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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

  • #60,381
  • Apr 9, 2010 2:14am Apr 9, 2010 2:14am
Quoting Dan Gilbert
this zig zag indicator is pretty damn nice.

I can use it to see swing highs and swing lows, plot my PPZs accordingly, and whalla!

Again, I find these tools great for leaving my own brain at the door. If I can have any tool that prevents analysis paralysis, I'm going to utilize it.

If I finish plotting PPZs, and want to plot more of the "minor" PPZs, just change the settings on the indicator, and draw some more.
Be careful with that ZigZag. It could get you scratching your head next morning.
Where's that ZigZag and why are those PPZ are there????. lol

I remember when i used to be searching for holy grail by coding formulas in Meta Stock. I coded that ZigZag indi into system tester (EA) and it gave zero losses + zero draw downs results. I thought i got my holy grail.
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  • #60,382
  • Apr 9, 2010 2:14am Apr 9, 2010 2:14am
Thanks for the info.
Nicely explained
I am so out of date that I have not yet caught the Millennium Bug.
  • #60,383
  • Apr 9, 2010 2:16am Apr 9, 2010 2:16am
Quoting nasir.khan
Be careful with that ZigZag. It could get you scratching your head next morning.
Where's that ZigZag and why are thos PPZ are there????. lol

I remember when i used to be searching for holy grail by coding formulas in Meta Stock. I coded that ZigZag indi into system tester (EA) and it gave zero losses + zero draw downs results. I thought i got my holy grail.
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lol! I don't mean to use it as particular "system".... It's just a good way to find the most important PPZs without hurting your eyes. that's all.
Many choose unhappiness over uncertainty.
  • #60,384
  • Apr 9, 2010 2:16am Apr 9, 2010 2:16am
Quoting nasir.khan


I must say Markets nowadays are so much smooth. It's ranging 30% of the times and trending 70% of the times.

No wonder you see how many of those trend trading type and many other threads are popping up. No disrespect but it will be interesting to see how many of those stay above the water when markets will be back to ranging conditions nearly in holiday season (maybe).
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That's the beauty of Price Action my friend. Some prefer ranging markets, like James16, I believe. They provide more predictability in some cases. They tend to have stronger definable boundaries (PPZs) but the traffic can be a bit of getting use to due to their short term targets. But ranging markets can be very tradable when clear setups present themselves.
Indicators show the past. Price Action "Indicates" the future.
  • #60,385
  • Apr 9, 2010 2:18am Apr 9, 2010 2:18am
the eur/jpy looking good now?
waiting to see where this bar closes?

dont know how relevant it is (i shouldnt even be looking at this TF) , but on the 4hr looks like a probable dblhc?

still looking for my first demo trade......

similar setup on 22/3
  • #60,386
  • Apr 9, 2010 2:23am Apr 9, 2010 2:23am
Quoting nasir.khan


I must say Markets nowadays are so much smooth. It's ranging 30% of the times and trending 70% of the times.

No wonder you see how many of those trend trading type and many other threads are popping up. No disrespect but it will be interesting to see how many of those stay above the water when markets will be back to ranging conditions nearly in holiday season (maybe).
.
You played this much better than me...missed the reversal point got in late and got out early ...lol

you long gold now?
  • #60,387
  • Apr 9, 2010 2:33am Apr 9, 2010 2:33am
Quoting jarroo
That's the beauty of Price Action my friend. Some prefer ranging markets, like James16, I believe. They provide more predictability in some cases. They tend to have stronger definable boundaries (PPZs) but the traffic can be a bit of getting use to due to their short term targets. But ranging markets can be very tradable when clear setups present themselves.
Fully agree, PA and S/R work always in any condition and 5 years of this thread is a BIG PROOF to that.

Although i did pretty well in rang of EU in Feb04-Mar17 but i am waiting for the tough ranging markets to test my skills.

Btw it's tradeable.
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  • #60,388
  • Apr 9, 2010 2:35am Apr 9, 2010 2:35am
Quoting nasir.khan
Fully agree, PA and S/R work always in any condition and 5 years of this thread is a BIG PROOF to that.

