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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

  • #60,721
  • Apr 12, 2010 11:13pm Apr 12, 2010 11:13pm
Quoting joelcf
Trading in the Zone is pretty overrated imo.
^this


although Mark Douglas is a cool guy and is good to listen to, that book isn't so much lol

edit: although it should be read
Many choose unhappiness over uncertainty.
  • #60,722
  • Apr 12, 2010 11:14pm Apr 12, 2010 11:14pm
Quoting Delfino
Any thoughts on the Pinbar on the EUR/USD Daily?

Its on the previous swing high/lows 61.8 fib, and some confluence with other bigger swings from this year.

I'm tempted but passing on it just because its formed off a failed attempt to make a lower low, and on a higher high. So thats scaring me off from shorting it.
I like it Del. The IBFX feed shows it at as BEOB. The 1.3590ish PPZ level (green line) would make a nice place for a tight S/L.


And what Mike said. lol.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,723
  • Apr 12, 2010 11:19pm Apr 12, 2010 11:19pm
Quoting jarroo
I like it Del. The IBFX feed shows it at as BEOB. The 1.3590 PPZ level (green line) would make a nice place for a tight S/L.


And what Mike said. lol.
I didnt even take the gap into consideration. I know gaps like to close, and I actually just read today that gaps often end up as new S/R.

So looks like if I wanted to be safe I could just use the close of the gap as a TP level then move to BE. I think I'll take it then :-)
  • #60,724
  • Apr 12, 2010 11:23pm Apr 12, 2010 11:23pm
Quoting Delfino
I didnt even take the gap into consideration. I know gaps like to close, and I actually just read today that gaps often end up as new S/R.

So looks like if I wanted to be safe I could just use the close of the gap as a TP level then move to BE. I think I'll take it then :-)
The gap closing is a good target at the 1.3500. But I would also be aware of these Highs in blue at the 1.3550ish level, which are on your feed as well.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,725
  • Apr 12, 2010 11:51pm Apr 12, 2010 11:51pm
Quoting mike w
ohhh boy howdy, I do love it when the 4 hour lines up with the daily charts. It's small, but I care a LOT more about the location than I do the size. (You pervs, I know you laughed at that...)
Very nice Mike W. Freaking beautiful.

(green box is a Daily bearish PB)
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Indicators show the past. Price Action "Indicates" the future.
  • #60,726
  • Apr 13, 2010 12:13am Apr 13, 2010 12:13am
hello Mike and everybody!

I am enjoying the D/W setups not only on forex but also on stocks....
Apart from my 5min trades.... these setups give me added trades with great confidence and I really do enjoy them!

I have below chart of EG daily....

We have possible IPB at PPZ's and other factors.
However, the high of this IPB is same as of previous bar....is it a qualified IPB?

Or it would have been better if this IPB was at the PPZ marked in yellow?

thanks
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #60,727
  • Apr 13, 2010 12:15am Apr 13, 2010 12:15am
Quoting oneuniverse
hello Mike and everybody!

I am enjoying the D/W setups not only on forex but also on stocks....
Apart from my 5min trades.... these setups give me added trades with great confidence and I really do enjoy them!

I have below chart of EG daily....

We have possible IPB at PPZ's and other factors.
However, the high of this IPB is same as of previous bar....is it a qualified IPB?

Or it would have been better if this IPB was at the PPZ marked in yellow?

thanks
Winston
Hey there winston

I don't know much about these IPBs have to be honest but from what I do know I believe that is what we look for. The only better thing would be if it had higher high like you said. I'll wait for ghous or Jarroo to jump in on these.

Best
Mike
  • #60,728
  • Apr 13, 2010 12:18am Apr 13, 2010 12:18am
Quoting mbqb11
Hey there winston

I don't know much about these IPBs have to be honest but from what I do know I believe that is what we look for. The only better thing would be if it had higher high like you said. I'll wait for ghous or Jarroo to jump in on these.

Best
Mike
hey Mike,

thanks for your quick reply!

Seeya
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #60,729
  • Apr 13, 2010 12:33am Apr 13, 2010 12:33am
Quoting oneuniverse
hello Mike and everybody!

I am enjoying the D/W setups not only on forex but also on stocks....
Apart from my 5min trades.... these setups give me added trades with great confidence and I really do enjoy them!

I have below chart of EG daily....

We have possible IPB at PPZ's and other factors.
However, the high of this IPB is same as of previous bar....is it a qualified IPB?

Or it would have been better if this IPB was at the PPZ marked in yellow?

thanks
Winston
In my book, it is technically an IB so structurally it is not correct but I don't think that would be a trader breaker, because its a double High.

