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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

  • #54,821
  • Feb 12, 2010 12:04am Feb 12, 2010 12:04am
Quoting Cbh123
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...


Thanks Cory, Treefingers.
Sheesh, I just went back 15 pages and found that my question were already answered in previous posts about the same setup.
Just goes to show how good this thread is. Not much is missed.
I feel pretty good though as my chart was almost identical to some of the best traders to grace this thread. If my charts are there perhaps I am closer to mastering this business than I thought.
Thanks for your comments.
This family never ceases to amaze me.
A51
  • #54,822
  • Feb 12, 2010 12:34am Feb 12, 2010 12:34am
Quoting Dan Gilbert
anybody play this??? I missed it completely...
Triple Inside Bar. Sweet.
Indicators show the past. Price Action "Indicates" the future.
  • #54,823
  • Feb 12, 2010 12:50am Feb 12, 2010 12:50am
Consolidation and breakout and With the Trend.

I don't know what else to say about it......
.
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  • #54,824
  • Feb 12, 2010 1:16am Feb 12, 2010 1:16am
Breakout setting up?

Fud, your eye on this? =)
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One Mind, Any Market
  • #54,825
  • Feb 12, 2010 1:18am Feb 12, 2010 1:18am
Quoting nasir.khan
Consolidation and breakout and With the Trend.

I don't know what else to say about it......
.
Looks like WMD stuff. Nice.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,826
  • Feb 12, 2010 1:21am Feb 12, 2010 1:21am
Quoting Cyrus
Breakout setting up?

Fud, your eye on this? =)
Hell that's a damn big round number? why my indicator is't showing it?
  • #54,827
  • Feb 12, 2010 1:22am Feb 12, 2010 1:22am
Quoting LasVahGoose
Looks like WMD stuff. Nice.
Sorry,

Who's WMD.

  • #54,828
  • Feb 12, 2010 1:25am Feb 12, 2010 1:25am
Quoting nasir.khan
Sorry,

Who's WMD.

An FF user with a thread. Your chart reminded me of one of his posts. It's a good thing.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,829
  • Feb 12, 2010 1:26am Feb 12, 2010 1:26am
Quoting nasir.khan
Sorry,

Who's WMD.

He has a thread in the trading discussion section titled "trading with deadly accuracy method". The boxed breakouts are in there. He calls them "steps" I believe i.e. staircase.

pretty cool read and it's only like 30 pages. Also has the hook, breakout pattern.

Take care
  • #54,830
  • Feb 12, 2010 1:29am Feb 12, 2010 1:29am
Quoting uraceulose
He has a thread in the trading discussion section titled "trading with deadly accuracy method". The boxed breakouts are in there. He calls them "steps" I believe i.e. staircase.

pretty cool read and it's only like 30 pages. Also has the hook, breakout pattern.

Take care
Thanks LVG and Uraceulose


I will take a look.
  • #54,831
  • Feb 12, 2010 1:33am Feb 12, 2010 1:33am
Quoting uraceulose
He has a thread in the trading discussion section titled "trading with deadly accuracy method". The boxed breakouts are in there. He calls them "steps" I believe i.e. staircase.

pretty cool read and it's only like 30 pages. Also has the hook, breakout pattern.

Take care
Well actually i don't mark my chart like. I draw boxes when i post charts here to better explain my thoughts.
  • #54,832
  • Edited 2:18am Feb 12, 2010 1:43am | Edited 2:18am
Hey jarroo

Thanks for helping me with the 8hr mt4 bars, very handy i must say.

