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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

  • #65,341
  • Jun 2, 2010 10:24am Jun 2, 2010 10:24am
Quoting supremeChaos
i diagnosed the situation & found the problem.:nerd:

u missed the bold part below, in my response to ertorque

u were aware of ertorque's Fib but u forgot to plot the above fib. this was the fib i was talking about (which i think eventually ertorque realized the same scenario that he was in)
after plotting the above fib, compare it with arctos chart (remember ,turn it upside...
Hi SC,

Thanks for the explanation. I didn't realise that we had to draw the Fibs again.
The proverbial "penny" just dropped.

Once again thanks for your patience.

Cheers,
Novice198
  • #65,342
  • Jun 2, 2010 10:54am Jun 2, 2010 10:54am
Five hours till this bar closes but, if the low of this bar ended up below the previous bar (Just for safety) I would enter it on the break as on the chart.

Probably wake up in the morning to find it has turned into a great Bullish PB. LoL


Any thoughts on this one people?
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  • #65,343
  • Jun 2, 2010 10:57am Jun 2, 2010 10:57am
Quoting joelcf
Australia: just as dull as ever. Might be visiting your part of the world soon, if only for a night or two.

Couldnt have put it better myself. Everyone is in such a hurry to include everything they can, so they dont realise they are just ending up in the same 'indicator hell' that they were trying to escape from.... they have just traded a mess of indicators for a mess of timeframes with conflicting signals, fundamentals they dont understand and approaches that dont mesh.



It's been going really well All the market swings have definitely...

I don't think May was a typical month. Seems a lot of traders did better than usual last month.
  • #65,344
  • Jun 2, 2010 11:01am Jun 2, 2010 11:01am
Quoting Pinbar
USD/CAD is giving me problems trying to place the PPZ on the weekly.
It just ended up with a birdcage.

I need to work out which weekly PPZ to omit and which ones to not omit.

Maybe I even have too many monthly PPZ in red.


Any ideas folks?
I count 7 s/r lines and a bunch of squiggly stuff all over the place. Maybe if you got rid of all that you could see the chart better?

But who knows.
  • #65,345
  • Jun 2, 2010 11:09am Jun 2, 2010 11:09am
Quoting novice198
Hi SC,

Thanks for the explanation. I didn't realise that we had to draw the Fibs again.
The proverbial "penny" just dropped.

Once again thanks for your patience.

Cheers,
Novice198
Hi SChaos, Novice198,

SChaos, you were right. First look at Chart 1 and I say 'not bad' location, the bearish bar hit 50% Fib and close below it signalling that it may likely to resume it's downtrend . Then on remembering James advice (see Chart 2), the bearish bar almost hit 50% level ( this one is drawn differently from the first as rightly pointed out by yourself).

Very good communicating here in this very friendly neighbourhood
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  • #65,346
  • Jun 2, 2010 11:30am Jun 2, 2010 11:30am
[quote=Steve0001;3771445]I can't help but notice that there are other divergences in your chart (CADCHF, Daily bars) which you did not highlight (Look at Dec-Jan and Feb-Mar time periods). What happened with those divergences? The pair did not reverse, but merely paused before continuing its relentless drive upward. Divergences of course do not indicate a reversal is imminent, but only that there has been a lessening of momentum. Maybe there are indications of reversal now (PA) that weren't there before, but the trade you are contemplating is still CT. If you take it, I hope you get as good entry and make it to BE.[/qu



I didn't enter the trade because the Pin bar has become a beautiful Bullish Bar....
Patience is essential
  • #65,347
  • Jun 2, 2010 11:47am Jun 2, 2010 11:47am
Quoting EasySt
I count 7 s/r lines and a bunch of squiggly stuff all over the place. Maybe if you got rid of all that you could see the chart better?

But who knows.
And just what do you think the "squiggly stuff is"?

Perhaps we need the "Squiggly stuff" because it is Price.



I am showing the price like this as it is the suggested manner in which to draw PPZ.

Now, my problem is not the squiggly stuff but which squiggly bit to not draw the PPZ on.
  • #65,348
  • Jun 2, 2010 12:00pm Jun 2, 2010 12:00pm
Just glanced the H4, to see what was going on here on the Daily.
Hold that BOOT......I only Glanced to see what this daily massive BEOB was.

On H4, we had DBH right off the 38.2 fibo, followed by an IB7 which broke and PA burst through the 38.2 & 50 fibo confluence.

Can't post a chart though....
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  • #65,349
  • Jun 2, 2010 12:29pm Jun 2, 2010 12:29pm
Quoting Pinbar
Just glanced the H4, to see what was going on here on the Daily.
Hold that BOOT......I only Glanced to see what this daily massive BEOB was.

On H4, we had DBH right off the 38.2 fibo, followed by an IB7 which broke and PA burst through the 38.2 & 50 fibo confluence.

Can't post a chart though....
Watch out, there's a boot about!

G
"Fail to prepare, prepare to fail."
  • #65,350
  • Jun 2, 2010 2:40pm Jun 2, 2010 2:40pm
Quoting Dan Gilbert
ok, once again, I4Bs straddling VBRNs prove successful.

I got out at B/E on this, but price did in fact later hit what would have been my final t/p target.

