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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

  • #50,581
  • Jan 1, 2010 10:53am Jan 1, 2010 10:53am
Quoting packhorse
Hi Guys,
I am trading daily PB's. I am having a bit of trouble "trading with the trend". If I am looking at the daily chart and price is in an upwards trend, but is, for example, downwards on the weely chart. What would I define as the trend to "trade with"?

Another problem is that I think I am putting too many s&r lines on my charts, resuting in me taking PB set-ups off weaker s&r lines. How can I dilute these to show the best? Is there a point where there are too many s&r lines on a chart?

All help appreciated.
Try using your daily time frame and zoom out as much as you can, that should give you a good idea of the relevant trend.

In the same way, start by placing S/R on the time frame one step above the time frame you trade on, that is, if you trade daily bars, go to a weekly time frame and zoom out a bit and place your lines in the most relevant locations. Then you can of course "fine tune" them on your trading time frame to a best fit for recent price action and maybe even add a line if you see an obvious level that didn't show on the weekly.

Just my 2
  • #50,582
  • Jan 1, 2010 11:15am Jan 1, 2010 11:15am
Quoting o990l6mh
Try using your daily time frame and zoom out as much as you can, that should give you a good idea of the relevant trend.

In the same way, start by placing S/R on the time frame one step above the time frame you trade on, that is, if you trade daily bars, go to a weekly time frame and zoom out a bit and place your lines in the most relevant locations. Then you can of course "fine tune" them on your trading time frame to a best fit for recent price action and maybe even add a line if you see an obvious level that didn't show on the weekly.

Just...
Very helpful. Many thanks.
"Fail to prepare, prepare to fail."
  • #50,583
  • Jan 1, 2010 12:47pm Jan 1, 2010 12:47pm
Quoting ppfx
Hi!

First of all Happy New Year to everyone!

Im a new member to this forum, well i've been following this thread for about a month now and decided to reigster to FF.

I've been trading on demo since August 08 and recently opened my first real account.

Like i said before i followed this thread the for last month and you guys have taught me a lot. With every new post i learn something new, so i would like to thank you all, especially James16 who created this thread which helps new useres like me to learn how to trade profitably.
welcome PP glad to hear you are doing well

happy new year to you too

Mike
  • #50,584
  • Jan 1, 2010 12:50pm Jan 1, 2010 12:50pm
Quoting packhorse
Hi Guys,
I am trading daily PB's. I am having a bit of trouble "trading with the trend". If I am looking at the daily chart and price is in an upwards trend, but is, for example, downwards on the weely chart. What would I define as the trend to "trade with"?

Another problem is that I think I am putting too many s&r lines on my charts, resuting in me taking PB set-ups off weaker s&r lines. How can I dilute these to show the best? Is there a point where there are too many s&r lines on a chart?

All help appreciated.
I really like keeping it simple with the trend. If price is going up or moving from bot left to top right you are trending up. I also like to keep trends and timeframes independent. You can have an uptrend on the 4hr and a downtrend on the daily etc. I focus on one timeframe at a time and don't let the others cloud my judgment too much.

As for s/r and too many lines. I always say start of with the clear obvious areas. And slowly work your way towards using the smaller areas for trading or trade mgmt. Always start from the easiest and don't try to do too much at once. I think this is the best way forward IMO. For example take the biggest most obvious bars at the best areas. I think too many people in general, just try to trade and trade and do too much.

Keep it simple in the new year
Mike
  • #50,585
  • Jan 1, 2010 12:58pm Jan 1, 2010 12:58pm
Quoting mbqb11
I really like keeping it simple with the trend. If price is going up or moving from bot left to top right you are trending up. I also like to keep trends and timeframes independent. You can have an uptrend on the 4hr and a downtrend on the daily etc. I focus on one timeframe at a time and don't let the others cloud my judgment too much.

As for s/r and too many lines. I always say start of with the clear obvious areas. And slowly work your way towards using the smaller areas for trading or trade mgmt. Always start from the easiest and don't try...
Thanks for this Mike. Best wishes for the New Year.
"Fail to prepare, prepare to fail."
  • #50,586
  • Jan 1, 2010 1:19pm Jan 1, 2010 1:19pm
Quoting mbqb11
Keep it simple in the new year
Mike

Hello mike, my chart standard for now is a horizontal line drawn on every round number counting in increments of 100 pips. Also drawn are weekly PPZ's based on the last 300 or so weekly bars. Is this a good standard? Too much? Thanks.
Many choose unhappiness over uncertainty.
  • #50,587
  • Jan 1, 2010 1:44pm Jan 1, 2010 1:44pm
Quoting Dan Gilbert
Hello mike, my chart standard for now is a horizontal line drawn on every round number counting in increments of 100 pips. Also drawn are weekly PPZ's based on the last 300 or so weekly bars. Is this a good standard? Too much? Thanks.
Hey Dan

You are going to have a lot of lines on your charts. I personally do keep lines at every 500 pips of big round numbers. This is a personal preference. 100 would be too many lines for me to have looking at my charts. As for how many weekly bars, I really don't give it a set number too me it is just a look.

