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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

  • #61,661
  • Edited 8:19am Apr 23, 2010 7:45am | Edited 8:19am
Quoting squeezy
ucad has been bouncing off 10030 on the hrly chart(about 3 times now)....i dnt play bounces off s/r ,i prefer pullbacks
if it breaks out ,it shld explode imo
since u r more aggressive ....i figured u might be short from there
ive reduced my sl but seems as im typing...it wants to break north...might close it manually
gotta watch my charts....1sec
I like to trade away from Consolidations and BRN's and i also can't see a decent PPZ on 10030 for a touch trade BACK INTO THE MESS.
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  • #61,662
  • Apr 23, 2010 8:19am Apr 23, 2010 8:19am
Am I reading this correct on IPB on these two charts E/A and G/CHF

and would these interest you and for what reasons

These are 4H charts
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  • #61,663
  • Apr 23, 2010 8:19am Apr 23, 2010 8:19am
Just thought I'd post this 4 hour bullish IPB real quick . . . gotta go.

Its not at the best location (better at a swing Low) but let's see how it works out. Location is good at the 1.65 with the trend. Not an A+ IPB.


Later,

Jim

Atc . . .lol
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Indicators show the past. Price Action "Indicates" the future.
  • #61,664
  • Apr 23, 2010 8:32am Apr 23, 2010 8:32am
Thanks Jarroo
  • #61,665
  • Apr 23, 2010 8:38am Apr 23, 2010 8:38am
Quoting jarroo
Just thought I'd post this 4 hour bullish IPB real quick . . . gotta go.

Its not at the best location (better at a swing Low) but let's see how it works out. Location is good at the 1.65 with the trend. Not an A+ IPB.


Later,

Jim

Atc . . .lol
Looks good for a reversal IPB.
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  • #61,666
  • Apr 23, 2010 8:46am Apr 23, 2010 8:46am
Quoting james16
5. beovb; bearish outside verticle bar; second bar totally encompasses the
prior bar with a lower close on the second. usually signals a continuation
of the current trend.

6. buovb; bullish outside vertical bar; same as above just reversed.
I know this is a really old quote but I'm a newb and going through this thread from the start (need all the help I can get).

When James16 says that a BEOVB usually signals a continuation of the current trend does that mean no matter what the trend is?

Or does BEOVB only signal a continuation of a down-trend and BUOVB only signal a continuation of an up-trend?

I'll ask it another way, just to be clear:

Let's say there is an up-trend and we get a BEOVB. Would that still signal a continuation of an up-trend even though it's a "bearish"OVB?
  • #61,667
  • Apr 23, 2010 9:07am Apr 23, 2010 9:07am
Quoting nasir.khan
And again........
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And again ......

God what is with this PPZ?? will it keep working for ever ???
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  • #61,668
  • Apr 23, 2010 9:10am Apr 23, 2010 9:10am
Quoting relyt
I know this is a really old quote but I'm a newb and going through this thread from the start (need all the help I can get).

When James16 says that a BEOVB usually signals a continuation of the current trend does that mean no matter what the trend is?

Or does BEOVB only signal a continuation of a down-trend and BUOVB only signal a continuation of an up-trend?

I'll ask it another way, just to be clear:

Let's say there is an up-trend and we get a BEOVB. Would that still signal a continuation of an up-trend even though it's a "bearish"OVB?
Welcome Relyt,

You guessed right.

BUllish Outside Bar for uptrend continuation only. (And BEarish Outside Bar for downtrend only, ...of course.)

Don't just blindly take them though. You have to be careful of nearby support/resistance.
Bundy's status today: "Waiting..."
  • #61,669
  • Apr 23, 2010 9:20am Apr 23, 2010 9:20am
Breakout with Divg.

Remember Mike's Ucad video.

On your toes guys.
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  • #61,670
  • Apr 23, 2010 9:37am Apr 23, 2010 9:37am
Quoting nasir.khan
That's my problem too.

I am very patient and tolerant person in real life issues.

But when it comes to trading and shopping it's other way around. I buy/sell things when i think i need to without bargaining or waiting for a better deal. Most of the times i am left with high priced stuff and etc. I take trades that i know don't have a good chance to hit even the first trouble area but i take them because i need too/ can't stop myself from doing it.

If you look at my post history more then 70%-80% of the setups i post do work out. But...
Nasir, this resonates with me. Three great trades over the last two weeks week netting 340 pips, with one poor trade losing 200 pips, net result break even.

If only I could be robust and resist the poorer entires - not wanting to be "in the market" whilst others seem to be filling their boots. I guess this is the learning curve.

I have been at James16 for 12 months now (I notice through my trading journal), I will not give up either!

J67
  • #61,671
  • Apr 23, 2010 10:26am Apr 23, 2010 10:26am
Quoting nasir.khan
...If you look at my post history more then 70%-80% of the setups i post do work out. But they ain't the only ones that i take, there are the bad ones too i know won't work out and i don't post them but i take them myself and this is whats killing me...
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You're breaking even Nasir? Wow I thought you were one of the Big Touch Trader of the thread that hit the big buck... Goes to show the difficult learning curve.

I'm the same way though, all of my friends say I'm the most patient guy they've ever meet, but the market brings out the "demon" inside of me, especially right now when the EURUSD Daily has a very good looking pinbar forming

http://www.forexfactory.com/attachme...1&d=1272036050

I hate it when I'm at the office and taking a peak on my charts to only realize that I still have 7 hours left.

