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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

  • #60,081
  • Apr 7, 2010 12:37am Apr 7, 2010 12:37am
Quoting steven_leo
hello mike.....may i ask something about the trade.....is it not worthy because of it is near a ressistance.....?i am still learning about PA...would like to get as much info as i can.....
Hey Steven

yes you are correct. Basically when we play these bars as continuations they are in my view more tricky for people. When you buy a new high like this you are usually trading right into a trouble area and people mis manage them. I love continuations don't get me wrong but the "story" has to be right for me(usually in a breakout sense, which this aud/usd has some of that, with the trendline).

Hope that helps
Mike
  • #60,082
  • Apr 7, 2010 12:39am Apr 7, 2010 12:39am
Quoting khairul81
Hi guys,my name is kai and I am from Singapore.I have been reading the james16 thread for 2mths and have been demoing on the mt4.I have been profitable on demo and I am happy that I found this thread on FF.

It took me a while to read up Some of the threads and i don't think anybody could! Haha.

Anyway i have a question on what is a Rac zone and a Touch trade? I am hoping to get a detailed answer maybe with some examples.

Kai
Hey Kai

I don't really know to much about Raczefx stuff, I know sometimes he watches some nice swing points and the retracement just shy of the 61.8(esp when it lines up with a PPZ). But I will let others clarify that.

As for a touch trade, that is simply having a pending limit order. So say you see strong resistance above head, instead of waiting for a price bar, you simply play a pure sell or a touch of that area. It is more aggressive, but if nailed you get a real nice small stop and can get in the beginning of the move that Price bars you have to wait for more information.

Best
Mike
  • #60,083
  • Apr 7, 2010 12:55am Apr 7, 2010 12:55am
Quoting mbqb11
Hey Steven

yes you are correct. Basically when we play these bars as continuations they are in my view more tricky for people. When you buy a new high like this you are usually trading right into a trouble area and people mis manage them. I love continuations don't get me wrong but the "story" has to be right for me(usually in a breakout sense, which this aud/usd has some of that, with the trendline).

Hope that helps
Mike
hmmm...if it doesn't have that trendline then it is not even "close" to ur story ya mike...?i am asking too much i think.....

anyway...glad to see some ppl still active from the first until now......has been a few years already.....
  • #60,084
  • Apr 7, 2010 1:03am Apr 7, 2010 1:03am
Quoting g_j_hook@yah
hi Steven, i liked this also and have been waiting for a break. i caught the retrace after the break and am still hanging in there to see what tomorrows sessions bring...??? it hit the 50% line to the pip and hovered on the 38%, never closing below it(see 15min chart)and above the TLs i have,(a nice example of res. becoming sup.) showing the validity(imo) of the move.
i still like it. i see rsistance at .93-.9320 and .9370-.94. i hope to see 94 soon??

jon
94 is good for me if it really gets there.....
let's see......
  • #60,085
  • Apr 7, 2010 1:21am Apr 7, 2010 1:21am
Quoting khairul81

Anyway i have a question on what is a Rac zone and a Touch trade? I am hoping to get a detailed answer maybe with some examples.

Kai
It's voodoo we can't figure out. LOL.

Quoting supremeChaos
thanks bro..
i was looking for that (supposed to add it on my post above).

NewinTown22,
this one.
Welcome. =)
One Mind, Any Market
  • #60,086
  • Apr 7, 2010 1:37am Apr 7, 2010 1:37am
Quoting mbqb11
Hey Kai

I don't really know to much about Raczefx stuff, I know sometimes he watches some nice swing points and the retracement just shy of the 61.8(esp when it lines up with a PPZ). But I will let others clarify that.

As for a touch trade, that is simply having a pending limit order....
hey man tanx.been reading your posts and others.i hope to be conservative trader like you one day and just be picky.are you as picky when you are finding a girlfriend?? Hahaha
  • #60,087
  • Apr 7, 2010 1:37am Apr 7, 2010 1:37am
So guess I'm going to say most of what has been said already... that this stuff here should be gold plated, framed on your walls, tattoo on your body (kidding), and something to ink into your memory. I joined the PF site 'cos if the meat is good, then just cut to the juicy part right away (IMHO). Spend some time on the public site, then joined the PF in late March, spend 2 solid days digesting the key principles, applied it this week. It basically "framed" my trade better, and let me see the "roadmap" clearer, using some of consulting experience jargon. It increases the clarity on price behavior, and Mike's traffice/space speech is classic. I went back to my past trades for the last 6 months, and I'm going "a-ha" and "a-ha" 'till my dogs start barking mad Case in point, GU movement yesterday. Once those pivot zones in place, price rejection above, pin-bar as arrowed (small-ish though), price broke ascending trendline, looking to sell and did just that. Thanks James and team.

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  • #60,088
  • Apr 7, 2010 2:00am Apr 7, 2010 2:00am
PA can be nice, but sell order at 1.0735 with 30 pips stop worth the risk IMO.
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Wellcome to the good life!
  • #60,089
  • Apr 7, 2010 2:07am Apr 7, 2010 2:07am
Quoting khairul81
Hi guys,my name is kai and I am from Singapore.I have been reading the james16 thread for 2mths and have been demoing on the mt4.I have been profitable on demo and I am happy that I found this thread on FF.

It took me a while to read up Some of the threads and i don't think anybody could! Haha.

Anyway i have a question on what is a Rac zone and a Touch trade? I am hoping to get a detailed answer maybe with some examples.

