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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

  • #82,401
  • Dec 13, 2010 9:20pm Dec 13, 2010 9:20pm
Quoting jarroo
2nd target hit.
Hi jarroo. Could you share your stop progression on this trade? I demo'd and got my stop knicked out on the Sunday open by a few pips for a -0.26R.

I think I'm getting better at identifying entries, but seem to be having some trouble managing once in it.

My logic - I moved stop slightly early in the trade to remove some risk. When the Friday bar didn't close below the resistance at .9800, I tightened my stop up quite a bit, too much in hindsight.

I'm thinking of adding a rule when trailing stops to always give the RNs (100's and 50s) about 10 pips breathing room.

Here's my entry and stop movement (zoomed in quite a bit).
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  • #82,402
  • Dec 13, 2010 9:25pm Dec 13, 2010 9:25pm
Quoting Pinbar
Do we have a nice Ghous bar on GBP/CAD Daily?

Broke out low of the massive consolidation area it was in and gives us a PB stopping dead on the 1.6000 & the 50 fibo.


The weekly chart is a little confusing, maybe Jarroo could explain his thoughts on this.
Doesn't appeal to me too much as a great IPB Steve,

We are in a terrible mess here, I can see the 1.6, but again too many whipsaws to get me interested.

g.
I believe . . .
  • #82,403
  • Dec 13, 2010 10:12pm Dec 13, 2010 10:12pm
Quoting mbqb11
For me it isn't so much no space here as it is the location of the bar(where the bar sits). I would want to see it have a lower low then the recent swing low(drew it in). Where as this sort of just in middle there. A break we have a good area of where price should end up testing(blue box).

Best
Mike
Could your explain why you would want this BUOB to have a lower low?
  • #82,404
  • Dec 13, 2010 10:14pm Dec 13, 2010 10:14pm
Quoting spookie94
Could your explain why you would want this BUOB to have a lower low?
never mind. I got my answer a few posts down
  • #82,405
  • Dec 13, 2010 10:26pm Dec 13, 2010 10:26pm
Quoting ghous
lol.

Ghous pronunciation

g.
Thank you for clearing that up, and I hope I didn't offend!

--Dave
  • #82,406
  • Dec 13, 2010 10:33pm Dec 13, 2010 10:33pm
I placed a small buy stop order a bit above 1.60 myself. The PB looks to be at an odd spot but occurred at extremely solid support. It does have 1.60 in its way, so I am my order is not based on the break of the bar. I am also not looking for a very big move.

Scott

Quoting Pinbar
Do we have a nice Ghous bar on GBP/CAD Daily?

Broke out low of the massive consolidation area it was in and gives us a PB stopping dead on the 1.6000 & the 50 fibo.


The weekly chart is a little confusing, maybe Jarroo could explain his thoughts on this.
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  • #82,407
  • Dec 13, 2010 10:35pm Dec 13, 2010 10:35pm
Quoting Pinbar
Do we have a nice Ghous bar on GBP/CAD Daily?

Broke out low of the massive consolidation area it was in and gives us a PB stopping dead on the 1.6000 & the 50 fibo.


The weekly chart is a little confusing, maybe Jarroo could explain his thoughts on this.

I talked about this one earlier Pb.

Quoting jarroo
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.

Its a good example of how the Weekly time frame can be a good starting point to start a story.

On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.

Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.

Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades,...

Price could break through the 1.6 and find Support from previous Resistance. A Daily close above would help confirm that possibility.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,408
  • Dec 13, 2010 10:57pm Dec 13, 2010 10:57pm
Quoting Donkey
Hi jarroo. Could you share your stop progression on this trade? I demo'd and got my stop knicked out on the Sunday open by a few pips for a -0.26R.

I think I'm getting better at identifying entries, but seem to be having some trouble managing once in it.

My logic - I moved stop slightly early in the trade to remove some risk. When the Friday bar didn't close below the resistance at .9800, I tightened my stop up quite a bit, too much in hindsight.

I'm thinking of adding a rule when trailing stops to always give the RNs (100's and 50s) about...

