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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

  • #49,381
  • Dec 8, 2009 8:39am Dec 8, 2009 8:39am
Quoting Dan Gilbert
I'm staying awake for this one...
Well my follow-up is here. The circled area is on the chart where I hoped something would give me a signal to go long. Nothing. Ripped through the PPZ with little hesitation.
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Many choose unhappiness over uncertainty.
  • #49,382
  • Dec 8, 2009 8:59am Dec 8, 2009 8:59am
Quoting yarin
I trade it as a breakthrough trade:
1.break of storng SR line(the yellow one in this case)
2.pullback to the SR line.
3.price make a priceaction pattern on the SR line(pinbar)

I remember mike talk about this kinde of trades on his J16 vid.
Hey Yarin,

You have the general concept of breakout + pullback right, but here are the things I would personally like to see.

A more concrete pattern as opposed to a single line or ppz. Now ppz are fantastic and I use them more then probably anything else. But when looking for a direct spot of a breakout and pullback, I find actual breakout patterns to be the strongest in their ability to hold on price action(esp price action which is less then stellar). That is if the breakout pattern area is very significant and we find one correctly we will have a great point to pinpoint the potential pullback. On PPZ which is what your yellow line is more we are focused more on a "zone" or area. The second thing I would like to see is a better bar then that one. Just something a little bit more significant. But the main point is the first point I made.

Let me know if that makes sense and of course this is just how I do things
Mike
  • #49,383
  • Dec 8, 2009 9:04am Dec 8, 2009 9:04am
Quoting MattW
Mike, I know you like breakout trades. What do you make of the CADCHF 4hour?
9666 looks like an interesting area with some recent history...
Hey Matt

You have a wedge of sorts forming up with a bias to the downside for a break. I would most likely pass unless it was a clear break as I am not in love with that ascending trendline. I would be more interested in the parity level of 1.0 as this has been nice to watch. Can anyone spot the 4bar low higher close off that level

Mike
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  • #49,384
  • Dec 8, 2009 9:33am Dec 8, 2009 9:33am
Quoting mbqb11
Hey Yarin,

You have the general concept of breakout + pullback right, but here are the things I would personally like to see.

A more concrete pattern as opposed to a single line or ppz....
Yeah I understand,tnx mike
Wellcome to the good life!
  • #49,385
  • Dec 8, 2009 10:27am Dec 8, 2009 10:27am
Quoting supremeChaos
are u trying to make us jelly jealous?
as u know, u dont need a super fast PC to trade... so, maybe u can donate 2gb to me, lol

What are you talking about, bar charts take up an awful lot of ram! My graphics card is smoking right now!

haha... I got a great deal on a refurb at Best Buy, I couldn't turn it down. Way faster than I need.

As soon as I figure out how to donate ram.... its on the way
  • #49,386
  • Edited 12:14pm Dec 8, 2009 12:01pm | Edited 12:14pm
I'm noticing more and more traders are doing touch trades successfully, so my question is... As far as touch trades go, is it more of a discretionary approach (still using the factors we all know - confluence, ppz, etc.) that, unlike PA, requires a bit more gut instinct?

Thanks in advance!
  • #49,387
  • Dec 8, 2009 12:14pm Dec 8, 2009 12:14pm
Quoting frankm7
I've been trading PB's, BUOB, BEOB, DHLC, and DLHC bars on breaks but never really paid attention to the IB's. I've noticed that they too can be profitable.

So to verify, IB's are any bar inside a previous bar that is played on a break of either side?
Different people play these in different ways (there's a surprise!).
The conservative way to play them is on a break of the parent bar - that is, that bar preceding the IB.

My favourite way to play them is on trendlines, like the AUD/JPY daily last night. I look for swing highs that touch an established trendline and bounce and then form an IB within the next few bars. I'll then play the break on the IB in the direction of the bounce only (so in the case of the AUD I only placed a sell order).

Double IBs, however, I'll play anywhere as they seem to have a strong track record!
  • #49,388
  • Dec 8, 2009 12:31pm Dec 8, 2009 12:31pm
Quoting MattW
Different people play these in different ways (there's a surprise!).
The conservative way to play them is on a break of the parent bar - that is, that bar preceding the IB.

