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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

  • #29,201
  • May 5, 2009 11:51am May 5, 2009 11:51am
more daily bullish divergence on EURAUD. remember the bearish daily divergence on the AUDUSD.

could this cause the euro to climb against the aud??!
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  • #29,202
  • May 5, 2009 12:27pm May 5, 2009 12:27pm
Quoting mbqb11
agreed Flem I like how conservative you are being. Will this probably bounce down there if it can make it past all the highs yes. But is it worth it on a H4 trade, for me not. Rather wait for something that is much cleaner as well

Best
Mike
Believe it or not, I've always tried to model my approach to trading based on your style. I've made my share of mistakes no doubt, but I'm getting there.
"Don't trade to trade . . . trade to win." - James16
  • #29,203
  • May 5, 2009 1:12pm May 5, 2009 1:12pm
Quoting hipcio
tha daily and weekly trend is surely up

(according to me)

we have a retrace now

peter
Ok well u buy if u want but i'm still looking for selling opportunities.
  • #29,204
  • May 5, 2009 1:28pm May 5, 2009 1:28pm
Best thing I ever did for my trading was take a step back and follow the minimum requirements as outlined by James

Anyone who is in this for the long haul should follow these simple rules when starting out.

The discipline/confidence you will gain from this could save your account.


Quoting james16
In the process of returning emails from over the weekend (an all day job on mondays) and got to this one.

these always bring a smile to an email weary face.

i applaud those of you that accomplish this. i wonder a lot how many actually follow the minimum requirement outline.



"[i]Just thought i'd send you a quick email to say thanks for all your hours of work helping people you've put in, it really is appreciated. Karma defiantly owes you one!
I've done my 3 months successful consecutive demoing and today I finished my 3 months successful...
  • #29,205
  • May 5, 2009 1:30pm May 5, 2009 1:30pm
I know its a bit early but a nice daily PB on the AUD/USD, has some PPZ's just below so move to breakeven quickly, if it ends as a pin bar tonight that is.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0421093.gif Size: 34 KB
Economists have forecast 9 out of the last 5 recessions
  • #29,206
  • May 5, 2009 1:46pm May 5, 2009 1:46pm
Quoting markmm
I know its a bit early but a nice daily PB on the AUD/USD, has some PPZ's just below so move to breakeven quickly, if it ends as a pin bar tonight that is.
yup, dis is one setup ive been following since morning.....check for the lovely divergence....cant post chart now
also watching to see how gbpusd daily closes
remember to wait for the close....still about 2 more hrs on my feed
u r right about the 1st trouble area around 0.7320 area
cheers
Simplicity is the key to success
  • #29,207
  • May 5, 2009 2:02pm May 5, 2009 2:02pm
Quoting markmm
I know its a bit early but a nice daily PB on the AUD/USD, has some PPZ's just below so move to breakeven quickly, if it ends as a pin bar tonight that is.

The 365 ema combined with 7500 round number is just above. I would take a pinbar there but this area does not have enough confluence for me.

It would have to be a much bigger nose to take it on the pinbar alone.

Doesn't mean it wont give pips but odds are not stacked in my favor enough.

cheers

fxp
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  • #29,208
  • May 5, 2009 2:05pm May 5, 2009 2:05pm
Quoting zimdonks
more daily bullish divergence on EURAUD. remember the bearish daily divergence on the AUDUSD.

could this cause the euro to climb against the aud??!

Solid analysis. It is worth considering, but it is not certain until the PA dictates so. Overall, the EUR/AUD is struggling to break the prior lows. I remaiin short, as noted previous days....however, it has my eye as well.
  • #29,209
  • May 5, 2009 2:06pm May 5, 2009 2:06pm
Quoting Jduester
Vitamin Beer just posted a great word document on price action on Clockwork's thread. See link. Very insightful.

http://www.forexfactory.com/showpost...postcount=1350

Josh
Hey Josh-
Nice doc.
Congrats on the completion of the first part of your plan. You have inspired me for sure.
Just completed month 1 demo but was not quite profitable. Like atypical newbie I lost 2/3 the demo acct before finding this thread so had to make that back up. So starting month 1 again of the plan at break even but I'll get there.
BTW- really enjoy Mike, Jaroo, Alexandra and J16's comments.
Regards-
  • #29,210
  • May 5, 2009 2:34pm May 5, 2009 2:34pm
Thanks and good luck! It can be done
  • #29,211
  • Edited 3:07pm May 5, 2009 2:41pm | Edited 3:07pm
Quoting hipcio
tha daily and weekly trend is surely up

(according to me)

we have a retrace now

peter
Hi Peter,
UC will get back to 1.25 before it moves down much lower. Many of my friends are worried here about losing careers or have lost jobs; no one's buying new cars and expensive goods. I have friends in really state, who haven't sold a house in months. Oil has reached its top (imho) and when it moves down it'll hurt loonie more. Just be patient and wait for a good PA and you'll be rewarded.

