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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

  • #90,541
  • Mar 2, 2011 4:25am Mar 2, 2011 4:25am
Quoting vasmiza
Thanks for your insight SR2. This is something that I need to work on. Once I see the setup I want immediate reaction, when this doesn't occur I pull out to later see it head off in the direction I thought it would go. I think what I am trying to do is day trade using the daily's lol,. I think from now on I will wait longer for PA to kick, rather than get jittery.

To think of it realisticly how long is daily PA going to take to kick in. Definetely not in the next few hours. You at least need a few days. This is where the patience kicks in. Give...
What I would suggest is try it. See if 3 days works for you. It could be that my 5 days is too long, but I am still a newbie and just using something that works for me. After a few months I may consider reducing this time.

One other thing which may help. When I first started J16 trading I wanted to trade all the time. I was so impatient that I am surprised I didn't blow my account. I think the only thing that kept me "safe" was that the PA signals work so I was fortunate. What I found by waiting up to 5 days was that I have become a lot more patient with trade setups. Basically I am forced to wait, I have no choice in the matter.

  • #90,542
  • Mar 2, 2011 4:28am Mar 2, 2011 4:28am
BEOB on weekly (not the best one but skews probability on the short side) , very strong resistance weekly/dailly and still no substantial retrace ++ multi matching lows on h1. Thats gonna be interesting
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  • #90,543
  • Mar 2, 2011 6:55am Mar 2, 2011 6:55am
A double bottom has formed on yesterdays bars within a couple of pips and looks as if its adding a third today. Whats the best way to play these bars? Should I look at an early long entry today before third bar has formed to give me a better price and lower stop or wait it out and enter long on break of todays bar tomorrow? Plan to place stop below lows by 5 or 6 pips. Thanks for any advice! :-)

Tim.
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  • #90,544
  • Mar 2, 2011 7:03am Mar 2, 2011 7:03am
Quoting tj-tabby
A double bottom has formed on yesterdays bars within a couple of pips and looks as if its adding a third today. Whats the best way to play these bars? Should I look at an early long entry today before third bar has formed to give me a better price and lower stop or wait it out and enter long on break of todays bar tomorrow? Plan to place stop below lows by 5 or 6 pips. Thanks for any advice! :-)

Tim.
Those bars doesnt convince me that buyers are entering the market. It simply looks like price closed below 77 RN and just retested it.
  • #90,545
  • Mar 2, 2011 7:15am Mar 2, 2011 7:15am
Thx Greenhaze, can see what you mean, I guess I need to start to read why these bars are occuring rather than just spotting them. I guess that from here I would want to see a close above the 77 RN and then a nice convincing up move tomorrow to break the bar and hold in a higher price range to indicate buyers were on top again? Thx again.

Tim.
  • #90,546
  • Mar 2, 2011 7:32am Mar 2, 2011 7:32am
Quoting tj-tabby
Thx Greenhaze, can see what you mean, I guess I need to start to read why these bars are occuring rather than just spotting them. I guess that from here I would want to see a close above the 77 RN and then a nice convincing up move tomorrow to break the bar and hold in a higher price range to indicate buyers were on top again? Thx again.

Tim.
Considering that You'll have good trigger bar (good shape and strong close above the 77) then it would be good to play it managing the risk around the 77 level.
  • #90,547
  • Mar 2, 2011 7:35am Mar 2, 2011 7:35am
WILL there be some PA here ??? i am expecting
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A chart helps those who can read it.
  • #90,548
  • Mar 2, 2011 7:51am Mar 2, 2011 7:51am
Gold closed above important resistance.
Has it turn into support? on 4H it formed BUOB
Is this a signal to go long? I dont like the divergence
I never trade this kinda situation before -i mean buying at all time high
Any opinion?
Mike, what do you think?
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  • #90,549
  • Mar 2, 2011 7:59am Mar 2, 2011 7:59am
Quoting geniusztc
WILL there be some PA here ??? i am expecting
Nice area gen,

I don't think H& S can get any better than that.
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Quoting sr2
What I would suggest is try it. See if 3 days works...
I'm working on it SR2. Will keep you updated on my progress.
  • #90,550
  • Mar 2, 2011 8:12am Mar 2, 2011 8:12am
Quoting vasmiza

I'm working on it SR2. Will keep you updated on my progress.
Look forward to seeing how you get on, hopefully can add to my trading style
  • #90,551
  • Mar 2, 2011 8:14am Mar 2, 2011 8:14am
Quoting Be Cool
Gold closed above important resistance.
Has it turn into support? on 4H it formed BUOB
Is this a signal to go long? I dont like the divergence
I never trade this kinda situation before -i mean buying at all time high
Any opinion?
Mike, what do you think?
Hey BC

