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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

  • #103,701
  • Oct 27, 2011 10:16pm Oct 27, 2011 10:16pm
Quoting Fx7877
Mike,
Your analysis is pure gold! Thanks for dissecting this setup so I know better in future how seive out such setups.

Btw, I read somewhere in this thread or from the video for the public that James16 mentioned if there are 2 PPZ nearby, we shld wait for bar to break both PPZ b4 taking the setup. For BRN like the 2 examples above, I suppose a break is not enough and we wld require a close ya? Or perhaps I mis-interpreted James16?
You are very welcome FX

I am not sure about the PPZ, but it really would depend on the look. Generally the idea is to trade away from the PPZ, as opposed to into them(which can be good areas to take profit or move stops).

As for BRNs, I want to see my bars close above/below them. This isn't a requirement. It's hard to make requirements for things rather it's something I choose to do. It can work without a close, but I just like to gauge where the market is better based on the closing price.

Take care
Mike
  • #103,702
  • Oct 27, 2011 10:26pm Oct 27, 2011 10:26pm
Quoting mbqb11
You are very welcome FX

I am not sure about the PPZ, but it really would depend on the look. Generally the idea is to trade away from the PPZ, as opposed to into them(which can be good areas to take profit or move stops).

As for BRNs, I want to see my bars close above/below them. This isn't a requirement. It's hard to make requirements for things rather it's something I choose to do. It can work without a close, but I just like to gauge where the market is better based on the closing price.

Take care
Mike
Ok, I think I will set it as my own requirement in future to have close above/below BRN.

Wld this BEOB marked with the arrow an A grade setup since it closed below BRN, a PPZ and with space to the left and to top it off, a Head and shoulders pattern? Of course on highsight it is, haha, but at the point of the setup, wld u have given it a go?
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  • #103,703
  • Oct 27, 2011 11:15pm Oct 27, 2011 11:15pm
Hi, been a silent reader for awhile and recently joined the PF (first month)

I really enjoyed all the stuff you all been sharing over here and the PF and have been reading this insanely huge thread daily . Hope to learn more from you guys.

I got a question not related to trading, I wish to know if any got the webmaster email for the PF as my account have been disabled. (sorry cant PM any senior member)

Thanks alot
  • #103,704
  • Oct 27, 2011 11:43pm Oct 27, 2011 11:43pm
Taking jaroo's notation in the chart below, how would you guys play it?

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1) So the PBT & CA 4 hourly close above 1.7400 and it flips to support.

2) next, we wait for price to retest the 1.7400 and put a limit order to buy.

3) but where do we target TP?

we buy at a pure anticipation of 1.7400 holding for a while before breaking. in my (rather short) experience, support level usually holds before a break but we can never be too sure how strongly it holds. having said that, are you taking profit intuitively:

"i feel i have made enough so lets close out!"

or do we target ard 1.7440+ at the low of the few bars that were were consolidating after the 4hr PBT & CA.
  • #103,705
  • Oct 27, 2011 11:46pm Oct 27, 2011 11:46pm
Quoting mbqb11
Hey FX

I am either all in or all out. So when I cut out it will be all my position. Same for take profit.

As for question too, that's hard to answer. It depends on each situation. In this case price retraced and began to pull back down and at that point I had enough of the trade and felt like it was the better option. Each trade will be different depending on what else is around it and what the story tells

Best
Mike
hey just curious - say you are in a profit and it has hit FTA, you decide to take profit completely? why do you not leave half or 1/3 position to ride for a further TP level?
  • #103,706
  • Oct 28, 2011 12:00am Oct 28, 2011 12:00am
Quoting Captcha
Hi, been a silent reader for awhile and recently joined the PF (first month)

I really enjoyed all the stuff you all been sharing over here and the PF and have been reading this insanely huge thread daily . Hope to learn more from you guys.

I got a question not related to trading, I wish to know if any got the webmaster email for the PF as my account have been disabled. (sorry cant PM any senior member)

Thanks alot
hey Captcha

Contact me on the contact us page so I can look into it for you
http://james16group.us/Guests/guestcontact.php
Thanks
Mike
  • #103,707
  • Oct 28, 2011 12:01am Oct 28, 2011 12:01am
Quoting Fx7877
Ok, I think I will set it as my own requirement in future to have close above/below BRN.

Wld this BEOB marked with the arrow an A grade setup since it closed below BRN, a PPZ and with space to the left and to top it off, a Head and shoulders pattern? Of course on highsight it is, haha, but at the point of the setup, wld u have given it a go?
Hey FX

Yep a bunch of people took this one. It was a nice bar with a nice story(the key)

Best
Mike
  • #103,708
  • Oct 28, 2011 12:01am Oct 28, 2011 12:01am
Quoting fascist
hey just curious - say you are in a profit and it has hit FTA, you decide to take profit completely? why do you not leave half or 1/3 position to ride for a further TP level?
Hey F

It's just from my own personal testing. I used to take partial profits but when I redid my numbers without partial profit it may clear sense on my bottom line to not do it. Again it is fine if you work and test it , just the same if you decided not to take partial too.

