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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

  • #66,141
  • Jun 13, 2010 7:07am Jun 13, 2010 7:07am
Anyone looking at the BEOB on USDCAD weekly? Does it look like it's settling back into the bear trend on it's way back to parity?

The H&S on the daily has broken the neckline which is in confluence with the 50.fib. I'm thinking sell @ 1.0275 - FTA 1.0200 S/L @ 1.0450, then at 1.0200 move the rest to B/E and go for parity?

If the H&S on the daily works out then I make the ultimate downside objective 565 pips
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Anything can happen.
  • #66,142
  • Jun 13, 2010 7:17am Jun 13, 2010 7:17am
Does anyone like this weekly pin on NAS100. Looks like a correction back into a pretty strong uptrend.

The daily shows a double bottom and price look slike it could be headed back to the trendline. target 1900?
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Anything can happen.
  • #66,143
  • Jun 13, 2010 7:21am Jun 13, 2010 7:21am
ddinov,
that may be a continuation BEOB.
who knows u might achieve your objective. ANYTHING is possible.
watch if cad continues its strength... next week, onwards.


Quoting ddinnov
Does anyone like this weekly pin on NAS100. Looks like a correction back into a pretty strong uptrend. ...
i dont trade this, but..
pretty small pin.
it is embedded in the prior bar.. in other words it is not protruding away from prior bars ---- not an ideal pin.
this may be a pause pin (pause in a trend).... may or may not make a (significant) bounce.

if i were to make a decision, i will not trade this weekly pin. i'll be inclined to look for shorts on any (upward) rally price creates off this pinbar.
  • #66,144
  • Edited 7:52am Jun 13, 2010 7:37am | Edited 7:52am
Quoting six gun
Ghous put a link to his piece on ipb's
....
Does anyone have the link please?
try here
i think it's best to read all posts (by everyone, specially by Ghous) about the subject


Quoting Atc
Ghous or others who take IPB's
Looking back---
Would you consider this a good IPB
even though it closed above 1.06 level?
....
i do not have extensive experience with IPBs,
but personally i will take such setups...
(considering the confluences u've mentioned &) regardless of price closing "above 1.06 level" (knowing PPZs are areas, not specific prices).
what i will do is watch PA on Daily and H1/H4 to see how price reacts at 1.0600 & how price closes [i often project in my mind how price will close (example, "will the H4/Daily have a possibility to close as a PB, IPB, etc?") ]... & try to get in on a short as early as possible (example.... a few seconds, minutes or hours prior the IPB complete formation)
that is just me
  • #66,145
  • Jun 13, 2010 8:42am Jun 13, 2010 8:42am
supremeChaos - many thanks for that.

I wanted the definitive description and then backtest them.
  • #66,146
  • Jun 13, 2010 9:11am Jun 13, 2010 9:11am
SupremeCappreciate your time!


Quoting supremeChaos
try here
i think it's best to read all posts (by everyone, specially by Ghous) about the subject



i do not have extensive experience with IPBs,
but personally i will take such setups...
(considering the confluences u've mentioned &) regardless of price closing "above 1.06 level" (knowing PPZs are areas, not specific prices).
what i will do is watch PA on Daily and H1/H4 to see how price reacts at 1.0600 & how price closes [i often project in my mind how price...
  • #66,147
  • Jun 13, 2010 9:36am Jun 13, 2010 9:36am
Quoting Atc
Ghous or others who take IPB's

Looking back---
Would you consider this a good IPB
even though it closed above 1.06 level?

it appears that it had a good location with confluences
with dominant trend,365ma, 61.8 fib

Thx
Confluence laden zone for sure, but too much choppiness for my liking. Also the IPB had more of an indecision bar type look with that shorter wick extending to the upside more than I would have liked.

Worked out fine but an easy pass for me.

g.
I believe . . .
  • #66,148
  • Jun 13, 2010 9:40am Jun 13, 2010 9:40am
Quoting six gun
Ghous put a link to his piece on ipb's
I skim read it but wanted to do a proper read.
Now I can't find it now.
Does anyone have the link please?
This should get you started.

http://www.forexfactory.com/showpost...ostcount=52647

g.
I believe . . .
  • #66,149
  • Jun 13, 2010 11:27am Jun 13, 2010 11:27am
Quoting ghous
This should get you started.

http://www.forexfactory.com/showpost...ostcount=52647

g.
Cheers ghous!
  • #66,150
  • Jun 13, 2010 11:38am Jun 13, 2010 11:38am
Thanks for your reply

Quoting ghous
Confluence laden zone for sure, but too much choppiness for my liking. Also the IPB had more of an indecision bar type look with that shorter wick extending to the upside more than I would have liked.

