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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

  • #18,201
  • Jan 9, 2009 9:44pm Jan 9, 2009 9:44pm
Quoting james16
YES HE IS AND YES IT SHOULD.
Dave is a great trader and guy, and has definately achieved Rockstar status over the PF
  • #18,202
  • Jan 9, 2009 10:06pm Jan 9, 2009 10:06pm
Quoting jarroo
I use the standard settings for MACD of 12, 26, 9.

Also (I may be wrong on this) divergence should be measured above the 0.00 line (or waterline). My thick red line.

Yours is shown after MACD broke the 0.00 line and then broke below the 0.00 line. I believe this makes an invalid divergence indication.
This is hidden or reverse bullish divergence, where price makes higher lows and there are lower lows on macd, which is the opposite of regular or classical divergence.
"Don't trade to trade . . . trade to win." - James16
  • #18,203
  • Jan 9, 2009 10:07pm Jan 9, 2009 10:07pm
Quoting Flem26
This is hidden or reverse bullish divergence, where price makes higher lows and there are lower lows on macd, which is the opposite of regular or classical divergence.
Inverted divergence. I see thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #18,204
  • Jan 9, 2009 10:14pm Jan 9, 2009 10:14pm
真的很不错
good！
  • #18,205
  • Jan 9, 2009 10:15pm Jan 9, 2009 10:15pm
Quoting jarroo
Inverted divergence. I see thanks.
"Don't trade to trade . . . trade to win." - James16
  • #18,206
  • Jan 10, 2009 1:28am Jan 10, 2009 1:28am
Quoting tehuringa
Hi Scott,

I'm in this trade and entered 10 pips below the low of the pin bar at 92.63 with a stop loss 10 pips above the pin at 94.70.

I tend to enter with three lots and set profit targets for two and let the third lot run.

The first profit target for me was 91.63 so one lot was closed for +100 pips. The second lot stop loss was moved to break even and I redeuced the exposure on the third lot by bringing its stop loss to 93.70.

The second profit target was 90.90 and that was worked out by looking at previous bar lows and highs that could act...
This is incredibly helpful... although I'm new to j16 methods, managing my trades and taking profits is something that I need to work on in all of my fx trading.

Thank you!!
  • #18,207
  • Jan 10, 2009 1:33am Jan 10, 2009 1:33am
Quoting scott087
This is incredibly helpful... although I'm new to j16 methods, managing my trades and taking profits is something that I need to work on in all of my fx trading.

Thank you!!
No worries at all mate
  • #18,208
  • Jan 10, 2009 2:39am Jan 10, 2009 2:39am
Quoting mbqb11
Now you're talking
Didn't you grab a few thousand pips from this area a couple of weeks ago? Don't forget to leave a few for the rest of us Mike
  • #18,209
  • Jan 10, 2009 2:56am Jan 10, 2009 2:56am
Quoting james16
CHART
Jim,thanks for how u have help so many traders here and more so,do consider this PIN BAR tradeable?Welcome comment from Mike and Rac

Ayour2a
Adaptation from here
Attached Image
  • #18,210
  • Jan 10, 2009 4:20am Jan 10, 2009 4:20am
Quoting ayour2a
Jim,thanks for how u have help so many traders here and more so,do consider this PIN BAR tradeable?Welcome comment from Mike and Rac

Ayour2a
Adaptation from here
Very, very, very tradable. (Easy to say since it worked out nicely. lol)

Supporting confluences and the right location:

Pin Bar is off a Swing Low and is sitting on a strong Weekly PPZ and Trendline. Also off a Fib level 61.8, March low and Nov high.
Break of the Pin Bar is above a nice Round Number, 1.0800.

Anything else?

When these supporting confluences and right location line up with a PA formation, a very tradable and high probability trade can be taken.
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Indicators show the past. Price Action "Indicates" the future.
  • #18,211
  • Jan 10, 2009 5:12am Jan 10, 2009 5:12am
Quoting jarroo
Very, very, very tradable. (Easy to say since it worked out nicely. lol)

Supporting confluences and the right location:

Pin Bar is off a Swing Low and is sitting on a strong Weekly PPZ and Trendline. Also off a Fib level 61.8, March low and Nov high.
Break of the Pin Bar is above a nice Round Number, 1.0800.

Anything else?

