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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

  • #241
  • Aug 24, 2005 6:28pm Aug 24, 2005 6:28pm
Quoting scpeter
See, it just goes to show you. If you ask the right person the right question, you get a great answer. Jim, thank you sir.
your welcome and congrats on your 100th post.
  • #242
  • Aug 25, 2005 8:01pm Aug 25, 2005 8:01pm
Prices are heading towards a weekly fib (50), Price action shows a dblhc with support from a 55sma. Do I make this trade and look to exit at or around the weekly 50 fib level or should I not?
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  • #243
  • Aug 25, 2005 10:41pm Aug 25, 2005 10:41pm
Quoting Anpar
Prices are heading towards a weekly fib (50), Price action shows a dblhc with support from a 55sma. Do I make this trade and look to exit at or around the weekly 50 fib level or should I not?
nice observation. i think you could play it on a breakout. you could wait for a ret of the second dblhc bar and the go long to lower your risk. or you could play a break down of the two lows on the two bars that make up the dblhc. ( a technique i have not discussed on the forum) i dont give specific trading advice on the forum because to many people do to many different things with the same trade. the dblhc may work to the upside for 10 pips, a loss, or a hundred pips. some will take half profit at ten pips and then move thier stop to breakeven for a win. some will set a 30 pip stop and say i am not moving it until i bag 20 and end up losing 30 for a loss. you get my point. i dont know your personal situation but if you ever get 10 pips trading 50 or 60 lots trust me you will take the 10 and move it to even. you obviously know what you are doing. keep up the good work. jim
  • #244
  • Aug 25, 2005 11:01pm Aug 25, 2005 11:01pm
Quoting Anpar
Prices are heading towards a weekly fib (50), Price action shows a dblhc with support from a 55sma. Do I make this trade and look to exit at or around the weekly 50 fib level or should I not?
the same trendline on the daily and its even nicer. can it break it?
  • #245
  • Edited Aug 26, 2005 12:11am Aug 25, 2005 11:31pm | Edited Aug 26, 2005 12:11am
Here is nice triangular on 4hourly chart. It should break down and continue previous trend, Can oil price rally change situation?
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kiss the trend
  • #246
  • Aug 26, 2005 1:24am Aug 26, 2005 1:24am
chart
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  • #247
  • Aug 26, 2005 4:41am Aug 26, 2005 4:41am
Thanks James for your comments.

Slowly but surely I'm adding new things to my charts. I was looking to go long on that trade, but prices could never close above the 4hr trendline, thus I stayed away.
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  • #248
  • Aug 26, 2005 9:31am Aug 26, 2005 9:31am
Quoting Anpar
Thanks James for your comments.

Slowly but surely I'm adding new things to my charts. I was looking to go long on that trade, but prices could never close above the 4hr trendline, thus I stayed away.
i am so glad you did not take that trade long. it was suicide long unless it broke out. i was hoping you saw that. you did, great job. the short trade after the break of the two bars low on the dblhc was the trade to look for and it was a good one. it was actualy a great set up, you knew if it broke one way or another it would be worth a decent move. and it was.
  • #249
  • Aug 26, 2005 1:10pm Aug 26, 2005 1:10pm
Like many, i have been following this forum wit great interest and learning a lot in the process.....both about forex and people.

I dont need to thank James as i am sure he knows its a given....but thank you anyway, James....for all the unselfish help, tips, advice and encouragement!!!
The encouraging words alone are worth being part of this wonderful family of FF-ers!!

But i wanted to add my 2 pips on the topic of price action, which has been making its rounds a lot lately.

When i first started wit forex, i was fortunate enough to know nothing abt the different indicators and technical tools......so i used to just follow the price action and actually sit there in front of the computer from the start of a session till the end, writing down the prices of the 4 majors every few minutes....by hand on a piece of paper!!!

At least i made good use of all those half-used notebooks
and in the process, realized how much you can learn just by watching the price action without any charts, lines or what not!!!
After continuing this for a good coupla weeks....i got a "feel" of the market......somehow you feel that you are in sync wit the market....i am not saying you can predict price action, but it gives you that "feel" of the market.

