james16 Chart Thread | Page 2404 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #48,061
  • Nov 13, 2009 9:54am Nov 13, 2009 9:54am
Quoting Wamo
My mistake has been looking for PA then trying to fit the identified price action to the other conditions. Given the above, that now seems completely backwards.
Wamo:

I cannot stress this part enough........you should feel good about understanding this! Don't look for price action then find reasons to make it fit (i.e. force confluence). Mark areas/pivots/big round numbers and let price come to you and then know how you are going to play it ahead of time - will you take a reversal if price action dictates? Will you play a break through the area? Will you play a retracement after the break?

Have your plan and just react vs. chasing shadows. My favorite set-ups are the kind that don't require drawing any lines, fibs or extra effort to see. As an example, lets say a currency breaks through a nice round number advances for a few days and them retraces for the first time to that area, prints a perfect pin that just happens to be at a 50% fib/pivot. When you see these you don't even have to put a line of the chart, you can eyeball all that confluence like it is holding a neon sign asking to be traded.

Nathan
  • #48,062
  • Nov 13, 2009 10:04am Nov 13, 2009 10:04am
Quoting benji533
damn I do not stop missing those setups lol
Benji,

Have you ever used a line alerter? It helps me. I get an alarm at price levels. Just a thought.

K.I.S.S.
  • #48,063
  • Nov 13, 2009 10:10am Nov 13, 2009 10:10am
Quoting Cyrus
A large part of it is also psychology... which SC and I are thinking of starting a small thread on....
I'd be very interested in that thread....psych is what I'm struggling with the most, i think, more lately than usual....
skype: ststroud. let's talk trading.
  • #48,064
  • Nov 13, 2009 10:49am Nov 13, 2009 10:49am
Quoting dobe_r_man
Wamo:

I cannot stress this part enough........you should feel good about understanding this! Don't look for price action then find reasons to make it fit (i.e. force confluence). Mark areas/pivots/big round numbers and let price come to you and then know how you are going to play it ahead of time - will you take a reversal if price action dictates? Will you play a break through the area? Will you play a retracement after the break?

Have your plan and just react vs. chasing shadows. My favorite set-ups are the kind that don't require drawing...

Well - I am backwards too! dam it! - I if you read earlier was looking for a signal then trying to make it fit - - I was writing an alert type thing just for this. Thanks for setting me straight before I spent too much time on it.
Now however - I still want to write an ea/alert but now I will focus on location. (this is just sort of for fun for me, I like doing it)

And now that it was stated - it just seems like common sense. (I like it when it suddenly becomes basic - means you actually learned it and believe it)

So the question is - or questions are- what do you define as a great location - so far I am thinking
1 - big round number
2 - ppz (I'm thinking this is a personal - where do I see price flipping)
3 - 365 EMA
4 - a retracement where fibs have confluence
5 - Other? did I miss anything?

another quick question - are there A+ trades made on ONLY 1 of the great locations - or is it more of if you have 1 you most likely will see another?

Sorry this a bit infantile - but I am after all just a little over a year old in forex.
  • #48,065
  • Nov 13, 2009 10:50am Nov 13, 2009 10:50am
Quoting KissFan
Benji,

Have you ever used a line alerter? It helps me. I get an alarm at price levels. Just a thought.

K.I.S.S.
Hey Rodger , how does the line alerter work ? Thanks , Gary
  • #48,066
  • Nov 13, 2009 10:51am Nov 13, 2009 10:51am
Quoting tyler812
I'd be very interested in that thread....psych is what I'm struggling with the most, i think, more lately than usual....
I hope u are not expecting too much from that upcoming thread.

basically it's a thread that is all about YOU (all those reading this).
if there is anything that this thread will teach, or
if there is anything that u will learn from it, it will be all about yourself (in case u dont know yourself well enough).
it's a thread about YOU & your personality/psychology.

hopefully it'll be out this weekend/next weekend.
i'll post a link here. Hopefully all readers of this thread will participate.
  • #48,067
  • Nov 13, 2009 10:57am Nov 13, 2009 10:57am
Quoting perch
Well - I am backwards too....
So the question is - or questions are- what do you define as a great location - so far I am thinking
1 - big round number
2 - ppz (I'm thinking this is a personal - where do I see price flipping)
3 - 365 EMA
4 - a retracement where fibs have confluence
5 - Other? did I miss anything?
....
u can add (location being at) swing high/swing low. also ideally it must have "space".
Location is the most important. PA shape is just next.

read post#1 & must view ALL videos here (learn about 'space' in Sir mbqb11/mike's videos)
  • #48,068
  • Nov 13, 2009 11:07am Nov 13, 2009 11:07am
I've never looked at divergence before and just wanted to make sure this is what is meant by it. And no, I'm not placing any orders in of course! lol
Attached Image (click to enlarge)
Click to Enlarge Name: diverge.gif Size: 25 KB
  • #48,069
  • Nov 13, 2009 11:12am Nov 13, 2009 11:12am
Quoting frankm7
I've never looked at divergence before and just wanted to make sure this is what is meant by it. And no, I'm not placing any orders in of course! lol
when u put a line above price, u correspondingly put a line above the oscillator.
in your example, u plotted a line above price but below the oscillator.

read here & check all charts with divergence in this thread.
  • #48,070
  • Nov 13, 2009 12:12pm Nov 13, 2009 12:12pm
Not quite Frank, actually if you count back 3 dips on that same chart(the largest trough in price) You will notice that price was making lower low while the Macd was making higher lows. Thats it.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,071
  • Nov 13, 2009 1:26pm Nov 13, 2009 1:26pm
So much can be learned by sharing and discussing, and learning from others' experiences....I think the thread could be very informative and useful.

