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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

  • #58,201
  • Mar 15, 2010 8:52am Mar 15, 2010 8:52am
Quoting nasir.khan
Well in the first place i would like it to hit the TL+ (so so) PPZ and go through the BRN.
Well i know the PPZ i have drawn is not the best one but i like way price fell hard (2 big red bars) and look at those retracement (small) bars.

If this plan fails then i would like to see some PA on 50 or 61.
.
Nice chart nasir.

Here's another way of looking at Fibs and 50% ret.

I like looking at the most recent, distinct swing High/Low for that time frame. Your Daily Fib on Gold is great and shows the most recent move on the Daily.

On the 4 hour time frame shows recent moves down but there are more then just one. Apply the confluence of PPZ levels and trendline on the 4 hour time frame and it gives a pretty picture.


You may already know this. I thought I would give you another perspective.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #58,202
  • Mar 15, 2010 8:52am Mar 15, 2010 8:52am
heres one that jus broke for you short TFers!! lol

jon

EDIT: added second chart to add some perspective
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PATIENCE... DISCIPLINE
  • #58,203
  • Mar 15, 2010 8:58am Mar 15, 2010 8:58am
Quoting nasir.khan
Well here is the complete picture. !!!(of my plan)!!!

When Gold hit's 1100 or 1098. I would like AU and AJ hanging around 9070 and 81.30 respectively.

So if Double Bottom + DIV in Gold chart works out and sends it back to test the TL+PPZ. AU and AJ would barely make it back to 9110 and 82.20. ( a minor retracment)

But if they don't even brake 9110 and 82.20. (gold hitting 1100 or 1098 in same time it would be the trend or range again.)
.
Well said nasir. Your outcome of your plan would fit nicely.
Indicators show the past. Price Action "Indicates" the future.
  • #58,204
  • Mar 15, 2010 9:05am Mar 15, 2010 9:05am
Quoting jarroo
Nice chart nasir.

Here's another way of looking at Fibs and 50% ret.

I like looking at the most recent, distinct swing High/Low for that time frame. Your Daily Fib on Gold is great and shows the most recent move on the Daily.

On the 4 hour time frame shows recent moves down but there are more then just one. Apply the confluence of PPZ levels and trendline on the 4 hour time frame and it gives a pretty picture.


You may already know this. I thought I would give you another perspective.

Jim
Hey Thanks Jarroo

Yep i do this. (but as the price get away i keep on cleaning my charts. lol)

These are the zones where famous Rac-Attack happens.
.
  • #58,205
  • Mar 15, 2010 9:18am Mar 15, 2010 9:18am
Quoting nasir.khan
Hey Thanks Jarroo

Yep i do this. (but as the price get away i keep on cleaning my charts. lol)

These are the zones where famous Rac-Attack happens.
.
Absolutely. The power move comes when the higher time frame (Daily) PPZ level (and/or Daily/Weekly confluenced areas) meet and lineup with a lower time confluences.

The Daily Gold PPZ level lined up with the 4 hour most recent fib level and trendline. . . . . KaBoom.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,206
  • Mar 15, 2010 10:04am Mar 15, 2010 10:04am
Price approaching 50% of last weeks range.

K.I.S.S.
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  • #58,207
  • Mar 15, 2010 10:14am Mar 15, 2010 10:14am
Quoting KissFan
Price approaching 50% of last weeks range.

K.I.S.S.
That would line up nicely with the wedge for a retest.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,208
  • Mar 15, 2010 10:15am Mar 15, 2010 10:15am
Quoting KissFan
Price approaching 50% of last weeks range.

K.I.S.S.
ye very interesting, i would like some nice bullish PA aroung 1.3650...
lets see what happens??

jon
PATIENCE... DISCIPLINE
  • #58,209
  • Edited 10:59am Mar 15, 2010 10:15am | Edited 10:59am
Are we going to get an ib on the eurjpy a few hours left but would be nice??? Until the low has just been taken out ah well onto the next.
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  • #58,210
  • Mar 15, 2010 10:18am Mar 15, 2010 10:18am
Quoting g_j_hook@yah
ye very interesting, i would like some nice bullish PA aroung 1.3650...
lets see what happens??

jon
breakout . . . pull back . . . PA.
Indicators show the past. Price Action "Indicates" the future.
  • #58,211
  • Mar 15, 2010 10:19am Mar 15, 2010 10:19am
Quoting nasir.khan
And who trades OIL here.
.
What a Trade!
You caught that at the swing high to the nearest pip!
Well done, good call!
  • #58,212
  • Mar 15, 2010 10:32am Mar 15, 2010 10:32am
Quoting jarroo
breakout . . . pull back . . . PA.
yessir!! there could be a nice move up when the down run is finished??
lets see...

jon
PATIENCE... DISCIPLINE
  • #58,213
  • Mar 15, 2010 10:50am Mar 15, 2010 10:50am
Quoting Dan Gilbert;3548647I
really hope it breaks nicely/clearly and gives me a chance to take it short ...
I figured out that my best trades are a result of a non expected opportunity and quick decision.
There were days when I was watching my charts all day long, or just waiting for a bias of mine to occur. I felt like the market owed me something cause I was patient. Then you take a trade when you are convinced that market works like real life, fairly enough to care how long you have stared at your screen. In other words, knowing the risk, but not accepting it -remaining stuck on your losers and not keep going on.
If I am not home all day, and find no opportunity on daily chart at the end of the day all is fine. If there is, I take it, and lose - it's easier than if would be waiting for it all day.

