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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

  • #36,561
  • Jul 7, 2009 8:17am Jul 7, 2009 8:17am
Will be buying this pair....liking the wicks the market has been leaving at the bottom...as well as the fact they took last weeks low to just pick up sell stops. We are aslo starting to make higher lows this week and the trendline is holding very nice.

At about 156.40 I will be moving my stop to break even and looking for target around 158.40

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  • #36,562
  • Jul 7, 2009 8:20am Jul 7, 2009 8:20am
Load your guns Guys. Not a perfect PB, but the location is good, with the trend and have confluence . I´m waiting for this one for a week, it´s time to ride it....

First TP @ 1.8400
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  • #36,563
  • Jul 7, 2009 8:22am Jul 7, 2009 8:22am
I don't have any concrete rules yet, but I've been starting to research and watch for breakouts on the 4 hour timeframe. One of two things seem to happen most times.
1. They continue to be choppy and stop you out at least once (more times if you try to reenter).
2. They fly for 5R+...

I will be continuing to watch these patterns but I like that they provide a huge potential reward for a small pip stop...

Note: These are similar to the 2IBs recently discussed, but not quite as tough of criteria... at least not yet.


Josh
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  • #36,564
  • Jul 7, 2009 8:45am Jul 7, 2009 8:45am
Quoting Jduester
I don't have any concrete rules yet, but I've been starting to research and watch for breakouts on the 4 hour timeframe. One of two things seem to happen most times.
1. They continue to be choppy and stop you out at least once (more times if you try to reenter).
2. They fly for 5R+...

I will be continuing to watch these patterns but I like that they provide a huge potential reward for a small pip stop...

Note: These are similar to the 2IBs recently discussed, but not quite as tough of criteria... at least not yet.


Josh
Tell us once you have some criteria that might make a backtest possible. On 2IBs on 4h-charts, it works great in EUR/GBP for example (I don't know why, started about a year ago, before it was no good), but doesn't do well on the majors...

Marco
  • #36,565
  • Jul 7, 2009 8:53am Jul 7, 2009 8:53am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Ryanmcd
Read my old posts, I have not changed how I have traded for years, same base just added more PA to what I do. Look at the 5min thread, just do that on the 4hr and enjoy the cash.

http://www.forexfactory.com/showthread.php?t=163972

Change the time from 5min to 4hr
Hi Ryan,
I am currently looking into the use of divergence and I wondered if you could clarify something for me. I have seen on videos on the PF, divergence used with the MACD indicator. However, I noticed on your charts that you use divergence from the RSI indicator and some people use Stochastic. Please can you explain why you have decided to not opt for MACD and outline any differences/advantages? Also, any settings that you reccomend would be appreciated.
Regards, Kean
  • #36,566
  • Jul 7, 2009 9:06am Jul 7, 2009 9:06am
Quoting Shermenator
Will be buying this pair....liking the wicks the market has been leaving at the bottom...as well as the fact they took last weeks low to just pick up sell stops. We are aslo starting to make higher lows this week and the trendline is holding very nice.

At about 156.40 I will be moving my stop to break even and looking for target around 158.40

Attachment
When I tried to draw a similar ascending trendline (on the daily)beginning with the pin around the 26 Jan then hitting the next pin around 28 april and another around 19 May, when I zoomed in to the hourly charts it looked like price had broken through the trendline to the downside and had re tested it from below, (so that trendline had become resistance)
  • #36,567
  • Jul 7, 2009 9:07am Jul 7, 2009 9:07am
Quoting malvarezdel
Load your guns Guys. Not a perfect PB, but the location is good, with the trend and have confluence . I´m waiting for this one for a week, it´s time to ride it....

First TP @ 1.8400
Be carefull with this one mate that is more a nuetral bar than a pinbar on my feed(spinning top candle). Im not saying it wont work out but i would play it fairly tight. i am also pretty bearish on this pair and the 1.8700 seems to be the deciding support level??
just my 2 pips
jon
PATIENCE... DISCIPLINE
  • #36,568
  • Jul 7, 2009 9:24am Jul 7, 2009 9:24am
this chart looks good...

Quoting Shermenator
Will be buying this pair....liking the wicks the market has been leaving at the bottom...as well as the fact they took last weeks low to just pick up sell stops. We are aslo starting to make higher lows this week and the trendline is holding very nice.

