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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

  • #41,161
  • Aug 16, 2009 7:32pm Aug 16, 2009 7:32pm
Quoting LasVahGoose
That's some pretty high speed low drag lingo you got there.
Sorry about that...I have to get use to the American Lingo...it's hard to get use to...sort of like being a Brit driving on the wrong side of the road all their lives, then all of a sudden, trying to drive on the proper side...lol...JUST KIDDING Brits....

GregB
  • #41,162
  • Aug 16, 2009 7:33pm Aug 16, 2009 7:33pm
Quoting batesmotel
Sorry about that...I have to get use to the American Lingo...it's hard to get use to...sort of like being a Brit driving on the wrong side of the road all their lives, then all of a sudden, trying to drive on the proper side...lol...JUST kidding Brits....

GregB
No problem, something new to learn everyday.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #41,163
  • Edited 7:49pm Aug 16, 2009 7:34pm | Edited 7:49pm
Quoting KissFan
Her ya go GB. Good night all. I'll be back up in a few hrs to see if A/U showed me any love while I was asleep. There is a flicker of light for longs on the hourly right now. Maybe this is it?

K.I.S.S.
Looks nice when you look at it that way, doesn't it?

BTW, how do you do that with MT4?

Also KissFan, you have the lower UP TL protecting your stop....so, say your prayers to the TL gods before you go "mi mi"....and hopefully Tac will TP soon.....then you can both share in the bounty when AU bounces off of TL....

GregB
  • #41,164
  • Aug 16, 2009 7:36pm Aug 16, 2009 7:36pm
Quoting jarroo
Hey mike w. Quick question on the IB "Close". Is it just the "Close" of a candle (blue) or is it what ghous had illustrated as the close of the entire candle (green), meaning the "Open and Close" of the candle? (purple are the false breaks).

Thanks,

Jim
Spot on brother. When I see the close of the candle below or above, that signals the actual break for me. I've worked my way through quite a bit of these already and when you wait for that, you are effectively eliminating quite a LARGE amount of the losers you would have taken on.

I'm thinking of posting up a closed journal with these examples on them from the year 2004 onward for multiple pairs. I'll be starting with the gbp/usd. This will be to illustrate how important it is to wait for that initial candle close underneath the consolidating range.

I was granted an ok to post about I4Bs and so that is what it will be based on. There is a huge difference to I4Bs and just IBs on the daily from that period on. Just something to think about if you haven't already.

BTW, a large amount of the time, AFTER that initial brek down occurs you WILL see a retracement back to the consolidation area to test it again. This is normal and so if you were conservative, you could wait until the pullback area. This would actually cut off quite a few runners as well I might add. A few thousand pips to be exact since 2004. Worth it? Not to me and so I am trading them on that initial break and IF we see a pullback, I wait for PA confirmation to initiate the second part of a trade. It's all based on preference. That's why testing is crucial on this...to find out how one would personally trade it.
I dream, therefore I become.
  • #41,165
  • Aug 16, 2009 7:40pm Aug 16, 2009 7:40pm
Quoting ljr
This isn't a pair I have traded before but noticed this Pin bar on the daily. This is the 3rd time price has made an attempt at this level. 09/12/2005, 29/02/2008 and 14/08/2009. My data doesn't go back before 2005 so I cannot see any other confluence.

I'm not going to trade this live as this pair looks very choppy and I don't have any experience with it but would be interested from a Technical Analysis point of view what others think.

If price did move up the bar lows from early Jan 2009 could be a concern and are not very far away, especially...

I took this one at the break of the pin.
Extreme swing low of all times, nice looking pin, strong divergence.
I like it Hopefully it will run for the long term.

Ben
  • #41,166
  • Aug 16, 2009 7:42pm Aug 16, 2009 7:42pm
Quoting mike w
...

I'm thinking of posting up a closed journal with these examples on them from the year 2004 onward for multiple pairs. I'll be starting with the gbp/usd. This will be to illustrate how important it is to wait for that initial candle close underneath the consolidating range.

...



.
I believe . . .
  • #41,167
  • Aug 16, 2009 7:44pm Aug 16, 2009 7:44pm
Quoting mike w
Spot on brother....
Hi Mike,

Great to hear that. I will diffenetly be interested.

By the way...can you please explain why is there a big difference between I4B and regular IBs? Just curios about the logic behind it.

Thanks,

Ben
  • #41,168
  • Aug 16, 2009 7:45pm Aug 16, 2009 7:45pm
Quoting ghous



.
Hey Ghous, I love your signature btw. It reminds me of the editor's posts. Check those out, most are golden.
I dream, therefore I become.
  • #41,169
  • Aug 16, 2009 7:45pm Aug 16, 2009 7:45pm
Quoting mike w
Spot on brother. When I see the close of the candle below or above, that signals the actual break for me. I've worked my way through quite a bit of these already and when you wait for that, you are effectively eliminating quite a LARGE amount of the losers you would have taken on.

I'm thinking of posting up a closed journal with these examples on them from the year 2004 onward for multiple pairs. I'll be starting with the gbp/usd. This will be to illustrate how important it is to wait for that initial candle close underneath the consolidating...
Thanks mike. I'm a big believer of establishing a confirmation of any setup. And what you have here is one that makes a lot of sense. There's that "Simplicty" thing coming in again.



Jim
Indicators show the past. Price Action "Indicates" the future.
  • #41,170
  • Edited Aug 17, 2009 5:51am Aug 16, 2009 7:50pm | Edited Aug 17, 2009 5:51am
Quoting benji533
Hi Mike,

Great to hear that. I will diffenetly be interested.

