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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

  • #55,361
  • Feb 18, 2010 3:17pm Feb 18, 2010 3:17pm
Quoting Mp1983
Took it on the way up yesterday so lets see if we can ride it back down.

Clear divergence and I like the way price has stalled near the 50% fib and a PPZ on the 10800 mark. I have also noticed how price wasn't able to take out the high from the 14th.

Only negative is that we don't have a pin bar (yet) and if it does form it wont protrude as far out from the rest of the PA.

Its not an A+ trade but the relatively small stop placement and a certain amount of confluence makes it interesting for me.

Comments please.

Hi MP,

It certainly looks like the up move is struggling, and its right at the trendline, so another break of that could get the sell orders piling on, space to get to 1.070.

Chatzi
  • #55,362
  • Feb 18, 2010 3:46pm Feb 18, 2010 3:46pm
Hmm GBPUSD just spiked down.

Looks like all the USD pairs spiked.
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  • #55,363
  • Feb 18, 2010 3:49pm Feb 18, 2010 3:49pm
Quoting chatzi
Hmm GBPUSD just spiked down.
Yeah, I wonder whats up? In my 1 year watching forex, I've never seen action like this at this time of day. Always super super quiet from 1-4Pm PST.
  • #55,364
  • Edited 4:03pm Feb 18, 2010 3:53pm | Edited 4:03pm
Quoting Jlr
Yeah, I wonder whats up? In my 1 year watching forex, I've never seen action like this at this time of day. Always super super quiet from 1-4Pm PST.
Maybe a large order, when its quieter it would cause a big move. Mike or Jim putting an order on? Anyway it wiped out 2 of my orders, back to BE on demo.
  • #55,365
  • Feb 18, 2010 4:03pm Feb 18, 2010 4:03pm
Quoting chatzi
Maybe a large order, when its quieter it would cause a big move. Mike or Jim putting an order on?
I'd suggest the fed discount rate movement has alot more to do with that than us
When you have to shoot, shoot. Dont talk.
  • #55,366
  • Feb 18, 2010 4:03pm Feb 18, 2010 4:03pm
Quoting chatzi
Maybe a large order, when its quieter it would cause a big move. Mike or Jim putting an order on?
Trust me when I swing the market doesn't flinch LOL

Jim on the other hand, that is a different story
  • #55,367
  • Feb 18, 2010 4:03pm Feb 18, 2010 4:03pm
Quoting Jlr
Yeah, I wonder whats up? In my 1 year watching forex, I've never seen action like this at this time of day. Always super super quiet from 1-4Pm PST.
interest rate
  • #55,368
  • Feb 18, 2010 4:03pm Feb 18, 2010 4:03pm
Quoting joelcf
I'd suggest the fed discount rate movement has alot more to do with that than us
indeed lol
  • #55,369
  • Feb 18, 2010 4:06pm Feb 18, 2010 4:06pm
Quoting chatzi
Maybe a large order, when its quieter it would cause a big move. Mike or Jim putting an order on? Anyway it wiped out 2 of my orders, back to BE on demo.
Lol true, would move faster now. Still unusual though. Yeah took me out at B/E too, or I probably wouldn't of said anything about it
Oh I see, thanks guys. Completely missed that, guess they actually raised rates.
  • #55,370
  • Feb 18, 2010 4:07pm Feb 18, 2010 4:07pm
Im going to have to get a indicator for news events. Anyone know of one for mt4?
  • #55,371
  • Edited 4:11pm Feb 18, 2010 4:08pm | Edited 4:11pm
2nd time for usd/chf..

Took 20 minutes for 70+ pips.

What a lucky fluke
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lowest draw down possible please.
  • #55,372
  • Feb 18, 2010 4:09pm Feb 18, 2010 4:09pm
Quoting Jlr
Lol true, would move faster now. Still unusual though. Yeah took me out at B/E too, or I probably wouldn't of said anything about it
Oh I see, thanks guys. Completely missed that, guess they actually raised rates.
For me I had 2 losing trades, so my demo is back to BE. Good learning experience though.
  • #55,373
  • Feb 18, 2010 4:12pm Feb 18, 2010 4:12pm
Quoting chatzi
Im going to have to get a indicator for news events. Anyone know of one for mt4?
I will save you more headache, don't even worry about it. To be completely honest, you don't need it.

