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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

  • #61,881
  • Apr 26, 2010 9:01am Apr 26, 2010 9:01am
Quoting 2010
hi, senior traders,

I am demo trading G/U on 4hr chart, is this a valid IPB? By now it looks ok, but need your comments.

Thanks in advance.

Jason
Well if it had formed @1.5500 (near swing point) then it would've been very interesting with chances to hit 435-430.

IMHO

Lets see what Ghous have to say.
.
  • #61,882
  • Apr 26, 2010 9:04am Apr 26, 2010 9:04am
Good afternoon everyone, from GMT +2!

I´m very interested in your thoughts about the EURGBP D1 BUOB. It is pretty similar to GBPCHF, 1 day reversal at Weekly TL. To me, wonderful trades both.

I didn´t take red pips, thanks to buffer-entries, but i´ve been thinking my ass off that am i doing something wrong or is it just an example that "you never know.." exists. Now, both are confirming breakouts through Weekly TLs..

Thanks in advance!

Nuc
  • #61,883
  • Apr 26, 2010 9:05am Apr 26, 2010 9:05am
Quoting bundyraider
I think most us Aussies are just good at dribbling s___. lol

Damn (again)

why did't i said this.
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  • #61,884
  • Apr 26, 2010 9:07am Apr 26, 2010 9:07am
Quoting nasir.khan
Well if it had formed @1.5500 (near swing point) then it would've been very interesting with chances to hit 435-430.

IMHO

Lets see what Ghous have to say.
.
I think I got your point. 1.5500 is a good location to play if an IPB formed.

Thank you Nasir.
  • #61,885
  • Apr 26, 2010 9:22am Apr 26, 2010 9:22am
Quoting nuclear62
Good afternoon everyone, from GMT +2!

I´m very interested in your thoughts about the EURGBP D1 BUOB. It is pretty similar to GBPCHF, 1 day reversal at Weekly TL. To me, wonderful trades both.

I didn´t take red pips, thanks to buffer-entries, but i´ve been thinking my ass off that am i doing something wrong or is it just an example that "you never know.." exists. Now, both are confirming breakouts through Weekly TLs..

Thanks in advance!

Nuc
Well in the first place you don't have to think too much cause both OB's were not confirmed so they are not valid trades.

But i think GAP on GC spoiled the party pretty much.

The Advantage of BRN @ 1.65 was turned against the BEOB cause of this GAP.

Just my opinion

i hope a senior will make pretty much clearer to you.
.
  • #61,886
  • Apr 26, 2010 9:25am Apr 26, 2010 9:25am
Quoting 2010
hi, senior traders,

I am demo trading G/U on 4hr chart, is this a valid IPB? By now it looks ok, but need your comments.

Thanks in advance.

Jason
I like that stop placement.

I mentioned earlier that I like IPBs which have their shorter wicks inside the range of the previous bar as I can then place my stop above the previous bar's low/high for added security.

this one was a good example, I didn't take it but should be fun to watch how it unfolds.

g.
Attached Image (click to enlarge)
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I believe . . .
  • #61,887
  • Edited 9:47am Apr 26, 2010 9:36am | Edited 9:47am
Quoting supremeChaos
u have an excellent idea of what is important.
the rest on the list are derivatives of price, so u can use them & place weight on them for yourself (personal taste).

about pins, the right eye is the current price. sometimes the right eye is the bar/candle where price moves in your favor. sometimes the right eye is a bar that stall/ranges/retraces into the pin (or any other trade setup we trade here, for that matter) before price eventually goes in your favor.

Hope this helps a bit.
& Welcome!
Thanks for the response. I understand that as the right eye is forming, it's the current price; my question is, when should I be entering the trade? For example:

1. As soon as the pinbar has formed (i.e. we are at the end of the particular time period, about to switch to the one that will form the right eye).

2. Part way through the formation of the right eye if it looks to be moving in a favourable direction?

3. Once the right eye is fully formed and things are going in the right direction?

4. At some other point!?
  • #61,888
  • Apr 26, 2010 9:44am Apr 26, 2010 9:44am
Quoting ghous
I like that stop placement.

I mentioned earlier that I like IPBs which have their shorter wicks inside the range of the previous bar as I can then place my stop above the previous bar's low/high for added security.

this one was a good example, I didn't take it but should be fun to watch how it unfolds.

g.
hi, ghous,
Thank you for the comment
Your data feed is a little bit different with the chart I posted (FXPro). My question is, if the close price of the IPB is higher than the close of the previous bar, is the IPB still good?
Attached Image
  • #61,889
  • Edited 11:34am Apr 26, 2010 10:38am | Edited 11:34am
My take on the AUDCHF:
BUOB on 4hr. Will probably close under well respected BRN 1.0000. Price did not make it to the last high. Next TFA @ 0.9935 (not marked on attached chart).

