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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

  • #26,841
  • Apr 11, 2009 9:01am Apr 11, 2009 9:01am
Thanks Jarroo, Ghous and everyone else!

I'll remember your lessons and thanks for the reference to James' "THIS IS CRITICAL" lessons:

http://www.forexfactory.com/showthre...al#post2365944

I may just practice for the next few months selecting PA, and going from one PPZ and closing on the next closest PPZ on the dailies, paying attention to those stops. When I get this I'll look at moving to PPZ's further out.
WARNING: Don't follow me as I'm just learning
  • #26,842
  • Apr 11, 2009 9:47am Apr 11, 2009 9:47am
Anyone keeping an eye on this interesting PA?

at bar #1 we have a PIBAR
at bar #2 we have an INSIDEBAR
at bar #3 we have an OUTSIDEBAR
at bar #4 we have an other INSIDEBAR

These bars keep testing the 1.4600 area

Bars #1 and #3 have about the same high and low

A break of #1 and #3 in either direct have 80 to 100 pips before S/R

Not sure If I will play it, but I thought it was interesting none the less
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  • #26,843
  • Edited 10:21am Apr 11, 2009 10:05am | Edited 10:21am
Quoting Aliassmith
Anyone keeping an eye on this interesting PA?

... for what it's worth, I'm waiting for a breakout north past my trendline with PA, or south for a few days $cad, aud$ & nzd$ seem to be in the same wedge
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WARNING: Don't follow me as I'm just learning
  • #26,844
  • Apr 11, 2009 10:07am Apr 11, 2009 10:07am
Thanks albcnr for the info on the f 1 key . ive always wondered how to advance 1 bar at a time . http://www.forexfactory.com/images/icons/icon14.gif
  • #26,845
  • Apr 11, 2009 10:08am Apr 11, 2009 10:08am
sorry f 12
  • #26,846
  • Apr 11, 2009 10:53am Apr 11, 2009 10:53am
Quoting initex
Hi everyone!
Little bit off topic - is there any software, where is possible to load one currency historical data, go though it tick by tick and switch through weekly, daily and H4?

i know there is strategy tester in meta trader, but there is possible go through currency only in one time frame (you can't switch through them)...

The goal would be training skills like in real time trading....
Hi initex,
I'm using vHands in MT4. there is a version that uses multi time frame and i use it for 4H and daily simultaneously. It works. Go to the thread here at FF from the beginning (like J16 thread ) and you'll find your answer around page 14 at post #200... enjoy.

http://www.forexfactory.com/showthre...=60849&page=14

Ady
  • #26,847
  • Apr 11, 2009 11:05am Apr 11, 2009 11:05am
Quoting Jellybean
Hi all

Just a quick one. I know it's a bit off topic, but how do you post attachments as "Attached Thumbnails" instead of the "Attached Images" I usually get?

Cheers
Jellybean

P.S. Have a Happy Easter - 2 days holiday here
Just click on 'Attachments' again after you have already attached your image. This inserts the XML to display the attachment in your post as opposed to just the link.

Is this what you meant?
  • #26,848
  • Edited 2:13pm Apr 11, 2009 11:06am | Edited 2:13pm
Quoting Aliassmith
Anyone keeping an eye on this interesting PA?

at bar #1 we have a PIBAR
at bar #2 we have an INSIDEBAR
at bar #3 we have an OUTSIDEBAR
at bar #4 we have an other INSIDEBAR

These bars keep testing the 1.4600 area

Bars #1 and #3 have about the same high and low

A break of #1 and #3 in either direct have 80 to 100 pips before S/R

Not sure If I will play it, but I thought it was interesting none the less
Yup that's some nice coincidence.

Although it's kind of peculiar on a more serious note "THIS IS NOT A TRADABLE SITUATION"

Why?

Highlight these set of bars and visit a lower tf and you'll know just why...

We often get quite used to spotting A+ pin bars in terms of their shape, but fail to realize the logic behind them functioning as a "trigger to a trade"

Now in this current Gu example it is more wise to look at these set of PA bars as an act of consolidation by the pair than a series of PA setups that can easily be mistaken to add on to the strength of a move...the consolidation points towards it but the trigger is still missing.

