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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

  • #58,261
  • Mar 16, 2010 1:02am Mar 16, 2010 1:02am
Quoting Dan Gilbert
Location/trend/speed of trend/break+retracements/stop loss location/big round numbers/is it a flag pattern/is it not a flag pattern/minor PPZs.... really there is a lot to them man. I could make a lot of different charts lol

i hear u Dan....lol

shish! be quiet guys, i see DS below
Simplicity is the key to success
  • #58,262
  • Mar 16, 2010 1:19am Mar 16, 2010 1:19am
Quoting Cbh123
Hi Squeezy,

I just wanted to clarify the I4B concept for you. An I4B is an inside bar which is the smallest bar of the last 4 bars. Since your last bar is not an inside bar, this is no longer an I#B formation. Several bars being within a previous large bar just means there is consolidation, which of course can break out, but an I4B is just saying an inside bar has a small range (compared with the last 3 bars).

This is a common area of confusion, I hope this helps, squeezy.

Sincerely,

Cory
And on three of my feeds MBT, IBFX and ALPARI UK not even the first potential bar is truly inside the previous.
  • #58,263
  • Mar 16, 2010 1:37am Mar 16, 2010 1:37am
Quoting g_j_hook@yah
another little scalp i took on my demo

jon

stopped out at BE on my real account,m but im a little more forgiving on my demos. lol lets see where she goes today??

jon
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PATIENCE... DISCIPLINE
  • #58,264
  • Mar 16, 2010 1:43am Mar 16, 2010 1:43am
speaking of IBs, this is the kind i like to look for..imo this is an A set up. strong down trend,big break after consolidation and retest.

jon
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PATIENCE... DISCIPLINE
  • #58,265
  • Mar 16, 2010 2:03am Mar 16, 2010 2:03am
Quoting nasir.khan
So here we are.

Now raise your hands who wan't to take this 4H PB.

No One??????????!!!!!!!

Ok how about Break of (1H)

IB+TL+BRN.
.
Quoting nasir.khan
Did anyone noticed that how easily you could trade those ranging markets.

If you know where your PPZ's are.
.
As i said how easy it could be to trade these ranging markets, see how price bounced of our PPZ.

Ok now lets start again where we left it last time.

Now we have a BEOB. Lets see.
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  • #58,266
  • Mar 16, 2010 2:13am Mar 16, 2010 2:13am
Anther one.

2D PB on Daily + BEOB in 1H.
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  • #58,267
  • Mar 16, 2010 2:27am Mar 16, 2010 2:27am
Quoting nasir.khan
Anther one.

2D PB on Daily + BEOB in 1H.
oooooops.

Deleted the PPZ (@ 3700) and FIB, while cleaning up my chart. lol
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  • #58,268
  • Edited 3:44am Mar 16, 2010 3:26am | Edited 3:44am
Two things to talk about:

Firstly, USD/CAD: I bailed out of my short because of the crappy price action. I mean, it made a new low after about 19 months (approximately 2 years) and it still stalls? Common guys! There must be something fishy. And in fact Nasir was right here, this is where James16 principles rule. He wanted to wait for a nice pin or PA to fully confirm the break which was a nice choice. But traders are different. I decided to take the risk (having in mind my plan, my risk, my planned time stop and accepting it.)

Secondly, GBP/USD: If breakout projections are anything to go by then I would firmly say that the pound move after the breakout of the range box between 1.7 & 1.57 is not yet over. If I am right and with the whole turmoil surrounding Great Britain, we should at least expect a further move (continuation down to at least 1.45). However, if I am wrong (of which I hope I am) then I'd say I'd wait for a break above the GU weekly pin for a long.

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  • #58,269
  • Mar 16, 2010 3:39am Mar 16, 2010 3:39am
Quoting skinfx
doing demo trade, i saw this pair retrace back to low's of pinbar in daily chart, and 61.8% lvl of my fib is just below the price i enter. so normally should i wait for the price to break 61.8% then enter? Another concern, the chart in D1 is like forming higher high and higher low, so is it still advisable to look for a short?

thank you.
I'm long from 82.29, targeting the above resistance at +40-50 pips.
"I made all my money by selling too soon"
  • #58,270
  • Mar 16, 2010 3:57am Mar 16, 2010 3:57am
5 minutes before candle ends, we may get nice looking 2H PB, some brokers should show it on 4H chart. We have a confluence with 61 and 50 fibo line of last up move, and 1.5 zone.
Could it be A setup? (besides lower time frame)
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  • #58,271
  • Mar 16, 2010 4:21am Mar 16, 2010 4:21am
Quoting oromek
5 minutes before candle ends, we may get nice looking 2H PB, some brokers should show it on 4H chart. We have a confluence with 61 and 50 fibo line of last up move, and 1.5 zone.
Could it be A setup? (besides lower time frame)
1st chart shows the strong PPZ area at the BRN on the 4H

I didnt wait for the PA...the strong PPZ, 61.8% @ a BRN with divergence on the 1H was enough for me so am at BE from long at 1.5004 (average).