Yes I think were going higher, but that is not a strong enough signal for me to personally trade off. Small buob at a very high swing high. I have no problem buying at an all time high, in fact I prefer it over most types as long as the PA is good

Best
Mike
  • #90,552
  • Mar 2, 2011 8:23am Mar 2, 2011 8:23am
one we'll be watching
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  • #90,553
  • Mar 2, 2011 8:30am Mar 2, 2011 8:30am
Quoting mbqb11
Hey BC

Yes I think were going higher, but that is not a strong enough signal for me to personally trade off. Small buob at a very high swing high. I have no problem buying at an all time high, in fact I prefer it over most types as long as the PA is good

Best
Mike
Suppose tommorow we have a big bullish daily PB -will you trade it Mike?
I am learning breakout+retest from you, brother

Thanks -Danny
  • #90,554
  • Mar 2, 2011 8:30am Mar 2, 2011 8:30am
Quoting mbqb11
one we'll be watching
Do you consider this for a pure break-out trade ? or wait for retracement after break ?
  • #90,555
  • Mar 2, 2011 8:33am Mar 2, 2011 8:33am
Quoting Be Cool
Suppose tommorow we have a big bullish daily PB -will you trade it Mike?
I am learning breakout+retest from you, brother

Thanks -Danny
Hey Danny

Depends on the look of the pin, if it sits to high up it really becomes more of an IPB that ghous shows. I would prefer BUOBs in these situations or really a consolidation above the last swing point and then a breakout from that consolidation.

Best
Mike
  • #90,556
  • Mar 2, 2011 8:34am Mar 2, 2011 8:34am
Quoting Be Cool
Gold closed above important resistance.
Has it turn into support? on 4H it formed BUOB
Is this a signal to go long? I dont like the divergence
I never trade this kinda situation before -i mean buying at all time high
Any opinion?
Mike, what do you think?
This is my opinion (and opinions are the cheapest commodity on earth).

Gold will retrace soon, probably when Gadaffi is arrested or worse.

Long-term Gold could go to "infinity and beyond!"
  • #90,557
  • Mar 2, 2011 8:34am Mar 2, 2011 8:34am
Quoting cprao
Do you consider this for a pure break-out trade ? or wait for retracement after break ?
Hey C

I would not play a pure break as this is a pattern. I would look for pullbacks to the former breakout area, as well as bars suggesting a breakout(pre-emptive)

Best
Mike
  • #90,558
  • Mar 2, 2011 8:58am Mar 2, 2011 8:58am
Quoting mbqb11
Depends on the look of the pin, if it sits to high up it really becomes more of an IPB that ghous shows. I would prefer BUOBs in these situations or really a consolidation above the last swing point and then a breakout from that consolidation.
May i ask why you prefer BUOB, Mike? Or why do you expect a consolidation around the last swing high?

Or maybe the same situation as Audusd:
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  • #90,559
  • Mar 2, 2011 9:04am Mar 2, 2011 9:04am
Quoting Be Cool
May i ask why you prefer BUOB, Mike? Or why do you expect a consolidation around the last swing high?

Or maybe the same situation as Audusd:
Hey BC

There is really no place for a pin to form right night we are at such a deep swing high. Price trends/consolidates/trends/consolidates etc

So now that we broke out of this major swing high, price has a good chance of consolidating on top of this area. That "boxing" effect that James teaches is great information. If price can then breakout of this box(say forming a BUOB like the one with the arrow but over where my drawn box is) that is great information for a continuation. Again I don't talk much about those in this thread, because I think it is way to much and advanced concept that will confuse new traders.

In my view it is best to learn them at the traditional locations James shows in this thread. That is BUOB at swing low, BEOB at swing high. Or bullish pin swing low, Bearish pin swing high. Until one can take those I would avoid continuation bars

Best
Mike
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  • #90,560
  • Mar 2, 2011 9:14am Mar 2, 2011 9:14am
Quoting mbqb11
Hey C

I would not play a pure break as this is a pattern. I would look for pullbacks to the former breakout area, as well as bars suggesting a breakout(pre-emptive)

Best
Mike
Thank you Mike.

I got that you will look for pullback and PA at the former area to initiate short positions.

However, I did not understand what do you mean - "as well as bars suggesting a breakout(pre-emptive) " - ? Can you please elaborate ?
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