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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

  • #79,741
  • Nov 11, 2010 2:33am Nov 11, 2010 2:33am
Quoting jarroo

You guys know I like these, right? . . lol ..

Don't we all?
  • #79,742
  • Nov 11, 2010 2:37am Nov 11, 2010 2:37am
Quoting unlv_tj
Thank you for your help on the EURGPB. I am still WAY too picky and I am WAY too conservative, from where I think I need to be. But maybe not either.

I did trade the EURGPB based on the weekly break at .8645 and hit my TP of .8530. I believe this pair might chop around .8500, so I am going to wait for more chart information to be displayed before I try to short it any further.

Mike, Jarroo, Rac, James, Ghous, I saved much of your posted charts and the text of your posts to a folder stored on a small external hard drive. I have a lot of information...

Thanks T.J. . . 16 out of 19 . . .thanks freaking great!

I wouldn't call you a " WAY too picky and I am WAY too conservative" trader . . I would call you a simply a . . .trader . .a very smart one.
Indicators show the past. Price Action "Indicates" the future.
  • #79,743
  • Nov 11, 2010 2:39am Nov 11, 2010 2:39am
How about a potential long trade here? TL, 50% retracement and VBRN as confluence.
Kaboom or not?
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  • #79,744
  • Nov 11, 2010 2:49am Nov 11, 2010 2:49am
Quoting ertorque
How about a potential long trade here? TL, 50% retracement and VBRN as confluence.
Kaboom or not?
I like its potential, ertorque.

Looks like it already had a 80 pip Kaboom . . it may have a double barrel.
Indicators show the past. Price Action "Indicates" the future.
  • #79,745
  • Nov 11, 2010 3:03am Nov 11, 2010 3:03am
Jarroo, your AUD/NZD chart.

Were you looking at it from the base system perspective?

Nah, that line can't be an EMA.

Some secret weapon, we don't yet know about? LOL
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  • #79,746
  • Nov 11, 2010 3:10am Nov 11, 2010 3:10am
Quoting Pinbar
Jarroo, your AUD/NZD chart.

Were you looking at it from the base system perspective?

Nah, that line can't be an EMA.

Some secret weapon, we don't yet know about? LOL

lol That's just a line from my weekly chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,747
  • Nov 11, 2010 3:16am Nov 11, 2010 3:16am
The Weekly BEOB on the Eur/Gbp is working out nicely.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,748
  • Nov 11, 2010 3:25am Nov 11, 2010 3:25am
Morning guys!

Nice charts you got there jarroo.

First I wanted to 're-ask' what I asked yesterday but nobody answered. Perhaps because it was in the middle of the night and none of you were online.

I have backtested a little with just entring when the candle breaks. Tried with Daily charts. Used a 20 pips entry.
The problem was that I was experiencing many fake-outs with this method. Do you have any other smart ideas of how to solve this?

Still at page 170 from the beginning of the thread so maybe it'll come soon..

Thanks!
  • #79,749
  • Nov 11, 2010 3:29am Nov 11, 2010 3:29am
Quoting Carnegie
I did some test on DB-bars and BU/BE OB's and how to trade them.
My first approach to them was to just buy or sell at the break.

Now that I've done some testing on a couple of charts, I have noticed that the market 'fakes-out' many, many times when using a 20 pips entry below/above the highest/lowest point (20 pips randomly chosen).

How do you guys deal with this? Is it just something we cannot do anything about or do you play retracement etc. on the same bar but lower TF?


And another question:

I was looking through a couple of daily...

Do you mean this post Carnegie?

Do you have any chart examples?
Indicators show the past. Price Action "Indicates" the future.
  • #79,750
  • Nov 11, 2010 3:32am Nov 11, 2010 3:32am
Quoting jarroo
The Weekly BEOB on the Eur/Gbp is working out nicely.

After I jumped ship. LOL
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  • #79,751
  • Nov 11, 2010 3:35am Nov 11, 2010 3:35am
Quoting jarroo
Do you mean this post Carnegie?

Do you have any chart examples?
Yeah that's the one, I was also asking about a couple of daily charts.

I'll look thru' my charts once again and find these fake-outs and show you what I mean! BRB
  • #79,752
  • Nov 11, 2010 3:41am Nov 11, 2010 3:41am
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!
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  • #79,753
  • Nov 11, 2010 3:49am Nov 11, 2010 3:49am
Quoting Carnegie
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!

