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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

  • #84,921
  • Jan 7, 2011 10:43pm Jan 7, 2011 10:43pm
Quoting torontobboy2
Touch Trade entered at 1.5550 for reasons:

1. Two preceeding BEOVB
2. Round Number
3. 150 EMA just above
4. Daily - Last two bars had double low with lower close. Third bar expected to go down.
5. 4 hour declining trend line
6. Overall bearish trend
7. PA suggested BEOVB-weekly to break due to 4H BEOVB
8. SL was just above the 4H BEOVB so risk/reward was pretty good.

The trade went to BRN 1.54
Initially my Target was 1.5410 but then I moved it to 1.5250 in anticipation of BEOVB-Weekly to break. Placed my stop loss at 1.5510

It did break the...

Need some help with this post..
What do you think should I remove from my chart to make it more simple, and what should I add if anything, what about my thought process for getting into the trade?


btw, now that i'm reading this thread the training by Steven Nisson is making sense FINALLY... i never understood it until j16 thread thought me stuff step-by-step like a baby lol
  • #84,922
  • Jan 7, 2011 11:06pm Jan 7, 2011 11:06pm
Quote:
Originally Posted by jarroo http://cdn.forexfactory.com/images/buttons/viewpost.gif
Oh I see . .I wasn't going that far back on the daily . .cool.

Notice I change ."What TF?" to "What time frame" . . I didn't want to give the wrong expression . . lol

hahah yeah I saw that http://cdn.forexfactory.com/images/s...m/big_grin.gif

Quoting mbqb11
hahah yeah I saw that
Well it's better than "What TF time frame."
  • #84,923
  • Jan 7, 2011 11:14pm Jan 7, 2011 11:14pm
Quoting ppfx

PS: I see that youre approaching the 10,000 posts
10,000 What?!
Indicators show the past. Price Action "Indicates" the future.
  • #84,924
  • Jan 7, 2011 11:16pm Jan 7, 2011 11:16pm
Quoting Atc
And might I add most informative/educational/enlightening/dedicated/clear/direct/patient/thorough...my hat goes off to you Jim
Thanks for being here!

Thanks for the kind words, Bill.

I really enjoy this Thread. You guys are great.
Indicators show the past. Price Action "Indicates" the future.
  • #84,925
  • Jan 7, 2011 11:25pm Jan 7, 2011 11:25pm
Quoting Pinbar
Looks like Mike's trade worked out. Great stuff Mike.

Now, I see the value of waiting for the pullback.

Dude, you're not that surprised, are you? I've seen your charts.

Price breaks through (strong) Support and closes below . . . turns into Resistance.


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Indicators show the past. Price Action "Indicates" the future.
  • #84,926
  • Edited 11:55pm Jan 7, 2011 11:29pm | Edited 11:55pm
Quoting mbqb11
a break and follow through is key on something like that. Most will sell once they see the beob here or a few pips break and it crushes them. I look for that bar to say the next bar or 2 WILL be the breakout(when you are near the bottom of the pattern(flag in this case). Clearly that didn't happen so then I was no longer excited and pulled my order


I got to practise up on my Mike skills.

Now the BEOB makes sense.

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Indicators show the past. Price Action "Indicates" the future.
  • #84,927
  • Jan 8, 2011 12:04am Jan 8, 2011 12:04am
Quoting forex0908
Great trades buddy !!!

Can you explain how did you take EURAUD and NZDUSD? I could understand the logic behind others.

0908
Thank you 0908
Both the EURAUD and NZDUSD were inside bars that I thought were at swing highs and hitting resistance/PPZ above. I took the trades after the bars formed on the daily close, I cheated a bit and did not wait for a break.

Similar to how I took this one but at a swing low vs swing high and this one is at a nice BRN.
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Price is beautiful. A repetitive method is a competitive method.
  • #84,928
  • Jan 8, 2011 12:13am Jan 8, 2011 12:13am
Quoting spookie94
so would your FTA on a box like this be near the top?

The top of the consolidation would be the final target where we would like to see Price break through this top and find Support up there and continue upwards.

By saying "final target" is because we know what consolidation areas tend to do . . . they begin to move in a side ways action hiting the top then bottom and top then the . .so on. Not saying this is a bad thing . .they can be very predictable in this way.

The trouble areas . . PPZs, previous High/Low, i.e. traffic in the consolidation . .are all over the place. This is why the management of the setup is so important. It hit its previous bar High . .gave up about 40 pips and is now falling past the PB. The worst result would be a break even, a better result would be a piece of that 40 or so pips it gave. No way a loss on this trade.

Could the consolidation continue and Price move up again? Absolutely, but it could also start heading down. Its not the kind of risk I'm willing to take . .to "hope" the consolidation continues and hold on to a loss. . . there are better setups just around the corner.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,929
  • Jan 8, 2011 1:03am Jan 8, 2011 1:03am
What is james16 trying to show in post #111.
Post #58 is missing chart.

Please clarify.
  • #84,930
  • Jan 8, 2011 1:06am Jan 8, 2011 1:06am
Quoting torontobboy2
What is james16 trying to show in post #111.
Post #58 is missing chart.

Please clarify.

Here you go toronto:

Quoting jarroo
On page 8, Post 111; Jim shows a chart of DBLHC on the Daily Eur/Jpy which doesn't prove successful (let's just say it was delay a few days)

On this chart he refers back to the chart on Post 58, page 4. The actual chart is on Post 59. Trust me on that,
I . . umm . . archived that chart and noted the page and post number. (archived is such a better word then copied.)

