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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

  • #84,021
  • Dec 29, 2010 12:20pm Dec 29, 2010 12:20pm
Quoting Adilius07
Ok, if closes like this then it fits all my A+ criteria. Gonna take it.
Hi Adi,

I like the setup but we´ve got FTA very near IMO.

your entry will be around 62.40..and I see FTA at 62.25/62.37

This pair is pretty choppy if you take a look at the daily.. you will see that we are in a box between the 65 and the 60 rite now...

Imo, the low liquidity.. the choppy the pair is.. not worth risking your money on this one.

Just my 2cents..I could be wrong.

Os.
Trade Smart
  • #84,022
  • Dec 29, 2010 12:23pm Dec 29, 2010 12:23pm
Quoting g_j_hook@yah
hi A, check out the daily, this is a very choppy pair. also check out the bar size(atm) compared to the previous 10 or 20 bars, and ask yourself if it is a bar that JUMPS out at you?? The PPZ you have drawn is perfectly valid but i want to point out all those bar lows just below your PPZ as they will probably play a role in price movement if it gets down there....
Thank you very much Jon. You chart really looks as something I would never take. Let me try to show my thought process. I see void to move on 4H clearly.. and that chop above should provide strong resistance.
Well that was what I thought...
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  • #84,023
  • Dec 29, 2010 12:28pm Dec 29, 2010 12:28pm
Quoting mbqb11
whoops forgot to include the Breakout and pullback chart

notice the trendline used for breakout is clean
Mike, thanks a lot. Yes with that Trend line on Daily doesn't look that good really. The main reason to skip for me, however, was that same BEOB on 4H which you show is preferable and which is with the strong downtrend. But honestly I really don't know if I saw no other setups I could have taken it...
That's what I need to work on.
  • #84,024
  • Dec 29, 2010 12:32pm Dec 29, 2010 12:32pm
Quoting Osman
Hi Adi,

I like the setup but we´ve got FTA very near IMO.

your entry will be around 62.40..and I see FTA at 62.25/62.37

This pair is pretty choppy if you take a look at the daily.. you will see that we are in a box between the 65 and the 60 rite now...

Imo, the low liquidity.. the choppy the pair is.. not worth risking your money on this one.

Just my 2cents..I could be wrong.

Os.

Yes, my sell order waits at 62.47 and I have my FTA starting from 62.28.
But in between I really don't see any barrier for price to fill
So all I really hope for is for price to reach that FTA so I can move to BE according to my plan... Ok I'm gonna watch this one, take notes and learn.

Btw, I was thinking I think I need to trade more 4H. Who cares about my demo results, I need to make as many mistakes as I can now, so to learn from them... so this is my first 4H trade also
  • #84,025
  • Dec 29, 2010 12:34pm Dec 29, 2010 12:34pm
IB = inside bar
I4b = inside 4 bar


Isnt it the same thing?
  • #84,026
  • Dec 29, 2010 12:42pm Dec 29, 2010 12:42pm
Quoting torontobboy2
IB = inside bar
I4b = inside 4 bar


Isnt it the same thing?
Hey Toronto

And I4b is an inside bar, but an inside bar is not an I4b necessarily

An inside bar is just a bar that has a range is in the priors range bar.

An I4b is a bar thats range is inside the prior bar but also has a smaller range(high-low) then the previous 3 bars.

You can have a I4b an I24b, and I300b

Best
Mike
  • #84,027
  • Dec 29, 2010 12:57pm Dec 29, 2010 12:57pm
I want to try and put my view forward on this issue of A+,B+ etc grading of setups in the hope that it will put this thing in context for the more newbies here than me.


