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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

  • #99,661
  • Edited 1:40am Aug 2, 2011 1:22am | Edited 1:40am
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting Atom
A very nece BEOB off 99 RN with MACD divergence.
Let us see how it ends up!
stopped out for 3% loss. Well, I think that lack of space of the PB, and the uptrend were agains the trade. I thought that the big size of the PB would help it to break through all the support it faces...Lesson learned
  • #99,662
  • Aug 2, 2011 2:07am Aug 2, 2011 2:07am
Quoting Atom
stopped out for 3% loss. Well, I think that lack of space of the PB, and the uptrend were against the trade. I thought that the big size of the PB would help it to break through all the support it faces...Lesson learned
yes, it's not always a matter of size.
  • #99,663
  • Aug 2, 2011 2:25am Aug 2, 2011 2:25am
Quoting alicimo
Dear 5.25,
Thanks for the chart - am I right in assuming that "get myself into parallels" means viewing charts in parallel ie at the same time and as your template shows?. Just so I am clear (good idea btw)

Also are the annotations on the individual charts (FTB PBT&CB) yours by hand or an indicator?
Thanks
Nigel
Hi there Nigel,

Sorry about the bad explanation. 'Parallels' is an emulator that allows you to install Windows onto a Mac operating system. I only ever use it for MT4:

http://www.parallels.com/products/desktop/

I don't use any automated indicators, at least not now and doubt that I will. It keeps my brain working and me on my toes.

Hope this helps.

T
  • #99,664
  • Edited 3:02am Aug 2, 2011 2:50am | Edited 3:02am
and success with parallels ain't 100% guaranteed; I've installed win2003 using it, but didn't manage to make mt4 work for the life of it.

but anyway, mac is hardly the ideal tool for this activity.

regarding java based interface - you could also try dukascopy(heard good things about them, was thinking about making an acct. a while ago and nowdays I've heard they lowered the min. acct. size - was 50k a while back, but now I understand you can go with 1k) - it's ecn(very important for me - even if transaction costs are sensibly higher, at least I don't have the feeling someone is always there to get me), based in switzerland(so I assume a variety of currencies available as acct. currency which is good if you want to avoid bernanke's inflation). Nota bene - heard is the key word; never had an acct. with them.

That being said, I've rarely saw something in java working decently and not getting on your nerves, but here I'm biased(hate using it, hated developing in it, basically hate everything about that clunky thing).
  • #99,665
  • Aug 2, 2011 3:07am Aug 2, 2011 3:07am
Hi guys,

Anyone interested for the Daily BEOB on GBP/USD ??

CORRECT me incase i m wrong in judging if its a BEOB?? i dont trade them a lot just trying to get them now .

Pros:
With the trend , on a retracement ,confident close, swing high .

Cons :
FTA ,traffic (May be acc to seniors , i m not a fan of FTA )

The only thing bothering me is do we call such kind of bar as a BEOB

regards,
kunal
Attached Image (click to enlarge)
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  • #99,666
  • Edited 3:47am Aug 2, 2011 3:36am | Edited 3:47am
Quoting fx trader-
Hi guys,

Anyone interested for the Daily BEOB on GBP/USD ??

CORRECT me incase i m wrong in judging if its a BEOB?? i dont trade them a lot just trying to get them now .

Pros:
With the trend , on a retracement ,confident close, swing high .

Cons :
FTA ,traffic (May be acc to seniors , i m not a fan of FTA )

The only thing bothering me is do we call such kind of bar as a BEOB

regards,
kunal
yes by definition..its a BEOB...
but that would be a "no trade" atleast for me...
reason because its sitting right at the PPZ...1.6270..

On Daily:yellow mark,some arrows.(1st two arrows determines huge swings)

On Weekly:HCR @ 1.6270(as Jarroo teaches us abt HCR,LCS),some arrows.

CB 1.6270 wuld hv been better.

js my 2pips.

P.S: Trading is art of Skipping setups as well
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu1.gif Size: 20 KB
  • #99,667
  • Aug 2, 2011 3:42am Aug 2, 2011 3:42am
Quoting 5.25
Hi there Nigel,

Sorry about the bad explanation. 'Parallels' is an emulator that allows you to install Windows onto a Mac operating system. I only ever use it for MT4:

http://www.parallels.com/products/desktop/

I don't use any automated indicators, at least not now and doubt that I will. It keeps my brain working and me on my toes.

Hope this helps.

