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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

  • #43,241
  • Sep 7, 2009 11:16am Sep 7, 2009 11:16am
Quoting Jigsaw
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.


Would this be a valid example of RR tracks ?

Thanks btw.

Regards,
Jig

If you use the opening price of the first bar and teh closing figure of the second bar, and join the two together.... then you get one mean pin bar....

regards,
Dave
  • #43,242
  • Sep 7, 2009 11:25am Sep 7, 2009 11:25am
Quoting Jigsaw
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.

Attachment

Would this be a valid example of RR tracks ?

Thanks btw.

Regards,
Jig
Yes... kind of like that. Is that one valid? I really don't know how close, close enough is. I hope that made sense.

Try this link for some pretty good info on Candlestick patterns in a very userfriendly format. http://www.candlesticker.com/ click on the Bearish Bullish Neutral tabs to get great visuals and explanations.
  • #43,243
  • Sep 7, 2009 11:36am Sep 7, 2009 11:36am
Quoting Mpondondo
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
Hi,

In forex, as you know it is a 24 hour market. There is no definitive time for a Dailyclose unlike say the DOW or the FTSE or whatever. But that being said most peoples close is around 8/9/10PM here for us people on British time.

Subsequently different brokers have different "closing times" for their bar to close at. ie. my candlestick might close two hours later than your candlestick.

This may seem strange (I was puzzled about this for weeks) that the bars have different closes but most really good J16 Price setups can be usually seen across many different time closes, the brokers candles normally close within a few hours of eachother.

Eventhough the candlesticks may have slightly different closes, the action that has unfolded underneath is the exact same. It's kind of like price is telling the same story . . But just a slightly different way of telling it sometimes.

Hope I explained that ok

Quoting Lou
Yes... kind of like that. Is that one valid? I really don't know how close, close enough is. I hope that made sense.

Try this link for some pretty good info on Candlestick patterns in a very userfriendly format. http://www.candlesticker.com/ click on the Bearish Bullish Neutral tabs to get great visuals and explanations.
Thanks Lou, that site looks good I must check it out.
  • #43,244
  • Sep 7, 2009 11:36am Sep 7, 2009 11:36am
This day is really slow...
Did anyone take the AUDUSD breakout pattern from Friday? It eventually started moving today with that large DBLHC

Ben
  • #43,245
  • Sep 7, 2009 11:55am Sep 7, 2009 11:55am
as its all quiet out there atm... wondered if I could pull a straw poll on the thread's favourite books...? I have just been away for 2 weeks and really enjoyed Black Swan... makes you think about a few things. And wanted to get some more ideas on what next.

I am guessing that everyone here is pretty well read so: what is your favourite book? (basically trading related first but not necessarily!)
  • #43,246
  • Sep 7, 2009 11:59am Sep 7, 2009 11:59am
Quoting benji533
This day is really slow...
Did anyone take the AUDUSD breakout pattern from Friday? It eventually started moving today with that large DBLHC

Ben
yeah, really slow
was waitin for a pullback to .85 but nothin
the same thing with nu ...no pullback then pa
Simplicity is the key to success
  • #43,247
  • Sep 7, 2009 12:31pm Sep 7, 2009 12:31pm
Quoting squeezy
yeah, really slow
was waitin for a pullback to .85 but nothin
the same thing with nu ...no pullback then pa
Yea..it was tricky. The 0.85000 round number is right above the resistance trend line of the pattern.
When price broke that number without retracing immediately, I knew it may never pullback to the trend line (it will act as a strong support, diffenetly when the trend is up).
So I have just plaid the pullback to the round number, and placed a bit large stop in case it will eventually retrace...
In addition, the bar that broke the round number is a very large 4H BUOB which closed above the number (although I wouldn't be playing it if there was no break out pattern).
Lets see what happens

