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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

  • #29,081
  • May 3, 2009 1:54pm May 3, 2009 1:54pm
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.
Worked nicely on USD/CAD too on 4/24/09
  • #29,082
  • May 3, 2009 1:57pm May 3, 2009 1:57pm
Quoting frankm7
Some of you more experienced folks mind looking at my previous post (#29057) and give me your opinions?

Thanks
Hi Frankm7


If its the post regarding retrace entries you are asking about I will give you my take on them.

The bars your pointed out look reasonable enough. The EURGBP is also a two week pin. If it had broke hard last week I may have been interested but it has consolidated further which does not encourage me.

I have had mixed luck with ret entries and only take breaks of bars now unless an exceptional opportunity arises.

The bottom line is back/forward test these ideas and see what works for you

cheers

fxp
  • #29,083
  • May 3, 2009 2:23pm May 3, 2009 2:23pm
Quoting Jlr
Worked nicely on USD/CAD too on 4/24/09

http://www.forexfactory.com/showpost...ostcount=28981
Indicators show the past. Price Action "Indicates" the future.
  • #29,084
  • May 3, 2009 2:39pm May 3, 2009 2:39pm
ANyone think the Eur/USd is worth a trade to the downside? Just curious. The pinbar with an inside bar is interesting to me, but the 1.3115 level bugs me.
"Luck favors the prepared mind"
  • #29,085
  • May 3, 2009 3:35pm May 3, 2009 3:35pm
Quoting jpa0827
ANyone think the Eur/USd is worth a trade to the downside? Just curious. The pinbar with an inside bar is interesting to me, but the 1.3115 level bugs me.
My view (as a total newbie) is that if it breaks below 1.3180 its good til around 1.3130.
  • #29,086
  • May 3, 2009 3:43pm May 3, 2009 3:43pm
Yup, the Eur/USd is probably one I will be on the sidelines for at least next couple days
"Luck favors the prepared mind"
  • #29,087
  • May 3, 2009 3:48pm May 3, 2009 3:48pm
Quoting mbqb11
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
Great thanks Mike and FXprocessor,
Just got back home to Glasgow from Athens, wonder if there is any other Scottish folks on the thread?

I agree that price action appearing at support or resistance whether it is horizontal or diagonal (PPZ, trend lines, price patterns boundries) are a powerful clue to where price might go next.

More than that a multibar price pattern on a smaller timeframe can be a 1-2 bar price action on a higher timeframe, (i.e. head and shoulders and pin bar or wedge and inside bars). I suppose we are limited to the timeframes our charting software allows us to use, but i think weekly, daily, 4 hour and hourly are enough to give us enough idea to what price is doing.


Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #29,088
  • May 3, 2009 4:06pm May 3, 2009 4:06pm
Quoting markmm
Great thanks Mike and FXprocessor,
Just got back home to Glasgow from Athens, wonder if there is any other Scottish folks on the thread?
Hi Mark - I'm in the Outer Hebrides, originally from Wales (but don't hold that against me - we're just better at rugby is all... ) - married a Scottish lass and been living here since 1988.

Cheers, G
When in doubt, sit on your hands...
  • #29,089
  • May 3, 2009 4:18pm May 3, 2009 4:18pm
Quoting gododdin
Hi Mark - I'm in the Outer Hebrides, originally from Wales (but don't hold that against me - we're just better at rugby is all... ) - married a Scottish lass and been living here since 1988.

Cheers, G
hey Gododdin,
Amazing where folks from this thread hail from, im suprised you have internet out there . Just kidding, nice to have some fellow brits in the thread.

Regards

Marco
Economists have forecast 9 out of the last 5 recessions
  • #29,090
  • May 3, 2009 5:19pm May 3, 2009 5:19pm
Quoting markmm
hey Gododdin,
Amazing where folks from this thread hail from, im suprised you have internet out there . Just kidding, nice to have some fellow brits in the thread.

Regards

Marco
Hiya

Don't laugh - we only got broadband a few months ago... - before that it was good old fashioned dial-up!

Yep, this is without doubt the most diverse and supportive web community I've ever had the pleasure to participate in... Long may it continue...
When in doubt, sit on your hands...
  • #29,091
  • May 3, 2009 5:35pm May 3, 2009 5:35pm
I created the poster attatched (A1 size) in feb 09 after a few weeks on FF and on J16's thread.

Since then I went on a forex journey to Jackos thread, then Dibs then onto scalping including rainbow/Cyrox on 1 second chart with bad results. I realised from what i remembered from J16 and Jacko < 4hr was mostly noise.

I then looked at various threads like Bobokus Fibs and Skunnys thread these held much promise but for me didnt work out.

Then I looked at No brainer Trades thread and Stratos Laid back threads and returned to J16 and Jacko, these threads provided knowledge I think will last me forever. I also read books like Reminiscences of a Stock Operator and Prings books etc as well as way of the dollar and other such books.

If I could tell any new forex trader what threads and posts to read on forex factory they would be as follows:

James16/Jacko/NoBrainerTrades/Stratos threads and also read Mbqb11/Darkstar/Clockworks posts.

I have spent almost 10 hours a day for 3 months researching forex and that poster I created is what I have came back to along with Jims first post. I wish I followed it back in feb and I would be starting to trade live. I am going to go through this thread again from the beginning as its pure gold.