It is very easy to post charts with A+ setups, after the fact or in real time, whenever they arrive but I don’t think it helps much as it will mean different thing to different people. Even between the seniors. All the relevant info has been posted many many times on this thread, bar size/shape, PPZs, breakout and retests. Etc but it wont mean the same to everyone as we are all in different stages of development in this game and so the importance or relevance of some stuff will be missed and mis interpreted.
An A+ setup is not really a certain bar size or shape. It isnt even a good trigger bar at a good location. They are more of a result of the “story” being very good BEFORE the trigger bar even gets printed.
I think this is where a lot of the confusion comes from regarding the setups taken by some of the seniors here. I heard it mentioned that even J16 takes setups that look less than A+, but the difference is that he knows the story when his entry is taken. We have seen him jump into a trade before the trigger bar is broken (like the eu/us trade he posted recently)or even finished forming. But he is very confident of the story that is unfolding on his charts. This can only come from experience but even that is only a part of it.
When we have TESTED repeatedly by whatever means, our ideas( or should I say J16s!) sufficiently to KNOW that they work out more than they don’t, then you have you’re A+ setup. And I believe that this is what it boils down to, HOMEWORK!!! I have setups which I consider A+ which are not even related to the material here but they only became A+ to me AFTER I did all the back testing etc. Its not just that you prove if they work or not it is also that you become experienced in them to spot the gremlins. I don’t pretend to be able to read the charts like the seniors here can but I am confident in my “A+” setups as I KNOW they work more often than they don’t. I think we need to be honest with ourselves and define what we KNOW and what we EXCEPT from the people here. I (of course ) am willing to believe everything J16 and the other seniors say here when they advise me of something but is that enough?? Not for me, I need to KNOW that it is real and I have to do all the work involved to make it real for me.
All we need is a lot of work and time and this issue will clear itself up.

Sos for the rant but I hope it helps a little..?

jon
PATIENCE... DISCIPLINE
  • #84,028
  • Dec 29, 2010 1:01pm Dec 29, 2010 1:01pm
Thats how Jarroo would look at it right?

Sorry for that bad quality but it takes so long for me to upload it i think it is because of my bad connection
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  • #84,029
  • Dec 29, 2010 1:04pm Dec 29, 2010 1:04pm
Quoting Adilius07
Thank you very much Jon. You chart really looks as something I would never take. Let me try to show my thought process. I see void to move on 4H clearly.. and that chop above should provide strong resistance.
Well that was what I thought...
And you are correct, but imho i would class this as a bit risky (for the reasons i mentioned) i would like more space so price has an easier time to get to the FTA. Bar high/lows in between the break of the trigger bar and the FTA = hassle for price. Also, for me, when things dont quite line up i want at least a big strong bar to give me any confidence in the possible move.
BTW you are closer than you probably think, give yourself a bit of time and do the work your on your way

jon
PATIENCE... DISCIPLINE
  • #84,030
  • Dec 29, 2010 1:54pm Dec 29, 2010 1:54pm
just to reiterate (is that the right word!?!?)the point, check out what curbed the hard break..

will it make it down to the RN or FTA?? it might well but is it worth the stress or the risk to trade into these areas????
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PATIENCE... DISCIPLINE
  • #84,031
  • Dec 29, 2010 1:58pm Dec 29, 2010 1:58pm
Great post, Jon !!

Os.

Quoting g_j_hook@yah
I want to try and put my view forward on this issue of A+,B+ etc...
Trade Smart
  • #84,032
  • Edited 2:29pm Dec 29, 2010 2:01pm | Edited 2:29pm
Hi guys,

We have a wedge/pennant forming on the EUR/USD daily chart...

Os.
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Trade Smart
  • #84,033
  • Dec 29, 2010 2:40pm Dec 29, 2010 2:40pm
Quoting Osman
Hi Jarroo..

This type of candle would be the one youll be looking for an entry ? or the buob itself would be enough as an entry ?

Thx for your time buddy.
The BUOB would be enough because of its story.

This one is right up Mike's alley. I'll have to read forward to see if he talked about it.

A lot of story going on . . on this one.