Ben
  • #43,248
  • Sep 7, 2009 12:39pm Sep 7, 2009 12:39pm
Quoting benji533
Yea..it was tricky. The 0.85000 round number is right above the resistance trend line of the pattern.
When price broke that number without retracing immediately, I knew it may never pullback to the trend line (it will act as a strong support, diffenetly when the trend is up).
So I have just plaid the pullback to the round number, and placed a bit large stop in case it will eventually retrace...
In addition, the bar that broke the round number is a very large 4H BUOB which closed above the number (although I wouldn't be playing it if there was no...
well, im still patiently waiting for a pullback to that area .....and if it doesnt no problem
quick question, tell me how you avoid fakeouts.....
i closed my eurcad short @ 1.55 area but about to reenter short, check ur daily & 1hr chart.....
Simplicity is the key to success
  • #43,249
  • Sep 7, 2009 12:53pm Sep 7, 2009 12:53pm
Quoting rustyjeff
I often will enter using 5m or 15m charts at these areas.. not just on a blind entry but with good pa... A fave of mine will be a quick double bottom/top with divergence & pa like a pin or outside bar on the 2nd touch on the 5m .. sometimes we get a 3rd, slightly higher/lower bounce before it takes off.. this then sometimes gives pa on the 1-4hr.

...5m with strict targets...
Hi, Rusty!

Would You elaborate on what thas it mean quick double bottom on 5M for You?
Also what does it mean for You strict targets for You in this case? You don t use the higher TF PPZs, or just go for Xpips?
I am Very Happy You found Your ways, and looks You can be hold Yourself on it (them)! Keep it, in trading and in Life, too!
Wish You the best, NL
  • #43,250
  • Sep 7, 2009 1:52pm Sep 7, 2009 1:52pm
Hi everyone.

2:50PM here in North Carolina - and I am 4 beers into it!!! WOOT!

Labor Day here in the US. Long live the Proletariat!
I'm pretty much done with all this ...
  • #43,251
  • Sep 7, 2009 1:55pm Sep 7, 2009 1:55pm
Quoting squeezy
well, im still patiently waiting for a pullback to that area .....and if it doesnt no problem
quick question, tell me how you avoid fakeouts.....
i closed my eurcad short @ 1.55 area but about to reenter short, check ur daily & 1hr chart.....
If a pullback will occur and I will get stopped out, I won't enter again. For me that will mean that there isn't enough momentum - you can easily get stuck with the mess price is making now above the number plus the number itself that can be a strong resistance factor. To be honest, that is a thing that got me thinking about skipping this trade if the pullback will be to the trend line. Think about it logically - if price failed to successfully break the round number first, it can happen again. Remember that all the previous momentum won't be there in the second time. Why? because that area was a very very interesting area that got tested and rejected many time, which caused an orderflow around it (just look at the giant BUOB that broke it). Now that the order flow was cleaned up, it will be even harder to break the new resistance and major round number. I'll upload charts of this trade maybe latter or tomorrow when I have time.

False breakouts -I just try to get the best patterns and the best PA. I look for any resistance/support factor that can stop me a few pips after the break, like: round numbers, historical PPZs, etc.
The odds for false signals in breakout trades are quite high. That is the reason it is important to be able to hold the successful ones as long as possible. And this is exactly the reason why I give my trades a lot of space after I move my stop to BE (Just look at my last breakout trades...the current one is about 9R and still running until the turn will be enough obvious to take me out).
In addition, that is the reason trading these patterns into space, and WITH THE TREND is very very very important for me. Once you caught your sit on an established trend with a small stop - all you need to do, is to give your trade space, and the trend will take care of you. That is what I do, and till now quite good.

Hope this helps buddy.

Ben
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  • #43,252
  • Sep 7, 2009 2:11pm Sep 7, 2009 2:11pm
Quoting squeezy
well, im still patiently waiting for a pullback to that area .....and if it doesnt no problem
quick question, tell me how you avoid fakeouts.....
i closed my eurcad short @ 1.55 area but about to reenter short, check ur daily & 1hr chart.....
On the eurcad,watch that 1.5400 area.
  • #43,253
  • Edited 2:53pm Sep 7, 2009 2:25pm | Edited 2:53pm
Quoting benji533
If a pullback will occur and I will get stopped out, I won't enter again. For me that will mean that there isn't enough momentum - you can easily get stuck with the mess price is making now above the number plus the number itself that can be a strong resistance factor. To be honest, that is a thing that got me thinking about skipping this trade if the pullback will be to the trend line. Think about it logically - if price failed to successfully break the round number first, it can happen again. Remember that all the previous momentum won't be there...
yeah thnx Ben
it does help...


