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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

  • #58,221
  • Mar 15, 2010 12:23pm Mar 15, 2010 12:23pm
Quoting jarroo
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.
What about this point of view Jarroo

EDIT: The same old story, a daily PB at a poor location.
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  • #58,222
  • Mar 15, 2010 12:39pm Mar 15, 2010 12:39pm
Quoting datogio
What about this point of view Jarroo
Very nice datagio.

But my main point was that the higher time frame (Daily) PPZ level started or initiated the move. It is the key to all of what James16 talks about.

Once these higher time frame PPZ levels are established and mix the power of confluences to support thoses level, (on the same or lower time frames) that's where the magic begins.
Indicators show the past. Price Action "Indicates" the future.
  • #58,223
  • Mar 15, 2010 12:46pm Mar 15, 2010 12:46pm
Quoting jarroo
Very nice datagio.

But my main point was that the higher time frame (Daily) PPZ level started or initiated the move. It is the key to all of what James16 talks about.

Once these higher time frame PPZ levels are established and mix the power of confluences to support thoses level, (on the same or lower time frames) that's where the magic begins.
Yes for sure higher TFs rule moooooooost of the time.
  • #58,224
  • Mar 15, 2010 12:48pm Mar 15, 2010 12:48pm
Quoting datogio
Yes for sure higher TFs rule moooooooost of the time.
I've seen your Rac style trades, dagotio. I know you know what I'm talking about.
Indicators show the past. Price Action "Indicates" the future.
  • #58,225
  • Mar 15, 2010 12:51pm Mar 15, 2010 12:51pm
Quoting shephrd
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
That was a very high level look. It is fairly simple, but he does not get into making th election to 1256G. See a CPA for details on doing this correctly. If you are making good money, a 1256G election makes a lot of sense. At that point, you may also benefit from a legal business entity of some kind. There are a number of different things you can do, and an good CPA will be helpful. it is not all that complex, but what is complex is understanding why the laws are conflicting. And that is not a job for me.

If your CPA claims that he knows nothing about Forex, either dump him ASAP, or get him off of his lazy ass. it is not like building g rocket ship.... sheesh.

Quote
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

This is a bit different. It is in the comments phase, and I would be very surprised if it passes. I cannot see any positive outcome from passing it. It is a mysterious thing. Here is what I think the brokers would do - they would simply create positions that will enable traders to do their thing. Banks will charge more for the business (I bet that they are at the bottom of this...) and the costs will escalate. The bottom line is that this will have the opposite effect intended.

For those with large accounts - 10:1 or 100:1 will not matter. They will position size accordingly.
I'm pretty much done with all this ...
  • #58,226
  • Mar 15, 2010 12:54pm Mar 15, 2010 12:54pm
Quoting jarroo
I've seen your Rac style trades, dagotio. I know you know what I'm talking about.
Sure, you're talking about wisdom big guy presented to us and all of us are tying to get deeper and deeper everyday.
  • #58,227
  • Mar 15, 2010 1:15pm Mar 15, 2010 1:15pm
Quoting g_j_hook@yah
ye very interesting, i would like some nice bullish PA aroung 1.3650...
lets see what happens??

jon
i wonder if this will be the turning point?? it would be nice, i have taken this on my real acount...

jon
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PATIENCE... DISCIPLINE
  • #58,228
  • Mar 15, 2010 1:34pm Mar 15, 2010 1:34pm
Quoting g_j_hook@yah
i wonder if this will be the turning point?? it would be nice, i have taken this on my real acount...

jon
I'm getting my big toe wet as well. In long. We have MACD divergence and the price reversed just shy of the 618 retrace of last weeks candle. I could ge stopped today but I think that this is the area where we eventually move up.

K.I.S.S.
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  • #58,229
  • Mar 15, 2010 1:43pm Mar 15, 2010 1:43pm
Quoting KissFan
I'm getting my big toe wet as well. In long. We have MACD divergence and the price reversed just shy of the 618 retrace of last weeks candle. I could ge stopped today but I think that this is the area where we eventually move up.

K.I.S.S.
ye me too, our timing may turn out to be wrong but i definately think it wil turn around here also.
good luck
jon

p.s. why dont you save your charts with the "active chart(as is )" option checked and it will get rid of all the menu bars etc. ??
PATIENCE... DISCIPLINE
  • #58,230
  • Mar 15, 2010 2:28pm Mar 15, 2010 2:28pm
Quoting KissFan
I'm getting my big toe wet as well. In long. We have MACD divergence and the price reversed just shy of the 618 retrace of last weeks candle. I could ge stopped today but I think that this is the area where we eventually move up.

K.I.S.S.
I sure hope so....
Many choose unhappiness over uncertainty.
  • #58,231
  • Mar 15, 2010 2:56pm Mar 15, 2010 2:56pm
Safe to say the next trouble is around 1.3700? My TP is just below it.
  • #58,232
  • Mar 15, 2010 3:02pm Mar 15, 2010 3:02pm
What do you guys do with that GU weekly pin trade that's on? It isn't looking very nice, and on my feed it's turning into a 2 day pin. I've moved my stop to just below 1.5000.

