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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

  • #60,581
  • Apr 10, 2010 11:29pm Apr 10, 2010 11:29pm
Quoting Dan Gilbert
I'm not sure if anyone here is interested in financials, but....

Walmart!

should be a cool one to watch in the coming week.
I guess - not really a good PB.. the head is not within the previous bar..

But off of the BRN.. at swing low..
But lot of traffic also.. I will watch to see how this setup plays out.. Thank you..
  • #60,582
  • Apr 10, 2010 11:31pm Apr 10, 2010 11:31pm
Quoting Dan Gilbert
I'm not sure if anyone here is interested in financials, but....

Walmart!

should be a cool one to watch in the coming week.
was just looking at equities myself.

short on amd

long term buy on Sprint
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  • #60,583
  • Apr 11, 2010 12:39am Apr 11, 2010 12:39am
Love your commentary on this one!!
I will be watching out myself if such break/retest pattern is happening more often than not or not
Money can be made in such 'predictable' price behaviour lol

CY

Quoting jarroo
Well done Chris B. Nice targets.

Just some observations and thoughts on this one.

My chart may seem a litttle messy but it shows that these levels in traffic do play an important role.

Notice the green line was the 1st area on concern. Price broke the PB and hit this area then reversed. Price then retraced into the setup then broke hard again this time through the green area and hit your 1st target.

Then Price retraced again and retested the break. Retesting the break of the setup, which many pairs did this morning, tells...
  • #60,584
  • Apr 11, 2010 1:56am Apr 11, 2010 1:56am
Quoting cprao
Except the one already pointed, I can't really make it any of ther differrences.

However, one obvious differrence is first one price is closed below the previous open and 2nd one price is closed above the open.


Can you please disclose other differrence after some time (after giving due chance to the forum) for the benefit of everyone here ?
Sure!
I believe . . .
  • #60,585
  • Apr 11, 2010 1:59am Apr 11, 2010 1:59am
Quoting jarroo
Great post ghous. This one is going right into the "ghous folder" .

How did you do that to that chart? Cool.
.

(nothing fancy...it's the paint application of Microsoft windows)

g.
I believe . . .
  • #60,586
  • Apr 11, 2010 3:42am Apr 11, 2010 3:42am
Successful sterilization interventions only have limited impact, as they are likely to lead to higher domestic interest rates ..... thus attracting even more capital inflows (leading to further currency appreciation)

I suppose the Swiss could tax such inflows or impose indirect capital controls .... I mean really, are these viable alternatives for the Swiss??

Quoting Dhb
Absolutely true, as far as the inflationary pressure part is concerned.

However, as long as inflation is low, the SNB has additional room for manoeuvre. Also, the SNB will undoubtedly make sterilized interventions, i.e., expansion of the money supply in the FX market will be offset by an equivalent contraction of the money supply in the domestic (bond) market, leaving the net money supply unchanged.

If they really want to commit to it, the SNB can still exert significant influence on the CHF exchange rate.

  • #60,587
  • Apr 11, 2010 6:22am Apr 11, 2010 6:22am
since youre talking about IPBs i just saw an interesting close on the UC daily from friday

id say its a decent bullish IPB (long nose, close is above the open, its on a swing low, off a very BRN - 1.0000!! , first trouble area would be around 1.0100)

Attached Image (click to enlarge)
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  • #60,588
  • Apr 11, 2010 6:23am Apr 11, 2010 6:23am
James, is there a place on any of your threads where the abreviations you and the others use are spelled out. Being a newcomer, seeing all these abreviations is like looking at code.

Thanks.

T. Craig
  • #60,589
  • Apr 11, 2010 7:57am Apr 11, 2010 7:57am
Do you guys know the feeling of uncertainty before taking a trade?
I mean, let's say it's now the weekend, you have ton of time with nothing to do, you haven't took even one trade this month and you are eager to trade. You are going trough your charts and just looking for opportunities. Then you see a chart like GBPCHF daily. First you look at it and just pass and continue scanning your charts. Then you see people start talking about it on the forums, and you start convincing yourself..."well..I would like it much better if the nose was longer, bouncing better of the BRN testing the above..but maybe it would work...ummm...this fib looks good although I never use fibs...I think I will take it, but I need to think about it abit more"...so you say, I am not sure, I will make a decision latter.

ok I am not saying anything about GBPCHF, it was just an example for some thoughts I have in general. The quality of this setup depends on your personal method. Not everyone is the same. So please excuse me for taking it as an example, but I wanted to use it for my thoughts in general. I have find myself going through this though process a lot in the last month and just putted an end to it. I make fast decisions. I have a new rule that says if I can't make a fast decision just from looking at the chart, it's a pass for me. For me it is just much easier because if that trade turns out a loser, at least I won't start laming myself and say I should be more patient, watch more markets like James says, instead of tart over analyzing it till I manage to convince myself it is a good setup. Do your best, don't just say and plan all the time. Now is the time to act and make this shift.

Am I the only one experiencing those feelings?
  • #60,590
  • Apr 11, 2010 8:13am Apr 11, 2010 8:13am
Quoting tjcny
James, is there a place on any of your threads where the abreviations you and the others use are spelled out. Being a newcomer, seeing all these abreviations is like looking at code.

Thanks.

