree
  • #26,497
  • Apr 8, 2009 12:04am Apr 8, 2009 12:04am
Quoting ghous
OR even a pending order above the high of the buob for that matter...
Hi Ghous-

Why would you not consider a pending order above the high? That would allow the BUOB to be broken and it would also fulfill a break of the consolidation and 8200 area. Especially if price decides to retest that level soon.

Just trying to figure out why you think that a break above the BUOB is not proper in your eyes.

Thanks,

-G550
  • #26,498
  • Apr 8, 2009 12:58am Apr 8, 2009 12:58am
Quoting Jduester
Jarroo,
I have actually become quite fond of these setups as well. I included that setup in my backtesting (post 26257) and it gave me great results when we had some space. There are a few things I like to look for (space is main one). I take the break of the First bar with stop at opposite end of the First bar. Cuts down on false breakouts. Definitely worth some backtesting though, as I found it to be very good.

Josh
Thanks for the info Josh.

You have surely done some great work here and have shared it on the thread. It is greatly appreciated by the many people you are helping. So many people that you would be surprised by number.

You are definitely on the right path of success.

A Star Trader in the making. (no pressure though. lol)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #26,499
  • Apr 8, 2009 1:10am Apr 8, 2009 1:10am
Quoting G550
Hi Ghous-

Why would you not consider a pending order above the high? That would allow the BUOB to be broken and it would also fulfill a break of the consolidation and 8200 area. Especially if price decides to retest that level soon.

Just trying to figure out why you think that a break above the BUOB is not proper in your eyes.

Thanks,

-G550
i think the point he is getting at(im sure he will correct me if im wrong) is that price action shows that,for now, it is still respecting the 8200 level as resistance and so any initial break is likleyto be false(even if it does eventually break north)ghous would have been looking for a much stronger disregard to the level .any orders placed ready for the break could then get triggered by a bar that could well close a pin bar and put you at the top end of a move south!
hope this help,
jon
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PATIENCE... DISCIPLINE
  • #26,500
  • Apr 8, 2009 2:57am Apr 8, 2009 2:57am
Quoting jarroo
75 pips is a HUGE trade at $50 to $100 a pip, but at $.50 to $1.00 a pip its not overwhelming. James16 talks about account size very much recently and through the thread. I'm sure when you reach that level of pip size a "longer pip move" may be only 20pips to 30pips to be worthwhiled.

Most of the top quality, A+ PA trades do break hard when tiggered, but the initial pip amount given may only be 30 to 50 pips. Learn to caputure these moves first and grow from there. imo
Jarro, guys-
lol- wasn't sneezing at the pips but that the trade wasn't an A+ trade to me so in keeping with j16 was waiting for the best trades. Just disciplining myself to not take any trade that comes up. That's all.
:-)
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