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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

  • #54,521
  • Edited 10:01pm Feb 9, 2010 9:42pm | Edited 10:01pm
Quoting jarroo
The Weekly Usd/Jpy BEOB. Retracing to the 90.00 BRN.

Didn't we see a chart from James16 recently that is similar to this one?

Easy small risk trade in my book ( and the big guy's too.)

Mike W will like that the 90.00 is right at the 50% ret. of the BEOB
Hi Jarroo, this PB nose doesn't "protrude" beyond the other candles, though. But it's still OK to play this situation?

BTW, when you look at the weekly chart, the current candle is still forming; may I assume that you only look at the completed candle before the current one? Or do you just look at weekly at the end of the week (Saturday?) to look for PA and trade the daily accordingly?
  • #54,522
  • Feb 9, 2010 9:57pm Feb 9, 2010 9:57pm
Quoting nasir.khan
Haha remember this.
Half closed rest at BE.
Hi Nasir. When you have a consolidation box like that, how do you know where it will break? Or do you put a pending order on either side? OR, do you wait for it to break first before doing anything?
  • #54,523
  • Feb 9, 2010 10:08pm Feb 9, 2010 10:08pm
Quoting albertsy2
Hi Jarroo, this PB nose doesn't "protrude" beyond the other candles, though. But it's still OK to play this situation?
Do you mean this 4 Hour PB off the 90.00? The touch trade seems to be working pretty good. A stronger looking PB off the 90.00 would bring some nice confirmation to the touch trade.


Just like any other high quality setup that we look for . . . the 4 hour in this situation is no different. We want a PA setup that meets the "A+" standards . . . PPZ level, retracement level, structure and size, Bold RN, etc.

That being said, this PB is not an A+ setup on the 4 hour. So I would say that it is not OK to play it. But is it tradable ? Considering that it is a retracemant off a Weekly BEOB, at a RN, as a continuation trade is very risky. An easy pass for many traders. But for learning on a demo acct. Go for it.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,524
  • Feb 9, 2010 10:18pm Feb 9, 2010 10:18pm
Quoting albertsy2

BTW, when you look at the weekly chart, the current candle is still forming; may I assume that you only look at the completed candle before the current one? Or do you just look at weekly at the end of the week (Saturday?) to look for PA and trade the daily accordingly?
No assumption here. We wait for the close of the candle to be formed to given a true PA formation.

Yes we wait until the Weekly candle closes late Friday afternoon to look for Weekly setups.
Indicators show the past. Price Action "Indicates" the future.
  • #54,525
  • Feb 9, 2010 10:32pm Feb 9, 2010 10:32pm
Quoting Cbh123
Jarroo, I know you used to trade a lot of multiple bar (2 day, 8 hour, etc.) setups, I was just wondering if you would ever consider a 3 day setup?

I was looking at Usd/chf today and it seems like a strong rejection of the 365 EMA and a fib confluence area. It seems like it would make a nice 3 day pin (I haven't tried that period converter yet, but just visually combined the 3 bars)

If I took this trade I'd be looking for a strong break of the current bar down to the 500 area.

What do you think?

Thanks,

Cory
I do at times look for 3 or 4 day combinations ( 5 day is a Weekly formation). I stick with mainly just 1 and/or 2 Day formations. The more they stand out, the better.

The Inside Bar looked pretty good . . At a swing high, nice RB, nice confirming break with good targets.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,526
  • Feb 9, 2010 10:45pm Feb 9, 2010 10:45pm
Quoting jarroo
Do you mean this 4 Hour PB off the 90.00?
Hi Jarroo! Thanks for the reply. I was actually looking at this one. It didn't look t0o well formed, but you mentioned that Jim would take it (?).
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  • #54,527
  • Edited 11:29pm Feb 9, 2010 10:52pm | Edited 11:29pm
Quoting albertsy2
Hi Jarroo! Thanks for the reply. I was actually looking at this one. It didn't look t0o well formed, but you mentioned that Jim would take it (?).
That is a Weekly BEOB that looks like a PB. Is this what you are seeing too???

I mentioned that Jim would take the retrace of that Weekly BEOB at the 90.00. I may be wrong on this quess of what Jim would take. It was based on one of his recent chart post of a similar setup.
Indicators show the past. Price Action "Indicates" the future.
  • #54,528
  • Feb 9, 2010 10:59pm Feb 9, 2010 10:59pm
Quoting benji533

Man, it is obvious that you are re-watching jim's and Mike's videos once in a while. I know it helps me.


http://www.james16group.us/Guests/vi...iningvideo.wmv

Ben
I try to re-visit them at least once or twice a week.
Indicators show the past. Price Action "Indicates" the future.
  • #54,529
  • Feb 9, 2010 11:03pm Feb 9, 2010 11:03pm
Quoting ghous
Very true Aaron,

The Jims (and there are more than 2) and Mikes (In my knowledge at least 2 fall in the category of my "look up ats") have been a true blessing along with several others...

I've said it again and again and I can go on for ever and still not do justice to their efforts:

"This group of philanthropic angels have changed me, and FYI trading's just a teeny tiny part of the new leaf."



g.
Don't forget yourself there ghous.

Can anybody say IPB. I know I can.
Indicators show the past. Price Action "Indicates" the future.
  • #54,530
  • Feb 9, 2010 11:07pm Feb 9, 2010 11:07pm
Quoting jarroo

The Inside Bar looked pretty good . . At a swing high, nice RB, nice confirming break with good targets.
Thanks for your response, Jarroo. I agree the location on the inside bar was really nice. I'm trying to get better with inside bars; what do you look for in regards to shape with inside bars?