A trend line may have kept you out of that one, there is probably fibo confluence as well. What time frame was that C?
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  • #79,754
  • Nov 11, 2010 3:52am Nov 11, 2010 3:52am
Quoting Carnegie
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!
I was doing same backtests. If you take every BUOB without much filtering you would still gain some imho, but you will have many stops too.
Now, if you add some kind of confluence. And some logical filters like: "never fade a strong trend with an ordinary bar if it does not have any supporting confluence like Div, PPZ etc... I think you would do better.

Just my 2 cents.

EDIT: and that last example you show is BE at WORST.
  • #79,755
  • Nov 11, 2010 3:52am Nov 11, 2010 3:52am
Quoting Carnegie
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!
In my opinion you entered right on the FTA. The BUOB did what it had to do. You could a) consider to enter earlier or b) pass this trade due to some trouble to the downside. Also see that the BUOB did not close beneath the BRN 0.8000 which it makes it less likely to gain momentum.

Hope this helps.

EDIT: An important thing to remember IMO is that every bastion in your trade direction - BRN, PPZ, TLs and other trouble areas - will probably subtract potential momentum from your anticipated move. However everything that supports your trade adds potential momentum.
Thanks J16, Sam Seiden, Udine and Jacko
  • #79,756
  • Nov 11, 2010 3:57am Nov 11, 2010 3:57am
Quoting Carnegie
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!
Hi Carnagie

Well, it looks like your entry would have been just at the support area. Look at the 3rd bar before the Beob. That bar broke the resistance and when price broke beob it was heading back there. Bounce should be fully expected in area like that taking into consideration current trend and the first time retest after breakout.
  • #79,757
  • Nov 11, 2010 3:57am Nov 11, 2010 3:57am
Quoting Pinbar
A trend line may have kept you out of that one, there is probably fibo confluence as well. What time frame was that C?
Yes I agree very much with you there Pinbar and also Adilius. You both make a good point.
But here's the thing. Right now I know that I am incapable of lining up my trades with confluence, I really don't know why I just jump on the trade if I see divergence + anything NEAR the PA-bars we're looking for.
That's the reason why I was just looking for bars + break. Was just trying to learn the 'easiest' part first.
I guess it's just a matter of time and learning, or hopefully it is.

Pinbar: This is the Daily chart as Mike told me to start with the daily and move down when I get successful in trading bigger timeframes.

Thank you.
  • #79,758
  • Nov 11, 2010 4:00am Nov 11, 2010 4:00am
Quoting Carnegie
Okay jarro found one example just to show you, I'm sure you know what I mean.

Look at this AUDUSD. The move would have got me into the trade and faked me out!
How do you handle this? Is there any other method you guys use?

Thanks!!
That's not a bad looking Daily BEOB. The next step is to map out our target(s). We look at the previous bar High and/or Lows to select our targets on a given setup.

You can see the previous bar Highs , in green would be our target.


With a 20 pip buffer from the break of the BEOB gave little room but good for 20-25 pips. (4 Hour Chart).

You can see that the setup hit its target perfectly . .that's all we're trying to do. . .hit that first target then manage our trade from there. . .by either closing the full position or take partial profits or move to break even . .etc.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,759
  • Nov 11, 2010 4:10am Nov 11, 2010 4:10am
Quoting jarroo
That's not a bad looking Daily BEOB. The next step is to map out our target(s). We look at the previous bar High and/or Lows to select our targets on a given setup............
Thanks jarroo and all of you guys who contributed, really nice to see allot of people trying to help!

I learned something new here, didn't know we took profit at previous bar high/low.
Maybe that explains why my current AUD/USD trade is negative.. Should've listened to Mike.. hate my life

Thanks guys!
  • #79,760
  • Nov 11, 2010 4:11am Nov 11, 2010 4:11am
Quoting Carnegie
Yes I agree very much with you there Pinbar and also Adilius. You both make a good point.
But here's the thing. Right now I know that I am incapable of lining up my trades with confluence, I really don't know why I just jump on the trade if I see divergence + anything NEAR the PA-bars we're looking for.
.Thank you.
I think the best for you would be to quickly move SL to BE. Just like James show in the guest videos. BE are the winners!

So as I follow seniors here I see that mostly their styles could be devided in two general groups. First one is really waiting for the best possible A+++ trade and take only those giving the trade some room to breath as they know it is high probability A+++ setup (which I think requires more experience) and the second group would be those that take strong bar (with even less confluence) but then they would tightly manage it, move to BE soon...

I like to think of J16 in this way. And I belong to the second group. Hope I didn't offend anyone, this is just my view on the subject.
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