Although i did pretty well in rang of EU in Feb04-Mar17 but i am waiting for the tough ranging markets to test my skills.

Btw it's tradeable.
.

lol . . .its both

http://www.merriam-webster.com/dictionary/tradable
Indicators show the past. Price Action "Indicates" the future.
  • #60,389
  • Apr 9, 2010 2:41am Apr 9, 2010 2:41am
Quoting Dan Gilbert
lol, that one looks ok except for how that pair isn't on a VBRN either ....


If anyone wants to join in with me on shot-gun trading their demo accounts, feel free!

these are all demo trades.....
Hey Dan,

For the AUD/NZD IB trades, you put both a buy stop and sell stop at the same time. Which bar did you based your levels on? The green bar (yesterday's bar) or the red one prior to that? And could you tell me what is your SL for each pending order? Is it at the other end of each order ie for the buy stop, SL = sell stop level and vice-versa?
Hope I did not make a mess of this message

CY
  • #60,390
  • Apr 9, 2010 2:47am Apr 9, 2010 2:47am
Quoting james16
PLEASE TAKE THE TIME TO READ THIS ENTIRE FIRST POST SLOWLY AND WITH FOCUS. MANY OF YOU ARE DAUNTED ABOUT TRYING TO READ THIS ENTIRE THREAD. IF YOU WILL READ THIS FIRST POST AND THEN GET INVOLVED WITH THE CURRENT POSTING THE OLD TIMERS CAN GET YOU UP TO SPEED IN SEVERAL WEEKS. FOR THOSE THAT DECIDE TO READ THE WHOLE THING IT WILL CERTAINLY NOT HURT YOU. TAKE YOUR TIME AND ENJOY THE RIDE. IM HERE VIA EMAIL AT ANYTIME.


This is an update to the first post of this thread on 1/14/09. This thread was started long ago when Forex Factory was a...

James,
Thanks for this thread.
  • #60,391
  • Apr 9, 2010 2:56am Apr 9, 2010 2:56am
Quoting lovejoy80
You played this much better than me...missed the reversal point got in late and got out early ...lol

you long gold now?
How did you know. lol

From 48 and now at 53.
.
  • #60,392
  • Apr 9, 2010 3:02am Apr 9, 2010 3:02am
Quoting nasir.khan
How did you know. lol

From 48 and now at 53.
.
lol...knew you'd be all over it...I'm only in @ 53.85

Did you take UJ short...I missed it

Anyway digressing from the focus on this thread...off the daily pins I only took the CHF/JPY (and GU long) and am out it hit FTA of 87.50 and I took my $ .
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  • #60,393
  • Apr 9, 2010 3:10am Apr 9, 2010 3:10am
Quoting jarroo
Price may be consolidating and the bearish PB may be its indication.
The PB is of high quality with the 1.0700 in its sight. A short term short from the PB is plausible. 1.0700 is the key.

I like it holding the 1.0500, instead of the 1.0600 just because its a bolder Round Number.

Also breaking the previous Lower High can add to your long term up trend view.

Nice chart cprao.
Hi Jarroo,

Can we consider the 1.0700 lvl our first trouble area?? i still quite confuse on how to identify the so-call first trouble area.

Thank you,
skin
  • #60,394
  • Apr 9, 2010 3:17am Apr 9, 2010 3:17am
Quoting Dan Gilbert
2 more hrs.... (ibfx)

edit: I have set the order on the demo account, see previous page....
Hey Dan,

Strange why my IBFX live feeds shows different pb shape and hence I did not take the trade. My MT4 has GMT=0. Is yours different such that it produces different feed?

