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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

  • #26,901
  • Apr 13, 2009 4:27pm Apr 13, 2009 4:27pm
Quoting raczekfx
hope this helps. If it doesn't, don't worry about it. Just follow j16 the way Jim, Mike and many others great traders explain it on this thread, until you find something that works for you.
Thanks A LOT, Mark! Greatly appreciated!
One Chart is Worth Ten Thousand Words.
  • #26,902
  • Apr 13, 2009 4:39pm Apr 13, 2009 4:39pm
A few possible Base system trades on the dailies for those who watch.

AUD CHF looks good to check out later.
Bundy's status today: "Waiting..."
  • #26,903
  • Apr 13, 2009 5:11pm Apr 13, 2009 5:11pm
Quoting bundyraider
A few possible Base system trades on the dailies for those who watch.
Bundy, what is "Base system" (didn't find any info at FF)?
One Chart is Worth Ten Thousand Words.
  • #26,904
  • Apr 13, 2009 5:57pm Apr 13, 2009 5:57pm
Isn't today's buob on G/U an invitation to look at a long entry on the pullback during this current Asian session? Alpari with 5 EDT close.
  • #26,905
  • Apr 13, 2009 6:05pm Apr 13, 2009 6:05pm
Quoting Lou
Isn't today's buob on G/U an invitation to look at a long entry on the pullback during this current Asian session? Alpari with 5 EDT close.
Personally I prefer BUOBs at swing lows, I've found them more reliable that way. Also, I don't enter any price action trades until the bar is breached. I've found that what I make looking for an entry on the retrace of the bar, I end up giving back on taking those entries where the bar doesn't breach. So it's not worth it for me.

It's also worth noting that the small friday bar is from very low levels of trading on friday because of the public holiday. That, the fact that the BUOB is not at a low, and the big round number 1.50 area looming above make this an easy pass for me. I'm watching 1.50 for some PA though, and the chart shows what I personally am looking for. With apologies to mbqb11 who has shown me a hundred charts like this in the past...

That's not to say that it isn't tradeable, I'm just giving you my take. Others may have different views.

Hope that helps.
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  • #26,906
  • Apr 13, 2009 6:17pm Apr 13, 2009 6:17pm
"It's also worth noting that the small friday bar is from very low levels of trading on friday because of the public holiday. " Tia

That makes sense. But does it make a difference?

1.4850 to 1.5000.... that is 150 pips.
  • #26,907
  • Edited 8:56pm Apr 13, 2009 6:31pm | Edited 8:56pm
Quoting Lou
"It's also worth noting that the small friday bar is from very low levels of trading on friday because of the public holiday. " Tia

That makes sense. But does it make a difference?

1.4850 to 1.5000.... that is 150 pips.
The reason I mention the low volume friday, is that BUOBs for me are breakouts of a daily range, with price dipping below the previous day's low and then being rejected all the way to beyond the previous day's high. When the bar is smaller because traders were taking a day off then I am less inclined to trust the lows and highs for breakout purposes unless the bar was in a A+++ location. They are a little like Sunday bars to me.

Also, I should clarify. I look for confluence with my trades. A combination of factors that enhance the probability. So once I know the bar is a valid bar, I look for a good location then for some combination of fib support, divergence, PPZ, EMA levels. When I have two or three supporting factors then I consider it a high probability trade. In assessing this bar I don't see any confluence factors so I pass. It may well shoot to the moon and go to 150 and beyond. I've seen many, many of them do that. But it's not one I'd want to put me money behind. We deal here in probabilities not predictions, so I look for a trade with a high percentage chance of succeeding and try not to get too phased when the ones I pass on take off, remembering that 3 out of 4 times they probably won't.

I think you'll get as many perspectives on the bar here as there are members on the forum. What is important is what you feel. One person may pass and another may take it and they are both right. That is the joy of this work, there are so many ways to make money doing it.

As I said, that's just my thinking, but I tend to be a conservative trader. Others may give you a different perspective.

