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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

  • #59,561
  • Mar 30, 2010 11:36am Mar 30, 2010 11:36am
Quoting TGpop
cut down to 10 pairs as they are all correlated...
nonono sorry. Have to jump in here. Just b/c you have 4 xxx/jpy pairs and they are correlated in general, doesn't mean it is exact. Far from it. Signals will still appear on one, especially with different price movements, and locations that may generate a signal on one vs the other. And even if they all generate similar scenarios one maybe be better then other. Benji is doing the right here watching as many markets as he can get his hand on.

Best
Mike
  • #59,562
  • Mar 30, 2010 11:39am Mar 30, 2010 11:39am
Quoting nasir.khan
Hey Jarroo this why you're best at finding confluence.
I got BE in my previous two attempts But I wasn't near my charts when this happened. LOL.Never mind I have some other runners also.
http://www.forexfactory.com/showthre...=62141&page=38

I don't know if I'm the best, but studying Rac's charts have help me greatly in finding strong layered confluences.

Nice nasir. I like your Eur/Gbp. I haven't check them all but that one caught my eye.
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Indicators show the past. Price Action "Indicates" the future.
  • #59,563
  • Mar 30, 2010 11:57am Mar 30, 2010 11:57am
Quoting bertie123
Like to combine 2 bars but this one is just below BRN at 1.60 and there is also a good bit of traffic to the left, so a pass for me.

berti
Hey berti,

This type of setup is exactly what I would like to see personally.
We want great bars at great locations. So let's break it down:
Firstly, you have this big bar engulfing the range of the whole three prior bars (see bluetarder's chart). This personally shows me strength.

For location, we are at an extreme low exactly where we should be first looking for these type of bars. Secondly, we are standing on a big round number. In addition these is kind of wired divergence going on which I didn't point on my chart. You can consider it as an additional confluence to the whole deal.

If I understand you correctly, you are saying the bar is located exactly on the BRN itself instead of standing on top of it? hope I got you correctly.
For me personally it is exactly what I want. As Mike says, you can see how the bar gone through the BRN far enough for testing all the orderflow surrounding that level. In addition, the closer the BRN, the smaller the odds for a draw down imo, because usually this is the key level which "protect"s your stop. I do not like when the bars are standing on top or below the BRN. Bouncing off it is the best.
I would be watching how that bar closes. Hopefully I would manage to come up with a 2D bar chart before lol.

Watching the first trouble area and understanding Jame16's pivots it would be the next thing on the list.

Hope that make sense.
Ben
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  • #59,564
  • Mar 30, 2010 11:58am Mar 30, 2010 11:58am
Quoting benji533
All you have done is placed the number "2" in the "period multiplier" and then opened the 2D offline chart? I don't get the same bar as you. What feed are you using?
Thanks
Just open the charts in the timeframe you would like to merge. Make sure the "Common" tab is configured properly (see first image). Click OK.

Sometimes the days don't merge properly (off by 1), so I need to do a time shift (see second image). Click OK.

That's it.

Hope this helps.

-- Danny
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  • #59,565
  • Edited 12:28pm Mar 30, 2010 12:09pm | Edited 12:28pm
Quoting benji533
Chart
Done
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  • #59,566
  • Mar 30, 2010 12:13pm Mar 30, 2010 12:13pm
Quoting bluetrader
Just open the charts in the timeframe you would like to merge. Make sure the "Common" tab is configured properly (see first image). Click OK.

Sometimes the days don't merge properly (off by 1), so I need to do a time shift (see second image). Click OK.

That's it.

Hope this helps.

-- Danny
Still doesn't look like that. Well, I guess it's just another feed. I need to check the other feeds.
Thanks for the help bud.
  • #59,567
  • Mar 30, 2010 12:18pm Mar 30, 2010 12:18pm
Quoting Mp1983
Hi Jarro.

I love the way you make entries and TP's look so simple!

My question to you;based on the chart you have drawn when would you consider the trend to have reversed or at least a reversal have been confirmed? When it breaches the high on the extreme left of the chart or at some other juncture?

Thanks.

MP.

Thanks MP.

I try to keep on the same path of James16. Keep is simple. Believe me, when I start making things more complicated its a red flag. The red flag tells me its time for a James16 chart review. Then I go through a bunch of them.


Trend reversal. The age old question. The trend is your friend until the bend in the end. Etc.

Breaking new Highs is a good indication. Price forming higher Highs and higher Lows is another. Big Price Action, like the famous Cad Weekly Pin Bar Nov. 2007. It is all important to observe.

On the 4 hour Gbp/Jpy, the trend on that time frame was down. This wedge formation did breakout, which should have given me pause that the short term uptrend could have been continuing. Hind sight is always 20/20.

I like when Price breaks a strong Resistance (or PPZ level) in an uptrend, then Price acts as Support. Much like the 138.00. Price is respecting PPZ levels in a up hill or up the steps of a up trend.

Just some thoughts,

Jim

(don't know it I came close to answering your question)
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Indicators show the past. Price Action "Indicates" the future.
  • #59,568
  • Mar 30, 2010 12:23pm Mar 30, 2010 12:23pm
Quoting benji533
.....and FXPro would require at least 20K to start with if I want to be able to position size myself smartly. Bummer......
Hi Ben,
i am thinking about opening an account with fxpro and i don't have 20K, could you explain what you mean above and hw that can be a show stopper for me.

thnx,
nustra
  • #59,569
  • Mar 30, 2010 12:24pm Mar 30, 2010 12:24pm
Jarro, yes it did go somewhere to answering the question.

