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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

  • #37,881
  • Jul 17, 2009 5:22pm Jul 17, 2009 5:22pm
Quoting Ryanmcd
To be honest Mike everyone I know that makes it in this biz has a form of OCD and spends all the free time looking at charts or did at 1 time. I did the same thing back in my computer days, I read 8000 pages and past 18 Microsoft test in 1 year lol
18 in a year?!

And I thought I was a bit of a loser with 16 over 5 years!!!

LOL!!!

Fat Tom
  • #37,882
  • Edited 7:06pm Jul 17, 2009 6:55pm | Edited 7:06pm
Quoting mbqb11
hehe I was hiding in the background for awhile. Then decided to register to FF thinking I would never post, picked a name from a long long time ago(again didn't think I would post). 10k posts later LOL
You posted waaay before sep 06!! I think you were on a few months before I was?? Definitely here before Patrick was. I thought.

Edit: Wow . You were on later. ....Dodgey memory. lol
Bundy's status today: "Waiting..."
  • #37,883
  • Jul 17, 2009 6:59pm Jul 17, 2009 6:59pm
Quoting mbqb11
.... I couldn't sleep b/c when I closed my eyes I guess from staring at the monitors the charts were in my eyes and head, and I would see flashes of them, keeping me up(insomnia). ....
Woohoo. I thought I was alone on that. lol
Bundy's status today: "Waiting..."
  • #37,884
  • Jul 17, 2009 7:35pm Jul 17, 2009 7:35pm
Quoting fat_tom
18 in a year?!

And I thought I was a bit of a loser with 16 over 5 years!!!

LOL!!!

Fat Tom
Oh ya, I think I am a MCSE+I, MCP, MCDBA, and a few others lol NT4.0 and 2000
Keep taking CT trades, I need more money
  • #37,885
  • Jul 17, 2009 7:36pm Jul 17, 2009 7:36pm
Quoting batesmotel
Now, now....come on....u were a newbie once too., we gotta work together here u know...

GregB
Yes... but it's kind of annoying when people ask on their first post something that is posted on Post 1 of the thread.
I'm not saying that newbies don't deserve to be helped. They DO!!The whole reason i'm starting to participate here more is exactly because I feel like I now have something to offer.
  • #37,886
  • Jul 17, 2009 8:39pm Jul 17, 2009 8:39pm
Quoting Jduester
I was out this past week for a family vacation on Green Lake, WI... very fun. Just got back to the civilized world... have 783 messages to read on this thread and a bunch more on CW's thread...guess I have my weekend scheduled now!

Looks like there were some great opportunities for some daily and 4hr trades guys... looking forward to seeing how everyone did.

Will be back on sometime tomorrow to get caught up.

Josh
welcome back Josh. i hope your refreshed and ready to go!!!! lol
jon
PATIENCE... DISCIPLINE
  • #37,887
  • Jul 17, 2009 8:46pm Jul 17, 2009 8:46pm
Quoting CkM8
Yes... but it's kind of annoying when people ask on their first post something that is posted on Post 1 of the thread.
I'm not saying that newbies don't deserve to be helped. They DO!!The whole reason i'm starting to participate here more is exactly because I feel like I now have something to offer.
haha, i think when people begin to understamd the respect the seniors here deserve ,most go back and start reading. i can understand some posts but i agree, some people just seem to be bored and just want to waste a bit of time!!! lol

i take my hat off to them all ( the seniors i mean!! they know who they are.)
jon

p.s. Glad your still here Bundy, we are missing your posts man!!
PATIENCE... DISCIPLINE
  • #37,888
  • Jul 17, 2009 10:17pm Jul 17, 2009 10:17pm
On GBP/USD daily chart, the last 3 bar formed a so called evening star formation. It's happening around EMA(365) area. I think the test on the rising trend line is completed. We may see it heading lower from here.

Notice also that Friday's bar is a bearish outside bar.

Ken
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  • #37,889
  • Edited 11:15pm Jul 17, 2009 10:45pm | Edited 11:15pm
Quoting CkM8
Yes... but it's kind of annoying when people ask on their first post something that is posted on Post 1 of the thread.
I'm not saying that newbies don't deserve to be helped. They DO!!The whole reason i'm starting to participate here more is exactly because I feel like I now have something to offer.
Yes, I hear your pain. But it seems rather odd to me that we should stifle a newbie's question right off the bat. I'm a newbie here also, and I find it a daunting task to read the 2500 pages of the "War and Peace" of FX trading threads all in one sitting (actually, my copy of War and Peace only has 964 pages!).

As a matter of fact, I would bet my bottom dollar that by the time one actually finished reading this entire thread, that one would have completely forgotten the question that one was going to ask in the first place!