Locationally it is perfect right where its at, a strong Daily/Weekly PPZ level. But with all PA setups, I like to know what is going on on the Higher Time Frames and the weekly is showing a bullish PB. So that would weight heavy on my mind.

The thing is . . .they can both (the Daily bearish IPB and the Weekly bullish PB) work out just fine. I would favor more so the weekly PB. Should be fun to see how they both play out.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,730
  • Apr 13, 2010 12:40am Apr 13, 2010 12:40am
Quoting jarroo
Should be fun to see how they both play out.
sure!

thanks!
Regards
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #60,731
  • Apr 13, 2010 12:49am Apr 13, 2010 12:49am
Quoting nasir.khan
LoL its my 1st trade on my live account and its making me sick every time I look at it.
You gotta be happier now ..AJ, UJ and EJ all hit my targets I set overnight @ 86, 92.90 and 126.
  • #60,732
  • Apr 13, 2010 1:24am Apr 13, 2010 1:24am
Quoting lovejoy80
You gotta be happier now ..AJ, UJ and EJ all hit my targets I set overnight @ 86, 92.90 and 126.
Yep a little happy (for a positive start) but not excited. So i won't be grieved on my losers too.

Get ready for retracment trades.

THE GAME HAS JUST STARTED.
.
  • #60,733
  • Apr 13, 2010 1:27am Apr 13, 2010 1:27am
Quoting nasir.khan
yep a little happy (for a positive start) but not excited. So i won't be grieved on my looses too.

Get ready for retracment trades.

THE GAME HAS JUST STARTED.
.
Need a hint.

I will do UJ for you.
.
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  • #60,734
  • Apr 13, 2010 1:47am Apr 13, 2010 1:47am
Quoting nasir.khan
Need a hint.

I will do UJ for you.
.
Very similar chart...
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  • #60,735
  • Apr 13, 2010 2:12am Apr 13, 2010 2:12am
Quoting mbqb11
Hey there winston

I don't know much about these IPBs have to be honest but from what I do know I believe that is what we look for. The only better thing would be if it had higher high like you said. I'll wait for ghous or Jarroo to jump in on these.

Best
Mike
I saw this and this was an easy pass for me. Honest to God I am not even sure why I did this.

As I look at it, I see it nicely sitting at your blue ppz and the tail's long enough...a high higher than the previous bar's high would probably have made it a better sight as Mike suggested.

If I really dig myself deep I think what held me from the trade was the fact that the IPB did not form at a decent pull back to the recent down trend. I love them at 50 and 61.8 fibs when they line up with MA's and BRNs, such a region is close by on the pair and it's probably where price is headed to.

I wouldn't honestly call that the worst IPB ever though, should pretty much be in the radar, specially of those who operate in a larger locus, and accommodate less than A+ setups with tight management. I am one of these but when it comes to IPBs I am "extremely" picky with them.

g.
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I believe . . .
  • #60,736
  • Apr 13, 2010 2:18am Apr 13, 2010 2:18am
here's just another example of recent IPBs I passed.

This was on the Usd/Cad...

Divergence, 1.000 BRN...enough explicit reasons to go for it...

Looking at the BUOB which formed 2 bars ago and how it failed to gather enough momentum for a break up...I was not convinced to to enter long with a 30 pips SL via the IPB...

We had a second IPB form yesterday which is better looking than the first but again for the reasons mentioned I am enjoying these from the side lines.

....

I like to be ultra conservative when it comes to IPBs.

g.
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I believe . . .
  • #60,737
  • Apr 13, 2010 2:25am Apr 13, 2010 2:25am
Quoting mbqb11
things a bit misaligned with the gaps. But it would be a pretty good indication for the gap to close here. But if you notice the gap occurred right at the 1.35. Not only are gaps like windows as James says they like to be closed, but they often act as a S/R as well. 1.35 now looks juicer then ever for me


Mike
case in point just happened on eur/jpy. Will be watching the eur/usd for similar
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  • #60,738
  • Apr 13, 2010 2:33am Apr 13, 2010 2:33am
Quoting mbqb11
case in point just happened on eur/jpy. Will be watching the eur/usd for similar
You can sleep when you die?
Many choose unhappiness over uncertainty.
  • #60,739
  • Apr 13, 2010 2:42am Apr 13, 2010 2:42am
Quoting Dan Gilbert
You can sleep when you die?
  • #60,740
  • Apr 13, 2010 2:56am Apr 13, 2010 2:56am
here is another one I am watching, there are a few other
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