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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

  • #67,981
  • Jul 5, 2010 10:16am Jul 5, 2010 10:16am
Quoting forexben
Hi Chrisszz,

This would be a continuation BUOB.

Con's
- BUOB's work better at a swing/high, swing lows.
- The bar is going against the existing downtrend
- the bar is not a huge 'stand out' BUOB
- a lot of choppy sideways action with the bars to the let
- Should have broken harder on the intial break (not a lot of momentum)

Pro's
- It does have good confluence with the BRN (1.50), fibs and trendline.
Thx, I bearly work with BUOB's and still have to learn a lot. This kind of feedback is really helpful for me.
  • #67,982
  • Jul 5, 2010 10:51am Jul 5, 2010 10:51am
Quoting Chrisszz
Thx, I bearly work with BUOB's and still have to learn a lot. This kind of feedback is really helpful for me.
Hi Chrisszz,
IMO, the BUOB is a good one engulfing and closing above the previous bars. Indeed it is a continuation bar but that doesn't mean it is less tradable than a pullback one especially in this case where it breaks strongly the 1.5 VBRN and the TL drawn in your chart.
A possible SL would be below the TL or for tighter management below 1.5.


CY
  • #67,983
  • Jul 5, 2010 12:24pm Jul 5, 2010 12:24pm
Quoting Chrisszz
Thx, I bearly work with BUOB's and still have to learn a lot. This kind of feedback is really helpful for me.
I'm pretty new here as well, but what I've done to speed my learning curve is to participate in the discussion while at the same time catching up on the previous thousands of posts. There are a lot of excellent examples of PBs, BUOBs, BEOBs, DBHLCs, DBLHCs, fib rets etc on the first 100 pages. It takes a lot of time to chew through it but it is well worth the effort. If you get past the 100 page mark, keep on going.

PS. I suggest you also save the best charts and posts in order to easily revisit them from time to time. Also, check out Cyrus' archives. Lots of good stuff there.
If you don't risk, you don't ever have to lose.
  • #67,984
  • Jul 5, 2010 12:41pm Jul 5, 2010 12:41pm
I have also one suggestion to you (and all new here) - if you see posted chart with great set up - one, that YOU understand - save it to your disk, and from time to time revisit them. It really helps to identify great set-ups while making your trading decisions. It just jumps out at you.
  • #67,985
  • Jul 5, 2010 4:23pm Jul 5, 2010 4:23pm
need advice on USDCAD Daily.. fibs 100 and 75 levels.. bar higher close...
long?
  • #67,986
  • Jul 5, 2010 4:35pm Jul 5, 2010 4:35pm
btw there was a huge pb on eurusd m510
how i get this number? well, maybe u know that u cant fold any sheet of paper more than 7 times? (7 intervals => 8 points)
fractals by x/8 (Gann)
  • #67,987
  • Jul 5, 2010 4:39pm Jul 5, 2010 4:39pm
Quoting mistersimple
need advice on USDCAD Daily.. fibs 100 and 75 levels.. bar higher close...
long?
Hey MS

These last two bars are indecision bars(neutral bars) when price clsoes near the middle like that. Tug of war b/w the bulls and bears

Best
Mike
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  • #67,988
  • Jul 5, 2010 4:55pm Jul 5, 2010 4:55pm
mbq ok
and last question about EURCHF .. there is an interesting set up on weekly however i m still hesitating ..this pair is tricky to me...
  • #67,989
  • Jul 5, 2010 4:58pm Jul 5, 2010 4:58pm
Quoting mistersimple
mbq ok
and last question about EURCHF .. there is an interesting set up on weekly however i m still hesitating ..this pair is tricky to me...
Hey MS

This would just a be a bearish bar with a long wick that could indicate buyers are starting to come into the market. For it to be a j16 PA bar the close would have had to be within the previous bar and that would have given us a pinbar.

Hope that helps
Mike
  • #67,990
  • Jul 5, 2010 5:21pm Jul 5, 2010 5:21pm
thnks man! and 2 all u guys for support.. this thread suits me the most...
  • #67,991
  • Jul 5, 2010 5:50pm Jul 5, 2010 5:50pm
Quoting mbqb11
Hey MS

These last two bars are indecision bars(neutral bars) when price clsoes near the middle like that. Tug of war b/w the bulls and bears

Best
Mike
but... its looking like this post ?!?!
  • #67,992
  • Jul 5, 2010 6:13pm Jul 5, 2010 6:13pm
Quoting supremeChaos
Hello Autumm,
u can set the speed according to your taste/comfort.
Look for "Speed change" (in the pdf)
speed adjustment in the simulator is found right beside "Visual mode"

Hi Supreme,
I am aware of the speed change function. I have already placed the speed to 31( which is 1 below the max of 32) and it takes pretty long for a daily bar to fully form. Setting to 32 doesn't work to as it goes of like a speeding bullet. It's like 50 times faster than the setting at 31. I probably figure I have to toggle between 31 and 32 when needed
  • #67,993
  • Jul 5, 2010 7:10pm Jul 5, 2010 7:10pm
Quoting mistersimple
but... its looking like this post ?!?!
Hey MS

The bars indicated in James16's posts are outside bars. The bars on the usd/cad are neutral bars. Notice on James post the close of the bars. Outside bars engulf the prior bar and close near the lower/upper portion. Where as neutral bars open and close near the center of the bar not giving a true direction.