When these supporting confluences and right location line up with a PA formation, a very tradable and high probability trade can be taken.
...and the TL that is technically significant brings a juicy breakout. No magic stuff just a descending resistance that got broken just to put ~250 pips in your pocket. As swissey goes opposite of euro so you know what that means for euro as well
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  • #18,212
  • Jan 10, 2009 5:43am Jan 10, 2009 5:43am
First of all let me remind you of this picture (daily chart) that I placed a few weeks ago together with my comments. We are bullish in the long run as the sequence is clearly impulsive. Wave 3 seems to be on the way, the only thing needed for confirmation is a break above former highs of wave 1.
Scaling down on a more detailed chart (4-hour), we can see an inverted head-and-shoulders formation threatening to break above neckline in the coming sessions. Technical target for the formation would be around 1.2300 which coincides with 161.8% Fib projection from waves 1 and 2. However, as the pattern is so clear, be prepared for the market to pull a lot of tricks!
This time we are looking for a break above neckline sustained by strenght. What I mean is - the market will be looking for every way to play against us. Nobody gives up his money without a fight and this is some big money we're talking about. It's the same psychological effect as a cat caught into the corner. So I want to see not only a break above neckline but also a break above 61.8% Fib projection from waves 1 and 2 and with some very solid candlesticks (no spikes to the upside) in order to get long!
Wait for your entry until the best conditions arrive and don't worry - there's plenty of space because once the bulls get the entry done correctly nothing can stop them.
The first trick that the market is going to play - in my opinion - is the triple bottom that appears on the hourly chart and just broke to the upside.
Triple bottoms are hard to find but in the same way - hard to reverse so 1.0870 is line in the sand for the bulls. The problem is how long will the market retrace until going back to play the triple bottom? My opinion - until 1.0970. That doesn't mean it will actually retrace until 1.0970 what it means is that it can retrace to 1.0970 and still maintain bullish bias.
I will be looking to get long from 1.1050 and around 1.0970 if we see that for a play of 1.1260. If market breaks below 1.0870, all bullish bias is negated and the target is 1.0730 very fast. So this is somewhat a win-win scenario.

http://andreitaga.wordpress.com
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  • #18,213
  • Jan 10, 2009 6:20am Jan 10, 2009 6:20am
Hey Parmalat....thanks for your analysis

I'm looking for price action around the blue area....possibly for a move Southwards. There is a bit of confluence in the area with EMA's, a PPZ and fib lining up but we just need to keep an eye on it and wait for price to confirm.....I could be totally wrong but thats fine too

If it doesn't we wait patiently for the next setup
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  • #18,214
  • Edited 9:37am Jan 10, 2009 7:12am | Edited 9:37am
Jim, i think it's not rule... you can be picky ever with m5 trading. this year I have 2 trades already..both hit my tp. Why should i take some craps? It's not about timeframe, it's about your style !
:-)
Quoting james16
CHART
  • #18,215
  • Jan 10, 2009 11:08am Jan 10, 2009 11:08am
Quoting Jankone
Jim, i think it's not rule... you can be picky ever with m5 trading. this year I have 2 trades already..both hit my tp. Why should i take some craps? It's not about timeframe, it's about your style !
:-)
Jim's words weren't directed to a few specific ppl, it was a general statement for the majority. Admit that the majority here still is very new to this stuff

For such ppl attempting lower tfs is like anticipating the lit candle to keep the darkness away forever, the clock ticks and the candle melts, more the time it keeps the darkness away the closer you get to what you're running from...

Bottom point is if you're a newbie to these special trading techniques and wanting to ask what is the best way to get rid of your account, The answer has to be "lower tfs" simple

Regards,
Ghous.
I believe . . .
  • #18,216
  • Jan 10, 2009 1:39pm Jan 10, 2009 1:39pm
Bottom point is if you're a newbie to these special trading techniques and wanting to ask what is the best way to get rid of your account, The answer has to be "lower tfs" simple

Regards,
Ghous.[/quote]
I agree with you I don't recall exactly how many times I had killed my account little by little and refilled it and killed it again, is important to remember that the bigger timeframe means less risk and best reward
  • #18,217
  • Jan 10, 2009 2:21pm Jan 10, 2009 2:21pm
Ghous and Goldbird22......spot on dudes.

Higher TF's = higher probability, higher returns, less time in front of the screen.

Everyone should trade their personality though....for me if I trade shorter timeframes I feel like a shaken up can of Coke
  • #18,218
  • Jan 10, 2009 4:28pm Jan 10, 2009 4:28pm
Quoting ghous
Jim's words weren't directed to a few specific ppl, it was a general statement for the majority. Admit that the majority here still is very new to this stuff

For such ppl attempting lower tfs is like anticipating the lit candle to keep the darkness away forever, the clock ticks and the candle melts, more the time it keeps the darkness away the closer you get to what you're running from...

Bottom point is if you're a newbie to these special trading techniques and wanting to ask what is the best way to get rid of your account, The answer has...
Nice analogy Ghous!!
Add the "wind"(volatility) too
  • #18,219
  • Jan 10, 2009 5:37pm Jan 10, 2009 5:37pm
Quoting tehuringa
Ghous and Goldbird22......spot on dudes.

Higher TF's = higher probability, higher returns, less time in front of the screen.

Everyone should trade their personality though....for me if I trade shorter timeframes I feel like a shaken up can of Coke
I agree 115% with this. Also, I would add this as well:

"Who in the hell wants to actually sit in front of a computer for hours on end?"

Not me. But I found that's what happens when you scalp, or trade short time frames. (In general.)

It's about making a profit....nothing more.

Clockwork
  • #18,220
  • Jan 10, 2009 10:38pm Jan 10, 2009 10:38pm
Quoting james16
New Chart
Sorry ,what is the meaning of BOVB in the chart ?

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