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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

  • #61,641
  • Apr 23, 2010 5:00am Apr 23, 2010 5:00am
Quoting lovejoy80
Very nice Trigger....love the way you analyse price action and look at the bigger picture.
hey yours are the same, nice chart on the aussie

ohh and what you see on my notes is just a part of my thoughts didn't mentioned anything about order flow, but don't forget keep it simple.

all the best!!


Quote
Nice chart triger. Throw some PPZ levels on that chart and look even better. Wait may you do already
thanks buddy
  • #61,642
  • Apr 23, 2010 5:06am Apr 23, 2010 5:06am
Quoting jarroo
Yes they can be tricky. Rac used like 20-30 pip stop loss and zooms down to the Hourly, I believe. Looking for some PA or other signs of resistance to go down. Like this area in purple.

And yes . . . he's very patient.
Yeah this is something I've started to do more often...zooming down the timeframes at these areas to look for clues that price will head in the direction.

In this case my SL was activated during Asia (only had a 15pip SL) when in the land of nod.

Thanks
  • #61,643
  • Apr 23, 2010 5:09am Apr 23, 2010 5:09am
Quoting joelcf
Keltner channels and BBs are essentially the same thing, with BBs being a more refined implementation. It's all just a play on mean reversion. Cant see any reason for using both.

And saying that a bar should reverse just because it is above its 20 period 'projected range' is a pretty decent way to go broke, imo. Saying it should keep going if it 'breaks' out of a channel projected by this tiny sample size (and based on the assumption that something should keep behaving the same was as it has in the last few weeks) is almost as bad.

Stick to...

I read it on the elite trader forums about crude light futures, a trader was using it for that to recognise when whipsaws are coming because its pretty volatile, so I presume it can be used on volatile pairs also.

As far as I can see the forum does not have a search function and mods delete threads a lot so im not even sure if its still there.

He said something like if there is a gap inbetween the keltner and bollinger band at the bottom then a whipsaw is immenent.

Just thought it would be worth asking about here as there are a lot of experienced traders, I guess ill just have to leave it on a chart and work it out myself over the next few weeks.
The greatest force on earth is compound interest.
  • #61,644
  • Apr 23, 2010 5:18am Apr 23, 2010 5:18am
an example showing the power of a weekly PPZ. http://cdn.forexfactory.com/images/s...m/thumbsup.gif
(dark red bottom horizontal line, 1.3215ish)
eurusd H1 chart
Attached Image (click to enlarge)
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  • #61,645
  • Apr 23, 2010 5:21am Apr 23, 2010 5:21am
Quoting supremeChaos
an example showing the power of a weekly PPZ. http://cdn.forexfactory.com/images/s...m/thumbsup.gif
(dark red bottom horizontal line, 1.3215ish)
eurusd H1 chart
Nice Chart sChaos . The power of higher time frame info.
Indicators show the past. Price Action "Indicates" the future.
  • #61,646
  • Apr 23, 2010 5:34am Apr 23, 2010 5:34am
Quoting jarroo
Yes they can be tricky. Rac used like 20-30 pip stop loss and zooms down to the Hourly, I believe. Looking for some PA or other signs of resistance to go down. Like this area in purple.

And yes . . . he's very patient.


There is no way out without patience and discipline in this business.

I started this touch trading thing with a mindset that it would require less patience and discipline than the classic setups.

But actually it's other way around.
.
  • #61,647
  • Apr 23, 2010 5:46am Apr 23, 2010 5:46am
Quoting nasir.khan


There is no way out without patience and discipline in this business.

I started this touch trading thing with a mindset that it would require less patience and discipline than the classic setups.

But actually it's other way around.
.
Yes that's trure . . . well said. And he started with the basic understanding of PA, PPZs, etc., that are taught and discussed on this thread.

Where is the Rac-man? He is due for a post or two by now.
Indicators show the past. Price Action "Indicates" the future.
  • #61,648
  • Apr 23, 2010 5:58am Apr 23, 2010 5:58am
Quoting nasir.khan

There is no way out without patience and discipline in this business.
...
.
Tell me about it.
im probably 1 of the most impatient guys around.
my discipline, i can say is below topnotch.

i can go as far as saying the market has (almost literally) put me on my knees:
i cant do it 'my way'; i have to do it the market's way (respect the market, understand, feel & move with the market)

i think these two traits are part of the holy grail of everything in life.

a possible motto out of this is
"only the (most) patient & disciplined shall survive"
  • #61,649
  • Apr 23, 2010 6:01am Apr 23, 2010 6:01am
Quoting jarroo
...
Where is the Rac-man? He is due for a post or two by now.
im not sure.
he posts when his PM is deactivated.
now his PM is activated, so maybe....
  • #61,650
  • Apr 23, 2010 6:48am Apr 23, 2010 6:48am
Quoting supremeChaos
Tell me about it.
im probably 1 of the most impatient guys around.
my discipline, i can say is below topnotch.

i can go as far as saying the market has (almost literally) put me on my knees:
i cant do it 'my way'; i have to do it the market's way (respect the market, understand, feel & move with the market)

i think these two traits are part of the holy grail of everything in life.

a possible motto out of this is
"only the (most) patient & disciplined shall survive"

That's my problem too.

I am very patient and tolerant person in real life issues.

