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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

  • #46,461
  • Oct 20, 2009 1:58pm Oct 20, 2009 1:58pm
Quoting mbqb11
Hey Mikali

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

Thanks for your analysis, I watched todays bar break 27 pips above the highs of the matching bars 1.4966 but did not move my SL to BE in part because of yesterdays BUOB. Lesson learned !!

Could you offer more insight or give an example on your comment "do not play them as continuations till you can play them as the reversals ala the james16 way taught in this thread". One of James16's first chart posted in this thread is of matching lows and to play them as continuation break out pattern in an established trend.

Finally, if you could elaborate a little further on your comment "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.

Thanking you in advance for your assistance and insight,
Mikali
  • #46,462
  • Oct 20, 2009 2:00pm Oct 20, 2009 2:00pm
Quoting FX_Serg
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!
Depends on the situation. If you are long from way long ago, I would have no problem trailing up higher. But if I was long short term, i would be closing or to b/e before that 1.5 area. So it depends

Best
Mike
  • #46,463
  • Oct 20, 2009 2:05pm Oct 20, 2009 2:05pm
Quoting Mikali
Finally, if you could elaborate a little further on your comment "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.

Thanking you in advance for your assistance and insight,
Mikali
Hey Mikali

What I will do is crop out part of my last webinar where I talk a bit about continuation bars. I will do that sometime this week or next for you guys.

As for 1.5. 1.5 might as well be 1(parity) on euro. It is a very big basis for where everything is. Just walk out on the streets and listen to the uneducated people talk. They all will talk about oh the euro is at 1.5, did the euro hit 1.5? Not like it means anything much to them.

So this also means traders are focused on it. A focused area = ordeflow = action. Traders LOVE action. It means lets check out what happens around here and try to profit when someone flubs up. Likewise it is going to be an option area. It isn't a matter if it is, it definitely is. It simply matters what price action is around that area. Not to get too crazy about it all. But if there is option protection that means people are going to sell like crazy to protect their option from being hit. So they will sell to the max price that makes it worthwhile. So this is why often times price comes close a few pips - 10 pips of a round number, and reverses. In the case of the euro there was an option expiring there today, more likely next week. For now it was protected. This is why we pay attention to round numbers and add them into our analysis for both the psych side, and the OF side of things.

Hope that helps
Mike
  • #46,464
  • Oct 20, 2009 2:18pm Oct 20, 2009 2:18pm
Quoting mbqb11
Hey Mikali

What I will do is crop out part of my last webinar where I talk a bit about continuation bars. I will do that sometime this week or next for you guys.

As for 1.5....
Hi Mike,
First off, let me say thanks for taking the time to share your webinar on continuation bars with me and others. Secondly, what a great post on psychological levels and market behaviour. All I can say is WOW, its amazing how much goes on behind the scenes that us newbs have no clue. Its posts like these that really gives us insight to market behaviour and order flow and in general what the real traders are thinking/considering. This is a post that I'm printing out and keeping close to my desk for future reference!!

Mikali
  • #46,465
  • Oct 20, 2009 2:23pm Oct 20, 2009 2:23pm
Quoting raczekfx
.. and they were indeed huge...
Listen to Mike, he knows...
After reading Mike's clarification I know what your talking about....)
  • #46,466
  • Oct 20, 2009 2:24pm Oct 20, 2009 2:24pm
hey boys.

my second trade of october. 2-0 now for about 5%.

such a small target because i went to bed and didnt want to leave my position unprotected.

anywhoo. chart.
http://i432.photobucket.com/albums/q...zdun/trade.png
  • #46,467
  • Oct 20, 2009 2:33pm Oct 20, 2009 2:33pm
nice trade mate!! you can cut out the weekend data with oanda if you want. i find it helps keep things in line like my trendlines etc.just thought id mention it. Also could you elaborate why you closed the trade please???
cheers
jon



Quoting pizdun
hey boys.

my second trade of october. 2-0 now for about 5%.

such a small target because i went to bed and didnt want to leave my position unprotected.

anywhoo. chart.
http://i432.photobucket.com/albums/q...zdun/trade.png
PATIENCE... DISCIPLINE
  • #46,468
  • Oct 20, 2009 2:43pm Oct 20, 2009 2:43pm
Quoting FX_Serg
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!
i guess that is up to you and your research, but when im targeting round numbers or using them for stops i use the round number +/- 15 plus the spread. hope this helps
jon
PATIENCE... DISCIPLINE
  • #46,469
  • Oct 20, 2009 2:44pm Oct 20, 2009 2:44pm
Mike, Bundy, Race,BB and of course Jim,

how is it boys.....been a while......just read back a few pages see what was going on. Lots of new avatars putting in their 2 cents.........some funky chart colours...theres a yellow one thats a screamer, that guy will go blind.....!
A bit of waffle still about MACD's and stochs.....nice analagy to poker..that was good.

