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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

  • #6,781
  • Oct 4, 2007 5:30pm Oct 4, 2007 5:30pm
Quoting creeper
Hey folks,

as already said I am new to this thread and currently demoing price action setups. I have downloaded metatrader and have all available pairs on my screen. However, I'd like to test price action on commodities and indices as well. Is there any way of demoing commodities and indices on metatrader? I cant even trade NZD because it isnt available with the demo account. Any possibility to cirumvent this problem?


Happy trading and a nice weekend,
Chris
Try Aleccohfx. Has some stocks and futures as well as FX. Some of the feed has spikes, but I think you can manually change them in MT4. I would suggest you start an accnt with a large ballance because the lot sizes are not mini. Dion
  • #6,782
  • Oct 4, 2007 5:35pm Oct 4, 2007 5:35pm
Quoting oloman

Jim, I can't tell you how much I look forward to see you all on this forum and in the PF.
Look forward to seeing you posting inside

Welcome aboard
  • #6,783
  • Oct 4, 2007 5:35pm Oct 4, 2007 5:35pm
Quoting HipsterPipster
Try Aleccohfx. Has some stocks and futures as well as FX. Some of the feed has spikes, but I think you can manually change them in MT4. I would suggest you start an accnt with a large ballance because the lot sizes are not mini. Dion
windsor direct and North Finance too
  • #6,784
  • Oct 4, 2007 5:42pm Oct 4, 2007 5:42pm
Nice low.
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  • #6,785
  • Edited 5:49pm Oct 4, 2007 5:44pm | Edited 5:49pm
Consolidation with short asymetrical triangle, IB's. When will the break out be?
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  • #6,786
  • Oct 4, 2007 8:49pm Oct 4, 2007 8:49pm
Quoting creeper
Hey folks,

as already said I am new to this thread and currently demoing price action setups. I have downloaded metatrader and have all available pairs on my screen. However, I'd like to test price action on commodities and indices as well. Is there any way of demoing commodities and indices on metatrader? I cant even trade NZD because it isnt available with the demo account. Any possibility to cirumvent this problem?


Happy trading and a nice weekend,
Chris
Chris, chances are it is available, it's just not showing.

Click the "market watch" window, right click inside the pane, and click "show all." I'll bet NZDUSD shows up. If not, then as others said, there are many, many brokers who offer this.
  • #6,787
  • Oct 4, 2007 11:26pm Oct 4, 2007 11:26pm
First I would like to say this is my first post to this wonderful forum. Hats off to the many talented traders that share there views of this market. I am currently on page 325 and have been reading this long (but very informative) thread since the beginning. I hope to finish all the posts by next week. I have been trading for over a year now and have had mixed results. Mainly due to lack of time to trade this market and some emotional trading. Working on that. Anyways, I really like this idea of using price action to get an understanding of what price will potentially do around key s/r areas.

Well now that I am really off topic here I will ask my original question. What do most of the experienced traders do before NFP when a potential set-up may be there right now? This is one of my main problems with deciding whether or not to take trades right before major news announcements. And major news announcements to me are Fed speeches, Interest rate announcements and NFP, with a few others. I know some views about fundies around here but this news announcement is one of the most wicked volatility producers there is. Thanks for the opinions and I will be posting more after I am done reading everything.
  • #6,788
  • Oct 5, 2007 12:00am Oct 5, 2007 12:00am
Quoting Wall_Street

Well now that I am really off topic here I will ask my original question. What do most of the experienced traders do before NFP when a potential set-up may be there right now? This is one of my main problems with deciding whether or not to take trades right before major news announcements. And major news announcements to me are Fed speeches, Interest rate announcements and NFP, with a few others. I know some views about fundies around here but this news announcement is one of the most wicked volatility producers there is. Thanks for the opinions and I will be posting more after I am done reading everything.
I completely ignore news on my longer term trades (4hr and up) for my intraday trading I am aware of what news is coming out when. If there is a signal that is going to be triggered by the NFP I ignore the signal. I generally take NFP fridays off and catch up on sleep. I generally tend to be in before other high volatility news. But if I am on an intraday trade and hovering around entry point, I close out that trade. If I entered say a daily trade and it is hovering around b/e, I do not close that trade, I simply let the trade plan out.

