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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

  • #67,021
  • Jun 22, 2010 3:27pm Jun 22, 2010 3:27pm
Quoting mbqb11
Lets compromise . Somewhere b/w good/great - great

I have made some progress Mike . . Thanks to you . . . I've moved from "so-so" to "pretty good" .
Indicators show the past. Price Action "Indicates" the future.
  • #67,022
  • Jun 22, 2010 3:31pm Jun 22, 2010 3:31pm
Quoting jarroo
I have made some progress Mike . . Thanks to you . . . I've moved from "so-so" to "pretty good" .
I don't think you were ever so-so
  • #67,023
  • Jun 22, 2010 3:31pm Jun 22, 2010 3:31pm
Quoting proletary
Yep, you just created a crude model describing how crowd psychology works. BTW pinbars and beob/buob aren't exactly something new. Lot's of people are using them in different systems, not necessarily j16 followers. Those bar formations are simply reliable, so the chain reaction (compouding of orders) is magnified. Everything lasts until there is no one left to sell/buy from OR a market maker places a significant buy order, disrupting the chain reaction.





This can't go forever because at some point Jaroo says: "Look out! FTA!" And...

lol
Indicators show the past. Price Action "Indicates" the future.
  • #67,024
  • Jun 22, 2010 3:32pm Jun 22, 2010 3:32pm
Quoting mkpkelly
Has any one seen the GBP/CHF daily? This looks like a A+ setup.

Can anyone comment?

Quick look at this I see an easy pass for my trade style. It does not stand out. It may work out well but too small for me.
  • #67,025
  • Jun 22, 2010 3:33pm Jun 22, 2010 3:33pm
Quoting mbqb11
I don't think you were ever so-so

Oh yes I was.
Indicators show the past. Price Action "Indicates" the future.
  • #67,026
  • Jun 22, 2010 3:37pm Jun 22, 2010 3:37pm
Quoting mbqb11
Hey Possmer

These are the things you have to test if you are going to move your stop down...

Best
Mike
Great advice, thanks.
  • #67,027
  • Jun 22, 2010 3:41pm Jun 22, 2010 3:41pm
Thank you, Jarroo. I'll keep a keen eye on GU. Maybe I'll learn too see the things that you are seeing.
If you don't risk, you don't ever have to lose.
  • #67,028
  • Jun 22, 2010 3:43pm Jun 22, 2010 3:43pm
Quoting mkpkelly
Has any one seen the GBP/CHF daily? This looks like a A+ setup.

Can anyone comment?
I see what you mean with the pin like bar off 1.63 on the daily.

My reasons for not taking that would be PPZ at BRN 1.65 before a 1:1 risk/reward on the trade if you entered on the break of the high of the bar. I don't like the wick on top of the bar either.

I think I'm being so picky I may never take a trade again
  • #67,029
  • Jun 22, 2010 3:47pm Jun 22, 2010 3:47pm
Quoting Dan-FX
I see what you mean with the pin like bar off 1.63 on the daily.

My reasons for not taking that would be PPZ at BRN 1.65 before a 1:1 risk/reward on the trade if you entered on the break of the high of the bar. I don't like the wick on top of the bar either.

I think I'm being so picky I may never take a trade again
Interesting.....
Notice also the breakout is at the 0.50 Fib
I am so out of date that I have not yet caught the Millennium Bug.
  • #67,030
  • Jun 22, 2010 3:52pm Jun 22, 2010 3:52pm
Quoting Atc
Sorry people I'm at work...not enough time to do pros and cons...thought I'ld share this EUR/CAD 8hr dblhc and Daily small pin ...pretty good location off the 1.25 area but against the trend

Daily chart please look for yourself it messed up on me

GTG...Happy trading

The down trend is pretty strong, to say the least. Look at all those BUBs in purple and that couldn't even turn it around.

The 8 Hour DBLHC is trading right into a PPZ level. Maybe a 1-2-3 bottom forming ?? That down trend looks pretty hard to fight without some stellar Bullish PA.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,031
  • Jun 22, 2010 4:04pm Jun 22, 2010 4:04pm
Quoting mkpkelly
Has any one seen the GBP/CHF daily? This looks like a A+ setup.

Can anyone comment?
Well there is a bullish bar.
The wick is not particularly long.
Look at some wicks from 5th May - now that is a long wick for an A+ trade.
The wick has come off 1.63 and this is acting as support.