Best
Mike
  • #103,709
  • Oct 28, 2011 1:34am Oct 28, 2011 1:34am
Possible gold retest of breakout area with a BEOB off of 1750. Will the 50% ret and upper trend channel line act as support if it gets down there?
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Anything can happen.
  • #103,710
  • Oct 28, 2011 3:23am Oct 28, 2011 3:23am
Quoting fascist
Taking jaroo's notation in the chart below, how would you guys play it?

Attachment

1) So the PBT & CA 4 hourly close above 1.7400 and it flips to support.

2) next, we wait for price to retest the 1.7400 and put a limit order to buy.

3) but where do we target TP?

we buy at a pure anticipation of 1.7400 holding for a while before breaking. in my (rather short) experience, support level usually holds before a break but we can never be too sure how strongly it holds. having said that, are you taking profit intuitively:

"i feel...
In terms of entry you should wait for PA bar and dont have to take touch entry at 1.74 but at the break of pin on 1 hour and use 1.74 to hide your stop as The pin confirms 1.74 role as support.
Apart from PA if you have other confluences, it will add to probability of trade working out.
For profit taking, you need to define your own FTA and take one of the steps when it hits as per James's this is critical..
If the trade is still going in your direction.I guess you can use LCS..HCR levels and/or two bar highs/lows etc..
this is my understanding of jaroo's methodology so far.
Trading is a test match not a Twenty20.
  • #103,711
  • Oct 28, 2011 11:25am Oct 28, 2011 11:25am
Hi I'm new in this thread, always open to new methods, what do you guys think about GBPCHF:

- DBHLC yesterday (daily), broke 1.4 support yesterday
- We also have 2 "near" DBHLC on Oct 10th and Oct 20th
- expecting a retrace to 1.4 (BRN)
- short 1.4 with initial target around 1.37

Feel free to shoot, if I'm horribly wrong (and not understanding this thread) I'll just go away
  • #103,712
  • Oct 28, 2011 11:51am Oct 28, 2011 11:51am
Quoting bazooki
Hi I'm new in this thread, always open to new methods, what do you guys think about GBPCHF:

- DBHLC yesterday (daily), broke 1.4 support yesterday
- We also have 2 "near" DBHLC on Oct 10th and Oct 20th
- expecting a retrace to 1.4 (BRN)
- short 1.4 with initial target around 1.37

Feel free to shoot, if I'm horribly wrong (and not understanding this thread) I'll just go away
hey bazooki, ideally we want this type of setup at a swing high and this is more in a range than anything else. Also on my feed it is a 11 pip difference on those highs which is for me at least, a little loose. This is an easy pass for the fact that it is in the range. if you are talkin about lookin to find a trade on a retrace to the BRN (to short) that makes more sense to me. but the DBHLC would not be taken in to consideration in any case.

stick around buddy, theres lots to learn on this thread and some great people.



hope this helps

jon
PATIENCE... DISCIPLINE
  • #103,713
  • Oct 28, 2011 12:06pm Oct 28, 2011 12:06pm
Hi Jon, thank you for your input.

- Sorry for the confusion, I'm not short yet, but indeed looking to find a short trade on the retrace. We need to see PA 1.4 being rejected. I'm expecting this to go to 1.3725 = support on Sept. 15+16 (and also 38.2 fib retrace swing low high, or 23.6, depending on which daily low you pick). I think it'll break, but that's another trade.

- You are right, the highs differ more than 10 pips and should not be taken into consideration
  • #103,714
  • Oct 28, 2011 12:11pm Oct 28, 2011 12:11pm
Quoting g_j_hook@yah


hey bazooki, ideally we want this type of setup at a swing high and this is more in a range than anything else. Also on my feed it is a 11 pip difference on those highs which is for me at least, a little loose. This is an easy pass for the fact that it is in the range. if you are talkin about lookin to find a trade on a retrace to the BRN
Ok, I was not going to ask but after reading almost 200 pages still have not came across the meaning of this.

What does BRN stand for?
  • #103,715
  • Oct 28, 2011 12:16pm Oct 28, 2011 12:16pm
Quoting rgrace
Ok, I was not going to ask but after reading almost 200 pages still have not came across the meaning of this.

What does BRN stand for?
Stands for Big Round Number
Every bar tells a tale
  • #103,716
  • Oct 28, 2011 12:50pm Oct 28, 2011 12:50pm
Quoting ColdLogic
Stands for Big Round Number
http://www.forexfactory.com/showthre...40#post4538540

There you've got all terminology.
  • #103,717
  • Oct 28, 2011 1:35pm Oct 28, 2011 1:35pm
this made me smile when i read it....
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PATIENCE... DISCIPLINE
  • #103,718
  • Oct 28, 2011 1:37pm Oct 28, 2011 1:37pm
Quoting rgrace
Ok, I was not going to ask but after reading almost 200 pages still have not came across the meaning of this.

What does BRN stand for?
its already been answered but jus to clarify its the 1.500, 2.0000s, etc
RN is the round numbers inbetween...

jon
PATIENCE... DISCIPLINE
  • #103,719
  • Oct 28, 2011 1:41pm Oct 28, 2011 1:41pm
Quoting g_j_hook@yah
its already been answered but jus to clarify its the 1.500, 2.0000s, etc
RN is the round numbers inbetween...

jon
Glad he asked. So 1.4 is a RN. Not a BRN.
  • #103,720
  • Oct 28, 2011 1:42pm Oct 28, 2011 1:42pm
Some pattern freaks might love it
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