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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

  • #32,821
  • Jun 9, 2009 2:54am Jun 9, 2009 2:54am
Quoting jarroo
See what I mean Vourvoul.

Right Dale.


Quoting Jeev121
Hi Jarro

Quick question...in your backtesting of the double IB's ...have you ben looking at the break of the original mother candle or a break of the last IB?...thanks

Jeev
As Jarroo mentioned the trigger was the breach of 0.8650. I entered just below first candle of pyramid formation 0.8645.

The chart is when I moved to BE+ Commission. Stopped out but a BE is a win!

Cable is doing great though!
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  • #32,822
  • Jun 9, 2009 3:01am Jun 9, 2009 3:01am
Quoting jarroo
This Double Inside Bar on the Eur/Chf Monthly (although not exact) should be interesting to watch.
............and the daily, too.
There's a feeling of building pressure in this pair.
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  • #32,823
  • Jun 9, 2009 3:17am Jun 9, 2009 3:17am
Look to sell at 6250
Look to buy around 5990

Look for good PA and it will be easy money

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  • #32,824
  • Jun 9, 2009 3:46am Jun 9, 2009 3:46am
Did a breakout with PA on the USDJPY just then. Identified a channel yesterday on the 1 hour and set up my support/resistances. It broke today, headed down, retraced and made a beautiful pin testing the lower support. Played the retrace short with a 20 pip stop above the high of the pin.

First real trade on a lower time frame. So nice having such a small stop and being able to use a lot size of 1 : ).

Plan was take half at T1=97.96 then take half at T2. Price hit T1 quickly as you would expect (exactly in line with previous breakout bar) but stalled here about 3 times. I realised this support was strong and closed the full position at T1 instead.

I've also attached a 4h chart showing 97.85 level. If this point is broken then we could be in for a big drop with all that space. Perhaps even a run to about 96.85 or so.

Price has since pivoted off my T1 support and is looking to retest the upper resistance.
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  • #32,825
  • Jun 9, 2009 4:10am Jun 9, 2009 4:10am
Tipers,
looking exclusively at your chart, that PB was trading into traffic/congestion. but since it's a short TF, most of the time, the near-T1 is easily hit.

just a heads up. this thread advocates trading on H4-weekly at first.
I do trade H4 & less too, so i know how/what u are thinking.
unless u have unique issues/situations (such as mine), it would be advisable for u to focus on trading higher TFs (H4 up). otherwise, if u are comfortable with & aware of what u are doing, then just carry on.
Just watching your back mate
  • #32,826
  • Jun 9, 2009 5:29am Jun 9, 2009 5:29am
Quoting jarroo
Yes that's basicly it. Double Inside Bars; Triangles or Wedges on lower time frames, but not always. I like the small risk factor buildt in. Lets see how this one breaks. Daily PPZ level is .8650.
Is this what the DIBS thread is all about?

That thread is on my list to read but haven't touched it yet. Just wondered. I have done some backtesting on doublle inside bars (I've been calling them 2IBs...) I like the results too... have only been playing them with entry on first bar break (as opposed to 2nd or 3rd bar break)...

Josh
  • #32,827
  • Edited 6:38am Jun 9, 2009 5:41am | Edited 6:38am
yes Josh. DIBS....
jarroo integrates it with j16 method. he propagated that thread too..

I'll try & look for the Peter Crown post about the DIBS backtest.


EDIT: Here it is


I definitely urge u to check that thread. Don't take my word for it, take jarroo's.
  • #32,828
  • Jun 9, 2009 5:52am Jun 9, 2009 5:52am
Quoting supremeChaos
Tipers,
looking exclusively at your chart, that PB was trading into traffic/congestion. but since it's a short TF, most of the time, the near-T1 is easily hit.

just a heads up. this thread advocates trading on H4-weekly at first.
I do trade H4 & less too, so i know how/what u are thinking.
unless u have unique issues/situations (such as mine), it would be advisable for u to focus on trading higher TFs (H4 up). otherwise, if u are comfortable with & aware of what u are doing, then just carry on.
Just watching your back mate
Yep I am generally trading the 4h + daily + weekly's but I decided, while in demo atleast, to play some lower time frame trades that look reasonable.

Looking at the trade now on an hourly chart I see that the reversal pin just after the breakout might have been a better pin to play as it had more space to the leftand would have put be back in the channel.
  • #32,829
  • Jun 9, 2009 6:10am Jun 9, 2009 6:10am
Tipers,
are u referring to the $jpy H1 chart & the small PB 4 hours ago?

yes, it sometimes works. but, ideally, we want PAs on clear swing highs/lows.
All the while, we should be aware of the PPZs & PA location.
  • #32,830
  • Jun 9, 2009 6:18am Jun 9, 2009 6:18am
Quoting Jduester
Is this what the DIBS thread is all about?