There was a similar situation back in January which resulted in a really nice bull run.
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  • #67,032
  • Jun 22, 2010 4:09pm Jun 22, 2010 4:09pm
Quoting datogio
I'll do my best, but sometimes I hesitate don't want to make any harm to newcomers.

Here's one that I missed datogio. Multi confluences, lining up with PA confirmation.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,033
  • Jun 22, 2010 4:13pm Jun 22, 2010 4:13pm
Quoting jarroo
The down trend is pretty strong, to say the least. Look at all those BUBs in purple and that couldn't even turn it around.

The 8 Hour DBLHC is trading right into a PPZ level. Maybe a 1-2-3 bottom forming ?? That down trend looks pretty hard to fight without some stellar Bullish PA.
That PPZ is what makes me hesitate...so not comforting to trade.
  • #67,034
  • Jun 22, 2010 4:19pm Jun 22, 2010 4:19pm
Quoting Atc
That PPZ is what makes me hesitate...so not comforting to trade.
Yeah I agree Atc. Possible break out, pull back or retest. Tough one though. It almost looks like a good place to short.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,035
  • Jun 22, 2010 4:22pm Jun 22, 2010 4:22pm
Quoting six gun
From what I have read 50% is the favourite one.
Yes.
Indicators show the past. Price Action "Indicates" the future.
  • #67,036
  • Jun 22, 2010 4:27pm Jun 22, 2010 4:27pm
The Dow took a hit today.
My feeling is stocks are in for a bearish time.
Oil has moved with the stock indices.

There was a bearish pin yesterday - there was a bearish pin on the Dow.
The pin wick was almost bouncing off a resistance line at 80.00.
There is a 50% retracement from the previous swing high.

The move on the Dow is based on an A+ pb.
Oil has been moving with the indices which is another level confluence.

Ok the pb was not the best but it has several factors going for it.
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  • #67,037
  • Jun 22, 2010 4:49pm Jun 22, 2010 4:49pm
Quoting jarroo
Price Action tell me alot of things . .when they workout (hit their target(s)) or when they dont work out (which could mean they don't break or only hit minor FTAs or they dont' run, etc.)

The uptrend on the Gbp/Usd looks pretty strong. Why? The BEOB on the Daily hit its target, the 1.4700 PPZ level and then reversed. In my mind, this setup fullfilled itself. I 'm thinking were going to the 1.5000.
Hi Jaroo,

Need some clarifications here.
Sorry but the BEOB (highlighted in blue box) did not go down as far as 1.47 did it? It reaches only to the pink area which is significantly ABOVE 1.47. Also, the BEOB engulfs a Sunday bar which we should ignore, shouldn't we.
Thanks.

CY
  • #67,038
  • Jun 22, 2010 4:57pm Jun 22, 2010 4:57pm
Quoting mbqb11
I just use them for charting, personally

Mike
So your live broker would be on the same feed I assume? The reason I ask, is because I like MB trading and would like to continue with them. The question of candle close has got me doubting now wether I should change. The NY session candle close does make sense to me now. How many ECN brokers use this close?

Thanks again Mike for your help.
  • #67,039
  • Jun 22, 2010 4:59pm Jun 22, 2010 4:59pm
Quoting ertorque
Hi Jaroo,

Need some clarifications here.
Sorry but the BEOB (highlighted in blue box) did not go down as far as 1.47 did it? It reaches only to the pink area which is significantly ABOVE 1.47. Also, the BEOB engulfs a Sunday bar which we should ignore, shouldn't we.
Thanks.

CY
Hey Cy
This beob engulfed Fridays bar, and if you have sunday bar on your feed it engulfed that too. As you can see it bounced right at 1.7 due to it's lack of space

Best
Mike
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  • #67,040
  • Jun 22, 2010 5:00pm Jun 22, 2010 5:00pm
Quoting djmartymac
So your live broker would be on the same feed I assume? The reason I ask, is because I like MB trading and would like to continue with them. The question of candle close has got me doubting now wether I should change. The NY session candle close does make sense to me now. How many ECN brokers use this close?

Thanks again Mike for your help.
Hey DJ

It does not matter what time your brokers close. You just transfer your order to your personal broker. Since price is still price it does not matter what "picture" your broker shows. Just price itself.

Let me know if that makes sense
Mike
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