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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

  • #48,081
  • Nov 14, 2009 4:50am Nov 14, 2009 4:50am
Quoting Bryan
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...
Hop on after a counter trend correction. The tighter you can set a stop-loss, the greater your profits will be when the market moves in your direction. If you enter a position on a with-the-trend move, (for me) its harder to set a tight stop-loss. This is because you can't be sure when a correction is going to happen, and its hard to predict how large this correction is going to be in advance.

Lets say you risk 3% of your account size on a particular trade. If you enter at the bottom of a counter-trend move, you may set a tight stop-loss of 30 pips. If you are in a hurry, and enter now on a with-the-trend move, you might have to set a stop-loss of 120 pips. This means that compared to the with-the-trend move, you can have a 4 times bigger lot size on the other entry, which may greatly increase profitability.
The nail that sticks out gets hammered back in
  • #48,082
  • Edited 7:07am Nov 14, 2009 6:42am | Edited 7:07am
Quoting Dan Gilbert
I'm going to post this for newbies like myself,
Hey Dan,
I dropped both files in my experts folder but when I dragged it on the chart nothing happened. How did you manage the zip file to get it to work please?

Ah-Ha needs to go in indicator folder problem solved. That is a pretty cool indicator.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,083
  • Nov 14, 2009 7:20am Nov 14, 2009 7:20am
Dan you the man! Thanks to Habeeb for sure. I can set the S/R to true and auto plot my S/R lines for Oil, Silver, and Mini Dow. That shaves at least 10-15 minutes off my morning routine.

These S/R lines work great for commodities but I haven't tried them with Forex charts. Now I have something to do this weekend while I watch football.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,084
  • Nov 14, 2009 7:40am Nov 14, 2009 7:40am
Quoting Scot Pippin'
Dan you the man! Thanks to Habeeb for sure. I can set the S/R to true and auto plot my S/R lines for Oil, Silver, and Mini Dow. That shaves at least 10-15 minutes off my morning routine.

These S/R lines work great for commodities but I haven't tried them with Forex charts. Now I have something to do this weekend while I watch football.
As you're playing with it this weekend, take note of which pairs it's the most effective with, and also the pairs it's the least effective with. I stuck it on some pairs and saw no correlation between the S/R lines and price action. other pairs I saw VERY strong correlation....
Many choose unhappiness over uncertainty.
  • #48,085
  • Nov 14, 2009 8:06am Nov 14, 2009 8:06am
Wow look at this beauty! 2 bar pin off the Weekly Pivot,S1, plenty of space, divergence...Hope some of you silver traders caught it. This is what we want gentlemen.
Attached Image
"Whether you think you can or can't, you're right." Henry Ford
  • #48,086
  • Nov 14, 2009 10:28am Nov 14, 2009 10:28am
Quoting benji533
damn I do not stop missing those setups lol
Pound/Cad chart
Benji-why did you take the second trade? I ask because the bar before wwas a break up bar? and thought you would take that insteadd of the inside bar?
every Saint has a past. Every Sinner has a Future
  • #48,087
  • Nov 14, 2009 11:27am Nov 14, 2009 11:27am
Does that indicator update itself daily or do you have to remove it and reapply after each day? Thanks
"Whether you think you can or can't, you're right." Henry Ford
  • #48,088
  • Nov 14, 2009 1:36pm Nov 14, 2009 1:36pm
Quoting turnip15
Pound/Cad chart
Benji-why did you take the second trade? I ask because the bar before wwas a break up bar? and thought you would take that insteadd of the inside bar?
are you talking about the second arrow? I didn't trade every arrow, just the last one. Only wanted to make the chart clear lol.