T. Craig
someone posted it a month or two ago, dont remember who

anyway here they are: (i saved them in case i get amnesia )

PA - Price Action
PB - Pin bar
BUB - Bullish bar
BEB - Bearish bar
BUOB - Bullish outside bar
BUOVB - Bullish outside vertical bar !!?? BUOVB - Bullish OutsideOverbought Bar (not sure which one is right)
BEOB - Bearish outside bar
BEOVB - Bearish outside vertical bar !!?? BEOVB - Bearish OutsideOversold Bar (not sure which one is right)
IB - Inside bar
NB - Neutral bar
DBLHC - Double bar low with higher close
TBLHC - Triple bar low with higher close
DBHLC - Double bar high with lower close
TBHLC - Triple bar high with lower close
TBL - Two bar low
TBH - Two bar high
PPZ - Price Pivot zone
TL - Trend line
Fibs - Fibonacci ratio
RR - Risk Reward
S&R - Support & Resistance
HH - Higher High
HL - Higher Low
LL - Lower Low
LH - Lower High
BRN's - Big round numbers
RN's - Round numbers
IPB - inverted pinbar
  • #60,591
  • Apr 11, 2010 8:31am Apr 11, 2010 8:31am
Quoting benji533
Am I the only one experiencing those feelings?
No you're not, that is trading psychology. and lack of experience. seems like you've made a good rule for yourself to help safeguard against that lack. after a (long) while you will know exactly what you are taking and what you are not taking without second guessing. i remember james16 once said when he puts on a trade its like he's putting him and his family on a airplane so he makes damn sure that the trade is only super high quality. plus once you are dealing with larger amounts of money you have that pressure to make sure you aren't pissing it away. that can be a good thing.
  • #60,592
  • Apr 11, 2010 8:35am Apr 11, 2010 8:35am
Quoting ppfx
someone posted it a month or two ago, dont remember who

anyway here they are: (i saved them in case i get amnesia )

PA - Price Action
PB - Pin bar
BUB - Bullish bar
BEB - Bearish bar
BUOB - Bullish outside bar
BUOVB - Bullish outside vertical bar !!?? BUOVB - Bullish OutsideOverbought Bar (not sure which one is right)
BEOB - Bearish outside bar
BEOVB - Bearish outside vertical bar !!?? BEOVB - Bearish OutsideOversold Bar (not sure which one is right)
IB - Inside bar
NB - Neutral bar
DBLHC - Double bar low with higher close
TBLHC...
Thank you for puttting up all these abbreviations. I am confused so many times on these.. I put down all in a spreadsheet. if some one wants to download and make it handy..
Attached File(s)
File Type: xls James16 Strategy Abbreviations.xls   20 KB | 827 downloads
  • #60,593
  • Apr 11, 2010 8:41am Apr 11, 2010 8:41am
Quoting ppfx
since youre talking about IPBs i just saw an interesting close on the UC daily from friday

id say its a decent bullish IPB (long nose, close is above the open, its on a swing low, off a very BRN - 1.0000!! , first trouble area would be around 1.0100)

Attachment
In my chart (FXCM) it looks like more like a Doji (though not exactly)..
I see considerable wick on both the sides of head.
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  • #60,594
  • Apr 11, 2010 8:41am Apr 11, 2010 8:41am
Nice one Dan....for me this is what i would term as my A++ setup...........PB, Trend is up, 55 Round Number and a typical Inside Bar Fakey setup...........wish i traded stocks but ave been studying and watching since three weeks ago..........the PAs seem more defined and accurate compared to FX......looking for diversification.........lets see how she plays.................

Quoting Dan Gilbert
I'm not sure if anyone here is interested in financials, but....

Walmart!

should be a cool one to watch in the coming week.
  • #60,595
  • Apr 11, 2010 9:10am Apr 11, 2010 9:10am
Quoting 4X=0
No you're not, that is trading psychology....
Actually I have this rule for a few weeks already, and it works great. That's the reason I thought sharing it. It can save you from so much struggle, if you can just be discipline enough. I also believe it will make the lsoers go by much smoother, and that's the main reason this is great. You know that your losers are a part of your edge rather than your human based mistakes like inpatient, indiscipline etc. Also, the real great setups tend to move smooth and no give you any hard time decisions for some.
It will take you one step further IMO.

By the way, Your non-forex charts look really cool. What broker is that?
  • #60,596
  • Apr 11, 2010 9:20am Apr 11, 2010 9:20am
great website i found

http://www.freestockcharts.com/
  • #60,597
  • Apr 11, 2010 9:27am Apr 11, 2010 9:27am
Quoting cprao
In my chart (FXCM) it looks like more like a Doji (though not exactly)..
I see considerable wick on both the sides of head.
youre right i checked my IBFX and the situation is similar to yours (and on Oanda is the same) it seems that the FXPro charts ends transmitting data sooner, cause the are some spaces left (chart 2) after the weekend or maybe its just that it doesnt have sunday bars

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  • #60,598
  • Apr 11, 2010 9:31am Apr 11, 2010 9:31am
Quoting 4X=0
great website i found

http://www.freestockcharts.com/
Thanks
  • #60,599
  • Apr 11, 2010 9:33am Apr 11, 2010 9:33am
Quoting 4X=0
great website i found

http://www.freestockcharts.com/
wow a very interesting site, thanks for sharing

benji would be thrilled that he can watch another 7000 stocks (benji dont take this seriously im just kidding,... dont know why but i feel great this sunday )
  • #60,600
  • Apr 11, 2010 11:00am Apr 11, 2010 11:00am
Quoting benji533

Am I the only one experiencing those feelings?
nope listen to those feelings , this is experience when you can. The gut feeling that you learn and can only get from time.
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