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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

  • #39,621
  • Aug 1, 2009 3:56am Aug 1, 2009 3:56am
Quoting jarroo
Very good Patience and trade management on that 4 hour BUOB, squeezy.
This is how we do it. We wait and wait until a strong and obvious PA presents itself with supporting confluences. I like how the BUOB engulfed many preceeding candles. I'm sure you saw the 4 hour PPZ (in green) that acted as support to confirm your BUOB. Well done.

Yes, stay with the time frame that your PA setup was given. If you don't it can get confusing. However, check higher time frames to see if conflicting PA may be present. The higher time frame PA will (most...

thnx jarroo,
dats wat i do most of the time, inorder not to get confused, i just watch how the triggerd bar closes most of the time before making harsh decisions which i might end up regretting....besides its one thing to know how to trade, and its another thing to know how to apply money management...this is the next thing ive been working on....becaue i know that there will be losers but keeping ur losers fixed is my concern
i have learnt pa & pz, now time to master money mgt (thnx mike) lol
lets see how next week plays out
Simplicity is the key to success
  • #39,622
  • Aug 1, 2009 4:04am Aug 1, 2009 4:04am
Quoting squeezy
thnx jarroo,
dats wat i do most of the time, inorder not to get confused, i just watch how the triggerd bar closes most of the time before making harsh decisions which i might end up regretting....besides its one thing to know how to trade, and its another thing to know how to apply money management...this is the next thing ive been working on....becaue i know that there will be losers but keeping ur losers fixed is my concern
i have learnt pa & pz, now time to master money mgt (thnx mike) lol
lets see how next week plays out
On step at a time squeezy. Your on the right path.
Indicators show the past. Price Action "Indicates" the future.
  • #39,623
  • Aug 1, 2009 4:10am Aug 1, 2009 4:10am
Quoting jarroo
Interesting warta. A nice down move maybe in the works.

I've seen this pattern many times (forgot what it was called). A reversing and then continuation pattern.

(another example that is currently underway, on the Weekly Eur/Gbp.)
just wanted to chip on the eurgbp weekly as i see it.....
1st the pip difference is about 5, so dnt think dats a valid beob (wat do u guys think, can it still be considered as one)
2nd, we r fighting an uptrend (counter trend trade)
a good thing i noticed was the 50ema confluence for a short to .8200 area which would be about slightly above 1% gain if it reaches ( risk=184 pips : reward= about 300 pip target)
also like the rejecting from 0.8700 round number (this area has acted as support ,now turned resistance)
blue box area is also an area of concern.....one cld move to be when it reaches this area or hide just behind the triggered bar
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Simplicity is the key to success
  • #39,624
  • Aug 1, 2009 4:13am Aug 1, 2009 4:13am
End of the Month is always a great time to check those Monthly PA possibilities. I like to see if any setups are formed or forming. Or just look for some great future or current locations.

Take the Usd/Cad monthly, could we now be in a consolidation range between the two blue PPZ levels? Maybe.

Check your Monthly charts and tell us what you see.
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Indicators show the past. Price Action "Indicates" the future.
  • #39,625
  • Aug 1, 2009 4:14am Aug 1, 2009 4:14am
Quoting jarroo
It looks like an IPB that could show a strong down move. I would have to ask ghous about that one.

Or that big Ole PB may break upward to the 165.00 which is a strong PPZ level near the 50% retrace. Hard to say.

Should be fun to watch.
Very hard indeed to say anything,

What I like the IPB's to do is to give me clear indications of a halt/reversal. After the huge push down the bar being at somewhat a decent pull back does seem to be an IPB, however I would have liked it somewhere around 154 to be honest...

Won't trade it bit should be fun to watch,

Ghous.
I believe . . .
  • #39,626
  • Aug 1, 2009 4:24am Aug 1, 2009 4:24am
Quoting ghous
Very hard indeed to say anything,

What I like the IPB's to do is to give me clear indications of a halt/reversal. After the huge push down the bar being at somewhat a decent pull back does seem to be an IPB, however I would have liked it somewhere around 154 to be honest...

Won't trade it bit should be fun to watch,

Ghous.
Thanks ghous. I thought you would have liked it at the 163.00ish level near those highs (blue). I guess I better reread more of your IPB posts.