Quoting supremeChaos
I hope u are not expecting too much from that upcoming thread.

basically it's a thread that is all about YOU (all those reading this).
if there is anything that this thread will teach, or
if there is anything that u will learn from it, it will be all about yourself (in case u dont know yourself well enough).
it's a thread about YOU & your personality/psychology.

hopefully it'll be out this weekend/next weekend.
i'll post a link here. Hopefully all readers of this thread will participate.
skype: ststroud. let's talk trading.
  • #48,072
  • Nov 13, 2009 2:01pm Nov 13, 2009 2:01pm
Quoting frankm7
I've never looked at divergence before and just wanted to make sure this is what is meant by it. And no, I'm not placing any orders in of course! lol
No, that isn't quite right. I had to draw divergence examples on a dry erase board and glance at them occasionally before I got the hang of it. I used this page for my main guide:

http://www.babypips.com/school/diver...eat_sheet.html

You could print it out and keep it handy if you want.
Many choose unhappiness over uncertainty.
  • #48,073
  • Nov 13, 2009 2:26pm Nov 13, 2009 2:26pm
While we're talking about divergence, how far back (price bars) should we be looking for it? It seems to be better when it is present recently, last couple of price dips/peaks but how far is too far? Or is it too much of a variable to have a hard and fast rule?

It's just sometimes I find myself looking too hard for it. Maybe if it's there it should jump of the screen like a nice bar.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,074
  • Nov 13, 2009 2:51pm Nov 13, 2009 2:51pm
Quoting Scot Pippin'
While we're talking about divergence, how far back (price bars) should we be looking for it? It seems to be better when it is present recently, last couple of price dips/peaks but how far is too far? Or is it too much of a variable to have a hard and fast rule?

It's just sometimes I find myself looking too hard for it. Maybe if it's there it should jump of the screen like a nice bar.
These two links are a great/quick read, and help answer your question!

http://www.babypips.com/school/how_t...vergences.html

http://www.babypips.com/school/9_rules.html
Many choose unhappiness over uncertainty.
  • #48,075
  • Nov 13, 2009 3:36pm Nov 13, 2009 3:36pm
Hey thanks to all those who have been replying to my questions (you know who you are!). I would reply individually but this thread moves fast enough as it is!!

All your posts are appreciated even if they go unacknowledged at the time!
  • #48,076
  • Nov 13, 2009 3:55pm Nov 13, 2009 3:55pm
Quoting KissFan
Benji,

Have you ever used a line alerter? It helps me. I get an alarm at price levels. Just a thought.

K.I.S.S.
I have tried, not very effective for me.

But thanks anyway Roger
  • #48,077
  • Nov 13, 2009 5:36pm Nov 13, 2009 5:36pm
Thanks Dan,
I didn't even know about the Hidden Divergence, another trade management tool.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,078
  • Nov 13, 2009 5:52pm Nov 13, 2009 5:52pm
I'm going to post this for newbies like myself, who may lack the confidence in whether or not their support/resistance lines are accurate. I never believe in my lines because I feel like I don't have the eye for spotting them correctly. Mike linked me to a custom indicator which draws the monthly, weekly, and daily pivots, and the S1, S2, S3, R1, R2, R3. It also draws the "middle" S/R lines if you wish.

This picture shows the 4hr chart for EURUSD for the month of November SO FAR. I included just the monthly pivot, Resistance 1 (blue line near top), and the middle resistance (labeled MM4, located @ 1.4892). These lines were drawn automatically for me, and instill a lot of confidence when you can see them actually work. Post this on your own charts, and look further back in time, you will see how much these lines held over the past couple months.

http://i380.photobucket.com/albums/o...rusdpivots.gif


Habeeb is the creator of this indicator, here is the link to his post where he has attached it: http://www.forexfactory.com/showpost...2&postcount=81
Many choose unhappiness over uncertainty.
  • #48,079
  • Nov 13, 2009 9:45pm Nov 13, 2009 9:45pm
My question goes out to all the experts here who graciously donate their time and help keep newbies from shelling out money for some new "learn how to trade" scam.......I heard a new one on radio the other day that made me wanna puke. So grateful I am for James.

Anyway, regarding the EurUsd. I realize the EurUsd long express had left the station some time ago, however, since the Euro is the predominant currency of Europe, and since the US is currently printing money faster than you can say socialism, does it not make since to just hop aboard long pretty much anywhere??

We're fast approaching the high of July '08 and will undoubtedly, after some testing, continue upward into uncharted territory....
wadda ya think?


Thanks expert peeps.
Happy weekend.
Go Bears


Quoting Dan Gilbert
I'm going to post this for newbies like myself, who may lack the confidence in whether or not their support/resistance lines are accurate. I never believe in my lines because I feel like I don't have the eye for spotting them correctly. Mike linked me to a custom indicator which draws the monthly, weekly, and daily pivots, and the S1, S2, S3, R1, R2, R3. It also draws the "middle" S/R lines if you wish.

This picture shows the 4hr chart for EURUSD for the month of November SO FAR. I included just the monthly pivot, Resistance 1 (blue line near...
  • #48,080
  • Nov 14, 2009 4:48am Nov 14, 2009 4:48am
Both Friday's BEOBs on the above failed.

Bundy, many thanks for taking the time to help me think a bit more about them.
If you can wait and not be tired by waiting...
167 traders viewing now