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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

  • #54,801
  • Feb 11, 2010 6:51pm Feb 11, 2010 6:51pm
noob needs help with 1st page, post 3. seems 2 trades taken. 1st-after 5 days, open is lower than double bar close. is this where order entered? 2nd trade-after 5 days, open is lower, enter here? where is trend that it breaks out of? thanx, txtrky
  • #54,802
  • Feb 11, 2010 6:54pm Feb 11, 2010 6:54pm
Quoting chatzi
I don't have a specific example... with weekly swings there is frequently some reaction at 38,50,61 fib, regardless of PPZ...
there will always be retracements within trends(no matter how small/short the trend is): this is normal in any timeframe.
in other words, price does not move in a straight line.
  • #54,803
  • Feb 11, 2010 7:00pm Feb 11, 2010 7:00pm
Quoting Bemac
It might just depend on how serious you take Your Business...

Tounge in cheek: {it's not true}
Headline
Bemac & Mail St. Journal.
[b]GBP/USD...
You just reminded me of NetDania's Quote list I used to run often. What I noticed when just looking at price that I'd look over every so often and notice it hadn't moved much. The bar charts make you think price is moving all over the place, but when you just look at price it seems more static (until an actual move happens, of course)...

Here's a screenshot...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-02-11_1658.png Size: 130 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,804
  • Feb 11, 2010 7:05pm Feb 11, 2010 7:05pm
Quoting fxprocessor
Took a few days but hit my profit target a couple of hours ago.
3 posts for February so far, after 2+ months of absence.
Nice to see u post Nick.


http://www.forexfactory.com/showpost...ostcount=53860
http://www.forexfactory.com/showpost...ostcount=54350
  • #54,805
  • Feb 11, 2010 7:06pm Feb 11, 2010 7:06pm
Quoting SeekingLight
Sure Cory.

Keeping in mind this is just me and my opinion:

I personally find it problematic if the "speed" at which a trade "fails or succeeds" plays a role.

But since I've just used the terms fail and succeed:
Actually, if you've done everything that you can to ensure that the reason you entered a trade was a good one, i.e. one that fit your rules and criteria, then there no longer is a possibility for a failed trade.

There just is a possible win or loss. And neither of those, ideally, lead to disappointment or satisfaction(an...

Interesting take Patrick.

I am one of those who gets to BE fairly quickly - normally in the area of the first resistance. But not for the reasons reasoned out above. What I have developed for myself allows me to win a low percentage of trades for a nice return. The majority of the rest are BE. finishers.

I'd like to see you expand on your speed comments. Since speed seems to indicate order flow, and these areas of high order flow are fairly predictable, (round numbers, PPZ's...) a good move will very often begin with some velocity - as a form of verification of order flow.

(Speed is a nice thing - if it comes along - but your comments on counting on it make sense to me.)
I'm pretty much done with all this ...
  • #54,806
  • Feb 11, 2010 7:15pm Feb 11, 2010 7:15pm
Quoting LasVahGoose
You just reminded me of NetDania's Quote list I used to run often. What I noticed when just looking at price that I'd look over every so often and notice it hadn't moved much. The bar charts make you think price is moving all over the place, but when you just look at price it seems more static (until an actual move happens, of course)...

Here's a screenshot...
Sweet.
That's probably/possibly exactly my point.
Know where you are in relation to the entire community.
Is that so tough to ask an executive? (that's YOU even on Demo, by the way)
  • #54,807
  • Feb 11, 2010 7:16pm Feb 11, 2010 7:16pm
Quoting artov
Yesterday.....
College is making me lose trading opportunities lol.
& increasing your patience level.

double-edged sword: risk/problem & opportunity/blessing.
it's a matter of perspective
  • #54,808
  • Feb 11, 2010 7:24pm Feb 11, 2010 7:24pm
Quoting artov
Yesterday I skipped pinbar Y because it did not reach the PPZ. Today we finally got pinbar X which did reach the PPZ. But I missed it because I was in college.

College is making me lose trading opportunities lol.
Slap!!!. right up the side of your head!
Never discount education. You can still claim it as a possession 50 years from now.
Get your $hit together & post the highest you can grab from it. Then Employers will listen. Even if you have no requirement for them.