Pretty clear wedge formation off the BRN .8500. The BUOB is right where we want it to be in this type of break out. Clearly showing the bulls won this battle at this BRN.

It is true that this BUOB is not at a swing Low, where we would want them to be. . .but the story looks very good behind this BUOB. A simple entry at the break of the BUOB would be an easy decision. Stop loss below the BUOB would be well protected by the .8500 and the wedge itself. Clear targets and FTAs; previous bar Highs.

I would look for an entry at the .8500, retrace to the previous bar High of the BUOB.


A Mike break out Classic in my book.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,034
  • Dec 29, 2010 2:52pm Dec 29, 2010 2:52pm
Quoting Pinbar
Merry Xmas Jarroo, hope you had a nice relaxing time.

Yes, I thought that was the chart you were talking about.

Just looking at your USD/CAD chart and it is interesting how just the RNs align up with the major flip areas. And, this is what I was trying to explain to Adi. Clear ranges, and some good PA at these box areas.

Thanks Steve, I hope you and your back had a relaxing Christmas as well.


I was responding to this post of yours on the Gbp/Nzd:

Quoting Pinbar
GBP/NZD

I guess the next port of call is going to be the 61.8.

As SC mentioned the 2.0800 ish area is looking pretty strong, right now.

Just something to keep on a back burner, till it decided where it wants to go and shows us the hint.


Quoting jarroo
Remember the Usd/Jpy at 83.00, back in mid-November . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,035
  • Dec 29, 2010 2:57pm Dec 29, 2010 2:57pm
Quoting Atc
I missed this one

It's raining pips.....please somebody help me.

J16 and the seniors....the light bulbs are getting brighter and brighter...thx to all of you

It's starting to worry me ....I keep seeing more and more opportunity...it's scary

lol . . maybe throw on another confluence to cut the scrary down (jk lol), like a trendline or Moving Average.

I always like seeing your charts, Bill ..
Indicators show the past. Price Action "Indicates" the future.
  • #84,036
  • Dec 29, 2010 2:58pm Dec 29, 2010 2:58pm
Quoting Atc
I shorted the .7650 for a quick "holiday scalp"....I'm out @.7638 the volume is lacking ...watch it dump now...but that's ok ... i followed my trade management plan
  • #84,037
  • Dec 29, 2010 2:58pm Dec 29, 2010 2:58pm
Quoting jarroo
The BUOB would be enough because of its story.

This one is right up Mike's alley. I'll have to read forward to see if he talked about it.

A lot of story going on . . on this one.

Pretty clear wedge formation off the BRN .8500. The BUOB is right where we want it to be in this type of break out. Clearly showing the bulls won this battle at this BRN.

It is true that this BUOB is not at a swing Low, where we would want them to be. . .but the story looks very good behind this BUOB. A simple entry at the break of the BUOB would be an easy...
we had our previous breakout box on this breakout

end of the year trading but both were very great setups and I will be finding these all of 2011
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  • #84,038
  • Dec 29, 2010 3:02pm Dec 29, 2010 3:02pm
Quoting mbqb11
we had our previous breakout box on this breakout

end of the year trading but both were very great setups and I will be finding these all of 2011
I forgot about that Bigger story you had going on, Mike.

2011 can only be better . . .because we will be a year wiser.
Indicators show the past. Price Action "Indicates" the future.
  • #84,039
  • Dec 29, 2010 3:05pm Dec 29, 2010 3:05pm
Yesterday when Ghous and others were discussing about this setup, I expected it to be behaving like the following chart.

At this point, I don't see any indications any bearish PA either in H4 or H1 TF's.

What would be your opinion on this one ?
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  • #84,040
  • Dec 29, 2010 3:18pm Dec 29, 2010 3:18pm
Quoting markmm


One of the most difficult things in trading is sticking to the rifle shot trades, ignoring setups that fit some of your criteria but not all.

Mark
Very true . . a quotable quote.
Indicators show the past. Price Action "Indicates" the future.
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