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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

  • #61,861
  • Apr 26, 2010 6:46am Apr 26, 2010 6:46am
advfntrader,
good to hear that Sir.
Keep it up
  • #61,862
  • Apr 26, 2010 6:48am Apr 26, 2010 6:48am
Quoting advfntrader
well guys I'm starting to feel better about my trading now. I've been taking demo trades seriously now for 6 months and my account has doubled. (although I am still probably taking slightly too much risk..)

For the first time in 5 years of trading and losing I am seeing light at the end of the tunnel. I plan to keep demoing for another 6 months until I know for sure I have a chance, then I will trade a micro account making sure I am not over-leveraged.

this is a long and dark journey but maybe, just maybe, it CAN be done...
doubled in 6 months, thats gotta be good!
And to think that J16 very nearly didnt type that first post.....

what risk do you take?
  • #61,863
  • Apr 26, 2010 6:54am Apr 26, 2010 6:54am
I guess my last question was read over since it took a while to be approved by the moderators. This thread is simply moving to fast.

Here it is again:
Do you consider the pattern on daily EURCAD to be a viable short TBL? Or is it too risky because of probable stop hunting at this all-time low?

And another question:
Is MACD divergence a reliable tool at BRN? I mean price often stalls here. But the longer it does the more likely it will break, doesn't it? So you probably see divergence at these levels very often even - no matter if price breaks or turns around.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #61,864
  • Apr 26, 2010 7:03am Apr 26, 2010 7:03am
Quoting jarroo
This reminds me of a James16 quote :

"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope."
When did he say that?!

Damn this was a costly miss

thanks J.

g.
I believe . . .
  • #61,865
  • Apr 26, 2010 7:07am Apr 26, 2010 7:07am
Quoting ghous
When did he say that?!

Damn this was a costly miss

thanks J.

g.
Maybe in the PF.

Btw

I hope you don't take these. Or if you do you would't expect it to go below 425

Right????

lol
.
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  • #61,866
  • Apr 26, 2010 7:19am Apr 26, 2010 7:19am
Quoting nasir.khan
Maybe in the PF.

Btw

I hope you don't take these. Or if you do you would't expect it to go below 425

Right????

lol
.
I would have shorted it just where you did Nasir...

Oh wait! You longed it..well...err...umm...the IPB isn't all that good I might would have passed on it. Good trade buddy.



...

lol

Dare a I go against the great Nasir Khan,

g.
I believe . . .
  • #61,867
  • Apr 26, 2010 7:22am Apr 26, 2010 7:22am
Quoting ghous
I would have shorted it just where you did Nasir...

Oh wait! You longed it..well...err...umm...the IPB isn't all that good I might would have passed on it. Good trade buddy.



...

lol

Dare a I go against the great Nasir Khan,

g.
It's coming down.


.
  • #61,868
  • Edited 7:56am Apr 26, 2010 7:24am | Edited 7:56am
I'm new to forex trading, as well as this forum and have been studying James' method for the past few weeks. My background is finance, so fundemental analysis comes naturally to me, technical analysis doesn't! It's slowly coming together as I read more and examine charts, but one thing I haven't come across is the relative importance of various factors.

If I should be posting this in the rookie forum, please let me know, but as I intend to follow the J16 method, I thought this would be the best place.

So, my question, what weight should I assign to the various factors?

1. Price action
2. Areas of support/resistance (specifically, where previous movements have been supported/met resistance, not the others listed below where SR might ocurr but hasn't previously)
3. Fib levels
4. Pivot points
5. Various EMAs
6. Confluence with / divergence from RSI
7. Confluence with / divergence MACD
8. Trends from higher time periods
9. Bollinger bands
10. Other things that are important that I have missed out

My impression is that PA, SR and trends are the most important. The fib levels thing strikes me as strange, I would have guessed that any influence they have on price is the result of people expecting it to. The rest of them make sense.

I have so many new acronyms to learn!

One other critical thing that I can't seem to find, is when to enter the trade. Let's say a pinbar (left eye and the pin, nothing else yet!) at a high swing having hit resistance. Other factors line up and I'm looking to go short. Should I be waiting for the right eye to fully form before entering the trade? I noticed in PeterFM's help for newbies thread, he talks around this, but his focus is on not using market orders rather than what I am asking about.
  • #61,869
  • Apr 26, 2010 7:24am Apr 26, 2010 7:24am
Quoting nasir.khan
It's coming down.


