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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

  • #63,401
  • May 11, 2010 8:58am May 11, 2010 8:58am
Quoting Atc
Yes thanks...appreciate it ....just been in a funk trying to follow others trades with watching my charts....still verifying which may be the better broker to open up my million dollar account(someday---I can dream can't I)

...any suggestions?
I know people shy away from recommending brokers, but for someone starting with their first small account I don't think you can go past Oanda. Purely because of granularity. Being able to size your trade properly is very powerful.
They also have great account management features.

Like anything to do with your wealth, don't put all your eggs in one basket. NOT EVER.

If you're putting your every worth into one broker to start trading , you're crazy. No company is 100% guaranteed to stick around. But if it's a smaller, saner part of your wealth then one broker would be ok, and you could do worse than Oanda. IBFX seems ok too, less granularity though. Both USA based.
Bundy's status today: "Waiting..."
  • #63,402
  • Edited 9:42am May 11, 2010 9:38am | Edited 9:42am
Quoting FX Raider
Here is a PA setup I observed on the GJ and GU pairs, both happened at the S1 pivot point today. I'm going to post the image for the GU setup.
Well the GJ ended up the better trade in general since it bounced at the Weekly Central Pivot (WCPP) and S1, where the GU just bounced off S1 and has quite a bit of RES on the North side, including the WCPP

This entry on the GJ was a bit nicer as well, since I use a 5 Minute PA HL setup. The entry on GU was more of a engulfer and 38.2 Fib pullback long.

I'd expect the current pullback (Off the WCPP) on the GU to either hold at the M2 Daily Pivot (M2) and 8SMA (1.4802 / Psych level) and head up, or come down to the 50% at 1.4793 and bounce. Otherwise this could turnaround.
Live to trade another day...
  • #63,403
  • May 11, 2010 9:42am May 11, 2010 9:42am
Ok, I will ask this question again as none seems to have clocked it, or perhaps as I directed it to Mike people refrained from answering.

I heard about two systems Jim calls, "base systems" Price crosses the 150 EMA followed by the 10 & 25 EMA and entry is on first pullback to the 10 EMA. the other system is a 6-150 EMA pullback system. Jim seems to think these two systems especially the 6-150 is a great account builder. I see people using the 365 & 150 EMA in this thread yet, I fail to see anyone using the pullback system.

Is there are reason for this or are these systems only for newbies before they learn PA?
  • #63,404
  • May 11, 2010 9:57am May 11, 2010 9:57am
Quoting bundyraider
I know people shy away from recommending brokers, but for someone starting with their first small account I don't think you can go past Oanda. Purely because of granularity. Being able to size your trade properly is very powerful.
They also have great account management features.

Like anything to do with your wealth, don't put all your eggs in one basket. NOT EVER.

If you're putting your every worth into one broker to start trading , you're crazy. No company is 100% guaranteed to stick around. But if it's a smaller, saner...
  • #63,405
  • May 11, 2010 10:08am May 11, 2010 10:08am
Quoting Atc
Not plugging this broker but after my last Japanese broker started screwing around, I just opened a small $3000 account with FXDD, I chose them because I can trade micro lots or standard lots on the same account.

I opened the account with their Malta branch as it does not have the same restrictions of the US branch with recent leverage and hedging restrictions.
  • #63,406
  • May 11, 2010 10:12am May 11, 2010 10:12am
Quoting Atc
I know and have read here that "price is price and trade what you see"...
Hey ATC

Yes you are correct price is price. Meaning the movement of price is the same. All your broker shows is a window into price aggregated based on hourly closes depending on when their daily closes. So a 4hr close is simply based on the last 4 horus of data. A different broker on their last 4 hours of data. I have 4 brokers for 4 hours of data to give me a different view into price. I do however only use a 5pm est close b/c I believe that is important to close your daily when NY closes or as near as possible(again that is a belief and doesn't necessarily take away from other closes). I also for now do not aggregate bars into say 6hr, 8hr like yaniv has as I think it changes some of the properties of what it is I am used to visually seeing and managing accordingly.

It is not neccesary to watch more feeds, it is only improtant to do what is comfortable

Best
Mike
  • #63,407
  • May 11, 2010 10:13am May 11, 2010 10:13am
I don't know about the rest of y'all but I'm very hopeful that the AUDUSD daily bar closes the way it looks right now
Many choose unhappiness over uncertainty.
  • #63,408
  • May 11, 2010 10:14am May 11, 2010 10:14am
Will it make it?

USDCHF 8H BUOB

Yaniv
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf BUOB 8H.png Size: 46 KB
  • #63,409
  • May 11, 2010 10:20am May 11, 2010 10:20am
Quoting Pinbar
Ok, I will ask this question again as none seems to have clocked it, or perhaps as I directed it to Mike people refrained from answering.

I heard about two systems Jim calls, "base systems" Price crosses the 150 EMA followed by the 10 & 25 EMA and entry is on first pullback to the 10 EMA. the other system is a 6-150 EMA pullback system. Jim seems to think these two systems especially the 6-150 is a great account builder. I see people using the 365 & 150 EMA in this thread yet, I fail to see anyone using the pullback system.