Hope that helps.
  • #26,908
  • Apr 13, 2009 6:46pm Apr 13, 2009 6:46pm
Quoting mbqb11
Hey D

Yeah a pinbar is a reversal bar. The open and close need to be within the previous bar. The open and close should be near the bottom of the bar(if looking to short), and it should have a long nose

Check out these posts

http://www.forexfactory.com/showpost...postcount=3914
http://www.forexfactory.com/showpost...ostcount=19711
http://www.forexfactory.com/showpost...ostcount=14627

Hope that helps
Mike
Great post
  • #26,909
  • Apr 13, 2009 7:33pm Apr 13, 2009 7:33pm
Quoting Forex007
Bundy, what is "Base system" (didn't find any info at FF)?
It's a system based around playing around/off of a couple of Base EMAs.
It's something Jim's developed over many years for himself and is described in the PF.

It's not my place to describe the system, but Mike posted a reference to one of Jim's posts that had one key component. The post was in the past week.
Bundy's status today: "Waiting..."
  • #26,910
  • Apr 13, 2009 9:44pm Apr 13, 2009 9:44pm
would this of qualified, even though it didn't have much of a nose if any, but due to the open/close, would someone of taken a short here?
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  • #26,911
  • Apr 13, 2009 10:03pm Apr 13, 2009 10:03pm
Quoting trader john
would this of qualified, even though it didn't have much of a nose if any, but due to the open/close, would someone of taken a short here?
Hey John

That is not a pinbar, that is just an inside bar. A pinbar must have a nose that protrudes away from the prior bar(the larger the better)

Best
Mike
  • #26,912
  • Apr 13, 2009 10:21pm Apr 13, 2009 10:21pm
Yes I see, boy those pin bars don't show up too often, are they more common in futures?


Quoting mbqb11
Hey John

That is not a pinbar, that is just an inside bar. A pinbar must have a nose that protrudes away from the prior bar(the larger the better)

Best
Mike
  • #26,913
  • Apr 13, 2009 11:48pm Apr 13, 2009 11:48pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Ghous, another one of your IPB, crude oil, what do you think?
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  • #26,914
  • Apr 13, 2009 11:52pm Apr 13, 2009 11:52pm
Is this a Head and Shoulders? Kind of a deformed one, maybe?
Price Target 1.1727 Ish.... Break at Red Arrow?




.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #26,915
  • Apr 14, 2009 12:29am Apr 14, 2009 12:29am
Here is a little cool article to read just found it myself...

http://www.forbes.com/lists/2007/54/...nold_2ATC.html
  • #26,916
  • Apr 14, 2009 12:36am Apr 14, 2009 12:36am
This is great, A Lawyer that got busted running a whorehouse. LMAO
Got his Billions, though.

http://www.forbes.com/lists/2008/54/...l-Jr_H8XP.html
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #26,917
  • Apr 14, 2009 12:38am Apr 14, 2009 12:38am
EUR/JPY I sold at 133,20 - has made a Head and Shoulder formation - Target is 131,80 (See 1hour chart)
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Twitter: Forexlivetrade - Buy: AFFI.CPH ISIN: DK0015966592 - target 12 DKK
  • #26,918
  • Apr 14, 2009 1:01am Apr 14, 2009 1:01am
Quoting LasVahGoose
This is great, A Lawyer that got busted running a whorehouse. LMAO
Got his Billions, though.

http://www.forbes.com/lists/2008/54/...l-Jr_H8XP.html
$$$ can instigate you to do anything LVG and this was relatively nothing...
I believe . . .
  • #26,919
  • Apr 14, 2009 1:04am Apr 14, 2009 1:04am
Quoting LasVahGoose
Is this a Head and Shoulders? Kind of a deformed one, maybe?
Price Target 1.1727 Ish.... Break at Red Arrow?




.
Could be...

I just looked at it as a break from the gigantic support trendline.
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I believe . . .
  • #26,920
  • Apr 14, 2009 1:15am Apr 14, 2009 1:15am
Quoting krue
Hi, Ghous, another one of your IPB, crude oil, what do you think?
Not sure which one you're referring to Krue?

On a side note here"s a chart that proves the fact that we don't live in a perfect world.

Regards,
Ghous.
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I believe . . .
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