By the way...can you please explain why is there a big difference between I4B and regular IBs? Just curios about the logic behind it.

Thanks,

Ben

Dude, we've talked about this before. check some of your own posts.

Remember?? . . .
Indicators show the past. Price Action "Indicates" the future.
  • #41,171
  • Aug 16, 2009 7:52pm Aug 16, 2009 7:52pm
Quoting benji533
Hi Mike,

Great to hear that. I will diffenetly be interested.

By the way...can you please explain why is there a big difference between I4B and regular IBs? Just curios about the logic behind it.

Thanks,

Ben
Well, IMHO, it's simple. It's just a normal consolidation routine after big runs or tightening markets. These will oftentimes signal BIG breakouts (as you'll see) or reversals in markets. If I were you, I would go through and disect each and every single one of MBQB11's posts. Do it. Do it now. Do it. You'll be better for it if you do.

In my experience, due diligence is rewarded. The book of Proverbs tells us that. I'm not even all that holy (maybe hellbound), but even I know that.
I dream, therefore I become.
  • #41,172
  • Aug 16, 2009 7:53pm Aug 16, 2009 7:53pm
Quoting jarroo
Dude, when talked about this before. check some of your own posts.

Remember?? . . .
What are your thoughts on the subject Jim?
I dream, therefore I become.
  • #41,173
  • Aug 16, 2009 7:55pm Aug 16, 2009 7:55pm
Quoting jarroo
Dude, when talked about this before. check some of your own post.

Remember?? . . .
Yea, I know the difference technically.

I will try to say it different.

Why do they work better? ok, the X previous bars are larger....why does it make difference or have larger quality than regular IBs without a bunch of larger bars before?

Ben
  • #41,174
  • Aug 16, 2009 7:56pm Aug 16, 2009 7:56pm
Quoting jarroo
Thanks mike. I'm a big believer of establishing a confirmation of any setup. And what you have here is one that makes a lot of sense. There's that "Simplicty" thing coming in again.



Jim
No thank you my man! You showed me the light back in '07 about waiting for confirmation. I've done my fair share of not waiting for that confirmation and BOOM, paid the price for it. After the talks we've had time and time again, you made it as clear as crystal. There are few people who have affected my career as positively as yourself.

I dream, therefore I become.
  • #41,175
  • Edited Aug 17, 2009 5:53am Aug 16, 2009 7:59pm | Edited Aug 17, 2009 5:53am
Quoting mike w
What are your thoughts on the subject Jim?
They agree with yours, mike. Regular IBs are a tighting indecision of Price. Hence, an opportunity.

An I4B or I10+B is an increased tighting indecsion by its historic past ranges, which may produce an even bigger Breakout.
Indicators show the past. Price Action "Indicates" the future.
  • #41,176
  • Aug 16, 2009 7:59pm Aug 16, 2009 7:59pm
Quoting benji533
Yea, I know the difference technically.

I will try to say it different.

Why do they work better? ok, the X previous bars are larger....why does it make difference or have larger quality than regular IBs without a bunch of larger bars before?

Ben
Bigger runs and bigger momentum being tightened down to consolidation. At least, that's what I've gained through my testing experience. I'll be able to tell you WITHOUT doubt after about 3 to 6 months more testing on various pairs.

As I am still with doubt at this point in time, I'll ask you to ask another more experienced trader on the subject. At least I'm honest, right? lol
I dream, therefore I become.
  • #41,177
  • Aug 16, 2009 8:00pm Aug 16, 2009 8:00pm
Quoting jarroo
They agree with yours, mike. Regular IBs is a tighting indecision of Price. Hence, an opportunity.

An I4B or I10+B is an increased tighting indecsion by its historic past ranges, which may produce an even bigger Breakout.
Shabam! The king speaks and so you have your answer Ben.
I dream, therefore I become.
  • #41,178
  • Aug 16, 2009 8:00pm Aug 16, 2009 8:00pm
Quoting mike w
Well, IMHO, it's simple. It's just a normal consolidation routine after big runs or tightening markets. These will oftentimes signal BIG breakouts (as you'll see) or reversals in markets. If I were you, I would go through and disect each and every single one of MBQB11's posts. Do it. Do it now. Do it. You'll be better for it if you do.

In my experience, due diligence is rewarded. The book of Proverbs tells us that. I'm not even all that holy (maybe hellbound), but even I know that.
ok! I will do it! I will do it....tomorrow! lol
Almost morning here...I rather go to sleep now.

Thanks for the reply though.

Ben
  • #41,179
  • Aug 16, 2009 8:03pm Aug 16, 2009 8:03pm
Quoting jarroo
They agree with yours, mike. Regular IBs is a tighting indecision of Price. Hence, an opportunity.

An I4B or I10+B is an increased tighting indecsion by its historic past ranges, which may produce an even bigger Breakout.
Thanks jarroo and mike.
  • #41,180
  • Aug 16, 2009 8:14pm Aug 16, 2009 8:14pm
Quoting mike w
No thank you my man! You showed me the light back in '07 about waiting for confirmation. I've done my fair share of not waiting for that confirmation and BOOM, paid the price for it. After the talks we've had time and time again, you made it as clear as crystal. There are few people who have affected my career as positively as yourself.
Back at you Mike. One only needs to read all of your posts as well, to see the Gems you've produced. It sounds like you got another one in the works.

Positive talks that we have had is not a one way street my friend. I got much needed lifts from them myself, if not more.

Jim
Indicators show the past. Price Action "Indicates" the future.
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