I followed the instructions yesterday and it worked well, infact i took a GBPNZD PB Long and it went to the first trouble area for a cool 97Pips..........this morning i opened the Platform and noticed Price has not moved................on the 8hr TF.........is there something i should be doing because for every pair i loaded the 8hr TF, price has not moved.........now i see no Bars since yesterdays installation, when i check the other TFs, price has moved..........i am using BROCO as it has the same Daily close as my Live BROKER...........Cheers

Quoting jarroo
You can use this on mt4. Let me know if you need some help.

http://www.forexfactory.com/showpost...ostcount=15191

http://www.forexfactory.com/showpost...ostcount=15193
  • #54,833
  • Feb 12, 2010 1:48am Feb 12, 2010 1:48am
Another breakout.
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  • #54,834
  • Feb 12, 2010 2:01am Feb 12, 2010 2:01am
Quoting StoragePro
Sounds like a nice way to insert high risk to me.

How might this have been played, and what PA was in place to indicate that a low risk entry to the top side was in play? All I see is a fairly firm resistance zone.

Or I am missing something. (Entirely possible)
It broke out above the resistance zone then formed an IB on the 1H chart...you could have played the break of the IB to the upside with a conservative stop below the resistance turned support area.
  • #54,835
  • Feb 12, 2010 2:30am Feb 12, 2010 2:30am
Quoting StoragePro
Interesting take Patrick.

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.)
Sure.
Well, I don't know.
I guess I think more binary with these things. I am aware of all that order flow existing "behind the scenes" etc, but since I can't see any of it in terms of size and strength, I won't try and guess about it.
And who is to say that there's less "power" behind something, just because it takes a while?
It might just have to overcome a lot of opposite force, first.
Or why would speed indicate a lot of orders; it could just be a near-empty market on the other side. So I think that's just a lot wild guessing unless you somehow got info and are "in the know" and even then..I'm back to the binary thing.

Which is:
Either my setup holds, or it gets stopped out(i.e. before it moves out so far that it makes sense to move to the next step in terms of adjusting stops, taking profit or whatever).
Most of the time I am trying to catch at least a minor swingpoint, so I am expecting a sensible move from A to B as a minimum target. This tends to not be 20 pips, but preferably as close to 1:1 as I can get(I will consider half of that, too, but I have to be able to really SEE it).


That 4h GBPCHF BEOB from 1.7 was a good example. It was mirrored on EURGBP and I looked at both. Unfortunately, I (like it appears everyone else, too) chose GBPCHF over EURGBP, since it had such a nice round number. Turns out thanks to USDCHF that EURGBP was the better behaved one.

Nonetheless, back to the speed thing. There was a) a setup b) a target and it took 1. forever to get there and 2. we retraced the BUOB as is customary right to the highs of the prior bar before it, too.

So not only did the setup retrace, but it also took forever.
And yet it went around 1:2 (1:1 if you left at one of the 4h bearish PBs along the way).
So, was this a good or a bad trade?
Why would(or should) speed or initial bar retracement have mattered in this case?
I was actually in GBPCHF (around 125 hours) for almost the same amount of time as EURGBP took to get to that target, yet due to that last minute CHF spike I got taken out barely 24 hours before those targets were met.


Also - here we are, telling people to start on daily and weekly, that patience is paramount and that it takes time, yet at the same time there's this "oooh, it's gotta go immediately" vibe still..which feels a bit counter to that.
Not that I mind a setup breaking and running shmazillions of pips instantly, heck no. Like you said, nice if it's there, etc.

I just think the time factor doesn't make as much of a difference for the initial binary idea of "stops out / doesn't" and "gets there or doesn't" as one would think.

I can relate to Mike's "untriggered setups are icky" logic(I tend to pull orders as well if there isn't at least SOME mini-momentum change indication), and I do watch overall momentum(everyone knows I love them MAs), but I'm just not that into you, err, into an overall speeeeeeedspeedspeedspeeeeeed thing.
If it takes 5 days instead of one, so be it, just as long as it hits that take profit order.

But like we always say, it's all a very individual thing.
I just wouldn't completely hang myself up on it or let it cause me headaches when a setup isn't doing superspeed right off the bat.
Some of the biggest and most surprising "plopps" came/can come after working off a lot of initial resistance, first(especially on big turnarounds).

