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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

  • #60,981
  • Apr 16, 2010 7:28am Apr 16, 2010 7:28am
Quoting Atc
For:

PB and previous smaller PB
Rejection off 61.8 Fib
Rejection off BRN .8800
1st tgt .8750

next tgt has room to move? 8700 area maybe ?
Very nice Atc. Good eye and good target.

Technically its a BEOB that looks like a PB. Don't get me wrong, BEOB (or BUOB) that look like a PB are very powerful, of course at a great location.

It reminds me of the A+++ Pin Bar looking BEOB on the Eur/Aud (July 2009) that I missed last year (darn it). Probably the only A+++ setup on that pair last year and probably since then. Would be nice to still be in that one, 3,300 pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,982
  • Apr 16, 2010 7:36am Apr 16, 2010 7:36am
Hey, jarroo, sorry about this since its of the way. Ive been a lurker on this thread for some time, the posts by all the seniors are awesome. Pls where can I get Jim photograph
on this thread? I want to make a poster of it and his post of his journey to succesdom
This i will hang in front of my PC, so that every morning I sit at my desk and look at
I can visualize his frustrations and now his success. I psyche myself up that if he can do it, I too can achieve success if I follow in his footpath.
Thanks
wole
Quoting jarroo
Nice Ghous.

I would also add that on bearish IPBs we would like to have the Close lower than the Open. (on bullish IPB the Close higher then the Open). But much like PBs they are not a trade breaker.

Notice the bearish PB in yellow. Ideally the Close would be lower then the Open on a bearish PB.

Being strict (picky) with IPBs and PBs, this type of structure deficiency in form can make the difference to either take or pass on a setup.
  • #60,983
  • Apr 16, 2010 7:44am Apr 16, 2010 7:44am
Quoting nasir.khan
I still watch their behavior since i opened my real account, but am really not interested in gold, oil and dow for trading cause i don't have them on my real account.

Ok i'll narrow down your PPZ to a single point and that is 84.40.

Actullay i wan't oil to go down for my UC long.
.
hmmmmmm! are you in ucad long already...
im waiting for 10050ish off the hrly charts to be WELL cleared 1st before i consider any longs
already calling it a day here
on the sidelines watching
Simplicity is the key to success
  • #60,984
  • Apr 16, 2010 7:47am Apr 16, 2010 7:47am
Quoting jarroo
Very nice Atc. Good eye and good target.

Technically its a BEOB that looks like a PB. Don't get me wrong, BEOB (or BUOB) that look like a PB are very powerful, of course at a great location.

It reminds me of the A+++ Pin Bar looking BEOB on the Eur/Aud (July 2009) that I missed last year (darn it). Probably the only A+++ setup on that pair last year and probably since then. Would be nice to still be in that one, 3,300 pips.
Thank you for your comments...and the chart of 2009....I guess that is one signal that is hard to forget.....but nonetheless great memory on your part!
  • #60,985
  • Apr 16, 2010 7:53am Apr 16, 2010 7:53am
Quoting woleadu
Hey, jarroo, sorry about this since its of the way. Ive been a lurker on this thread for some time, the posts by all the seniors are awesome. Pls where can I get Jim photograph
on this thread? I want to make a poster of it and his post of his journey to succesdom
This i will hang in front of my PC, so that every morning I sit at my desk and look at
I can visualize his frustrations and now his success. I psyche myself up that if he can do it, I too can achieve success if I follow in his footpath.
Thanks
wole
All I have is this one.

I know there's some in the PF, but I think there's some on this thread somewhere or in the Member's Lounge.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #60,986
  • Edited 8:29am Apr 16, 2010 7:58am | Edited 8:29am
Quoting Atc
Thank you for your comments...and the chart of 2009....I guess that is one signal that is hard to forget.....but nonetheless great memory on your part!
Have a good memory of A++ trades on your mind is a good thing to have when your searching for them. But they usually stand out in a crowd.

Reviewing charts often from James16, Mike and some of my own, helps keep that imprint of A+ trades in front of my mind.
Indicators show the past. Price Action "Indicates" the future.
  • #60,987
  • Apr 16, 2010 8:15am Apr 16, 2010 8:15am
FWIW

AUD/USD appears to have worked out well---More powerfully on Daily....wish it was around a BRN, but was at high area

Technically the Signal Bar looks correct IMO...but am picky and location, location, location was not good enough for me "picky" and need more experience with these bars.
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  • #60,988
  • Apr 16, 2010 8:19am Apr 16, 2010 8:19am
Quoting Atc
FWIW

AUD/USD appears to have worked out well---More powerfully on Daily....wish it was around a BRN, but was at high area

Technically the Signal Bar looks correct IMO...but am picky and location, location, location was not good enough for me "picky" and need more experience with these bars.

That big red gappish bar thing, that made a previous bar high ruin the setup for me. Yet, it still worked out rather nicely. They are a very tradable formation.
Indicators show the past. Price Action "Indicates" the future.
  • #60,989
  • Apr 16, 2010 8:36am Apr 16, 2010 8:36am
Quoting ertorque
Hi Nasir,

In your all the 3 1H charts you posted, I see PB (well almost PB since bar is not completed) touching PPZ or BRN levels but I also see that you are already in the trade (from the Order lines in the chart). Does this mean you do not wait until the completion of the most recent bar ( quite certain to form PBs) to enter?
Is your way touch trade?
If so, what are the factors that makes you believe price will go down (since you are short in all 3 charts) once it touches those important levels?

I think it is me only but most of the...
Well i do never know if my trades will go green or red. I never know that at the end of BAR will it turn out as a PB or not.