Hope that helps
Mike
  • #67,994
  • Edited 8:37pm Jul 5, 2010 8:25pm | Edited 8:37pm
Quoting mistersimple
btw there was a huge pb on eurusd m510
how i get this number? well, maybe u know that u cant fold any sheet of paper more than 7 times? (7 intervals => 8 points)
That myth was debunked by a high school kid, ten years ago.

Quoting mistersimple
fractals by x/8 (Gann)
People still follow the 'teachings' of a guy that promoted market astrology, claimed to predict the bombing of Pearl Harbour in the twenties and made his (small amount of) money selling courses and books?

Because, if so, I got a bridge in Brooklyn I can sell you dead cheap. Deal of a lifetime.

Quoting Sjr
Assuming there isn't significant Support or Resistance just ahead, Is there a certain distance from entry (say 25 pips on the 4 hour chart or 100 pips on the Daily?) that you should/could take initial profits?
If price is moving in your direction, and there is nothing to stop it... why would you want to close the trade? First law and all that.

Let the apple hit you in the head

Quoting Sjr
or is it determined trade by trade depending on initial SL point?
Taking profit at a specific xR is a hangover from the r:R thing that people get caught up in. You shouldnt really let your stop dictate your TP, the chart determines both of those. Then work backwards to decide whether the trade is worthwhile.
When you have to shoot, shoot. Dont talk.
  • #67,995
  • Jul 5, 2010 8:27pm Jul 5, 2010 8:27pm
Quoting fxdrive
I've been using ForexTester for the past 6 months and has the ability to switch timeframes, place trades and everything else. If your serious about backtesting then this is well worth the extra investment. I am in no way affiliated with them but just like the product.

Thanks for the input, I will look into it.
  • #67,996
  • Jul 5, 2010 9:05pm Jul 5, 2010 9:05pm
man, these are simple, but GREAT points that can be assimilated again and again. just in case it was too subtle...

Quoting joelcf;

If price is moving in your direction, and there is nothing to stop it... why would you want to close the trade?


--

Taking profit at a specific xR is a hangover from the r:R thing that people get caught up in. You shouldnt really let your stop dictate your TP, the chart determines both of those. Then work backwards to decide whether the trade is worthwhile.
One Mind, Any Market
  • #67,997
  • Edited 9:21pm Jul 5, 2010 9:08pm | Edited 9:21pm
Looks like a slow week.

I am keeping my eye on EUR/GBP

On the monthly, we seem to have arrived at a bottom at a former consolidation area.

The weekly shows us a bullish PB that stopped dead at the 0.8297 just 3 pips short of the RN.

On the Daily we have 4 bullish bars in a row, the last one being an IB10 and we also have what appears to be a RH&S at a swing low, with the right shoulder possibly in the making, if it gets past the 0.8300.

Looks interesting with signs of a bullish move across W & D TF.
H4 is starting to show bullish MACD div. EDIT: Wrong MACD div area.
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  • #67,998
  • Jul 5, 2010 10:18pm Jul 5, 2010 10:18pm
Quoting Pinbar
Looks like a slow week.
....
not likely, i think.
see the Calendar.

we had a July 4 US holiday but..
we have a raft of data including Central bank meetings/statements in/from
Australia (later) and on Thursday the BOE and ECB.
  • #67,999
  • Jul 5, 2010 10:23pm Jul 5, 2010 10:23pm
Quoting supremeChaos
not likely, i think.
see the Calendar.

we had a July 4 US holiday but..
we have a raft of data including Central bank meetings/statements in/from
Australia (later) and on Thursday the BOE and ECB.

Yes, may take a few days to even form the right shoulder.

Thanks SC.
  • #68,000
  • Edited Jul 6, 2010 4:43pm Jul 5, 2010 10:48pm | Edited Jul 6, 2010 4:43pm
Quoting Location
Hi Jarroo:

I am going to start demoing this week, and I want to make sure that I minimize the number of bad habits that I develop. To that end, I want to use the "hard break" as a means of validating the quality of the PA set up.

I have noticed that most of the time that you talk about the hard break your examples are from the 4-hour. Is the hard break as good an indicator of a quality set up on the daily and weekly charts as on the 4-hour?

If so, this is my understanding of what to look for: on the bar after the PA set up price will retract,...

Hey LOC.

Yes, the hard break is a great confirmation. Meaning if your setup is a PB, Outdside bar or breakout setup and Price breaks hard at that entry level and starts to run. This a good sign that your analysis of the setup is correct.

Yes, this true with Daily and Weekly setups as well and with the Hourly , 30m, 15 min. It is all relative to the time frame that the setup was given or presented. Daily example from Mike here (also notice it was a Weekly Low):
Quoting mbqb11
A simple sell stop. i would look for a near round number and put it UNDER it. Here is the 1.0750
The amount of pips to validate a hard break is again relative to the time frame that the setup was presented and the quality of the setup. High quality A+ setups will break hard and continious to the FTA. Mainly due to the inherent momentum buildt into an A+ trade.

This is what justifies James16's move to break even quickly, he knows that when your picky enough with the quality of the setups, these will break hard and give a good amount of pips and/or never look back.

I would also look at the retest or retrace to the break of the setup, many times after a hard break , Price will retest the break just to make sure its correct.
Indicators show the past. Price Action "Indicates" the future.
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