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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

  • #48,121
  • Nov 15, 2009 10:17pm Nov 15, 2009 10:17pm
@Aaron&Jigsaw
Nice to be able to make the time to get back here too guys

@Supremechaos
Yeah I guess I was only looking for excuses man, oh what would I do without you... to spank my ass back to reality,LOL.
  • #48,122
  • Nov 15, 2009 11:16pm Nov 15, 2009 11:16pm
Quoting Sohail786
Jacko in the house good to see you here

sohail
Hi guys

I just dropped in because I saw my name in one of the posts here. I try not to post too much anymore because it brings out every troll on the internet.

But I just want to say to any newbies that are here, that that this thread is excellent advice. I hear only very good things about James and his group and I can honestly say that I have NEVER heard a bad comment about his group from any of my members.
If you are a novice trader, then TAKE THE TIME to read this thread

.
  • #48,123
  • Nov 15, 2009 11:20pm Nov 15, 2009 11:20pm
Quoting jacko
Hi guys

I just dropped in because I saw my name in one of the posts here. I try not to post too much anymore because it brings out every troll on the internet.

But I just want to say to any newbies that are here, that that this thread is excellent advice. I hear only very good things about James and his group and I can honestly say that I have NEVER heard a bad comment about his group from any of my members.
If you are a novice trader, then TAKE THE TIME to read this thread

.
good to see you Jacko and I assure you the feelings are mutual from us that hang around here. Simplicity and consistency run throughout both



Hope all is well
Mike
  • #48,124
  • Nov 16, 2009 12:20am Nov 16, 2009 12:20am
Read your stuff Jacko. It has its influences on my trading as well.
There are so many people I need to be giving thanks to. =)
You, James and the rest of the great traders here prove the greatness of this business when done well.

Thank you
Attached File(s)
File Type: zip jacko; pg 1 to 655.zip   280 KB | 1,343 downloads
One Mind, Any Market
  • #48,125
  • Nov 16, 2009 3:20am Nov 16, 2009 3:20am
Quoting mbqb11
good to see you Jacko and I assure you the feelings are mutual from us that hang around here. Simplicity and consistency run throughout both ...
Quoting Cyrus
Read your stuff Jacko...You, James and the rest of the great traders here prove the greatness of this business when done well.
...
  • #48,126
  • Nov 16, 2009 3:21am Nov 16, 2009 3:21am
Quoting Cyrus
Read your stuff Jacko. It has its influences on my trading as well.
There are so many people I need to be giving thanks to. =)
You, James and the rest of the great traders here prove the greatness of this business when done well.

Thank you
Thanks Cyrus

This Forex Factory is a really great forum. It absolutely overshadows any other forex forum for quality of the main contributors, the quality of the moderators and the politeness and maturity of the vast majority of the posters.
I was reading another forum some months ago after I heard that my name was being discussed.
The forex section of that forum was basically reduced to maybe five or six traders (?) / posters who were talking to themselves. Any new traders were ferociously ridiculed and attacked. The attitude of the small cabal of traders there to anyone new was appalling. They were just brainless thugs. It was just the complete antithesis of the FF forum.
Interestingly, I believe that some of those traders from that forum then came over to here for a while to start fights but they seem to have gone again. That was one of the reasons why I decided not to post here for a while. I just didn't need the aggro and I have no intention of wasting my time, arguing with morons.
However, I did notice that Twee had "recycle binned " a lot of their posts .

So as I said, this is still the best forex forum on the internet

.
  • #48,127
  • Nov 16, 2009 4:12am Nov 16, 2009 4:12am
Quoting jacko
I just didn't need the aggro and I have no intention of wasting my time, arguing with morons.
.
G'day sir.

Think this is a common factor many of us share.
The high blood pressure and annoyance... for what!

This is by far the warmest place I've found. I think many share this sentiment which is why this is our "online home".

All the best. Hope to see you come by here more.

Cyrus
One Mind, Any Market
  • #48,128
  • Nov 16, 2009 5:00am Nov 16, 2009 5:00am
Hi all,
Just wanted to add my support to the forex factory forum, and to state my agreement with Jacko. The amount of abuse, and derision that exists "out there" in some of the competing forums is beyond belief. Whenever a new idea, or trading strategy is presented or proposed you are immediately surrounded by the "pit people" I shall call them, they basically live in this pit, it is futile to even attempt to help, as all they wish to do is drag you down into "their pit" and kick the the lights out of you. This forum is so refreshing, and what I was looking for in my path to financial freedom
Keep up the good work
Matt
Without women, money would have no meaning - Aristotle Onassis
  • #48,129
  • Nov 16, 2009 5:02am Nov 16, 2009 5:02am
Anyway here is a nice "Gap Trade" at the open today, 30 pips
Attached Image (click to enlarge)
Click to Enlarge Name: Gap Trade NJ Nov. 16 21.58.jpg Size: 84 KB
Without women, money would have no meaning - Aristotle Onassis
  • #48,130
  • Nov 16, 2009 7:46am Nov 16, 2009 7:46am
I missed the pin for short entry off the 150ema and just waited for a possible next opportunity. This IB served me well and I have taken 1/2 off the table at the 50% fib (133.67).

K.I.S.S.
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  • #48,131
  • Nov 16, 2009 8:18am Nov 16, 2009 8:18am
hi kissfan
i want to thank you for posting in here- you are always a "must read" on my list. have a question: what is a purpose for having macd and rsi on one chart ? don't they serve the same that is finding divergence? i would appreciate your comment on that...
thanks and good luck
  • #48,132
  • Nov 16, 2009 8:27am Nov 16, 2009 8:27am
Quoting pavulon2007
hi kissfan
i want to thank you for posting in here- you are always a "must read" on my list. have a question: what is a purpose for having macd and rsi on one chart ? don't they serve the same that is finding divergence? i would appreciate your comment on that...
thanks and good luck
Hi Pavulon. I can see divergence with the RSI that I cannot locate with MACD sometimes and vice versa. That is the only reason why I use it. If you go back through my posts you will probably see an example or two.