But your right, it will be fun to watch,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #39,627
  • Aug 1, 2009 4:26am Aug 1, 2009 4:26am
Quoting squeezy
hello guys
sup jarroo, ghous and everyone else
just wanted to pitch in on the eurcadwkly pin
i like to keep my charts clean with nothing (no lines, emas etc) until i see pa , then i start looking for trouble areas & also put emas, fibs for confluence
on the 4hr chart , there was a small bullish pin which i diddnt like, so i didnt buy...but when i saw the buob, i entered on the break(i liked the divergence too on the 4hr)....which im still holding now at be

my main question now is this,....for someone who works mainly with the tf where he finds...
yeah you're right abt the singular time frame stuff Squeezy, I was just pointing out at something I have been looking over the weekend, i.e the touch trade opportunity and saw this guy's post talking abt long so thought I needed to pool in.

Just as a further confirmation, here's why if a trade is taken off the weekly pin bar (as per J16 rules) regardless of what's happening on any lower time frame it has little to worry...

The pin bar break would have to occur at a point on my daily chart which is above my yellow ppz in which case a long might not be a such a bad idea, my post was refrring to fair enough possibility of the weekly pin bar never breaking due to the fact that price has found it's way below a distinct ppz and is now merely resteting it.

The weekly pin bar if it breaks does have some serious potential,

Ghous.
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  • #39,628
  • Aug 1, 2009 4:39am Aug 1, 2009 4:39am
Quoting ghous
yeah you're right abt the singular time frame stuff Squeezy, I was just pointing out at something I have been looking over the weekend, i.e the touch trade opportunity and saw this guy's post talking abt long so thought I needed to pool in.

Just as a further confirmation, here's why if a trade is taken off the weekly pin bar (as per J16 rules) regardless of what's happening on any lower time frame it has little to worry...

The pin bar break would have to occur at a point on my daily chart which is above my yellow ppz in which case a long...


The EURCAD has a dbhlc (2 pip difference on my feed) on monthly. Won't we have to take that into consideration?
  • #39,629
  • Edited 4:57am Aug 1, 2009 4:40am | Edited 4:57am
Quoting jarroo
Thanks ghous. I thought you would have liked it at the 163.00ish level near those highs (blue). I guess I better reread more of your IPB posts.

But your right, it will be fun to watch,

Jim
Your blue area would also have been an interesting area for the IPB, I referred to the 154 as it marked a major reversal earlier and was a better "zone" for an IPb to be in...at the moment it seems to be hanging nowhere

here's a chart of how I would have liked it, worked hard on it

Ghous.
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  • #39,630
  • Aug 1, 2009 4:45am Aug 1, 2009 4:45am
Quoting Bryan
The EURCAD has a dbhlc (2 pip difference on my feed) on monthly. Won't we have to take that into consideration?
It's too choppy for me.

But you could look at that...

I personally don't often look that far up the time frame ladder, monthly is like...errr...a little too long term, for me at least

Ghous.
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  • #39,631
  • Aug 1, 2009 4:55am Aug 1, 2009 4:55am
Quoting ghous
Your blue area would also have been interesting area for the IPB, I referred to the 154 as it marked a major reversal earlier and was a better "zone" for an IPb to be in...at the moment it seems to be hanging nowhere

here's a chart of how I would have liked it, worked har on it

Ghous.
wat, ghous ...i mean , how did u do dat
nice one
u got me goin there with ur 1st chart
Simplicity is the key to success
  • #39,632
  • Aug 1, 2009 4:57am Aug 1, 2009 4:57am
Quoting squeezy
wat, ghous ...i mean , how did u do dat
nice one
u got me goin there with ur 1st chart
Don't ask lol

(Just a bit of workout on the paint software)
I believe . . .
  • #39,633
  • Aug 1, 2009 5:06am Aug 1, 2009 5:06am
Quoting ghous
yeah you're right abt the singular time frame stuff Squeezy, I was just pointing out at something I have been looking over the weekend, i.e the touch trade opportunity and saw this guy's post talking abt long so thought I needed to pool in.

Just as a further confirmation, here's why if a trade is taken off the weekly pin bar (as per J16 rules) regardless of what's happening on any lower time frame it has little to worry...

The pin bar break would have to occur at a point on my daily chart which is above my yellow ppz in which case a long...
yeah, i see wat u mean ghous
if i were to look at entering the weekly eurcad pin from maybe from my 4hr tf, i would set my buy stop above my 1.5487 ppz but im goin to treat it as a weekly trade & set 10pips above the pin for a break

quick question, when setting ur entry,stop loss & take profit, do you put into consideration the spread( do u add the spread to it) or do you just set 10pips above/below the pa setup....
Simplicity is the key to success
  • #39,634
  • Aug 1, 2009 5:15am Aug 1, 2009 5:15am
Quoting squeezy
yeah, i see wat u mean ghous
if i were to look at entering the weekly eurcad pin from maybe from my 4hr tf, i would set my buy stop above my 1.5487 ppz but im goin to treat it as a weekly trade & set 10pips above the pin for a break

quick question, when setting ur entry,stop loss & take profit, do you put into consideration the spread( do u add the spread to it) or do you just set 10pips above/below the pa setup....
I don't involve the spread in my entry, but in my SLs and Tps I do include them.

