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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

  • #47,101
  • Oct 28, 2009 11:27pm Oct 28, 2009 11:27pm
Quoting supermatt
g cad ppz at 1.75 u talking about?
how would you play that? wait for a pullback to 1.75 and go long?
yeah I will be watching for that as well, we have some divergence now so wouldn't doubt a pullback is due


Mike
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  • #47,102
  • Oct 28, 2009 11:38pm Oct 28, 2009 11:38pm
Quoting arctos
Checking out the first two videos under James16. I'm not sure if there's even an 'echo' setting on my sound card since it's an onboard one and I haven't any problems with my mp3 songs. Flash videos from YouTube works fine too.

I'm guessing it's more likely due to a codec problem which messes up the audio. I've got an XP 32-bit and Vista 32-bit at home so guess I'll try those and see how it goes.

*wonders if WMP10 has any known codec issues*
Just an update on the problem (if anyone else happens to encounter them as well).

 

  1. James16 wmv on Vista 32 laptop with built-in speakers - faint echo, but able to hear audio without much problems.
  2. James16 wmv on Vista 32 laptop with earphones - digital echo again.
  3. James16 wmv on XP 64 with K-Lite and earphones - still hearing digital echo.
  4. Fijitrader mp4 on XP 64 with K-Lite and earphones - all's well.
  5. Fijitrader wmv on XP 64 with K-Lite and earphones - same digital echo.
  6. Mbqb11 wmv on XP 64 with K-Lite and earphones - all's well.

With that, I think it's safe to conclude that either the microphones used in the recording wasn't good, or the encoders used for WMV files by james16 and fijitrader had some issues (since mbqb11's one worked fine).

I'm not complaining, since it's all good stuff that's distributed for free out of their goodness and I'll just watch their videos with the speakers on. But maybe jim and fiji might want to ask mike which encoder he is using if they wish to continue using wmv.

  • #47,103
  • Oct 28, 2009 11:45pm Oct 28, 2009 11:45pm
Hey Arctos

Thanks for the feedback. We have had a few issues but for the most part I would say 95-98% have no problems with the majority of the videos. We have looked at encoders, input settings etc. For the most part everything was very much similar.

Thanks again for the feedback

Mike

Quoting arctos
Just an update on the problem (if anyone else happens to encounter them as well).
[list][*]James16 wmv on Vista 32 laptop with built-in speakers - faint echo, but able to hear audio without much problems.[*]James16 wmv on Vista 32 laptop with earphones - digital echo again.[*]James16 wmv on XP 64 with K-Lite and earphones - still hearing digital echo.[*]Fijitrader mp4 on XP 64 with K-Lite and earphones - all's well.[*]Fijitrader wmv on XP 64 with K-Lite and earphones - same digital echo.[*]Mbqb11 wmv on XP 64 with K-Lite and earphones - all's...
  • #47,104
  • Oct 28, 2009 11:48pm Oct 28, 2009 11:48pm
Quoting supermatt
g cad ppz at 1.75 u talking about?
how would you play that? wait for a pullback to 1.75 and go long?
Shouldn't the first PPZ be at 1.76?
  • #47,105
  • Oct 29, 2009 12:01am Oct 29, 2009 12:01am
i believe the general consensus around here is that numbers like 1.70 1.75 1.80 are more meaning full than the numbers in between such as 1.76 from a mass psychology point of view so we look for a strong pa reaction around the major numbers more.
and also ppz are more considered zones so anywhere between the area your looking at is something to watch out for.
  • #47,106
  • Oct 29, 2009 12:05am Oct 29, 2009 12:05am
Quoting supermatt
i believe the general consensus around here is that numbers like 1.70 1.75 1.80 are more meaning full than the numbers in between such as 1.76 from a mass psychology point of view so we look for a strong pa reaction around the major numbers more.
and also ppz are more considered zones so anywhere between the area your looking at is something to watch out for.
This is my general outlook personally. But a lot of these areas are zones. So 1.75 can run both from 1.74 to 1.76. I like to look to the bigger numbers more finite, and then use the other round numbers for trade mgmt.