I don't trade 2H , 8H, 2D pins but if I did I'd be looking for a fast break over and above the immediate congestion above up to the 1.5085 PPZ area.
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  • #58,272
  • Mar 16, 2010 4:42am Mar 16, 2010 4:42am
Quoting lovejoy80
1st chart shows the strong PPZ area at the BRN on the 4H

I didnt wait for the PA...the strong PPZ, 61.8% @ a BRN with divergence on the 1H was enough for me so am at BE from long at 1.5004 (average).

I don't trade 2H , 8H, 2D pins but if I did I'd be looking for a fast break over and above the immediate congestion above up to the 1.5085 PPZ area.

Nice "fakey" set up on the GU H4. A series of inside bars and a false break followed by reversal.
  • #58,273
  • Mar 16, 2010 4:42am Mar 16, 2010 4:42am
Quoting lovejoy80
1st chart shows the strong PPZ area at the BRN on the 4H

I didnt wait for the PA...the strong PPZ, 61.8% @ a BRN with divergence on the 1H was enough for me so am at BE from long at 1.5004 (average).

I don't trade 2H , 8H, 2D pins but if I did I'd be looking for a fast break over and above the immediate congestion above up to the 1.5085 PPZ area.

brave approach, now you can look for chances to add to your original position. Are you waiting for some price to TP like 1.52 or just intend to trail SL?
  • #58,274
  • Mar 16, 2010 4:52am Mar 16, 2010 4:52am
Quoting lovejoy80
1st chart shows the strong PPZ area at the BRN on the 4H

I didnt wait for the PA...the strong PPZ, 61.8% @ a BRN with divergence on the 1H was enough for me so am at BE from long at 1.5004 (average).
.

Hi Lovejoy,

Pardon me but what made you go long at 1.5004?
I see there is the long bearish bar that hits BRN of 1.5 before closing above itand this bar did touch the 61.8 Fib
What made you think that prices will go up after the closing of this bearish bar?
The above confluence factors could have been a signal that price is heading downwards after breaking the ppz (1.500ish), couldn't it?
Appreciate your line of thoughts.

CY
  • #58,275
  • Mar 16, 2010 5:06am Mar 16, 2010 5:06am
Quoting oromek
brave approach, now you can look for chances to add to your original position. Are you waiting for some price to TP like 1.52 or just intend to trail SL?
Took half of @ 1.5085 for a 2% gain and moved SL up to 1.5030 on the other half...with TP set @ 1.5200 will move stop loss up to 1.5085 if we get to 1.5125
  • #58,276
  • Mar 16, 2010 5:14am Mar 16, 2010 5:14am
Quoting ertorque
Hi Lovejoy,

Pardon me but what made you go long at 1.5004?
I see there is the long bearish bar that hits BRN of 1.5 before closing above itand this bar did touch the 61.8 Fib
What made you think that prices will go up after the closing of this bearish bar?
The above confluence factors could have been a signal that price is heading downwards after breaking the ppz (1.500ish), couldn't it?
Appreciate your line of thoughts.

CY
It is an advanced entry without any PA...price did not close below the 1.5000 area - that was very important, if it did then yes I would not have initiated a long and would have been looking at a breakout and pullback opportunity to go short.

I entered when it broke down and then retraced and closed above the 1.5000 area...it is higher risk because there is not PA to confirm the entry, but it is about knowing how to read your charts...I study the USD crosses quite closely and you get to learn how they move. The fact that it was retracing hard having broken through the 1.5000 area indicated that there were a lot of buy orders below there i.e. the lack of follow through down indicated that bulls were still in control and more powerful than the bears and that there was a decent probability that these orders would carry the price higher still - combine this with all the confluence that I mentioned then this gave me confidence that price would continue higher on the next bar. I mean the stronmg last bar down move was stopped hard in its tracks below 1.5000 and retraced and closed hard above the 1.5000 area...what does this indicate to you...who now has control bulls or bears...

I've probably not explained it very well....but I would recommend studying intraday charts marking PPZ areas, looking at how price reacts at these areas i.e. does it break through...hang around the area or reject it hard and what these mean. Read reminiscences of a stock operator too.
  • #58,277
  • Mar 16, 2010 5:17am Mar 16, 2010 5:17am
Sorry guys but I don't have the ability to paste charts whilst at work but you can use last weeks one as reference.

http://www.forexfactory.com/showthre...py#post3543971

I did in that post take a short with a small SL. However my SL got eaten up and we moved into the higher zone.

I was subsquently on the look out for a entry long and PA did as expected. Break higher from previous resistance + retest of support (which was resistance previously and PPZ) and back on our merry long way.



ps; Trig, that 8,600 is holding up well?

  • #58,278
  • Mar 16, 2010 5:30am Mar 16, 2010 5:30am
Out of AUD/JPY LONG for +70 pips, we've worked in to the resistance but PA looks troubled on the 15M with a pinbar so I took my profits and left the market to 'work it out'.

Entry at 82.29
Exit/ TP 82.99
Daily Low 82.26

A good call using SR (several touches on the daily), Fib and PA at that level.
"I made all my money by selling too soon"
  • #58,279
  • Mar 16, 2010 7:33am Mar 16, 2010 7:33am
I was wondering.. How's fijitrader doing with the cyclone and all?
  • #58,280
  • Edited 8:34am Mar 16, 2010 8:22am | Edited 8:34am
Lets see if we could get some Bearish PA here (1h would also do). (Just Closed My longs)
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