How would you have played or are you playing this?

(I'm just demoing, but I'm interested in opinions)

Thanks.
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  • #58,233
  • Mar 15, 2010 3:08pm Mar 15, 2010 3:08pm
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
if someone missed that, finished at TP or BE, here maybe another chance. I have TBL on my feed, under fibo level, maybe after breaking it we will have sound down move.
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  • #58,234
  • Mar 15, 2010 3:15pm Mar 15, 2010 3:15pm
Quoting oromek
if someone missed that, finished at TP or BE, here maybe another chance. I have TBL on my feed, under fibo level, maybe after breaking it we will have sound down move.
Hey oromek,

If at all, I would recommend using this type of setup when the market is trending sharply. Jmaes16 gave some examples of this type of pattern as a way of catching moves in a trending market, but not CT or sideways.

Ben
  • #58,235
  • Mar 15, 2010 3:23pm Mar 15, 2010 3:23pm
Quoting neutro
What do you guys do with that GU weekly pin trade that's on?
Hey neutro, where did you enter? On my feed the weekly pin hasn't broken. I'm giving it 20-30 pips above the highs.


-- Danny
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  • #58,236
  • Mar 15, 2010 3:31pm Mar 15, 2010 3:31pm
Quoting benji533
Hey oromek,

If at all, I would recommend using this type of setup when the market is trending sharply. Jmaes16 gave some examples of this type of pattern as a way of catching moves in a trending market, but not CT or sideways.

Ben
i see Ben. I was thinking that break through this TBL could reinforce daily PB, but this PB definitely didnt start new trend so far. I'm not going to take this as my time for sleep is quite close, and i dont want to leave trade at this stage unattended.
I'm always looking for additional price actions after first one, to quickly increase original position size.
thanks
oromek
  • #58,237
  • Mar 15, 2010 3:34pm Mar 15, 2010 3:34pm
Quoting bluetrader
Hey neutro, where did you enter? On my feed the weekly pin hasn't broken. I'm giving it 20-30 pips above the highs.


-- Danny
Yeah these buffers are very important. I know the fear is to miss some of the move or catch in early but I can't tell you how many times waiting for a clean break saves ones rear
  • #58,238
  • Mar 15, 2010 3:35pm Mar 15, 2010 3:35pm
Quoting neutro
What do you guys do with that GU weekly pin trade that's on? It isn't looking very nice, and on my feed it's turning into a 2 day pin. I've moved my stop to just below 1.5000.

How would you have played or are you playing this?

(I'm just demoing, but I'm interested in opinions)

Thanks.
Hey neutro,

I would say, stick to the plan no matter what. If you are trading the weekly, I wouldn't care about what's going on with the daily. I found that many of the winners I have back tested wouldn't be winners if I would dive down to lower TF, analyze it too deeply, complex thing, keep staring at how price moves, think too much about what could and couldn't be if I would do this or that then or now etc.
If you would think hard enough, you will always be able to find reasons to do the opposite of what you have planed of doing. But that's not what trading is about. That's because trading isn't a perfect thing, just possibilities.
Define yourself a pattern. You decided entering? get a plan and only then enter. Then just stick to it and do nothing else. Keep things simple.

By the way, I had a pending order 20 pips above the first pin's high, and it had never triggered. I canceled it once the next bar didn't break. Using a buffer would avoid many fake breaks. On weekly I would say 20-40 pips.

Hope that helps,

Ben
  • #58,239
  • Mar 15, 2010 3:36pm Mar 15, 2010 3:36pm
Quoting bluetrader
Hey neutro, where did you enter? On my feed the weekly pin hasn't broken. I'm giving it 20-30 pips above the highs.


-- Danny
Hello,

I've entered at 1.5205, 1 pip from high. I know it's too close, but had it been 10 pips away it would still be triggered.

And i see a lot of 2 day pins on most EUR and GBP pairs, telling us to go short on these 2.

EURAUD retested the historic (at least from my chart going back to 1999) low at 1.5 and it went down.

EURJPY retested 125 and went down, made a 2 day pin.

GBPJPY made a textbook 2 day pin off descending TL.

Things don't look so good..

Or do they?
  • #58,240
  • Mar 15, 2010 3:39pm Mar 15, 2010 3:39pm
Quoting benji533

By the way, I had a pending order 20 pips above the first pin's high, and it had never triggered. I canceled it once the next bar didn't break. Using a buffer would avoid many fake breaks. On weekly I would say 20-40 pips.

Hope that helps,

Ben
Agreed

A rough breakdown of my buffers(rough)

hourly - 5-12
4hr - 10-20
daily 15-30
weekly 20-40

Again real rough as you have to see what else is close by and type of pair etc

Mike
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