What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: 100426_audchf_01.gif Size: 35 KB
Thanks J16, Sam Seiden, Udine and Jacko
  • #61,890
  • Apr 26, 2010 10:40am Apr 26, 2010 10:40am
Quoting ghous
You have your 500 Dan.

g.
sell limit @ 500.00, S/L @ 510, trouble areas highlighted.
Attached Image
Many choose unhappiness over uncertainty.
  • #61,891
  • Apr 26, 2010 11:40am Apr 26, 2010 11:40am
Quoting Dan Gilbert
sell limit @ 500.00, S/L @ 510, trouble areas highlighted.
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I believe . . .
  • #61,892
  • Apr 26, 2010 11:41am Apr 26, 2010 11:41am
Quoting ghous
how the hell.... I don't even.... ?????

I cannot understand what happend there....
Many choose unhappiness over uncertainty.
  • #61,893
  • Apr 26, 2010 11:45am Apr 26, 2010 11:45am
Quoting 2010
hi, ghous,
Thank you for the comment
Your data feed is a little bit different with the chart I posted (FXPro). My question is, if the close price of the IPB is higher than the close of the previous bar, is the IPB still good?
It is still good. What makes or breaks an IPb setup IMHO is the length of the longer wick on the IPB. The body and the other wick have to be small of course but what I really look for is a long tail which preferably covers most part of the previous bar (the bar before the IPB)

The Gu IPB would hence qualifies as a good setup in my book.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 21 KB
I believe . . .
  • #61,894
  • Apr 26, 2010 11:47am Apr 26, 2010 11:47am
Quoting Dan Gilbert
how the hell.... I don't even.... ?????

I cannot understand what happend there....
Do we care?

It's PA at its very best for us.

Great trading Dan
I believe . . .
  • #61,895
  • Apr 26, 2010 11:53am Apr 26, 2010 11:53am
Quoting ghous
Do we care?

It's PA at its very best for us.

Great trading Dan
I like to know just so I know... I mean the US market hadn't even opened yet, and it's monday, so that leaves me wondering.
Many choose unhappiness over uncertainty.
  • #61,896
  • Apr 26, 2010 12:01pm Apr 26, 2010 12:01pm
Quoting ghous
It is still good. What makes or breaks an IPb setup IMHO is the length of the longer wick on the IPB. The body and the other wick have to be small of course but what I really look for is a long tail which preferably covers most part of the previous bar (the bar before the IPB)

The Gu IPB would hence qualifies as a good setup in my book.

g.
Hi ghous,
Thanks for your detailed explanation. I appreciate it.
  • #61,897
  • Apr 26, 2010 12:07pm Apr 26, 2010 12:07pm
Hey Daneel

There is good news and bad news to your question. The good news is the weight you assign to things is totally personal and comes from time and experience. The bad news is that means there is no clear and cut answer. For me personally it depends on the situations. There are times when PA alone is enough to get me in a trade. There are times when I have all kinds of great things lining up and PA isn't good enough so I won't enter. It just varies so much for me that I try to be flexible to the situation and when things do align in a way that is good then I am willing to enter. I often get asked the question if I have a checklist before entering, and I think as a discretionary trader that can almost hurt you more then help. I think it is good to have general guidelines. What I mean is various traders here do certain similar things. Be it they love Fibs, or they live trendlines, or they love Divergence with all their trades. That is good b/c it helps you from over trading and you begin to look for the same general things. But in terms of weight it is difficult to give to much of an accurate generalization. S/R is probably number one to me b/c this is where we "see" supply and demand. But it is also only a piece to the larger puzzle.

As for where to enter. There are various ways. The most common way and traditional is to wait for a break of the bar. What a break of the bar means is say you have a pinbar to go short. You enter when the Low is broken on the bar. So you are not waiting for the right eye to form you are entering usually on that next bar. Of coruse many enter on retracements or some on the close. Their are drawbacks and advantages to each.

Hope this helps and good luck
Mike

Quoting Daneel
I'm new to forex trading, as well as this forum and have been studying James' method for the past few weeks....
  • #61,898
  • Apr 26, 2010 12:12pm Apr 26, 2010 12:12pm
Quoting nuclear62
Good afternoon everyone, from GMT +2!

I´m very interested in your thoughts about the EURGBP D1 BUOB. It is pretty similar to GBPCHF, 1 day reversal at Weekly TL. To me, wonderful trades both.

I didn´t take red pips, thanks to buffer-entries, but i´ve been thinking my ass off that am i doing something wrong or is it just an example that "you never know.." exists. Now, both are confirming breakouts through Weekly TLs..

Thanks in advance!

Nuc
Hey Nuc

I don't want to scare you off friday bars, just many times fridays are profit taking days instead of true buying and selling. People don't want to have risk over the weekend they take their positions off the table(as the main trend was clearly down so profit taking means price moves higher). Then when the market re-opens people are looking to restablish their positions back with the flow and price moves lower. This is why buffer are so important to me as well. Highs and lows hold very important meanings in the market. You did nothing wrong here and its just time to wait for the next one.

Best
Mike
  • #61,899
  • Apr 26, 2010 1:14pm Apr 26, 2010 1:14pm




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I believe . . .
  • #61,900
  • Apr 26, 2010 1:37pm Apr 26, 2010 1:37pm
Many thanks for your reply Mike. I think I'm going to like it here, everyone seems friendly and courteous
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