So for example on a pair with a 10 pip spread I want to book my tp at 1.8 I'd place my TP order at 1.7990, same stuff for the SL...

If I plan to have my SL at 1.7 my Stop loss order on the same pair same position would be 1.7010.

Ghous.
I believe . . .
  • #39,635
  • Aug 1, 2009 6:28am Aug 1, 2009 6:28am
Quote
Quoting benji533
Here is a pic of a lovely weekly pin bar.

Take note it is John AKA johnnykanoo who found it. He can't upload a pic so I did and added explanations.

Good eye Johnny

@ ben thanks for posting that. for a new person you sure are taking this material and running with it!!!

@jaroo thanks for your analysis. ill be watching this closly next week
  • #39,636
  • Aug 1, 2009 6:33am Aug 1, 2009 6:33am
hey guys it is a slow saturday so i thought i would post a picture of my motivation

His name is John Michael. I was thinking I have aprox 18 years to get good at this stuff so when he goes to college but he is already almost 25 pounds so i'm thinking i better get on the ball if i want to be able to afford grocerys lol!!!

guys/gals have a great weekend, john

http://i26.tinypic.com/qsnj0y.jpg
  • #39,637
  • Aug 1, 2009 8:09am Aug 1, 2009 8:09am
Hi J16 people!
I read some interesting posts about GbpJpy IPB, and other setups..
I personally like the weekly pin on CadChf (this pair was on my radar in the past weeks). But i would also pay attention to the IPB on EurUsd, weekly: attached below there is the chart.
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  • #39,638
  • Edited 8:38am Aug 1, 2009 8:27am | Edited 8:38am
Quoting johnnykanoo
hey guys it is a slow saturday so i thought i would post a picture of my motivation

His name is John Michael. I was thinking I have aprox 18 years to get good at this stuff so when he goes to college but he is already almost 25 pounds so i'm thinking i better get on the ball if i want to be able to afford grocerys lol!!!

guys/gals have a great weekend, john
Lol!

Great Kid Johny

Love that mischievous looks on him.

We hope to see him on the thread soon.

Ghous.
I believe . . .
  • #39,639
  • Aug 1, 2009 8:29am Aug 1, 2009 8:29am
Quoting squeezy
yeah, i see wat u mean ghous
if i were to look at entering the weekly eurcad pin from maybe from my 4hr tf, i would set my buy stop above my 1.5487 ppz but im goin to treat it as a weekly trade & set 10pips above the pin for a break

quick question, when setting ur entry,stop loss & take profit, do you put into consideration the spread( do u add the spread to it) or do you just set 10pips above/below the pa setup....
The broker bases his charts on one price, usually the bid. Which is the sell price. So when putting in a sell order I don't need to factor in spread. But when putting in a buy order (which is also a take profit/stop loss on a sell order) then I do need to factor in spread on entry.

For example, if the top of my pin bar is 1.6755 and I am buying on the breach plus a ten pip buffer, then my entry goes in at 1.6755 plus 10 pip buffer plus whatever the spread is. My take profit (which is essentially a sell order) will not need to take spread into account because it is based on bid price.

So when price hits 1.6755, and let's say for convenience that the spread is ten pips, then what is essentially happening is that the charts show the bid price of 1.6755 but the ask price is ten pips above that at 1.6765. So if I didn't account for the spread I'd be getting in ten pips too early. When price hits 1.6765 which is the ten pip buffer I want to allow before I enter, then the ask price is actually 1.6765 + 10 = 1.6775. So I allow ten pip buffer plus spread based on whichever price is not shown by my broker. In my case, whenever I am buying (or getting out of a sell order)

Right click on your charts, and pull up the 'properties' option. Then click "show ask price" and you will see the two lines on your chart. That should make it easier to observe what I mean.


If I've got this wrong please feel free to correct me.
  • #39,640
  • Aug 1, 2009 8:32am Aug 1, 2009 8:32am
Quoting bakko85
Hi J16 people!
I read some interesting posts about GbpJpy IPB, and other setups..
I personally like the weekly pin on CadChf (this pair was on my radar in the past weeks). But i would also pay attention to the IPB on EurUsd, weekly: attached below there is the chart.
I am looking at the Euro IPB myself...

If 1.4 can give way 1.38 isn't improbable ...

Ghous.
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I believe . . .
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