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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

  • #73,701
  • Sep 2, 2010 4:39am Sep 2, 2010 4:39am
Quoting Adilius07
Hello Jarroo, you know also what I noticed, that BUOBS/BEOBS are often times much easier to trade than PB. Because when we have a PB we have to consider many factors like Size (is it adequate to previous move, is close being above open etc).

But with Boubs it is very clear, it just shoots above/below previous bar with size automatically being ok
outside bars are my favorite too
  • #73,702
  • Sep 2, 2010 4:47am Sep 2, 2010 4:47am
Quoting Adilius07
I'm doing some analysis on boubs/beobs ONLY.
....
Excellent.
i noticed u've been having several AHA moments recently (based on your recent posts)

Quoting mbqb11
this is all the kinds of research EVERYONE should do. Prove everything in every way to yourself. That is the only way to get it to work
the exercise that Adilius07 made is what boosts confidence to one's self, confidence to PA & this method

Quoting Adilius07
If I could only bring my RR being close to 1:1 I would finally get me that white Lexus LX570...........
if u keep at it, i dont see why u WONT get that car

Quoting Adilius07
Hello Jarroo, you know also what I noticed, that BUOBS/BEOBS are often times much easier to trade than PB...
havent u noticed yet that PB is an alter ego of BEOB/BUOB?
(BUOB is a 2-bar PB ......or BEOB is a deconstructed PB)
  • #73,703
  • Sep 2, 2010 4:50am Sep 2, 2010 4:50am
Quoting Jonnyislost
Hi Adi. I agree to a point but I still find size to be a very important factor, even with BU/BEOBS. There are still many things to consider when analyzing them. for example. How many bars does it engulf? Did the bar close strongly above/below that range?
I pass on many bars if they only engulfing one prior bar. or if they have a close well off the high/low
Here's and example of what I think is a great one;
Engulfs 10-12 bars with a strong close and a size which really stands out relative to the recent range. after that it's a clear/stress-free...
Hello Jonny, Yes you know, actually at the moment I also try to analyze a lot of factors (well all those that are mentioned in the thread). But.

As you noticed for this exercise I just took off everything from my chart, there is no BRN's no PPZ, nothing. ( I forgot to take off EMA). I just wanted to see the reliability of a bar setup. And it is indeed looks fantastic!

So, again if I learn to use filters to my advantage where skipping a buob would probably be better than taking it I would absolutely have a better bottom line. Is just now (due to my little experience) going through indepth analysis (like with my check list) gives me a lot of headache and hesitation.
Because you know it could be at PPZ but against BRN, or vice versa, lots of variations. So I begin to nervous and skip what maybe a very promising trade.

But that's nothing. This will improve. The most important truth here is that these setups do work, work good and most of the time! Using all other filters and market knowledge should only improve my entries!
  • #73,704
  • Sep 2, 2010 4:54am Sep 2, 2010 4:54am
Quoting supremeChaos
Excellent.
i noticed u've been having several AHA moments recently (based on your recent posts)


the exercise that Adilius07 made is what boosts confidence to one's self, confidence to PA & this method


if u keep at it, i dont see why u WONT get that car


havent u noticed yet that PB is an alter ego of BEOB/BUOB?
(BUOB is a 2-bar PB ......or BEOB is a deconstructed PB)
Hello SC! In regards to AHA moments, man they happen to me everywhere now, in a car, in bed, in shower! seriously. then I go and see if it is just a fantasy or could be used.

Quoting supremeChaos;399528havent u noticed yet that PB is an [I
alter ego[/i] of BEOB/BUOB?
(BUOB is a 2-bar PB ......or BEOB is a deconstructed PB)
  • #73,705
  • Sep 2, 2010 4:57am Sep 2, 2010 4:57am
Quoting Jonnyislost
...There are still many things to consider when analyzing them. for example. How many bars does it engulf? Did the bar close strongly above/below that range?
I pass on many bars if they only engulfing one prior bar. or if they have a close well off the high/low
Here's and example of what I think is a great one;
Engulfs 10-12 bars with a strong close and a size which really stands out relative to the recent range.
The really good ones are rare but they are worth waiting for IMO
based on your post, i can see that u are a guy who is strict & got a delicate taste.

.................a long winded way of saying u are picky & disciplined
  • #73,706
  • Sep 2, 2010 4:59am Sep 2, 2010 4:59am
Quoting Adilius07
Hello SC! In regards to AHA moments, man they happen to me everywhere now, in a car, in bed, in shower! seriously. then I go and see if it is just a fantasy or could be used.
something happend to my post only half of it here.. will retype now
  • #73,707
  • Sep 2, 2010 5:01am Sep 2, 2010 5:01am
Quoting Adilius07
In regards to AHA moments, man they happen to me everywhere now, in a car, in bed, in shower! seriously.....
i know how u feel. that's a function of an inquisitive brain

if u dream about trading &/or u subliminally hear MT4 alarms ringing (or something related)....... then u have achieved the supreme AHA moment.
(joking, but also seriously speaking)
  • #73,708
  • Sep 2, 2010 5:04am Sep 2, 2010 5:04am
Quoting supremeChaos
havent u noticed yet that PB is an alter ego of BEOB/BUOB?
(BUOB is a 2-bar PB ......or BEOB is a deconstructed PB)
SC, Yes. Look what I wanted to share. Another AHA moment

For example, given we have a daily chart.
And we have some buobs and pinbars on this time frame.

So when we have a buob we know it will look as PB on 2DAY timeframe.
And when we have a PB we know this is a PB on this timeframe - Daily.

