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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

  • #54,481
  • Feb 9, 2010 1:30pm Feb 9, 2010 1:30pm
Quoting printer69
ciao Nasir / Mbqb11

one single question please...

about 10 days ago I asked for some advice about how to start with forex education, you gave some suggestions and after being studying this threads first pages I just would like to ask you if you could please check me if I am on the correct path...

working on daily as James suggests to newbie...
first: identify an area to be determined with PPZ and/or Fib (confluence)
second: wait for PA to happens inside that area
third: take the trade according to PA rules
fourth: place SL ...but still didnt...
Hey Printer

Your fibs are drawn right, but not for each other. The larger fib would be used when looking to go long, and the other fib would be when looking to go short. You want them going the same way.

So here is an example.

Let me know if that helps
Mike
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  • #54,482
  • Feb 9, 2010 1:30pm Feb 9, 2010 1:30pm
Hi Guys,

Been lurking for a while, read a lot of the thread excellent stuff, the thread has been around nearly 5 years and still going strong, that says everything. I hope to post while reading through the thread more, good thing about starting on daily or weekly you have lots of free time!.

Regards

chatzi
  • #54,483
  • Feb 9, 2010 1:35pm Feb 9, 2010 1:35pm
Looking at the BUOB of the 140 level. I have been waiting for a BUOB at this level but not too sure I like the shape of the 4hr bar. The 1hr bar was definitely nice but I do not watch the 1hr.

Just want to say something baout the shape of this bar forming on the 4hr with about 30 mins till close.

For some reason I cant seem to tell myself that I can take this bar. It is at a great level and is a huge bar but there are a few things I do not like.

1). The close doesnt look the strongest (although not closed yet) - I want the close towards the top of the bar.

2) I dont like how low the round number sits on this bar, leaves less room for protection. Does this make sense?

3) Needs to engulf those other lows.

This trade does feel like the previous GC 4 hr bbar and the N/U daily that looked and felt awesome to me. Can you spot the difference.

Am I being too picky? Because I am trying hard as hell

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  • #54,484
  • Feb 9, 2010 1:39pm Feb 9, 2010 1:39pm
Quoting nasir.khan
Thank's for having a look sir.

I believe if we break 1.5748, we will hit 1.5830.
With utmost respect. Can I ask why? 'cause I don't have 1.5830 on my radar. {unless you are referring to New Year 2009/2010. I view those days as Apprentice Traders all vying for recognition & lay little impetus upon them.}
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Seriously, my efforts are more about One for All than One Upmanship.
  • #54,485
  • Feb 9, 2010 1:50pm Feb 9, 2010 1:50pm
Quoting dmc
Looking at the BUOB of the 140 level. I have been waiting for a BUOB at this level but not too sure I like the shape of the 4hr bar. The 1hr bar was definitely nice but I do not watch the 1hr.

Just want to say something baout the shape of this bar forming on the 4hr with about 30 mins till close.

For some reason I cant seem to tell myself that I can take this bar. It is at a great level and is a huge bar but there are a few things I do not like.

1). The close doesnt look the strongest (although not closed yet) - I want the close towards the...
The pickier the better..............I do like the following:

1) If it closes around 140.60 - 70 to me it is a good buob
2) It engulfs several bars
3) Good protection under 140.00 (pivot zone on daily) for a stop


My only concerns:

1) Overall in a downtrend
2) Bar has not closed (caption obvious appears again)

For this set-up (depending on how it closes) I would 100% require the break of the high. I play a lot of retracement entries on buob/beob's myself, but I would not on this one. If the high doesn't break of the buob I would not enter long.....but that is just me.

Nathan
  • #54,486
  • Feb 9, 2010 1:59pm Feb 9, 2010 1:59pm
Quoting mbqb11
Hey Printer

Your fibs are drawn right, but not for each other. The larger fib would be used when looking to go long, and the other fib would be when looking to go short. You want them going the same way.