Josh
Have a read of these two two threads Josh:

http://www.forexfactory.com/showthread.php?t=56907
http://www.forexfactory.com/showthread.php?t=86766

Certainly worth the effort if only to read the all too short contribution to FF by one Peter Crowns.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #32,831
  • Jun 9, 2009 6:23am Jun 9, 2009 6:23am
Yes, that's it, Steve.
  • #32,832
  • Jun 9, 2009 6:31am Jun 9, 2009 6:31am
Quoting james16
i will even add this to TF's post. remember my 30 pip loss post a couple of days ago? that 30 pips wasnt even close to 3 percent. my 3 percent was based on the whole bar, my loss was 30 pips. i never lose anywhere near 3 percent. it is very unusual for me to lose more than 1 percent based on a 3 percent initial risk. its like insurance to me.

i like how ryan puts it.

"i kill the damn thing if it goes against me".

i dont care if it ends up being a winner and i got out early with a small loss.

im about not losing large...
Thanks for that one Jim, 100% what I needed in my current state
  • #32,833
  • Jun 9, 2009 6:48am Jun 9, 2009 6:48am
anyone playing the double bar low on eur/usd and gbp/usd on the 4hrs chart?
  • #32,834
  • Jun 9, 2009 6:58am Jun 9, 2009 6:58am
Quoting jarroo
"Last IB" is more aggressive with the mother candle as confirmation. A more conservative approach is the break of the middle candle with the mother candle as confirmation. In the case of the 4 hour eur/gbp, the break of the daily PPZ of .8650 was the trigger.
hi jarroo, there was a double ib break on eur/gbp on the 1h chart before the 4h double ib... it was @ 87000 lvl it was also a break of the rising trend line.

as far as dibs go... i don't think you can get much better!

ps jarroo i know you know this but saw there were other people showing interest in dibs so though i'd chip in.

keep up the good work all



great thread!
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  • #32,835
  • Jun 9, 2009 7:07am Jun 9, 2009 7:07am
Autumm,
are u possibly referring to yesterday's bars?
or better yet, u can post charts to illustrate. as our brokers show different bar/candle formations.
  • #32,836
  • Jun 9, 2009 7:13am Jun 9, 2009 7:13am
Quoting Marco
Thanks for that one Jim, 100% what I needed in my current state
I seen your original post, and the great answers people gave to it.

I think your were danger of going down a dangerous path when you questioned whether this was going to make you rich quick enough. You know that too, which is good.

What's the famous saying? :
"Money makes money and the money money makes makes money. "

10000 still can only make safely what 10000 can make safely. And so on. ...But it will grow and become increasingly profitable. Not many jobs can make that claim.

I see you travelling along very well with your trades so far. Just let the progress happen.

And by the way, there are times when there are a lot more daily trades happening. I know you questioned that too. There's been periods over the past few years with more quality trades per month or two for sure.
Bundy's status today: "Waiting..."
  • #32,837
  • Jun 9, 2009 7:19am Jun 9, 2009 7:19am
Quoting icarusfx
hi jarroo, there was a double ib break on eur/gbp on the 1h chart before the 4h double ib... it was @ 87000 lvl it was also a break of the rising trend line.

as far as dibs go... i don't think you can get much better!

ps jarroo i know you know this but saw there were other people showing interest in dibs so though i'd chip in.

keep up the good work all



great thread!
2nd TP hit on EUR/GBP... turning into a nice trade. Can we break through 0.86 though

Care to post the indicator that changes the color for inside bars? It's probably on the DIBS thread, in which case I'll get it eventually...Thanks for the links guys. Already in my bookmarked list. Josh
  • #32,838
  • Jun 9, 2009 7:21am Jun 9, 2009 7:21am
Quote
What's the famous saying? :
"Money makes money and the money money makes makes money. "
10000 still can only make safely what 10000 can make safely. And so on. ...But it will grow and become increasingly profitable. Not many jobs can make that claim.
Excellent point bundy.

At first glance, i thought u made 2 errors in that sentence. It was sort of a tongue twister also, which is great too.
Is that a famous saying in your side of the pond? 1st time i've heard of it & i like it.
Like i said to krue, sometimes Slow is Fast.

AS ALWAYS, u shower us with golden bundy nuggets.
  • #32,839
  • Jun 9, 2009 7:24am Jun 9, 2009 7:24am
Quoting supremeChaos
Autumm,
are u possibly referring to yesterday's bars?
or better yet, u can post charts to illustrate. as our brokers show different bar/candle formations.
Here u go.
im still new at this...
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  • #32,840
  • Jun 9, 2009 7:28am Jun 9, 2009 7:28am
Quoting supremeChaos
Excellent point bundy.

At first glance, i thought u made 2 errors in that sentence. It was sort of a tongue twister also, which is great too.
Is that a famous saying in your side of the pond? 1st time i've heard of it & i like it.
Like i said to krue, sometimes Slow is Fast.

AS ALWAYS, u shower us with golden bundy nuggets.
"Golden Bundy nuggets." lol

I couldn't tell you where the saying came from, but I love it. And no, it's not just from this side of the pond.
Bundy's status today: "Waiting..."
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