The only case IMO where multiple PA bars can be used to add up to the odds in favor of the trade is where you see the same PA setup bar after bar OR when you see a series of consecutive PA bars that give you the same information regarding the party dominant in the market.

Examples would be I3bs, and I4bs and two side by side pin bars, or a bullish Pin bar followed by a BUOB etc. I've attacthed a chart to illustrate two such occasions...

So how do you know when 2 consecutive bars showing a PA setup is tradable or not? Simple, it depend on 2 things:

1) THEY MUST NOT CONTRADICT EACH OTHER.
2) ANALYSIS OF THE THREE ELEMENTS OF A TRADE (i) LOCATION (ii) SHAPE (iii) SPACE

Smith your bar 1 is a bullish Pin bar, your bar 2 is an inside bar, the third is a BEOB...this for me was the first hint towards the existence of a conflict between the PA setup and the possible existence of a pitfall...well it was a bit more blatant here but can be pretty subtle other times, the concept hence has to be CRYSTAL CLEAR. Had we seen a bearish pin bar followed by a BEOB the situation would have been a little more clear, and may perhaps have pointed towards a trade...

In a nutshell...

Quote
Not sure If I will play it, but I thought it was interesting none the less
It should be fun to watch, watch what? The breakout of the "range" rather than the inside bar because the Ib itself is part of the range...whether it will prove a trigger to the range breakout is yet to be seen...but we watch this on the sidelines, right?

*****_____________******

To conclude I must admit that since these allegations are not "In stone" it is not advisable that you memorize the phrase " I won't take a trade when I see contradictory PA bars".

All of this isn't something out of the world or a genius invention or anything it's just a simple way of havin to get an idea of what price wants to do. It's always doing something ofoarse but as good traders we want to catch only those moves which are clearly indicated by price itself well in advance.

This is your goal. i.e to catch the very conspicous blatant moves which when caught are then termds A+ trades.

Hence when you see a BUOB followed by a BEOB do you discard the setup? Yes and No. Again it depends ENTIRELY on where the setup occurs exactly, what does it look like and where is it going, exactly like any othr single PA bar setup.

Consider the case of a BUOB just below a very strong ppz the high of which just abt touched the ppz.

If the next bar then is a BEOB would you midn going short? Ofcaorse NO! The BUOB earlier was just a connotation that the ppz was going to be tested, the BEOB then is as good as you'll ever get it, is there any ambiguity as to price direction specially due to the contradicory PA bars, NO! A simple A+ trade.

The whole point is to understand what price does and why it does it, the rest is just bull$!T shrouded in an attarctive packing....you get this fact straight and you're on your way to becoming a great trader,

Understanding price beyond oustide/inside/pin bars is not just something you "may" do, it's something you "must". Don't forget the importance Jim gives to the R&D part of this buisness, I am a nobody but that man is to be taken seriosuly guys...VERY SERIOUSLY!

Enough said....

Regards,
Ghous.
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I believe . . .
  • #26,849
  • Apr 11, 2009 11:47am Apr 11, 2009 11:47am
Thanks for the indepth analysis Ghous. I'll note the double PA information you suggest.

So IF this was to be traded, I was looking at the consolidation for a breakout. Your concern is there is currently no reliable PA trigger?



Quoting ghous
In a nutshell...

It should be fun to watch, watch what? The breakout of the "range" rather than the inside bar because the Ib itself is part of the range...wether it will prove a trigger to the range breakout is yet to be seen...but we watch this on the sidelines, right?
  • #26,850
  • Apr 11, 2009 12:27pm Apr 11, 2009 12:27pm
Quoting ghous
Yup that's some nice coincidence.

Although it's kind of peculiar on a more serious note "THIS IS NOT A TRADABLE SITUATION"

Why?

Highlight these set of bars and visit a lower tf and you'll know just why...

We often get quite used to spotting A+ pin bars in terms of their shape, but fail to realize the logic behind them functioning as a "trigger to a trade"

Now in this current Gu example it is more wise to look at these set of PA bars as an act of consolidation by the pair than a series of PA setups that can easily be mistaken...
Unbelievable how you interpret the market and you explain that to us.

