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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

  • #43,221
  • Sep 7, 2009 6:36am Sep 7, 2009 6:36am
Quoting rustyjeff
hey Ben,
Its all pa & s/r....
dont get caught up in boxes.. They look good but they are just more shit on the chart.

You are allready doing well.. but i feel you are now getting caught up in the spiral of this is easy... now I will find something even better & easier..

good luck.. but I am here to tell you its a road ill travelled..

you have the basics & thats all you need.. believe me..

This stuff is easy as long as we stick to what is easy......

cheers
Jeff
Yea I have thought to my self something similar yesterday.
I already have things that work for me good enough...

In addition, I barely have time these days to think about trading. Next week I won't even be at home (going out with school for a one week camp).
So my thought process isn't focused and clear.

I also feel like these boxes are giving me an illusion feeling, because it is just S&R like you have said.

For now I'll just stick to the daily and weekly. When I'm at home and have time to think about charts, I'll open the 1H-4H.

Routine life need to continue

Thanks Jeff,

Ben
  • #43,222
  • Sep 7, 2009 6:56am Sep 7, 2009 6:56am
It retraced a bit during my time at school. Didn't stop me out.
Now I have even more confidence in this to be a longer term move

Hope everyone is doing well

Ben
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  • #43,223
  • Sep 7, 2009 7:01am Sep 7, 2009 7:01am
Quoting mbqb11
I seriously can't believe when some of you say I have been in forex for a year. Just amazes me how far ahead you guys are from my first year in

Congrats my friend

Mike
A good AM/PM to everybody.

I would like to introduce myself. Name's Dave, I''ve been studying Forex for about a year and a half now and the more I begin to understand about forex the more I realise how little I really do understand. I have really enjoyed the posts on this forum, and the James16 sites probably helped me develop my basic strategy more than anything else out there.

I have a current gbp/usd (daily) question... on the 02/09 the bar closed at 1.6297, forming what I think is called a double soldier... (upsidedown) (the correct phrase eludes me at the moment). Please correct me if I'm wrong, this "footprint" occuring around the 1.63 s/r line indicates(?) that price is quite likely to continue upwards... which it has done. Price is now sitting on the 365 EMA and the (Long term)38.2Fib line from July 2008.

What are the general expectations/opinions as to what will happen next?

regards
Dave
  • #43,224
  • Sep 7, 2009 7:04am Sep 7, 2009 7:04am
Guys was thinking about entering this DBHLC but passed on it but want to hear some comments on what you think

Swing High
Relative space (not a lot) a bit of sideways motion just before it
Fib retracement of 61.8
MACD Divergence

Overall in a sideways motion

What put me off was 2 things, The DBHLC really to me is more of a indecision type of bar not here not there not showing too much thing (iffy small poodle bar)

and it did not close below the whole number of 1.6400 which would have been much nicer.

What do you guys think?
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  • #43,225
  • Sep 7, 2009 7:10am Sep 7, 2009 7:10am
Quoting benji533
Yea I have thought to my self something similar yesterday.
I already have things that work for me good enough...

In addition, I barely have time these days to think about trading. Next week I won't even be at home (going out with school for a one week camp).
So my thought process isn't focused and clear.

I also feel like these boxes are giving me an illusion feeling, because it is just S&R like you have said.

For now I'll just stick to the daily and weekly. When I'm at home and have time to think about charts, I'll open the 1H-4H.

Routine...
Ben,

Just don't mark the boxes off on the charts or view it as anything different or separate. It's simply where old support turned into resistance and vice versa. And a way of range trading using PPZs. It's no different to the classic PA at SR levels we teach here. I think where you might come unstuck is if you view "box trading" as a completely different style.

Think of it this way. Price approaches your double/triple top level. It's a clear PPZ. You're either going to get good price action for a reversal at this key level ("a box trade") or you're going to see price shoot through and retest before going on ("a breakout trade"). Simple, simple, simple.

That's why so many of those mbqb11 charts showing what he's looking for at key levels are clean and clear with only two sets of arrows on them. Either a bounce off the level, or a breakthrough and pullback before continuing on. Either way, the PA needs to be clear and good.

