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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

  • #201
  • Aug 11, 2005 10:32am Aug 11, 2005 10:32am
I'm still long sinc ethe daily chart crossed. I'm about 81 up as I write. Expecting it to "keep on truckin" to 1.2500 and beyond as long as it can drive through the 1.2460/1.2500 resistance level.

Tell ya man, unless something starts to turn this upward trend around, 1.2600 may just be another bump in the road to 1.3400!
Capital Preservation is key to long term wealth accumulation
  • #202
  • Aug 11, 2005 11:05am Aug 11, 2005 11:05am
Sure Hope your right Mr Buddha cause I'm with ya. I've also been picking off a few pips using the 30 min charts taking only the buys. Is that something you would try or just keep the daily? I also hopped on the aud/usd. Great trade, still going.
LETS PLAY HOCKEY!
  • #203
  • Aug 11, 2005 11:33am Aug 11, 2005 11:33am
Unless the physics of indicators stop working, I think we're okay. Still, you have to allow for swing. Just 2 days ago that position also dropped to a -35. The major trend is like a step ladder. Each day the daily chart takes another step up, but you must still allow for minor swings down to a negative level. I expect it to bop around the +50 to +85 level today as it trends slowly northward.

When the data release came out this morning, yes I did open about 4 postions on the EURO/USD to take in some profit. These were of the 15 minute charts and I used only the candles. I also took some of the USD/CHF and the EUR/JPY has been very good to me today. I stil have my original position on the EURO/USD open - but since I am trading it on the daily, I'm using a smaller position since the risk is greater.

Just remember, if there is a trend reversal - it has to appear on the faster charts first. Then it will transition itself to the slower charts. That should give you plenty of oppurtunity to exit with maximum profits locked in. Consider each minor swing as the one that may cause a reversal, but don't act on it until you have complete confirmation. "Ever watchful; rarely presumming" ....I think that's how the quote goes....

This will make sense when your daily position is sitting at a plump +500 and the 30-40 pip movements are but burps!
Capital Preservation is key to long term wealth accumulation
  • #204
  • Aug 11, 2005 11:49am Aug 11, 2005 11:49am
Quoting habeeb
Hi,

I've finally found another excellent forum, but now I can actually post/ask questions when I have some (hope that's okay).

Jim, great thread you got going here. I've tried your techings and it works great. It's so simple, but very effective. It's nothing new to me though (double tops/ bottoms,etc), don't get me wrong, I'm still learning, but us newbies tend to forget the basics and look for a shortcut. Your explanations has just been that much clearer and much more easier to understand.

Thanx a million
Habeeb
your welcome, there is much more to come.
  • #205
  • Edited 2:16pm Aug 12, 2005 2:09pm | Edited 2:16pm
Hi JIM

http://www.forexfactory.com/forexfor...ntid=425&stc=1
Keeping it Simple
  • #206
  • Aug 12, 2005 2:18pm Aug 12, 2005 2:18pm
Why doesn't the image want to display. What am I doing wrong. Any special trick to this?
Keeping it Simple
  • #207
  • Aug 12, 2005 3:22pm Aug 12, 2005 3:22pm
Hi again,
Here is one of my 2 trades today on S&P. Both were closed in profit. Thanx for your encouragement. I still feel that I'm missing something. I don't have any MA's, indicators, fibo's, etc. I use pivot levels though.
I've got another question regarding one of your mini oil charts. I'll ask at a later time, when I remember. Please comment on the chart.

Once again, Thanx a million
Enjoy your weekend
Habeebhttp://www.forexfactory.com/forexfor...ntid=428&stc=1
Attached Image
Keeping it Simple
  • #208
  • Aug 12, 2005 3:39pm Aug 12, 2005 3:39pm
Quoting habeeb
Hi again,
Here is one of my 2 trades today on S&P. Both were closed in profit. Thanx for your encouragement. I still feel that I'm missing something. I don't have any MA's, indicators, fibo's, etc. I use pivot levels though.
I've got another question regarding one of your mini oil charts. I'll ask at a later time, when I remember. Please comment on the chart.