I passed on this one initially because it looked like it had a long bias to me (with the middle close). Is this something you take into consideration or are size and location more important?

Thanks again.

Cory
  • #54,531
  • Feb 9, 2010 11:27pm Feb 9, 2010 11:27pm
Quoting Cbh123
Thanks for your response, Jarroo. I agree the location on the inside bar was really nice. I'm trying to get better with inside bars; what do you look for in regards to shape with inside bars?

I passed on this one initially because it looked like it had a long bias to me (with the middle close). Is this something you take into consideration or are size and location more important?

Thanks again.

Cory
Inside Bars are just like any other formation in respect to where they are located and the confluences that support them. But they don't give any bias like PBs or Outside Bars. Meaning there is no such thing as "Bearish Inside Bar" or "Bullish Inside Bar". I sure others would disagree with me on that one, but I mean this inrelation to a obvious "BUOB" or "Bearish Pin Bar".

Location is a better importance then size. And a smaller size can give you a better risk when placing your stop loss. They can be tricky so many traders avoid them and I can't blame them, if on another pair there's a huge bearish PB to choose from.

I really like Dale's Double Inside Bar formation. Check out of his posts on this. I have had many great trades on these and look for them all the time.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #54,532
  • Feb 9, 2010 11:28pm Feb 9, 2010 11:28pm
Quoting albertsy2
Hi Nasir. When you have a consolidation box like that, how do you know where it will break? Or do you put a pending order on either side? OR, do you wait for it to break first before doing anything?
I never know for sure, it's all probabilities i play,

Well it's all discretionary ( based on type of situation). Most of the times i would like to go with the trend, i would like it to break counter trend when there is enough consolidation and a retracment is due (like in this trade), Again with the trend if we retraced enough+ decent consolidation and in the end if i have no idea which side it will break, i would just wait for the break to happen and make my decision (depending on the strength of the break).
  • #54,533
  • Feb 9, 2010 11:38pm Feb 9, 2010 11:38pm
Quoting nasir.khan
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...
Nicely done nasir. Great post.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #54,534
  • Feb 9, 2010 11:42pm Feb 9, 2010 11:42pm
Quoting raczekfx
ok... first baby move of 100pips is behind us....



Nooooo, something else....
Something so important that DJ always (almost) bounces nicely off it, triggering wild buying of yen crosses just like we saw today.

Oh who cares.... back to cave.
I don't know what it is (although Kissfan's 200ema looks obvious).

But i know 1 thing,

You bring the wave me eat the fish.
  • #54,535
  • Feb 9, 2010 11:43pm Feb 9, 2010 11:43pm
Quoting jarroo
Nicely done nasir. Great post.

Jim
Thank you sir.
  • #54,536
  • Feb 9, 2010 11:45pm Feb 9, 2010 11:45pm
Quoting benji533
Charts

Quoting StoragePro
Benji - "Pipmeister"
You got that right SP.

He reading Price like a book. The only book I was reading at his age had a lot of pictures in it.
Indicators show the past. Price Action "Indicates" the future.
  • #54,537
  • Edited Feb 10, 2010 12:31am Feb 9, 2010 11:49pm | Edited Feb 10, 2010 12:31am
Quoting mike w
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.
I'll be watching too brother. Thanks.

Man . . that Weekly PPZ level at .8800-.8850 looks like a strong SOB.
Indicators show the past. Price Action "Indicates" the future.
  • #54,538
  • Feb 9, 2010 11:52pm Feb 9, 2010 11:52pm
Quoting benji533
Hey chatzi,

Yes I took one trade off the 4H USDCHF chart. But that was a trade I took on my demo account, as a B trade.

Go back to my previous post and look again at my daily USDCHF chart. See the 1.05000 level? Firstly, that is a big round number which is very important for my trading. Secondly, as you can see on my daily chart I posted, that level acted as a very strong resistance in the past. One price broke above, I was watching this pair as a hawk, hoping to get a great bar off that level with the trend.
Unfortunately, I got no PA bar on...
Just like SP's Usd/Chf trade. Freaking pretty.
Indicators show the past. Price Action "Indicates" the future.
  • #54,539
  • Feb 10, 2010 12:11am Feb 10, 2010 12:11am
Quoting Mp1983
Any seniors able to provide a view on this?

EUR / NZD

Chart 1 shows a pivot zone around 20,000 (can be seen more clearly on a zoomed out view as well). We have a retrace around the 38.2% fib level and price was unable to take out the high of the pin which would represent the left eye, coming close to it by 3 or so pips. From what I understand this is a very good sign.

Chart 2 shows the PA on a daily basis. This is the 3rd attempt to try and break 20,000 which I like as 3 plays a significant number for support/resistance levels. Today we also...
The entry would be at the break of the Low of the DBHLC.

Is this a good setup? Would like to see the DBHLC at a higher swing High. It is off a strong confluenced PPZ level . . 2.0000 BRN and 61.8 Fib level . . . and has a bit of traffic (crowded) to get through. Not bad. Hard break and tight management in my book.


Welcome Mp1983.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,540
  • Feb 10, 2010 12:16am Feb 10, 2010 12:16am
Quoting raczekfx
On his toes, eh?
I wouldn't call them toes....

Who knew ?
Indicators show the past. Price Action "Indicates" the future.
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