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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

  • #61,401
  • Apr 20, 2010 3:43pm Apr 20, 2010 3:43pm
Quoting The Captain
One thing I don't understand with the way you guys trade here. It is always take profit at the first trouble area. But why? Why not dial down onto the 1 hour or 15 minute and look for candle confirmations of a reversal. Rarely does price just head back up without some sort of pinbar, dblhc, etc on the lower time frames. I've seen it very often where people here have take profits set at trouble areas and the price just continues right through. Just a thought.
This isn't true though if you read through a lot of posts you will see many of us manage trades in a variety of ways. The key is never being caught off guard by the market and you can make better logical decisions based on that and see where you land.

Best
Mike
  • #61,402
  • Apr 20, 2010 3:46pm Apr 20, 2010 3:46pm
Quoting Mp1983
Hi All, is anyone able to explain the significance of MA's? I can understand why price reacts to different PPZ's or certain fib's or TL's etc but why does price also behave in a similar way when touching MA's?

MA's are agreements in price so to speak. Be it you use a 365 or a 200 , nothing really significant is going to change. Longer MAs are going to represent longer term agreements and shorter term, well shorter. For most they are nothing more then added confluence or a guide. Sort of a way of being with the trend of the "avgs" since trends are self perpetuating to a certain extent. If they add to your trading and your confluence and mgmt they are great, if they don't then lose em I think for a lot of people it becomes a visual thing with them. I got rid of them b/c they don't really help me see anything better then I can just see on the chart by itself(visually I can identify the same things that is).

Just my opinion though
Mike
  • #61,403
  • Apr 20, 2010 3:54pm Apr 20, 2010 3:54pm
Thanks Mike. Would be interested to know your thoughts on what the key markets are in terms of significance and knock on affects in other markets.

Would you agree with:

Crude > Gold > Equities > FX (Major > Minor).

  • #61,404
  • Apr 20, 2010 3:58pm Apr 20, 2010 3:58pm
Quoting jarroo
I think this is where people get into trouble when they take a Daily PA setup and look to lower time frame PA to get out.

The lower time frame reversal may infact work out but more often than not they are short lived.

If I understand you correctly.
I was basically just referring to guys setting TP's at the first trouble area and leaving it like that without any sign of a reversal... Just seemed like what most people do here, but I could be wrong.
Cap
  • #61,405
  • Apr 20, 2010 4:04pm Apr 20, 2010 4:04pm
No, I didn't place a sufficent buffer, on my feed it would of had to been above 10 ticks. Looks like I missed a nice little mover!

Quoting ertorque
Hi Pin,

I too placed my SL at the left eye with some buffer but was kind of lucky because price was 3 pips away from hitting my SL. I scaled out 3 times with small profits; the final one being at 1.0111 (ask price) so was happy how things turned out but it wasn't without fear and anxiety watching the 1H go up and down before finally breaking the short end of the PB of the weekly

Better luck next time!

P/S: BTW, did you include spread in your SL? It is common for people to just look at the left eye's price and add some buffer without adding...
  • #61,406
  • Apr 20, 2010 4:05pm Apr 20, 2010 4:05pm
Quoting Mp1983
Thanks Mike. Would be interested to know your thoughts on what the key markets are in terms of significance and knock on affects in other markets.

Would you agree with:

Crude > Gold > Equities > FX (Major > Minor).

In all honesty I was never good at comparing markets in terms of using it for any real trading ability. I simply like to stick to what I can see on the chart alone. Sometimes you can't help but notice when there is a theme around the markets but that is about as deep as I get. Because at the end of the day the money still has to flow in and out of the market you are looking at.

Wish I had a fancier answer

Mike
  • #61,407
  • Apr 20, 2010 4:06pm Apr 20, 2010 4:06pm
Quoting NewinTown22
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is 20 and 40.. I type 365 in the 20 or 40 ones but do not work.. Then i just set all the values to 0 except for value 1 that is 365 but nothing happens either..
I'm not familar with that Plat. I'll check it out though.
Indicators show the past. Price Action "Indicates" the future.
  • #61,408
  • Apr 20, 2010 4:25pm Apr 20, 2010 4:25pm
Do you guys think this is indicative of some kind of insider trading going on behind the scenes?

Quoting artov
Before I started college, I used to trade the 5m chart. Look at this BUOB less than 30 minutes before the NFP release. You could even have brought the SL to BE and still be in for the big post-NFP ride.

Did I take it? No, I was scared for the NFP. But after that I decided I'm never going to ignore good PA before a major newsrelease. That's why I took this USD/CAD
  • #61,409
  • Apr 20, 2010 4:28pm Apr 20, 2010 4:28pm
Quoting The Captain
One thing I don't understand with the way you guys trade here. It is always take profit at the first trouble area. But why? Why not dial down onto the 1 hour or 15 minute and look for candle confirmations of a reversal. Rarely does price just head back up without some sort of pinbar, dblhc, etc on the lower time frames. I've seen it very often where people here have take profits set at trouble areas and the price just continues right through. Just a thought.
hi there Captain, it isn't always "take profit at the FTA", many people do take partial profits but certainly not everyone. it is always made clear that trade man. and money managment. are a personal thing which a person develops over time. remember this is a thread aimed at the absolute beginners as well as the more advanced students and one of the great attributes of managing your trades this way is it reduces or eliminates your risk very quickly(and secures some profit), which is always a good thing . the more a person gains experience the more he/she can modify the way they manage there trades.


