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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

  • #101,801
  • Sep 15, 2011 7:10pm Sep 15, 2011 7:10pm
Quoting stochman
Thanks for a your reply Mike, much appreciated, I'll keep on with the thread for sure.

I've already committed 8/10 hours a day five days a week for the last nine months.


Hi, you spent 8-10 hours a day reading the thread for nine months?

I read the entire thread, in just over 3 months doing 10-15 hours a day 7 days a week.

There again, reading it and understanding everything were also, two different things, in my experience.

Happy learning to you.
  • #101,802
  • Sep 15, 2011 8:53pm Sep 15, 2011 8:53pm
Quoting Donkey
Haven't seen Dan Gilbert around lately.

EurJPY is a bullish looking I4B straddling BRN of 105.00. If it breaks targets are red linish areas at 106.5 and 107.5
Target 1.....check. Something to this PA.
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  • #101,803
  • Sep 15, 2011 9:22pm Sep 15, 2011 9:22pm
Quoting dropkick-cat
Repost, the first never appeared in any form, e.g. with the manual review message, in the thread. If duplicate, my apologies and please delete. Thanks.



Hi Ryan,

Thanks for your comments and sharing your setup! Definitely a good idea to figure out how to customize the MT4. Is this
the BRN indicator? Can't find out how to open the file with MetaEditor right now, later maybe. http://www.forexfactory.com/showthread.php?p=3999728

In the upper right corner are further custom indicators, I reckon?



I agree. I have to make an effort to...

Did you print out the chart of the main PA setups, I posted a few pages back?
If not, you could print it out and take it with you to memorize when you have a few mins to spare.
That is the first battle, then as people say, the next phase is "Location, Location & Location".

Wishing you a happy & safe trading journey.
  • #101,804
  • Sep 15, 2011 9:24pm Sep 15, 2011 9:24pm
Quoting Donkey
Target 1.....check. Something to this PA.
Yeah, D.

It just goes to show that, even non A bars will hit there FTA, after which, a certain group "brings us back to BE or worse". LOL
There is never any worse, thanks to "This is critical".
  • #101,805
  • Sep 15, 2011 9:36pm Sep 15, 2011 9:36pm
Quoting jarroo
Ok maybe this one too . . .gee, I guess that bullish PB was kinda small . ."psyche" . .just kidding . .lol
Did I miss something on the pinbar definition? I see that candle worked great, but I didn't think it met the pinbar criteria(bullish/bearish close with in the body)

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #101,806
  • Sep 15, 2011 9:44pm Sep 15, 2011 9:44pm
Quoting poncho1
Did I miss something on the pinbar definition? I see that candle worked great, but I didn't think it met the pinbar criteria(bullish/bearish close with in the body)

Poncho
Hey Poncho

The close must just be within the prior bars , not necessarily the body of the bar

Take care
Mike
  • #101,807
  • Sep 15, 2011 11:49pm Sep 15, 2011 11:49pm
Anybody notice the BOVB on USDCAD and GBPCAD? looks good and follow the trend.

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  • #101,808
  • Sep 16, 2011 12:41am Sep 16, 2011 12:41am
Quoting fascist
Anybody notice the BOVB on USDCAD and GBPCAD? looks good and follow the trend.

[ATTACH]Attachment [/ATTACH]
Just be aware that USDCAD is sitting on top of a fairly strong PPZ and your buy order is above as well. Not sure how much steam is left in that engine, but the bar does look fairly nice. Here is how my chart looks.
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GBPCAD looks better to me as there is less traffic that could cause it to run into unexpected trouble areas, but it is most definitely not at a swing high.
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Both of these are easily tradable if it fits into your system, but make sure that they do in fact fit in with your system. I would not trade into these without a defined plan as well. Just a few things to chew on though.

Ryan
  • #101,809
  • Sep 16, 2011 1:35am Sep 16, 2011 1:35am
Quoting gungriffin
Just be aware that USDCAD is sitting on top of a fairly strong PPZ and your buy order is above as well. Not sure how much steam is left in that engine, but the bar does look fairly nice. Here is how my chart looks.


GBPCAD looks better to me as there is less traffic that could cause it to run into unexpected trouble areas, but it is most definitely not at a swing high.


Both of these are easily tradable if it fits into your system, but make sure that they do in fact fit in with your system. I would not trade into these without a defined...
Noted with thanks. Actually for me one of my reasons for a bearish outlook is the divergence I spotted on weekly. Looks like an engulfing pattern forming by the end of this week too.

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  • #101,810
  • Sep 16, 2011 1:47am Sep 16, 2011 1:47am
Quoting gungriffin
Just be aware that USDCAD is sitting on top of a fairly strong PPZ and your buy order is above as well. Not sure how much steam is left in that engine, but the bar does look fairly nice. Here is how my chart looks.
Attachment

GBPCAD looks better to me as there is less traffic that could cause it to run into unexpected trouble areas, but it is most definitely not at a swing high.
Attachment

Both of these are easily tradable if it fits into your system, but make sure that they do in fact fit in with your system....
GBPCAD. There is a lot of traffic below that bar and stronger reaction at that level is still highly possible imo. Its very strong location and that bar might easily trap some breakout traders. PA below daily will give some important clues.
  • #101,811
  • Edited 3:31am Sep 16, 2011 3:19am | Edited 3:31am
long g/c from 1.553 by default; will switch if it reaches ~1.546.

anyway, 1.5525 - 1.557 is the top of the lower box from july so... the level is there and is solid and is doubled by 1.55 per se(on the other hand, it already bounced once, so meh. I hopped to make more from 1st bounce - bounced pretty crappy 1st time given g/c's volatility so... Also, g is a mess right now and BoE minutes will be published wednesday - which will probably be full of QE talk; also - little on US econ. calendar next week, so little bad news to take cad down).
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  • #101,812
  • Sep 16, 2011 3:45am Sep 16, 2011 3:45am
Quoting 5.25
...dropping down a timeframe in this instance gave weight to the story...
Wonder if we'll get a retest of former 1h resistance, now as support? 1.540-1.550 area, (Break of Daily PB).

