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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

  • #79,461
  • Nov 7, 2010 2:38pm Nov 7, 2010 2:38pm
Quoting HanSolo
Just doing some self-talk...

I lately try to get better at spotting meaningful trendlines. While doing this on a random chart I once again become aware of how great the tool of confluence is. Just click the attached animated GIF. It isn't hard to imagine how traders with different styles and approaches kick in and contribute to this 2-day-PB and -BUOB, isn't it?

Unlike many other strategies we see out there this stuff will still work in a hundred years in probably any market available.
Well Done
How you did the animation?
  • #79,462
  • Nov 7, 2010 2:51pm Nov 7, 2010 2:51pm
Quoting TGpop
Anyone taking the gbpchf daily pin of the 50% fib?
Was also looking at this. I think it will work out, but ive not taken it since i try to trade with the trend and there is a pretty huge downtrend behind it.

My trading plan its to not take counter trend trades, so im itching to trade it but my plan says no...
  • #79,463
  • Nov 7, 2010 3:53pm Nov 7, 2010 3:53pm
Quoting ppfx
+2 really great animation

...you forgot to add some smilies at the how a j16 trader sees it...
LOL. Thank you guys. The more I practice just this basic stuff the more it blows my mind how simple and yet comprehensive it really is. Like many others I always dreamed of being able to trade a more or less naked chart. Jim and the other great traders on this thread show us how to do this magic.

Quoting john225
Well Donehttp://cdn.forexfactory.com/images/s...m/thumbsup.gif
How you did the animation?
I did it with Image Ready. But you can find plenty of other free GIF animation programs on the web.
Thanks J16, Sam Seiden, Udine and Jacko
  • #79,464
  • Nov 7, 2010 4:14pm Nov 7, 2010 4:14pm
Quoting HanSolo
Just doing some self-talk...

I lately try to get better at spotting meaningful trendlines. While doing this on a random chart I once again become aware of how great the tool of confluence is. Just click the attached animated GIF. It isn't hard to imagine how traders with different styles and approaches kick in and contribute to this 2-day-PB and -BUOB, isn't it?

Unlike many other strategies we see out there this stuff will still work in a hundred years in probably any market available.
heheh nice one bud
  • #79,465
  • Nov 7, 2010 4:39pm Nov 7, 2010 4:39pm
Hey guys I've been trading for about a year and I'm new to this system aswell.

I wanted to know your input on the beob on usd/chf weekly, I see there is resistance at the round number of 1.0000, also see there is a ppz around that area and 23.6 fib retracment of the down trend of 5/30-10/10.

Thanks guys your input is much appreciated! And please excuse my crappy analysis, I'm new to all of this
  • #79,466
  • Nov 7, 2010 4:42pm Nov 7, 2010 4:42pm
Quoting PipPirate
Hey guys I've been trading for about a year and I'm new to this system aswell.

I wanted to know your input on the beob on usd/chf weekly, I see there is resistance at the round number of 1.0000, also see there is a ppz around that area and 23.6 fib retracment of the down trend of 5/30-10/10.

Thanks guys your input is much appreciated! And please excuse my crappy analysis, I'm new to all of this
Hey Pip

Welcome bud

We want to see BEOBs up at swing highs, where this one is right at the swing low point. So that means it is trading right into trouble at that last low around .9500. I like the parity level for sure and this suggest further downside, but in terms of all the components James teaches this is one to pass on and wait for a better retracement or more information. Some may take it looking for a quick hard break, but that FTA(first trouble area) at 9500 last low is close.

Let us know if you got more questions

Mike
  • #79,467
  • Nov 7, 2010 4:48pm Nov 7, 2010 4:48pm
Quoting nasir.khan
Hey PP,.. i have both BRN and 50 Fib marked on my chart......

or maybe i am missing something?

Anyway another one before i go to sleep.
.
lol my bad. i didnt see the fib cause it was darkred i know that you marked the BRN but i wanted to show you the fib confirmation, like i said i didnt saw it.... my bad looks like i should go to sleep. my vision is not so sharp anymore..lol.
  • #79,468
  • Nov 7, 2010 5:21pm Nov 7, 2010 5:21pm
Hi Mike,

Which 4 brokers are you currently using, the ones I choose keep changing??!!

Cheers
  • #79,469
  • Nov 7, 2010 5:23pm Nov 7, 2010 5:23pm
... and is FxPro still the broker for daily bars?
  • #79,470
  • Nov 7, 2010 5:32pm Nov 7, 2010 5:32pm
Quoting mission
Hi Mike,

Which 4 brokers are you currently using, the ones I choose keep changing??!!

Cheers
Hey Mission

Yeah there was a bit of change for a few weeks I am back to

IBFX
FXpro
Alpari UK
FXCM

For daily I use fxpro still yes

Best
Mike
  • #79,471
  • Nov 7, 2010 5:43pm Nov 7, 2010 5:43pm
Quoting ghous
This is exactly how I use the consolidation boxes.