I will have to put the I4+Bs at VBRNs in the A catagory setup. This one sure prove to be a great one Dan. ( The previous bullish PB didn't hurt.)
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Indicators show the past. Price Action "Indicates" the future.
  • #65,351
  • Jun 2, 2010 2:52pm Jun 2, 2010 2:52pm
Quoting jarroo
I will have to put the I4+Bs at VBRNs in the A catagory setup. This one sure prove to be a great one Dan. ( The previous bullish PB didn't hurt.)
THis has been on my to do list for a few years now. We need longer days or something
  • #65,352
  • Jun 2, 2010 2:56pm Jun 2, 2010 2:56pm
Quoting mbqb11
THis has been on my to do list for a few years now. We need longer days or something
Let me guess how that list catagory would look like Mike:

1. VBRN + I4+B. (check)

2. VBRN + . . .

3. VBRN + . . .

lol . .Don't get me wrong . . . I want to see your list . . .lol


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #65,353
  • Jun 2, 2010 3:34pm Jun 2, 2010 3:34pm
Quoting jarroo
Let me guess how that list catagory would look like Mike:

1. VBRN + I4+B. (check)

2. VBRN + . . .

3. VBRN + . . .

lol . .Don't get me wrong . . . I want to see your list . . .lol


Jim
hahaha yep pretty much my friend, you know me to well. What can I say, I have my thing
  • #65,354
  • Jun 2, 2010 3:41pm Jun 2, 2010 3:41pm
Here is the wkly and a few daily charts of the EUR/AUD that has caputured my curiousity

1st in a downtrend
wkly spike long with an inside bar

Daily I see to huge spike long bars with several days of rejection lower to the BRN 1.45

Sorry the Fibs didn't come out but the DBHLC(still hasn't closed) and a double pin smacks into BRN and opposing Fibs (50% and 61.8).

My bias is with the downtrend...wouldn't trade because to much thought on this....

Just thought I would share for discussion...trying to gain some insights
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  • #65,355
  • Jun 2, 2010 3:42pm Jun 2, 2010 3:42pm
Quoting jarroo
I will have to put the I4+Bs at VBRNs in the A catagory setup. This one sure prove to be a great one Dan. ( The previous bullish PB didn't hurt.)

discretion is still required. there have been some I passed on (which turned out to be a good thing that I didn't trade them)....


Also I have narrowed my tradeable pairs down to 7, and also changed my management method... makes my life a lot easier.


I think my variation of J16 is finally fitting my personality (although it's starting to stray a bit from what is in this thread in some ways).... took a damn long time.



EVERYONE BUY THIS:

http://www.amazon.com/Market-Wizards...5511179&sr=8-1
Many choose unhappiness over uncertainty.
  • #65,356
  • Jun 2, 2010 3:48pm Jun 2, 2010 3:48pm
Quoting Dan Gilbert
discretion is still required. there have been some I passed on (which turned out to be a good thing that I didn't trade them)....


Also I have narrowed my tradeable pairs down to 7, and also changed my management method... makes my life a lot easier.


I think my variation of J16 is finally fitting my personality (although it's starting to stray a bit from what is in this thread in some ways).... took a damn long time.



EVERYONE BUY THIS:

http://www.amazon.com/Market-Wizards...5511179&sr=8-1...
Well said Dan.


Got it.
Indicators show the past. Price Action "Indicates" the future.
  • #65,357
  • Jun 2, 2010 3:48pm Jun 2, 2010 3:48pm
Quoting jarroo

1. VBRN + I4+B. (check)


Jim
What does the "+B" mean? I4B is it the same thing?
  • #65,358
  • Jun 2, 2010 3:59pm Jun 2, 2010 3:59pm
Quoting Atc
What does the "+B" mean? I4B is it the same thing?
Its just to show that the Inside Bar is smaller in range more than just 4 previous bars. The Gbp/Jpy Daily IB was (I believe) an I17B. So the "4+" means that the range is smaller then "4 or more" previous bars.
Indicators show the past. Price Action "Indicates" the future.
  • #65,359
  • Edited 5:41pm Jun 2, 2010 4:04pm | Edited 5:41pm
Hi guys, new here, I've been reading up on price action from various places and started reading through this thread, nearly finished one the summary ... i was just wondering if someone could help me analyse a trade that i thought was a good setup but ended up being the opposite. So the chart below shows a nice pinbar with a long nose and an open and close within the previous bar range, it is also in 'space' and has bounced of old support/resistance. These are the good points. But im strugling to identify why this would have been a not so good trade. Obvioulsy this pin bar formed within a long term downtrend. Does this mean we only trade setups that are with the main trend. I would of thought a pinbar like this would have pushed price further up and then mabey created higher lows and lower highs. Anyway, if anyone could offer some advice as to what was wrong with this setup i would grealty appreciate it.

By the way i did not actually take this trade as i am still learning and simpy analysing the charts before i start to demo.

here is the chart on the Daily, First one is zoomed out and second zoomed in slightly.





Thanks

Dan

Edit: charts removed as they were too large
The chart was the daily on 'Cable'
  • #65,360
  • Jun 2, 2010 4:06pm Jun 2, 2010 4:06pm
Quoting Atc
Here is the wkly and a few daily charts of the EUR/AUD that has caputured my curiousity

1st in a downtrend
wkly spike long with an inside bar

Daily I see to huge spike long bars with several days of rejection lower to the BRN 1.45

Sorry the Fibs didn't come out but the DBHLC(still hasn't closed) and a double pin smacks into BRN and opposing Fibs (50% and 61.8).

My bias is with the downtrend...wouldn't trade because to much thought on this....

Just thought I would share for discussion...trying to gain some insights

I understand your downtrend bias, but the BIG DBLHC on the Weekly could be trend changer. It sure is big enough. Some clear Bullish PA at the 1.4500 would peak my interest.
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Indicators show the past. Price Action "Indicates" the future.
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