Sorry for confusing.
  • #48,089
  • Nov 14, 2009 2:50pm Nov 14, 2009 2:50pm
Quoting Scot Pippin'
Does that indicator update itself daily or do you have to remove it and reapply after each day? Thanks
I THINK it updates itself if you toggle between timeframes when you want it to update... so switch from H1, to H4, then back to H1 and it should be reset.... i think.... not positive. I just started messing with it recently .
Many choose unhappiness over uncertainty.
  • #48,090
  • Nov 15, 2009 6:15am Nov 15, 2009 6:15am
Hiya Guys, how are things on the trading front? looks like I'm way behind my classmates, sigh... I've wasted too much time dealing with personal matters.
  • #48,091
  • Nov 15, 2009 6:23am Nov 15, 2009 6:23am
Quoting marcelnyo
Hiya Guys, how are things on the trading front? looks like I'm way behind my classmates, sigh... I've wasted too much time dealing with personal matters.
Good to see you back Marcel

  • #48,092
  • Nov 15, 2009 7:19am Nov 15, 2009 7:19am
Quoting marcelnyo
Hiya Guys,....looks like I'm way behind my classmates, sigh... I've wasted too much time dealing with personal matters.
we, your classmates, are still present.

btw, personal matters are ever-present; they are inevitable, natural roadblocks to our trading career.
we have to live with them, no matter how difficult they may be.
  • #48,093
  • Nov 15, 2009 7:48am Nov 15, 2009 7:48am
Quoting marcelnyo
Hiya Guys, how are things on the trading front? looks like I'm way behind my classmates, sigh... I've wasted too much time dealing with personal matters.
Good to see you back Marcel
  • #48,094
  • Nov 15, 2009 10:02am Nov 15, 2009 10:02am
Quoting Jigsaw
Good to see you back Marcel
Good to see you back Jig! Hope all is well.
  • #48,095
  • Edited 12:23pm Nov 15, 2009 12:10pm | Edited 12:23pm
Hi,

I'm one of the newbies. I only started looking at Forex about 1 month ago through this thread.

I'm still in the process of trying to set up FIBS and PIVOT points.

There was a Zip file on Pivots but every time there is a zip file which I download and try to open the computer asks me which programme do I want to use and I never seem to guess the right one.

Any ideas?

P

Many thanks to the contributors of the thread.
  • #48,096
  • Nov 15, 2009 12:41pm Nov 15, 2009 12:41pm
EUR crosses (EURJPY, EURGBP, EURCAD)

Is anyone else going to be hunting for long positions on these for the Sunday night open? On the 4hrs, they look good for at least a small move up. I'm undecided on which one of those pairs I'm going to be the most focused on... Probably EURJPY....


EDIT: JPY news @ 7:50pm.... *sigh*
Many choose unhappiness over uncertainty.
  • #48,097
  • Nov 15, 2009 12:51pm Nov 15, 2009 12:51pm
Quoting Scot Pippin'
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.
Aha! This is what you mean eh?
Attached Image (click to enlarge)
Click to Enlarge Name: diverge.gif Size: 25 KB
  • #48,098
  • Nov 15, 2009 1:06pm Nov 15, 2009 1:06pm
Quoting gjworley1952
Hey Rodger , how does the line alerter work ? Thanks , Gary
It sends you a text/e-mail when price gets to where the line you plotted is.

K.I.S.S.
  • #48,099
  • Nov 15, 2009 1:23pm Nov 15, 2009 1:23pm
Quoting Bryan
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...
I only trade charts but your question is simple enough. Printing money and "monetary easing" are the same thing. I read all the time that the US is printing money while Europe is engaging in monetary easing. What's the difference? They are both living beyond their means. There are more variables than I can count. Be advised that the US economy is still the largest on earth followed by Japan and then China. If you truly believe that the Euro is going to 1.87 then lay your money down on it. It may just get to 1.87 but how do you plan trading it to that level? How much are you going to risk in the process to make sure that you are still liquid at E/U 1.35 in the mean time? My point Bryan is that I trade off charts. I make money off the moves between here and 1.87 or here and 1.35. To a trader, it just doesn't matter in the long term where the E/U ends up. It just matters that the price moves. Best of trading to you Bryan.

K.I.S.S.
  • #48,100
  • Nov 15, 2009 1:24pm Nov 15, 2009 1:24pm
Quoting KissFan
I only trade charts
Ditto that! lol
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