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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

  • #15,181
  • Nov 10, 2008 8:09pm Nov 10, 2008 8:09pm
Can anyone give me some more info on divergence? I keep reading on James' charts how he uses divergence but I can't see it very well in the pictures I keep reviewing...is it RSI or MACD?



thanks in advance..I'm finally getting the hang of the pinbars and pullbacks, going to start working on inside/outside bars.
  • #15,182
  • Nov 10, 2008 9:05pm Nov 10, 2008 9:05pm
Quoting Ryanmcd
That is not the case, I just post up everything I do. If you don't care about the 5min stuff just skip it. I do the same with the 4hr stuff. It's all about learning to trade and PA is PA no matter what timeframe.

Yes how true
  • #15,183
  • Nov 10, 2008 9:20pm Nov 10, 2008 9:20pm
Quoting Icehocey77
Can anyone give me some more info on divergence? I keep reading on James' charts how he uses divergence but I can't see it very well in the pictures I keep reviewing...is it RSI or MACD?



thanks in advance..I'm finally getting the hang of the pinbars and pullbacks, going to start working on inside/outside bars.

I would learn PA 1st. Divergence is just something I use as a add deal and it will not make / break a trade for me. You can google it, do "RSI Divergence" and see what ya get. To me any divergence is feel and something that can not be taught.
Keep taking CT trades, I need more money
  • #15,184
  • Nov 10, 2008 10:05pm Nov 10, 2008 10:05pm
Quoting Ryanmcd
I would learn PA 1st. Divergence is just something I use as a add deal and it will not make / break a trade for me. You can google it, do "RSI Divergence" and see what ya get. To me any divergence is feel and something that can not be taught.
I really enjoy reading your reponses to questions or jabs.
Unfortunately many may read your answers/replies as short or demeaning.
I can see that this only comes from your level of experience & a slight frustration with repeating some of the same things. I understand this.
It is true, that much of trading success can only come with experience, not just practise with pa, but this is the best place to start.
Everyone MUST, if they want to be successfull long term, (ie business), find their own way after learning the fundamentals.
It takes many many hours, weeks & years, I think, to get this feel..
It does happen, I know..
Ryan, Please keep the information flowing. There are allways people at different stages here & some will think to go look for info on their own & others will think of it later.
I think this is one of only a few threads worth reading & worth learning from. I think thats why you post here...
It all adds to the fact that people have to make their own decisions & find their way. Some will make it, MOST wont.
Cheers Ryan & keep the posts coming because everyone benifits.
Jeff
  • #15,185
  • Nov 11, 2008 2:58am Nov 11, 2008 2:58am
Quoting jarroo
Thanks for the heads up ghous. Played the PB on the 8 hour (technically a BEOB). (sorry I can't post a chart)

It's never a bad decision to wait for the Daily to close and trade just them.
8 hour PB of PPZ and Daily PB off PPZ
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #15,186
  • Nov 11, 2008 4:59am Nov 11, 2008 4:59am
Quoting jarroo
8 hour PB of PPZ and Daily PB off PPZ
Update: Looking good.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #15,187
  • Nov 11, 2008 7:07am Nov 11, 2008 7:07am
Quoting jarroo
Update: Looking good.
Interesting how you have it on the 8H chart Jarroo, we don't have that on the standard mt4 do we?

Anyhow yes the trade has somewhat developed, glad to be in it

Regards,
Ghous.
I believe . . .
  • #15,188
  • Nov 11, 2008 7:13am Nov 11, 2008 7:13am
Quoting Icehocey77
Can anyone give me some more info on divergence? I keep reading on James' charts how he uses divergence but I can't see it very well in the pictures I keep reviewing...is it RSI or MACD?



thanks in advance..I'm finally getting the hang of the pinbars and pullbacks, going to start working on inside/outside bars.
Jim did go through this sometime ago, according to him it can be off stochastics or the rsi or the macd, it hardly matters.

Abt your question regarding significance of divergence Ryan's answer pretty much sums it up, Divergence never is and never should be the basis of an entry or exit. it's just like the icing on the cake which may make it good to look and perhaps change the taste slightly but is'nt all that important, the Eur/Chf trade i took was purely off a pin bar on the daily and a DBHLC and a trendline break on the 4H (Basis of my entry) the divergence was just something that made the case stronger and thus made me a little more confident abt the trade than i otherwise would have been needless to mention that i would have taken the trade anyhow.

If your question demands a more technical undertanding of divergence trading i recommend www.babypips.com/school for it, which has it in a neat and understandable way.

Regards,
Ghous.
I believe . . .
  • #15,189
  • Nov 11, 2008 7:21am Nov 11, 2008 7:21am
Quoting jarroo
Update: Looking good.