At about 156.40 I will be moving my stop to break even and looking for target around 158.40

Attachment
  • #36,569
  • Jul 7, 2009 9:28am Jul 7, 2009 9:28am
Quoting kean
Hi Ryan,
I am currently looking into the use of divergence and I wondered if you could clarify something for me. I have seen on videos on the PF, divergence used with the MACD indicator. However, I noticed on your charts that you use divergence from the RSI indicator and some people use Stochastic. Please can you explain why you have decided to not opt for MACD and outline any differences/advantages? Also, any settings that you reccomend would be appreciated.
Regards, Kean

I have used RSI for 10 years and know and and made my living off of it so why would I change it? MACD is good as well and I used to use it, I like RSI better though.
Keep taking CT trades, I need more money
  • #36,570
  • Jul 7, 2009 9:39am Jul 7, 2009 9:39am
Just to confirm, Do you use the RSI indicator with the default value?

Thanks


Quoting Ryanmcd
I have used RSI for 10 years and know and and made my living off of it so why would I change it? MACD is good as well and I used to use it, I like RSI better though.
  • #36,571
  • Jul 7, 2009 9:43am Jul 7, 2009 9:43am
This is looking like a nice long in the works. It has been testing that tl a bit much though watching close.
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  • #36,572
  • Jul 7, 2009 9:54am Jul 7, 2009 9:54am
Another angle of attack
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  • #36,573
  • Jul 7, 2009 10:00am Jul 7, 2009 10:00am
Quoting layton
Just to confirm, Do you use the RSI indicator with the default value?

Thanks

This has all been posted before.
Keep taking CT trades, I need more money
  • #36,574
  • Jul 7, 2009 10:03am Jul 7, 2009 10:03am
Quoting layton
Just to confirm, Do you use the RSI indicator with the default value?

Thanks
ok i will help u with this one, but please go back and read all Ryan's posts (go to his profile and click there for a list of all of his posting history). I did it , its not that hard.

He uses RSI set at 6 instead of the default 14.

Cheers

Mat
  • #36,575
  • Jul 7, 2009 10:12am Jul 7, 2009 10:12am
Im in working off that 1hr pin
  • #36,576
  • Jul 7, 2009 10:14am Jul 7, 2009 10:14am
Well darn. Got out at 1R+. Price hit the brakes last night and reversed faster than a kid caught in a lie.

Next!

Oh - lots of continuation on the ranging markets. Plenty of well defined areas for PA for the conservatives.
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I'm pretty much done with all this ...
  • #36,577
  • Jul 7, 2009 10:47am Jul 7, 2009 10:47am
Quoting 4fun
Im in working off that 1hr pin
Got spit out like a bad peanut
  • #36,578
  • Jul 7, 2009 10:52am Jul 7, 2009 10:52am
Quoting kean
Hi Ryan,
I am currently looking into the use of divergence and I wondered if you could clarify something for me. I have seen on videos on the PF, divergence used with the MACD indicator. However, I noticed on your charts that you use divergence from the RSI indicator and some people use Stochastic. Please can you explain why you have decided to not opt for MACD and outline any differences/advantages? Also, any settings that you reccomend would be appreciated.
Regards, Kean
On his PF webinars Jim often mentions that it doesn't matter which oscillator you use for divergence. He uses MACD but he says stochastics, RSI are all just as good. I think it's not one to get too hung up on.

People use the oscillators for other things but according to James, divergence is pretty much all they're good for. I think the overbought/oversold conditions can be useful too, but they are often just visible from a naked chart.
  • #36,579
  • Jul 7, 2009 10:56am Jul 7, 2009 10:56am
4fun, just some thoughts on taking that 1 HR pin. Let me first start by saying I am in no way an expert and still consider myself a newb.

One thing I have learned though, especially when taking pins, is to watch out trading into large round numbers(Mike Stresses this constantly). 154 was right above that pin. I do not like the traffic next to it, but a possible better scenario would have been a BUOB closing above the round number of 154. Then go long.


Quoting 4fun
Got spit out like a bad peanut
  • #36,580
  • Jul 7, 2009 11:14am Jul 7, 2009 11:14am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
On his PF webinars Jim often mentions that it doesn't matter which oscillator you use for divergence. He uses MACD but he says stochastics, RSI are all just as good. I think it's not one to get too hung up on.

People use the oscillators for other things but according to James, divergence is pretty much all they're good for. I think the overbought/oversold conditions can be useful too, but they are often just visible from a naked chart.
Thanks Aaron for explaining this
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