Anyway, Jim made an error on referring "everyone go back and look at post 58", he meant to say post "68", which is now post 69. It was post 68 back then, again...
Indicators show the past. Price Action "Indicates" the future.
  • #84,931
  • Edited 1:14am Jan 8, 2011 1:11am | Edited 1:14am
Quoting jarroo
Here you go toronto:
thank you

Jarro, just to confirm..So I think he is suggesting to enter at retracement than to enter at the break of that high bar...correct?
  • #84,932
  • Jan 8, 2011 1:35am Jan 8, 2011 1:35am
Double Bar High - lower close
Double Bar High - Higher close

Double Bar Low - Lower close
Double Bar Low - Higher close

1. Candle stick patterns resemble to be tweezer top / bottom for these???

2. DBH-HC - I see this as an upside break out. am i right?

3. DBL-LC - I see this as a downside break out?

4. DBHLC - I understood to trade this at retracement of the bar that closed lower

5. DBLHC - I understood to trade this at retracement of the bar that closed higher.

6. Still confused about:

Double Bar Low - Lower close
Double Bar Low - Higher close

Can someone explain please? I'm still going through the posts one by one...
  • #84,933
  • Jan 8, 2011 1:38am Jan 8, 2011 1:38am
Quoting torontobboy2
Double Bar High - lower close
Double Bar High - Higher close

Double Bar Low - Lower close
Double Bar Low - Higher close

1. Candle stick patterns resemble to be tweezer top / bottom for these???

2. DBH-HC - I see this as an upside break out. am i right?

3. DBL-LC - I see this as a downside break out?

4. DBHLC - I understood to trade this at retracement of the bar that closed lower

5. DBLHC - I understood to trade this at retracement of the bar that closed higher.

6. Still confused about:

Double Bar Low - Lower close
Double Bar Low...

Continue reading, friend and search the thread . .you'll see examples of all of those.
Indicators show the past. Price Action "Indicates" the future.
  • #84,934
  • Jan 8, 2011 1:38am Jan 8, 2011 1:38am
Just wanted to post the outcome of the KissFan analysis.
Man this guy really knows what he's doing!!!
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  • #84,935
  • Jan 8, 2011 1:41am Jan 8, 2011 1:41am
Quoting torontobboy2
thank you

Jarro, just to confirm..So I think he is suggesting to enter at retracement than to enter at the break of that high bar...correct?

He is suggesting to do more analysis and practise them. Find out which ones work and which ones don't and why.
Indicators show the past. Price Action "Indicates" the future.
  • #84,936
  • Jan 8, 2011 1:44am Jan 8, 2011 1:44am
Quoting Bemac
Quote:
Originally Posted by jarroo http://cdn.forexfactory.com/images/buttons/viewpost.gif
Oh I see . .I wasn't going that far back on the daily . .cool.

Notice I change ."What TF?" to "What time frame" . . I didn't want to give the wrong expression . . lol

hahah yeah I saw that http://cdn.forexfactory.com/images/s...m/big_grin.gif

Well it's better than "What TF time frame."

lol
Indicators show the past. Price Action "Indicates" the future.
  • #84,937
  • Jan 8, 2011 2:09am Jan 8, 2011 2:09am
Quoting spookie94
Ok Jarroo, lets see if I learned anything from our posts last night.

Using PBs and Aids example, look at the weekly to see if there is a PPZ. There is one around the .7600 level. As long as this daily closes as a BUOB, the close on the weekly stays above the PPZ, and the Daily closes above the previous bar high there could be a good long play on a retrace back to the .7600.

As Mike said, the BUOB is not structurally correct but we can go with it for this analysis. Other feeds have it correct but with a weak close.

I like Pinbar's PPZ level at the .7625ish level, it clear as a past and current PPZ level. On the Weekly, Price has close below the .7625 and above the .7600.

The Daily shows the .7625 as Resistance and above the .7600. Hard to say on this one. I see your point spook, that if price can stay above the .7600 it has potential to go up but the .7625 may have a say on that being Resistance. We could be heading back to the .7500 BRN and the .7625 may lead the way. We'll have to wait and see.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,938
  • Edited 3:12am Jan 8, 2011 2:17am | Edited 3:12am
AUDJPY
Daily&4hchart(FXDD)

Dailychart
(2011.1.6)Inside Bar

And this is my trading plan.

After the price breaks TL(Blue TL)downward(I think price has broken it out once already) and if I can confirm a nice bearish PA(1~4hPA/good size, good location and good momentum)in or around the Red Triangle area which I marked in the chart (please see 4hchart which I attached), I would ride on it.
If I can`t confirm any nice PA(1~4hPA) there (around Red Triangle) in a next few days(until Mon or Tuesday`s Close at most),I would pass(cancel) this trading plan and wait for the next Daily PA coming up.

If I take a trade , Lime lines would be my FTA(first trouble area)

I have 2 different aproachs on Daily PA.
and about this daily IB, I look at it as a hint to catch a nice 1~4hPA.(I mean, this daily IB isnt a trigger for me to enter the market)

Thanks for reading.

Ken.
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  • #84,939
  • Jan 8, 2011 2:58am Jan 8, 2011 2:58am
Quoting jarroo
Dude, you're not that surprised, are you? I've seen your charts.

Price breaks through (strong) Support and closes below . . . turns into Resistance.


I think I was on overload....

Yes, now I look at it like that.....You are right.

Hey come on Jarroo...we want to see the 10,000 BRN broken by Monday.


  • #84,940
  • Jan 8, 2011 2:58am Jan 8, 2011 2:58am
costco on weekly.
large beob. near rn 70 usd which make me suspicious.
perhaps short below 70 usd as a conservative approach?
any comments?
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