James says "I avoid the news like the plague". Meaning he pays no attention to it. I am not saying some can't and don't use it for good, but it is not necessary to turn a profit or develop a method to withdraw from the markets. Most are more harmed then helped by it.
  • #55,374
  • Feb 18, 2010 4:15pm Feb 18, 2010 4:15pm
Quoting mbqb11
I will save you more headache, don't even worry about it. To be completely honest, you don't need it.

James says "I avoid the news like the plague". Meaning he pays no attention to it. I am not saying some can't and don't use it for good, but it is not necessary to turn a profit or develop a method to withdraw from the markets. Most are more harmed then helped by it.
Do you mean, just ignore the news, it might take your stop out sometimes, it might give you a bit more profit other times, but overall it will balance out?
  • #55,375
  • Feb 18, 2010 4:17pm Feb 18, 2010 4:17pm
Quoting chatzi
Do you mean, just ignore the news, it might take your stop out sometimes, it might give you a bit more profit other times, but overall it will balance out?
Well i believe it is all built into a chart as a techy. Meaning if I correctly analyze a chart i am seeing all I need to see. So if anything the "news" will support me.
  • #55,376
  • Feb 18, 2010 4:23pm Feb 18, 2010 4:23pm
Quoting TiaForex
That's the reason right there.

A pinbar signals a reversal. A Doji or neutral bar signals indecision in the market and no direction on way or another. So this was not an entry based on a bar but more of a blind entry based on a level and IMO that's where it went wrong.

Even if it had been a pinbar it still went exactly where we'd expect. The two bar highs where your 38 fib is. But this is a sideways market at best with no real bar signal so I would say that was a very weak setup.

Looking for the bigger bars at the best locations pays off every...
Hi Tia

Thanks for your comments.
I agree that it was a sideway market.
I was thinking it could be a continuation of the downtrend, with a pullback at 61 fib.
At the back of my mind I was also trying out trading within a range which Jim said was essential for any trader hoping to make it.

Thanks again.
  • #55,377
  • Feb 18, 2010 4:30pm Feb 18, 2010 4:30pm
going to buy on the break of this BUOB at daily PPZ 61 Fib. will move stop to breakeven at 10535
any thoughts?
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  • #55,378
  • Feb 18, 2010 4:31pm Feb 18, 2010 4:31pm
Hey Folks , Check out the Aussie 4H chart seems interesting to me with a Beautiful BEOB + Clean trend break + Close below the 50 Fib level well , I entered this trade ( Micro lot ) . Best of Luck
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  • #55,379
  • Feb 18, 2010 4:31pm Feb 18, 2010 4:31pm
Just coming back about the problem playing J16 videos. I installed the newer Windows media player and downloaded the video to desktop. It still lost picture around 57min but seems it may be to do with rewinding and going back over parts, not sure. I also installed the VLC player so will try opening in that sometime today.

Thanks again.
Cherry
  • #55,380
  • Feb 18, 2010 4:39pm Feb 18, 2010 4:39pm
Quoting the novice
Hi Tia

Thanks for your comments.
I agree that it was a sideway market.
I was thinking it could be a continuation of the downtrend, with a pullback at 61 fib.
At the back of my mind I was also trying out trading within a range which Jim said was essential for any trader hoping to make it.

Thanks again.
I hope you don't think I was getting at you. I am just being honest with you or else what would be the point.

And Jim didn't say trading a sideways market was essential....he said trading a sideways market at break even or better was essential. That's a huge difference.

We do that by not trading marginal setups and only waiting for the very best.

I think your fib may well be a little curve fitted too as it wasn't really a huge swing high that you took it from.

Again these are just my thoughts seeing as you asked for comments. I really think that waiting for the very best setups gives us confidence and success.
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