Hey d.

Mike's 2 bar trailing stop would have worked very well on this one.

I liked this one a lot mainly because it was off the Weekly BEOB's previous bar Low.

I mainly waited for the bars to close on the Daily (setup was on the Daily)to show me where to place my stop as they relate to the PPZ levels.

I see your logic with the bar not closing below the .9800 (Support) but it did close below the .9850 level (Resistance).

There were also some nice opportunities on the 4 hour that I took advantage of . . again waiting for the 4 hour bar to close (setup was on the 4 hour) to make my decisions.

Currently my stop is above the .9750. I don't want to see a Daily close above the .9725. Some of my 4 Hour trades are closed out completely


Hope this helps.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #82,409
  • Dec 13, 2010 11:05pm Dec 13, 2010 11:05pm
Hi Jarroo, PB, Ghous....

Wanted to know whether this BUOB yesterday on AUDCAD Daily chart is a good set-up ?

I read somewhere on this forum (Pinbar's post I think) that good BUOBs are good at swing lows.

Also, can someone please help me understand the story that this chart is telling.

I loved Ghous's story telling on Inside Bars a few pages back. That way I understand the charts much more.

Thanks.
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  • #82,410
  • Dec 13, 2010 11:05pm Dec 13, 2010 11:05pm
Quoting ghous
Here's a follow up chart, with my viewpoint illustrated. A bearish IB that does not have a bearish close, but is still worth calling for in my book.

1 - First thing to notice. Price is in a mess.

2 - A BUOB. What does it do? Closes above the 1.6! Yes a good sign. What can you expect next? The holding up of 1.6 as support?

3 - You bet! Next bar takes off. Where does it stall? Any surprises why it didn't shoot to the moon? This is where the knowledge of sideways markets (point 1) comes into play. Expecting big...
Fantastic analysis buddy. Pleasure reading your posts.
What is any ocean but a multitude of drops?
  • #82,411
  • Dec 13, 2010 11:11pm Dec 13, 2010 11:11pm
Crap! I always miss story time.

Scott

Quoting forex0908
Hi Jarroo, PB, Ghous....

Wanted to know whether this BUOB yesterday on AUDCAD Daily chart is a good set-up ?

I read somewhere on this forum (Pinbar's post I think) that good BUOBs are good at swing lows.

Also, can someone please help me understand the story that this chart is telling.

I loved Ghous's story telling on Inside Bars a few pages back. That way I understand the charts much more.

Thanks.
  • #82,412
  • Dec 13, 2010 11:13pm Dec 13, 2010 11:13pm
Quoting forex0908
Hi Jarroo, PB, Ghous....

Wanted to know whether this BUOB yesterday on AUDCAD Daily chart is a good set-up ?

I read somewhere on this forum (Pinbar's post I think) that good BUOBs are good at swing lows.

Also, can someone please help me understand the story that this chart is telling.

I loved Ghous's story telling on Inside Bars a few pages back. That way I understand the charts much more.

Thanks.
Hey FX

Traditionally speaking we want BUOBs at swing lows. This is how James teaches and I believe it is important as well to get the foundation and learn them where Jim teaches first. Now you can play a bar anywhere. As ghous explained with IBs, and as Jarroo has shown in his last few posts, it is the story(as you said) that will give you the confidence on when to pull the trigger and importantly where.

Here is a case where we have a strong uptrend, price rejected around the 1.000(and just above no surprise) and once again has found its way towards and closing above the parity level(1.0). So in that regards it is nice as a continuation, but the setup being a continuation IMO makes it a bit trickier to distinguish. So with that I would move to where should price potentially find resistance? See Blue Box.