Quoting bee
On the eurcad,watch that 1.5400 area.
yeah! i hav it marked on my charts(the bar lows) ...thnx
Simplicity is the key to success
  • #43,254
  • Sep 7, 2009 3:11pm Sep 7, 2009 3:11pm
Quoting squeezy
yeah thnx Ben
it does help...



yeah! i hav it marked on my charts(the bar lows) ...thnx
Hey squeezy,

Here you go...
I'll now move my stop a few pips below the round number. Good chance it will hit it and bounce again, so I am ready to take a very small lose and see what happens.
The main trend is up, and the 0.85000 is an historic key PPZ level.

Ben
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  • #43,255
  • Sep 7, 2009 3:56pm Sep 7, 2009 3:56pm
Quoting benji533
Hey squeezy,

Here you go...
I'll now move my stop a few pips below the round number. Good chance it will hit it and bounce again, so I am ready to take a very small lose and see what happens.
The main trend is up, and the 0.85000 is an historic key PPZ level.

Ben
Cool this one Ben!

Thank you for sharing so others, like me, can learn from it (applies to all your posts).
Just this question: Once this 8500 is broken as it is, it does have a high potential to act as support from now on, hasnt it?


thx
Kind Regards zol
  • #43,256
  • Sep 7, 2009 3:58pm Sep 7, 2009 3:58pm
Quoting salisa
as its all quiet out there atm... wondered if I could pull a straw poll on the thread's favourite books...? I have just been away for 2 weeks and really enjoyed Black Swan... makes you think about a few things. And wanted to get some more ideas on what next.
If you liked Black Swan, give Myth of the Rational Market a try. In the same vein, but imo far better. I just finished it and really enjoyed it.
When you have to shoot, shoot. Dont talk.
  • #43,257
  • Edited 4:17pm Sep 7, 2009 4:13pm | Edited 4:17pm
Quoting salisa
I am guessing that everyone here is pretty well read so: what is your favourite book? (basically trading related first but not necessarily!)
http://www.forexfactory.com/showthread.php?t=34468

This thread has a list of books people have recently read. As far as J16 a lot of members have read "Martin Pring on Price Patterns" by Pring and "Trade Your Way to Financial Freedom" by Van Tharp. I'm on chapter 5 in "Tradiing & Exchanges Market Microstructure for Practitioners" by Harris. If you are new to trading the microstructure book is mandatory reading as far as I'm concerned.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #43,258
  • Sep 7, 2009 5:49pm Sep 7, 2009 5:49pm
Quoting Jigsaw
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
I don't play stocks Jig so I can't help you I'm afraid. I even thought it was the FTSE 100 so it shows how much I know.

When I do play stocks I plan to get tradestation and just pay for the feed through them.
  • #43,259
  • Sep 7, 2009 6:26pm Sep 7, 2009 6:26pm
Quoting TiaForex
I don't play stocks Jig so I can't help you I'm afraid. I even thought it was the FTSE 100 so it shows how much I know.

When I do play stocks I plan to get tradestation and just pay for the feed through them.
There are a few FTSE indexes, including FTSE 100 and FTSE 350.

http://www.ftse.com/Indices/UK_Indices/index.jsp
skype: ststroud. let's talk trading.
  • #43,260
  • Sep 7, 2009 6:29pm Sep 7, 2009 6:29pm
Quoting salisa
as its all quiet out there atm... wondered if I could pull a straw poll on the thread's favourite books...? I have just been away for 2 weeks and really enjoyed Black Swan... makes you think about a few things. And wanted to get some more ideas on what next.

I am guessing that everyone here is pretty well read so: what is your favourite book? (basically trading related first but not necessarily!)
Trading book: My favorites change frequently, but for the past few weeks, its been "Martin Pring on Price Patterns."

other: "The Lord of the Rings" by J. R. R. Tolkein.
skype: ststroud. let's talk trading.
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