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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

  • #20,041
  • Jan 31, 2009 5:33am Jan 31, 2009 5:33am
Quoting jarroo
I felt that envy too . . . ghous is like 18 years old . . . reading some of his posts he sounds like an old pro.

When I was 18, my concentration was Wine, Women and Song (partying). lol
Lol, I am not that young anymore Jarroo, Just walked in to the last of my teens...

BTW, I'd like to second what Jeff siad, that was one great trade on the Gu needless to say I know you'll keep it up lol

Regards,
Ghous.
I believe . . .
  • #20,042
  • Jan 31, 2009 5:37am Jan 31, 2009 5:37am
Quoting arcus
Teenager nowdays has changed LOL
They Have'nt Arcus, (how many teenagers do we have on the forum, or more precisely this thread )

I am one of the boring types...lol! And honestly I am not into Mike's stuff unless ofcaorse someone comes straight at me

Regards,
Ghous.
I believe . . .
  • #20,043
  • Jan 31, 2009 5:44am Jan 31, 2009 5:44am
Quoting squeezy
nice work hook@yah
i also think there is minor resistance at 1.69 but it shld reach 1.75/1.76
but we hav to see wat happens at 1.69
cheers
yeah< i will be targeting 173.5- 174.5.
after that 178 looks possible?? we will see
still not excluding a short from my plans though.
PATIENCE... DISCIPLINE
  • #20,044
  • Jan 31, 2009 5:58am Jan 31, 2009 5:58am
Quoting arcus
True. Another thing is, you're trading directly into weekly/daily PPZ. Though, it may just break ignoring the PPZ but we must put possibility on our side. SL (if on top of PB) is larger than the reward, not worth for the try. JMHO.
It's a valid Pin bar on my feed, and a good one in terms of shape.

But it clearly sucks in the location test, the reason is really very obvious.

It may still work out, but as Arcus said "Simple Not Worth It"

Regards,
Ghous.
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I believe . . .
  • #20,045
  • Jan 31, 2009 6:33am Jan 31, 2009 6:33am
Quoting g_j_hook@yah
yeah< i will be targeting 173.5- 174.5.
after that 178 looks possible?? we will see
still not excluding a short from my plans though.
nice one hook
lets see how 1.69 holds
Simplicity is the key to success
  • #20,046
  • Jan 31, 2009 9:06am Jan 31, 2009 9:06am
Quoting Jlr
Sorry, this is probably pretty dumb, but does anyone have the weekly and daily pivot levels, without the midpoints or those SR1 SR2 things? I've seriously downloaded like 6 different pivot levels, and I turn off the midpoints, but it won't go away! Even went into the programming to try to figure that part out (oh my), but couldn't get it working. Ty in advance.
Jlr,
I wouldn't worry about an indicator for 'pivots'. They may have a place but I think you will find that all the people here plot their own ppz's or price pivot zones.

these are best done by eye in my opinion as they are a reflection of human sentiment or decisions at a certain area. If you learn to spot these places you will be able to take advantage of pa at these spots. Then, when a pin or outside bar pops up it will mean more to you than one in a not so good place.

you will here all the top traders here repeat that location is everything when it comes to playing price action.. learning to spot the best locations will only help you in the long run..
sometimes ppz's & calculated pivots line up, but when you can see where price reacts you wont need anything else.
  • #20,047
  • Jan 31, 2009 9:37am Jan 31, 2009 9:37am
Quoting ghous
They Have'nt Arcus, (how many teenagers do we have on the forum, or more precisely this thread )

I am one of the boring types...lol! And honestly I am not into Mike's stuff unless ofcaorse someone comes straight at me

Regards,
Ghous.
Not many I guess till they got some spark of ideas to change Some got it during they early age like you. Back in my country, I see kids around 12-18 hang out doing some breakdance (beginner stuff but they act like they are good at it,it made me feel like I want to kick each of their asses lol) ,smoking, and wearing sort of Emo clothes (dunno what's the point of it). I see no future in them. But I don't mean you can't have fun but things have to be balance.

