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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

  • #51,081
  • Jan 8, 2010 7:41am Jan 8, 2010 7:41am
Quoting benem
..i've noticed that if you put up a line chart on large time frame as week or daily and you spot a PPZ then when price come back on it very often it bounce off.....
.coincidence??
NO coincidence...
it's (good/correctly-spotted) S/R or PPZ working.

some senior traders here do it. as u have personally noticed, it's worth trying out.
  • #51,082
  • Jan 8, 2010 7:45am Jan 8, 2010 7:45am
NFP: -85k..... communism ftw!
Many choose unhappiness over uncertainty.
  • #51,083
  • Jan 8, 2010 7:50am Jan 8, 2010 7:50am
Quoting markmm
Hey Guys,
Nice to see the place is still going strong, I used to post here during my 6-7 months researching phase, leanred loads of great stuff here. I was getting my house renovated to was focussing on that for the last 3 months....
welcome back mark
dont forget to share a pic of your renovated house (3months renovation, your house must be BIG)
  • #51,084
  • Jan 8, 2010 8:15am Jan 8, 2010 8:15am
Anybody else get screwed out of 50 Pips due to broker not being able to execute a fricking market order?

Hogwash I say.
  • #51,085
  • Jan 8, 2010 8:17am Jan 8, 2010 8:17am
Should we ignore the PB's created by news releases?
  • #51,086
  • Jan 8, 2010 8:17am Jan 8, 2010 8:17am
Quoting markmm
Hey Guys,

Nice to see the place is still going strong, I used to post here during my 6-7 months researching phase, leanred loads of great stuff here. I was getting my house renovated to was focussing on that for the last 3 months. Plus there was some bad vibes fromt he whole CW vs Jim/Beta forum stage.

With the daily charts I felt as if I could almost see where price was going with this stuff, thanks to these guys (Jim, Mike etc).

However you need to make 0-2 trades a month max from all charts be picky after learning the material and you...
Mark!!!

Great to have you back man.

g.
I believe . . .
  • #51,087
  • Jan 8, 2010 8:20am Jan 8, 2010 8:20am
Quoting ninreznor
Should we ignore the PB's created by news releases?
Well, a chart is a chart is a chart. So generally, I'd say treat them no different. I'm not an authority though, so wait for one of the experienced traders here to answer.
  • #51,088
  • Jan 8, 2010 8:28am Jan 8, 2010 8:28am
Quoting ghous
Hey Arya,

I don't see a lot going against that bar. Swing high, divergence and a nice long nose most importantly protruding away from the vicinity of the previous bars. (notice the length of that wick extending from the purple ppz on my chart)

However you gotta stay tight on a trade on an NFP Friday before the news release, so given that you can manage your way through liquidity issues the bar lows marked could come into play...probably.

g.
What contributes the most to a trade being bad or good or great is the exit.

Thankfully we're not deprived of this essential knowledge here at this wonderful place.

No surprise as to what happened and why, right folks?

g.
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I believe . . .
  • #51,089
  • Jan 8, 2010 8:33am Jan 8, 2010 8:33am
Quoting ghous
What contributes the most to a trade being bad or good or great is the exit.

Thankfully we're not deprived of this essential knowledge here at this wonderful place.

No surprise as to what happened and why, right folks?

g.
Yeah thats where I got screwed out of 50+ pips by my broker not being able to execute a market order after news releases.
  • #51,090
  • Jan 8, 2010 8:33am Jan 8, 2010 8:33am
Quoting ninreznor
Should we ignore the PB's created by news releases?
I only take into account the NFP with regards to ignoring price action just before and right after the news release...but it's a personal thingy, Mike I think watches out for these times as well, where as some others like STO ignore the nfp completely and trade as normal...

A lot should depend on the kind of trading you do, I would hate to get entangled with anything like this (refer to chart below) during NFP when on intra day, but a higher tf trade with a well guarded SL might see through this...

just do what fits best for you,

g.
Attached Image
I believe . . .
  • #51,091
  • Jan 8, 2010 8:44am Jan 8, 2010 8:44am
Quoting mbqb11
Hey Row welcome to our little spot

here was my response to someone else regarding this bar

This is one of those bars again that most people are probably going to take or be tempted to take. I can see some people coming out as losers, some b/e and some winners. I will not be trading this as I don't see a real reason for a reversal here and the size of the bar with that makes me not very interested. I agree the prior bars low or into the .9100 area(remember not to the pip) it should make. But I would also treat this as if it doesn't break hard or...
I use a FXPro demo for charting and I share your view. I didn't take it either due to bar size and location. If it had printed around 0.93-.9350 and there wasn't NFP Friday the day after, then I would have been all over it.