I guess it's really more of a subjective thing but for amateurs like myself going with the trend can help build confluence whereas pro's like you can go against the trend, as in your GBP / JPY short, and still come out profitable.

Thanks again.

  • #59,570
  • Mar 30, 2010 12:25pm Mar 30, 2010 12:25pm
Quoting joelcf

Agreed. The whole 'trading author' scene seems pretty close knit (or inbred, depending on how nice you want to be) and it just turns into a big self-reinforcing spiral. One guy says something, another one quotes him, then a third guy quotes the second, and pretty soon the entire basis for the argument is lost, and it becomes the next 'cut your losers, let your winners run' or 'trade 2%'.
I'll let everyone in on a secret.... but don't share it with anyone. Becoming an 'expert' is easy.

Get published. It really is NOT hard. The first step is to become a 'technical editor', or an accuracy/fact editor. Once you've done a few of these, you'll likely get asked to write a book, or part of one.

Once your name is on a book, you are an expert. Trust me.

I've participated in this mosh-pit in the distant past, (technology based, not trading) and let me tell you, being introduced as "the author of..." is as good of a instant credibility creator I've ever seen... And PT Barnum was right.

Today, a way in is to begin to write a blog, or a bunch of thoughtful or provocative posts in a large forum. The ability to seemingly 'make sense' is an art, because content is NOT king, but easy to understand and interesting writing is. Hence, some of us here will be (if not already) approached to write someplace. And then you are an expert again....

Anyhoo - the best never wins. If it did, McDonald's would not be the biggest and baddest burger chain in the world. It is all in the presentation.

(Shucks - I'll never get this five minutes back...)
I'm pretty much done with all this ...
  • #59,571
  • Mar 30, 2010 12:32pm Mar 30, 2010 12:32pm
Quoting Nustra
Hi Ben,
i am thinking about opening an account with fxpro and i don't have 20K, could you explain what you mean above and hw that can be a show stopper for me.

thnx,
nustra
The minimum they allow risking per pip is 1$. So basically if I want to play dailies (not to talk about weeklies), my average stop would be at least let's say 200 pips at least. So for risking 1% per trade, I would need at least 20K in my equity, which I don't really have.
  • #59,572
  • Mar 30, 2010 12:38pm Mar 30, 2010 12:38pm
Quoting Mp1983
Jarro, yes it did go somewhere to answering the question.

I guess it's really more of a subjective thing but for amateurs like myself going with the trend can help build confluence whereas pro's like you can go against the trend, as in your GBP / JPY short, and still come out profitable.

Thanks again.

That's the funny thing. . . .I thought I was going with the down trend. lol

The thing I didn't observe more closely was the wedge breakout. Time to study more of Mike's charts.

Having a clear setup, which I saw the Double IB as, and seeing a clear obvious target, 138.00, and protecting yourself a long the way can make anyone a pro.
Indicators show the past. Price Action "Indicates" the future.
  • #59,573
  • Mar 30, 2010 12:43pm Mar 30, 2010 12:43pm
7,002 posts . . . . WTF.
Indicators show the past. Price Action "Indicates" the future.
  • #59,574
  • Mar 30, 2010 12:53pm Mar 30, 2010 12:53pm
Quoting jarroo
7,002 posts . . . . WTF.
....WOOW....

congrats for your numbers

being an member from 2005 till now, thats a lot of time spend through FF

chears!!
  • #59,575
  • Mar 30, 2010 12:54pm Mar 30, 2010 12:54pm
Quoting triger88990
....WOOW....

congrats for your numbers

being an member from 2005 till now, thats a lot of time spend through FF

chears!!
hehe his posts are way more then that. All us old folks lost most of our posts at one point they cut the number in like half. Makes us look less lame
  • #59,576
  • Mar 30, 2010 12:59pm Mar 30, 2010 12:59pm
Quoting mbqb11
hehe his posts are way more then that. All us old folks lost most of our posts at one point they cut the number in like half. Makes us look less lame
I gotta get out more. . . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #59,577
  • Mar 30, 2010 1:03pm Mar 30, 2010 1:03pm
Quoting bluetrader
Just open the charts in the timeframe you would like to merge. Make sure the "Common" tab is configured properly (see first image). Click OK.

Sometimes the days don't merge properly (off by 1), so I need to do a time shift (see second image). Click OK.

That's it.

Hope this helps.

-- Danny
Cool. I'll check out.

Thanks Danny.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #59,578
  • Mar 30, 2010 1:15pm Mar 30, 2010 1:15pm
Finally. At least I have learned something new today. Thanks Danny
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  • #59,579
  • Mar 30, 2010 1:42pm Mar 30, 2010 1:42pm
Anybody in this one?

4hr pin off the 140 BRN.
Bounce off the 365 EMA
Downward Divergence
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  • #59,580
  • Mar 30, 2010 1:52pm Mar 30, 2010 1:52pm
Quoting jarroo
I gotta get out more. . . . lol
Not sure if you are a full time trader, but..
Don't worry. I bet the time you have spent around the forums and charts goes nowhere close to 10 daily boring and frustrating hours of job like regular people. It becomes so usual for them they forget there is anything else. Day begins with work, ends with work. All week. Like robots.

One day, if you will have a big enough account to play only the dailies and weeklies and make enough+, then it was worth every tear and trip of sweat imo.
There are people out there wasting their life doing crap and struggling to keep their family standing. People who spend their entire young years studying and printing degrees, and then get fired after after a few years with no way back.

Beside, if you enjoy trading, what can be better? when you want, much you want, how you want and everything you want.

ohh, and let's not forget the valuable help you are providing here for anyone what can be better jarroo my friend?

Ben
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