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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

  • #17,201
  • Dec 18, 2008 4:40pm Dec 18, 2008 4:40pm
Quoting LasVahGoose
yeah, I always mess it up. I just don't have eye for it.
a bit of practice and you'll see it right away
  • #17,202
  • Dec 18, 2008 4:41pm Dec 18, 2008 4:41pm
Quoting Mr Smith
uchf for you jaroo.
Thanks Mr. Smith.

Nice. Look at the size of the PB compared to the move. I like that.
Indicators show the past. Price Action "Indicates" the future.
  • #17,203
  • Dec 18, 2008 4:50pm Dec 18, 2008 4:50pm
Quoting mbqb11
Hey LVG

This isn't divergence. You want your oscillator and price to be going opposite directions.

Here is an example

Best
Mike
do you mantain the old North Finance after decades it changed to FxPro. I suppose you use Windows 3.1.

hey, to do not make this a uselles post, i like to make a question:

play tha EURUSD and USDCHF pins is good or bad?
EDIT: i mean, i am playing the same trade with double lots or i can really say this is 2 trades?


thanks in advance.
  • #17,204
  • Dec 18, 2008 4:59pm Dec 18, 2008 4:59pm
Quoting jarroo
Thanks Mr. Smith.

Nice. Look at the size of the PB compared to the move. I like that.
Hey Jarroo what do you think of the usdjpy pa ? BUOB on the daily....see my previous post for charts..

Regards,

joe
  • #17,205
  • Dec 18, 2008 4:59pm Dec 18, 2008 4:59pm
Quoting giraia_br
do you mantain the old North Finance after decades it changed to FxPro. I suppose you use Windows 3.1.

hey, to do not make this a uselles post, i like to make a question:

play tha EURUSD and USDCHF pins is good or bad?
EDIT: i mean, i am playing the same trade with double lots or i can really say this is 2 trades?


thanks in advance.
Hey

No idea why it still says North Finance, it simply never changed name even though my feed is FXpro. I am on XP.

As for euro/swissy etc. You can take them as 2 separate trades, I wouldn't just double up on 1 since they are correlated. I am personally only going to take the swissy,

Mike
  • #17,206
  • Dec 18, 2008 5:01pm Dec 18, 2008 5:01pm
Am I correct in assuming the break of the pinbar is above 1.0855 in USD/CHF?
Patience + Humility + Study = Success
  • #17,207
  • Dec 18, 2008 5:01pm Dec 18, 2008 5:01pm
Quote
Sorry I can't post my own charts.

The Euro and Swissy Daily PBs have great potential. But as we have seen in the past, Pin Bars (or other reversing Price Action) after a strong move have ended in failure. Even after the break.

I have bad looking charts right now. Can anyone post these two pair with Weekly and Daily PPZ levels. (Hopefully their the same levels. lol)

thanks for you advice as usual..

I believe that this trade will go well and if it doesnt, 1% acct wont kill me and am sure i will get more back.

Jarro, thanks for alwayz giving me a lead
  • #17,208
  • Dec 18, 2008 5:06pm Dec 18, 2008 5:06pm
Hi Mike!

Thanks for all those great lessons and this great example, just a quick question. When is this divergence are you looking for some pattern on there to be sure when exactly it is going to come down? Otherwise how can you know that this is exact moment to go in the trade? And if you are looking for pattern then on the same TF or some smaller one?

Thanks again!

Ed

Quoting mbqb11
This isn't divergence. You want your oscillator and price to be going opposite directions.
  • #17,209
  • Dec 18, 2008 5:07pm Dec 18, 2008 5:07pm
Quoting mbqb11
As for euro/swissy etc. You can take them as 2 separate trades, I wouldn't just double up on 1 since they are correlated. I am personally only going to take the swissy,

Mike
sorry, the problem is my bad English. I was not asking if i should double in one of them, but if took 1 trade on EURSD and 1 on USDCHF was the same of took 1 trade with double lots, as they are extremaly correlated.

thanks Mike.
  • #17,210
  • Dec 18, 2008 5:13pm Dec 18, 2008 5:13pm
Quoting mbqb11
Hey

No idea why it still says North Finance, it simply never changed name even though my feed is FXpro. I am on XP.

As for euro/swissy etc. You can take them as 2 separate trades, I wouldn't just double up on 1 since they are correlated. I am personally only going to take the swissy,

Mike
Hi Mike,

Are you going to take usdjpy too ? Appreciate your thoughts on this one.

Regards,

Joe
  • #17,211
  • Dec 18, 2008 5:16pm Dec 18, 2008 5:16pm
Quoting GetSmart
Hey Jarroo what do you think of the usdjpy pa ? BUOB on the daily....see my previous post for charts..

