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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

  • #67,601
  • Jun 28, 2010 6:28pm Jun 28, 2010 6:28pm
HI all, I was wondering if I could get some advise and other markets/charts to watch and practise J16 methods. I don't really have any experience outside Forex. Any help is appreciated. I think this will help being ultra picky on daily and weekly set up's. Cheers
  • #67,602
  • Jun 28, 2010 6:31pm Jun 28, 2010 6:31pm
Quoting djmartymac
HI all, I was wondering if I could get some advise and other markets/charts to watch and practise J16 methods. I don't really have any experience outside Forex. Any help is appreciated. I think this will help being ultra picky on daily and weekly set up's. Cheers
Hey dj

Check out basically anything you want! It is very universal. Commodities futures equities

Grab a demo feed like Fxpro and they have a bunch more markets to get you more comfortable looking outside forex for paper trading

Mike
  • #67,603
  • Jun 28, 2010 7:26pm Jun 28, 2010 7:26pm
Quoting aserbfx
sugar ... anyone?
sugar?
looks sweet
  • #67,604
  • Jun 28, 2010 7:37pm Jun 28, 2010 7:37pm
Quoting mbqb11
....
Check out basically anything you want! It is very universal. Commodities futures equities....
it is actually very exciting!
i have no experience outside forex, & i can easily see myself trading stocks, commodities, etc sometime in the future...
by then, i'll be back in my multi-tasking ways


with patience, passion & discipline, the world is in our hands
  • #67,605
  • Jun 28, 2010 8:42pm Jun 28, 2010 8:42pm
This is the 2nd BEOB on gold almost at the same spot in the last few days.

Characterstics of both the BEOB's are almost same.. in fact, the first one is bigger size than today's BEOB.

Pros:
1. At swing high (though not absolute)
2. Broke through 1250

Cons:
3. Size is ok but not big enough to change the directions
4. BEOB is at consolidation
5. Going into Daily PPZ 1223
6. Huge uptrend

Not tradable PA. But Below thumb rule can be seen on both BEOB's. Well said Jarroo.

Quote
Originally Posted by jarroo http://cdn.forexfactory.com/images/buttons/viewpost.gif
Its a good rule of thumb on Outside Bars. Which is that they will retrace to their prievious bar High/Low.

Look at the Monthly Nzd/JPY.

Price is in a consolidation yet the BUOB and BEOB retrace back to their previous bar High or Low.
Attached Image (click to enlarge)
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  • #67,606
  • Edited 9:07pm Jun 28, 2010 8:52pm | Edited 9:07pm
Quoting cprao
This is the 2nd BEOB on gold almost at the same spot in the last few days.

Cons:
3. Size is ok but not big enough to change the directions
4. BEOB is at consolidation
6. Huge uptrend

Not tradable PA.
I am of the firm opinion that BEOBs like this are a trap. Alot of people will see the signal and jump, but your reasoning is dead on. No matter how you draw it:

Attached Image


or

Attached Image


..that doesnt look like somewhere I want to go short.

Taking these bars in a consolidating (or, more accurately, a range bound) market is almost always a bad idea, since you are usually either shorting into the bottom of a trading range or going long at the high.
When you have to shoot, shoot. Dont talk.
  • #67,607
  • Jun 28, 2010 9:12pm Jun 28, 2010 9:12pm
Quoting joelcf
I am of the firm opinion that BEOBs like this are a trap. Alot of people will see the signal and jump, but your reasoning is dead on. No matter how you draw it:

Attachment

or

Attachment

..that doesnt look like somewhere I want to go short.

Taking these bars in a consolidating (or, more accurately, a range bound) market is almost always a bad idea, since you are usually either shorting into the bottom of a trading range or going long at the high.
I like the way you drew it. In fact, I didn't see the consolidation to the first BEOB. Consolidation for 2nd BEOB is obvious.
Through your picture NOW I can see the consolidation for the 1st BEOB also.
Thank you !!
  • #67,608
  • Jun 28, 2010 9:15pm Jun 28, 2010 9:15pm
A Permanent Post Summaries Cache!