BMc
  • #54,809
  • Feb 11, 2010 7:49pm Feb 11, 2010 7:49pm
Quoting nasir.khan
It's really strange but it works for me to.
...
Quoting mike w
haha... I think it's because I've subconsciously noticed that shorts go a lot faster than longs do. Chutes and ladders, in a sense..
Quoting nasir.khan
Just got the answer.
GRAVITY
i was about to respond & say 'Gravity' too.

but apart from that, it's mainly about greed & fear/panic; it's human nature.
fear/panic is the stronger emotion; greed (price hike;buying) is more tolerable/bearable than fear/panic (price drop; selling &/or stops getting hit)
  • #54,810
  • Feb 11, 2010 8:54pm Feb 11, 2010 8:54pm
Hey everyone,

I've been looking for the line alerter which you can drop onto a chart and it will play sounds or send you an email when price touches it. It was a very simple standalone indicator. I tried the one KissFan posted here but I can't seem to get it to work.

Thanks,

Scott
  • #54,811
  • Feb 11, 2010 9:06pm Feb 11, 2010 9:06pm
Quoting scott087
Hey everyone,

I've been looking for the line alerter which you can drop onto a chart and it will play sounds or send you an email when price touches it. It was a very simple standalone indicator. I tried the one KissFan posted here but I can't seem to get it to work.

Thanks,

Scott
Hi Scott, this is the one I use. Hope it's okay to post it here.

Cory
Attached File(s)
File Type: mq4 BAT_Alert.mq4   2 KB | 574 downloads
File Type: ex4 BAT_Alert.ex4   2 KB | 469 downloads
  • #54,812
  • Edited 9:25pm Feb 11, 2010 9:12pm | Edited 9:25pm
Cory thanks man.

How do you add a sound file into the indy to alert you at a certain level? edit: I see that it makes the sound already but is there anyway to replace it with a different .wav file? It works awesome but I might just need it a little louder cause i'm kind of a heavy sleeper. I already have a file downloaded but I just don't know how to actually put it into the indicator "bat alert"?


Thanks.
  • #54,813
  • Feb 11, 2010 9:45pm Feb 11, 2010 9:45pm
Quoting uraceulose
Cory thanks man.

How do you add a sound file into the indy to alert you at a certain level?


Thanks.
You put the .wav file you want in your "sounds" folder in your broker directory ("Fxcm" or "interbank fx" in your c: program files directory). Once the file is there right click, go to your indicators list, select the BAT indicator, then go to "edit." copy and paste the exact wav file name (including .wav) into the "AlertWav" setting.

Send me a PM if you have any trouble.

Cory
  • #54,814
  • Feb 11, 2010 9:55pm Feb 11, 2010 9:55pm
Hi J16 Threadsters.

Missed this beautiful 4 hour pinbar off a good history of Support and Resistance. Ran for over a hundred pips and is now a BEOB on the daily timeframe.

Is the BEOB still valid at this point? My thinking is that there is still some downside to come possibly to the next PPZ area.
Should you wait for a retracement of the BEOB or is there a specific setup for these that are more reliable?

Yellow line is the 200 ema

Would any of the senior traders like to comment on the attached charts.

I have been trading Pinbars with success but these BEOBs have been an interest for a while.

Thanks in advance.

A51
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 H PB.jpg Size: 57 KB
Click to Enlarge Name: Daily BEOB.jpg Size: 92 KB
  • #54,815
  • Feb 11, 2010 9:55pm Feb 11, 2010 9:55pm
Quoting txtrky
noob needs help with 1st page, post 3. seems 2 trades taken. 1st-after 5 days, open is lower than double bar close. is this where order entered? 2nd trade-after 5 days, open is lower, enter here? where is trend that it breaks out of? thanx, txtrky
Hey Trky

There are actually 3 potential trades on that page, each are highlighted in blue. The first one is a DBLHC(double bar low with a higher close). You enter after the last bar is formed. The most traditional entry for now to know is entering when the high breaks. The next pattern is the opposiet pattern a few days later. This is DBHLC(double bar high lower close, these are both 2 bar patterns). This is the same where you would enter when price breaks the last bar of the patter(the bar that closes lower then the previous bars low). The last pattern is a break of a multiple bar low at the right of the chart. This is a breakout pattern where you enter when price breaks the TBL(two bar low) the actual break happened 3 bars later under the white line.

Hope this helps
Mike
  • #54,816
  • Feb 11, 2010 10:02pm Feb 11, 2010 10:02pm
Quoting uraceulose
Cory thanks man.

How do you add a sound file into the indy to alert you at a certain level? edit: I see that it makes the sound already but is there anyway to replace it with a different .wav file? It works awesome but I might just need it a little louder cause i'm kind of a heavy sleeper. I already have a file downloaded but I just don't know how to actually put it into the indicator "bat alert"?


