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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

  • #78,541
  • Oct 26, 2010 10:09pm Oct 26, 2010 10:09pm
I will soon have a little more tome to trade and decided to give the 4H a try. I just had a few questions. If the next bar doesn't trigger your entry do you cancel the trade or do you give it more time?

And, I use FXpro as my main analisis program but place orders on IBFX. Since there is a 4 hour difference in platforms will this cause issues with different bar structure?

Thanks in advance.
  • #78,542
  • Oct 26, 2010 10:17pm Oct 26, 2010 10:17pm
Quoting ghous
It's the same old stuff over and over and over again.

BEOB off the 150 and the TL with a strong close below 113. What does the next bar do? Where does it stall? What is the current bar doing?

Simple questions with simple answers

g.

Ghouse, the area your Sell stop is at confuses me a little.

It appears as if the order is right on a flip area of former support and resistance? Can you explain why you consider the BEOB is going to break through it? Looks like price is starting to go sideways. We also had a previous PB off the 150 but, it could not break through that area. This is why I am asking.

EDTI: On looking again, I see the PB did not close below the 113 unlike the BEOB.
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  • #78,543
  • Oct 26, 2010 10:22pm Oct 26, 2010 10:22pm
Quoting spookie94
I will soon have a little more tome to trade and decided to give the 4H a try. I just had a few questions. If the next bar doesn't trigger your entry do you cancel the trade or do you give it more time?

And, I use FXpro as my main analisis program but place orders on IBFX. Since there is a 4 hour difference in platforms will this cause issues with different bar structure?

Thanks in advance.
Hey Spookie

I personally do about 95% of the time. Many others will give their bars time to either trigger before canceling. I simply do it for consistency and as a way to measure intraday momentum

Best
Mike
  • #78,544
  • Oct 27, 2010 12:03am Oct 27, 2010 12:03am
I've been following this thread for some time now as a non-member. Now that I'm a member of FF, just want to say thanks to all in this thread for the learning experience. Just opened a new Demo and look forward to giving this a shot. I'll post charts for review, thanks!
  • #78,545
  • Oct 27, 2010 12:26am Oct 27, 2010 12:26am
Quoting Pinbar
Thanks....Did you take that BEOB short? If you didn't because you missed it or something, would you have taken it...
are u referring to BEOB (#9) here?
if so, it was just engulfing a Sunday bar.
i missed it & had other trades open.
i rarely take trades off of Daily & above... if ever, i may have taken trades off of H4/below on eurgbp.

Quoting mbqb11
It isn't that HUGE bar
.. sorry for not being around too much, got hit with a quick flu the last few days but starting to feel better should be back to normal in a few days
that explains your absence.
i never knew there is such a flu as 'quick flu'.
it must be a US/NY virus strain or something.

Quoting bluetrader
Since
.. Is this a good distance?
yes, IF u cant zoom in on your chart
Quoting nasir.khan
no this one!!!
.
but his laptop's got a HUGE screen for his age... it's even bigger than his head!
Quoting Breakeven
I've been following this thread for some time now as a non-member...
Hello Breakeven,
looking forward to your charts!
  • #78,546
  • Edited 1:05am Oct 27, 2010 12:46am | Edited 1:05am
Quoting Pinbar
Ghouse, the area your Sell stop is at confuses me a little.

It appears as if the order is right on a flip area of former support and resistance? Can you explain why you consider the BEOB is going to break through it? Looks like price is starting to go sideways. We also had a previous PB off the 150 but, it could not break through that area. This is why I am asking.

EDTI: On looking again, I see the PB did not close below the 113 unlike the BEOB.
very very good question. Tells us you're doing exceptionally well with learning the material.

I see that PPZ you point out. What got me to place the order on the BEOB was the strong close (a sharp contrast to the PB you mentioned in the second chart that failed to close below the BRN) below the 113 level and the prior bar's low. What I am headed for is the conspicuous 111.5 region and those 2 matching lows sticking out like a sore thumb.