Ok guys. I'll update all the future posts summaries here in future so everyone can reference them easier.

Erm, big man James16, if you could do me a favour and stick this
somewhere along the lines here where Nasir referenced them, it'd allow me to go back and update it so I don't have to trouble Nasir or SupremeChaos.

I'll reedit this post once it's at the right place.
Thanks to Nasir and SC thus far for referencing them. I couldn't find where my old posts were.

I've checked the links and they work.

(and I've been told to not distribute the software so, no more PMs ok?)

1 to 2500
2501 to 3000
3000 to 3500
3500 to 4000
4000 to 4500
One Mind, Any Market
  • #67,609
  • Jun 28, 2010 9:16pm Jun 28, 2010 9:16pm
Quoting joelcf
I am of the firm opinion that BEOBs like this are a trap. Alot of people will see the signal and jump, but your reasoning is dead on. No matter how you draw it:

Attachment

or

Attachment

..that doesnt look like somewhere I want to go short.

Taking these bars in a consolidating (or, more accurately, a range bound) market is almost always a bad idea, since you are usually either shorting into the bottom of a trading range or going long at the high.
The trend is up! And lotsa traffic southward too. =)
One Mind, Any Market
  • #67,610
  • Edited 9:43pm Jun 28, 2010 9:30pm | Edited 9:43pm
Quoting Cyrus
The trend is up! And lotsa traffic southward too. =)
That would be an easier way to say it

I think it goes back to what we were talking about in the pf. A range is showing us accumulation/distribution (or, if you prefer, basing/topping*) and so by taking this bar, you are shorting straight into buyers who are just waiting to absorb the orders (ie, what we call a PPZ).

Without further information, we dont know if it is

  1. new sellers coming into the market, possibly starting a new trend
  2. fundamental buyers taking profits (or at least reducing exposure) as price has been pushed too far by trend/momentum/spec traders
  3. buyers still buying, but generally losing interest as price nears a 'fair value' zone where they are willing to accumulate slowly but dont want to drive price up (a classic 'accumulation phase')

(also: some combination thereof)

We could look at lower timeframes, which might help.

Or if we have the ability, we could watch order flow and try and determine the nature of the movements (ie, is the bid getting smashed on the way down? Or is it just drifting as liquidity dries up?).

Or we can look at fundamental factors to determine whether mood has changed, whether consensus value is being approached, whether everyone is away skiing, etc.

Or, in the end, we can just take a backseat and wait for a clearer sign.


Or, more succinctly,

Attached Image


Admiral Ackbar waits for a breakout and retest with PA confirmation.



* while I think acc/dec is more accurate, I am a Stan fan and always have been
When you have to shoot, shoot. Dont talk.
  • #67,611
  • Jun 28, 2010 9:32pm Jun 28, 2010 9:32pm
Quoting joelcf
That would be an easier way to say it

I think it goes back to what we were talking about in the pf. A range is showing us accumulation/distribution (or, if you prefer, basing/topping*) and so by taking this bar, you are shorting straight into buyers who are just waiting to absorb the orders (ie, what we call a PPZ).


* while I think acc/dec is more accurate, I am a Stan fan and always have been

Or, more succinctly,

Attachment

Admiral Ackbar waits for a breakout and retest.
...
I believe . . .
  • #67,612
  • Jun 28, 2010 9:46pm Jun 28, 2010 9:46pm
Quoting jarroo
I was asked about an update on my Nzd/Jpy. Closed my 2nd half at 62.85, on 6-25.

I know the previous bar High stop loss placement (purple lines) would still have me in this one but the PPZ level at the 62.70ish level just made sense, even if it goes to 50.