Best
Mike
  • #50,588
  • Jan 1, 2010 2:13pm Jan 1, 2010 2:13pm
3 bar low on the weekly timeframe could set up a possible good opportunity to go short, specially if we get a few days next week of bumping up against the support level here before it goes lower.
But we will see, who knows
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You got to know when to hold them, and know when to fold them.
  • #50,589
  • Jan 1, 2010 2:15pm Jan 1, 2010 2:15pm
I too had a problem with too many s/r lines , but now i finally got rid of them because it was simply too messy.

Now i keep my chart clear or i only have one or two pivots on a chart and when i spot the trend i check the other s/r in order to see how much further the price would go.

A little bit of before and after:

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  • #50,590
  • Jan 1, 2010 2:33pm Jan 1, 2010 2:33pm


Thank you.



Quoting sas
3 bar low on the weekly timeframe could set up a possible good opportunity to go short, specially if we get a few days next week of bumping up against the support level here before it goes lower.
But we will see, who knows
Patience is essential
  • #50,591
  • Jan 2, 2010 1:13am Jan 2, 2010 1:13am
Quoting packhorse
Hi Guys,
...
Another problem is that I think I am putting too many s&r lines on my charts, ....
apart from what has been said, u can check out Blackeagle's posts starting from here.
hopefully this helps u further.
  • #50,592
  • Jan 2, 2010 1:21am Jan 2, 2010 1:21am
Quoting supremeChaos
apart from what has been said, u can check out Blackeagle's posts starting from here.
hopefully this helps u further.
That new Avatar is kinda creepy. What happened with the Bike?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #50,593
  • Jan 2, 2010 1:28am Jan 2, 2010 1:28am
LasVahGoose,
LOL. why is it creepy?
just a change of avatar. the new avatar is from a cartoon/anime (Naruto).

didnt mean to scare anyone.
  • #50,594
  • Jan 2, 2010 3:33am Jan 2, 2010 3:33am
Quoting supremeChaos
LasVahGoose,
LOL. why is it creepy?
just a change of avatar. the new avatar is from a cartoon/anime (Naruto).

didnt mean to scare anyone.
ANBU / Special Ninja Task Force mask is it? I've stopped watching the anime a long time ago and moved to mangas... How's your new year in the phillipines?
  • #50,595
  • Jan 2, 2010 3:51am Jan 2, 2010 3:51am
marcelnyo,
correct.
one person at home freaked out a bit too. another person thought it's Jollibee, a mascot of a homegrown fast food chain of the same name..
im slowly reading the manga but i like color so i watch the anime too.

New Year was ok (thanks for asking), but sadly preceded by some tragic accidents. Mayon Volcano almost erupted +/- Christmas/New Year
Hope u & everyone here had a great year-end. Let's look forward to a great year
  • #50,596
  • Jan 2, 2010 4:31am Jan 2, 2010 4:31am
Quoting supremeChaos
marcelnyo,
correct.
one person at home freaked out a bit too. another person thought it's Jollibee, a mascot of a homegrown fast food chain of the same name..
im slowly reading the manga but i like color so i watch the anime too.

New Year was ok (thanks for asking), but sadly preceded by some tragic accidents. [url="http://www.google.com.ph/#hl=tl&source=hp&q=mayon+volcano+eruption&btnG=Hanapin+sa+Google&meta=&aq=0&oq=mayon+volcano&fp=f92e8e0312d3366"]Mayon...
So all in all everything's great? I just can't wait till market opens.

I'm moving to a new city this year, back to my old one, to get a new job and my fiancee is going to open a new business. All in good time, in the mean time, I'll just have to figure out a way of keeping alive till I won my case, and that would be it, I have high hopes for 2010, I've numerously told myself that this year will be a pivotal year for my life, and trading career, due dilligence to study the markets and hopefully get some consistent profits.

I wish for you a better year and trading in 2010.

Cheers,

Marcel.
  • #50,597
  • Jan 2, 2010 4:35am Jan 2, 2010 4:35am
Hello all,

Firstly, Happy New Year! I hope you all had a safe and awesome New Year's celebration.

Hopefully it was better than mine. Girlfriend broke up with me and I had to be in to work at 11:00 pm on New Year's Eve.

</pityparty> lol.

One of my resolutions is to really step up my trading this year. I've lurked around this thread forever. I can't thank all the contributors enough. It's helped me out tremendously. I figured I should become active in the thread and all the discussions, as it can only help that much more. Sooo....

I'm definitely looking forward to 2010, and to learning from and working with all of you.

Cheers,
Adam
  • #50,598
  • Jan 2, 2010 5:23am Jan 2, 2010 5:23am
Hello Adam,
Welcome!

about your personal life.... dont worry too much about it. if she broke up with u, she's not meant for u/u dont deserve her (assuming u are on the right side of things).
be sure to read WHTenn's signature:
"My Girlfriend was feeling neglected and gave me an option.... her or the forex. Boy do I miss her"



Welcome , Good luck, & looking forward to more posts from u here
  • #50,599
  • Jan 2, 2010 5:26am Jan 2, 2010 5:26am
Quoting marcelnyo
...this year will be a pivotal year for my life, and trading career....
Marcel,
looks like a similar case for several other traders too.
Let's & do our best..!
  • #50,600
  • Jan 2, 2010 5:29am Jan 2, 2010 5:29am
Hiya supremeChaos.

Thanks for the welcome.

The breakup was what it was. Gotta accept the loss and move on, right?

At any rate, I now have a *lot* more time to study. lol

- A
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