I hope i am making some sense

James, i am curious to know what u think....since you are a big fan of price action.

I know most of us here dont have the time to sit all day wit a pen and paper and write down the prices every few minutes....but should you ever find that time, give it a shot and after a couple of hours, you will notice how price moves.

thanks for reading and wish me luck y'all, I am starting my new job tomorrow, as an English teacher for fifth graders......any words of advice would be much appreciated

happy trading and have a great weekend!!!

longhorn

p.s. My week starts on Saturday, incase you were wondering how come i am starting on a weekend
  • #250
  • Aug 28, 2005 9:32am Aug 28, 2005 9:32am
Quote
I am starting my new job tomorrow, as an English teacher for fifth graders

Good Luck with your new job Longhorn, and don't forget about us here at FF.

Quote
p.s. My week starts on Saturday, incase you were wondering how come i am starting on a weekend[img]images/smilies/wink.gif[/img]

Le'me guess, you're probably working somewhere in the middle east. Enjoy.
Keeping it Simple
  • #251
  • Aug 30, 2005 12:38pm Aug 30, 2005 12:38pm
Hi Jim,

I've been thinking over about what you've said about looking for these levels and have a few questions if you don't mind!

1. Do you prioritise them so that monthly/weekly is before weekly/daily, weekly/daily before daily/4h or perhaps weekly/4h and so on?

2. Which combinations come up most often in your experience?

3. Fibs or pivots or fibs & pivots? Is one combination better than others?

4. For pivot points do you use 1 period or 'n' period rolling pivots. I tend to use 3 period rolling pivots. Again which do you prefer?

Thanks in advance for all your replies!
  • #252
  • Aug 30, 2005 1:38pm Aug 30, 2005 1:38pm
Quoting Isotonic
Hi Jim,

I've been thinking over about what you've said about looking for these levels and have a few questions if you don't mind!

1. Do you prioritise them so that monthly/weekly is before weekly/daily, weekly/daily before daily/4h or perhaps weekly/4h and so on?

2. Which combinations come up most often in your experience?

3. Fibs or pivots or fibs & pivots? Is one combination better than others?

4. For pivot points do you use 1 period or 'n' period rolling pivots. I tend to use 3 period rolling pivots. Again which do you prefer?

Thanks in advance for all your replies!
i guess the easiest way to answer you questions is to say i do what everybody does when it comes to figuring fibs and pivots. when i put them on my chart i label them with text. i then look for areas where these levels join or are close together which forms very strong support or res levels. i call these confluence levels. it is not unusual to see a monthly or weekly and daily pivot along with a fib ret all close together. these are far better than a single fib or pivot level. when price reaches these confluence levels there is a better than 50/50 shot that it will retreat, but what i do is wait most of the time for confirming price action before entering. it is an acquired talent. it also requires patience. i have no idea what rolling pivots are. or if i do i call it something else. i use a standard pivot calculator, downloadable from many places on the web. its the same calculation mentioned by merlin in another thread. jim
  • #253
  • Aug 30, 2005 3:50pm Aug 30, 2005 3:50pm
Quoting james16
i have no idea what rolling pivots are. or if i do i call it something else. i use a standard pivot calculator, downloadable from many places on the web. its the same calculation mentioned by merlin in another thread. jim
Hi Jim,

Rolling pivots provide two pivot lines, upper and lower, which define a pivot range. The pivot range can be used to identify breakouts, i.e., the price moves above the upper or below the lower pivot to signal a breakout. The range can also be used to help confirm the current trend, i.e., if price is above the pivot range the the bias is bullish, and if price is below the pivot range the bias is bearish.

Here's how to calculate the pivot range for a three day period:

* Three-day rolling pivot price = (three-day high + three-day low + close) / 3
* Second number = (three-day high + three-day low) / 2
* Pivot differential = daily pivot price – second number
* Three-day rolling pivot range high = daily pivot price + pivot differential
* Three-day rolling pivot range low = daily pivot price – pivot differential

To make this "rolling": each day drop the oldest bar and add the newest bar. You'll calculate daily, using the three most recent daily bars.

