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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

  • #89,841
  • Edited 6:19pm Feb 22, 2011 5:46pm | Edited 6:19pm
Quoting jarroo
You show me, AD. Let's see your chart.
ok jarroo n ghous..heres a look..the yesterday's bar got a weak close..am i right?placed SL at 1.5230 now..it has CB 1.52..does the weak close of bar gives any hint?last time ghous said me something like that in this post..about Ghous' post i still need to get grip on it though i understood wat he said


Quoting ghous
me? No I didn't take it, like I mentioned I could not pull the trigger on this one, but it obviously had a great 'ring' to it. Probably size (too large) was the issue anyways...

Notice what pric did once it hit the 9650 region. Yea, it held as support and we did not get a close below. today's daily bar wants to give it a second push, and we are sort of retesting the area. What does that tell you about the long orders placed at this level? We at least know that the first bounce was weak and could not build on the initial momentum (in which case...
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  • #89,842
  • Feb 22, 2011 6:31pm Feb 22, 2011 6:31pm
Quoting AvanishDemo
ok jarroo n ghous..heres a look..the yesterday's bar got a weak close..am i right?placed SL at 1.5230 now..it has CB 1.52..does the weak close of bar gives any hint?last time ghous said me something like that in this post..about Ghous' post i still need to get grip on it though i understood wat he said
AD - not j or g, but your s/l is right where mine sits - only i'm managing on weekly. First chart is entry, second is after moving stop.

I'm a noob, so take with grain of salt.
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  • #89,843
  • Feb 22, 2011 6:55pm Feb 22, 2011 6:55pm
Quoting AvanishDemo
ok jarroo n ghous..heres a look..the yesterday's bar got a weak close..am i right?placed SL at 1.5230 now..it has CB 1.52..does the weak close of bar gives any hint?last time ghous said me something like that in this post..about Ghous' post i still need to get grip on it though i understood wat he said
hey Avanish, that is not a weak close. A weak close is where you either have the bar only just pop beyond the PPZ or leave a considerable sized wick though still manages to close beyond the PPZ (see attached chart for example)

Anyways the stop going just above the 1.52 is good trade management. Weak close or not.

g.
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I believe . . .
  • #89,844
  • Feb 22, 2011 7:37pm Feb 22, 2011 7:37pm
Quoting ghous
hey Avanish, that is not a weak close. A weak close is where you either have the bar only just pop beyond the PPZ or leave a considerable sized wick though still manages to close beyond the PPZ (see attached chart for example)

Anyways the stop going just above the 1.52 is good trade management. Weak close or not.

g.
Does this also apply to pin bars? Big body + long wick = better indication of its direction?
  • #89,845
  • Feb 22, 2011 7:47pm Feb 22, 2011 7:47pm
Quoting DBallerz
Does this also apply to pin bars? Big body + long wick = better indication of its direction?
Hey DB

Well yes in general a bigger bar MAY give a stronger indication, but

it's really a few things for me

Size of bar(mostly wick) - body is more important to me where that body is located and how it closes, but you want a longer nose then body in general
Where this bar sits(in relation to other bars)
How this bar closes(where the close is)
Story/location(the key)

Best
Mike
  • #89,846
  • Feb 22, 2011 7:51pm Feb 22, 2011 7:51pm
How you guys feel about this one. Swing low, nice BUOB, MACD divergence. I'd only enter this one off the break due to the .9900 level.
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  • #89,847
  • Feb 22, 2011 7:52pm Feb 22, 2011 7:52pm
Quoting spookie94
How you guys feel about this one. Swing low, nice BUOB, MACD divergence. I'd only enter this one off the break due to the .9900 level.
Hi Spookie, this is not a BUOB.

EDIT: Ahh sorry maybe you meant DBLHC - a tradable setup too, I always forget about them as I don't trade them Anyway too choppy in my view...
  • #89,848
  • Feb 22, 2011 7:59pm Feb 22, 2011 7:59pm
Quoting spookie94
How you guys feel about this one. Swing low, nice BUOB, MACD divergence. I'd only enter this one off the break due to the .9900 level.
I see a wide flip zone on daily around 9920 to 9950 area....i would be quick to be in that market
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  • #89,849
  • Feb 22, 2011 7:59pm Feb 22, 2011 7:59pm
Quoting Donkey
AD - not j or g, but your s/l is right where mine sits - only i'm managing on weekly. First chart is entry, second is after moving stop.

I'm a noob, so take with grain of salt.
pfft you're no newb
  • #89,850
  • Feb 22, 2011 8:03pm Feb 22, 2011 8:03pm
Quoting AvanishDemo
ok jarroo n ghous..heres a look..the yesterday's bar got a weak close..am i right?placed SL at 1.5230 now..it has CB 1.52..does the weak close of bar gives any hint?last time ghous said me something like that in this post..about Ghous' post i still need to get grip on it though i understood wat he said

Looks good, AD.