I talked like I'm already very old. Sorry for the rant. Just showing bit of frustration in today's youngster (some). I'll post a chart next time as it made me feel guilty of talking in this thread w/o charts.
  • #20,048
  • Jan 31, 2009 10:03am Jan 31, 2009 10:03am
Ty rusty, wasn't sure on that topic... and I'm glad that is your answer too because I still can't get those to work, but now I am over it I suppose

Arcus, kids are kids, they will eventually grow out of it. Those kids don't sound so bad, at least they are hanging out with others, and being social. The problem I see today is that to many kids are using the internet, way way way to much, myself included. They are now from a younger age developing bad habbits by playing on the computer way to much, instead of getting out. I only see this growing in the future too. Society (at least USA) will soon be a lot more anti social and I only see this trend growing. Is this a horrible thing? Maybe not horrible, perhaps our society will still be able to function, especially with a lot more jobs being internet jobs. Anyways sorry to rant, but I think there is nothing wrong with those kids, they are just being kids.
  • #20,049
  • Jan 31, 2009 10:41am Jan 31, 2009 10:41am
pin bar
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  • #20,050
  • Jan 31, 2009 10:46am Jan 31, 2009 10:46am
[quote=ljr;2505543]
I'm not allowed to trade on the hourly anymore



i'm not allowed to trade any other way then pa w/ convergence & location on the daily....
  • #20,051
  • Jan 31, 2009 11:07am Jan 31, 2009 11:07am
Here's what i am watching sunday/monday . . .

Euro inside bar on the weekly. I know feeds like fxpro and broco trader don't show it but the interbank feed does.

if there is a gap down i'll wait for the gap to get filled and placed an order pips below the low. look closely at this type of inside bar. the last time we got this type of bar on the weekly was back in october and then the euro fell like a stone. will it happen again?

don't even get me started on the fib confluence and bearish hidden (reverse) divergence on the weekly too . . . thoughts?
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"Don't trade to trade . . . trade to win." - James16
  • #20,052
  • Jan 31, 2009 11:16am Jan 31, 2009 11:16am
Quoting Jlr
Ty rusty, wasn't sure on that topic... and I'm glad that is your answer too because I still can't get those to work, but now I am over it I suppose

Arcus, kids are kids, they will eventually grow out of it. Those kids don't sound so bad, at least they are hanging out with others, and being social. The problem I see today is that to many kids are using the internet, way way way to much, myself included. They are now from a younger age developing bad habbits by playing on the computer way to much, instead of getting out. I only see this growing...
I don't think usage of internet by youngsters is a big problem, The problem is what they do over it? Even though it's now more a necessity than anything else, For most kids the endless barriers and literally no restrictions over whatever they wish to gain excess to is certainly an ever growing problem.

If the internet can be used to do stuff that we do for instance it's a good bargain for social buffoonery Arcus talked abt (I can clearly name abt 10 such kids on my street, and when I look at myself and then at them with cigerrates in their mouths and pants hanging down below the hip line and eyses rolling abt searching for a hot chick to pass by I am really greatful) , I personally feel it's something like evolution and that man is moving from being more social and interactive to being more solitary.

Regards,
Ghous.
I believe . . .
  • #20,053
  • Jan 31, 2009 11:21am Jan 31, 2009 11:21am
Quoting Flem26
Here's what i am watching sunday/monday . . .

Euro inside bar on the weekly. I know feeds like fxpro and broco trader don't show it but the interbank feed does.

if there is a gap down i'll wait for the gap to get filled and placed an order pips below the low. look closely at this type of inside bar. the last time we got this type of bar on the weekly was back in october and then the euro fell like a stone. will it happen again?

don't even get me started on the fib confluence and bearish hidden (reverse) divergence on the weekly too...
That sure may happen Flem, 1.25 is a good possiblity, keep watching!

Regards,
Ghous.
I believe . . .
  • #20,054
  • Jan 31, 2009 11:29am Jan 31, 2009 11:29am
Quoting AlexWong76
pin bar
Hi Alex,

Here's how I have it on my chart, not the best of pin bars on my feed, plus the location seems a bit worrying too, cuz not only do we have some immediate previous bars lows we also have the 1.475 ppz that's been providing good support recently...

On the contrary The situation might have been brilliant had price made some more movement south this week to close as a BEOB below the 475 level.