Thanks.
Hi Ura, you can open the mq4 file with metaeditor by double clicking it, I'm not a programmer but I think this is how you do it.

http://content.screencast.com/users/...at%20Alert.png
  • #54,817
  • Edited 10:32pm Feb 11, 2010 10:19pm | Edited 10:32pm
Quoting Nawry
Could anyone help me please? Is the pinbar at the bottom of the screen valid? It is at swing low, it has long nose, but it is not protruding much, it's above BRN 225, but below MA(365), with the long term trend also. Could anyone tell me something about it? Was it playable for you? For me it was on backtesting, but this not protruding nose made me very conservative. Thanks in advance!
Hey Nawry.

Sorry I missed your post. Yes its a valid pinbar. Your observation of the nose not protruding enough tells me you're looking at all aspects of a given setup with a fine eye. There can be a setup with many confluences with great size, shape and structure and if one things doesn't line up right, even though many other things are lining up, the trader will pass on the setup. Being very picky is a great quality to have in this business. Just ask Mike and James16.

But its a valid Pin Bar and worked out quite nicely. Shows the importance of what Mike talks about often, that being the bold size of PA we would need after a big move down.

Sure the PB was 1000 pips long and placing your stop loss just below the PB would have be an interesting position calculation for most people, me included. lol

Notice the 230.00 right in front was a clear 1st target. I didn't play this one back then that I can recall, but many times big PA this size will often retrace into itself instead of breaking to the moon. Not always, just often.

It is an intersting PA setup for sure Nawry. Let's hope to get another one just like it. And see if we can jump on and break this kind of beast. we'll be ready for her.

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy807.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #54,818
  • Feb 11, 2010 11:25pm Feb 11, 2010 11:25pm
Quoting Area51
Hi J16 Threadsters.

Missed this beautiful 4 hour pinbar off a good history of Support and Resistance. Ran for over a hundred pips and is now a BEOB on the daily timeframe.

Is the BEOB still valid at this point? My thinking is that there is still some downside to come possibly to the next PPZ area.
Should you wait for a retracement of the BEOB or is there a specific setup for these that are more reliable?

[font=Calibri][size=3]Yellow...
Hi this was discussed earlier today when it formed. The general view was due to the size of the Pin a large stop would be required (of around 150pip) so was considered risky to play true j16 style.

As you noticed the 4h beob was a good entry that many took & it has now bounced 4 times around the .8720 so hopefully it can get past the .8700 area & continue down.
Learning to be rigid in my rules & flexible in my expectations
  • #54,819
  • Feb 11, 2010 11:42pm Feb 11, 2010 11:42pm
Quoting Treefingers
Hi this was discussed earlier today when it formed. The general view was due to the size of the Pin a large stop would be required (of around 150pip) so was considered risky to play true j16 style.

As you noticed the 4h beob was a good entry that many took & it has now bounced 4 times around the .8720 so hopefully it can get past the .8700 area & continue down.
Do you mean the daily BEOB? Personally I don't think it's more risky to take because of the size, I just think the size needs to be taken into account, whether that means waiting for a retrace, or not using a full bar stop. A great set up usually breaks hard, so you could always kill it early if it doesn't break hard. (Jim typically does this and rarely takes full bar losses)

This isn't directed at you Treefingers, I just didn't want new traders to think this is a rule of the "true j16 style." Larger PA bars give stronger signals, so we shouldn't (necessarily) skip them because of the different stop size (assuming a full bar stop).

Of course, whether or not you take a trade should depend on your own personal trading plan and I'm not recommending taking or not taking this trade, just clarifying.

Hope this helps someone.

Cory
  • #54,820
  • Feb 11, 2010 11:58pm Feb 11, 2010 11:58pm
Quoting Bemac
Not quite.
I look forward to MBQ & Jarroo's take on the bottom Pin.

By way of disclosure, I'm a hesitant buyer.
EDIT & ADD. {1.47xx possible with 1.51 not out of the scenario but not until they resolve Greek Buggerin' Euro issue.}
PB Swing Low. {Those are always much easier to spot 'After the Fact'}.
and this...

Not one personality on this site can manipulate benifit from Your Losses. {Trolls excluded} Therefore, this Site is anchored in generating Cargo for all who dare to study & familiarize themselves with the derth of opinions/positions....
Do you see an upcoming PB on the Weekly Eur/Cad?

I look forward to commenting on it, my friend.
Indicators show the past. Price Action "Indicates" the future.
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