If higher TF's are more reliable. Then a boub on Daily is more reliable?
(because it is PB on 2DAY and 2DAY is more reliable than 1DAY)

  • #73,709
  • Sep 2, 2010 5:04am Sep 2, 2010 5:04am
Quoting jarroo
Its a very simple methodology that all markets seem to adhere to . . . Support levels, once broken, will act as Resistance . .Restistance Levels, once broken, will act as Support.

There are levels where this occurrence happens more often then others . . .PPZ levels. . . I would also say BRNs but BRNs often appear as PPZ levels. Mix in some quailty PA and your in business.

On Monthly Gbp/Usd, the 1.5330ish is a Monthly PPZ level. I would have like to have seen the Aug. Monthly close below the 1.5330. Price may do so since it did close below...
could you please elaborate on the last point, I don't get it.http://cdn.forexfactory.com/images/icons/icon9.gif
Pipcrawler
  • #73,710
  • Sep 2, 2010 5:08am Sep 2, 2010 5:08am
Quoting Adilius07
As you noticed for this exercise I just took off everything from my chart, there is no BRN's no PPZ, nothing. ( I forgot to take off EMA). I just wanted to see the reliability of a bar setup. And it is indeed looks fantastic!
You're right Adi, The basic bar setups alone are probably more reliable than 99% of the "systems" out there


Quoting supremeChaos
based on your post, i can see that u are a guy who is strict & got a delicate taste.

.................a long winded way of saying u are picky & disciplined
Picky and disciplined; I try
Delicate taste; I am not sure about that
  • #73,711
  • Sep 2, 2010 5:22am Sep 2, 2010 5:22am
Quoting Atc
8H touch trade had to be prior to 1.55 short off BRN +fib 61.8(I like these) entry not hit
PB close not so great imo ---tight management
with trend


Nice one Atc . . .Yes the close could have been stronger (below the 1.5450) and a spike through the 1.5500 would have been more convincing and the size would have been bigger.

The 1.5450 is a higher time frame PPZ level as well and added to the PB's confluences . . .the downward momentum continues on the GU. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #73,712
  • Sep 2, 2010 5:29am Sep 2, 2010 5:29am
Quoting xmzhang
could you please elaborate on the last point, I don't get it.http://cdn.forexfactory.com/images/icons/icon9.gif
Is it about the Close of a Monthly, Weekly, or Daily bar?
Indicators show the past. Price Action "Indicates" the future.
  • #73,713
  • Sep 2, 2010 5:53am Sep 2, 2010 5:53am
Quoting jarroo
Is it about the Close of a Monthly, Weekly, or Daily bar?
Sorry, it's the weekly bar.
Pipcrawler
  • #73,714
  • Sep 2, 2010 5:53am Sep 2, 2010 5:53am
Ok, I do not want to be annoying. I just thought oh why not I go through the year of 2009 to see maybe the Buobs would fail there?

I marked every buob at possible swing hi/lo. And the results are:
10 Winners, 1 Loss, 1 technically beob but a doji, so skip probably.

All I can say is WOW!!!
I think I should sign in for the test drive of that Lexus already...
Attached Image (click to enlarge)
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  • #73,715
  • Sep 2, 2010 5:56am Sep 2, 2010 5:56am
Quoting jarroo
Is it about the Close of a Monthly, Weekly, or Daily bar?
I will assume its about the importance of how a bar closes at a given level . . like a PPZ level and/or BRN.


Let's look at the GU on the Weekly, during the Fall of 2008.

We have a BRN, 1.5500, Price fails to Close below the 1.5500 on the Weekly and even the Daily. . .good indication that the 1.5500 is acting as Support.

Once Price breaks through and closes below the 1.5500, its a good chance that the 1.5500 will now act as Resistance.

We can see that once Price closed below the 1.5500 and even the Weekly and Daily Lows, they now acted as Resistance.

Notice the IPB at the 1.5500 that was once Support that is now Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #73,716
  • Sep 2, 2010 6:00am Sep 2, 2010 6:00am
Quoting Adilius07
Ok, I do not want to be annoying. I just thought oh why not I go through the year of 2009 to see maybe the Buobs would fail there?

I marked every buob at possible swing hi/lo. And the results are:
10 Winners, 1 Loss, 1 technically beob but a doji, so skip probably.

All I can say is WOW!!!
I think I should sign in for the test drive of that Lexus already...
And that single "failing" bar didn't ever break, AKA not valid - didn't really fail
  • #73,717
  • Sep 2, 2010 6:01am Sep 2, 2010 6:01am
Quoting xmzhang
Sorry, it's the weekly bar.

Sorry xmz . . .is it how the Weekly bar will close this week?
Indicators show the past. Price Action "Indicates" the future.
  • #73,718
  • Sep 2, 2010 6:04am Sep 2, 2010 6:04am
Quoting benji533
And that single "failing" bar didn't ever break, AKA not valid - didn't really fail
OMG! That's right, I missed it. WOW!!!!!!!!!!!!!!!!
  • #73,719
  • Sep 2, 2010 6:05am Sep 2, 2010 6:05am
Lot of outside bar talk last few pages, thought I would post this AUDNZD demo trade I'm in. Thanks for the pointers on retrace of outside bars Jaroo. A lot of chart time last 4 weeks but no trades, so I've been studying.

Daily chart had PPZ, 61.8 fib, and RN confluence at 1.2800, also divergence.

Entered on retrace of 4H BEOB, with s/l outside of the BEOB and hard take profit.

Ended up trailing stops and am now at 1R locked in with a TP set at 1.267.
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  • #73,720
  • Edited 6:24am Sep 2, 2010 6:10am | Edited 6:24am
Quoting Adilius07
OMG! That's right, I missed it. WOW!!!!!!!!!!!!!!!!
Did you count the blue one? , . . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
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