That's all there is. Now the real magic comes from doing it again and again and again. Then let compounding take care of the rest.
  • #43,226
  • Sep 7, 2009 7:17am Sep 7, 2009 7:17am
EUR/USD 4HR IB break short at strong resistance level. Target 1.42.

1.4330 - .4360 Area holding as strong resistance and price has been ranging between 1.4350 - 1.4200.
Don't expect any fast moves with Bank Holiday...

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #43,227
  • Sep 7, 2009 7:36am Sep 7, 2009 7:36am
Quoting TiaForex
Ben,

Just don't mark the boxes off on the charts or view it as anything different or separate. It's simply where old support turned into resistance and vice versa. And a way of range trading using PPZs. It's no different to the classic PA at SR levels we teach here. I think where you might come unstuck is if you view "box trading" as a completely different style.

Think of it this way. Price approaches your double/triple top level. It's a clear PPZ. You're either going to get good price action for a reversal at this key level ("a box trade")...
Yea, the ides will always remain the same. PA with S$R - only different styles of doing it.

Like you say, it's trading breakouts and reversals, which I have other and more comfortable ways (for me) to do that.

This way of thinking can be better for more ranging pairs.
But for now I will probably just focus on what I'm already doing.

Thanks for the input Aaron. Appreciated as always

Ben
  • #43,228
  • Sep 7, 2009 8:12am Sep 7, 2009 8:12am
Quoting Mpondondo
A good AM/PM to everybody.

I would like to introduce myself. Name's Dave, I''ve been studying Forex for about a year and a half now and the more I begin to understand about forex the more I realise how little I really do understand. I have really enjoyed the posts on this forum, and the James16 sites probably helped me develop my basic strategy more than anything else out there.

I have a current gbp/usd (daily) question... on the 02/09 the bar closed at 1.6297, forming what I think is called a double soldier... (upsidedown) (the correct phrase...
Hi Dave, welcome to the thread !

I would give you an opinion but I cannot seem to see the piece of price action you are talking about, it would help me and others if you could post a chart ?

Godspeed,
Jig
  • #43,229
  • Sep 7, 2009 8:31am Sep 7, 2009 8:31am
Quoting Jigsaw
Hi Dave, welcome to the thread !

I would give you an opinion but I cannot seem to see the piece of price action you are talking about, it would help me and others if you could post a chart ?

Godspeed,
Jig
Hello Jig

Please see relevant gbp/usd chart.

Regards,
David
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  • #43,230
  • Sep 7, 2009 8:47am Sep 7, 2009 8:47am
Quoting benji533
Just scrolled back on the 4H chart and found this within one minute...
Just to clarify...
on the second chart here,there was NO hidden divergence from Top#1 to Top#2 (Top #2 is higher than Top#1 in price & in MACD, so there was in fact no divergence at all).

but there was hidden divergence from Top#1 to the midpoint of Top#1 & Top#2 (specifically the price below the word 'this' on the caption "no need to explain why this is a great pin").
  • #43,231
  • Sep 7, 2009 9:34am Sep 7, 2009 9:34am
Hey just wondering what you guys think of this 8hr pin on GBP/USD:

-Its with the trend

-Moving away from big PPZ at 1.64(small round number too)

-61.8% Fib

-200 & 150 EMA Confluence

-Double Top

Downside is:
-Price is choppy atm...seems to be ranging
-No Divergence
-Downtrend line from 1.7000 seems to be pierced
-Going against weekly pin


Seems good, but maybe not good enough. One thing that worries me is the fact that its a slow Monday. There might not be enough momentum to provide a real break.

Any opinions on my analysis is appreciated.
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  • #43,232
  • Sep 7, 2009 10:05am Sep 7, 2009 10:05am
Quoting Rocket!
Hey just wondering what you guys think of this 8hr pin on GBP/USD:

-Its with the trend

-Moving away from big PPZ at 1.64(small round number too)

-61.8% Fib

-200 & 150 EMA Confluence

-Double Top

Downside is:
-Price is choppy atm...seems to be ranging
-No Divergence
-Downtrend line from 1.7000 seems to be pierced
-Going against weekly pin


Seems good, but maybe not good enough. One thing that worries me is the fact that its a slow Monday. There might not be enough momentum to provide a real break.

