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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

  • #79,241
  • Nov 4, 2010 7:04am Nov 4, 2010 7:04am
Quoting HanSolo
Thanks, ppfx.

PB-like BEOB on 1h EG. Is this the end of the weekly BEOB retracement?
The momentum is massive it is worth a shot. 8hr pinbar or 4hr outside bar would be very nice.
  • #79,242
  • Nov 4, 2010 7:09am Nov 4, 2010 7:09am
Quoting Greenhaze
The momentum is massive it is worth a shot. 8hr pinbar or 4hr outside bar would be very nice.
The stronger it closes underneath the blue rectangle the better.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,243
  • Nov 4, 2010 7:14am Nov 4, 2010 7:14am
Quoting xmzhang
Well price has reached RNB @ 8800 again as expected, I've banked some profit in case price reverses. Closed 1/2 of my position for a 95 pip profit, let remaining position open in case price breaks the 8800 and finds support there.
Closed my remaining position on the E-G, price broke a 1H-PB @ RNB 8800, I've banked another 81 pip. Total profit: 95 + 81 = 176 pips If price breaks the previous swing low @ 8750-ish then the short term uptrend breaks and price will probably revisit the RNB @ 8700. If 8750 holds as support then the short term uptrend stays intact and price will probably take another shot at the 8800, lets see how this plays out.
Pipcrawler
  • #79,244
  • Nov 4, 2010 7:24am Nov 4, 2010 7:24am
EJ conquers 115.00. We may very well see some bullish reaction here. But beware of the @ 115.66.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,245
  • Nov 4, 2010 7:39am Nov 4, 2010 7:39am
Quoting xmzhang
What is also very important is how the higher TF looks like on the lower TF.
For example our daily DBLHC pattern of E-G, after this pattern closes switch to a 1H-TF to see how this pattern looks like on the 1H-TF. You see that price surged up during the London session with high momentum, after that price just wiggled around in a small range with a slightly bearish bias. When the daily DBLHC finally closes, ask yourself the question: are we going to see a hard break or maybe a pullback and then a break ? If the daily DBLHC closed with some high...
Thank you xmzhang. This lower TF analysis is something I am missing to gauge the momentum.

For me, I can't monitor and look for PA bars at lower TF's based on higher TF's.. since it conflicts with my work time as well as sleep time.

But I can include them in the analysis while analyzing daily and weekly bars to gauge the momentum..

At this time, I was expecting a retracement for all good looking bars at good locations with locational confluences.
For ex: I also expected retracement of NZDUSD back to 7400 based on the weekly BUOB but it never did.
It did not even retrace a bit.. never looked back as if it forgot the downward journey.


Thank you.. ..
  • #79,246
  • Nov 4, 2010 7:50am Nov 4, 2010 7:50am
Anybody taking a look at AUDNZD 1HR? Seems like quite some trouble in closing under previous support. Looks like a nice pin also.
What do you think? Please explain also, looking to learn!

Thank you very much
  • #79,247
  • Nov 4, 2010 7:58am Nov 4, 2010 7:58am
Quoting Pinbar
Hey Mike,,,,Isn't that a BUOB at a swing high?
yes it is Pin. I talk about continuations here but of course not as much b/c I think continuation setups are more difficult to grasp. But remember at the end of the day it is the story behind it all.

I also took this continuation bar
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  • #79,248
  • Nov 4, 2010 8:01am Nov 4, 2010 8:01am
Quoting cprao
Thank you xmzhang. This lower TF analysis is something I am missing to gauge the momentum.

For me, I can't monitor and look for PA bars at lower TF's based on higher TF's.. since it conflicts with my work time as well as sleep time.

But I can include them in the analysis while analyzing daily and weekly bars to gauge the momentum..

At this time, I was expecting a retracement for all good looking bars at good locations with locational confluences.
For ex: I also expected retracement of NZDUSD back to 7400 based on the weekly...
That BUOB on the kiwi you mentioned is at a swing high, so this would be a continuation play. I'am not familiar with how to trade a BUOB as a continuation trade at a swing high, maybe Jarroo could give us some more info about the in & outs of this type of trade.
Pipcrawler
  • #79,249
  • Nov 4, 2010 8:01am Nov 4, 2010 8:01am
Quoting Carnegie
Anybody taking a look at AUDNZD 1HR? Seems like quite some trouble in closing under previous support. Looks like a nice pin also.
What do you think? Please explain also, looking to learn!

Thank you very much
Haha that's just hilarious. Never mind that post, the candle closed waaaaaaaaaaaaaaaaaaaaaaaaaaaaay other than expected. Really wierd how that can happen in 3 minutes..
  • #79,250
  • Nov 4, 2010 8:05am Nov 4, 2010 8:05am
Quoting mbqb11
yes it is Pin. I talk about continuations here but of course not as much b/c I think continuation setups are more difficult to grasp. But remember at the end of the day it is the story behind it all.

I also took this continuation bar
Hey Mike,
What a coincidence I just posted a question about these continuation trades, what makes these trades different compared to the other trades ?
Pipcrawler
  • #79,251
  • Nov 4, 2010 8:13am Nov 4, 2010 8:13am
Quoting xmzhang
Hey Mike,
What a coincidence I just posted a question about these continuation trades, what makes these trades different compared to the other trades ?
The difference is only in the story. All bars can be played at ALL locations IF they qualify to. The qualifying is the traders job. Traditionally speaking we play BUOBs at swing lows as taught by James. So playing at a swing high is foreign territory to many. At the end of the day though a bar is just a bar and once we dissect the whys behind it they can be played anywhere. We just take pieces of everything as a whole to make up why we should be in trading.