Race...that Euro trade......you have gotten loose........

Mike you a legend....still answering questions ....you deserve nothing less than FF sainthood...!!!!

Again my thanks for this thread and your selfless individual contributions.


RBS
  • #46,470
  • Oct 20, 2009 2:47pm Oct 20, 2009 2:47pm
Quoting benji533
I Suppose you are kidding...my thread in your dreams
Thanks buddy
in my dreams no!! your well on your way my friend!! im sure it wont be too long before your teaching us all even more!!
jon
PATIENCE... DISCIPLINE
  • #46,471
  • Oct 20, 2009 3:01pm Oct 20, 2009 3:01pm
Hi all.

It is been a while from my last post and check on the forum. Happy to see you again . I ve made some pips from e/u today. You did too. Nice. A no sense post from me but just wanted to say hi
  • #46,472
  • Edited 3:28pm Oct 20, 2009 3:08pm | Edited 3:28pm
Anyone watching GBPNZD? Nice wedge forming. After break, with 300+ daily ATR could be a good trade. Doesn't matter up or down

Serg
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  • #46,473
  • Edited 3:30pm Oct 20, 2009 3:14pm | Edited 3:30pm
Hi all,
very weak canadian dollar today. Among the canadian dollar crosses i see this possible setup, what do you think???
We've a very huge 4BHLC at a key level i think (see the weekly time frame also to understand how strong this zone can be).
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  • #46,474
  • Oct 20, 2009 3:14pm Oct 20, 2009 3:14pm
Quoting g_j_hook@yah
nice trade mate!! you can cut out the weekend data with oanda if you want. i find it helps keep things in line like my trendlines etc.just thought id mention it. Also could you elaborate why you closed the trade please???
cheers
jon
I apologize for my ignorance but how can I do it both on oanda and Mt4?
  • #46,475
  • Oct 20, 2009 3:34pm Oct 20, 2009 3:34pm
Quoting g_j_hook@yah
nice trade mate!! you can cut out the weekend data with oanda if you want. i find it helps keep things in line like my trendlines etc.just thought id mention it. Also could you elaborate why you closed the trade please???
cheers
jon

hey could u point me how to turn off oanda weekend data.

because i was going to sleep i just targeted the recent bar low confluence. i was almost sure that price would get there. so i set my TP and whent to bed. If i was awake i would have probably set my trade to BE at that point and wind take me .
  • #46,476
  • Oct 20, 2009 3:37pm Oct 20, 2009 3:37pm
Quoting NosferatuMan
I apologize for my ignorance but how can I do it both on oanda and Mt4?
i dont think you can do it on mt4 ?? but with oanda go to the "tool" tab then, user prefs. On the chart tab you will see the option to "hide weekend data" set your times and thats it!!
i have mine set to hide data from 11pm frid till 7pm sunday(euro time)
hope this helps
jon
PATIENCE... DISCIPLINE
  • #46,477
  • Oct 20, 2009 3:46pm Oct 20, 2009 3:46pm
Pay attention
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  • #46,478
  • Oct 20, 2009 3:53pm Oct 20, 2009 3:53pm
Quoting g_j_hook@yah
i dont think you can do it on mt4 ?? but with oanda go to the "tool" tab then, user prefs. On the chart tab you will see the option to "hide weekend data" set your times and thats it!!
i have mine set to hide data from 11pm frid till 7pm sunday(euro time)
hope this helps
jon
Sure it helps

Most of the times I use MT4 so if anyone knows how to do it, please advise.

Thanks-
  • #46,479
  • Oct 20, 2009 3:53pm Oct 20, 2009 3:53pm
Quoting g_j_hook@yah
in my dreams no!! your well on your way my friend!! im sure it wont be too long before your teaching us all even more!!
jon
Thanks for the kind words Jon.

James16 is our home thread
  • #46,480
  • Oct 20, 2009 3:59pm Oct 20, 2009 3:59pm
Quoting NosferatuMan
Sure it helps

Most of the times I use MT4 so if anyone knows how to do it, please advise.

Thanks-
i dont think it is possible for mt4 platforms although some dont print the Sunday bar by default. just find yourself an MT4 platform which doesn't, if it bothers you!!??mine doesnt and that is fxpro,
jon
PATIENCE... DISCIPLINE
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