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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

  • #81,621
  • Dec 5, 2010 2:33am Dec 5, 2010 2:33am
Quoting albinas
Good morning world,...
Hey Albinas, I loled at the joke.

They are both acceptable BUOBs.

It is not important for the body (as in the distance between open and close) of the first bar to necessarily get engulfed by the body of an outside bar.

What we refer to when we say an "outside bar" is a bar whose high and low (i.e the complete range) both exceed the high and low of the previous bar.

Put together differently, an OB is a bar that has a high exceeding the high of the previous bar and a low exceeding the previous bar's low. As long as you have that you're looking at an outside bar.

hope that clears things up.

g.
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I believe . . .
  • #81,622
  • Dec 5, 2010 4:20am Dec 5, 2010 4:20am
Quoting mbqb11
Hey Lallous

I think that is a good representation of space and you will be far ahead with understanding that alone . That is part of how I do it at least. But space and FTA are two difference concepts. But of course they have some overlap. I did a video that some found useful

I have re-uploaded it

http://www.mediafire.com/?prjqndc567ygtud

Best
Mike
Your contribution to my learning has been outstanding !
Thank you Mike as always
  • #81,623
  • Dec 5, 2010 5:34am Dec 5, 2010 5:34am
Hey everyone,

With all the recent talk about weekly PB's, I thought I'll post a chart as well...

EUR/CAD Weekly Pinbar off 1.34 RN and 50% ret.
I'm targeting 1.37

any thoughts about this?


P.S. Awesome thread and the helpful people involved! The short while that I'v been aroundhere, I'v learnt a lot. Looking forward to contributing to this thread more actively in the future.


Thanks,

Herman
Attached Image (click to enlarge)
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  • #81,624
  • Edited 6:32am Dec 5, 2010 6:12am | Edited 6:32am
Quoting Pinbar
Think I am stuck in the weeds....LoL

I was yesterday for sure.

I think you have done great and are much further ahead than myself.

I have to get my analysis system in order instead of just concentrating on a single aspect too much. Any advice XMZ?



Here is a good example of my dilemma.
Hey PB, let me tell you in detail how I view the trading problem. My view is tighlty related to my background as a system engineer., so it's from a different perspective than most of you guys I think. I see the whole forexmarket as one black box, with one input and one output. The input which drives the forex market (our black box) is the constant imbalance between two competing forces namely supply and demand, the generated output is the price of one currency pair in which we are interested. The complexity lies in defining the relationship of supply and demand with its numerous parameters, this is the job of the fundamental guys. If this relationship could formulated into a (complex) expression, than the trading would be simple, but it can't. The technical traders, you and I, we only look at the ouput of the backbox ie. the price of a currency pair. With the realtime output and previous generated output we try to determine what price is going to do in the nearby future. This is related to the classical prediction problem in signal theory. In order to solve this problem you'll need enough information, pay attention to the word enough. What we actually do by looking at a daily or weekly bar is to condense the whole pricemovement that happened during that period into just 4 parameters (H,L,C,O), a lot of intraday information is lost that could otherwise be used in our decision making. A famous theorem from signal theory says that in order to preserve information from a certain signal you may not sample that signal lower than 1/2 of its maximum frequency, I know its sounds technical but I keep this theorem always in mind when trading. Thats why I like to zoom into the lower TF, because it provides me with more information which I need in my decision making, especially concerning my entry point. I also watch price action on the lower TF @ important levels (PPZ, fib, S/R, BRN) to see what price is doing at the moment/realtime @ those levels. It all boils down to having enough information in order to make the correct decisions. Watching a daily setup, I like to get information from the 1H-TF, lower TF's are to noisy for a daily setup. For a 4H-setup I like to get information from the 30m/15m TF, for a 1H-setup I like to watch the 10m/5m-TF for my decision making. So this is how I look at it, not saying its the right way just my 2 cents. I hope this stuff didn't make you guys all ..... yawn

May the force be with you
Pipcrawler
  • #81,625
  • Dec 5, 2010 6:31am Dec 5, 2010 6:31am
Quoting Pinbar
Possibly, this is part of the cure, however it may well be TF hopping combined with the order of analysis.

Thanks X....Any chance you can expand a little on your methodology with a couple of charts, keeping it as simple as possible?

