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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

  • #123,981
  • Mar 21, 2013 4:24am Mar 21, 2013 4:24am
Quoting mbqb11
you are right Steve, I looked at my feed quick. Technically its just a BUB. The logic is definitely the same though

Sorry for the confusion, thanks for clarifying bud

Mike

Actually, I thought I was misunderstanding something.

Either way, I know we don't give a bar like that second look.

Thanks Mike
  • #123,982
  • Mar 21, 2013 4:50am Mar 21, 2013 4:50am
just want to share my trade today, DBHLC aud jpy. TF H1.
any input would be appreciated.
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  • #123,983
  • Mar 21, 2013 4:52am Mar 21, 2013 4:52am
Quoting fxkaka
Dear Jim,

Is it a valid level? I place buy but when 1 hour close against me I closed it at very little loss as I was in front of my computer. But when it gave second chance I was not able to trade and also next un-decided bar confused me that should I enter on trade or not?
Please review if it is correct level.

Regards,
KayKay

I know what you mean, that massive drop really had very few bounces on the way down, and created a lot of space. So, I would use the weekly TF.
Jim is probably going to say, this is going back too far but, what other choice do we have, other than using old levels and RNs in that space?
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  • #123,984
  • Edited 5:06am Mar 21, 2013 4:55am | Edited 5:06am
Quoting ping-ping
just want to share my trade today, DBHLC aud jpy. TF H1.
any input would be appreciated.
Hmmm, are you aware that there is no DBHLC on your chart?

Take a look at the PA chart, I uploaded.
For a DBHLC the highs of both bars should match and the close of the bar, must be below the low of the previous bar.

Hope this helps
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  • #123,985
  • Mar 21, 2013 5:06am Mar 21, 2013 5:06am
Thanks bliss yall are too kind
  • #123,986
  • Mar 21, 2013 5:18am Mar 21, 2013 5:18am
Nzd/chf maybe it will break the upper TL today?
  • #123,987
  • Mar 21, 2013 5:33am Mar 21, 2013 5:33am
Quoting Pinbar
Hmmm, are you aware that there is no DBHLC on your chart?

Take a look at the PA chart, I uploaded.
For a DBHLC the highs of both bars should match and the close of the bar, must be below the low of the previous bar.

Hope this helps
Ouch i have misunderstanding about dblhlc or is it to consecutives highs as jim mention on early chart he posted ? Thx pin bar for your input
  • #123,988
  • Mar 21, 2013 6:38am Mar 21, 2013 6:38am
What do you think about this DBLHC?
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  • #123,989
  • Mar 21, 2013 6:41am Mar 21, 2013 6:41am
Pinbar
Could we be using the highlighted area as an HCR for the next level? It corresponds to the 1.5250 area as well as previous lows.

Walt

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  • #123,990
  • Edited 7:24am Mar 21, 2013 6:51am | Edited 7:24am
Quoting LamerTrader
Yo indietrader!

Im a newb so may I ask on what did you base your trades? Like what were you looking for, what triggered it etc. what were your support / resistance levels etc.

Thanks mate!
Stephen
Hi Stephen,

Since you have asked , here we go. Its purely a price action setup with confluence factors. I will take the case of EJ and all Yen pairs had the same type of setups in different versions. If you understand the charts below you can do the homework on rest of them as well.

We have 2 charts below.

First one is a 4 hourly and red line is a trendline joining the cones of each high during its previous downmove .

On 25th Feb we had a big fall and as one can expect a huge consolidation leading to upmove. As far as first chart goes lets keep the things to these aspects only.

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Moving on to 2nd chart ( same chart zoomed in ) after the intial gap on monday , what did the price do? it has crashed through the trendline via a bullish outside bar ( area B ) which is an indication of bullish strength.

On Tuesday the price starts declining and we wait for the price to comeback to trendline ( which is called as retest of a trendline ).

At the area C price makes 3 consecutive Inside bars meaning some remote activity ( It can either be an accumulation or distribution ) .

Confluence factors at area C are .

50% Fib
Trendline
61.8% fib retrecement of Bullish outside bar ( B )

Entry differes from person to person depending on the style of trading. I am an aggressive trader hence I long on break of the last IB upside.


Aslo just watch how the price reacts to 50% and 61% fib levels.


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It may take a while to grasp all these aspects since you are new to it. But do your work honestly and If I can do it you also can but only with consistent practice.
Regards Inditrader
  • #123,991
  • Mar 21, 2013 6:57am Mar 21, 2013 6:57am
Quoting Pinbar
No problem Jim, it gets complicated juggling photos and viewing posts.

I think, I shall stick to the daily, and just demo these recent areas of consolidation and swing Highs & Lows.

Meshka does not have this same problem with identifying levels and I am trying to work out, how his way of looking at the Daily is different from mine.
His charts are always so simple.

Meshka if you have any input on this, it would be appreciated.

Once again, sorry for the headaches.
Sorrry for late reaction... I just pay more attention to the most recent swings. and if price fly in space with no recent swings on left then i go deeper to the past to search for most significant swings. I dont know what else to say really nothing complicated... I think You heard about thousand times already
all is eternal - this is good news for people who loves bad news
  • #123,992
  • Mar 21, 2013 7:32am Mar 21, 2013 7:32am
Nzd/chf. Piercing upper TL maybe h4 bar close above brn 7900. Entry at break of the bar high or retrace back into support just below TL?
Thoughts? Anybody ? Sorry for no chart haven't figured out how to post one from my cell phone.
  • #123,993
  • Mar 21, 2013 7:38am Mar 21, 2013 7:38am
Quoting edge540
I wouldn't take too much notice of "Inditrader" he/she is typical of demo traders posting trades after they have happened.Have you noticed how these traders all seem to pick tops and bottoms with amazing accuracy,anyone can do this to the left of the chart....but the right hand side is what it's all about.You will see these posters appear with regular monotony but they fade away quickly.