That's just me anyway. Not directed to you personally...just made me thinking, therefore I posted lol.

Ben
  • #58,214
  • Mar 15, 2010 11:01am Mar 15, 2010 11:01am
Quoting vlazaf
What a Trade!
You caught that at the swing high to the nearest pip!
Well done, good call!
hey thanks Vlazaf.
did it moved down??? I am on my mobile and my mobile MT4 is not working. So I don't have an idea what's happening.
.
  • #58,215
  • Mar 15, 2010 11:03am Mar 15, 2010 11:03am
Quoting benji533
Hey Mike,

Like triger already have said, that's a neutral bar, reflecting indecision.

To be honest best I see among all yen pairs is AUDJPY which also isn't exactly what I would like to trade. Small bar at a so so location...I would give it a B at best. But if you are planning on demoing it with proper management, I can assure you the possibilities are in your favor

Look for a Really good bars at extreme swing points, at double tops, pullbacks with the trend, big round numbers, maybe with some confluencing divergence and you are on your way.

Define...
It took 10 minutes to hit 1st trouble area to the pip once it broke.
Easy stuff eh guys? B or C, take it or not, it still works almost all the time.
Just the James16's principal stuff, nothing fancy.

Ben
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  • #58,216
  • Mar 15, 2010 11:08am Mar 15, 2010 11:08am
Quoting benji533
It took 10 minutes to hit 1st trouble area to the pip once it broke.
Easy stuff eh guys? B or C, take it or not, it still works almost all the time.
Just the James16's principal stuff, nothing fancy.

Ben
I took this trade...I agree you can take B/C 'grade' setups as long as you know the first area of trouble and as long as it breaks hard....this was not the best setup but still one that had a decent probability of getting to that first trouble area...I was looking for a hard break (Jaroo style) and taking some off the table and the rest to BE at that area.

I'll state again...this is not the best setup you'll ever see...but if you treat it as such and know where it may stall if it does break then you can still add some $ to your account.
  • #58,217
  • Mar 15, 2010 11:12am Mar 15, 2010 11:12am
Quoting nasir.khan
hey thanks Vlazaf.
did it moved down??? I am on my mobile and my mobile MT4 is not working. So I don't have an idea what's happening.
.
It moved down a little bit
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  • #58,218
  • Mar 15, 2010 11:15am Mar 15, 2010 11:15am
Quoting lovejoy80
I took this trade...I agree you can take B/C 'grade' setups as long as you know the first area of trouble and as long as it breaks hard....this was not the best setup but still one that had a decent probability of getting to that first trouble area...I was looking for a hard break (Jaroo style) and taking some off the table and the rest to BE at that area.

I'll state again...this is not the best setup you'll ever see...but if you treat it as such and know where it may stall if it does break then you can still add some $ to your account.
Of curse. I do not say trade these, and I didn't take it myself. But I do think it is important to understand that if you have the skill of reading the market to the pip like a little girl's book knowing where is the next stop after the trigger -you are mastering such a powerful edge that even not the best setup work almost every time. Now once you get good you can make a living from these. But the secret is taking the best ones and manage them properly first, because it's a marathon and not a sprint. Not only technically, but mostly mentally. Work on your mind.
  • #58,219
  • Mar 15, 2010 11:21am Mar 15, 2010 11:21am
Quoting lovejoy80
It moved down a little bit
KABOOOM.
  • #58,220
  • Mar 15, 2010 12:10pm Mar 15, 2010 12:10pm
I don't know if these have already been posted or discussed, but if it's not too off-topic, I wanted to get some opinions and feedback from the experienced traders in this thread about the following videos:

Video 1:

GreenTraderTax.com's Robert Green explains important tax considerations for currency traders and demystifies the often confusing rules that they must follow at tax time. Released: 2/23/2010

http://www.moneyshow.com/video/video.asp?wid=4826&t=3

Video 2:

GreenTraderTax.com's Robert Green discusses the status of the CFTC proposal to reduce forex leverage and how this change could turn the entire industry upside down. Released: 3/12/2010

http://www.moneyshow.com/video/video.asp?wid=5324&t=3

Right now, I'm only demoing and working on the "Minimum Requirements". However, in preparation for the day that I'll eventually begin trading live with microlots, I've also been trying to do research on tax preparation, how to report forex income, and searching for a decent, but affordable CPA.

So far, it's been really frustrating since most of the tax professionals and local CPAs that I've contacted have never even heard of "Forex". Therefore, almost any feedback about the first video would be extremely helpful.

Regarding the second video, I'm just curious to see whether the traders in this thread think of the CFTC proposal to reduce FX leverage as negatively as Robert Green does.

Thanks!
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