T
  • #101,813
  • Sep 16, 2011 4:35am Sep 16, 2011 4:35am
Quoting gungriffin
I attached both of the indicators, ...

Just an FYI if you hit F12 when you are in a chart it will advance the bars one at a time. Makes it much easier to look for tradable bars etc. There are also multiple testing software companies out there. I don't know exactly how they work, but you can find them. Here is one to get you started.

http://www.forexfactory.com/showthread.php?t=60849
Thanks very much Ryan, useful directions indeed! Didn't know such a thing as posted in your link existed, wow.

Off to a-fiddling with the MT4 settings...

dkc
  • #101,814
  • Sep 16, 2011 4:52am Sep 16, 2011 4:52am
Quoting Pinbar
Did you print out the chart of the main PA setups, I posted a few pages back?
If not, you could print it out and take it with you to memorize when you have a few mins to spare.
That is the first battle, then as people say, the next phase is "Location, Location & Location".

Wishing you a happy & safe trading journey.
I noticed it in passing. After a couple of hours of perusing the thread, it all starts to become a blur of lines and numbers and charts. I am taking notes, but they are not very systematic, mostly. Thanks for drawing my attention back to that, definitely valuable to have at hand!

Are the inside bars reversal patterns only, or should I look for them as continuation signals, too? For example, in an uptrend an IB with a higher close than open.

dkc
  • #101,815
  • Sep 16, 2011 5:15am Sep 16, 2011 5:15am
Quoting gungriffin
Just be aware that USDCAD is sitting on top of a fairly strong PPZ and your buy order is above as well. Not sure how much steam is left in that engine, but the bar does look fairly nice. Here is how my chart looks.
Attachment

GBPCAD looks better to me as there is less traffic that could cause it to run into unexpected trouble areas, but it is most definitely not at a swing high.
Attachment

Both of these are easily tradable if it fits into your system, but make sure that they do in fact fit in with your system. I would...
It's not a buy order, it's a sell order.
The more important point is, that he is selling a BEOB at a SL not at a SH, and running right into all those bar highs in a strong uptrend.
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  • #101,816
  • Sep 16, 2011 5:27am Sep 16, 2011 5:27am
Quoting dropkick-cat
I noticed it in passing. After a couple of hours of perusing the thread, it all starts to become a blur of lines and numbers and charts. I am taking notes, but they are not very systematic, mostly. Thanks for drawing my attention back to that, definitely valuable to have at hand!

Are the inside bars reversal patterns only, or should I look for them as continuation signals, too? For example, in an uptrend an IB with a higher close than open.

dkc

Hi,

IB's are more difficult to trade than most of the other bars.
By this I mean, they can sometimes break in one direction for a few pips then go in the other direction. You need to trade them with their backs to the wall. Such as a strong PPZ or round number.
Better off sticking to BOBs and PBs for the time being till you get used to seeing how IB's react.
  • #101,817
  • Sep 16, 2011 5:33am Sep 16, 2011 5:33am
Quoting Pinbar
Hi,

IB's are more difficult to trade than most of the other bars.
By this I mean, they can sometimes break in one direction for a few pips then go in the other direction. You need to trade them with their backs to the wall. Such as a strong PPZ or round number.
Better off sticking to BOBs and PBs for the time being till you get used to seeing how IB's react.
I'll second what PB said, the direction the IB might head in will be governed more by the location.
Anything can happen.
  • #101,818
  • Sep 16, 2011 5:40am Sep 16, 2011 5:40am
Quoting mbqb11
Hey Poncho

The close must just be within the prior bars , not necessarily the body of the bar

Take care
Mike
Thanks as always Mike, that makes it even more attractive. That bit of misinformation kept me away but not next time. I'm sure we'll see another bar like that any day now.
" I can read the left side of the chart, the right side's a Bitch!
  • #101,819
  • Sep 16, 2011 5:45am Sep 16, 2011 5:45am
Quoting Pinbar
It's not a buy order, it's a sell order.
The more important point is, that he is selling a BEOB at a SL not at a SH, and running right into all those bar highs in a strong uptrend.
and another important reason to short it ,the uptrend line have broken .and on h4 chart ,the up trend line have now been ressistance .
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A chart helps those who can read it.
  • #101,820
  • Sep 16, 2011 5:58am Sep 16, 2011 5:58am
Quoting geniusztc
and another important reason to short it ,the uptrend line have broken .and on h4 chart ,the up trend line have now been ressistance .
Take a look at this area on the weekly.

Yes, there is a weekly BEOB forming but it has yet to close and look how this area has been former strong support.

If that weekly BEOB closes below this area, sure, if it doesn't, forget it.
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