Is there are reason...
Hey Pin

My real answer is probably it is beyond the scope of this thread. Since this thread is so big, and filled with so many new traders most of us try to keep the majority of our focus to getting the newbies their legs(as people were saying crawl - walk- high jump etc). So some of that stuff just is more advanced in my eyes and/or not as suitable in such a huge thread that moves so fast. I really am one to suggest learning PA and understanding S/R great locations etc first. I think it puts people worlds ahead.

Sorry must have missed that one!
Mike
  • #63,410
  • May 11, 2010 10:23am May 11, 2010 10:23am
Quoting bundyraider
Because there's no real volume information I guess.

FOr Forex, enough people nixed the idea of using volume for me when I first started. To be honest, I don't think it'd effect my results now anyway.
I have yet to find anyone use it in any meaningful way. That is where you can't get the same type of info either from just the chart or just another indicator that oscillates. To expand for the original question. There is NO true volume numbers in the spot market. It is not centralized so that volume you see on mt4 is simply number of "ticks" within the bar. As someone said you can get volume data in the futures market which is centralized. But again my believe(just me ) is that the futures market makes up such a small portion that I wouldn't be comfortable with it. Now I am SURE others disagree and use it(don't come after me if you do, do whatever works!). The good news is you don't need it to still be successful.

Best
Mike
  • #63,411
  • May 11, 2010 10:26am May 11, 2010 10:26am
Quoting mbqb11
Hey Pin

My real answer is probably it is beyond the scope of this thread....
is right!
Here we must learn the rules of the PASR and in the future to make our contribution
  • #63,412
  • May 11, 2010 10:27am May 11, 2010 10:27am
Quoting Dan Gilbert
I don't know about the rest of y'all but I'm very hopeful that the AUDUSD daily bar closes the way it looks right now
What time frame Dan? I'm not seeing anything on H1, H4 or Daily. The H4 suggests the H8 might look like a pin bar though.
  • #63,413
  • May 11, 2010 10:30am May 11, 2010 10:30am
Quoting FX Raider
Hello everyone,
It is nice to be here....
Hey Raider

welcome, I think that is a pretty decent one. Good PPZ(which was formerly the PPZ of that large snap back) and in b/w the 50 and 61.8 which Raczefx has proven time and time again is a HUGE impact area. I would have liked a bigger nose, but overall nice simplistic trade.

Welcome again
Mike
  • #63,414
  • May 11, 2010 10:33am May 11, 2010 10:33am
wow, how did you know these two systems? are they coming from private forum?

Quoting Pinbar
Ok, I will ask this question again as none seems to have clocked it, or perhaps as I directed it to Mike people refrained from answering.

I heard about two systems Jim calls, "base systems" Price crosses the 150 EMA followed by the 10 & 25 EMA and entry is on first pullback to the 10 EMA. the other system is a 6-150 EMA pullback system. Jim seems to think these two systems especially the 6-150 is a great account builder. I see people using the 365 & 150 EMA in this thread yet, I fail to see anyone using the pullback system.

Is there are reason...
  • #63,415
  • May 11, 2010 10:34am May 11, 2010 10:34am
Quoting Daneel
What time frame Dan? I'm not seeing anything on H1, H4 or Daily. The H4 suggests the H8 might look like a pin bar though.
One mighty fine Dan Gilbert Inside Bar sir.

On daily.
  • #63,416
  • May 11, 2010 10:39am May 11, 2010 10:39am
Quoting jeurre
wow, how did you know these two systems? are they coming from private forum?
yeah I am not to sure about that either. I think the extent to which James himself has presented his ideas were on this page

http://www.forexfactory.com/showthre...ght=365&page=2


while I am in this blast from the past posts I found this


IF YOU ARE NEW TO THIS THREAD CLICK IT

http://www.forexfactory.com/showpost...2&postcount=31
  • #63,417
  • May 11, 2010 10:40am May 11, 2010 10:40am
Quoting neutro
One mighty fine Dan Gilbert Inside Bar sir.

On daily.
tell everyone to stop trading AU until after NY close
Many choose unhappiness over uncertainty.
  • #63,418
  • May 11, 2010 10:45am May 11, 2010 10:45am
Quoting mbqb11
Hey ATC

Yes you are correct price is price....
Hi Mike

Could you tell me which brokers have daily close at 5pm est please

Cheers
  • #63,419
  • May 11, 2010 10:46am May 11, 2010 10:46am
Quoting Dan Gilbert
tell everyone to stop trading AU until after NY close
Odds are 0.9 will hold. Today. Tomorrow we'll see it break and get a run up. Well, that's what the big bull flag is telling me. I might be wrong (obviously).
  • #63,420
  • May 11, 2010 10:47am May 11, 2010 10:47am
Quoting neutro
Odds are 0.9 will hold. Today. Tomorrow we'll see it break and get a run up. Well, that's what the big bull flag is telling me. I might be wrong (obviously).
I have about a 10% accuracy rate of predicting which side price will break out on i4b's


just sayin'
Many choose unhappiness over uncertainty.
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