Once again, Thanx a million
Enjoy your weekend
Habeebhttp://www.forexfactory.com/forexfor...ntid=428&stc=1
this is frickin great habeeb, you made my weekend. the first one was the best and yes the second was marginal. start using fib ret to see where you can get confluence with your pivot levels. and whatever you do be patient and wait for the best set ups. by the middle of next month i will be back full steam on my chart thread. stick around habeeb you will be glad you did. i am so happy to see this. jim
  • #209
  • Aug 12, 2005 3:51pm Aug 12, 2005 3:51pm
habeeb has just shown something very very valuable. YOU DO NOT NEED ANYTHING BUT A KNOWLEDGE OF PRICE ACTION TO BE A SUCCESFUL TRADER. this is something i am going to present in the course (someday), intelligently add in extra ingredients, like your own proven trading system and you have a real shot at success. stay tuned. jim
  • #210
  • Aug 13, 2005 2:59am Aug 13, 2005 2:59am
Please provide me with some advice. I think there is clear divergence at 4-hour chart.
Attached Image
kiss the trend
  • #211
  • Aug 13, 2005 1:24pm Aug 13, 2005 1:24pm
Quoting fx-trader777
Please provide me with some advice. I think there is clear divergence at 4-hour chart.
yes and isnt it interesting if you continue your line it intersects with the previous high (which also had divergence) for a nice trend line. be careful, you do not want to enter on divergence only. use price action , fib confluence and pivots to confirm. whatever you do set your stop a little above the trend line. divergence by itself means nothing. although it will sometimes work. i prefer trades that work most of the time. jim
  • #212
  • Aug 13, 2005 1:33pm Aug 13, 2005 1:33pm
Thank you for reply. What trades do you use mostly? What are good indicators?
kiss the trend
  • #213
  • Aug 13, 2005 2:07pm Aug 13, 2005 2:07pm
Hi Jim, and everyone else.

Here's the question regarding the mini oil trade I mentioned before.

http://www.forexfactory.com/forexfor...ntid=432&stc=1
Attached Image
Keeping it Simple
  • #214
  • Aug 13, 2005 2:26pm Aug 13, 2005 2:26pm
Quote
start using fib ret to see where you can get confluence with your pivot levels.

By "confluence" you mean two or more levels at the same point. eg. A daily pivot and a fib level at the same (or close) point? OR, a weekly pivot and a daily pivot point being the same?

From what I can make out from the charts, plotting Fib Ret is from a swing high to a swing low. Is this correct?

Quote
and whatever you do be patient and wait for the best set ups.

This is the hardest part. but I'm working on it.

Thanx
Habeeb
Keeping it Simple
  • #215
  • Aug 15, 2005 6:01am Aug 15, 2005 6:01am
Quote
if i get a crossover signal to go long and price is 5 pips under a weekly or monthly pivot or fib confluence there is no way i am taking that trade for obvious reasons. now, if i get a crossover signal to go long and price has just ret back to a pivot level or fib ret(support) thats when i get ready to make money. combine this kind of thinking with a knowledge of price action analysis and you are in the drivers seat. if this sounds complicated trust me it is not, it just takes focus and practice, practice, practice. AND REALISING THAT THERE IS ANOTHER PERFECT TRADE RIGHT AROUND THE CORNER IF YOU MISS ONE. rifle shots not shotguns. jim

I think I found the answer to my question in post #213 above in another thread.
Keeping it Simple
  • #216
  • Aug 15, 2005 12:58pm Aug 15, 2005 12:58pm
Quote
hey merlin, i keep an eye on

currency futures: bp, jy, sf, cd, cd, efx

oats, wheat, corn, soybeans

mini dow, mini sp, mini russell, mini nasdaq

mini oil, gas

tbonds, ten year notes

silver, gold, copper

cattle, hogs, pork bellies

around ten pairs forex.

How do you keep track of all the stuff you trade? Multiple screens? Certain time of day for each one? 150 inch monitor?

I toggle between charts but more often than not, I miss alot. Missed the BIG oil down-run today.

Thanx
Keeping it Simple
  • #217
  • Aug 15, 2005 2:08pm Aug 15, 2005 2:08pm
Quoting habeeb
How do you keep track of all the stuff you trade? Multiple screens? Certain time of day for each one? 150 inch monitor?

I toggle between charts but more often than not, I miss alot. Missed the BIG oil down-run today.

Thanx
i dont even come close to catching all the trades. what i do is watch weekly and daily charts on all of them. i look for high probability trade set ups on a daily with price action. i either trade that or move down and daytrade the move i am expecting based on the daily. jim
  • #218
  • Aug 15, 2005 2:33pm Aug 15, 2005 2:33pm
Thanx Jim,

I'll start watching the Daily's and Weekly's more to see if I can see a move coming?
Keeping it Simple
  • #219
  • Aug 16, 2005 8:46am Aug 16, 2005 8:46am
Double Bar Low Higher Close
Does the close have to be higher than the first bar's "open" or "close"?

Do you trade Equities too. Can your techniques be used for Equities too, or is that market more fundamentally driven.

Thanx

Oh yes... do you listen to news events (NFP, Trade Balance, FOMC, etc)? or do you trade strictly by the charts?
Keeping it Simple
  • #220
  • Aug 16, 2005 11:45am Aug 16, 2005 11:45am
Quoting habeeb
Double Bar Low Higher Close
Does the close have to be higher than the first bar's "open" or "close"?

Do you trade Equities too. Can your techniques be used for Equities too, or is that market more fundamentally driven.

Thanx

Oh yes... do you listen to news events (NFP, Trade Balance, FOMC, etc)? or do you trade strictly by the charts?
the best double bar with a higher or lower close will have the close on the second bar close outside/past the ENTIRE second bar. examples on the chart thread.
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