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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

  • #68,281
  • Jul 9, 2010 12:29pm Jul 9, 2010 12:29pm
XAUUSD.. on weekly bullish pb...
but h4 3rd attempt without breakin res,
is it possible gold fall to 1000?
  • #68,282
  • Jul 9, 2010 12:43pm Jul 9, 2010 12:43pm
Quoting idempotent
Hi, I thought it's time I introduced myself at this end of the thread (in line with the early post of saying "read lots at the front, then jump in at the end")

I've been toiling through the first pages of the thread, taking copious notes, and I must say that finally (after a period longer than I'd like to admit), in price action, I think I've found the strategy that resonates with me.

A question: when defining a DBHLC, is the "lower close" lower than the close of the previous bar, or lower than the low?
Hi idempotent,

In the case of a DBHLC (bearish sell signal) you are looking for two consecutive bars with highs equal (or within a pip) and the close of the second bar is outside or below the extents of the previous bar.

For a DBLHC (bullish buy signal) you are looking for two consecutive bars with lows equal (or within a pip) and the close of the second bar is outside or above the extents of the previous bar.

There are also TPHLC and TPLHC (triple bar setups) which dont happen often but are very reliable.

Hope that makes sense.
In retrospect we learn. In perspective we earn.
  • #68,283
  • Jul 9, 2010 3:14pm Jul 9, 2010 3:14pm
Quoting jeurre
oops, sorry, again here

++++++++++++++++++++++++++++++

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price [what is a squeeze of price? are you describing situations like wedge and triangle where price actions are converging into a point? ] before taking any trade. BO trades for me simple are a sing...
Hey jeurre, I got your pm and it seems Mike and Jarroo already made a great job answering all your questions (thanks guys).

Here is some good stuff I am watching...
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  • #68,284
  • Jul 9, 2010 3:15pm Jul 9, 2010 3:15pm
Not the best setup I have ever taken but... Took it for a quick hitter.

Missed my TP by 4 pips so I closed it out at .2R (for the red line which was about .4R)


I didnt want to take this position into the weekend because of potential gapping and it being a PA bar at swing low trading into traffic.

But definitely did what I expected. (BRN, Nice pin, With Trend

Now I am worry free for the weekend.

Have a great one!


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  • #68,285
  • Jul 9, 2010 3:17pm Jul 9, 2010 3:17pm
Looking at the Friday bar on USD/CHF for next week. I show a five pip differrence off the low. Off a BRN.

Comments?
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  • #68,286
  • Jul 9, 2010 3:21pm Jul 9, 2010 3:21pm
Quoting ghous
...
You play these at the close of the IPB with SL few pips beyond the shorter wick and TP just before the longer wick high/low.

Search through my posts with the keyword "IPB introduction"
...
g.
a good example for a bearish ipb? (also notice the pb a fex days ago)!
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meine augen sind die sterne
  • #68,287
  • Jul 9, 2010 3:32pm Jul 9, 2010 3:32pm
Only 1 trade this month so far. Went to BE at FTA after 40 pips, and closed out at the second line.

Just and idea.. log all your trades with comments and pictures. Make a spread sheet including various of different entry and exit strategies, other statics etc. It will become a great value after you have a few hundreds of trades logged and originaized properly in one place.
Make monthly summaries, write down your thoughts, comments, ideas, etc.
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  • #68,288
  • Jul 9, 2010 6:55pm Jul 9, 2010 6:55pm
hey, benji, still have a couple of questions not answered. for instance, "half way", no idea how to understand the half way; "sing of pause" ?



Quoting benji533
Hey jeurre, I got your pm and it seems Mike and Jarroo already made a great job answering all your questions (thanks guys).

Here is some good stuff I am watching...
  • #68,289
  • Edited 9:00pm Jul 9, 2010 8:47pm | Edited 9:00pm
Well, the last week of video therapy is starting to sink in a little.
At least it has encouraged me to simplify my charts and has perhaps helped in identifying the flip area on a single TF, the daily.

Beautiful BUOB that gives me a good image to work towards.

EDIT: I actually drew these PPZ only on the daily without looking at the weekly or monthly, however, a quick look at the weekly shows me that they are indeed valid on that TF, which gives me the idea that perhaps it is possibly to identify these PPZ on the daily and then validate or invalidate them on the weekly? In the videos very often I see James 16 marking the PPZ only on the daily, without even looking at the higher TF. I know, he has been at it a long time and can probably identify these areas in his sleep. Still, somehow, it seems to clarify things more rather that constantly switching TF and wondering if they are going to valid on the daily.
Any thoughts on this folks?
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  • #68,290
  • Jul 9, 2010 9:55pm Jul 9, 2010 9:55pm
Quoting benji533
Hey jeurre, I got your pm and it seems Mike and Jarroo already made a great job answering all your questions (thanks guys).

Here is some good stuff I am watching...

Benji, thanks for your analysis, it is truly refreshing and encouraged me to simplify my charts and go back to the Big guys video therapy.