Dial

PS. If you want, I can make an Excel calculator to do this for you. Let me know.
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  • #254
  • Aug 30, 2005 4:09pm Aug 30, 2005 4:09pm
Quoting diallist
Hi Jim,

Rolling pivots provide two pivot lines, upper and lower, which define a pivot range. The pivot range can be used to identify breakouts, i.e., the price moves above the upper or below the lower pivot to signal a breakout. The range can also be used to help confirm the current trend, i.e., if price is above the pivot range the the bias is bullish, and if price is below the pivot range the bias is bearish.

Here's how to calculate the pivot range for a three day period:

* Three-day rolling pivot price = (three-day high + three-day low + close) / 3
* Second number = (three-day high + three-day low) / 2
* Pivot differential = daily pivot price – second number
* Three-day rolling pivot range high = daily pivot price + pivot differential
* Three-day rolling pivot range low = daily pivot price – pivot differential

To make this "rolling": each day drop the oldest bar and add the newest bar. You'll calculate daily, using the three most recent daily bars.

Dial

PS. If you want, I can make an Excel calculator to do this for you. Let me know.
Nice post Diallist. Do you like the rolling pivot better than the regular pivot levels? Do you use 3 day rolling pivots or have you found other numbers that work better?
Steven
  • #255
  • Aug 30, 2005 5:59pm Aug 30, 2005 5:59pm
Quoting scpeter
Nice post Diallist. Do you like the rolling pivot better than the regular pivot levels? Do you use 3 day rolling pivots or have you found other numbers that work better?
To be honest, it is only by coincidence that I happened to read an article about pivot ranges only yesterday. So obviously, I haven't any experience with them yet.

Here's the article. The part about pivot ranges is near the end.

http://www.investopedia.com/articles.../04/040704.asp

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #256
  • Aug 30, 2005 6:18pm Aug 30, 2005 6:18pm
Quoting diallist
To be honest, it is only by coincidence that I happened to read an article about pivot ranges only yesterday. So obviously, I haven't any experience with them yet.

Here's the article. The part about pivot ranges is near the end.

http://www.investopedia.com/articles.../04/040704.asp

Dial
thanks dial, see even after all these years i never stop trying to learn. and i learned something here. thanks
  • #257
  • Edited 9:21am Aug 31, 2005 9:10am | Edited 9:21am
Jim, is that a perfect set up on the daily GBP/USD? I have it right off of the 38.2, weekly s2 and looks like we could get a dlhc.
  • #258
  • Aug 31, 2005 11:42am Aug 31, 2005 11:42am
Quoting RBing
Jim, is that a perfect set up on the daily GBP/USD? I have it right off of the 38.2, weekly s2 and looks like we could get a dlhc.
1. the range of the last bar of the dblhc is monstrous, plus 225 pips. 2. there is a longer term downtrend in place from april. 3. the current correction of the move since april is at a resistence fib level. 4. you are under the 365 ma which is bearish. 5.as you say you do have a dblhc off of a ret of the correction or suuport for that last low to high swing. 6. i would be very careful trading this without a 50 fib ret of the last bar of the dblhc to lower your risk. 7. bottom line is the negatives outway the positives here. 8. thanks for your input. jim
  • #259
  • Aug 31, 2005 1:05pm Aug 31, 2005 1:05pm
Hi James

Some guys send me to you to educate more about pivots and dont pay some p.b 1300$ lol.
Thx for any help
  • #260
  • Sep 1, 2005 1:02am Sep 1, 2005 1:02am
James16;

Thanks for teaching us your trading methods, it really has made a huge difference in the way I understand and read my forex charts now. Really appreciate it, keep it up!


Ok, maybe you have covered this already….if so then sorry for asking the question. If you have the perfect setup on your charts right before an important news announcement, would you still take that trade? Or would you wait until after the announcement (bearing in mind the spikes that may happen and take you out)?



I am currently practising your methods in the forex market on the 60min chart.



Thanks,



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