CY
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  • #60,395
  • Apr 9, 2010 3:18am Apr 9, 2010 3:18am
Quoting ertorque
Hey Dan,

For the AUD/NZD IB trades, you put both a buy stop and sell stop at the same time. Which bar did you based your levels on? The green bar (yesterday's bar) or the red one prior to that? And could you tell me what is your SL for each pending order? Is it at the other end of each order ie for the buy stop, SL = sell stop level and vice-versa?
Hope I did not make a mess of this message

CY
The smallest bar in this case, I sometimes do the second bar in the pattern (always on 4hr I use a bigger bar)

S/L is exactly how you worded it.... That one just got triggered to the short side actually... we'll see if it produces anything. All my other demos right now are in the green . granted they are just a bunch of the "same trade" on different pairs... still cool to watch
Many choose unhappiness over uncertainty.
  • #60,396
  • Apr 9, 2010 3:22am Apr 9, 2010 3:22am
Quoting ertorque
Hey Dan,

Strange why my IBFX live feeds shows different pb shape and hence I did not take the trade. My MT4 has GMT=0. Is yours different such that it produces different feed?

CY

my demo trades were taken on FXPRO... I was waiting on IBFX for a BUOB.... I run a few different accounts to get different feed times... I suggest you do it too!

if I was to look at a 24 hr bar right now, I would have a BUOB, so I could trade it right now if I wanted
Many choose unhappiness over uncertainty.
  • #60,397
  • Apr 9, 2010 3:35am Apr 9, 2010 3:35am
Interesting discussion about central bank intervention.

As far as the power of the SNB to keep CHF low is concerned, its possibilities to intervene are theoretically limitless. Demand for CHF is causing upward pressure. The SNB can print money, so theoretically, it can supply limitless CHF to keep it from appreciating too much.

Earlier, someone mentioned Soros and the BoE. The failure of the BoE to keep GBP in the bandwidth of the Exchange Rate Mechanism (ERM), was due to excessive downward pressure, or supply of GBP, not upward pressure, as is happening with CHF today. In other words, speculators, like Soros, were selling GBP, and the BoE had to buy what was offered to keep the exchange rate within the fluctuation bands of the ERM. How does the BoE pay for those pounds? Exactly, by selling their foreign currency reserves. And as we all know, a central bank can only print new domestic currency, so their foreign reserves are finite, and that's exactly what Soros and many other speculators were betting on, namely that they could offer more GBP than the BoE could pay for with its foreign reserves. So what else could the BoE do? They could counteract the supply of GBP by Soros and others by increasing the demand for GBP. That means increasing the domestic interest rates. And they did so big time. Under normal circumstances, higher British interest rates should lure investors to hold assets denominated in GBP, and therefore increase the demand for GBP. However, as we all know, it was too little, too late, and eventually the BoE had to give in to the pressures of the speculators and devalue the Pound Sterling.

But remember that today, the SNB is trying to keep CHF from appreciating, so that's the opposite of what happened with Pound Sterling in the ERM, and theoretically the SNB has limitless resources to keep CHF low. They can print new CHF to satisfy the demand which causes upward pressure on CHF.
It's not about how much you make, it's about how much you don't lose.
  • #60,398
  • Apr 9, 2010 3:42am Apr 9, 2010 3:42am
Quoting ertorque
Hey Dan,
Strange why my IBFX live feeds shows different pb shape and hence I did not take the trade. My MT4 has GMT=0...
Quoting Dan Gilbert
my demo trades were taken on FXPRO.....
Hello ertorque, others,
this explains why yours is different.
always remember each of us here uses a different feed/s (not to mention being live &/or demo).
IBFX is GMT + 0, while FXPro i think is GMT + 2 (or + 3)

u should always check what broker the charts (posted here) are from prior comparing to your own charts
  • #60,399
  • Apr 9, 2010 3:43am Apr 9, 2010 3:43am
Quoting supremeChaos
Hello ertorque, others,
this explains why yours is different.
always remember each of us here uses a different feed/s (not to mention being live &/or demo).
IBFX is GMT + 0, while FXPro i think is GMT + 2 (or + 3)

u should always check what broker the charts (posted here) are from prior comparing to your own charts
you gave a better explanation thanks broheim
Many choose unhappiness over uncertainty.
  • #60,400
  • Apr 9, 2010 3:45am Apr 9, 2010 3:45am
NZDUSD is launching outta that 4hr trendline! I caught it! going to bed now guys. my eyes are blood shot
Many choose unhappiness over uncertainty.
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