Hello Edge,

I usually do not react to such posts, neither there is any need to do it. However to make the things clear I would say that what all I can do is just laugh at you.

I can understand where you are coming from as I was there once upon a time.

Hatred, jealous,anger and arrogance are the biggest enemies of a trader.

All matured traders talk of price whereas all amatuers talk of a trader.

All matured traders plan whereas all amatuers complain.

I wish that you are granted with more broader and matured mindset by the almighty.

In this context, It woould be pertinent to note what gann said way back in 1909:


For the past 10 years I have devoted my entire time and attention to this speculative market. Like many others, I lost thousands of dollars and experienced usual ups and downs incidental to the novice who entered the market without preparatory knowledge of the subject.

I soon began to realise that all successfull men, whether lawers, doctors or scientists, devote years of time to the study and investigation of that particular pursuit or profession before attempting to make any money out of it"

So in my personal opinion three stages for a successfull man:

1. Identifying what suits my personality, it can be a job, profession or an art.

2.Years of relentless effort to find out how the vibration ( in modern words its nitty gritty) works behind that job, profession or art.

3. Tune our personality in harmony with that vibration.

4. Flow of wealth in the form of reward.
Regards Inditrader
  • #123,994
  • Mar 21, 2013 7:44am Mar 21, 2013 7:44am
5200 is a barrier unless some one big comes bidding above it.


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Regards Inditrader
  • #123,995
  • Mar 21, 2013 8:07am Mar 21, 2013 8:07am
My opinion (and always happy to be corrected)

Market: GBP/USD, Method: Jarroor

Price has broken HCR from the 5th March and if price closed above we will set out order trigger to the the HCR line. The stop loss I estimate to be the low of the previous days doji and our first target level would be the high of the pin bar which was created a few days back.

Market: USD/JPY, Method: James16 (IB)

Price is within yesterdays candle as as the prevailing trend is up we are looking to enter long if todays candle stays within yerterdays bar.

Would love the thoughts of the seniors and all the members of this thread.

Kind regards,

Krunal
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  • #123,996
  • Mar 21, 2013 8:19am Mar 21, 2013 8:19am
Quoting Pinbar
Hmmm, are you aware that there is no DBHLC on your chart?

Take a look at the PA chart, I uploaded.
For a DBHLC the highs of both bars should match and the close of the bar, must be below the low of the previous bar.

Hope this helps
thanks for helping out here Steve

You guys all do such a great job of helping makes me smile

Mike
  • #123,997
  • Mar 21, 2013 8:32am Mar 21, 2013 8:32am
Quoting dervel
What do you think about this DBLHC?
Hey Dervel

Be careful here notice this pattern is not at a swing low. You want to start off by locating these at nice swing low points. Price is sideways here towards a swing high.

Let me know if you need examples

Best
Mike
  • #123,998
  • Mar 21, 2013 8:45am Mar 21, 2013 8:45am
Quoting mbqb11
Hey Dervel

Be careful here notice this pattern is not at a swing low. You want to start off by locating these at nice swing low points. Price is sideways here towards a swing high.

Let me know if you need examples

Best
Mike
Thanks for the reply Mike.I get what you're saying about the swing lows but can't we take this as a sign of continuation in an uptrend?If no, why not?
  • #123,999
  • Mar 21, 2013 9:14am Mar 21, 2013 9:14am
Quoting dervel
Thanks for the reply Mike.I get what you're saying about the swing lows but can't we take this as a sign of continuation in an uptrend?If no, why not?
Hey D

Techncially bars can be played at all spots. I play them as reversal and constitutions. I tell new folks learning this material to learn them the traditional way first that James teaches at swing lows in this case. What happens is people do two things. Take any bar that fits the criteria and trades right into trouble OR see a strong trend and just assume it could continue higher

In this case price is stuck in a box and trading right into the last major resistance point making this a bad area to take this trade. This is usually what I see get people into trouble

So I always suggest learning them in the spot James teaches first and work your way towards more tools with them

Best
Mike
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  • #124,000
  • Mar 21, 2013 9:26am Mar 21, 2013 9:26am
Quoting mbqb11
Hey D

Techncially bars can be played at all spots. I play them as reversal and constitutions. I tell new folks learning this material to learn them the traditional way first that James teaches at swing lows in this case. What happens is people do two things. Take any bar that fits the criteria and trades right into trouble OR see a strong trend and just assume it could continue higher

In this case price is stuck in a box and trading right into the last major resistance point making this a bad area to take this trade. This is usually what...
Got it!Actually the resistance being so close was the reason I didn't take the trade.
In a hypothetical scenario that the resistance is 60-70 pips away, is it unreasonable to expect the price to go up those 60 pips because of the bar formation, hitting the resistance and then going back down?Would a trade like that make sense (even if it was less than 1:1) or do you always look only for the best setups with a good amount of space for a runner?

Thanks again Mike, your help as well as Jarroo's and other senior members' is greatly appreciated!
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