Price is looking to go sideways here but I am still going to keep in the order unless we break above 113. The flip side being that if we can break below to the downside and the order get's hit I'll be watching it carefully for a hard and sustained break of the BEOB, and sort of just take it from there.

I am kinda stuck with my marketing exam syllabus, so let me know if all of this sounds too muddled up and you're still confused.

g.
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I believe . . .
  • #78,547
  • Oct 27, 2010 12:47am Oct 27, 2010 12:47am
Quoting Breakeven
I've been following this thread for some time now as a non-member. Now that I'm a member of FF, just want to say thanks to all in this thread for the learning experience. Just opened a new Demo and look forward to giving this a shot. I'll post charts for review, thanks!
welcome bud hang around
  • #78,548
  • Oct 27, 2010 1:20am Oct 27, 2010 1:20am
Quoting ghous
very very good question. Tells us you're doing exceptionally well with learning the material.

I see that PPZ you point out. What got me to place the order on the BEOB was the strong close (a sharp contrast to the PB you mentioned in the second chart that failed to close below the BRN) below the 113 level and the prior bar's low. What I am headed for is the conspicuous 111.5 region...
Thanks Ghous, that clears things up a lot.

I think you are ignoring that Sunday bar, so Friday is the bar you are talking about.
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  • #78,549
  • Oct 27, 2010 1:23am Oct 27, 2010 1:23am
Quoting supremeChaos
are u referring to BEOB (#9) here?
if so, it was just engulfing a Sunday bar.
i missed it & had other trades open.
i rarely take trades off of Daily & above... if ever, i may have taken trades off of H4/below on eurgbp.
I see......Yeah it was a BEOB if we include the Sunday bar but it was a PB on someone feed when they posted the chart.

Thanks SC.
  • #78,550
  • Oct 27, 2010 1:24am Oct 27, 2010 1:24am
Quoting Pinbar
Thanks Ghous, that clears things up a lot.

I think you are ignoring that Sunday bar, so Friday is the bar you are talking about.
yeah. That Sunday bar has to be ignored...always.
I believe . . .
  • #78,551
  • Oct 27, 2010 1:27am Oct 27, 2010 1:27am
We're at 1.38

Stop to BE.

g.
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I believe . . .
  • #78,552
  • Oct 27, 2010 1:31am Oct 27, 2010 1:31am
Quoting jarroo
You give me too much credit G. . .I guess it true that seeing situations develop time and time again, in real time, is different then back testing. . . logging the hours . .it has made a difference for me.

But a less then A+ setup better have an A++ story behind it (Thanks Mike). And your right g . .trade management can be the difference between a bad trade and a great trade even if the outcome is break even.


On the 2 Day IPB . . the other part of the story (that I didn't tell for some reason) was the PPZ level acting as a Support level...
Target hit G . . .as usual . .
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Indicators show the past. Price Action "Indicates" the future.
  • #78,553
  • Oct 27, 2010 1:39am Oct 27, 2010 1:39am
Quoting jarroo
Target hit G . . .as usual . .
Amazing.
I believe . . .
  • #78,554
  • Oct 27, 2010 1:43am Oct 27, 2010 1:43am
Quoting ghous
Amazing.
Not too amazing . . give yourself some credit g . . .

The G-bars work when things line up properly or when the story is there.

Thanks ghous.
Indicators show the past. Price Action "Indicates" the future.
  • #78,555
  • Oct 27, 2010 1:46am Oct 27, 2010 1:46am
Quoting ghous
Pin bar at a swing high.

Not the best in the world but it clearly pays to know your targets well. Where was price going when the pin bar broke? Any surprises?

g.
Hello Ghous, I confess I'm a little bit confused about you pointing this out. Since spotting relevant trends for J16 trading is giving me a headache lately I wondered why you considered it in spite of the long uptrend on the daily. Is it just that you're risk awareness differs from the other traders or is there anything I miss on this chart? I know there's divergence, but is it so relevant in this case?