Of course there are good trades occurring off all sorts of round numbers. Wherever you start to focus in on a chart and put a line down, start to see if it lines up with a round number(00, 50). This might be as simple as a couple daily bar highs. But this helps get a better idea about price.

Mike
  • #47,107
  • Oct 29, 2009 12:07am Oct 29, 2009 12:07am
Here is a great example.

While I might call 1.75 the larger PPZ area, you can see that on a more short term basis the 1.7550 round number was an important area of interest. Look at how those bar highs line up perfect to that number. Again were still in our zone, but it is another piece to the puzzle.


Mike
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  • #47,108
  • Oct 29, 2009 12:11am Oct 29, 2009 12:11am
cool mike. your always very insightful just quickly does eg grab your interest just like the g cad. broke 90 with the possibility of keeping an eye on pa to short on retracement?
  • #47,109
  • Oct 29, 2009 12:17am Oct 29, 2009 12:17am
Quoting supermatt
cool mike. your always very insightful just quickly does eg grab your interest just like the g cad. broke 90 with the possibility of keeping an eye on pa to short on retracement?
Yes it does, but a long is not out of order also. Many times after you get a temporary bottom you get a bundling of stops(in this case under 9000), THen you get another shot at all those orders before the next retracement. So I try to hold too much of a bias at any time. Certain things will cause me to have more of a bias, such as divergence for example. But in this case I am simply waiting and watching to see how things develop

Hope that makes sense
Mike
  • #47,110
  • Oct 29, 2009 12:29am Oct 29, 2009 12:29am
CHART
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  • #47,111
  • Oct 29, 2009 1:02am Oct 29, 2009 1:02am
Please bear with me while I offload some questions.

Qn1: (refer to 1st picture)
I drew this fib based on this post:
Quoting james16
new chart
and I'm wondering if I got the message of that post right. Green arrows signals buy entries (BUOB on rejection of fib levels) while red arrows signals sell entries (pin rejecting fib level).

Qn2: (refer to 2nd picture)
While we are on the topic of eurgbp, could someone explain to me why the BUOB (marked by green arrow) on the 23rd failed? It rejected the 0.9000 and 38 fib (same fib as per pic 1), with divergence on RSI (is it correct?). Plus it was "with trend" if we refer to the bigger picture. So... why?

Another sub question is - if we were to take this trade, and considering DBLHC/BUOB usually has retracements, would the highlighted blue area be a good place to enter long (considering the multiple highs and lows of previous bars in that area) or a good place to place stop if we were to enter on break of the bar?

----------------------------------------------------------

Sorry if my questions are a bit long and rambling.
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  • #47,112
  • Oct 29, 2009 1:11am Oct 29, 2009 1:11am
this entry was an advanced technique not based on a break of the bar but on a retrace to old resistance. brand new people should just trade breaks imho.

your BUOB was so long it retraced to the 50 fib from high to low. the break actually went very close to the 61. never trade a huge outside bar that has retraced back to a 50 or 61 fib.

jim





Quoting arctos
Please bear with me while I offload some questions.

Qn1: (refer to 1st picture)
I drew this fib based on this post:

and I'm wondering if I got the message of that post right. Green arrows signals buy entries (BUOB on rejection of fib levels) while red arrows signals sell entries (pin rejecting fib level).

Qn2: (refer to 2nd picture)
While we are on the topic of eurgbp, could someone explain to me why the BUOB (marked by green arrow) on the 23rd failed? It rejected the 0.9000 and 38 fib (same fib as per pic 1), with divergence...
  • #47,113
  • Oct 29, 2009 1:44am Oct 29, 2009 1:44am
Quoting james16
this entry was an advanced technique not based on a break of the bar but on a retrace to old resistance. brand new people should just trade breaks imho.
By 'this entry' you mean the blue highlighted area? So for newbies like me you would recommend taking the break of the bar and setting stop loss below the low?

