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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

  • #74,441
  • Sep 9, 2010 7:18am Sep 9, 2010 7:18am
Quoting supremeChaos
at the lower left part of the chart, it says Metatrader5.
MT5 by default has H8 (& other timeframes)!

if u havent tried it,check it out
http://www.metatrader5.com/
Thanks SC. Ive been thinking about slowly moving down fro the daily and weekly TFs. Baby steps.
  • #74,442
  • Sep 9, 2010 7:26am Sep 9, 2010 7:26am
Quoting relyt
It looks like there could be pinbars forming on the hourly for both USD/CAD and EUR/USD. I can't post charts right now, but does anyone else see these on their feed and have any comment about them?
Hey relyt,
on FXDD demo, i saw these pins.
both are against the current dominant move which is up for eurusd & down for usdcad. (specially for the strong downmove in usdcad)

just my views
  • #74,443
  • Sep 9, 2010 7:49am Sep 9, 2010 7:49am
Quoting jarroo
Back at you Chris

Sixthly . .the Weekly consolidation . .don't underestimate the power of a well defined consolidation area, with well defined boundaries.

Classic James16 trading in a sideways market . . .
Lol

Box trading at it's simplest
  • #74,444
  • Sep 9, 2010 7:53am Sep 9, 2010 7:53am
Quoting anderou
Looking at historiacal data one can allways spot nice setups on any chart. But trading the far most right side of the screen in real time is a different story. I never beat myself up over so called "missed signals". If I think it is A+ I will trade it and that's all that matters. Being picky is the difference between breaking even or being in the green.
I couldn't agree more, really
  • #74,445
  • Sep 9, 2010 8:01am Sep 9, 2010 8:01am
Quoting spookie94
I think I already know the answer to this but what I was asking is, in general, do you trade BEOBs and BUOBs if the bar is not much larger than the previous bar? Or is it better to wait for one that is huge by comparison?
I don't personally, as the whole idea for me of an outside bar is that it is taking on a range. If it's range is pretty small I feel the info begins to lack a bit. For example in that one above it looks more neutral to me even though one could say it is a BEOB

Mike
  • #74,446
  • Sep 9, 2010 8:03am Sep 9, 2010 8:03am
couple of consequitive doji bars on swing low. can go either way. i will trade as a box breakout. whichever side breaksout first....
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  • #74,447
  • Sep 9, 2010 8:13am Sep 9, 2010 8:13am
Quoting mbqb11
made it to the FTA but no surprise to see us bouncing. Real tough trade to manage then if you take it from that tmie of day. I want to see the BRN retested again and some strong Bars occurring in the main sessions. I still prefer to the upside as managing is easier. Any downside needs to be played very tightly
Hi mbqb11
For what do you use the MACD?

My English is not the best excuse me please ;-)
  • #74,448
  • Sep 9, 2010 8:15am Sep 9, 2010 8:15am
Quoting john225
Hi mbqb11
For what do you use the MACD?

My English is not the best excuse me please ;-)
Hey John

I only use it as a tool for divergence. You can use any oscillator you are comfortable with.

Your English is fantastic

Mike
  • #74,449
  • Sep 9, 2010 8:16am Sep 9, 2010 8:16am
Quoting spookie94
I think I already know the answer to this but what I was asking is, in general, do you trade BEOBs and BUOBs if the bar is not much larger than the previous bar? Or is it better to wait for one that is huge by comparison?
A few things I look for in a BEOB/BUOB.

1. Did it close with conviction. I want my bar to close at or better than 85% of the range.

2. Is it a t a swing High/Low or in a range.

3. If BUOB did it close above nearest PPZ? If BEOB did it close BELOW nearest PPZ? Where is my next PPZ?

Much, much more to explore and observe but I'd start here andd pass on this one for many reasons even though there was some $ to be made. We see way better PA all the time. You will get the hang of this I am sure as you are asking all the right questions my friend. Stay with us. You have the tiger by the tail at least.