T
Thanks
  • #99,668
  • Aug 2, 2011 4:37am Aug 2, 2011 4:37am
Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.

Good to see you back, sir, and glad you're well. Many thanks for the charts.
When the going gets weird, the weird turn pro.
  • #99,669
  • Aug 2, 2011 4:39am Aug 2, 2011 4:39am
hey avanish

AGREE to what ur saying in this set up the close of the BEOB is nt below the PPZ LEVEL WHICH u have marked but if it wud have closed below the level u are saying i doubt u might still take the trade because PPZ'S are always made one the chart and dont amaze me to stop me fr4om taking trades atleast not in case of pins , I dont look at FTA'S when i trade pins but yes my criteria of a pin is its shape and a swing high with the current trend .

looking to trade BEOB's in the same manner seeing if it works for me

Reason why fta's irritate me is below: (refer with a picture attached)

I have marked 2 ppz above the entry two below ,before the trade gets sl it has to face really good resistance and also to hit tp it has to face supp

The one i have marked as ur ppz is the FTA ur talking tht is just below the bar that will stop it from going down but even if wud have closed below it i doubt if u wud have still taken it because again u can see in the fig. ur ppz 2 has come

That's the case in almost 80% of setups which u might loose that might give some 150+ tp1 pips . so close below that level wud still have had ppz's and more supp to come


Just do a backtest taking only the trend , shape of the set up & good resistance in mind and see what ratio of wins u are missing coz of FTA's u will have a judgement

still I cant say abt this set up as i have just started taking BEOB's with the same rules that i have for pins so might be after sometime i can have a clear picture and filter but FTA if considered all the time u might miss potential setups

regards,
kunal
Attached Image (click to enlarge)
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  • #99,670
  • Aug 2, 2011 4:42am Aug 2, 2011 4:42am
Quoting AvanishDemo
yes by definition..its a BEOB...
but that would be a "no trade" atleast for me...
reason because its sitting right at the PPZ...1.6270..

On Daily:yellow mark,some arrows.(1st two arrows determines huge swings)

On Weekly:HCR @ 1.6270(as Jarroo teaches us abt HCR,LCS),some arrows.

CB 1.6270 wuld hv been better.

js my 2pips.

P.S: Trading is art of Skipping setups as well
Hey Avanish & Kunal,

I also did skip this trade. I was thinking of going short had it closed below 1.6250. I remember reading somewhere BEOB should close below the low of previous bar. That is the reason I skipped it. Otherwise I thought it would have been a great set up with CB 1.6250.

Thanks,
Vinay
  • #99,671
  • Aug 2, 2011 4:50am Aug 2, 2011 4:50am
Quoting fx trader-
hey avanish

AGREE to what ur saying in this set up the close of the BEOB is nt below the PPZ LEVEL WHICH u have marked but if it wud have closed below the level u are saying i doubt u might still take the trade because PPZ'S are always made one the chart and dont amaze me to stop me fr4om taking trades atleast not in case of pins , I dont look at FTA'S when i trade pins but yes my criteria of a pin is its shape and a swing high with the current trend .

looking to trade BEOB's in the same manner seeing if it works for me

Reason why fta's...
i understand that we will hav choppy thing everywhere..but for me 1.6270 was ultimate PPZ..as it holded more story..(again js my views)..plus GU pair is quite choppy if u see...

here is a trade im currently in..
i missed one h4 setup early morning..6.30 am as per our time. i was sleeping
but i got on this one js now..
Huge Downtrend.
Mikes 1.25 BRN.
BEOB with break of Pattern..
lets see how this rolls out..
oops forgot to put SL..
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  • #99,672
  • Aug 2, 2011 4:58am Aug 2, 2011 4:58am
Quoting vinayn
Hey Avanish & Kunal,

I also did skip this trade. I was thinking of going short had it closed below 1.6250. I remember reading somewhere BEOB should close below the low of previous bar. That is the reason I skipped it. Otherwise I thought it would have been a great set up with CB 1.6250.

