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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

  • #29,061
  • May 3, 2009 8:00am May 3, 2009 8:00am
Quoting gododdin
Stevie - what a player! Him and Jeff Healey both gone... RIP
Amen, brother.

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Indicators show the past. Price Action "Indicates" the future.
  • #29,062
  • May 3, 2009 8:00am May 3, 2009 8:00am
Quoting jarroo
This is a great question TN. As jpa and PipGator have said that the higher time frames do Rule over lower times....

Thanks to all who attempted to answer my question. What I get from this is that while the longer TFs are more significant in terms of trend, it is perfectly viable to trade a contra set up on a shorter time frame provided that the setup is good enough and stops are managed well enough. Probably too risky for newbies like me. Am I getting it right?
  • #29,063
  • May 3, 2009 8:04am May 3, 2009 8:04am
Quoting frankm7
1) This might be obvious, but can I accurately say that DBLHC and the DBHLC can also be referred to as PB's because essential that's what they form on the next higher time frame?

2) We can recognize a PB at a swing high (nose pointing upward) and swing low (nose pointing downward), but do we also consider the reverse true?

For example, a PB with it's nose pointing downward on a swing high (a "hanging man" in candlestick terminology)? And if so, are they played the same way, by placing a pending short at the break of the low/high?
[i]
See...
1) Yes thats true,

However, I personally have an inherent problem with the "timeframe" issue, because if we keep looking at everything and try to make bars out of them we are just on a path to overtrading I think. (Well in my case)

A lot of Inside bars + the bar beforehand make up PA on timeframes above them.

Every Outside bar combination is basically a pinbar also.


If anything this observation in my mind strengthened the notion of location being by far the most important thing.


2) Yeah Ghous was indeed looking into that a while ago but he is on vacation from the thread at the moment.

I have no experience trading that formation but I know they frequently talk about it over in the excellent "Daily candle thread" which is on the forum


Regards,
Jig
  • #29,064
  • May 3, 2009 8:06am May 3, 2009 8:06am
Not so simple and obvious 4 me yet, Ill call it a science project in progress.If it happens be lookin at 7000 level tp, quicly move s/l to b/e @ check mark
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  • #29,065
  • May 3, 2009 8:12am May 3, 2009 8:12am
It tried to break the upper line but failed in Friday....
It seem to be a clear short when 1.318x is broken...
I bet for a gap down on Monday...

Sonic
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  • #29,066
  • May 3, 2009 8:12am May 3, 2009 8:12am
Quoting TotalNewbie
Thanks to all who attempted to answer my question. What I get from this is that while the longer TFs are more significant in terms of trend, it is perfectly viable to trade a contra set up on a shorter time frame provided that the setup is good enough and stops are managed well enough. Probably too risky for newbies like me. Am I getting it right?

Yes, your getting it right. The key is we want the best setups, if they contradict the higher time frame PA that's OK. Because we will manage the trade by minimizing the risk and giving our trade a chane to prove the higher time frame wrong.
Indicators show the past. Price Action "Indicates" the future.
  • #29,067
  • May 3, 2009 8:28am May 3, 2009 8:28am
Quoting markmm
Hi,

I notice that here we focus on one bar price patterns, do you guys ever look at the multibar patters like triangles, wedges flags?...
Hey M

Yeah I definitely trade breakouts. I use obvious breakout patterns, Horizontal consolidation/wedges/flags and combine it as FXprocessor spoke of. I trade breakouts(with PA), what I call pure Price action(ie BUOB at a swing low on the weekly chart), and my intraday trading. So breakout patterns are part of my 3 core components to my methods. I just wait for very clear breakout patterns(much like clear PA), before trading them. As I want the pattern to be as obvious as possible.

Best
Mike
  • #29,068
  • May 3, 2009 8:28am May 3, 2009 8:28am
Everyone say eur/usd going down!! am i the only one says UP!!
It might go down not much and maybe deep down on 7 or 8 May but fasting will pullback and shooting high that my view.I think that because that what i read from my chart and analysis on long TF not because have long position!!

I think also button changed not 1.23 anymore but 1.28

Anyone sharing my view??
  • #29,069
  • May 3, 2009 8:35am May 3, 2009 8:35am
Quoting egkid

Anyone sharing my view??
might go down, might go up

I try not to get very biased and just wait and let the chart do the talking. Having biases and guesses can really damage ones trading and make one either take trades that aren't great, or freeze on the good ones.

Eur/usd is choppy and consolidating down. Wait for some good signs at a PPZ, or strong areas(like 1.3000 strong ppz)

Best
Mike
  • #29,070
  • Edited 9:52am May 3, 2009 8:37am | Edited 9:52am
Saw Jerry Jones interview during Kentucky Derby, crazy weather hope alls well with u J16.New subject, since the end of last week I have had a thorn in my paw actually for awhile now that must be tended to.Ive been up since early this am going over many of my trades this year things are good but could be awesome! There is a handfull of trades that Ive gotten out of 2 early and went on to be monsters at least from my view.For example I posted a chart last week on the g/j saying I saw 200pips. After watchin it I set my 200pip tp went to bed woke up 90% of my position closed %10 runnin,I had a plan stuck to it but!!! This one trade could of grown my account by 50% I had a 30 pip s/l @ 2%, this trade is up 700 pips.U/C same same out at 1.2100 10% runnin thought I was smart at the time. Alls I am saying is I am hittin doubles instead of homeruns, mbqb11 if u r still in e/j full position ur da man I had a better horse just didnt ride him to the finish line.Whats done is done, now how to fix it, for starters all my day trades with the trend 2 be reaccessed, going to read everyone of mbqb11 post from the start of this thread,noticed his style seems to be let um run. Patients,patients,patients I aim to get more of it!! I will do whatever is necessary I will not settle 4 being a medeocor trader I can and will do this 4 that matter everyone in this great thread can. Lets have a great week!!
  • #29,071
  • May 3, 2009 8:38am May 3, 2009 8:38am
Quoting frankm7
1) This might be obvious, but can I accurately say that DBLHC and the DBHLC can also be referred to as PB's because essential that's what they form on the next higher time frame?