I do four things Breakouts , Trend trading (peaks and valleys), Touch trading and PA trading.

Firstly i would consider the market i am trading in which is the most important part. You can't trade trending technique in ranging markets and vise versa. This is the reason most people can't remain consistently profitable they take 10 pips on trend trades and lookout for runners in a ranging market.

Then i markdown my nearest Monthly, Weekly and Daily PPZ's and then look for confluence factors like Fib's and TL's.

After all this i would sit on my hands and watch price behavior and wait for price to reach my levels and then BANG.

Now what happened about this particular trade that i was watching price while managing my trades from the last night posted here.

So price went up taking out my short position and then it hit PPZ at 143.80 and dropped down i checked UJ and EJ and same thing happened at marked levels in my charts. So now it was all about probability and risk, i did put sell orders on the PPZ's, price came back she took my orders and then never looked back.

It all really seems simple but i have to admit that some times it gets so much stressful when you need to take decisions in a matter of seconds. Especially when price reaches a PPZ and then you need to make tough decision to let it run, close it or reverse it altogether.
So i would recommend you to stay with the basics read thread slowly cause this thread is full of wisdom, and then make the next move.

That's a long post but i think will use as a template on the weekend to answer the PM's.
  • #60,990
  • Edited 8:52am Apr 16, 2010 8:37am | Edited 8:52am
Quoting artov
Here you go Bundy
Cheers Artov.

Was intending to post up something.

61.8% + Daily PPZ + Trendline + EMAs + Pin

Throw in a good PPZ and some good confluence and you won't lose money very often.

Set stop to break even at previous consolidation area (purple circle - 4hr) ,took half profit when it stalled. Walk away and forget.
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Bundy's status today: "Waiting..."
  • #60,991
  • Apr 16, 2010 8:48am Apr 16, 2010 8:48am
Guys don't you know how did Cyrus collect somebody's all posts (in a chosen thread) to one .html file?
Keeping it simple stupid.
  • #60,992
  • Apr 16, 2010 9:39am Apr 16, 2010 9:39am
Hello Stockwalker,
Cyrus seems to be using a particular program/application (i dont know which one) that lets him collect the posts.
it's cool huh

HEY, no kidding, are u only 15y.o.???
thanks!
  • #60,993
  • Apr 16, 2010 9:41am Apr 16, 2010 9:41am
Hey Nasir,

Was wondering did you close out and go long on your UJ? This is my first touch trade Long off 92.24. Just wondering what you think.
  • #60,994
  • Apr 16, 2010 9:46am Apr 16, 2010 9:46am
Sorry forgot to attach chart
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  • #60,995
  • Apr 16, 2010 10:19am Apr 16, 2010 10:19am
Quoting skinfx
Hi All,

Not sure if i miss out anything.... pls advise...

+ daily DBHLC
+ confluence with PPZ
+ space look alright to me
+major trend still down

- short term trend is up

i enter abit late and it already move abt 20pip off previous low. i place my TP at 125 RN + PPZ but miss by 5pips. so is it advisable to place my stop above the RN in future? which lvl will be a better placement of my TP for this case since PPZ refer to an area?

Thank you,
skin
Hey Skin

Looks good bud, I like to put my TP just ahead of the round numbers(if taking profit from a short). This one bounced just before it then pierced through like a knife.

Best
Mike
  • #60,996
  • Apr 16, 2010 10:32am Apr 16, 2010 10:32am
Quoting Stockwalker
Guys don't you know how did Cyrus collect somebody's all posts (in a chosen thread) to one .html file?
Here's how...
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  • #60,997
  • Apr 16, 2010 10:34am Apr 16, 2010 10:34am
Inside bar at right location and right market conditions. hope its going to run
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  • #60,998
  • Apr 16, 2010 10:34am Apr 16, 2010 10:34am
hi Mike,

Nice to see you here.
I have read many of your posts and watched your videos, very good stuff. I learn a lot from them. Just want to say Thank You!

I read James' post, the link is here http://www.forexfactory.com/showpost.php?p=3131645&postcount=45536,
I don't understand why the order placed there, please see attached chart. Could you give me an idea?

Thanks for your help.

Jason
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  • #60,999
  • Apr 16, 2010 10:37am Apr 16, 2010 10:37am
Took the USD CAD BUOB - First Trade of month besides gap plays.

Closed it out at 1.0050 because of traffic and it was a Counter Trend Trade.

This thing Retraced to the BRN and Shot like a rocket. I missed it. But I followed my plan and had a .3R trade to end the week up. I couldnt get greedy becasue it was only a 4hr buob to reverse a large downtrend. Unlikely IMHO.


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  • #61,000
  • Apr 16, 2010 10:46am Apr 16, 2010 10:46am
Quoting 2010
hi Mike,

Nice to see you here.
I have read many of your posts and watched your videos, very good stuff. I learn a lot from them. Just want to say Thank You!

I read James' post, the link is here http://www.forexfactory.com/showpost.php?p=3131645&postcount=45536,
I don't understand why the order placed there, please see attached chart. Could you give me an idea?

Thanks for your help.

Jason
Hey Jason

Thanks for the nice words

That chart is what is called "touch" trading. Meaning instead of waiting for price bars, we are looking to very strong areas to have a buy/sell limit(in this case a sell limit). So James was using the former top(which had heavy selling) and placing a sell order knowing that more times then not we will find "some" kind of selling at this former area. Former areas of supply/demand have memory this is why technical traders can profit(if done right )

Hope that helps!
Mike
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