For me the best continuation bars are formed off nice breakout type areas. Here is the case where I think a break brings us to the blue box, but the bar being a bit just "out there". Lacks enough confidence for me to pull the trigger as a continuation. If this had a lower low, testing a bit lower down into the recent buying pressure(towards last swing low). It would give a lot more information to me

Of course these are just my personal views
Mike
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  • #82,413
  • Dec 13, 2010 11:44pm Dec 13, 2010 11:44pm
aussie looks interesting to me, DBL IB at res/BRN with divergence.
lets see how it goes, im not interested in buying a bullish break on this IB setup i would want a break of 1.0000 and PA on a retest for that. It could be a nice entry if we get a retest of .9800 though??...

jon
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PATIENCE... DISCIPLINE
  • #82,414
  • Edited 12:16am Dec 14, 2010 12:05am | Edited 12:16am
similar story on the eu/aud, will take the break on either side on this one..

jon
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PATIENCE... DISCIPLINE
  • #82,415
  • Dec 14, 2010 12:40am Dec 14, 2010 12:40am
a dblhc which looks promising, but the fta is very near.

any comments...
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meine augen sind die sterne
  • #82,416
  • Dec 14, 2010 12:43am Dec 14, 2010 12:43am
Quoting ghous
Doesn't appeal to me too much as a great IPB Steve,

We are in a terrible mess here, I can see the 1.6, but again too many whipsaws to get me interested.

g.

Thanks Ghous...

This is the reason I stay way from them but just clock them trying to get a grip on how they work, as time goes by.
  • #82,417
  • Dec 14, 2010 2:01am Dec 14, 2010 2:01am
Quoting mbqb11
Hey Adi

IN terms of just a general statement. Cause you can't make a blanketed statement that the market always fits into.

But if you had to put a large order into the market, you need liquidity to do so. You don't just click buy or sell or you could take major hit. So if you know an area where there are a lot of orders, those orders = liquidity. So if you want to get in LONG, you need people to SELL to you. If someone is in long, there stop loss is a SELL order. So these areas become good pockets of liquidity and now someone could put in a...

MARKET STRUCTURE that's the mindset that anyone would need to have it.

thats way I'm in opinion that everyone must get the concept of market structure right to understand the charts

all the best!
  • #82,418
  • Dec 14, 2010 3:21am Dec 14, 2010 3:21am
Quoting triger88990
MARKET STRUCTURE that's the mindset that anyone would need to have it.

thats way I'm in opinion that everyone must get the concept of market structure right to understand the charts

all the best!
Hey triger & Mike, I feel this is a very important topic for us traders and I've learned a lot about it on this thread, through some books and my own analysis. Still it feels like I'm missing something and need a new starting point. So just a general question to both of you: What would IYO be a good way to dig deeper into this topic? Which sources did/do you use to understand this topic in depth?

Thanks for sharing your thoughts
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #82,419
  • Dec 14, 2010 3:43am Dec 14, 2010 3:43am
Quoting HanSolo
Hey triger & Mike, I feel this is a very important topic for us traders and I've learned a lot about it on this thread, through some books and my own analysis. Still it feels like I'm missing something and need a new starting point. So just a general question to both of you: What would IYO be a good way to dig deeper into this topic? Which sources did/do you use to understand this topic in depth?

Thanks for sharing your thoughts
Hans
Speaking about me I've documented myself from many sources,I'm not saying that I've grasp all of it but I'm trying to keep everything as simple as possible.

A book that is simple and accessible to everyone is Market microstructure for practitioner, but I think that more information I've gathered together from market wizards book series and from Reminiscent of a stock,just look on the way they conducted business, found lots of tips and tricks which have helped me.

and also is needed lots of time staring at charts

hope it helps!
  • #82,420
  • Dec 14, 2010 3:45am Dec 14, 2010 3:45am
Quoting HanSolo
Hey triger & Mike, I feel this is a very important topic for us traders and I've learned a lot about it on this thread, through some books and my own analysis. Still it feels like I'm missing something and need a new starting point. So just a general question to both of you: What would IYO be a good way to dig deeper into this topic? Which sources did/do you use to understand this topic in depth?

Thanks for sharing your thoughts
Hans

Hey Hans

I totally agree with your post and would like to second everything that you say. Understanding of market structure is crucial to a fuller undersranding of what we are doing and it is an area I need to delve into in greater depth. If anyone can point us towards further reading/books/resources etc that would be a great help.

Thanks,

kal
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