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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

Quoting Calulated Risk

My question is: Based on the chart below captured just minutes ago on a 4hr chart, am I too late for a short entry? and did I even get the setup correct?
Uploading works again! Yay!
And now I can finally get around to this again, too.

Weekly BUOB last week -> this week bound to be long biased -> shorting is dangerous.

I'll put up the same chart I posted to the PF a second ago to celebrate working uploads
Attached Image
Trust price. Know yourself.
And to illustrate how TLs can aid trading - here first the original from end of March (one trendline too many in this, but oh well).
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Trust price. Know yourself.
And how April developed.

-> Supporting descending TL, 3 bounces at the arrows.
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Trust price. Know yourself.
And I still don't trade this, but look at this fun channel here...tons and tons and tons of touches = ca-ching
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Trust price. Know yourself.
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting SeekingLight
Hey 2mas,

no problem, glad to see it rang home! Way to go on that long!
If you hit the big $1M before me, can I come ride the Yacht with you?

Keep it up & take care out there,

SeekingLight
Of course Seek, as soon as I'll be able to make those kind of trades more often and with many standard lots ( not one mimi lot like this one ), You'll be the first to get on the Yacht.

Thanks again for your valuable posts, keep them coming.
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting razldazl
hey 2mas,
great work! I got stopped with 20 pips as I put a 50 trail on it, the thing is gbpjpy really needs a very big sl most of the time, not sure how to get around that. Seeking a question for you if youre reading this, for example last night we had a nice pin on the gbpjpy daily confirming the 4hr trade, wouldnt you take that as a signal to stick with it or would you exit as you (if you had) originally planned...anyway again great work 2mas. I am currently long jappy on the daily pin it was in a fabulous position off the 200 ema, daily pivot, two fib confluences...so if it doesnt work I am going to COMPLAIN to the management lol just kidding of course...have a great day everyone
Sorry to hear that razdazl, I understand your frustration, but hey, a winner is a winner.
I had the same problem twice in the last couple of weeks I got stopped at BE by my trail after being up 40-50 pips.... yikes , such a mad pair.
Well, I found the solution is to wait for grade A setups (PB) and have faith in it. May be an entry with small sl like habeeb and mike like to do will help, and that's what i did, I took the risk of going long on the retracement to 50% of the PB, and placed my long at 235.60, sl @235, and trail stop of 100. BTW Being long gave me a lot of confidence as I am on the sme side of the carry traders.
I know it's a bit agressive but , I felt better doing that , rather than waiting for the break of the PB at 236.50....
Hope that will help, good luck
Quoting razldazl
Seeking a question for you if youre reading this, for example last night we had a nice pin on the gbpjpy daily confirming the 4hr trade, wouldnt you take that as a signal to stick with it or would you exit as you (if you had) originally planned
Hi Razl,

in this case I closed out early, as the right side of the daily didn't have any retrace yet and the risk of it having it go back down 160 or so after it had gone about 2-4 times the original stop size prolly wouldn't have been so sweet. I didn't like the "where" of the daily PB, even though it may work out fine in the end.
There's no perfect solution I find, you can bail, feel alright with good profit and content, and then find yourself missing three to five times as many pips in the next 5 days.
It's always a tradeoff. In this case, as I said, I was expecting some sort of retrace and closed. So far it didn't come and that's just tough luck then

I had taken the EJ pin. Had I held it a few hours more it woulda done another 50-70 pips so far, but since the last 2 nights before Asia had monstrous index troubles(read: everything melted down insanely, including the carry trades) I opted to book the profit and go to sleep. Don't have trailing stops here.

Exiting is an artform all in itself I'm afraid

Sorry I couldn't be of more help there.

Take care,

SeekingLight
Trust price. Know yourself.
Quoting 2mas
Sorry to hear that razdazl, I understand your frustration, but hey, a winner is a winner.
I had the same problem twice in the last couple of weeks I got stopped at BE by my trail after being up 40-50 pips.... yikes , such a mad pair.
Well, I found the solution is to wait for grade A setups (PB) and have faith in it. May be an entry with small sl like habeeb and mike like to do will help, and that's what i did, I took the risk of going long on the retracement to 50% of the PB, and placed my long at 235.60, sl @235, and trail stop of 100. BTW Being long gave me a lot of confidence as I am on the sme side of the carry traders.
I know it's a bit agressive but , I felt better doing that , rather than waiting for the break of the PB at 236.50....
Hope that will help, good luck
Thanks for the ideas 2ma,
Well speaking of gbpjpy, it has just retraced to the 50 fib of the daily pin formed yesterday, so lets see if it rises from here...
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Never say never.
  • #3,349
  • Quote
  • Apr 20, 2007 10:03am Apr 20, 2007 10:03am
Quoting SeekingLight