Thanks in advance.
Hi Pinbar

I hope you dont mind me adding some advice to Ghous and the seniors

I have read (via the forex psychology books, the seniors here and personal testamonies) that one's trading only takes off once we take responsibility for our trading. This means developing our own plans which work for us


If we spend most of our time experimenting with other people's methods then we can never have our own plan. If I have my own plan (Tim Wilcox), I am responsible for its results and it means more to me b/cuz I am its author.

J16 shows us where to trade but not how. The 'how' part is up to us.

2 things come mind: In his video James says more than once that "its all about being picky" and Mike says we must "formulate reasonable expectations"

It is a huge learning curve I ve been told but one where we must commit the error ourselves to learn.

Good luck

Anthony
  • #81,626
  • Dec 5, 2010 6:37am Dec 5, 2010 6:37am
Quoting xmzhang
Hey PB, let me tell you in detail how I view the trading problem. My view is tighlty related to my background as a system engineer., so it's from a different perspective than most of you guys I think. I see the whole forexmarket as one black box, with one input and one output. The input which drives the forex market (our black box) is the constant imbalance between two competing forces namely supply and demand, the generated output is the price of one currency pair in which we are interested. The complexity lies in defining the relationship of supply...

Many thanks X.

Yes, it makes prefect sense.

I have a question though, if any signal lower than half the max output, is unreliable. How come you are using the H1 TF to get information about a Daily setup? Shouldn't you be using a 12 hour bar to get that information?

Many thanks.
  • #81,627
  • Edited 7:10am Dec 5, 2010 6:41am | Edited 7:10am
Quoting antgal23
Hi Pinbar

I hope you dont mind me adding some advice to Ghous and the seniors

I have read (via the forex psychology books, the seniors here and personal testamonies) that one's trading only takes off once we take responsibility for our trading. This means developing our own plans which work for us


If we spend most of our time experimenting with other people's methods then we can never have our own plan. If I have my own plan (Tim Wilcox), I am responsible for its results and it means more to me b/cuz I am its author.

J16 shows...

Thanks Anthony, I also am thinking this has something to do with it.

Maybe it is a TRUST issue, I mean, I trust everyone that has kindly taught me and indeed the system. But, it is hard to internalize this on a personal level. It is almost like copying someone's signature, it is unnatural for us because it is not our own, yet.

Hmm, maybe I have just opened a fresh can of worms.

Many thanks for the advice.


Steve

Edit: It may also be, not wanting to be wrong, I mean perhaps I am missing trades subconsciously to avoid the responsibility of being wrong?

Ok, tomorrow, on demo, I will make 5 H4 or perhaps h1 trades and post them in real time as I pull the trigger.
  • #81,628
  • Edited 8:20am Dec 5, 2010 8:07am | Edited 8:20am
Quoting Pinbar
Many thanks X.

Yes, it makes prefect sense.

I have a question though, if any signal lower than half the max output, is unreliable. How come you are using the H1 TF to get information about a Daily setup? Shouldn't you be using a 12 hour bar to get that information?

Many thanks.
It's not about reliable or not, it's just a minimum requirement. Darn it, I shouldn't even have mentioned it in hindsight it's much more complex than I told you in my post, I only start to confuse people with my technical humbug. Just forget it PB, it's very diffcult for me to explain these technical topics in simple words to somebody who hasn't got a technical background. As I told you before my approach is based on my technical view at the trading problem and I'am having a hard time explaining that view in simple words. I shall post you some more detailed charts of my future trades ........ one picture tells you more than a thousand words.
Pipcrawler
  • #81,629
  • Dec 5, 2010 8:15am Dec 5, 2010 8:15am
Quoting Donkey
... but one thing I want to do is stay with the trend as much as I can and trade the pullbacks.
Trade with the trend off pullbacks. So simple, but so important if you want to increase your winning percentage. Don't just try -- I make it a prerequisite to entry.
"A is A"
  • #81,630
  • Dec 5, 2010 8:28am Dec 5, 2010 8:28am
Quoting xmzhang
It's not about reliable or not, it's just a minimum requirement. Darn it, I shouldn't even have mentioned it in hindsight it's much more complex than I told you in my post, I only start to confuse people with my technical humbug. Just forget it PB, it's very diffcult for me to explain these technical topics in simple words to somebody who hasn't got a technical background. As I told you before my approach is based on my technical view at the trading problem and I'am having a hard time explaining that view in simple words. I shall post you some more...

