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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

  • #27,321
  • Apr 18, 2009 10:03am Apr 18, 2009 10:03am
Hey Jarroo:

I Have seen you and others group bars together to make PBs. Do you ever combine 3 bars such as the chart I am posting? (last 3 bars on the daily chart) There was a bounce from the 1.2000 level and bounce off of the 150 EMA and Now I am looking at a break of 1.2200 level for a trend continuation. Quick move to break even and half off will be first step.


Quoting jarroo
Railroad tracks (tweezers) on a given standard time frame i.e., Hourly, 4 Hour, Daily, Weekly are well known to be a reversal pattern. When they are combined i.e., 2 Hour, 8 Hour, 2 Day, . . they form a PB. So in that sense they are seen by many traders.

But on different combinations of Bars like a 12 hour PB, 16 hour BUOB, 2 Week DBHLC etc., I have found that they do act just like any other Price Action formation when they have the supportive strength of key confluences.
(Location, PPZ, Off of Highs/Lows, Fibs, Divergence, etc.)

Jim
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  • #27,322
  • Apr 18, 2009 11:54am Apr 18, 2009 11:54am
Chart
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  • #27,323
  • Apr 18, 2009 12:27pm Apr 18, 2009 12:27pm
Quoting bakko85
Chart
You have some valid confluences. However I would be a bit skeptical on taking the trade on a pure break...

Don't like the way the beob closed, it left behind a foul smelling wick which points to towards the fact that the ppz just below may have a good chance of restraning the bears and which in itself gives a strong reason to not enter on a pure break.

But given the good location I may play it as a breakout of the weekly ppz ion the daily timeframe if it all it does break, (refer to chart below)

Not urging or dissuading you Bakko just letting you know it's not one of the pure bar low/high breakout trade for my money.

Regards,
Ghous.
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I believe . . .
  • #27,324
  • Apr 18, 2009 12:35pm Apr 18, 2009 12:35pm
I agree with you, ghous. I had some doubts and you help me to solve them Your charts and explanations are always very clear and persuasive..

Quoting ghous
You have some valid confluences. However I would be a bit skeptical on taking the trade on a pure break...

Don't like the way the beob closed, it left behind a foul smelling wick which points to towards the fact that the ppz just below may have a good chance of restraning the bears and which in itself gives a strong reason to not enter on a pure break.

But given the good location I may play it as a breakout of the weekly ppz ion the daily timeframe if it all it does break, (refer to chart below)

Not urging or dissuading you Bakko just...
  • #27,325
  • Apr 18, 2009 1:19pm Apr 18, 2009 1:19pm
Quoting bakko85
I agree with you, ghous. I had some doubts and you help me to solve them Your charts and explanations are always very clear and persuasive..
Maybe i make mistake but this is my chart....i think we prepare a short...
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  • #27,326
  • Apr 18, 2009 1:20pm Apr 18, 2009 1:20pm
Quoting Aliassmith
Hey Jarroo:

I Have seen you and others group bars together to make PBs. Do you ever combine 3 bars such as the chart I am posting? (last 3 bars on the daily chart) There was a bounce from the 1.2000 level and bounce off of the 150 EMA and Now I am looking at a break of 1.2200 level for a trend continuation. Quick move to break even and half off will be first step.
Very nice Alias. Good eye. Yes I'll combine many different time periods when Price has reached a good location and confluence.

My only concern is the size of the 3 Day PB, may not be strong enough.

Bounce of the 1.2000, extra special round number and the 1.2100 is very strong as well. Strong break of the 1.2200 not the PB, very good.

Also look for the break of the 1.2200 then retrace back. 1.2200 then may act as support from resistence.

Well done sir.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #27,327
  • Apr 18, 2009 4:55pm Apr 18, 2009 4:55pm
dis is a trade im currently looking at, wat do u guys think
ok location, trendline, divergence, also has some room to move before next support area ,imo
i wonder wat ghous's 4-4-2 formation would be ....hmmm
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Simplicity is the key to success
  • #27,328
  • Apr 18, 2009 6:27pm Apr 18, 2009 6:27pm
Quoting squeezy
dis is a trade im currently looking at, wat do u guys think
ok location, trendline, divergence, also has some room to move before next support area ,imo
i wonder wat ghous's 4-4-2 formation would be ....hmmm
Hey Squeezy bro, hope everything is going good with you

Careful with this one, it is not a 3 day BEOB vs. the last three days (See chart) I don't use one of those period converters that Jim has but I doodled would look like that if you used it.