Regards,

joe
Yes, I saw your charts on the usd/jpy. More of a DBLHC than a BUOB to me. (right, technically BUOB). Pretty strong move down . . . not sure I this one. I'll have to wait and see on my charts for a better look.
Indicators show the past. Price Action "Indicates" the future.
  • #17,212
  • Dec 18, 2008 5:33pm Dec 18, 2008 5:33pm
Quoting jarroo
Yes, I saw your charts on the usd/jpy. More of a DBLHC than a BUOB to me. (right, technically BUOB). Pretty strong move down . . . not sure I this one. I'll have to wait and see on my charts for a better look.
same here. James like at least two reasons to take the trade. In this one the second needs to be the break of the trendline as dont have any RET.
  • #17,213
  • Dec 18, 2008 5:39pm Dec 18, 2008 5:39pm
Quoting idejs
Hi Mike!

Thanks for all those great lessons and this great example, just a quick question. When is this divergence are you looking for some pattern on there to be sure when exactly it is going to come down? Otherwise how can you know that this is exact moment to go in the trade? And if you are looking for pattern then on the same TF or some smaller one?

Thanks again!

Ed
Divergence is side note confirmation, to me at least. It is not a end all/ be all type of situation. For example if you have a set-up for a down move from new highs, with location and supporting confluences, divergence would be nice to have as well. But not necessary to have to confirm your decision to take the trade. (imo)
Indicators show the past. Price Action "Indicates" the future.
  • #17,214
  • Dec 18, 2008 5:46pm Dec 18, 2008 5:46pm
Quoting GetSmart
Hi Mike,

Are you going to take usdjpy too ? Appreciate your thoughts on this one.

Regards,

Joe
Hey Joe,

I am not really liking the look of USD/jpy. Yes we are due for a bounce, but that bar just isn't good enough for me. On my feed it is close to a DBLHC but not quite. We are coming into a lot of resistance and a strong trendline. I would rather wait to see us break the trendline form some kind of support and then play a bounce from there.

Just my thoughts though as always
Mike
  • #17,215
  • Dec 18, 2008 5:47pm Dec 18, 2008 5:47pm
Quoting giraia_br
sorry, the problem is my bad English. I was not asking if i should double in one of them, but if took 1 trade on EURSD and 1 on USDCHF was the same of took 1 trade with double lots, as they are extremaly correlated.

thanks Mike.
I always look at a trade as separate. So if you took the euro and swissy I would treat them each completly different. I would never double up on one, thinking that is the same as take each separate due to correlation. Instead I just look at the chart and play it as a good setup is a good setup. If you believe both are worth trading then take both, etc

Best
Mike
  • #17,216
  • Dec 18, 2008 5:49pm Dec 18, 2008 5:49pm
Quoting idejs
Hi Mike!

Thanks for all those great lessons and this great example, just a quick question. When is this divergence are you looking for some pattern on there to be sure when exactly it is going to come down? Otherwise how can you know that this is exact moment to go in the trade? And if you are looking for pattern then on the same TF or some smaller one?

Thanks again!

Ed

Hey Ed,

Been great to chat with you through PM,

As always Jim knows his stuff and is always a big help

I use divergence as just another "tool".

Ultimately we are looking for good PA at a good area to confirm everything else. The most recent example was the triple top on USD/CAD + Div + Pinbar with good space swing high. High probability trade is what our goal is. If you try to just trade divergence in a trending market, you will get killed over and over. Wait for the market to tip its hand via Price action at a good spot. Then you just use Divergence as a tool for a heads up on when to be looking or helping with confluence to your decision.

See chart

Hope that helps
Mike
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  • #17,217
  • Dec 18, 2008 5:58pm Dec 18, 2008 5:58pm
Quoting mbqb11
Hey Ed,

Been great to chat with you through PM,

As always Jim knows his stuff and is always a big help

I use divergence as just another "tool".

Ultimately we are looking for good PA at a good area to confirm everything else. The most recent example was the triple top on USD/CAD + Div + Pinbar with good space swing high. High probability trade is what our goal is. If you try to just trade divergence in a trending market, you will get killed over and over. Wait for the market to tip its hand via Price action at a good spot. Then you...
Nicely done Mike.

Folder>price action>examples>divergence.
Indicators show the past. Price Action "Indicates" the future.
  • #17,218
  • Dec 18, 2008 6:08pm Dec 18, 2008 6:08pm
Sorry to bug in,

I've been wondering what's the meaning of DBLHC, RET and BUOB?
  • #17,219
  • Dec 18, 2008 6:15pm Dec 18, 2008 6:15pm
Quoting arcus
Sorry to bug in,

I've been wondering what's the meaning of DBLHC, RET and BUOB?
DBLHC = Double Bar Low Higher Close. So this is when you have matching lows, and the second bar closes HIGHER then the previous bars HIGH

RET = Retracement

BUOB = Bullish Outside Bar. This is when a bar encompasses the previous bar. It mush have a low lower then the previous bars low, and a high higher then the previous bars high. The higher the close the better( I prefer a close higher then the previous bars high).


Mike
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  • #17,220
  • Dec 18, 2008 6:23pm Dec 18, 2008 6:23pm
Hi Mike,

I think I need examples for the DBHLC. And how the DBHLC and BUOB affect the PA?

Thanks!

Edit:
No need for that, since you already post the chart. Thanks a lot!
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