Hey X, don't sweat it....I will work it out.
  • #81,631
  • Dec 5, 2010 8:29am Dec 5, 2010 8:29am
Quoting OneLove
Hey everyone,

With all the recent talk about weekly PB's, I thought I'll post a chart as well...

EUR/CAD Weekly Pinbar off 1.34 RN and 50% ret.
I'm targeting 1.37

any thoughts about this?


P.S. Awesome thread and the helpful people involved! The short while that I'v been aroundhere, I'v learnt a lot. Looking forward to contributing to this thread more actively in the future.


Thanks,

Herman
Hi and welcome Onelove,

I am going to watch it also.
My only concern is the close FTA which is around the 1.37 area.
  • #81,632
  • Dec 5, 2010 8:58am Dec 5, 2010 8:58am
Quoting Oldice
Whoops; here's the chart.
Hi Oldice,

Scrolling through last few days posts here. Just wanted to let you know that (if you did not already know it) that it might be useful when deciding to trade the danish krone to know that it is pegged to the euro and is allowed to move in a fairly narrow predefined range against the euro.

/pat
  • #81,633
  • Dec 5, 2010 10:39am Dec 5, 2010 10:39am
Quoting OneLove
Hey everyone,

With all the recent talk about weekly PB's, I thought I'll post a chart as well...

EUR/CAD Weekly Pinbar off 1.34 RN and 50% ret.
I'm targeting 1.37

any thoughts about this?


P.S. Awesome thread and the helpful people involved! The short while that I'v been aroundhere, I'v learnt a lot. Looking forward to contributing to this thread more actively in the future.


Thanks,

Herman
Hey Herman

Welcome to the thread

I would like to see this bar close more strong(especially above the BRN of 1.35), but 1.37 on a break of the high is a very logical trouble area. Of course one thing just to remember is that that area is also a zone(although a bit smaller then say a large PPZ), so one thing I do is make sure not to target the Round number to the pip. Saves me a lot of trades coming back on me.

This could be an interesting week be careful out there all

Mike
  • #81,634
  • Dec 5, 2010 11:03am Dec 5, 2010 11:03am
How is the USDJPY weekly BEOB?
Canīt make a pic at the moment sorry guys
  • #81,635
  • Dec 5, 2010 11:16am Dec 5, 2010 11:16am
i thought i would throw this up for comment..
us/yen weekly BEOB coming off some quite good res.
this is how i see it..
(daily chart is a bit busy..sos)
jon

EDIT: would have liked to have seen a higher high also to really test that area
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: daily.gif Size: 22 KB
PATIENCE... DISCIPLINE
  • #81,636
  • Dec 5, 2010 11:17am Dec 5, 2010 11:17am
Quoting john225
How is the USDJPY weekly BEOB?
Canīt make a pic at the moment sorry guys
haha do you read minds as well as charts!!?? lol
PATIENCE... DISCIPLINE
  • #81,637
  • Dec 5, 2010 12:26pm Dec 5, 2010 12:26pm
Quoting g_j_hook@yah
i thought i would throw this up for comment..
us/yen weekly BEOB coming off some quite good res.
this is how i see it..
(daily chart is a bit busy..sos)
jon

EDIT: would have liked to have seen a higher high also to really test that area
Thanks the FTA is the same that i would take too ;-)
  • #81,638
  • Dec 5, 2010 12:29pm Dec 5, 2010 12:29pm
Quoting g_j_hook@yah
haha do you read minds as well as charts!!?? lol
hahaha nice
no unfortunately not. That would be nice xD
  • #81,639
  • Dec 5, 2010 1:53pm Dec 5, 2010 1:53pm
In an effort to keep it simple I'm struggling to find much wrong with EURSD on the weekly.

it's off the 365, 2 fibs (one of them a 50%) and the VBRN 1.3, has a strong close above the 61.8% and 1.3400 RN

My only issue is where to enter and where to put a stop that's doable with a $1120 micro account and 2% risk..

I think the EUR fundamentals and the fact that it's December don't help
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Anything can happen.
  • #81,640
  • Dec 5, 2010 2:05pm Dec 5, 2010 2:05pm
Nice BEOB of parity and PPZ level.
Good Hunting to everybody!
Attached Image (click to enlarge)
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Anything can happen - You never know
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