So here is an example.

Let me know if that helps
Mike
Ciao Mike
copy that!
considering the Fibs plotted in the correct way I must assume the blu area in your pic is the ones I was looking for (confluence) to wait for PA set up, am I correct?

many thanks yor help really much appreciated
  • #54,487
  • Feb 9, 2010 1:59pm Feb 9, 2010 1:59pm
Quoting mbqb11
btw how come so many people get to have invisible as the same username?
LOL! u re a very funny guy Jim.

Hunri
  • #54,488
  • Feb 9, 2010 2:09pm Feb 9, 2010 2:09pm
Quoting printer69
ciao Nasir / Mbqb11

one single question please...

about 10 days ago I asked for some advice about how to start with forex education, you gave some suggestions and after being studying this threads first pages I just would like to ask you if you could please check me if I am on the correct path...

working on daily as James suggests to newbie...
first: identify an area to be determined with PPZ and/or Fib (confluence)
second: wait for PA to happens inside that area
third: take the trade according to PA rules
fourth: place SL ...but...
Hey Printer nice to see you man.

First of all i hope you have gone through Baby Pips.

first: identify an area to be determined with PPZ and/or Fib (confluence)

And you can also add Trendlines, Moving Averages (150 and 365 EMA mostly used here) and big round numbers like 1.5000, 1.4500, 1.3500, 1.4000.

second: wait for PA to happens inside that area.

We can better put it by saying " PA at this area". Cause the close of that PA bar should be sticking out of this area. (see the imaginary PA i have made in my chart).

fourth: place SL ...but still didnt get to that point...sorry! )

We always put our stops below/above the high/low of the PA bar.(see the imaginary PA i have made in my chart).

Ok first chart i have posted to show you how i would highlight my PPZ and Fib areas.

JUST AN EXAMPLE. (assuming if you are looking for Bullish PA)

In second chart lets forget what happened today and imagine if we have a BUOB (bullish outside bar). So we will buy when price will cross 1.3810 (the high of our PA bar), we will put our stop loss below the low of our PA bar. When price will hit 1.3852 ( which is the first ppz coming in our way), we will close half position and set our Stop Loss at 1.3810 so if price comes back we will be out at ZERO loss + Half profit (40 PIPS).

And Mike is just around the corner he will chime in soon.
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  • #54,489
  • Feb 9, 2010 2:10pm Feb 9, 2010 2:10pm
Charts
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  • #54,490
  • Feb 9, 2010 2:20pm Feb 9, 2010 2:20pm
Quoting benji533
Charts
Benji - "Pipmeister"
I'm pretty much done with all this ...
  • #54,491
  • Feb 9, 2010 2:36pm Feb 9, 2010 2:36pm
Quoting nasir.khan
Hey Printer nice to see you man.

First of all i hope you have gone through Baby Pips.

In second chart lets forget what happened today and imagine if we have a BUOB (bullish outside bar). So we will buy when price will cross 1.3810 (the high of our PA bar), we will put our stop loss below the low of our PA bar. When price will hit 1.3852 ( which is the first ppz coming in our way), we will close half position and set our Stop Loss at 1.3810 so if price comes back we will be out at ZERO loss + Half profit (40 PIPS).

And Mike is just around...
Ciao Nasir great to talk to you!!
yes man I went on babypips.com, at present founding it extremely easy to study as the basics and very usefull, still working on it but many many thanks...also bought the books you suggested, just started studying it!!

many thanks for your post, I think I understood more or less the very concept of it but will need to print it out to have a more deep study and look at it as well as Mikes post

thats really very kind of you
I really do appreciate your help
dont wanna disturb both of you anymore for today
this was just good enough for me
thank you gentleman

Andrea
  • #54,492
  • Feb 9, 2010 2:39pm Feb 9, 2010 2:39pm
Tomorrow should be a really interesting day......Pairs like Nzd/Usd, Aud/Usd and Gold are printing buobs with highs directly into fat pivot zones. Whether the zones are rejected or blown through I can't see how there won't be some strong moves.