K.I.S.S.
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  • #74,450
  • Sep 9, 2010 8:17am Sep 9, 2010 8:17am
Quoting roundrock
couple of consequitive doji bars on swing low. can go either way. i will trade as a box breakout. whichever side breaksout first....
I would suggest to go for downward break and skip the other one. In such a strong downtrend, you can easily fall victim of false breakout!
  • #74,451
  • Sep 9, 2010 8:42am Sep 9, 2010 8:42am
I'm just posting this setup as I didn't see anyone mention about it. It was the first trade for me in 2 weeks. It did exactly what the average price action trader would have expected; right into the FTA which is where I closed the trade. Patience got rewarded.
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  • #74,452
  • Sep 9, 2010 8:52am Sep 9, 2010 8:52am
Quoting artov
I'm just posting this setup as I didn't see anyone mention about it. It was the first trade for me in 2 weeks. It did exactly what the average price action trader would have expected; right into the FTA which is where I closed the trade. Patience got rewarded.
Nice one bro!

K.I.S.S.
  • #74,453
  • Sep 9, 2010 9:10am Sep 9, 2010 9:10am
Quoting ghous
That is a major reason why I got into doing those videos, it has helped me improve my spoken English which still lacks far behind written English. You probably won't believe it I did about 20 retakes combined for each part of that (and earlier) videos. Looking to get this number down to 0 some day

g.
Nice vid. and I thought you were faking the accent...your english is by far easily understood.

Bill
  • #74,454
  • Sep 9, 2010 9:20am Sep 9, 2010 9:20am
here you go...
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meine augen sind die sterne
  • #74,455
  • Sep 9, 2010 9:44am Sep 9, 2010 9:44am
Hi There


Just Scanning Thru Daily , Weekly and Monthly Tfs atm ..

here is waht popped out at me Today .. just observing thou ..

CAD/CHF Weekly

http://a.imagehost.org/t/0726/CadChfW1.jpg

GBP/CHF Weekly

http://a.imagehost.org/t/0697/GbpChfW1.jpg

GOLD Weekly

http://j.imagehost.org/t/0012/Goldw1.jpg

NZD/CHF Weekly

http://j.imagehost.org/t/0030/NzdChfW1.jpg
  • #74,456
  • Sep 9, 2010 9:54am Sep 9, 2010 9:54am
Quoting aserbfx
here you go...
Thanks, my feed shows BEOB on 4h closing in 5 mins.
  • #74,457
  • Sep 9, 2010 10:01am Sep 9, 2010 10:01am
Quoting Chelski
Thanks, my feed shows BEOB on 4h closing in 5 mins.
yes, you are right.
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meine augen sind die sterne
  • #74,458
  • Sep 9, 2010 10:03am Sep 9, 2010 10:03am
Quoting ghous
Interesting situation on the USD/CAD.

We have had minor pull backs between some really good sell offs on the pair recently which tell a story about the direction of order flow. Can we push through and make it to 1.03? I wonder what the big boys are up to...

Short on the break of the BEB that closed strongly at the 1.035 PPZ, looking for it's break and hence a move down to 1.03

g.
Simple stuff!

g.
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I believe . . .
  • #74,459
  • Sep 9, 2010 10:19am Sep 9, 2010 10:19am
Quoting spookie94
Your video brought up some questions on trade management....
Hey Spookie,

You end up hitting the wrong road the moment you decide to alter trade/money management strategies for a "small account".

Stop placement is more of a discretionary thing than a rule set in stone but conventionally you want your stops to be at the opposite end of the trigger bar. If you are thinking about reducing your stop on a 150 pip pin bar just cuz you are on a small account and that you want every pip you make to be well worth it, then that's really going to get you in a hole because before you know it you're jumping in with ultra tight stops and hence getting stopped out regularly and end up doing the reciprocal of what the whole act was intended to achieve. This is precisely why James talks about large trading accounts because you're then no loner willing to scrap every pip weighing heavy out of the market to call it "profit".

Nothing wrong with trading with a small account though if you can still treat it like a big one and work on building it slowly and surely.

About moving my stops...again this is very discretionary and there is no one way I do it. Trades in a ranging market tend to follow quick stop movements (e.g once the trade moves a bit in the green) combined with an over all conservative trade management (e.g killing trades that are hanging about and struggling for momentum) whereas trades placed for profit targets beyond first/initial trouble areas normally will be given space (as much as common sense allows) i.e stops move as price develops at and beyond trouble areas. For those of you who follow my Constrictor system thread you would know how I like to ride my trends (moving stops behind pull backs)

hope this helps.

g.
I believe . . .
  • #74,460
  • Sep 9, 2010 10:21am Sep 9, 2010 10:21am
Quoting Atc
Nice vid. and I thought you were faking the accent...your english is by far easily understood.

Bill
Thnx Bill - I think I am sort off faking the accent, or rather trying to.
I believe . . .
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