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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

  • #69,781
  • Jul 27, 2010 3:27am Jul 27, 2010 3:27am
Sjr,
yes, it looks more like a BUOB. at a higher low.
a possible (trend) continuation setup.
  • #69,782
  • Jul 27, 2010 3:30am Jul 27, 2010 3:30am
It's definitely a BUOB. The pro's here are that it's engulfing the 4 previous bars and it's pierced 0.8400. The con's are that it's not at a swing low and the bar isn't a 'big' BUOB compared to the BEOB at the last minor swing low and the BUOB 4 bars back.

I you took the trade I'd be looking at the FTA around 0.8450.
  • #69,783
  • Jul 27, 2010 3:32am Jul 27, 2010 3:32am
Hello, traders!

I see many use this J16Manager EA. I do too, is fantastic! Less worry that breakeven could be missed. Thanks a lot to the guy who wrote it.

But do you know if I can get a code for that? I want to see if I will be able to make some minor changes to it - I want my breakeven to be NET BREAKEVEN, unfortunately this function is not supported in it.

I'm not a programmer but I will try to ask some people who know. Thanks.
  • #69,784
  • Jul 27, 2010 3:36am Jul 27, 2010 3:36am
Adilius07,
try PM'ing the EA owner about it.
  • #69,785
  • Jul 27, 2010 3:38am Jul 27, 2010 3:38am
Quoting supremeChaos
Adilius07,
try PM'ing the EA owner about it.
Cool, thanks a lot Supreme!!! I will write him now.
  • #69,786
  • Jul 27, 2010 4:06am Jul 27, 2010 4:06am
Got my eye on EU. It would be nice to see a PB like the one I drew on the chart.
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  • #69,787
  • Jul 27, 2010 4:17am Jul 27, 2010 4:17am
i m waiting it close as a BEOVB and waiting to breakout sell...need comments.

Muhammad
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FxHome
  • #69,788
  • Jul 27, 2010 4:18am Jul 27, 2010 4:18am
Quoting Pinbar
Got my eye on EU. It would be nice to see a PB like the one I drew on the chart.
That would be beautiful Let's wait till the end of the day...
  • #69,789
  • Jul 27, 2010 4:28am Jul 27, 2010 4:28am
Quoting Muhammad989
i m waiting it close as a BEOVB and waiting to breakout sell..
Muhammad,
if 1.5450 minor PPZ gives way convincingly, then u may get a chance for price to form a BEOB later & go to your FTA.

be sure to check & keep in mind Daily & weekly chart.
in 1 of my feeds (FXDD), weekly chart shows just 1 bearish bar since June2010. pretty strong upmove, IMHO.
  • #69,790
  • Jul 27, 2010 5:07am Jul 27, 2010 5:07am
Hello fx13new,
is this an H4 chart?
IMHO, upmove from 110.00 or 107's (end June2010) is still in play.
so if this bar closes as is, it could be a 'pause PB' or a pause in the current upmove.
also it is heading into/right at a PPZ (113.00 - 113.30)


kindly refer to James16 This is Critical
THIS IS CRITICAL
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

Hope this helps
  • #69,791
  • Jul 27, 2010 5:14am Jul 27, 2010 5:14am
Quoting supremeChaos
Hello fx13new,
is this an H4 chart?
IMHO, upmove from 110.00 or 107's (end June2010) is still in play.
so if this bar closes as is, it could be a 'pause PB' or a pause in the current upmove.
also it is heading into/right at a PPZ (113.00 - 113.30)
Yes, it was a 4h chart but I realized I was not patient enough and I'm too much trying to find set ups /you know - ladies and patience ...../
Thanks for your comments, I am still reading the thread and trying to find my way through it and your comments are helping me a lot!
  • #69,792
  • Jul 27, 2010 5:22am Jul 27, 2010 5:22am
fx13new,
so u are a señora from Spain
well, sometimes men & patience dont go well too

read Cyrus summaries (start with james16, mbqb11 & jarroo's posts/charts... after which u can read other seniors' posts)
view the free videos too
post #1 has tons of links too
(James16 This is Critical, too)
This will be the most time-efficient way to go through this thread.
  • #69,793
  • Jul 27, 2010 5:33am Jul 27, 2010 5:33am
¡ole!...

