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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

  • #48,141
  • Nov 16, 2009 9:49am Nov 16, 2009 9:49am
As a newbie, finding it difficult to see anything much to trade on major dailys over last week or two. Are people mostly trading on 4 hour and below? Probably just my lack of experience.

Thanks

JS
  • #48,142
  • Nov 16, 2009 9:59am Nov 16, 2009 9:59am
Quoting jspeakman
As a newbie, finding it difficult to see anything much to trade on major dailys over last week or two. Are people mostly trading on 4 hour and below? Probably just my lack of experience.

Thanks

JS
Watch all the pairs that you can JS. Demo on any tf you would like. You are correct though, not much to trade on the daily tf at present. Look on the bright side, at least you know enough to know what NOT to trade. You will realize the importance of that as time goes by.

K.I.S.S.
  • #48,143
  • Nov 16, 2009 10:17am Nov 16, 2009 10:17am
[quote=KissFan;3236168][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.

[b][color=black][font=Verdana]
Quote
I...

thank you
  • #48,144
  • Nov 16, 2009 10:21am Nov 16, 2009 10:21am
Quoting KissFan
Watch all the pairs that you can JS. Demo on any tf you would like. You are correct though, not much to trade on the daily tf at present. Look on the bright side, at least you know enough to know what NOT to trade. You will realize the importance of that as time goes by.

K.I.S.S.
Thanks Kissfan - v reassuring that I'm not missing anything! Only demoing at the moment anyway and might have a go at 4 hour charts.

JS
  • #48,145
  • Nov 16, 2009 10:25am Nov 16, 2009 10:25am
Quoting dobe_r_man
Absolutely....

well said. thanks
ps. good way to judge whether this " something" that is happening is serious enough to reverse a strong trend would be a channel break out plus retest of it...
  • #48,146
  • Nov 16, 2009 10:32am Nov 16, 2009 10:32am
Quoting jspeakman
Thanks Kissfan - v reassuring that I'm not missing anything! Only demoing at the moment anyway and might have a go at 4 hour charts.

JS
J,
I would reccommend the demo at FxPro that way you can also follow commodities too. Oil, Silver, Gold, Wheat, Mini Dow etc all work great with PA if you are picky. More charts should allow you to be ultra picky, at least that is our goal.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,147
  • Nov 16, 2009 10:56am Nov 16, 2009 10:56am
Hi Folks,

I am on my 2nd read thru of this form and thought I would post some charts.

Thanks to all who have made this place, it has helped structure my thinking tremendously!

I am using W/D for S/R and 4/1 H for entry/TP points.

Here is a quick “scalp” today with some thoughts.

EURJPY Weekly looks side ways.

Price to R zone on weekly

1hr to 365 ma R
2 fib conf
Pin bar


Beach
Attached Image(s) (click to enlarge)
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  • #48,148
  • Nov 16, 2009 10:56am Nov 16, 2009 10:56am
Quoting Dan Gilbert
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.
Yep that can definitely be part of it. Those Swing areas that once reacted before are a good basis for where price is likely to react again

Best
Mike
  • #48,149
  • Nov 16, 2009 10:58am Nov 16, 2009 10:58am
Quoting Scot Pippin'
J,
I would reccommend the demo at FxPro that way you can also follow commodities too. Oil, Silver, Gold, Wheat, Mini Dow etc all work great with PA if you are picky. More charts should allow you to be ultra picky, at least that is our goal.
Thanks Scott Pippin - will take a look at that - currently using Alpari/Metatrader demo platform. Picky is best me thinks.

JS
  • #48,150
  • Nov 16, 2009 12:16pm Nov 16, 2009 12:16pm
anyone watching this one??

Beach
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  • #48,151
  • Nov 16, 2009 1:01pm Nov 16, 2009 1:01pm
Hey guys i have a question

In the picture under the pinbar there is a round number 1.6000
How to enter this kind of setup to minimize the risk? I knew there is a chance it will reverse but the number is not a major ppz, it didnt represent a strong problem but it is still a round number and could be a problem.

I put the order 5 pips under the round number but it trigered my order and then retraced against me and closed above the round number. Where to put the entry or is it best to leave it alone. What to do?

