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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

  • #46,441
  • Oct 20, 2009 8:44am Oct 20, 2009 8:44am
Quoting benji533
Told ya
Up baby! up!
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  • #46,442
  • Oct 20, 2009 8:50am Oct 20, 2009 8:50am
Quoting benji533
Up baby! up!
Oh boy Thats a nice ride
  • #46,443
  • Oct 20, 2009 8:51am Oct 20, 2009 8:51am
Quoting benji533
Up baby! up!
double top with div = going to take some profits now.
  • #46,444
  • Oct 20, 2009 8:59am Oct 20, 2009 8:59am
Quoting gasgas
Sorry for little off question guys.

I know most of you use MACD for divergences, but some use also Stock. But I see a difference here.

So which chard is (more) right: MACD one or Stockhastic one !!?
Hey gas,

Try this post of mine for div (the second half of it): http://www.forexfactory.com/showthre...70#post3099970

Please take note it is just y opinion only.

The stoch and RSI are easier to see and use for short term div, while the MACD is more comfortable for longer term div (double tops, etc).

JMO
  • #46,445
  • Edited 10:01am Oct 20, 2009 9:15am | Edited 10:01am
Quoting benji533
double top with div = going to take some profits now.

Tons of resistance + no momentum left =

OK I'm out to run.
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  • #46,446
  • Oct 20, 2009 9:29am Oct 20, 2009 9:29am
WTF!

Today in the morning before going to school I was going to set a buy limit order on the turkiz horizontal line but I didn't want to enter a 5 min trade and then come back only in the evening lol.

damn it could be a supper. School sucks!!!!!

- Trend is up.
- TONS of support.
- Divergence all the way.
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  • #46,447
  • Oct 20, 2009 9:40am Oct 20, 2009 9:40am
Quoting benji533
Hey gas,

Try this post of mine for div (the second half of it): http://www.forexfactory.com/showthre...70#post3099970
Heya benji

Thanks for the link, thats a great post.I totally forgot about RSI, can be good way to go with divergences also.
BTW, very nice Gbp/Sek trade man

Regards
  • #46,448
  • Oct 20, 2009 9:44am Oct 20, 2009 9:44am
Quoting Mikali
Hi nasir,

Thanks for the chart!!
I failed to look at the weekly chart prior to placing the trade and have my TP set at 1.5100. The safer bet could in fact be 1.5000. The trade triggered at 1.4966 so I will take 1/2 off the trade at 1.5000 and move my stop to BE on the remaining position.

Thanks for your input,

Mikali
Hey Mikali

THis is a perfect example of why playing continuation bars are very tough. I always send out this recommendation. Do not play them as continuations till you can play them as the reversals ala the james16 way taught in this thread. This one worked out exactly as I would have thought. Most would prob be in drawdown now. Why? Because they would have expect 1.5 to get hit to the pip. Instead of realizing any sort of break needs to get right to breakeven. 1.5 is a huge psychological barrier, not to mention probably an option barrier. This means sell orders will come in right prior to it to protect it also. It will get hit most likely. I really say stick to the bars at the locations taught in this thread. Once you get a hang of that there will be enough experience to play them in other places.

Best
Mike
  • #46,449
  • Oct 20, 2009 9:46am Oct 20, 2009 9:46am
Quoting FinnTrader
I'm am also on daily CHFJPY pb and on daily USDCAD buob, and they are not looking good, but I don't mind, because I think I haven't done a mistake here.

I have a same kind of attitude to trading that I have when I play poker. Those who play poker more or less seriously know that it really doesn't matter, whether you lose or win a hand. What matters is to make wise decisions. Short term results don't play any role, because you know that if you just make right decisions, money WILL come into your pocket in the long run.

One trade to me is like...
love this post because I can relate
  • #46,450
  • Oct 20, 2009 9:52am Oct 20, 2009 9:52am
Quoting esbatu
Hi Mike, if you don't mind, I've got some questions about swing high/swing low point. How do you know when a bar is at swing high/low in realtime? How do you describe swing high/low?