As you posted the AUD/USD M30 wedge, I am wondering if you will use this lower TF wedge to validate this IB48 we have on the daily at the 50 fibo. or if you are treating this independently of the that bar.

Thanks in advance
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  • #68,291
  • Jul 9, 2010 10:30pm Jul 9, 2010 10:30pm
Awhile ago I posted my prospective trading plan, and I mentioned that I was planning to adjust my position size for non-A+ trades, and Mike suggested that I just pass on them.

I didn't respond because I didn't have a good answer as to why I was still planning to take them. I suppose that I thought it couldn't hurt to practice them, if I demo traded them, while recognizing that they were less than A+.

This weekend, I am reading some of the senior's past posts (thanks Cyrus), and I came across Mike's thoughts in post #51011 about patience.

In reference to taking non A+ setups he wrote, "The variance of losing/winning comes in. What happens is maybe in the long run taking these decent trades you can come out on top, but the short term variance of losing is so psychologically detrimental that I found it not worth it."

Wow, that's powerful. I hadn't thought about it this way: I always have to be aware of the financial, as well as, PSYCHOLOGICAL costs of all actions that I take.

Thanks.

LOC
  • #68,292
  • Jul 9, 2010 11:21pm Jul 9, 2010 11:21pm
Quoting unlv_tj
I have been buying up rental properties in my small home town and my brother manages them (he is a very good handy man).

Anyway, in small town USA, we are buying nice houses for $30,000 and fixing them up a little. Bought a 5 bedroom house for $45,000 a few years back.

You can live cheap here too, but the women make it expensive. Avoid the women, make a few million, then buy a trophey wife or go overseas to find a great foreign woman.

That is my plan.
"Buy a Trophy Wife"

Wow, this sounds like the Male Chauvinistic Pig thread. LoL

I did the latter. Actually on my second one right now.

I imagine there are not many women in this thread or they would be out for our blood!
  • #68,293
  • Jul 9, 2010 11:52pm Jul 9, 2010 11:52pm
Quoting ghous
lol can't beat that!

can't also beat the fact that your homeland's home to my favorite snake ever! (see below). I remember when i used to be at bob clark (snake breeder) forums we had this crazy guy from manila, and damn he had some killer retics, ones i could die for , and they were wild caught and locally available to him.

Thise figures are slightly out of shape. A us$'s about slightly above 85 pkr currently...

G.
mate, if you go to the philippines, you will forget about snakes..once you see the beautiful women...and there is no escape..........
Graham
  • #68,294
  • Jul 10, 2010 12:03am Jul 10, 2010 12:03am
went on a spending spree tonight, got myself a nice 22" monitor and hooked it up as a dual with my 15.4" laptop screen..... wow.... should have done this a long time ago.

also bought the book "trade your way to financial freedom"

who says money can't buy happiness? lol!
Many choose unhappiness over uncertainty.
  • #68,295
  • Jul 10, 2010 12:50am Jul 10, 2010 12:50am
Quoting Pinbar
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Yeah, 22 is a nice size, saves a lot of eye strain.

Good job.
I have had my eyes open for a good deal lately, and tonight at best buy they had one that was discounted because it was already opened (it was a return from someone who didn't realize it had no built on speakers until he got home with it). I got the AOC 22" for only $144.99
Many choose unhappiness over uncertainty.
  • #68,296
  • Jul 10, 2010 12:58am Jul 10, 2010 12:58am
Quoting Dan Gilbert
I have had my eyes open for a good deal lately, and tonight at best buy they had one that was discounted because it was already opened (it was a return from someone who didn't realize it had no built on speakers until he got home with it). I got the AOC 22" for only $144.99
Looks nice....I am sure with it you will find even more good setups!
  • #68,297
  • Edited 1:16am Jul 10, 2010 12:58am | Edited 1:16am
eur/cad daily dbhlc.
what makes me worry is that it closed at the ppz.
i will short if the price breaks the low of the bar (and under the ppz).
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meine augen sind die sterne
  • #68,298
  • Jul 10, 2010 1:05am Jul 10, 2010 1:05am
Quoting Pinbar
Looks nice....I am sure with it you will find even more good setups!
it's incredible. I can put my internet explorer on the laptop monitor, and throw all the charts on the 22"
Many choose unhappiness over uncertainty.
  • #68,299
  • Jul 10, 2010 1:35am Jul 10, 2010 1:35am
Duel screen is the way to go - especially for trading.

Are we posting up workstation pics?!
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Anything can happen.
  • #68,300
  • Jul 10, 2010 1:54am Jul 10, 2010 1:54am
Quoting ddinnov
Duel screen is the way to go - especially for trading.

Are we posting up workstation pics?!

Looks like it. Here you go. The laptop is a recent acquirement IBM Y550.
It is ok for a cheap core 2, 2ghz backup machine but not as powerful as the 3Ghz desktop.
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