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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

  • #44,381
  • Sep 22, 2009 8:17pm Sep 22, 2009 8:17pm
Quoting benji533
By the way, I think this is a great Idea. Identifying PA bars on daily, and then entering with Ryan's method on lower TFs. Usually a good daily pin will produce at least one daily bar move. If it's really at a good location, all I need is a real good entry and ride the daily bar. In this case it was easy because it broke really hard and clean on the 5min, so I moved my stop to BE after a few minutes and just let it ride the daily move. BE is ok if happen.

Ben
ben, i'm not the most qualified person to talk abt PA(ppz/confluence/etc.) or ryan's here, but i suggest you be careful if you mix them like said above.

ryan add PA to his method, but his method is not base on ppz/confluence/etc. his method is 1. enter TREND trade with retrace 2. enter counter-TREND with divergence. they key word is TREND. trading his method on the 5min, it's possible and has happened that there is no trade in a whole week(s).

what i'm trying to say is that you may not (or may) get a entry with ryan's, then you missed a good PA on the daily. it makes more sense to me also use PA/ppz/confluence/etc. on lower TF to fine tune your entry.

i'm not trying to disencourage you from exploring your options. just speaking from my personal experience of trading PA/ppz/etc and ryan's SEPARATELY.

good luck.
  • #44,382
  • Sep 22, 2009 8:46pm Sep 22, 2009 8:46pm
Quite a few Traders on this thread have shown interest in calling R on EU. Rightly so if I may add.
For me the confluence is at 1.49. Eur/GBP also at swing 0.9070 makes things more interesting.

FOMC statement tomorrow might just give be the excuse. All self fulfilling ofcourse.
As always, look objectively for a setup and execute absolutely!
Good luck!
  • #44,383
  • Sep 23, 2009 1:21am Sep 23, 2009 1:21am
Quoting mbqb11
Just my take on both these as I talked about on the other side

Both bars to me are just too small in comparison to the run we just made....
Points noted about size of bar and round number PPZ...order duly removed.

Dont like entering trades just before economic news anyway.

Thanks
  • #44,384
  • Sep 23, 2009 2:55am Sep 23, 2009 2:55am
Guys take a look at this one.
  • #44,385
  • Sep 23, 2009 2:58am Sep 23, 2009 2:58am
Quoting pipsdaily
Guys take a look at this one.
SORRY sometimes theres a latency between my fingers and my thoughts
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  • #44,386
  • Sep 23, 2009 3:39am Sep 23, 2009 3:39am
Quoting pipsdaily
Guys take a look at this one.
Hi Pipsdaily,

Great BUOB size, except that I would normally play this pattern at a Swing Low. This one is located a tad too far upstream to my liking.

But that's just me. It could play out well if you're in it.

Ijay
  • #44,387
  • Sep 23, 2009 3:57am Sep 23, 2009 3:57am
Quoting pipsdaily
SORRY sometimes theres a latency between my fingers and my thoughts
You are WAY too zoomed in. You need to be able to see the big picture, not like 5 bars.

How are you going to draw PPZ/SR levels, or check out important price levels, or see the general trend?

These bars need to be taken IN CONTEXT. You cant just take a bar based on how it looks against the last bar.
When you have to shoot, shoot. Dont talk.
  • #44,388
  • Edited 4:18am Sep 23, 2009 4:07am | Edited 4:18am
I was hoping for a PPZ bounce, but this pin was good enough for me.

Bam.

1.6975 target.

(also, I got completely screwed on the spread. 14 pips, ffs. New broker time...though I think my slowass mobile internet dealie had a bit to do with the slip)

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(now that im home, here is the hourly i was watching)

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When you have to shoot, shoot. Dont talk.
  • #44,389
  • Sep 23, 2009 4:17am Sep 23, 2009 4:17am
Quoting joelcf
You are WAY too zoomed in. You need to be able to see the big picture, not like 5 bars.

How are you going to draw PPZ/SR levels, or check out important price levels, or see the general trend?

These bars need to be taken IN CONTEXT. You cant just take a bar based on how it looks against the last bar.
So far its moving well and . Actually the big picture shows higher lows and higher highs a.k.a uptrend. But you are right the picture I sent was WAY too zoomed in. Just wanted guys to see current setup.
  • #44,390
  • Sep 23, 2009 4:22am Sep 23, 2009 4:22am
Quoting joelcf
I was hoping for a PPZ bounce, but this pin was good enough for me.
Good enough? u are very picky, Sir. that's great enough for me.
this was a double 00 bounce (1.67). probably took out some stops (stops & buy stops, buy limits) above & below that round number, on the way to your target area.

if u put up a 365ema on the M15, u'll see price only slightly breached it, so far.
  • #44,391
  • Sep 23, 2009 4:25am Sep 23, 2009 4:25am
Quoting supremeChaos
Good enough? u are very picky, Sir. that's great enough for me.
this was a double 00 bounce (1.67). probably took out some stops (stops & buy stops, buy limits) above & below that round number, on the way to your target area.
To be honest, it suprised the hell out of me. I was looking for a modest bounce and retest.