.
My guess would be...swing high stuff?
I believe . . .
  • #61,870
  • Apr 26, 2010 7:37am Apr 26, 2010 7:37am
Quoting ghous
My guess would be...swing high stuff?
Well if i am taking a touch trade right in between a range near a swing high,

i should have a strong reason, and i think i have it.
.
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  • #61,871
  • Apr 26, 2010 7:50am Apr 26, 2010 7:50am
Quoting nasir.khan
Well if i am taking a touch trade right in between a range near a swing high,

i should have a strong reason, and i think i have it.
.
Now we're talkin'
I believe . . .
  • #61,872
  • Apr 26, 2010 8:14am Apr 26, 2010 8:14am
Quoting HanSolo
I guess... This thread is simply moving to fast.
...
Do you consider the pattern on daily EURCAD to be a viable short TBL? Or is it too risky because of probable stop hunting at this all-time low?
.....
yes it does move fast at times.

just a quick reply: (just lookign at your chart)
TBL? how many pips difference on the lows?
what is the trend?
that TBL seem to be above a round number. if so, u are trading into a possible support.
a viable short maybe below the round number.
  • #61,873
  • Apr 26, 2010 8:18am Apr 26, 2010 8:18am
Quoting Daneel
I'm new....
So, my question, what weight should I assign to the various factors?
My impression is that PA, SR and trends are the most important.....
u have an excellent idea of what is important.
the rest on the list are derivatives of price, so u can use them & place weight on them for yourself (personal taste).

about pins, the right eye is the current price. sometimes the right eye is the bar/candle where price moves in your favor. sometimes the right eye is a bar that stall/ranges/retraces into the pin (or any other trade setup we trade here, for that matter) before price eventually goes in your favor.

Hope this helps a bit.
& Welcome!
  • #61,874
  • Apr 26, 2010 8:19am Apr 26, 2010 8:19am
Quoting supremeChaos
yes it does move fast at times.

just a quick reply: (just lookign at your chart)
TBL? how many pips difference on the lows?
what is the trend?
that TBL seem to be above a round number. if so, u are trading into a possible support.
a viable short maybe below the round number.
Thanks, supremeChaos.

The lows have 2 pips difference and yes, you are right, support is not too far away. The lowest of the TBL is @ 1.3236. So no viable setup here. I was curious if I understood the concept of TBLs right.
Thanks J16, Sam Seiden, Udine and Jacko
  • #61,875
  • Apr 26, 2010 8:31am Apr 26, 2010 8:31am
Quoting Daneel
My impression is that PA, SR and trends are the most important. The fib levels thing strikes me as strange, I would have guessed that any influence they have on price is the result of people expecting it to. The rest of them make sense.


...And welcome to technical analysis. ...The dark side.
Bundy's status today: "Waiting..."
  • #61,876
  • Apr 26, 2010 8:31am Apr 26, 2010 8:31am
HanSolo,
it may or may not work...
it may or may not be viable --- it's trader dependent.
personally, 20-36pips is ok for me, specially if i see a high probability in that trade setup.
btw, the more matching lows (3-bar lows, 4-bar lows, etc), the potential for a explosive breakout increases.
  • #61,877
  • Apr 26, 2010 8:43am Apr 26, 2010 8:43am
Quoting bundyraider


...And welcome to technical analysis. ...The dark side.
Damn why did't i said this.lol

You Aussies (Joel the other one) always cracks me up/impress me with your choice of words.
.
  • #61,878
  • Apr 26, 2010 8:53am Apr 26, 2010 8:53am
hi, senior traders,

I am demo trading G/U on 4hr chart, is this a valid IPB? By now it looks ok, but need your comments.

Thanks in advance.

Jason
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  • #61,879
  • Apr 26, 2010 8:55am Apr 26, 2010 8:55am
Maybe we get a nice retest and rejection on lower TF... There is also more or less round number 0.72 right there for Mr. Fudd if he's around? Although I'm sure he doesn't like the pattern all that much.

P
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  • #61,880
  • Apr 26, 2010 9:00am Apr 26, 2010 9:00am
Quoting nasir.khan
Damn why did't i said this.lol

You Aussies (Joel the other one) always cracks me up/impress me with your choice of words.
.
I think most us Aussies are just good at dribbling s___. lol
Bundy's status today: "Waiting..."
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