I've got this definition from investopedia:
Swing High: "A term used in technical analysis that refers to the peak reached by an indicator or an asset's price. A swing high is formed when the high of a price is greater than a given number of highs positioned around it." So how many preceding bars should be counted before you consider swing high/low...
Hey E

Swing points CAN and DO change. But the idea is to identify if it is a good swing point in real time. Point A is the only place I would call a swing point(notice the pin never triggered). But this would be a true swing point. Those other points are in very very heavy traffic, making them extreme minor swing points. This is where you can see all the phrases here come together. Look for a bar at a good swing point(aka no traffic). If there is traffic the swing points will be more minor by definition of traffic.

I also see people constantly drawing fibs from very minor swing points. Is that ok? Sure if it works for you. But most likely that won't b/c you(not you you, everyone) are not identifying areas that other traders are.

Here is another post. Just don't forget we have major and minor swing points. A good swing point is easily identifiable, vs the minors that are less pronounced. You also have decent minor swing points too(these will be more pronounced as you scale down in timeframe).

http://www.forexfactory.com/showpost...ostcount=45105

Hope that helps
Mike
  • #46,451
  • Oct 20, 2009 10:21am Oct 20, 2009 10:21am
Quoting raczekfx
g/cad was good too.

Just finish chatting with a trader friend. That guy on the other side of skype traded u/cad @ $100/ps and is still holding full pos.
I'm jealous, as I'm nowhere near that level....
mmmm...i wonder how long its going to take!!??
hehe
PATIENCE... DISCIPLINE
  • #46,452
  • Oct 20, 2009 10:22am Oct 20, 2009 10:22am
Quoting benji533
WTF!

Today in the morning before going to school I was going to set a buy limit order on the turkiz horizontal line but I didn't want to enter a 5 min trade and then come back only in the evening lol.

damn it could be a supper. School sucks!!!!!

- Trend is up.
- TONS of support.
- Divergence all the way.
het Benji533, when you gonna start your own thread man!!?? you this thing licked! nice charts
jon
PATIENCE... DISCIPLINE
  • #46,453
  • Oct 20, 2009 10:28am Oct 20, 2009 10:28am
GBPCAD is forming a pin on H4. Can somebody please comment if I'm not seeing anything here?
I see round number, pretty long pin (for H4), divergence both on macd and rsi, and some space to run to 1.7

Thanks!
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  • #46,454
  • Oct 20, 2009 10:52am Oct 20, 2009 10:52am
Quoting mbqb11
not to mention probably an option barrier. This means sell orders will come in right prior to it to protect it also.
.. and they were indeed huge...
Listen to Mike, he knows...
  • #46,455
  • Oct 20, 2009 10:54am Oct 20, 2009 10:54am
Quoting raczekfx
.. and they were indeed huge...
Listen to Mike, he knows...
no doubt in my mind YOU were the one who actually profited here though( I slept )
  • #46,456
  • Oct 20, 2009 11:11am Oct 20, 2009 11:11am
Quoting mbqb11
no doubt in my mind YOU were the one who actually profited here though( I slept )
nuh, it was just a fluke...worth 10c/pip..
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  • #46,457
  • Oct 20, 2009 11:21am Oct 20, 2009 11:21am
Quoting mbqb11
Hey Mikali

THis is a perfect example of why playing continuation bars are very tough....
Hey Mike,

Does it make sense in such trades to close the position at *.9 prior to round number and then wait until the actual break of that super round number?
Thanks!
  • #46,458
  • Edited 12:29pm Oct 20, 2009 11:30am | Edited 12:29pm
Quoting raczekfx
nuh, it was just a fluke...worth 10c/pip..
if you wasnt a friend i would swear at you!!
lol

EDIT:at least we had the same trend lines!!! heheh
did that aid in your trade?? i.e. the break
another thing i have noticed is that i dont see any stop loss orders??
PATIENCE... DISCIPLINE
  • #46,459
  • Oct 20, 2009 11:44am Oct 20, 2009 11:44am
Quoting g_j_hook@yah
het Benji533, when you gonna start your own thread man!!??
I Suppose you are kidding...my thread in your dreams
Thanks buddy

PS - Great EU trade rac
  • #46,460
  • Oct 20, 2009 11:57am Oct 20, 2009 11:57am
Quoting raczekfx
nuh, it was just a fluke...worth 10c/pip..
Can you please show me the setup on that EUR/USD chart you put down? I dont see any signs at all, just a straight drop. What did you see to make you sell?
Dr. C
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