Thanks,
Vinay
ohh well vinay if its not a good BEOB its fine then ( acc to criteria: that u said the close shud be previous bar's low :s )

i am still in doubt on this set up not because of the close below certain levels but i am still not clear what u call as BEOB close engulfing body , close anywhere just shud have high low above and below previous bars :? still unclear i have read a few posts which shows diff bars in every set up
  • #99,673
  • Edited 5:59am Aug 2, 2011 5:05am | Edited 5:59am
Quoting fx trader-
ohh well vinay if its not a good BEOB its fine then ( acc to criteria: that u said the close shud be previous bar's low :s )

i am still in doubt on this set up not because of the close below certain levels but i am still not clear what u call as BEOB close engulfing body , close anywhere just shud have high low above and below previous bars :? still unclear i have read a few posts which shows diff bars in every set up
Hey wait..i think BEOB shuld CB the previous bar CLOSE n not 'necessarily' the LOW..plus yeah it shuld engulf the whole previous bar as it is on GU pair.(same for BUOB)
can any one please make it mre clear?
SC/Mike?sometimes we forget simple things
  • #99,674
  • Aug 2, 2011 5:18am Aug 2, 2011 5:18am
Hi folks

Anyone willing to share their experience of changing from FXCM TSII to MT4? I haven't demoed MT4 yet, but a lot more folks here seem to use it. All thoughts & comments appreciated.
When the going gets weird, the weird turn pro.
  • #99,675
  • Aug 2, 2011 5:39am Aug 2, 2011 5:39am
Quoting AvanishDemo
here is a trade im currently in..
i missed one h4 setup early morning..6.30 am as per our time. i was sleeping
but i got on this one js now..
Huge Downtrend.
Mikes 1.25 BRN.
BEOB with break of Pattern..
lets see how this rolls out..
oops forgot to put SL..
Been eyeing this one myself for a week or so. There's something about it that put me off taking the H4 bar though. I think the divergence and the fact we haven't really had much of a retracement recently.

I'll be looking for PA if we return to 1.25. It's a solid break of a good level and PA though, so we'll see.

SG
  • #99,676
  • Aug 2, 2011 6:06am Aug 2, 2011 6:06am
Quoting vinayn
Hey Avanish & Kunal,

I also did skip this trade. I was thinking of going short had it closed below 1.6250. I remember reading somewhere BEOB should close below the low of previous bar. That is the reason I skipped it. Otherwise I thought it would have been a great set up with CB 1.6250.

Thanks,
Vinay
What if a close below happened on the H4 chart during the course of today, any reason to enter?
  • #99,677
  • Aug 2, 2011 6:34am Aug 2, 2011 6:34am
James,

I am glad to see that you are feeling better. Thank you so very much for the awesome charts and everything! Those last charts especially really helped drive home a few point for me. I'm studying at least 2 to 3 hours per day; reading the thread and watching your free, awesome, videos.

Question for anyone to answer:

I noticed on James' lasts charts that the candle's sizes, high/lows, and closings are different mine! I noticed in the screenshot that it says "Interbank FX" in the corner. I wasn't going to use them because I read so many complaints about their spreads being too big so I am demoing with MB Trading right now.

Is IBFX who James uses for actual trading or just for demo/charting? If James uses them I'm switching to it too!

A big thanks to everyone here!

Sincerely,
Mark
  • #99,678
  • Aug 2, 2011 7:09am Aug 2, 2011 7:09am
Quoting AvanishDemo
Hey wait..i think BEOB shuld CB the previous bar CLOSE n not 'necessarily' the LOW..plus yeah it shuld engulf the whole previous bar as it is on GU pair.(same for BUOB)
can any one please make it mre clear?
SC/Mike?sometimes we forget simple things

No, a BEOB does not have to close below the low of the previous bar, the low of the BEOB must be lower than the previous bar.

This question often arises and I think it is due to the criteria for a DBHLC, in which the close of this bar must be below the low of the previous bar, opposite for a DBLHC.
  • #99,679
  • Aug 2, 2011 7:20am Aug 2, 2011 7:20am
EURUSD, Daily chart.

The latest bar went past the bottom of the BEOB. Good time to go short?

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  • #99,680
  • Aug 2, 2011 7:20am Aug 2, 2011 7:20am
Quoting Pinbar
No, a BEOB does not have to close below the low of the previous bar, the low of the BEOB must be lower than the previous bar.

This question often arises and I think it is due to the criteria for a DBHLC, in which the close of this bar must be below the low of the previous bar, opposite for a DBLHC.
PB is correct (as usual).

Side note. There are several on the thread (me included) who pay close attention to the close. I have a rule on the outside bar that the close needs to be lower (shorts) and higher (longs) that at least the previous bar and preferably more than one. IMO this shows the set up has momentum and has a higher probability to move in the expected direction.
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