One thing I'd like to clarify before I begin is that I don't use boxes extensively, but they will catch my attention immediately when they are obvious.

How I understand them is just what the name suggests "Consolidation" box. That is they represent a period where price instead of riding a dominant bias in the market looks to hold up a bit and strengthen before it either reverses or continues on with the same trend. I look at these as "price breathers". The analogy of the spring is rather an...

Wonderful example Ghous. I shall print that out and put it in my collection.

Many thanks for the detailed explanation when you were obviously very busy.
  • #79,472
  • Nov 7, 2010 5:51pm Nov 7, 2010 5:51pm
AUD/NZD caught me in the gap.

Hmmm, looks like I will have to learn how to play the gaps, real fast.

I take it that this gap should fill itself.
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  • #79,473
  • Nov 7, 2010 6:09pm Nov 7, 2010 6:09pm
Quoting ppfx
you want some more confluence? ....

...here you go

definitely one of the best setups for the next week...

Attachment

Yes, this is at the bottom of the lower consolidation box Adi & myself were discussing boxes about yesterday.
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  • #79,474
  • Nov 7, 2010 6:24pm Nov 7, 2010 6:24pm
Quoting mbqb11
Hey Pip

Welcome bud

We want to see BEOBs up at swing highs, where this one is right at the swing low point. So that means it is trading right into trouble at that last low around .9500. I like the parity level for sure and this suggest further downside, but in terms of all the components James teaches this is one to pass on and wait for a better retracement or more information. Some may take it looking for a quick hard break, but that FTA(first trouble area) at 9500 last low is close.

Let us know if you got more questions

Mike
Thanks mike for all of your help sorry I'm trying to grasp as much information as I can through these 5000+ pages haha I believe this thread is really helping me develop as a trader
  • #79,475
  • Nov 7, 2010 7:24pm Nov 7, 2010 7:24pm
Quoting mbqb11
Hey Mission

Yeah there was a bit of change for a few weeks I am back to

IBFX
FXpro
Alpari UK
FXCM

For daily I use fxpro still yes

Best
Mike
Mike, I loaded one of those candle count down indicators and i found that IBFX and FXCM has the same H4 candle?? I prefer Mt4 cause I am used to it, are you using the FXCM US, UK, AUS?

Thanks for your help.
  • #79,476
  • Nov 7, 2010 7:25pm Nov 7, 2010 7:25pm
BEOB to watch. Existing down trend, located at a minor swing high, closed below 1.35. Could use some more space though.
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  • #79,477
  • Nov 7, 2010 7:42pm Nov 7, 2010 7:42pm
Quoting HanSolo
Hey Ghous,
I would expect it to go south. First of all it closed below 1.5, it did not close above the three highs that happened just 2-4 weeks before (I imagine them as some kind of triple top on the daily) and it has to fight a huge downtrend. Probably a retrace to the 1.5 before it goes down again.

As I'm expecting a trick question I may therefore see it with more conservative eyes. Not sure if I would trade it anyway when it happened live.
Depending on one's style it could very easily have been a pass. I agree...

g.
I believe . . .
  • #79,478
  • Nov 7, 2010 7:42pm Nov 7, 2010 7:42pm
Quoting mission
Mike, I loaded one of those candle count down indicators and i found that IBFX and FXCM has the same H4 candle?? I prefer Mt4 cause I am used to it, are you using the FXCM US, UK, AUS?

Thanks for your help.
Hey Mission

I have to do some digging for the 4th one until I find it I'll just use the 3. I'll post if I get it, I am sure someone else will jump in too, I don't have too many mt4s since I got my new computers

Mike
  • #79,479
  • Nov 7, 2010 7:43pm Nov 7, 2010 7:43pm
Quoting ertorque
Hey ghous, would you mind telling me how did you draw the "WIPG" charts leaving out the bars to the right of the PA bar? Thanks.
I use Snag it to edit my pictures Ertorque.

g.
I believe . . .
  • #79,480
  • Nov 7, 2010 7:49pm Nov 7, 2010 7:49pm
Quoting HanSolo
Very nice charts and great analysis. Thank you very much, Ghous!

Concerning my last post: Do you think my points are reasonable and should lead to a more conservative managment of the trade or do you think it is a no brainer? I'm sometimes concerned that over-analyzing may lead to an inappropriate fear of taking trades.
Your points are very reasonable Hansolo, which is why I agree with your post. It really comes down to one's style of trading. I for one would have traded it conservatively that is with tight management, not to say that makes it any more or any less tradable for someone else. At the end of the day you trade what you perceive, and your perception depends heavily on what constitutes an A+ trade - which can differ significantly from trader to trader.

The purpose behind the whole exercise is not to grade setups, but comment on "where price is going if the PA bar breaks" this exercise alone has helped me more than anything else which is why I am all that excited to keep it going at weekends for all the new folks.

g.
I believe . . .
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