Regards,
Jig
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  • #27,329
  • Apr 18, 2009 8:43pm Apr 18, 2009 8:43pm
Quoting dkmb92
anyone here trade w/ or know anything about oanda? thx.
http://www.forexfactory.com/showthread.php?t=164052
I think they are one of the best out there.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #27,330
  • Apr 18, 2009 9:26pm Apr 18, 2009 9:26pm
It's not a day BEOB but it is a 2 day BEOB, and possible a 3 day pin.
  • #27,331
  • Apr 18, 2009 9:31pm Apr 18, 2009 9:31pm
Quoting squeezy
dis is a trade im currently looking at, wat do u guys think
ok location, trendline, divergence, also has some room to move before next support area ,imo
i wonder wat ghous's 4-4-2 formation would be ....hmmm
Watch out with looking at to many timeframes since you might start overtrading ...
  • #27,332
  • Apr 18, 2009 9:40pm Apr 18, 2009 9:40pm
Quoting Aliassmith
Hey Jarroo:

Now I am looking at a break of 1.2200 level for a trend continuation. Quick move to break even and half off will be first step.
Here is a bigger picture view of the pair, the way I see it...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #27,333
  • Apr 18, 2009 9:44pm Apr 18, 2009 9:44pm
Quoting LasVahGoose
Here is a bigger picture view of the pair, the way I see it...
Yep defently mate...that will be a sick trade
  • #27,334
  • Apr 18, 2009 9:45pm Apr 18, 2009 9:45pm
Quoting Shermenator
Watch out with looking at to many timeframes since you might start overtrading ...
Truth right there
  • #27,335
  • Apr 18, 2009 9:51pm Apr 18, 2009 9:51pm
Quoting squeezy
dis is a trade im currently looking at, wat do u guys think
ok location, trendline, divergence, also has some room to move before next support area ,imo
i wonder wat ghous's 4-4-2 formation would be ....hmmm
Hi Squeezy,

Jig gave you a solid reason why that is'nt a 3 day BEOB. Actually it's best to keep yourself confined to a max of 2 day charts specially if you're not using the period converter Jim uses an trying to train your naked eye to do the job. The more you delve into these multiple day charts the more it becomes complicated, at the end of the day it tells you a tale abt your eagerness to trade, that's all! Just like Sherm said it's far too easy to get carried away and for the naiive eye it can be pretty detrimental.

Won't comment on the formation here Remember 50% of each department has to be met with, this setup will get a 0 for shape anyway which makes the setup

Regards,
Ghous.
I believe . . .
  • #27,336
  • Apr 18, 2009 10:01pm Apr 18, 2009 10:01pm
Quoting LasVahGoose
Here is a bigger picture view of the pair, the way I see it...
Good anticipation LVG

We had a minor pullback on the same TL on the 4h that resulted in this initial break, She is on her way for a daily retest.

I too am anticipating some serious bear domination.

Regards,
Ghous.
I believe . . .
  • #27,337
  • Edited 10:36pm Apr 18, 2009 10:19pm | Edited 10:36pm
Quoting enculée
It's not a day BEOB but it is a 2 day BEOB, and possible a 3 day pin.
Yup! It can be treated as a 2 day beob, a 3 day pin although valid would not be off a great shape...

@Squeezy,

Considering the 2 day BEOB...

The probability ratio would be:

location: 3/4 (with the trend, 50 fib, however not at a true swing high but rather on a pullback)

Space: 3/4 (The 1.46 level looks obtainable some prior bar highs however may raise a question mark)

Shape: 2/2 (fine in this department)

8/10 would be my answer

Regards,
Ghous.
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I believe . . .
  • #27,338
  • Apr 18, 2009 11:40pm Apr 18, 2009 11:40pm
sorry for such a dumb question, but what does "ppz" mean?

I know it's gotta mean price ....something



thanks
  • #27,339
  • Apr 18, 2009 11:51pm Apr 18, 2009 11:51pm
A question I have after looking at these charts and starting to look at this method, am I correct in that I'm seeing charts where the trade in question is going to be counter trend?

how important is it to those that are useing this method to take trades with the current long term trend?

or is going counter trend not a relevant factor, due to the decision to take the counter trend trade based on the pin bar set up/price action?
  • #27,340
  • Apr 18, 2009 11:58pm Apr 18, 2009 11:58pm
Quoting trader john
A question I have after looking at these charts and starting to look at this method, am I correct in that I'm seeing charts where the trade in question is going to be counter trend?

how important is it to those that are useing this method to take trades with the current long term trend?

or is going counter trend not a relevant factor, due to the decision to take the counter trend trade based on the pin bar set up/price action?
These links should answer all your questions.

http://www.forexfactory.com/showpost...ostcount=23250
Don't wish it were easier, wish you were better. ~ Jim Rohn
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