Regards,
Ghous.
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I believe . . .
  • #20,055
  • Jan 31, 2009 12:40pm Jan 31, 2009 12:40pm
hi guys. i have started reading this thread from the beginning. it will be awhile before i finish, but i am keeping up w/ the current ones as well. i am sorry if i ask questions that have been asked & answered in the past. one thing i am curious about is which do you all feel is the better time zone (feed) to get your chart data (bar formations) from? gmt or est? thanku.
  • #20,056
  • Jan 31, 2009 12:44pm Jan 31, 2009 12:44pm
My data starts at 4:00 CT (5:00 ET), which I think works well - I have no 'Sunday' bars. (A Sunday bar is one where the data will show data on the Sunday's date, even though it should count into Monday's data. Many on this forum do have Sunday bars and they generally just ignore that bar.)

My dilemma with ignoring Sunday bars is that it would/could affect all trendlines that aren't horizontal, since those trendlines take time and price into consideration. Just my 0.02.

Welcome to the thread! I'm still reading it through the first time too.

Josh
  • #20,057
  • Jan 31, 2009 1:20pm Jan 31, 2009 1:20pm
Quoting dkmb92
hi guys. i have started reading this thread from the beginning. it will be awhile before i finish, but i am keeping up w/ the current ones as well. i am sorry if i ask questions that have been asked & answered in the past. one thing i am curious about is which do you all feel is the better time zone (feed) to get your chart data (bar formations) from? gmt or est? thanku.
Hello sir,

A lot of the "senior members" of the thread have several versions of metatrader to see price "chopped up" differently because of the different closing times. If you want you can do that . . . Or just stick to one feed for the sake of easyness. There is no "best" time to get bar formations at, different people look at different time closes.

Quoting Jduester
My dilemma with ignoring Sunday bars is that it would/could affect all trendlines that aren't horizontal, since those trendlines take time and price into consideration. Just my 0.02.
I actually never thought of that before . . . Im not a trendline guy so I have no answer to your dilemma unfortunately.
  • #20,058
  • Jan 31, 2009 2:02pm Jan 31, 2009 2:02pm
would/does the time zone matter if i am just looking at daily bars? are they the same regardless? does this issue only matter if i am looking at smaller time frames? thx.
  • #20,059
  • Jan 31, 2009 2:20pm Jan 31, 2009 2:20pm
Quoting dkmb92
would/does the time zone matter if i am just looking at daily bars? are they the same regardless? does this issue only matter if i am looking at smaller time frames? thx.
On smaller timeframes the bars all look the same no matter what broker feed you hav. On 4Hour and Daily they are different due to the different time they open and close at.

As you know the forex market is open 24 hours a day when it's open so there is no proper "open" or "close" time. Although the different sessions (London, US, Asian start at the same time each day)

Yes the daily bars do look different, slightly different, my feed's daily bar closes at 11GMT, whereas "Trader X's" daily bar closes might close at 12GMT or whenever.

Are you asking me about when is the best time to place trades on the daily timeframe is it ? If I am not getting what you are asking just explain a bit more
  • #20,060
  • Jan 31, 2009 3:27pm Jan 31, 2009 3:27pm
"Are you asking me about when is the best time to place trades on the daily timeframe is it ?"
since you brought it up, i am open to hearing your thoughts on that.

i was wrong on my original assumption. i thought the lower time frames would make the bigger difference. but when i think about it now there would be no difference on the 1h or below ("a-duh") . so when we go up from there is when we start to see the differences.
now i am just curious as to whether there is a preference between the gmt or the est time zone feeds when it comes to trading in this way?

i have only demo'd w/ mbt & their charting package is intellicharts. their daily opens/closes at 4 pm est. i dont care for their charts at all. after i get more comfortable trading this way & get closer to going live (ive been studying forex for a year & still feel i am not ready yet), then it will be time to pick my broker/platform. i would love for everyone to chime in on who they use &/or like the best/worse. as of now since the boss uses tradestation i am leaning towards checking them out first. also of importance, who is the best/worse at giving you your profits/money when you want them?

another thought i just had...is it wiser to open a "futures" acct instead of a "forex" one for cftc & taxation purposes? even though the acct would be labeled a "futures" one i'd still only want to trade the forex. i just cant seem to grasp the futures market w/ all the different months & their ticker symbols & i dont want to deal w/ margins & holding a position overnight. anyway...ill shut up now. it is nice to be hear & ill never stop thanking you all.
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