2) We can recognize a PB at a swing high (nose pointing upward) and swing low (nose pointing downward), but do we also consider the reverse true?

For example, a PB with it's nose pointing downward on a swing high (a "hanging man" in candlestick terminology)? And if so, are they played the same way, by placing a pending short at the break of the low/high?
[i]
See chart...
Hey Frank

Yes a lot of patterns resemble other patterns. If you combine bars, or aggregate what you see a bit different they can take on the same common theme. Example. Take a BUOB, and combine the BUOB with the bar it is engulfing and you get a pinbar shape, etc. This is a good thing to recognize and then realize that the price bar is simply the trigger to get into a trade and confirm the LOCATION. Location is everything in trading.

As for the hanging man or whatever those candle terms are. No idea, but this is not a pattern James16 teaches/trades.

Mike
  • #29,072
  • May 3, 2009 8:41am May 3, 2009 8:41am
Quoting mbqb11
Hey Frank

Yes a lot of patterns resemble other patterns....
Then forget the hanging crap! haha...
  • #29,073
  • May 3, 2009 8:43am May 3, 2009 8:43am
Quoting 4fun
Saw Jerry Jones interview during Kentucky Derby, crazy weather hope alls well with u J16.New subject, since the end of last week I have had a thorn in my paw actually for awhile now that must be tended to.Ive been up since early this am going over many of my trades this year things are good but could be awesome! There is a handfull of trades that Ive gotten out of 2 early and went on to be monsters at least from my view.For example I posted a chart last week on the g/j saying I saw 200pips. After watchin it I set my 200pip tp went to bed woke up...
Hey Bud

No I also closed my eur/jpy position. I am both a hit and run and let em run trader. I basically try to pick an exit plan that I think is the best for a trade while at the same time using the chart to help dictate that plan. I far from choose the right one each time, but do my best to manage each trade to the best way I feel the situation offers. I saw the eur/jpy coming into the very strong 130 PPZ and decided it would be best to close. Now you could have done numerous things. I did a video and showed it in real time my thoughts. And I said if one BELIEVED this was a runner, that there were many points where you could simply move your stop to b/e and let it run. You run the risk of being stopped out at b/e but also have the chance for a longer run. I choose to take my profit on a more slow month and was happy with adding into another good positive month at 4.3%

But don't ever try to worry about missed pips, the one thing I have learned even for me is there is always another opportunity. Do your best with each trade, have a plan, and trade it.

Enjoy those pips

Mike
  • #29,074
  • May 3, 2009 8:47am May 3, 2009 8:47am
Quoting frankm7
Then forget the hanging crap! haha...

haha you said it better then me brother
  • #29,075
  • May 3, 2009 8:50am May 3, 2009 8:50am
Quoting 4fun
. . .going to read everyone of mbqb11 post from the start of this thread, . .
Reading the entire thread is what everyone should do at least once, but going through every one of this guy's posts many times is a must.
Indicators show the past. Price Action "Indicates" the future.
  • #29,076
  • Edited 10:16am May 3, 2009 10:04am | Edited 10:16am
Quoting jarroo
Where have we seen this formation on the Daily Aud/Usd before?
Oh yeah, on the Daily Cad/Usd. Interesting.
I'm not perdicting anything, but this PB/ IB combo on the Daily Aud/Usd seems to be momentum building setup.

A good confirmation of high quality PA setup is that it will break on the next bar due to momentum. So this PB did not have a next bar break but instead formed an IB. This may be the momentum building stage of this setup. So the next bar break of this PB/IB setup will be the key for me, unless we get another IB.

Eur/Cad Weekly Dec. 2007 and current Daily Aud/Usd.
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Indicators show the past. Price Action "Indicates" the future.
  • #29,077
  • May 3, 2009 10:31am May 3, 2009 10:31am
Some of you more experienced folks mind looking at my previous post (#29057) and give me your opinions?

Thanks
  • #29,078
  • May 3, 2009 10:41am May 3, 2009 10:41am
Quoting jarroo
I'm not perdicting anything, but this PB/ IB combo on the Daily Aud/Usd seems to be momentum building setup.

A good confirmation of high quality PA setup is that it will break on the next bar due to momentum. So this PB did not have a next bar break but instead formed an IB. This may be the momentum building stage of this setup. So the next bar break of this PB/IB setup will be the key for me, unless we get another IB.

Eur/Cad Weekly Dec. 2007 and current Daily Aud/Usd.
My chart seems to show a potential trouble spot at around 7170 too (or am I doing something wrong?)
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  • #29,079
  • May 3, 2009 11:04am May 3, 2009 11:04am
Interesting was diggin around found this some real animals out there
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  • #29,080
  • May 3, 2009 11:40am May 3, 2009 11:40am
Been goin through mbqb11 old post like opening a can of worms 4 real, it leads to racs then merlins on and on and on there really is a plethora of info here if u dig around i probably spelled that wrong I am spent c ya manana info overload
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