So, I feel that it would be best, if you must, to send the newbie a GENTLE private message in order to inform him of his James16 Thread "Faux Pas", and that it would be easier for everyone, and much more informative to the newbie, if he started reading the thread...you might even answer his question, so he could feel welcome and so he can start mining the golden nuggets from this thread with zest and zeal!!

Another consideration is that the newbie may not be completely fluent in the English language...

Just my opinion though..... Hey, what do I know?

GregB
  • #37,890
  • Edited 11:02pm Jul 17, 2009 10:46pm | Edited 11:02pm
Quoting g_j_hook@yah
p.s. Glad your still here Bundy, we are missing your posts man!!
Social life. ...and it's only winter here too. lol

The charts aren't throwing up what I like either. Kind of on vacation, anyway.

ONLY watching this triangle (posted it a week or so ago) . Had no intention of trading this pair. Just like to watch these play out as expected (S/R wise).

edit: Marked out bar is just an expected reaction after the break. Return to major PPZ is 'ok' , but if it returned to the minor ppz above it I'd call it a false break from the triangle. Would be too deep. Best scenario would be not much re-penetration at all, and that major PPZ lining up in confluence with the triangles sides perfectly. Messy S/R situation on this short continuation from the triangle. Would have been cleaner heading long.
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Bundy's status today: "Waiting..."
  • #37,891
  • Jul 17, 2009 11:03pm Jul 17, 2009 11:03pm
Quoting ghous
yes,

It's funny how they can mislead, specially when drawn on the higher time frames. You mis draw them by a millimeter and it turns out you miss an entire breakout and retest trade on the 4h because all the time price was above your trend line.

They work best when like Mike said they are obvious to the pip.

Ghous.
Hey Ghous and experienced fellows.

Is it the nice IPBs & be expecting to go up...or it will breaks the lower trendline soon? Since i see it closed below the nice round number of 2.040 and seems ....the end of inversed flag pattern...and start to breakout?
How you guys for your pro. analysis!
Thank you
forexngo
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  • #37,892
  • Jul 17, 2009 11:48pm Jul 17, 2009 11:48pm
Quoting forexngo
Hey Ghous and experienced fellows.

Is it the nice IPBs & be expecting to go up...or it will breaks the lower trendline soon? Since i see it closed below the nice round number of 2.040 and seems ....the end of inversed flag pattern...and start to breakout?
How you guys for your pro. analysis!
Thank you
forexngo
Was about to do my own charts, but I think it's better I work from your analysis the way you have seen it.

From a point of view of ,"Well.... Let's wait for the best trades!!" , then you wouldn't want to go short on this example until you'd gotten a strong break and return with PA entry.(Such as the very wiggly yellow line/arrow combo thingy) Either to your bottom channel line, your blue PPZ, or both in confluence (yummier)

As for 'long' possibilities. Waiting for it to actually hit your channel line would be smarter, with good strong PA pointing north. (If you were confident with your analysis lines) . Too often, if you try and take a less than ideal location, you can get multiple signals and whipsaws as the market tries to reach the real target. (This is the Strongest evidence showing why you need to be that "sniper")

I think it's a good sign that the past 7 days worth of bars are MUCH MUCH cleaner than anything from the past few months on this pair.

For the time being, according to your channel marks, we are still trapped in the channel. So that's the current bias for you( that we will stay there for now.) Don't go short until you have broken cleanly OR we hit the top of the channel again.

Same goes for if you believe more in PPZs (horizontal S/R) more. ...You'd wait a clean get away from your blue PPZ and a return with good PA entry. Mainly because of the recent messy history on this one. OR, if long, A good break above your 23.6 % green line (using your analysis) if you are using the IPB. (I like your dotted red stop-line as a possible stopping point, BTW. Or , Maybe lower at 2.0615 area)
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Bundy's status today: "Waiting..."
  • #37,893
  • Jul 18, 2009 12:46am Jul 18, 2009 12:46am
Quoting bundyraider
Was about to do my own charts, but I think it's better I work from your analysis the way you have seen it.

From a point of view of ,"Well.... Let's wait for the best trades!!" , then you wouldn't want to go short on this example until you'd gotten a strong break and return with PA entry.(Such as the very wiggly yellow line/arrow combo thingy) Either to your bottom channel line, your blue PPZ, or both in confluence (yummier)

As for 'long' possibilities....
Great & perfect advice, Bundy

By any way...i pray to God for...it found its location at .0350 as a strong support..along with the nice IPB pointing North to jump in a long possition....so that will match with what I have learned from here, this great thread..lol.