Worked out fine but an easy pass for me.

g.
  • #66,151
  • Jun 13, 2010 2:36pm Jun 13, 2010 2:36pm
Quoting jarroo
...
I'm sure if Rac sees this post, he'll smile .
good, ooold days

Quoting jarroo

..

Funny how the "KaBoom" (albeit a minor one) happened when Price hit the 1.2150, not a pip less. Interesting.

It is funny..

.
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  • #66,152
  • Jun 13, 2010 3:51pm Jun 13, 2010 3:51pm
I'm thinking about buying at market open with stop below Thursday's low.
What do you guys think?
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  • #66,153
  • Jun 13, 2010 3:56pm Jun 13, 2010 3:56pm
Hi everyone

It's my first post , I interested this thread very well {watched longer time} and I think I see some interesting EURGBP weekly.

any comments, please?
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  • #66,154
  • Jun 13, 2010 4:01pm Jun 13, 2010 4:01pm
Quoting g_j_hook@yah
As well as leaving your TLs that have multiple touches try connecting the last two obvious swing high point as soon as they have happened to make a fresh line. Its the third touch that usually gets the reaction we want and then i personaly wait to see if it holds up on the next approach to see if it is worth keeping on my chart. see the chart for an example of how i plot them......
That's great info thanks jon

I'd often notice the 3rd touch was the best but drawing an additional TL from the last 2 swings is not something I'd done or considered and I can see from the charts it's certainly another tool to keep.
  • #66,155
  • Edited 4:46pm Jun 13, 2010 4:29pm | Edited 4:46pm
4 hour BEOB from last week has a high that is not broken yet. Price gapped higher tonight. Entry a few pips from the high with stop just above the BEOB with a very low risk % position.

I quite often take these entries near a price action bar extreme. Stopped out sometimes but some real nice runners. It's all about managing risk.

15 pip stop loss. EURJPY also has a reasonable spread for these kind of trades with tight stop loss @ 3 pips spread even on sunday night.
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  • #66,156
  • Jun 13, 2010 5:12pm Jun 13, 2010 5:12pm
Quoting fxprocessor
4 hour BEOB from last week has a high that is not broken yet. Price gapped higher tonight. Entry a few pips from the high with stop just above the BEOB with a very low risk % position.

I quite often take these entries near a price action bar extreme. Stopped out sometimes but some real nice runners. It's all about managing risk.

15 pip stop loss. EURJPY also has a reasonable spread for these kind of trades with tight stop loss @ 3 pips spread even on sunday night.

Price may go lower but I am out for a nice 1.75 r win to start the week. It may be the only trade I take all week if nothing else good comes along :-)

I never go for the full gap fill as it is not alway filled to the pip.

There are many ways to use what James teaches here and in the PF when you gain experience with the material.
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  • #66,157
  • Jun 13, 2010 6:11pm Jun 13, 2010 6:11pm
One more post before sleep.

This is why I never wait for a full gap close.....

James teaches us to watch for bar highs when taking profit and these gap fill bar highs are more powerfull than any other I have observed.
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  • #66,158
  • Jun 13, 2010 6:15pm Jun 13, 2010 6:15pm
I am looking at various commodity futures. I have a spread betting platform and these are included.

cotton showed itself.

There is a nice bearish pin bar.
The first level of resistance would be 80.0.
TP1 would be there.

With a bit of luck price may get down to 76.90.
Ignoring the spread this is a 450 pip move.

According to Barchart.com cotton is a BUY.
Doesn't look to be a buy to me - looks to be a clear SELL.
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  • #66,159
  • Jun 13, 2010 7:13pm Jun 13, 2010 7:13pm
Quoting fxprocessor
Update on this one. My trade decision was spot on but I managed to cut it at break even just before it ran. I little bit fast on the break even. It's been a decent trading week though so no complaints.


There is no reason that this won't go on a real nice run now as it is most certainly with the trend.
Nice I4B round number these things can run!
  • #66,160
  • Jun 13, 2010 7:15pm Jun 13, 2010 7:15pm
Quoting forexben
Anyone like shorting the AUD at 8500? Strong resistance, 38 fib.....No real other PA though.
Pretty solid block of consolidation, if price breaks up it can turn into some nice support.
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