Weekly BUOB last week -> this week bound to be long biased -> shorting is dangerous.
Hey Seeking, I wouldn’t say so. Look at weekly chart – there is resistance level at 2.0120.
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  • #3,350
  • Quote
  • Apr 20, 2007 10:05am Apr 20, 2007 10:05am
Also on daily chart yesterday formed evening start pattern, and fibonacci projection is at 161,8%. Anyway, will see what price tell us!
Alex
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  • #3,351
  • Quote
  • Apr 20, 2007 11:12am Apr 20, 2007 11:12am
Quoting vasyuta
Hey Seeking, I wouldn’t say so. Look at weekly chart – there is resistance level at 2.0120.
\

Yes...but the bar I am referring to closed last Friday. We opened at 1.9882 on my chart on Monday.
So why would I look to short ahead of 2.0120?
Resistance doesn't make a revolution yet

I had tried to post that chart as we were still moving up, price at 2.0059 as you can see on the screenshot. The BUOB on weekly still puts the complete week under a bullish bias. If a daily setup were to be bearish, like a clear PB with a long nose, then okay, but I didn't see one.
At best things got a bit messy after that 4h PB / 2.0120 rejection, but as you can see on the 1h chart any dip at 1.9990 was met with buying so far.

I know I gave targets lower for a short trade as an example in an earlier post, but that was exemplary for areas which may hold support or simply gave an okay outlook if there were a genuine move down.

So far I've yet to see one and we COULD close the weekly bar in a semi-bullish bar/daily inside bar.
If so, I'd favor the upside. If there really were another hike, cable would suddenly EARN interest.
Trust price. Know yourself.
Yes you are right. But especially I would wait for breakout of that level, and only then go long. But there is still possibility of bearish movement. Will see…
Alex
Does anyone know where I can get an indicator that displays the time left till the expiration of the bar?
I'm using MT3

Thanks
Love the thread

Speacial thanks to Jim, Seeking Light, Habeeb and last but not least Mike.
The Market can Remain Irrational Longer than You can Remain Liquid
Here you go
Attached File(s)
File Type: mq4 EJ_CandleTime.mq4   2 KB | 826 downloads
GOD IS NOT SHORT OF CASH
I have been reading Steve Nisons "Japanese Candlestick Charting Techniques" and i have a question. I had taken notes from this thread and I was comparing them with the book and there is a pattern refered to as an engulfing pattern which is the same as Jim's BUOVB and BEOVB (Outside Vertical Bars) I have here that this pattern is a Trend Continuation Breakout. The book says it is a reversal pattern! I'm confused and i thought i would ask to see if someone could shed a little light on the subject!

BTW I recommend this book! A LOT OF INFO IN IT!!

<3 Liquid11
Hey Liquid.

Quoting Liquid11
I had taken notes from this thread and I was comparing them with the book and there is a pattern refered to as an engulfing pattern which is the same as Jim's BUOVB and BEOVB (Outside Vertical Bars)
This is true

Quote
I have here that this pattern is a Trend Continuation Breakout.
This is the two bar high / two bar low you mean, not the BUOVB/BEOVB.
TBH/TBL. You prolly switched them up.

Outside bars indicate heading in the direction of the outside/engulfing bar's close.

Hope this helps.

Take care,

SeekingLight
Trust price. Know yourself.
SeekingLight, Thank you very much! You seriously couldn't have explained it any better. Thank you for taking the time to respond

Liqui11
Can someone please explain and maybe give an example as to what an IB4 is and what are the necessary requisites. I have searched the forums without success.
Thanks.
Quoting vlazaf
Can someone please explain and maybe give an example as to what an IB4 is and what are the necessary requisites. I have searched the forums without success.
Thanks.
Hi Vlazaf,
that's because that particular bar is explained in the private James16 forum.
It just slipped some people's tongue here on the public side

And no problem Liquid, glad to've been of help.

Take care,

SeekingLight
Trust price. Know yourself.
Quoting vlazaf
Can someone please explain and maybe give an example as to what an IB4 is and what are the necessary requisites. I have searched the forums without success.
Thanks.
An I4B is simply when you have an inside bar that has a smaller range(high - low) then the previous 3 bars. Although you can have an I5B and I10B etc.

Here is an example on the GBP/usd today
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