(I like your dotted red stop-line as a possible stopping point, BTW. Or , Maybe lower at 2.0615 area)

Thank you Bundy...yeah..i will have a careful look on this area.

Regards,
forexngo
  • #37,894
  • Jul 18, 2009 5:22am Jul 18, 2009 5:22am
Quoting mbqb11
hehe I was hiding in the background for awhile. Then decided to register to FF thinking I would never post, picked a name from a long long time ago(again didn't think I would post). 10k posts later LOL
You appeared in Oct 06, 10k posts? Is that counting the PF as it only says 2800 (only!! as if its not a ton of posts even at that)
I hear and I forget. I see and I remember. I do and I understand.
  • #37,895
  • Edited 8:33am Jul 18, 2009 5:23am | Edited 8:33am
Hi folks,

I don't ask a lot of questions but I've been wrestling with this for a while now.

In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?

For the most part, I use weekly charts for finding them (since I trade from the 1H & 4H). It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly shows a nice pin on the bar chart. I've been drawing mine that include a lot of "wick tips" and as such, I'm guessing I would have probably missed this pin bar off a strong PPZ because my SR line might have been 100 pips higher.

Thoughts? and thanks guys.

EDIT: Sorry, didn't realize these pics were that big. Scaled them down.
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Ghost Rider - WWTBMD?
  • #37,896
  • Jul 18, 2009 5:35am Jul 18, 2009 5:35am
Quoting Ryanmcd
Oh ya, I think I am a MCSE+I, MCP, MCDBA, and a few others lol NT4.0 and 2000
LOL yeah im MCP, MCSA, MCSE (2000+2003) - messaging (2000 & 2003) MCTS (Exchange 2007, Server 2008) MCITP (Exchange 2007)

still my career mind you!!! really should bang out a couple more this year but I find this thread more intresting reading than technet!!!

Fat Tom
  • #37,897
  • Jul 18, 2009 5:42am Jul 18, 2009 5:42am
Quoting fat_tom
LOL yeah im MCP, MCSA, MCSE (2000+2003) - messaging (2000 & 2003) MCTS (Exchange 2007, Server 2008) MCITP (Exchange 2007)

still my career mind you!!! really should bang out a couple more this year but I find this thread more intresting reading than technet!!!

Fat Tom
WOW!! And here I thought this old career carpenter (who loves computers since the Commodore 64 & the dark days of DOS) was doing pretty good just being an MCSE....LOL

Of course that was what seems a lifetime ago and I've probably forgotten at least half of it. Not being in the trade I certainly haven't "kept up" either...LOL

Hats off to you guys....... No easy task for sure!
Ghost Rider - WWTBMD?
  • #37,898
  • Jul 18, 2009 5:46am Jul 18, 2009 5:46am
Im using MT4 FXPro for charting, however the data only goes back to 1987, im sure it used to show way back to the 70's?
I hear and I forget. I see and I remember. I do and I understand.
  • #37,899
  • Jul 18, 2009 6:14am Jul 18, 2009 6:14am
Quoting fat_tom
Well guys and Girls

Its a big day for me as I have finally got my account backup to what I deposited initially!!!

I have clawed back from a 18% drawdown in a month!!! - can't belive thats all I've been hanging around doing/learning things the J16 way!!! - seems like a lot longer

I got myself into the initial drawdown stage in less than a week!!! - I was on route to becoming another Forex statistic until I found myself here

Last 5 trades have all been profitable and 2 are still on the go!!

3 important things I've learnt from here in...
Great Post FT... Everything that you need is in the thread, as you've found. Percent gain possible /month depends on many factors, but most importantly depends on what you risk/trade as well as your exit strategy...
I'm guessing this has been talked about in depth in future posts/pages... so I'll quit explaining now... Anyway, good job and keep it up Mr. Fat Tom...

Josh
  • #37,900
  • Jul 18, 2009 7:32am Jul 18, 2009 7:32am
Quoting albchr
Hi folks,
In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?
Anyone that knows me from the PF will know that I use line charts (Monthly for me) exclusively for S/R lines. It goes against the 'zone' theory that most use around here but you can still create a zone based on these lines if you wish. Many of them occur close to round numbers as well but you can then see which round numbers may have a greater significance.
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For the most part, I use weekly charts for finding them. It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly shows a nice pin on the bar chart. I've been drawing mine that include a lot of "wick tips" and as such, I'm guessing I would have probably missed this pin bar off a strong PPZ because my SR line might have been 100 pips higher.
Once you've got the Weekly/Monthly closes plotted you can go back to bar charts and get a feel of how bars react around them. This makes setting stops much easier as you know where the strongest S/R was and then set stops clear of any spikes.
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Thoughts? and thanks guys.
Anywho, that's my thoughts
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