Just my way of trading and welcome to the great j16 thread
  • #6,789
  • Oct 5, 2007 5:03am Oct 5, 2007 5:03am
Hey guys do you need Metatrader to use this system? My broker doesn't support it. thanks
Rob
  • #6,790
  • Oct 5, 2007 5:07am Oct 5, 2007 5:07am
Quoting Longboat
Hey guys do you need Metatrader to use this system? My broker doesn't support it. thanks
Rob
Nope Rob you can use any charting software you are comfortable with. This is simply learning how to read Price action and combine it with other tools. So as long as you have charting you can learn this
  • #6,791
  • Oct 5, 2007 6:43am Oct 5, 2007 6:43am
It seems a 4hr head and shoulder is forming on USDCHF
  • #6,792
  • Oct 5, 2007 6:47am Oct 5, 2007 6:47am
On the daily you have price reaching a cluster of EMA's - the 89, 150 and 365 almost all on top of each other. These coincide almost directly with the 61 fib of the whole swing down...

The hourly forms a pin and....

It's count your money time.
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  • #6,793
  • Oct 5, 2007 7:47am Oct 5, 2007 7:47am
Quoting the_wizard
On the daily you have price reaching a cluster of EMA's - the 89, 150 and 365 almost all on top of each other. These coincide almost directly with the 61 fib of the whole swing down...

The hourly forms a pin and....

It's count your money time.
AND...

1) You're at the top of a range
2) Hitting Weekly R1 AND Daily R1 in the face

Yep, that's confluence of indicators... :-) Nice job wiz. Wish I had been watching this pair!
  • #6,794
  • Oct 5, 2007 8:35am Oct 5, 2007 8:35am
Quoting raczekfx
Next stop...?
almost there... good enough for me
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  • #6,795
  • Oct 5, 2007 8:42am Oct 5, 2007 8:42am
fair enough....

I'm gonna give myself a break from this side for a while.
enjoy PA and many pips to you.
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  • #6,796
  • Oct 5, 2007 9:19am Oct 5, 2007 9:19am
Quoting the_wizard
On the daily you have price reaching a cluster of EMA's - the 89, 150 and 365 almost all on top of each other. These coincide almost directly with the 61 fib of the whole swing down...

The hourly forms a pin and....

It's count your money time.

I thought you wanted to stay in this for the moon rocket ride

It's funny, reading that post it sounds like a lot of things actually happened...I look at my hobby chart and it just shows a lot of thrashing

Goes to show how different life on the 1h can be

Noticed the 1h doji here as well, but it's 23 pips big on my feed (nose/body ratio wasn't even 1:2 (9 and 14 pips) so still in doji land for me..) and for a pair that has 140 pips daily bars that's nothing I'd put my money on(putting aside it was right ahead of NFP)...even on the trendline it's now spent 4 days hammering against...
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Trust price. Know yourself.
  • #6,797
  • Oct 5, 2007 9:49am Oct 5, 2007 9:49am
Quoting SeekingLight
I thought you wanted to stay in this for the moon rocket ride
It's just one for the new people to learn from

Of course I didn't take it short. Instead I held my long position.

Infact, I've got fairly married to this position. I have moved my stop back and doubled up at these lower levels.

They'll carry me out soon...

Oh, P.S. You know that EUR/CHF I kept advising not to take? It broke down through a PPZ and then tried to come up and formed a pin on the hourly (late last night) with the nose not far off it - so I took it short and promptly lost 11% of my account today...

Told you it was going up. LOL

Have a good weekend all!
  • #6,798
  • Oct 5, 2007 9:59am Oct 5, 2007 9:59am
Quoting the_wizard
It's just one for the new people to learn from

Of course I didn't take it

Quoting SeekingLight
Noticed the 1h doji here as well, but it's 23 pips big on my feed (nose/body ratio wasn't even 1:2 (9 and 14 pips) so still in doji land for me..) and for a pair that has 140 pips daily bars that's nothing I'd put my money on(putting aside it was right ahead of NFP)
-----

Have a great weekend everyone
Trust price. Know yourself.
  • #6,799
  • Oct 5, 2007 10:16am Oct 5, 2007 10:16am
Quoting SeekingLight
-----

Have a great weekend everyone
I'm not quite sure what you are trying to say here...it fell 95 pips in little over an hour...
  • #6,800
  • Oct 5, 2007 12:37pm Oct 5, 2007 12:37pm
Quoting the_wizard
Oh, P.S. You know that EUR/CHF I kept advising not to take? It broke down through a PPZ and then tried to come up and formed a pin on the hourly (late last night) with the nose not far off it - so I took it short and promptly lost 11% of my account today...

Told you it was going up. LOL
F@*& me Wiz!
If I lost that much on one trade I would rip my hair out.
You definitely swing a big line.

Caution for all the newbs - This man is a trained proffessional. Don't attempt that at home. :

Have a good one folks
Tom
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