Hope this helps at least one new trader.
Attached File(s)
File Type: pdf Poster.pdf   1.3 MB | 2,445 downloads
Economists have forecast 9 out of the last 5 recessions
  • #29,092
  • May 3, 2009 5:41pm May 3, 2009 5:41pm
Quoting jarroo
I'm not perdicting anything, but this PB/ IB combo on the Daily Aud/Usd seems to be momentum building setup.
True, indeed Jarroo.
I like the setup and I like quite nice bearish divergence, will it be enough though ???
This week can be heavily skewed by the fact of "wide spread" HOLIDAY PERIOD. Tomorrow, UK bank holiday, this whole week Gold Week in Japan, overall quite decreased liquidity giving a potential to negate technical setups and create false signals at the same time.
Anyway I'm in the short AUS/USD trade althought can see signs of an impending failure on this one
But anyway lets see what happens, ideally this week I should monitor PA developments rather than trading them.
  • #29,093
  • May 3, 2009 6:16pm May 3, 2009 6:16pm
Quoting markmm
I created the poster attatched (A1 size) in feb 09 after a few weeks on FF and on J16's thread.

Since then I went on a forex journey to Jackos thread, then Dibs then onto scalping including rainbow/Cyrox on 1 second chart with bad results. I realised from what i remembered from J16 and Jacko < 4hr was mostly noise.

I then looked at various threads like Bobokus Fibs and Skunnys thread these held much promise but for me didnt work out.

Then I looked at No brainer Trades thread and Stratos Laid back threads and returned to J16 and Jacko, these...
Very nice poster. The PF identifies a setup that is rarely (if ever) mentioned here -- the Inside 4 Bar (I4B). In general, I avoid IBs because I don't believe they are as reliable as PB and BUOB/BEOB. Anyone using the I4B with success?
"A is A"
  • #29,094
  • May 3, 2009 6:40pm May 3, 2009 6:40pm
Quoting markmm
I created the poster attatched (A1 size) in feb 09 after a few weeks on FF and on J16's thread.

Since then I went on a forex journey to Jackos thread, then Dibs then onto scalping including rainbow/Cyrox on 1 second chart with bad results. I realised from what i remembered from J16 and Jacko < 4hr was mostly noise.

I then looked at various threads like Bobokus Fibs and Skunnys thread these held much promise but for me didnt work out.

Then I looked at No brainer Trades thread and Stratos Laid back threads and returned to J16 and Jacko, these...
Nice PDF file that looks great!
  • #29,095
  • May 3, 2009 7:52pm May 3, 2009 7:52pm
Quoting mbqb11
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
Truer words have never been uttered. The charts will talk to you.

Before I get in my favorite question I ask of a chart is, which way does it want to go.

I try to get an impression of direction and what it wants to do.

Then I look for what may get in it's way. Then I fine tune my entry useing PA.

You just have to ask the right questions and listen to the answer.

Well, this works for me.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #29,096
  • May 3, 2009 8:42pm May 3, 2009 8:42pm
Quoting markmm
I created the poster attatched (A1 size) in feb 09 after a few weeks on FF and on J16's thread.

Since then I went on a forex journey to Jackos thread, then Dibs then onto scalping including rainbow/Cyrox on 1 second chart with bad results. I realised from what i remembered from J16 and Jacko < 4hr was mostly noise.

I then looked at various threads like Bobokus Fibs and Skunnys thread these held much promise but for me didnt work out.

Then I looked at No brainer Trades thread and Stratos Laid back threads and returned to J16 and Jacko, these...
A Beautiful piece of art Sir.

Thank you for such a fine gift.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #29,097
  • May 3, 2009 10:17pm May 3, 2009 10:17pm
Quoting pakiestra
True, indeed Jarroo.
I like the setup and I like quite nice bearish divergence, will it be enough though ???
This week can be heavily skewed by the fact of "wide spread" HOLIDAY PERIOD. Tomorrow, UK bank holiday, this whole week Gold Week in Japan, overall quite decreased liquidity giving a potential to negate technical setups and create false signals at the same time.
Anyway I'm in the short AUS/USD trade althought can see signs of an impending failure on this one
But anyway lets see what happens, ideally this week I should...
You are right but....
Let's assume you are back testing "J16 PA" on your charts.
1 year back on daily TF. Going forward with MT4 F12 button one bar at a time.
You find this beautiful, classic, well positioned PB. you place your test trade.
Do you look if Japan was on holiday that day? or any other announcement that day? I guess not.

Technical analysis, which is what we do, is moderately related, if at all, to fundamentals issues. The charts are a representation of mass psychology.
Sure, I'll not be trading on NFP days or interest rate announcements, but that does not mean if they produce a well positioned PA that I will ignore it. Because, and this is the most important thing to me, J16 PA is a great way to explain price "psychology".
The place price is right now, is the most important thing, regardless of market and news. That's why J16 works on so many markets.
  • #29,098
  • Edited 11:43pm May 3, 2009 11:05pm | Edited 11:43pm
So much for the ealy momentum break on the daily PB/IB on the Aud/Usd. That's why we wait for the break. (Blue box is the Daily PB)

Maybe this BEOB on the hourly may be the start.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #29,099
  • May 3, 2009 11:10pm May 3, 2009 11:10pm
Quoting jarroo
So much for the ealy momentum break on the daily PB on the Aud/Usd. That's why we wait for the break. (Blue box is the Daily PB)

Maybe this BEOB on the hourly may be the start.
cable has a similar setup and the h1 beob was already broken
sry cant post charts at the moment
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #29,100
  • May 3, 2009 11:13pm May 3, 2009 11:13pm
Quoting jarroo
So much for the ealy momentum break on the daily PB on the Aud/Usd. That's why we wait for the break. (Blue box is the Daily PB)

Maybe this BEOB on the hourly may be the start.
I holdin my EU long...

but I am wary of Asian Session run up....


Sonic
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