I could be completely wrong, but I really expect some momentum tomorrow with the price action printing today. Let's just hope they are beneficial to my existing positions........

Nathan
  • #54,493
  • Feb 9, 2010 2:40pm Feb 9, 2010 2:40pm
Thanks for your thoughts doberman

I didnt take it. Just didnt feel comfortable to me.

Anyway I am only giving myself 3 bullets this month and I used 1 on the Gbp/CHF win. SoO i need to be ultra picky.

Thanks again . If you are in it good luck and stick to your plan.

Quoting dobe_r_man
The pickier the better..............I do like the following:

1) If it closes around 140.60 - 70 to me it is a good buob
2) It engulfs several bars
3) Good protection under 140.00 (pivot zone on daily) for a stop


My only concerns:

1) Overall in a downtrend
2) Bar has not closed (caption obvious appears again)

For this set-up (depending on how it closes) I would 100% require the break of the high. I play a lot of retracement entries on buob/beob's myself, but I would not on this one. If the high doesn't break of the buob I would not enter...
  • #54,494
  • Feb 9, 2010 2:41pm Feb 9, 2010 2:41pm
Quoting Bemac
With utmost respect. Can I ask why? 'cause I don't have 1.5830 on my radar. {unless you are referring to New Year 2009/2010. I view those days as Apprentice Traders all vying for recognition & lay little impetus upon them.}
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Seriously, my efforts are more about One for All than One Upmanship.
Well 1.5748 is a very old (Daily/Weekly) support level. Price broke through it on Friday and today it retested it and came back down.

Now it would be pretty normal if price continues it's down trend and don't come back to 1.5748.

But if it comes back to 1.5748 and breaks it then it's not the normal price behavior for a Breakthrough and retest and so the next stop would be 1.5830 cause i can't see any resistance in between.

This is how i think and trade.

Btw i did't completely understood the second part of thy post.(but i think it means i am in trouble) .
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  • #54,495
  • Feb 9, 2010 2:46pm Feb 9, 2010 2:46pm
Quoting benji533
Charts
Hi benji,

Great charts, did you trade any of these bars?

chatzi
  • #54,496
  • Feb 9, 2010 2:52pm Feb 9, 2010 2:52pm
Hey Benji where are you it's calling.
.
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  • #54,497
  • Feb 9, 2010 2:53pm Feb 9, 2010 2:53pm
Quoting benji533
This chart was posted 6.8.09 by dear James16
http://www.forexfactory.com/showpost...ostcount=40014

http://cdn.forexfactory.com/attachme...7&d=1249530910


This is how it looks today:
mmm...actually eurusd sold off huge due to an unwinding of short dollar carry trade after Greece news came out, whaetver though, it looks like jim was right.
  • #54,498
  • Feb 9, 2010 2:54pm Feb 9, 2010 2:54pm
Here's something to check out perhaps. The weekly chart on the eur/gbp closed as an I4B. With that in mind, this daily has the possibility of closing bearishly. From my experience with I4Bs, I've noticed that if they break to one side and a pin forms, more often that not, we'll see the other side of the I4B come into play. This doesn't mean anything yet, but let's wait and see! Have a great day ladies and gents.
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I dream, therefore I become.
  • #54,499
  • Feb 9, 2010 3:03pm Feb 9, 2010 3:03pm
Quoting TGpop
mmm...actually eurusd sold off huge due to an unwinding of short dollar carry trade after Greece news came out, whaetver though, it looks like jim was right.
Did you knew about that unwinding of short dollar carry trade after Greece news came out thing.

in August-09?????
  • #54,500
  • Feb 9, 2010 3:22pm Feb 9, 2010 3:22pm
How much more simple it could get????

See how furiously price broke through 10,000.

And now you have all the protection of a Big RN and old Resistance(turned Support now).
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