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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

  • #64,401
  • May 20, 2010 9:19am May 20, 2010 9:19am
huhhhhh, what a good encourage, brother. you know something, the secret of trading I discovered recent is to get rid of redundant behavior. this sounds simple, but, really a long journey to me.



[quote=Dan Gilbert;3741926]
Quoting jeurre
to be honest, I don't know why enterred there except seeing the trendline and the magnitude of drop today, thought it's cheap to buy, geeee,what a mess ...... luckly I got 60 pips in profit and set stop to BE, the bad news is the stop was hit just now, so, no gain no loss. I consider this as impulse trade, forget about it.

you are absolutely right, there must be more reasons to justify an entry. I am learning this the hard way






something that is completely falling off a cliff like this, you are better...
  • #64,402
  • May 20, 2010 9:28am May 20, 2010 9:28am
Quoting skinfx
Hi Jim, Do we consider the 4hr gbpjpy PB at swing high?

The 4 Hour gbpjpy is actually a BEOB that looks like a PB ( my favorite kind of outside bar ). No, it's not at a swing High. Its more of a continuation setup with a wedge breakout kicker.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,403
  • May 20, 2010 9:33am May 20, 2010 9:33am
im still reading yesterdays posts, i was busy, meanwhile id like to share this:

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many pips
  • #64,404
  • May 20, 2010 9:39am May 20, 2010 9:39am
Quoting jeurre
hi, jarroo, brother, how are you today ! thanks for letting me think the same way as you are
Edit: I meant capital preservation

A lot of traders think that way . . well, at least the good ones do. The free trade approach is a great way of doing just that. Not sure why more traders don't apply it but maybe they do.
Indicators show the past. Price Action "Indicates" the future.
  • #64,405
  • May 20, 2010 9:41am May 20, 2010 9:41am
Quoting jarroo
The 4 Hour gbpjpy is actually a BEOB that looks like a PB ( my favorite kind of outside bar ).....
one of those that i call 'hybrids'
so u like hybrids too huh
  • #64,406
  • May 20, 2010 9:49am May 20, 2010 9:49am
Quoting supremeChaos
one of those that i call 'hybrids'
so u like hybrids too huh
Yeah lol. The Eur/Aud July 13th 2009 Daily BEOB (PB looking) comes to mind.
Indicators show the past. Price Action "Indicates" the future.
  • #64,407
  • May 20, 2010 9:50am May 20, 2010 9:50am
Quoting emiliolopez
im still reading yesterdays posts, i was busy, meanwhile id like to share this:


many pips
PA Rules!
Indicators show the past. Price Action "Indicates" the future.
  • #64,408
  • May 20, 2010 9:54am May 20, 2010 9:54am
Quoting jarroo
The 4 Hour gbpjpy is actually a BEOB that looks like a PB ( my favorite kind of outside bar ). No, it's not at a swing High. Its more of a continuation setup with a wedge breakout kicker.
just a question:
the lower trendline was violated by two wicks. is it still valid then?
meine augen sind die sterne
  • #64,409
  • May 20, 2010 9:56am May 20, 2010 9:56am
Quoting jarroo
Yeah lol. The Eur/Aud July 13th 2009 Daily BEOB (PB looking) comes to mind.

Hey Mauzzz. Here's another example of an A++ setup.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,410
  • May 20, 2010 10:03am May 20, 2010 10:03am
Quoting Dan Gilbert
stupid EURJPY out at B/E.... I hate this because I am so confident that thing is headed for 110.....
you were right! again!
  • #64,411
  • May 20, 2010 10:05am May 20, 2010 10:05am
Quoting aserbfx
just a question:
the lower trendline was violated by two wicks. is it still valid then?
To an engineer . . . yes . . . in would be invalid. Sorry no offence.

Trendlines can be very subjective. I may have taken trader's descretion on the validity of the trendline. The breaking of the wedge pattern gave additional confluence to the BEOB when it broke.
Indicators show the past. Price Action "Indicates" the future.
  • #64,412
  • May 20, 2010 10:10am May 20, 2010 10:10am
Quoting emiliolopez
you were right! again!
I was so frustrated I got stopped at B/E on that trade lol.... pretty obvious what was going to happen. Oh well.
Many choose unhappiness over uncertainty.
  • #64,413
  • May 20, 2010 10:11am May 20, 2010 10:11am
Quoting Dan Gilbert
it's these damned rules that I am not smarter than!
lol
  • #64,414
  • May 20, 2010 11:01am May 20, 2010 11:01am
Dan, think you might be interested in this potential IB4. Straddling BRN. check this out if you haven't already done so.
Wonder if it will hold and form an IB till the close of the bar.

CY
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  • #64,415
  • May 20, 2010 11:14am May 20, 2010 11:14am
Quoting ertorque
Dan, think you might be interested in this potential IB4. Straddling BRN. check this out if you haven't already done so.
Wonder if it will hold and form an IB till the close of the bar.

CY
I would never take it short.

and I think there's better opportunity in the current market condition than that I4B for a long position. If it breaks south first, then starts to head back up, I think I would CONSIDER buying it as it breaks the old high.

Just a trend-continuation method in the current market.

Newer traders need to understand that the whole market is inter-twined and right now with extreme volatility, and even stronger trends, PA might not be very reliable, but the GENERAL market condition is (especially on currencies)
Many choose unhappiness over uncertainty.
  • #64,416
  • May 20, 2010 11:43am May 20, 2010 11:43am
Have you seen Buob on eur / usd?
the pattern is still valid?
  • #64,417
  • May 20, 2010 11:50am May 20, 2010 11:50am
The chatroom on the guest side of the site will be up and running soon. It wont be open 24/7 but will be used to meet for guest webinars and normal chat sessions. My hope is you old timers will make use of it.

I have recently purchased the omnovia software for voip/white board/screen sharing/chatroom.

It is super simple.

You old timers can use it anytime you want.

I will be posting more about it soon.

Jim
  • #64,418
  • May 20, 2010 12:31pm May 20, 2010 12:31pm
Quoting jarroo
Mine was to perserve capital as well. I just perserved it alot sooner.

34 pips on the 1st half, 75 pips on the 2nd half. I could have held on to it longer but that wasn't my plan. (2nd target was 1.6507, I always low ball my tragets.)

Its a great way to trade.
Hi jim, may i know wat setup you look for on this trade u took. Izzit the PB? Cos i am thinking the left eye is too near to the nose, so not sure if it is still a vaild pin.
  • #64,419
  • May 20, 2010 12:32pm May 20, 2010 12:32pm
Quoting jarroo
Hey Mauzzz. Here's another example of an A++ setup.
Thanks for the example, Jim. The GBP/JPY trade didn't work out.
  • #64,420
  • May 20, 2010 12:41pm May 20, 2010 12:41pm
Does anyone here who uses this know how to change the default settings? I do not have the MQ4 file, is it available?

Thanks
av8r
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