Finished the videos and reading the summaries since last week. Of course it will take me some time but it is all so intersting for me.
  • #69,794
  • Jul 27, 2010 5:38am Jul 27, 2010 5:38am
i see..
but it doesnt stop there.
u have to read & review posts/charts/videos repetitively until it sinks in. (u can do this as part of a daily/weekly/monthly routine)
same with patience, it takes time to develop the 'patience skill'.

everybody has a unique experience & journey towards success.
just keep at it, señora!
  • #69,795
  • Jul 27, 2010 5:52am Jul 27, 2010 5:52am
Quoting supremeChaos
Muhammad,
if 1.5450 minor PPZ gives way convincingly, then u may get a chance for price to form a BEOB later & go to your FTA.

be sure to check & keep in mind Daily & weekly chart.
in 1 of my feeds (FXDD), weekly chart shows just 1 bearish bar since June2010. pretty strong upmove, IMHO.
SC,
It seems that the BEOB has failed. Can we say that it would have been more convincing had it closed below 1.5450, though it was slightly risky being a CTT. On the other hand the current candle is forming a BUOB. Ofcourse we have to wait for the candle to close. The problem is it that it is not at swing low and at best can be considered as trend continuation.
Your comments pls.
BTW I sent a mail to you.
Cheers
Novice 198
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  • #69,796
  • Jul 27, 2010 6:01am Jul 27, 2010 6:01am
Quoting batesmotel
This one looks good (for a long) to me for next week sometime...Above 1.3560, I'll be lookin to buy...
Quoting jarroo
It sure looks pretty bates.

Just an update on the 3 Week PB on the Eur/Chf. Converting time frames or combinmg bars can be just as effective as any other PA setup. As long as they meet the requirements of a high quality setup. . .PPZ levels, BRNs, Space, Swing High/Low, Big Size, .etc.

Notice that once this PB broke (validating it as a PB) and then retraced, we can look for PA at its retracement levels on lower time frames. We still want the lower time frame PA to be of high quality.

The Daily PB could have been bigger in size but it worked out nicely.
4 Hour BUOB worked out great.
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Indicators show the past. Price Action "Indicates" the future.
  • #69,797
  • Jul 27, 2010 6:06am Jul 27, 2010 6:06am
Yes, the Eur/Chf Weekly I4+B worked out nicely. Meaning the low of the I4+B was never taken out.


Darn it . . . I gotta go

Later

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #69,798
  • Edited 6:20am Jul 27, 2010 6:09am | Edited 6:20am
Quoting novice198
SC,
It seems that the BEOB has failed. Can we say that it would have been more convincing had it closed below 1.5450, though it was slightly risky being a CTT. On the other hand the current candle is forming a BUOB. Ofcourse we have to wait for the candle to close. The problem is it that it is not at swing low and at best can be considered as trend continuation.
Your comments pls.
BTW I sent a mail to you.
Cheers
Novice 198
Hey novice198,

This is different on my feed in that the BEOB was never triggered.

It looks like there was an FTA @ 15435 / 15445 so you should have expected a reaction / bounce there.

Trend is still very bullish at the moment.

Its the lack of clearance that meant this would not have been given the thumbs up.
In retrospect we learn. In perspective we earn.
  • #69,799
  • Edited 6:33am Jul 27, 2010 6:22am | Edited 6:33am
Quoting novice198
...
It seems that the BEOB has failed.
On the other hand the current candle is forming a BUOB. ..problem is it that it is not at swing low and at best can be considered as trend continuation.
....
like fx_heaven said..
looking at your chart, it looks like the BEOB barely got triggered.
as expected, gbpusd 1.5450 mini PPZ did not break convincingly.
the eurgbp BUOB mentioned earlier also didnt get triggered (in my FXDD feed).
all this info tells me gbp strength is pretty strong.
a close today at/above 1.5500 - 1.5550 is extra bullish , IMHO.

the current forming-BUOB is like u said a potential continuation PA setup at a higher swing low/higher low. with trend so it has potential.
if u are not familiar with trading continuation PA setups, then u can try it first on demo.

btw, i replied to your email already. (thru PM; i rarely use/check email )
  • #69,800
  • Jul 27, 2010 7:03am Jul 27, 2010 7:03am
Quoting jopollin
Hi all
Signed up today as I wanted to mention something. The J16 stuff is obviously popular because it's so basic and we have all learned to keep it simple. Yes support/res works better than anything else.

But PA as such I think is wrongly taught here. Before you all gun me down, here's my point: We all know PA will change depending on data feed, timeframe, tickframe, etc. A pinbar on my chart may not be on yours, but the support/res line will be the same. So I think teaching basic support/res to trade breaks and bounces is correct and probably...
So I think Jim has done a great job setting you on thr right track, but I think textbook PA is flawed, support/res is the grail, general PA at an key area is solid reason to enter.


Sorry but I thought that was exactly what Jim was teaching here - PA at key SR or high probability trades - maybe I misunderstand Jim's teachings but they work fine for me.
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