Kai
http://www.forexfactory.com/showpost...ostcount=45043

But i hope you will practice the basics first.
.
  • #60,090
  • Apr 7, 2010 3:06am Apr 7, 2010 3:06am
Quoting steven_leo
94 is good for me if it really gets there.....
let's see......
yup...yesterdays high is the first hurdle as i see it and the bulls made an attempt last night but only managed the same price.That sup. at 9250-60 is still holding up though.
like you say...let's see

jon
PATIENCE... DISCIPLINE
  • #60,091
  • Apr 7, 2010 3:11am Apr 7, 2010 3:11am
Quoting nasir.khan
But i hope you will practice the basics first.
.
Quoting khairul81
hey man tanx.been reading your posts and others.i hope to be conservative trader like you one day and just be picky...
Hello fellow Asian,
Sir mbqb11 & raczekfx are unique traders; that is, they have different trading styles.
read through their posts & find which best suits your personality.
Good luck!
  • #60,092
  • Apr 7, 2010 3:39am Apr 7, 2010 3:39am
This thing troubles me. From time to time (and it's not rare that this happens), when I place an order on my platform, I get the window below. Order is accepted but it doesn't get into the market.

After a couple of minutes, it says "Off quotes" and it cancels my order. And it's not a market order, i try to modify a SL.

Anyone know what's happening? It's the n-th time that this happens, but I'm glad it's only on demo, 'cause it would suck otherwise.

The broker is FxOpen.
Attached Image
  • #60,093
  • Apr 7, 2010 3:56am Apr 7, 2010 3:56am
Hi

In the chart below Jim has circled a DBLHC in what looks like a downtrend from beginning of April?
Could it also be taken as a 4 bar matching low? Or if we were live at the close of the first bar of the DBLHC , could we take it as a 3BML and expect the downtrend to continue?

Or does it only become a ML if the downtrend continues?
Thanks
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  • #60,094
  • Apr 7, 2010 4:02am Apr 7, 2010 4:02am
If it is not a problem on you side, like slow internet connection, ect.

Just find a broker who who will execute your trades.


There are threads that discuss different brokers you can check out.



Best regards

Dale
  • #60,095
  • Apr 7, 2010 4:23am Apr 7, 2010 4:23am
attached is the daily on GBPUSD a pin bar has formed on previous day - so i could go long 10 points above the pinbar. pinbar also was extremely close to the 38 on fibo,
also the price is close to the support level of the past 12months and the rsistance is a long way off for the past 12 months.

so i have a daily pin bar -38% fibo retracement and support and resistance

any comments would be appreciated.

yes im a newbie and i have been reading this tread - up to page 60 only 3000 more to read!

thanks in advance
Attached Image (click to enlarge)
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Thank you J16 & Trader Dante
  • #60,096
  • Apr 7, 2010 4:29am Apr 7, 2010 4:29am
Quoting supremeChaos
Hello fellow Asian,
Sir mbqb11 & raczekfx are unique traders; that is, they have different trading styles.
read through their posts & find which best suits your personality.
Good luck!
Hi Supreme,the reason why i want to be a conservative trader is bcos I am aggresive when trading.i got proof of it in my demo acct.haha
  • #60,097
  • Apr 7, 2010 4:38am Apr 7, 2010 4:38am
Quoting chartergas
attached is the daily on GBPUSD a pin bar has formed on previous day - so i could go long 10 points above the pinbar. pinbar also was extremely close to the 38 on fibo,
also the price is close to the support level of the past 12months and the rsistance is a long way off for the past 12 months.

so i have a daily pin bar -38% fibo retracement and support and resistance

any comments would be appreciated.

yes im a newbie and i have been reading this tread - up to page 60 only 3000 more to read!

thanks in advance
Dont we need to wait for the third bar (eye) to close?

New also so I might be way off but are these reasons for not being a good trade even if a pb:
1) Strong downtrend since Nov
2) No fib retracement from a high
3) 'Traffic' to the left
4) minor resistance at 1.532
5) minor pivot zone at 1.525

Am I way off?
  • #60,098
  • Apr 7, 2010 4:38am Apr 7, 2010 4:38am
Quoting neutro
This thing troubles me. From time to time (and it's not rare that this happens), when I place an order on my platform, I get the window below. Order is accepted but it doesn't get into the market.

After a couple of minutes, it says "Off quotes" and it cancels my order. And it's not a market order, i try to modify a SL.

Anyone know what's happening? It's the n-th time that this happens, but I'm glad it's only on demo, 'cause it would suck otherwise.

The broker is FxOpen.
Fxopen has been having problems lately, you can always shift to another mt4 feed such a fxpro etc...I am assuming it's demo you are talking about.

g.
I believe . . .
  • #60,099
  • Apr 7, 2010 4:40am Apr 7, 2010 4:40am
Quoting mbqb11
Those of you who played(and were patient) to wait for that break got paid off nice today
Hi, i have a question regarding the PB play. Since the low of the 2nd bar does not penetrate the PB low, how long does one have to wait before concluding that this setup is invalid?

For education purpose, can you please illustrate how you would plan to manage this trade? Attached mine for your kind pointers if i were to be in this trade.

IMHO, this is a great PB setup!
Triple top + BRN 90.00 + Confluence of 50% fib on weekly timeframe + in the direction of major trend... Nice!!!
Attached Image
  • #60,100
  • Apr 7, 2010 4:49am Apr 7, 2010 4:49am
Quoting chartergas
attached is the daily on GBPUSD a pin bar has formed on previous day - so i could go long 10 points above the pinbar. pinbar also was extremely close to the 38 on fibo,
also the price is close to the support level of the past 12months and the rsistance is a long way off for the past 12 months.

so i have a daily pin bar -38% fibo retracement and support and resistance

any comments would be appreciated.

yes im a newbie and i have been reading this tread - up to page 60 only 3000 more to read!

thanks in advance
You identified the deficiencies well.

It may not be a great take long, but in my book was a good short trade. I played it as a bearish IPB...and got out with a BE.

g.
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I believe . . .
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