Hope that helps
Mike
  • #79,252
  • Nov 4, 2010 8:23am Nov 4, 2010 8:23am
Here is my nzd/usd video since people wondered. It is mostly entry since the exit was easy on this one but never the less I thought I would post one here since I haven't done or updated the guest videos in awhile and this continuation interests some.

http://www.mediafire.com/?a9ji1705fi3ur61
  • #79,253
  • Nov 4, 2010 8:36am Nov 4, 2010 8:36am
Quoting mbqb11
Here is my nzd/usd video since people wondered. It is mostly entry since the exit was easy on this one but never the less I thought I would post one here since I haven't done or updated the guest videos in awhile and this continuation interests some.

http://www.mediafire.com/?a9ji1705fi3ur61
Marvelous! Thanks for sharing, Mike.
Thanks J16, Sam Seiden, Udine and Jacko
  • #79,254
  • Nov 4, 2010 8:38am Nov 4, 2010 8:38am
Quoting mbqb11
The difference is only in the story. All bars can be played at ALL locations IF they qualify to. The qualifying is the traders job. Traditionally speaking we play BUOBs at swing lows as taught by James. So playing at a swing high is foreign territory to many. At the end of the day though a bar is just a bar and once we dissect the whys behind it they can be played anywhere. We just take pieces of everything as a whole to make up why we should be in trading.

Hope that helps
Mike
Thanx Mike.
Pipcrawler
  • #79,255
  • Nov 4, 2010 8:47am Nov 4, 2010 8:47am
Quoting jarroo
This is true about a losing trade . .that's why you what a clear retracement level . .previous bar High/Low at a PPZ or BRN, etc. And also a tight stop loss 20-30 pips, it is either going to be right or not. The benefits you mentioned are worth the risk s to me. Being picky with the good/great looking bars will make the difference . .
Another question on MM. If you always risk 2% of your account, a 20 pip loss is the same as a 100 pip loss, correct? So when you tighten your SL do you also reduce your risk level?
  • #79,256
  • Nov 4, 2010 8:50am Nov 4, 2010 8:50am
Quoting Dan Gilbert
I know I have not been visiting this thread at all lately, but I had to pop in to post this text book style trade on the weekly T/F...

My trading has become very relaxed, and I pass on more trades than I take... Feels good

I used the PA from 2007-2008 to determine when to move my stop to B/E, and when to close up my trade for profit.

Trade added a bit more than 0.7% to the account....
hey Dan, still looking at I4bs? I miss your posts on those.
  • #79,257
  • Nov 4, 2010 8:53am Nov 4, 2010 8:53am
Quoting Adilius07
Can someone explain this please. Both are daily. Fxpro and Interbank FX.
Can you see a little difference in price action?
you think thats something, check out the 4hr and 1hr on both. Ususally the Daily and Weekly are somewhat the same. It was suggested to me to do my charting off one and trade off the other.
  • #79,258
  • Nov 4, 2010 8:56am Nov 4, 2010 8:56am
Quoting mbqb11
yes it is Pin. I talk about continuations here but of course not as much b/c I think continuation setups are more difficult to grasp. But remember at the end of the day it is the story behind it all.

I also took this continuation bar
Those huge continuation bars out of consolidation at BRN's are quickly becoming some of my favorite bars/locations. I believe I'll be doing some backtesting on these bars over the weekend!

Beautiful tade Mike!
  • #79,259
  • Nov 4, 2010 9:04am Nov 4, 2010 9:04am
Hi guys,

Hope the thread doesn't get too interrupted by my questioning all the time but hopefully those who want to help contributes and those who wish to do some chartingwork a la J16 can just skip this post.

Mike always talks about the story. It seems to me like I can read but I don't understand the story.
When I see a pinbar, DBHLC or anyone of the candles I just jump right on it and find reasons to make the trade instead of finding reasons NOT to.

Really my question here is.. what is 'the story' behind the trades?

Let me give you one example. Let's say I use these candlesticks/bars in conjunction with fibonacci retracements to take a trade (is that enough confirmation for a trade). But in swing high or low points, you can't make fibonaccis because it is the point where you draw the fibs TO (understand how I mean?).

So my question is.. What is a 'story' really?

Thank you very much, and apologise for the long post..
  • #79,260
  • Nov 4, 2010 9:29am Nov 4, 2010 9:29am
Quoting Carnegie

So my question is.. What is a 'story' really?

Thank you very much, and apologise for the long post..
Hey C

The story in short is what this entire thread is about. I know that answer sucks but it is the truth. You have to just start and learn and make mistakes and see what others have done that works.

Story in short = Bar + Location

Location = confluence, reasons for importance behind the trade.

So as you work through this thread you will catch onto little new things that you never thought of. Everything from Price Pivot Zones, to divergence, to bar size, to round numbers, and the list goes on and on. Being able to put the pieces together for each setup(they will change and sometimes incorporate a lot of factors, other times one simple factor) will in turn be your story. I just posted a video of a trade I took a few posts back and you can see my story on this setup and why it was a good one to ME.

Hope that helps and good luck
Mike
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