I'm guessing the only discovered way to deal with it is to just sit back stage and with the knowledge that you'll eventually get the setup you desire.
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  • #61,672
  • Apr 23, 2010 10:32am Apr 23, 2010 10:32am
BUOB on fib,triple zero and 2 emas...
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PB on weekly R2 with 2 tests (1 test is out of screen, a bit historical)
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PB on monthly S1, TL and psych.
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PB on multiple retests, psych, monthly S1 and 365 ema.
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I got the 76.4 Fibo number from this website.

Reviews are very much appreciated.
  • #61,673
  • Apr 23, 2010 10:36am Apr 23, 2010 10:36am
Demo trade

SHORT

4h
50% retrace
around BRN 1.4500
For quick 4H trade
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  • #61,674
  • Apr 23, 2010 10:58am Apr 23, 2010 10:58am
Quoting Atc
Am I reading this correct on IPB on these two charts E/A and G/CHF

and would these interest you and for what reasons

These are 4H charts
I like these only deep into pull backs and at swing highs and lows.

A further deterring factor for me would be the large BEB and BUB just before the 2 IPBs you referred to.

Not untradabale but definitely far too risky...

g.
I believe . . .
  • #61,675
  • Apr 23, 2010 11:07am Apr 23, 2010 11:07am
Quoting ghous
I like these only deep into pull backs and at swing highs and lows.

A further deterring factor for me would be the large BEB and BUB just before the 2 IPBs you referred to.

Not untradabale but definitely far too risky...

g.
Thanks Ghous for helping my learning process
  • #61,676
  • Apr 23, 2010 11:07am Apr 23, 2010 11:07am
Quoting badhairday
You're breaking even Nasir? Wow I thought you were one of the Big Touch Trader of the thread that hit the big buck... Goes to show the difficult learning curve.

I'm the same way though, all of my friends say I'm the most patient guy they've ever meet, but the market brings out the "demon" inside of me,...
No i did made big money on demo in last 6 months and market was trending hard and I think I squeezed every pip out of it.lol But as I started my live account last week market started ranging. But I am glad I started with a small microlot accout to test my psychology. So I think BE is not bad for these kind of markets in first two weeks.
  • #61,677
  • Apr 23, 2010 11:09am Apr 23, 2010 11:09am
Quoting fxeturn
Thanks!

Okay, I have a question on this, is this a valid setup? A BUOB on a sweetspot and TL, but 23.6 fib is just right above...

Attachment
Hey FX

IF it closes as it it would be a valid BUOB by itself, but the problem is it is not at a swing low(where we want to see them). So if we play it as a continuation you are essentially buying right into that prior high and the 95 mark. Not necessarily long if you believe in the strength of your location(this is what it always comes down to), but we can't ignore that area it is trading into in some sort of manner.

Best
Mike
  • #61,678
  • Apr 23, 2010 11:10am Apr 23, 2010 11:10am
Quoting relyt
I know this is a really old quote but I'm a newb and going through this thread from the start (need all the help I can get).

When James16 says that a BEOVB usually signals a continuation of the current trend does that mean no matter what the trend is?

Or does BEOVB only signal a continuation of a down-trend and BUOVB only signal a continuation of an up-trend?

I'll ask it another way, just to be clear:

Let's say there is an up-trend and we get a BEOVB. Would that still signal a continuation of an up-trend even though it's a "bearish"OVB?
Hi there,

The dominant trend will always matter.

What James means by that post of his is that a BEOVB is normally a good continuation bar when the trend is down and a good reversal bar at a swing high if the trend is up. Conversely a BUOVB is normally a good continuation bar when the major trend is up and a good reversal bar when at a swing low of a downtrend.

here are a few examples.

g.
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I believe . . .
  • #61,679
  • Apr 23, 2010 11:16am Apr 23, 2010 11:16am
does it honestly get any better then this? Just wish my brokers offered this pair
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  • #61,680
  • Apr 23, 2010 11:21am Apr 23, 2010 11:21am
Quoting fxeturn
BUOB on fib,triple zero and 2 emas...
Attachment

PB on weekly R2 with 2 tests (1 test is out of screen, a bit historical)
Attachment

PB on monthly S1, TL and psych.
Attachment

PB on multiple retests, psych, monthly S1 and 365 ema.
Attachment
I got the 76.4 Fibo number from this website.

Reviews are very much appreciated.
Hey FX

Just my views below

Cad/jpy I like much better then the usd/jpy you posted(see above review) because at lesat this time you are trading a breakout into no prior high so you are essentially "breaking" out. But again this is acontinatuation bar which I think overall for newer PA traders is more tricky. But this one I actually like better as it is sitting on a much strong PPZ rather then into one like usd/jpy.

aud/chf closing as a beob on my feed if it closes good I would like this one. Parity level, just fighting a very strong uptrend so manage accordingly

eur/nzd. If pinbar forms its with some massive divergence but also against massive trend. Smaller bar for an extreme reversal, playable to most here. Just manage accordingly

aud/cad - again only if holds would be a pin into a ton of traffic, so it could literally bounce every time. So it would be a trade that needs to be watched very closely and if that left eye type area can't hold it may keep going down. Really tough environment to trade into unless you baby sit it.

Just my views again but long time to go before daily close

Mike
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