If we get a nice reversal back below the falling trendline, that might also be a setup.

Anyway, just wanted to say I'm happy to have reached the same decision as you on that setup. Must mean I'm getting something right

If I had used Oanda for charting though, then only location and NFP would have been in the way of a trade for me as Oanda's chart has a pretty nice two day reversal, pin bar by proxy. It's looks much better than the FXPro pin.

Because of the above, it's becoming more and more clear to me that location is really paramount. Bar formations will differ depending on time frame and broker's time settings.
  • #51,092
  • Jan 8, 2010 8:47am Jan 8, 2010 8:47am
Quoting ninreznor
Yeah thats where I got screwed out of 50+ pips by my broker not being able to execute a market order after news releases.
Sounds like you need to get yourself a new broker.

May I suggest having a look at Oanda?
  • #51,093
  • Jan 8, 2010 8:50am Jan 8, 2010 8:50am
Quoting ninreznor
Should we ignore the PB's created by news releases?
whatever u are comfortable doing.
if u feel your broker screws u then dont trade prior, during, after the news release. several people here do that.

alternative answer:
ignore PB's or PA setups u are not prepared to trade &/or is not within your risk parameters.
  • #51,094
  • Jan 8, 2010 8:52am Jan 8, 2010 8:52am
Quoting o990l6mh
...
Because of the above, it's becoming more and more clear to me
that location is really paramount. Bar formations will differ depending on time frame and broker's time settings.
we hear u loud & clear, Sir.
location is more important than bar shape.
  • #51,095
  • Jan 8, 2010 8:53am Jan 8, 2010 8:53am
Quoting supremeChaos
welcome back mark
dont forget to share a pic of your renovated house (3months renovation, your house must be BIG)
No just a lot of work, strip wallpaper, strip all wood work, walls ceiling plastered, painted new floor, wood work etc etc.

Here is a before and after.
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Economists have forecast 9 out of the last 5 recessions
  • #51,096
  • Jan 8, 2010 9:13am Jan 8, 2010 9:13am
Quoting benem
I don't know if could be a trustworthy thing ,but i've noticed that if you put up a line chart on large time frame as week or daily and you spot a PPZ then when price come back on it very often it bounce off.....



Is only a coincidence??
Just started practicing it out and working fine so far.

There is only one way to find out (if it works for you) and that is BY DOING IT YOURSELF.

Good Luck.
  • #51,097
  • Jan 8, 2010 9:29am Jan 8, 2010 9:29am
NFP can be a tricky thing but if you pay attention to to the material in this thread you will know where things can go and why they go where they go....

Thanks James et all......
Attached Image (click to enlarge)
Click to Enlarge Name: nfp_010810.gif Size: 14 KB
  • #51,098
  • Jan 8, 2010 9:41am Jan 8, 2010 9:41am
Quoting markmm
No just a lot of work, strip wallpaper, strip all wood work, walls ceiling plastered, painted new floor, wood work etc etc.

Here is a before and after.
That's a really nice house, apartment?

Wow I've tried trading and reading threads using a 32 inch LCD, what it does is make everything big, now I'd prefer multiple monitors setup, when I can afford them, till then it's only me and my trusty laptop.

It's really good for watching Jim's videos though
  • #51,099
  • Jan 8, 2010 9:42am Jan 8, 2010 9:42am
Quoting markmm
No just a lot of work, strip wallpaper, strip all wood work, walls ceiling plastered, painted new floor, wood work etc etc.

Here is a before and after.


good job man!

am currently working on a loft conversion but i think i bit of more than i can chew
  • #51,100
  • Jan 8, 2010 9:49am Jan 8, 2010 9:49am
Thanks for all the help guys. I love learning to trade. If I could do it full time I would in a heartbeat. Investing in the Forex market is a passion for me that I want to excel in. I am treating Forex like the business that will help me break free from the rat race.

One more question. Do you guys normally hold positions over the weekend that you are playing off of daily and/or 4 hr charts?
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