Any opinions on my analysis is appreciated....
Looks good if it can break hard, for some reason markets have been drowsy all day today.


g.
Attached Image
I believe . . .
  • #43,233
  • Sep 7, 2009 10:08am Sep 7, 2009 10:08am
Quoting ghous
Looks good if it can break hard, for some reason markets have been drowsy all day today.


g.

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US Labor Day weekend.

Markets =
  • #43,234
  • Sep 7, 2009 10:08am Sep 7, 2009 10:08am
Quoting ghous
Looks good if it can break hard, for some reason markets have been drowsy all day today.


g.
Labor Day in the US which means New York traders are off. That also means that after the end of the London session in an hour or so there will be very little activity and so probably no hard break.

I'm turning off the charts and heading out until the liquidity returns to the market tomorrow.
  • #43,235
  • Sep 7, 2009 10:13am Sep 7, 2009 10:13am
Quoting TiaForex
Labor Day in the US which means New York traders are off. That also means that after the end of the London session in an hour or so there will be very little activity and so probably no hard break.

I'm turning off the charts and heading out until the liquidity returns to the market tomorrow.
Ah,

thanks Tia, no wonder my touch trades are a mess today

Glad I quickly withdrew out of most of my positions early in London...

ghous,.
I believe . . .
  • #43,236
  • Sep 7, 2009 10:19am Sep 7, 2009 10:19am
Quoting Mpondondo
Hello Jig

Please see relevant gbp/usd chart.

Regards,
David
I see,

Attached Image


This formation is known as something like Railroad tracks or something in Candlestick analysis (please do correct me if I am wrong somebody) but it is not a J16 pattern.



Attached Image (click to enlarge)
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The candle before it was a BEOB (Bearish Outside Bar) which never broke, there are two matching lows occuring then (Within one pip on the Daily) And if the second candle could close higher than the first . . It would be a DBLHC (Double Bar Low Higher Close) But it's not a J16 pattern as it was there.

Hope that clears things up for you (And not make you more confused lol)

Regards,
Jig
  • #43,237
  • Sep 7, 2009 10:21am Sep 7, 2009 10:21am
Quoting TiaForex
Labor Day in the US which means New York traders are off. That also means that after the end of the London session in an hour or so there will be very little activity and so probably no hard break.

I'm turning off the charts and heading out until the liquidity returns to the market tomorrow.
Aaron,

Do you know of somewhere where I can get data for the individual stocks of the FTSE 350 (I understand I will have to pay for this feed).

The only place I know of so far is prorealtime.com and their charting I find not to be the greatest.

Regards,
Jig
  • #43,238
  • Sep 7, 2009 10:58am Sep 7, 2009 10:58am
Quoting Jigsaw
I see,


This formation is known as something like Railroad tracks or something in Candlestick analysis (please do correct me if I am wrong somebody) but it is not a J16 pattern.

Not wanting to get technical here... but RR tracks ... I believe a term introduced by Peter Bain... would have both bars of nearly equal range with the open price of the first bar being near to the closing price of the second.
  • #43,239
  • Sep 7, 2009 11:04am Sep 7, 2009 11:04am
Quoting Jigsaw
I see,

Attachment

This formation is known as something like Railroad tracks or something in Candlestick analysis (please do correct me if I am wrong somebody) but it is not a J16 pattern.



Attachment

The candle before it was a BEOB (Bearish Outside Bar) which never broke, there are two matching lows occuring then (Within one pip on the Daily) And if the second candle could close higher than the first . . It would be a DBLHC (Double Bar Low Higher Close) But it's not a J16 pattern as it was there.

Hope that...

Thanks Jig

Any idea why my chart looks different to yours? please see attached close up of same two "railway bars". Mine seem to be within a few pips a the top but yours has got quite a large gap.

Regards,
Dave
Attached Image
  • #43,240
  • Sep 7, 2009 11:05am Sep 7, 2009 11:05am
Quoting Lou
Not wanting to get technical here... but RR tracks ... I believe a term introduced by Peter Bain... would have both bars of nearly equal range with the open price of the first bar being near to the closing price of the second.
oooo

:nerd:

Is there any name for the formation above which I mis-identified as being RR tracks ?

I havent a clue of the majority of candlestick patterns apart from the good ol' J16 ones.

Attached Image (click to enlarge)
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Would this be a valid example of RR tracks ?

Thanks btw.

Regards,
Jig
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