R

p.s.
I have a buy order @ 1.1695 ...
  • #29,212
  • May 5, 2009 2:44pm May 5, 2009 2:44pm
Quoting fxprocessor
The 365 ema combined with 7500 round number is just above. I would take a pinbar there but this area does not have enough confluence for me.

It would have to be a much bigger nose to take it on the pinbar alone.

Doesn't mean it wont give pips but odds are not stacked in my favor enough.

cheers

fxp
Yeah it isn't an A pin bar, will review it later.
Economists have forecast 9 out of the last 5 recessions
  • #29,213
  • May 5, 2009 2:45pm May 5, 2009 2:45pm
Quoting fxprocessor
The 365 ema combined with 7500 round number is just above. I would take a pinbar there but this area does not have enough confluence for me.

It would have to be a much bigger nose to take it on the pinbar alone.

Doesn't mean it wont give pips but odds are not stacked in my favor enough.

cheers

fxp
I would love to get under the .7400 mark. Monthly PPZ. Also, the bar high is at the 38.2 fib level...more confluence.
  • #29,214
  • May 5, 2009 3:03pm May 5, 2009 3:03pm
Quoting raczekfx
Hi Peter,
UC will get back to 1.25 before it moves down much lower. Many of my friends are worried here about losing careers or have lost jobs; no one's buying new cars and expensive goods. I have friends in really state, who haven't sold a house in months. Oil has reached its top (imho) and when it moves down it'll hurt loonie more. Just be patient and wait for a good PA and you'll be rewarded.

R
Hi,
I will patietly wait - Thank You

P
Jesus Christ is my only Lord !
  • #29,215
  • May 5, 2009 3:17pm May 5, 2009 3:17pm
Quoting raczekfx
Hi Peter,
UC will get back to 1.25 before it moves down much lower. Many of my friends are worried here about losing careers or have lost jobs; no one's buying new cars and expensive goods. I have friends in really state, who haven't sold a house in months. Oil has reached its top (imho) and when it moves down it'll hurt loonie more. Just be patient and wait for a good PA and you'll be rewarded.

R

p.s.
I have a buy order @ 1.1695 ...
Tell your friends to move to Saskatchewan. The politicians and the mainstream media here keeps screaming to anyone that will listen that it's the place to be . . .
"Don't trade to trade . . . trade to win." - James16
  • #29,216
  • May 5, 2009 3:25pm May 5, 2009 3:25pm
a question:

could some one clarify for me, (what has worked best for them) in terms of an acceptable pip difference between the two bars in a DBHLC/DBLHC.

<2 pips on large TF's??!
  • #29,217
  • May 5, 2009 3:33pm May 5, 2009 3:33pm
Quoting fxprocessor
The 365 ema combined with 7500 round number is just above. I would take a pinbar there but this area does not have enough confluence for me.

It would have to be a much bigger nose to take it on the pinbar alone.

Doesn't mean it wont give pips but odds are not stacked in my favor enough.

cheers

fxp
Well its not a pin bar on my feed any more and it closes in 30 mins. There is nothing on daily for me. My work is done!
Economists have forecast 9 out of the last 5 recessions
  • #29,218
  • May 5, 2009 3:43pm May 5, 2009 3:43pm
Quoting zimdonks
a question:

could some one clarify for me, (what has worked best for them) in terms of an acceptable pip difference between the two bars in a DBHLC/DBLHC.

<2 pips on large TF's??!
usually within 2 pips. Some push it to 3. But obviously the closer, the better.
  • #29,219
  • May 5, 2009 3:49pm May 5, 2009 3:49pm
some thoughts on EU at this time

 

  1. 4H bullish pin (possibly)
  2. with the daily trend
  3. previous daily bar formed a bullish outside bar
  4. this 1H is <2pips shy of being a DBLHC
  5. for those of you who trade using EMA's, with 10mins to close of this 1H candle, price looks like it could close above 55EMA = possibly more bullish action?
  6. stochastics oversold on 1H
  7. RSI just short of 50 (would like to see it above this)
  8. swing low??

after all this, does anyone think EU could go up some more haha. maybe i should go to bed!!?

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  • #29,220
  • May 5, 2009 3:54pm May 5, 2009 3:54pm
Quoting Icehocey77
usually within 2 pips. Some push it to 3. But obviously the closer, the better.

thanks mate.

regards
richard
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