K.I.S.S.
  • #48,133
  • Nov 16, 2009 8:44am Nov 16, 2009 8:44am
interesting thing I noticed on EURGBP. are these the types of touch trade setups you guys look for?

the yellow highlights are areas of future PA, the large black rectangles are areas of similar PA that seem to align with the same S/R areas.
Attached Image (click to enlarge)
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Many choose unhappiness over uncertainty.
  • #48,134
  • Nov 16, 2009 8:58am Nov 16, 2009 8:58am
Quoting KissFan
Hi Pavulon. I can see divergence with the RSI that I cannot locate with MACD sometimes and vice versa. That is the only reason why I use it. If you go back through my posts you will probably see an example or two.

K.I.S.S.

thank you sir. i am under impression that rsi shows diverg quiker while macd is sort of stretched and slower. therefore one could use macd for indentifing slowing down market conditions and rsi for more specific entry point (ofcourse plus other ingridients for a good trade ). or not ? it would be great if you could elaborate on this a bit...
  • #48,135
  • Nov 16, 2009 9:09am Nov 16, 2009 9:09am
Quoting pavulon2007
thank you sir. i am under impression that rsi shows diverg quiker while macd is sort of stretched and slower. therefore one could use macd for indentifing slowing down market conditions and rsi for more specific entry point (ofcourse plus other ingridients for a good trade ). or not ? it would be great if you could elaborate on this a bit...
I don't mean to jump in here for Kissfan, but I would just caution getting too hung up on indicators. Not saying they don't work (MANY on here use divergence, but some like me do not), but as you stated yourself you want all the other ingredients there for a good trade. In other words, once a trade jumps out at you it is great if it shows divergence as well but I would not force a trade because you see divergence with no other factors.

Nathan
  • #48,136
  • Nov 16, 2009 9:29am Nov 16, 2009 9:29am
I don't have an order or position in this but Cable is hitting a definite area/zone on my chart. I am looking for either a rejection or a break through this zone followed by a retracement.

Price action will determine what (if anything) I do, but this is kind of how I trade:

1) Mark areas/zones of interest
2) Wait for price to get to those areas
3) Wait for price action to show reason I should even take a position
4) Enter trade if it does
5) Manage position

Pretty boring, just the way I like my trading..........ha ha.


Nathan
  • #48,137
  • Nov 16, 2009 9:34am Nov 16, 2009 9:34am
Dealing with a busted water pipe caused me to miss a couple of $ trades. Ah well can't cry over spilt pips, catch the next one. I'm waiting for this,this,this,this, and this.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,138
  • Nov 16, 2009 9:34am Nov 16, 2009 9:34am
[quote]thank you sir. i am under impression that rsi shows diverg quiker while macd is sort of stretched and slower. therefore one could use macd for indentifing slowing down market conditions and rsi for more specific entry point (ofcourse plus other ingridients for a good trade ). or not ? it would be great if you could elaborate on this a bit...[quote]

That is how I understand the difference as well. I can’t add anything to that.

[quote]I don't mean to jump in here for Kissfan, but I would just caution getting too hung up on indicators. Not saying they don't work (MANY on here use divergence, but some like me do not), but as you stated yourself you want all the other ingredients there for a good trade. In other words, once a trade jumps out at you it is great if it shows divergence as well but I would not force a trade because you see divergence with no other factors. [quote]

Please jump in anytime. I’ll learn from the discussions as well. While I agree that good PA jumps out at you I prefer to have another reason to take trades. This is not to say that PA is not enough. While I am in a trade, I like to know that I had multiple reasons to take it. Divergence will usually show it’s hand before PA appears. If I see divergence, I’ll set an alert to notify me when price gets to a certain level that I am interested in as not to miss a potential trade opportunity.

K.I.S.S.
  • #48,139
  • Nov 16, 2009 9:35am Nov 16, 2009 9:35am
Quoting dobe_r_man
I don't mean to jump in here for Kissfan, but I would just caution getting too hung up on indicators. Not saying they don't work (MANY on here use divergence, but some like me do not), but as you stated yourself you want all the other ingredients there for a good trade. In other words, once a trade jumps out at you it is great if it shows divergence as well but I would not force a trade because you see divergence with no other factors.

Nathan
hi Nathan
thanks for a reminder. sometimes i believe to much in an indicator( it happens rarer lately), but i treat diverg on equal level with other confluence factors, say: s/r zones, trendlines/channels, fibs, dbl tops/bottoms etc.
  • #48,140
  • Nov 16, 2009 9:46am Nov 16, 2009 9:46am
Quoting pavulon2007
hi Nathan
thanks for a reminder. sometimes i believe to much in an indicator( it happens rarer lately), but i treat diverg on equal level with other confluence factors, say: s/r zones, trendlines/channels, fibs, dbl tops/bottoms etc.
Absolutely. I don't rely on price action alone, it is more the area for me and as KFan said it (divergence) can give you a reason to expect "something" to happen before it does. You just have to be careful, as with strong trends you will keep seeing divergence and price will just keep climbing or falling. There are no guarantees and honestly once you find your method or version of this incredible strategy to trade it is best to stick with it. Due to trader psychology (which typically doesn't get the press it deserves), certain approaches that work great for one person won't for another.

Nathan
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