*edit* i think i scared the girl next to me on the train when it took off and I swore a little louder than I thought (damn earphones)

Interesting how it reacted to the 365EMA on the 15M. I only put the 365 up on the daily tf - maybe I need to do some testing. Nice pickup
When you have to shoot, shoot. Dont talk.
  • #44,392
  • Sep 23, 2009 4:44am Sep 23, 2009 4:44am
Quoting joelcf
To be honest, it suprised the hell out of me. I was looking for a modest bounce and retest.
.........
Interesting how it reacted to the 365EMA on the 15M...
I know u somehow remember that my charts are cluttered.
i have all the J16 MAs in all timeframes (since i also trade H1 below; i just hope i have more time for testing, lol). if u'll try it out (all MAs in all TFs), u'll see the MA "confluence" on M15 & M30 -a reason 'enough' for price to halt (talking about MA exclusively, not about other possible eligible reasons such as S/R, PPZ etc).

Though i was not in the trade Live (i have ongoing shorts on demo), i am not surprised that it hit the 365ema area. u'll see in the M15 that this is the first time 365ema was hit since Sept17. an upmove was not surprising given the current situation (gbpchf has been consolidating since Sept18).
Possible subsequent scenario (based on M15's 365ema) are
a.price will range within/near 365ema before resuming upmove or reversing
b. price will continue up from the 365ema area
c. 365ema acts as a ceiling.


Quote
*edit* i think i scared the girl next to me on the train when it took off and I swore a little louder than I thought (damn earphones)
I can only imagine....
  • #44,393
  • Sep 23, 2009 5:39am Sep 23, 2009 5:39am
BEOB formed on daily chart, I've added some trouble spots for the move, moving sl to BE ASAP EURGBP chart attached
Attached Image (click to enlarge)
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Without women, money would have no meaning - Aristotle Onassis
  • #44,394
  • Sep 23, 2009 5:50am Sep 23, 2009 5:50am
Moved SL to top of 4 hour to reduce risk and now moved 30 odd pips stop to BE 1st target and partial profits, next target has to be the 382 and 8950 for more partial profits ? The target is approx around 618 yet there is more trouble at those past highs soon to be resistance....any comments ?
Without women, money would have no meaning - Aristotle Onassis
  • #44,395
  • Sep 23, 2009 6:02am Sep 23, 2009 6:02am
Here was another BEOB that failed to go off, yet a good lesson in placing a sell stop at least 10 pips below, no need to enter a trade that will not do the 10 plus pips...march on traders ....
Attached Image (click to enlarge)
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Without women, money would have no meaning - Aristotle Onassis
  • #44,396
  • Sep 23, 2009 6:04am Sep 23, 2009 6:04am
My apologies this was not a BEOB on the EURJPY it was a 2 day reversal PB MY APOLOGIES....
Without women, money would have no meaning - Aristotle Onassis
  • #44,397
  • Sep 23, 2009 6:13am Sep 23, 2009 6:13am
Quoting mattfx
BEOB formed on daily chart, I've added some trouble spots for the move, moving sl to BE ASAP EURGBP chart attached
Hi Matt,

On the EURGBP BEOB, I dont know that it is a great looking bar. It barely broke the top of the previous bars, and didnt close low enough for my (possibly overly picky) liking. if anything, it looks more like a pin that only just protruded.

its also against a strong trend, and those bars are far too small to be reliable.

I woulda passed on this one.

Given you decided to take it, I do like your entry - waiting for the break of the low was the smart play. Especially since those bars make it look kind of like an exhaustion and fade of the big round number at 9100, so you definitely want to see some bearish movement (rather than just an exhaustion of bullish movement) before entering, which i think you did nicely.

Hope you bank some pips buddy

j.
When you have to shoot, shoot. Dont talk.
  • #44,398
  • Sep 23, 2009 6:27am Sep 23, 2009 6:27am
YEAH.........all trades now free of the risk....
Without women, money would have no meaning - Aristotle Onassis
  • #44,399
  • Sep 23, 2009 6:32am Sep 23, 2009 6:32am
Quoting joelcf
Hi Matt,

On the EURGBP BEOB, I dont know that it is a great looking bar. It barely broke the top of the previous bars, and didnt close low enough for my (possibly overly picky) liking. if anything, it looks more like a pin that only just protruded.

its also against a strong trend, and those bars are far too small to be reliable.

I woulda passed on this one.

Given you decided to take it, I do like your entry - waiting for the break of the low was the smart play. Especially since those bars make it look kind of like an exhaustion and fade of...
Thanks for your comments joel, yet there was some very convincing reasons for taking this short on the EURGBP some were fundamental, yet in the main it was purely technical as I saw the formation signal for a sell, my reasoning proved correct that it would move at least 30 pips below the daily low where I could take a patial profit and then leave the rest to meander, it was the correct decision at the time...yet on the longer time frame such as the weekly it also added conviction to sell after this run up much like past patterns....
Without women, money would have no meaning - Aristotle Onassis
  • #44,400
  • Sep 23, 2009 6:41am Sep 23, 2009 6:41am
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.

I think that the trader psychologic it's involved in making the decision beteween witch chart to choose.

For me I like the candlestick chart because I can grab more information(this I was thinking)but when I look to james chart or mike's chart I have the feeling that I'm looking to a different chart although is the same pair and the same TF.

I know that james recommended to use bar chart, because it's give you a better perspective about the PPZ,and about the bigger picture
and this is true but when it's come to identifie price formation I have a better view from the candelstick chart.

maybe you find this subject as a nonimportnat like other but I think that for sure it can make the difference.

PS. as I was reading through the tread I saw that some guys have switched several times between the candlestick and bar chart,and I was thinking that you have the same problem as mine

what are your recommendation and experience?

ps2. just tought that this issue may come also of my resolution scren, and
from my widescreen could this affect your trading?

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