hope this gives you some perspective

jon
PATIENCE... DISCIPLINE
  • #61,410
  • Apr 20, 2010 4:30pm Apr 20, 2010 4:30pm
Quoting jarroo
What demo broker are you using? can you post a chart?

thanx Jarroo, you beat me too it!

jon

EDIT:
Quote
Originally Posted by NewinTown22 http://cdn.forexfactory.com/images/buttons/viewpost.gif
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is...

why not use mt4?? its probably the best free charts out there imo.
jon
PATIENCE... DISCIPLINE
  • #61,411
  • Apr 20, 2010 4:41pm Apr 20, 2010 4:41pm
Hello All, just had a question regarding currency pairs and the relationship they all have to each other. I've been trading Daily's and Weekly's the J16 way for a little over 3 months now. I started off with every pair I could get my hands on to offer more opportunities to trade. But I found that the relationship between many were so close that it confused me a bit. I ended up cutting all the pairs with higher spreads ect... Just wondering what some of your thoughts are on this?
  • #61,412
  • Apr 20, 2010 4:46pm Apr 20, 2010 4:46pm
thanks for the comments g_j_hook and jarroo, I appreciate it!
  • #61,413
  • Apr 20, 2010 4:50pm Apr 20, 2010 4:50pm
Quoting NewinTown22
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is 20 and 40.. I type 365 in the 20 or 40 ones but do not work.. Then i just set all the values to 0 except for value 1 that is 365 but nothing happens either..
Once you set the parameters in ema1, then you click on the EMA button on the workstation. That should do it. You can have different settings at ema2, ema3, ema 4 and ema 5.


(Cheers jon. )
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Indicators show the past. Price Action "Indicates" the future.
  • #61,414
  • Apr 20, 2010 4:54pm Apr 20, 2010 4:54pm
Quoting Dan Gilbert
Hey I just want to say something to everyone who successfully traded the USDCAD pin. You guys do realize we have essentially 'traded the news' using PA from the day before....
Exactly why I said a few posts back why I don't follow the news, the chart tells me everything I need to know
  • #61,415
  • Apr 20, 2010 5:12pm Apr 20, 2010 5:12pm
Hey guys!
I just wanted to post that i'm actually at the thread #1000!! yessssssssss!!!
i just wanted to thank to everyone who made that thread number possible even if they are not here anymore!!! great read!! lets go for another 1000!
  • #61,416
  • Apr 20, 2010 5:14pm Apr 20, 2010 5:14pm
Quoting The Captain
I was basically just referring to guys setting TP's at the first trouble area and leaving it like that without any sign of a reversal... Just seemed like what most people do here, but I could be wrong.

I see your point and its a valid one.

Example Usd/Chf weekly bullish PB (Jan.2010) Not a bad PB, could be better.

Price hits its targets and then continues upwards.

Moving to the Daily charts we see a bearish PB, would it be wrong to exit the weekly bullish PB based on the Daily bearish PB. Absolutely not, this is your point, correct?
But as we see the Daily PB hits its own target and then continues upward.
This is just from the weekly to the daily, not a bad way to go. But from the Daily to the 15M or Hourly you can see that PA management may not tell the true story.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,417
  • Apr 20, 2010 5:17pm Apr 20, 2010 5:17pm
BEOB off PPZ with trend...FTA is very close though...would be looking for a hard break towards 0.7000 area
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  • #61,418
  • Apr 20, 2010 5:23pm Apr 20, 2010 5:23pm
Quoting james16
Many of us here in FF experienced having difficulties, frustration, anger, and disapointment during course of learning. Some of you is willing to give up. It was for me at the beginning, How did I overcome all of this obstacle? How? A desire to have a better life, a desire of freedom, a desire to help my families and other people financially. I see trading not just trading. I see trading my life. Im not successful yet, but in my mind, heart and soul I am already successful. If some of you having difficulties. ask your self this questions? Why I...
Even thought this was a long time go Mr. Jim... This story is my favorite.. not because of the failures but the power of will to believe in oneself.. Thanks for everything and for this thread in specific Mr Jim.
  • #61,419
  • Apr 20, 2010 5:32pm Apr 20, 2010 5:32pm
Quoting bundyraider
(Jaroo will understand the double ppz lines. )

Quoting Mauzzz
Bundy,
Can either you or Jarroo elaborate a little bit on this (how and when you use that tool?) or point me to some part of the thread where the concept is explained, please? Thanks.
Another way of looking at PPZ levels is using the line chart at the Close. PPZ levels are best at the High/Lows, but the line chart can give a different look that can add a bit more strength to level. Add also some confluences to the mix and the level looks even stronger. The two lines represent the Closes where they meet very closely, the closer the better.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,420
  • Edited 6:28pm Apr 20, 2010 5:52pm | Edited 6:28pm
Quoting Pinnocchio_S
Do you guys think this is indicative of some kind of insider trading going on behind the scenes?
Inside of what? The Department of Labor?

And no. It is just informed market participants positioning themselves for a market event.

You have to keep in mind that NFP is just a release of a compiled statistic - in this case, employment figures. Investment/insto banks, hedge funds and big end private traders all have a pretty good idea of what the number is going to be since they have a bigass staff of economists (or, often, they engage economic research firms) who compile their own statistics.

It's like guessing whether it is going to be hot today. You can wait for the weather report on TV, or you can go outside and check for yourself. Most of the time, your answer is going to mirror the one the TV tells you in an hour. It doesnt mean that you have sources inside CNN
When you have to shoot, shoot. Dont talk.
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