The setup was on the Weekly (BEOB) but I will manage Weekly setups on the Daily .I won't go any lower than the Daily. I'm just very aware of the Weekly targets on the Daily when I do.

If this was a PBT&CAorB type trade (which it was also) I will stay on the time frame that it was presented on. . .in this case, the Daily.


Notice that Price has now closed (I would consider that a strong close below) below the 1.5200 which is below a PPZ level and prior consolidation. And now Price is running into another PPZ level and prior consolidation at the 1.5100.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,851
  • Feb 22, 2011 8:15pm Feb 22, 2011 8:15pm
Quoting Donkey
AD - not j or g, but your s/l is right where mine sits - only i'm managing on weekly. First chart is entry, second is after moving stop.

I'm a noob, so take with grain of salt.

I like it, D . . the 1.5 looks very promising.

Nice grain of salt on the Eur/Cad you posted the other day . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,852
  • Feb 22, 2011 8:28pm Feb 22, 2011 8:28pm
Quoting mbqb11
pfft you're no newb
thanks mike....some things are starting to sink in. great teachers here.

i hope to eventually call my trading style "jarbq16"...a cross between jarroo and mbqb11 with a foundation of james16. if i get there, i'll definitely have the edge i'm looking for. plus i'm from the south and it sounds like "barbecue".
  • #89,853
  • Feb 22, 2011 8:34pm Feb 22, 2011 8:34pm
Quoting Donkey
thanks mike....some things are starting to sink in. great teachers here.

i hope to eventually call my trading style "jarbq16"...a cross between jarroo and mbqb11 with a foundation of james16. if i get there, i'll definitely have the edge i'm looking for. plus i'm from the south and it sounds like "barbecue".
I love "jarbq16"
  • #89,854
  • Feb 22, 2011 8:43pm Feb 22, 2011 8:43pm
Quoting Donkey
I've started backtesting outside bar retracement...put my first demo in on GJ..this one triggered a bit ago...

edit: typo in screen shot, should be a sell

I like the previous bar Lows on BEOBs as a retracement level. But a PPZ level in the middle of a Outside bar will win every time.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,855
  • Feb 22, 2011 8:48pm Feb 22, 2011 8:48pm
Quoting spookie94
How you guys feel about this one. Swing low, nice BUOB, MACD divergence. I'd only enter this one off the break due to the .9900 level.

I like it, spook. Although its in a bit of a mess . .alot of traffic. Let's see it the previous bar High of the BUOB will act as Support.
Indicators show the past. Price Action "Indicates" the future.
  • #89,856
  • Feb 22, 2011 8:50pm Feb 22, 2011 8:50pm
Quoting Adilius07
Hi Spookie, this is not a BUOB.

EDIT: Ahh sorry maybe you meant DBLHC - a tradable setup too, I always forget about them as I don't trade them Anyway too choppy in my view...
your right Adi. I was looking at a different chart and had BUOB on the brain.

I'll take another look at it in the morning. Not worth lossing sleep over.
  • #89,857
  • Edited 9:09pm Feb 22, 2011 9:06pm | Edited 9:09pm
I folks.

Just a quick technical question here.

Does the body of this BEOB need to overlap the previous bar for it to be valid as opposed to relying on the wicks?

I'm more concerned with the retracement to the upside before closure (if that makes sense).

Note, there are x4 inside bars on the 4h charts if you take a look. Although I'm deviating to a potential trade setup now as opposed to my original question

Edit: I'm keen to hear what the master of Silver has to say (Greenhaze), and Mr Inside Bar, Ghous for the 4h.
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  • #89,858
  • Feb 22, 2011 9:09pm Feb 22, 2011 9:09pm
Ok, my order is @ 1.3563 pending
Let's see
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  • #89,859
  • Feb 22, 2011 9:11pm Feb 22, 2011 9:11pm
Hey guys,



Any big changes in 3 months?



Quarter ago I decided to take a break from reading James16.
Why? Well, I think Raczekfx words, that „till you try to copy what others do you are walking in circles“ could best illustrate that. I wanted to search for my own way, to change a few rules so that I feel better while trading, to try few new things for me, to see how good am I when I trade on my own.

I satisfied my needs Few days ago I finished my third trading quarter, and I am happy about my results

What I noticed about my trading, is that a have a hight win/loss ratio, but I risk to lose more than to get. And on third trading quarter I haven‘t even trailed my TP further than it was when I opened my position. So I‘d like to change that.
Hope to keep learning from you guys

Albinas
  • #89,860
  • Feb 22, 2011 9:12pm Feb 22, 2011 9:12pm
Quoting 5.25
I folks.

Edit: I'm keen to hear what the master of Silver has to say (Greenhaze), and Mr Inside Bar, Ghous for the 4h.
Inside bars on the 4h...
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