And atclarkson...thank you very much for the EA. Its awesome! Just the thing i needed!

Any comments are welcome
Thank you
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  • #48,152
  • Nov 16, 2009 1:30pm Nov 16, 2009 1:30pm
Quoting fxlan
Hey guys i have a question

In the picture under the pinbar there is a round number 1.6000
How to enter this kind of setup to minimize the risk? I knew there is a chance it will reverse but the number is not a major ppz, it didnt represent a strong problem but it is still a round number and could be a problem.

I put the order 5 pips under the round number but it trigered my order and then retraced against me and closed above the round number. Where to put the entry or is it best to leave it alone. What to do?

And atclarkson...thank you very much...
Hey Lan

I always do the same and place my order 5-10 pips under a round number to make sure it gets hit.

Also if I am taking profit , I always take profit ahead of a round number as well

Best
Mike
  • #48,153
  • Nov 16, 2009 1:35pm Nov 16, 2009 1:35pm
You are not to worried about retracing above (or below if buying) the round number?

So its basically trusting the setup and its "power" to go through the round number because the round number isnt representing a PPZ --> Its just a number.

Thanks mike
  • #48,154
  • Nov 16, 2009 2:03pm Nov 16, 2009 2:03pm
Quoting dobe_r_man
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

you get your wish?
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Many choose unhappiness over uncertainty.
  • #48,155
  • Nov 16, 2009 2:29pm Nov 16, 2009 2:29pm
Quoting Dan Gilbert
you get your wish?
Dan, I see you have your entry order at about 1.6809, correct? Wouldn't it be wiser to set it below the 1.6800 round number, as well as below the low of the current H4 candle (which is also looking decent) at 1.6796? Also, what would your TP be? I would be looking towards the 1.6740 area to begin. Any comments?
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  • #48,156
  • Nov 16, 2009 2:34pm Nov 16, 2009 2:34pm
Quoting Dan Gilbert
you get your wish?
Hey Dan,

I'm already in from earlier (on the real account), waiting to soon move stop to BE and go to sleep
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  • #48,157
  • Edited 2:59pm Nov 16, 2009 2:42pm | Edited 2:59pm
Quoting beach
Hi Folks,

I am on my 2nd read thru of this form and thought I would post some charts.

Thanks to all who have made this place, it has helped structure my thinking tremendously!

I am using W/D for S/R and 4/1 H for entry/TP points.

Here is a quick “scalp” today with some thoughts.

EURJPY......
Hi beach.

Yes, the Weekly has been in a consolidation period for some time. The Weekly DBHLC (blue) a couple of weeks ago looked liked an opportunity. But as we know, we like these formations at swing Highs. I'm not saying that they will not work in consolidation areas, because this one did work out as exspected. It hit the 1st target area, 131.000 PPZ level. In my eyes, this was a successful DBHLC. When they are at swing Highs with supportive confluences they have a higher probability of success.


I do like the Weekly I4B (green), actually its more then 4 bars.

"I am using W/D for S/R and 4/1 H for entry/TP points." This is not a bad way to go, just but make sure you can prove it to yourself on the Daily and Weekly time frames.

Also, SIZE does matter inrelation to all time frames. Your Hourly PB is correct, but I would be looking for Big, Obvious and EASY PA formations like the 4 hour PB (check mark).

Jim
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #48,158
  • Nov 16, 2009 3:01pm Nov 16, 2009 3:01pm
Quoting Dan Gilbert
you get your wish?
Not quite but if 1.68 breaks I am likely to get involved.
  • #48,159
  • Edited 3:34pm Nov 16, 2009 3:01pm | Edited 3:34pm
Just been learning about pins in a sideways market and spotted this one on the GBP/JPY 4h. Target blue box. So can anyone tell me why this ISN'T a good trade?

http://i729.photobucket.com/albums/w...4hpin16Nov.jpg
  • #48,160
  • Nov 16, 2009 3:12pm Nov 16, 2009 3:12pm
Hi Jarroo,

Thanks for the input. I am trying to get pickier on the smaller timeframes; feedback on where the trouble spots are always helpful

Beach
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