Quoting antgal23
dont worry Hansolo, i totally share your frustration

today i have spent it asking myself why i continue to take the stupidest trades

sooner or later i will fall back on J16 s adage of 2/3 trades a month, its getting there is the painful part
Good to know I'm not alone. Thanks for the cheering up.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,556
  • Oct 27, 2010 1:52am Oct 27, 2010 1:52am
Quoting HanSolo;4125584[B
]Hello Ghous, I confess I'm a little bit confused about you pointing this out. Since spotting relevant trends for J16 trading is giving me a headache lately I wondered why you considered it in spite of the long uptrend on the daily. Is it just that you're risk awareness differs from the other traders or is there anything I miss on this chart? I know there's divergence, but is it so relevant in this case?[/b]
I am going to get back to you on this, 2 hours to go for my marketing exam and I got 4 more chapters to read (yeah, it's not my thing but I need to pass ) so hang in there.

g.
I believe . . .
  • #78,557
  • Oct 27, 2010 1:52am Oct 27, 2010 1:52am
As I said in my preceding post spotting relevant trends for J16 trading is giving me a bit of a headache. Here is an example I found somehow challenging: monthly, weekly and daily EURJPY. Going through it step by step made it much clearer, still I would love to hear your guys opinion on my analysis. Thank you very much!

Quoting ghous
I am going to get back to you on this, 2 hours to go for my marketing exam and I got 4 more chapters to read (yeah, it's not my thing but I need to pass ) so hang in there.

g.
Great, thank you Ghous! All the best for your exam.

Have a nice day
Hans
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,558
  • Oct 27, 2010 1:57am Oct 27, 2010 1:57am
Quoting HanSolo
Hello Ghous, I confess I'm a little bit confused about you pointing this out. Since spotting relevant trends for J16 trading is giving me a headache lately I wondered why you considered it in spite of the long uptrend on the daily..
im sure ghous is gonna reply soon..
just wanna say that trends dont move in a straight line.
there are trends within trends.... price zigzagging up & down.

& he is not trying to target half of that huge trend... at least not yet.
he is only looking to take a chunk out of it... unless price progresses well in favor of his short & he still has some positions left open.

Quoting ghous
, 2 hours to go for my marketing exam and I got 4 more chapters to read (yeah, it's not my thing but I need to pass ) so hang in there..
what a crap exam, disturbing ghous' trading. lol
btw, seems like u are reading this thread more than those 4 chapters.
Good luck.
  • #78,559
  • Oct 27, 2010 1:59am Oct 27, 2010 1:59am
Quoting supremeChaos
im sure ghous is gonna reply soon..
just wanna say that trends dont move in a straight line.
there are trends within trends.... price zigzagging up & down.

& he is not trying to target half of that huge trend... at least not yet.
he is only looking to take a chunk out of it... unless price progresses well in favor of his short & he still has some positions left open.
yep remember from the big guy himself James says he doesn't care about trends. It's built into what we do when you think about it. Good bars at good locations and then where is price likely to go from there.

Mike
  • #78,560
  • Edited 2:28am Oct 27, 2010 2:10am | Edited 2:28am
Quoting HanSolo
Hello Ghous, I confess I'm a little bit confused about you pointing this out. Since spotting relevant trends for J16 trading is giving me a headache lately I wondered why you considered it in spite of the long uptrend on the daily. Is it just that you're risk awareness differs from the other traders or is there anything I miss on this chart? I know there's divergence, but is it so relevant in this case?



Good to know I'm not alone. Thanks for the cheering up.

Yeah, that sort of confuses me a little also as there is a flip area with TL confluence at 1.00350.

It seems I would have passed on this, yet Ghous just takes it and it goes the way he traded it. Great stuff and I am sure there is more to it.

Had I taken it, it would without doubt have gone North on me.
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