Thank you Ghous for your work.
Patience is essential
  • #26,851
  • Apr 11, 2009 1:46pm Apr 11, 2009 1:46pm
Quoting benem
Hello Jarroo,thanks for your beautiful explanation with Ghous....you handle with this stuff pretty good.
I'd like to ask you if you always adjust your PPZ at rounded numbers like 1.3300 or 1.3350?
I had this feeling looking at your post and i'd like you to clarify this for me.

Cheers
Round numbers are an important psychological level that every trader sees on all different data feeds. When they line up with a PPZ or PPZ lines up with them, they become a powerful confluence.

Search out mbqb11 (Mike) posts on Round numbers, he explains more on how they interact with Price.
Indicators show the past. Price Action "Indicates" the future.
  • #26,852
  • Edited 2:08pm Apr 11, 2009 1:47pm | Edited 2:08pm
Quoting benem
Unbelievable how you interpret the market and you explain that to us.

Thank you Ghous for your work.
I was in quite a hurry and missed some valid points, will need to edit the post...

Go through it again later Benem...

Sorry.

EDIT: Post edited...

Regards,
Ghous.
I believe . . .
  • #26,853
  • Apr 11, 2009 2:07pm Apr 11, 2009 2:07pm
Quoting Aliassmith
Thanks for the indepth analysis Ghous. I'll note the double PA information you suggest.

So IF this was to be traded, I was looking at the consolidation for a breakout. Your concern is there is currently no reliable PA trigger?
Absolutely!
I believe . . .
  • #26,854
  • Apr 11, 2009 2:56pm Apr 11, 2009 2:56pm
Great Forum, looking forward to James16 PF. Just getting up to speed on this first. Looking at the eur/jpy Daily would the last bar be a valid pin bar?
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  • #26,855
  • Apr 11, 2009 3:23pm Apr 11, 2009 3:23pm
It looks like a tiny PINBAR buried in "noise".

Quoting pipaholic
Great Forum, looking forward to James16 PF. Just getting up to speed on this first. Looking at the eur/jpy Daily would the last bar be a valid pin bar?
  • #26,856
  • Apr 11, 2009 3:57pm Apr 11, 2009 3:57pm
Ok after looking at the weekly a see a Pin going the other way and I take it James would trust a weekly over a daily. In my humble opinion I see this moving down and find support at 131.00 and if it breaks that there would be a target of 128.00. Any feed back is appreciated. Thanks again to all the people and James for this great forum.
Peter
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  • #26,857
  • Apr 11, 2009 5:03pm Apr 11, 2009 5:03pm
Quoting pipaholic
Great Forum, looking forward to James16 PF. Just getting up to speed on this first. Looking at the eur/jpy Daily would the last bar be a valid pin bar?
Hey Pip

That last bar is simply an Inside bar(as it is contained within the prior bars range). It simply has a look of a pinbar, but as the way we look at bars here it is just an inside bar.

Best
Mike
  • #26,858
  • Edited 8:03pm Apr 11, 2009 5:29pm | Edited 8:03pm
Quoting pipaholic
Ok after looking at the weekly a see a Pin going the other way and I take it James would trust a weekly over a daily. In my humble opinion I see this moving down ...
Are you sure...?
I desperately need to know what everyone thinks before the market opens...... I want to go in big and .....

.... and in the meantime, have a Happy Easter!!!
.
.
.
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  • #26,859
  • Apr 11, 2009 5:34pm Apr 11, 2009 5:34pm
Looking foward to selling the usdcad ...with some priece action in the smaller timeframes ....


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  • #26,860
  • Edited 7:09pm Apr 11, 2009 7:05pm | Edited 7:09pm
Quoting ljr
Just click on 'Attachments' again after you have already attached your image. This inserts the XML to display the attachment in your post as opposed to just the link.

Is this what you meant?
Thanks, ljr.

I think it's what I'm looking for. I'm trying it now.

Perfect, thanks.

Cheers
Jellybean
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