My favourite way to play them is on trendlines, like the AUD/JPY daily last night. I look for swing highs that touch an established trendline and bounce and then form an IB within the next few bars. I'll then play the break on the IB in the direction of the bounce only (so in the case of the AUD I only placed a sell order).

Double IBs, however, I'll play anywhere as they...
Ahh, so when the previous bar (not the Sun 2h bar) bounced off of the 83.00 and the IB formed, you went short on the break of the IB. Nice move!
  • #49,389
  • Dec 8, 2009 1:09pm Dec 8, 2009 1:09pm
Quoting mbqb11
Can anyone spot the 4bar low higher close off that level

Mike
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  • #49,390
  • Dec 8, 2009 1:27pm Dec 8, 2009 1:27pm
Quoting Matiasfx
Mike made it easy for you - it's marked on his charts in the MACD
  • #49,391
  • Dec 8, 2009 2:01pm Dec 8, 2009 2:01pm
Quoting Matiasfx
  • #49,392
  • Dec 8, 2009 2:35pm Dec 8, 2009 2:35pm
Quoting artov
The gbp/usd looks pretty interesting.
agreed, i love the location, just waiting for some nice PA to tip its hat
a break and retest of that TL would be nice??or maybe a nice bullish pin bar on the 4h TF?? but whatever comes, (if anything), ill be all over it if im here!!
heres my take on it (ignore the trade its demo only)

jon
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PATIENCE... DISCIPLINE
  • #49,393
  • Dec 8, 2009 2:37pm Dec 8, 2009 2:37pm
Can someone post some examples of IB's? I'm starting to see way too many on my charts! LOL....
  • #49,394
  • Dec 8, 2009 2:38pm Dec 8, 2009 2:38pm
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Don't really trust this trade maybe because of the fundamentals so moved SL to BE anyway.. It's only Tuesday though so could still work out.
  • #49,395
  • Dec 8, 2009 3:05pm Dec 8, 2009 3:05pm
Quoting g_j_hook@yah
agreed, i love the location, just waiting for some nice PA to tip its hat
a break and retest of that TL would be nice??or maybe a nice bullish pin bar on the 4h TF?? but whatever comes, (if anything), ill be all over it if im here!!
heres my take on it (ignore the trade its demo only)
jon
BoE meets on Thursday, something to be aware of.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #49,396
  • Dec 8, 2009 3:06pm Dec 8, 2009 3:06pm
Quoting frankm7
Can someone post some examples of IB's? I'm starting to see way too many on my charts! LOL....
heres a couple from yesterday...
they can be good for continuation trades also

hope this helps
jon
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PATIENCE... DISCIPLINE
  • #49,397
  • Dec 8, 2009 3:07pm Dec 8, 2009 3:07pm
Quoting LasVahGoose
BoE meets on Thursday, something to be aware of.
thanx, noted,
cheers
jon
PATIENCE... DISCIPLINE
  • #49,398
  • Dec 8, 2009 3:08pm Dec 8, 2009 3:08pm
after doing some new research into this new grid indicator that was put up on here I am still having the same issues. it makes cpu work alot harder and chews up memory unfortunately. It seems weird that only a few lines makes a big difference.
Doubt i will be using those round numbers anymore

ill just have to draw a few on in the most relevant spots myself.
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  • #49,399
  • Dec 8, 2009 3:11pm Dec 8, 2009 3:11pm
Quoting g_j_hook@yah
heres a couple from yesterday...
they can be good for continuation trades also

hope this helps
jon
Excellent! Thanks
  • #49,400
  • Dec 8, 2009 3:39pm Dec 8, 2009 3:39pm
Good evening guys,

I have a trade on the EUR GPY that's gone in my direction. It has already moved to my target of Take Profit but the move is such a dominant one that I want to leave a proportion of the money remain in the trade. I'm demoing on FXPro.

Can anyone tell me how to actually take some money off the table and continue with the rest. I mean the actual execution of theorder.

I have alraedy moved my stop loss.

Much obliged.

P
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