In this with ya, very nice daily with the trend A+ in my book.
Keep taking CT trades, I need more money
  • #15,190
  • Edited 8:30am Nov 11, 2008 8:02am | Edited 8:30am
Quoting ghous
Interesting how you have it on the 8H chart Jarroo, we don't have that on the standard mt4 do we?

Anyhow yes the trade has somewhat developed, glad to be in it

Regards,
Ghous.
No, it's not standard. You have to use a period converter.

Here one:
Attached File(s)
File Type: mq4 periodcon.mq4   16 KB | 1,008 downloads
File Type: ex4 periodcon.ex4   10 KB | 801 downloads
Indicators show the past. Price Action "Indicates" the future.
  • #15,191
  • Nov 11, 2008 8:09am Nov 11, 2008 8:09am
Quoting Ryanmcd
In this with ya, very nice daily with the trend A+ in my book.
Price Action with the trend (retracemants) is always a high probability trade. But your view about reversible Price Action being more viable in consolidating markets, hit home with me.
Indicators show the past. Price Action "Indicates" the future.
  • #15,192
  • Nov 11, 2008 8:40am Nov 11, 2008 8:40am
Quoting jarroo
No, it's not standard. You have to use a period converter.

Here one:
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #15,193
  • Nov 11, 2008 9:07am Nov 11, 2008 9:07am
Quoting jarroo
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.


Jim
Copy that!
I believe . . .
  • #15,194
  • Nov 11, 2008 9:57am Nov 11, 2008 9:57am
[quote=ghous;2338861]Just when i thought this was going to be difficult, Monday close brings about an opportunity.

Things setting up nicely o the Eur/Chf:

thanks ghous for the heads up - turning out nicely. This is essentially my first trade on daily pin, so not a bad place to start.
maybe i can be converted after all
  • #15,195
  • Nov 11, 2008 10:49am Nov 11, 2008 10:49am
Anybody go that today?. Entered @ pb break but then scared by some drawdown and closed @ be. Bad trade management :/
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 22 KB
  • #15,196
  • Nov 11, 2008 10:54am Nov 11, 2008 10:54am
Quoting Greenhaze
Anybody go that today?. Entered @ pb break but then scared by some drawdown and closed @ be. Bad trade management :/

Good trade, with trend nice PB. You HAVE to get over getting scared out of trades, this will eat you up. Take the trade and WALK AWAY!
Keep taking CT trades, I need more money
  • #15,197
  • Nov 11, 2008 11:11am Nov 11, 2008 11:11am
Quoting Ryanmcd
Good trade, with trend nice PB. You HAVE to get over getting scared out of trades, this will eat you up. Take the trade and WALK AWAY!
It's my first day live on second account and You are right , I need to overcome fear but on the other hand i dont want to risk being stopped out only becouse i wasnt at the computer. I like to watch the trade and what is happening on lower tfs. I need to find this right balance and start using more alarms instead being glued to the monitor.
  • #15,198
  • Nov 11, 2008 11:32am Nov 11, 2008 11:32am
Quoting Greenhaze
It's my first day live on second account and You are right , I need to overcome fear but on the other hand i dont want to risk being stopped out only becouse i wasnt at the computer. I like to watch the trade and what is happening on lower tfs. I need to find this right balance and start using more alarms instead being glued to the monitor.

The more time spend looking at it the more you WILL do something and 90% of the time it's the wrong thing. Trust me I have done this well over 1000 times when I started out, if you mess with a trade when you are emotional you will screw something up. If you spent the time looking over the charts and came up with a trade that looked good in a "No risk" mindset it is almost always better then once the trade is on.


Think about it, why change it once you put the trade on? What changed? You have to remember that the "pros" will look at the charts and they know what they need to do to shake out the weak hands aka YOU.
Keep taking CT trades, I need more money
  • #15,199
  • Nov 11, 2008 11:44am Nov 11, 2008 11:44am
Green,

I would just like to back up what Ryan has said. I am a relative newbie(on demo) and I was doing EXACTLY what you have done on this trade. I would see a good setup such as a pin and play it on the break, only to see it retrace, particularly on the longer time frames. If I was monitoring the trade closely when this happened I would start to get a bit twitchy and on numerous occasions I would close at a loss, only to see the trade 'go my way'and make loads of pips. This was happening far too often and hindering my development so I decided just to define my risk, set my stop and then let the trade play out.

If you take good setups you will probably find that 7 or 8 out of 10 trades will probably go your way if you give them a chance. I believe one of the things you MUST accept in trading is that there will be losing trades. This happens to everyone, the important point being to try and learn from them.

Just my opinion from my experiences so far,

Best wishes,

bertie
PA is where its at!!
  • #15,200
  • Nov 11, 2008 11:56am Nov 11, 2008 11:56am
Hope everyone that plays the 5min got that 1 pb short, that's I have seen been kinda slow.
Keep taking CT trades, I need more money
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