Quoting james16
your BUOB was so long it retraced to the 50 fib from high to low. the break actually went very close to the 61. never trade a huge outside bar that has retraced back to a 50 or 61 fib.

jim
You mean a swing like this? (attached picture)

So... (taking this case as an example) in an uptrend, if we encounter an outside bar at a minor corrective swing low, and that bar retraces to the 50/62 fib level of that swing low, we shouldn't take it? Does that include dblhc as well?

(And I thought large bars which engulfs a few previous bars were good... )

Thanks for the clarifications.
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  • #47,114
  • Oct 29, 2009 2:13am Oct 29, 2009 2:13am
yes. a break is how most do it.

yes your fib is correct.

all the bars should be traded at the right spot. learning the right spot takes time. we look for many things not the least being confluence of s/r.

large outside bars are great, it comes back to location and "room".

its very simple it just takes some time and practice.

i trust you are on demo with this material?

JIM




Quoting arctos
By 'this entry' you mean the blue highlighted area? So for newbies like me you would recommend taking the break of the bar and setting stop loss below the low?



You mean a swing like this? (attached picture)

So... (taking this case as an example) in an uptrend, if we encounter an outside bar at a minor corrective swing low, and that bar retraces to the 50/62 fib level of that swing low, we shouldn't take it? Does that include dblhc as well?

(And I thought large bars which engulfs a few previous bars were good... )

Thanks for the...
  • #47,115
  • Edited 3:13am Oct 29, 2009 2:49am | Edited 3:13am
Quoting james16
yes. a break is how most do it.

yes your fib is correct.

all the bars should be traded at the right spot. learning the right spot takes time. we look for many things not the least being confluence of s/r.

large outside bars are great, it comes back to location and "room".

its very simple it just takes some time and practice.

i trust you are on demo with this material?

JIM
Honestly, I did think it was at a good spot (0.9000 round number and price pivot, as well as 38 fib level), with sufficient room until 0.9270 before it will show any signs of retrace. ^^;

I'm on demo with larger lot size, but live with micro lots. I know your well meant advice on not starting live until profitable consistently, but somehow I kinda needed real cash to drive lessons into my head more strongly. Losing $1.30 real cash spurs me to learn harder than losing $130 on demo. ed:

Thankfully I've never blown any accounts (this being my first live), and I can say that losing $5 of $500 makes me stop, re-think and analyze much harder than when I was losing $10,000 on $50,000 demo accounts.


*edit* Oh and hey jim, relax about the live thing. I've pulled all trades off live and gone back to demo after suffering a 3% drawdown. XD
(Right, I'm a bit of a penny pincher so $15 real cash means a lot more to me than $50,000 virtual money ever could.)
  • #47,116
  • Oct 29, 2009 2:58am Oct 29, 2009 2:58am
Quoting joelcf
I'd say no, but would be pretty concerned about the strength of the trend you are fighting. Seems like trying to snatch pennies off a 12 lane highway
Thanks for the comments, joel and supermatt.
  • #47,117
  • Oct 29, 2009 3:15am Oct 29, 2009 3:15am
CHART
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  • #47,118
  • Oct 29, 2009 3:16am Oct 29, 2009 3:16am
The bar itself is not huge but it's decent. The bar it engulfs is a pretty decent size which I believe I read makes it a bit better. The location is pretty good. 50% retrace, coming out from the middle of a ppz I had marked. Traffics not bad, space seems OK. Is this imediate downtrend too strong to be countered by this formation at this location?

Thanks for the input guys.
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May all your fits be loose.
  • #47,119
  • Oct 29, 2009 3:37am Oct 29, 2009 3:37am
CHART
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  • #47,120
  • Oct 29, 2009 3:47am Oct 29, 2009 3:47am
i love looking at those s and r charts
no shit, disclaimer is needed. I have been murdered on s and r trades on demo this week. i guess that is why we demo and it takes someone very experienced to get it down to a fine art.
definatly for a beginner stick to the pa signals to start with
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