That's usually how it goes, right when I get out. lol

Now let's see if Support will now act as Resistance or stay as Support.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpya.gif Size: 22 KB
Indicators show the past. Price Action "Indicates" the future.
  • #67,613
  • Jun 28, 2010 9:48pm Jun 28, 2010 9:48pm
Quoting Cyrus
A Permanent Post Summaries Cache!

Ok guys. I'll update all the future posts summaries here in future so everyone can reference them easier.

Erm, big man James16, if you could do me a favour and stick this
somewhere along the lines here where Nasir referenced them, it'd allow me to go back and update it so I don't have to trouble Nasir or SupremeChaos.

I'll reedit this post once it's at the right place.
Thanks to Nasir and SC thus far for referencing them....
Hey buddy that looks like a good software you have there,

just pmed you, if you don't mind.


lol

...
I believe . . .
  • #67,614
  • Jun 28, 2010 9:50pm Jun 28, 2010 9:50pm
Hey Dan,

I see you down there.

g.
Attached Image (click to enlarge)
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I believe . . .
  • #67,615
  • Jun 28, 2010 10:13pm Jun 28, 2010 10:13pm
Ghous,

Did you play this as a breakout trade? It looks to me as if you entered on the retrace. Or did you use the inside bar to line up your entry?

Thanks,
John
To see what is in front of one's nose needs a constant struggle.
  • #67,616
  • Jun 28, 2010 10:41pm Jun 28, 2010 10:41pm
Quoting jarroo
Hey Ghous . . . you gotta like this IPB (G-Bar) on the Weekly Nzd/Usd.
Wedge breakout / pullback with PA (I consider it PA) and there's bit of PPZ at the .7150. IPB on many feeds.

Should be fun to watch.


Target hit, in my book.


Thanks Mike and ghous.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdweeklyipb.gif Size: 21 KB
Indicators show the past. Price Action "Indicates" the future.
  • #67,617
  • Jun 28, 2010 11:05pm Jun 28, 2010 11:05pm
Do we have a Mike type breakout setting up on USD/CAD?
H4 BUEOB off of the 365 EMA, Consolidation, 50 fibo, TL & 1.040 RN.
This is inside a weekly BUEOB at a swing low.
Attached Image(s) (click to enlarge)
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  • #67,618
  • Jun 28, 2010 11:19pm Jun 28, 2010 11:19pm
Quoting Pinbar
Do we have a Mike type breakout setting up on USD/CAD?
H4 BUEOB off of the 365 EMA, Consolidation, 50 fibo, TL & 1.040 RN.
This is inside a weekly BUEOB at a swing low.
Hey Pin

I would like a more defined pattern. I am always looking for obvious wedges, horizontal, flags etc. In my experience when you have all those multiple bar highs or lows in a row they are better for a pure breakout type play. Catch the initial "burst".

Best
Mike
  • #67,619
  • Jun 28, 2010 11:29pm Jun 28, 2010 11:29pm
Quoting mbqb11
Hey Pin

I would like a more defined pattern. I am always looking for obvious wedges, horizontal, flags etc. In my experience when you have all those multiple bar highs or lows in a row they are better for a pure breakout type play. Catch the initial "burst".

Best
Mike

Considering the RN I can see why that is and it will allow us to use a smaller SL and get to BE much faster.

Thanks Mike, appreciated.


DEMO: Let's see what it can do at LO.
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  • #67,620
  • Jun 28, 2010 11:35pm Jun 28, 2010 11:35pm
Quoting Pinbar
Considering the RN I can see why that is and it will allow us to use a smaller SL and get to BE much faster.

Thanks Mike, appreciated.


DEMO: Let's see what it can do at LO.
If you want something fun an easy to do. Go back through your charts(start longer timeframe cause they are more significant and easier to do IMO). Look for times you get Multiple bar highs or lows, either in a row, or spread out. Then when price finally makes its way through it breaks hard and fast.

Here are just a few(note when I do these I want pretty perfect highs/lows). This is a good idea for a video
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