But when it comes to trading and shopping it's other way around. I buy/sell things when i think i need to without bargaining or waiting for a better deal. Most of the times i am left with high priced stuff and etc. I take trades that i know don't have a good chance to hit even the first trouble area but i take them because i need too/ can't stop myself from doing it.

If you look at my post history more then 70%-80% of the setups i post do work out. But they ain't the only ones that i take, there are the bad ones too i know won't work out and i don't post them but i take them myself and this is whats killing me. I know they will hurt and i take them, I know they will hurt and i take them, I know they will hurt and i take them.

What saves me from complete disaster and keeping me around BE is some strong charting skills that i have learned from great people here in this thread but again lack of patience and discipline is keeping me away from the big money i should be making easily.

I've read "Trading in the Zone/The Secrets Of Emotion Free Trading" but it did't help either.

But giving up is not an option,...never.
.
  • #61,651
  • Apr 23, 2010 6:55am Apr 23, 2010 6:55am
Just wondering how do you guys calculate pivot points for daily and weekly TFs? I have an indicator that automatically highlights the xx50 and x000 levels but I think there's this type of pivot points which have P,R1,R2,R3,S1,S2 and S3 levels. I know how to calculate it for lower TFs, but when I switch to daily and weekly, how do I calculate it?
  • #61,652
  • Apr 23, 2010 6:57am Apr 23, 2010 6:57am
Surprised noone is talking about the 150+pip swing on EJ that happened tonight.


lowest draw down possible please.
  • #61,653
  • Apr 23, 2010 7:06am Apr 23, 2010 7:06am
Quoting ehrek
Surprised noone is talking about the 150+pip swing on EJ that happened tonight.



This one?

http://www.forexfactory.com/showpost...&postcount=694.

.
  • #61,654
  • Apr 23, 2010 7:07am Apr 23, 2010 7:07am
Quoting fxeturn
Just wondering how do you guys calculate pivot points for daily and weekly TFs? I have an indicator that automatically highlights the xx50 and x000 levels but I think there's this type of pivot points which have P,R1,R2,R3,S1,S2 and S3 levels. I know how to calculate it for lower TFs, but when I switch to daily and weekly, how do I calculate it?
Try this.
Attached File(s)
File Type: ex4 AutoPivotIndicator.ex4   14 KB | 357 downloads
File Type: mq4 AutoPivotIndicator.mq4   14 KB | 371 downloads
"The more I practice, the luckier I get." (Gary Player)
  • #61,655
  • Apr 23, 2010 7:12am Apr 23, 2010 7:12am
Quoting nasir.khan
This one?

http://www.forexfactory.com/showpost...&postcount=694.

.
Haha yeah,

So much clutter
lowest draw down possible please.
  • #61,656
  • Apr 23, 2010 7:18am Apr 23, 2010 7:18am
Quoting mrsingha
Try this.
Thanks!

Okay, I have a question on this, is this a valid setup? A BUOB on a sweetspot and TL, but 23.6 fib is just right above...

Attached Image (click to enlarge)
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  • #61,657
  • Apr 23, 2010 7:18am Apr 23, 2010 7:18am
Quoting nasir.khan
This one?

http://www.forexfactory.com/showpost...&postcount=694.

.
why is that i always think of the trades u r in.....lol
thought Nasir might be in ej long of the tripple bottom.....touch
btw r u still long ucad or have u reversed from 1.0030, im short acad from 9240...dnt think u trade acad, right
Simplicity is the key to success
  • #61,658
  • Apr 23, 2010 7:22am Apr 23, 2010 7:22am
Quoting nasir.khan
That's my problem too.
I am very patient and tolerant person in real life issues.
But when it comes to trading and shopping it's other way around...
But giving up is not an option,...never.
.
i see.
whether trading, shopping, or doing something else, well what we need to do is take charge.

the 'simple' solutions are
-be more picky,
-be more patient,
-be more disciplined,
-reduce your risk.
improve on anyone, or better yet try to improve in all fronts.

personally, i was ultra aggressive (overconfident) & extremely impatient last year (& prior years) leading to overtrading. as i read through this thread & gain more experience, i had no choice but to take charge & reduce my aggressiveness & impatience.
what do we need? increase discipline & patience. be more picky.
that's what i tried.. that's what i did. after all, that's what we needed to do.
in the process, i've avoided/reduced overtrading.
i still commit overtrading, but not like before: i've significantly reduced it. (the key to the reduction is knowledge of & correct drawing of S/R's & PPZs)

i know u already know this. this is the 'simple' route.
  • #61,659
  • Apr 23, 2010 7:22am Apr 23, 2010 7:22am
Quoting squeezy
btw r u still long ucad or have u reversed from 1.0030, im short acad from 9240...dnt think u trade acad, right
which one?

i am stopped out on the one i posted today. currently no trades in uc.
.
  • #61,660
  • Apr 23, 2010 7:35am Apr 23, 2010 7:35am
Quoting nasir.khan
which one?

i am stopped out on the one i posted today. currently no trades in uc.
.
ucad has been bouncing off 10030 on the hrly chart(about 3 times now)....i dnt play bounces off s/r ,i prefer pullbacks
if it breaks out ,it shld explode imo
since u r more aggressive ....i figured u might be short from there
ive reduced my sl but seems as im typing...it wants to break north...might close it manually
gotta watch my charts....1sec
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Simplicity is the key to success
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