Again, that's just me, but you know I do love to raise an eyebrow to many a thing
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Trust price. Know yourself.
  • #54,836
  • Feb 12, 2010 3:03am Feb 12, 2010 3:03am
Quoting jarroo


Well said Boy.

This can be applied to any time frame. The higher the better.

Great bars at great locations. The PA could have be bolder but not bad.

Great post.


Jim
Thanks Jim. It's just another example of how the best setups really stand out from the rest, basically begging to be traded. The hard part is having the patience to wait for only these setups and not waste money and eventually frustration on less than best probability setups.

Quoting ertorque
http://cdn.forexfactory.com/images/icons/icon14.gif knowing where price will go next
Excellent post Dhb
Thanks etorque. To tell you the truth, when I first saw price going down again before it eventually did reach the ppz, I thought that price wasn't going to reach it anymore.

Which brings me to my point. It's a subtle difference, but it's actually not about knowing where price will go next. Nor is it relevant. What it is about, is knowing what price is likely to do if it reaches a certain level. It's an "if [x], then [y]" way of looking at price.

Boy
It's not about how much you make, it's about how much you don't lose.
  • #54,837
  • Feb 12, 2010 3:13am Feb 12, 2010 3:13am
Quoting PeterPan
Mike, Nasir,

Is there an indicator I can use to highlight big round numbers on the chart?

Regards,

P
Hi PeterPan,

I'm neither Mike, nor Nasir, but here's a round number indicator I'm using.

I've included a screenshot to show the settings I use. To eliminate vertical gridlines, set GridTime to zero. Depending on whether your feed uses pippettes (the 5th decimal), use 50 or 500 for HGrid.Pips if you want to have every x.xx50 level marked, or 100 or 1000 for every x.xx00 level.

Place the indicator in the experts --> indicators folder of your MT4 program folder. You should see the grid indicator listed under the custom indicators in the navigator section. Just drag the indicator to your chart, adjust your settings, and presto.

Boy

Attached Image


Attached File(s)
File Type: ex4 Grid_v1_0.ex4   5 KB | 435 downloads
It's not about how much you make, it's about how much you don't lose.
  • #54,838
  • Feb 12, 2010 3:36am Feb 12, 2010 3:36am
Quoting SeekingLight
Sure.
Well, I don't know.
I guess I think more binary with these things. I am aware of all that order flow existing "behind the scenes" etc, but since I can't see any of it in terms of size and strength, I won't try and guess about it.
And who is to say that there's less "power" behind something, just because it takes a while?
It might just have to overcome a lot of opposite force, first.
Or why would speed indicate a lot of orders; it could just be a near-empty market on the other side. So I think that's just a lot wild guessing unless...
Interesting post SL. From what I can gather there seems to be traders who hate to take a loss and are willing to produce more BE trades to keep from losing (i.e. move to BE as soon as possible) and traders who are willing to take a bit of drawdown to allow the trade to play out more, but risk more losses.

I think both ways are valid and probably the choice you make is the result of your psychology and lifestyle. I have still to work out what style I will be playing, but I don't want to be sitting in front of my pc after placing a trade, I want to check on it sure and move stops to locking profit or cut losses, but do I want to scalp the daily?


Chatz
  • #54,839
  • Feb 12, 2010 4:18am Feb 12, 2010 4:18am
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?...

Did you play it A51? Nice hard break. A vaild BEOB all the way. It may not have been the best location so passing on it would not be problem.

Check out the other BEOBs on the Daily Eur/Gbp (you may already have done that). Notice the ones that worked and the ones that "kind of" worked inrelation to location, amoung other things
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Indicators show the past. Price Action "Indicates" the future.
  • #54,840
  • Feb 12, 2010 4:18am Feb 12, 2010 4:18am
there seems to be a long pinbar false break resistance on every major jpy pair chart..any comments??
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