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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

  • #64,301
  • May 19, 2010 6:07pm May 19, 2010 6:07pm
Quoting woleadu
Hello Fxprocessor, please which software did you use to draw the purple lines, Ive tried using the one with MT4, but it cannot draw short horizontal lines.I hope you can help with with the source of the program
thanks
you need to double click the trendline and right click it , go to properties and uncheck the ray box under parameters

Mike
  • #64,302
  • May 19, 2010 6:11pm May 19, 2010 6:11pm
Quoting six gun
Its turning - ???saved by the bell.
On my chart it went green 4 pips off the 38.2 - its safe now they have visited their fib level and it is lift off time.
Trying to figure out where your Highs/Lows are located for your fibs.


Daily High/Low?
Indicators show the past. Price Action "Indicates" the future.
  • #64,303
  • May 19, 2010 6:12pm May 19, 2010 6:12pm
Quoting Mauzzz
Yeah, seems like we're going to get stopped out soon. That would be my third loss this month. The tight S/L approach doesn't seem to be working well for me these days.
It missed my stop by 4 pips.
Indicators show the past. Price Action "Indicates" the future.
  • #64,304
  • May 19, 2010 6:14pm May 19, 2010 6:14pm
Quoting jarroo
Trying to figure out where your Highs/Lows are located for your fibs.


Daily High/Low?
yeah was going to post this. This is IMO the only way to draw a current fib right now in terms of swing points.

I also marked what I believe is holding it up for now

Mike
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  • #64,305
  • May 19, 2010 6:15pm May 19, 2010 6:15pm
Nah these chaps usually go from one swing high to the next swing low.

Not always but usually they do.
In this case times are GMT +1
For the fib where I say they came off the 38% the low is the 16:00 - 130.31 and the high is the 22.00 candle high of 132.79.
  • #64,306
  • May 19, 2010 6:18pm May 19, 2010 6:18pm
Quoting mbqb11
yeah was going to post this. This is IMO the only way to draw a current fib right now in terms of swing points.

I also marked what I believe is holding it up for now

Mike
Yeah I understand that fib placement but I think six gun draws them differently . .oh wait . . . there's his post.
Indicators show the past. Price Action "Indicates" the future.
  • #64,307
  • May 19, 2010 6:18pm May 19, 2010 6:18pm
Quoting jarroo
They work better on better setups. This was not the ideal A+ setup, you can agree with that right?
I just don't seem to be able to tell the difference between an A+ setup and worse setup yet. But you're right - I guess I can see a few things goings against this trade. (Fighting the trend, traffic nearby?)

I went through USD/JPY daily chart data from 2001 till 2003 taking most of the price action bars at a decent location with tight management. Placing stops behind pin's eyes, BRN's, PPZs, moving S/L to B/E after 30 pips and taking profit at FTA, I only had one loss in 15 trades.

In the last few days, I took two losses and the only winning trade was this USD/CAD trade:

http://img139.imageshack.us/img139/4...ad17510win.gif
  • #64,308
  • May 19, 2010 6:19pm May 19, 2010 6:19pm
Tell me if I am wrong I only learnt this last week!
My price might vary slightly broker to broker variation.
  • #64,309
  • May 19, 2010 6:26pm May 19, 2010 6:26pm
Quoting Mauzzz
I just don't seem to be able to tell the difference between an A+ setup and worse setup yet. But you're right - I guess I can see a few things goings against this trade. (Fighting the trend, traffic nearby?)

I went through USD/JPY daily chart data from 2001 till 2003 taking most of the price action bars at a decent location with tight management. Placing stops behind pin's eyes, BRN's, PPZs, moving S/L to B/E after 30 pips and taking profit at FTA, I only had one loss in 15 trades.

In the last few days, I took two losses and the only winning...

Which ones were the losses?
Indicators show the past. Price Action "Indicates" the future.
  • #64,310
  • May 19, 2010 6:27pm May 19, 2010 6:27pm
Quoting jarroo
They work better on better setups. This was not the ideal A+ setup, you can agree with that right?
Would you, perhaps, mind posting a chart or two of some trades you took that you considered A+? Thanks!
  • #64,311
  • May 19, 2010 6:30pm May 19, 2010 6:30pm
Quoting Mauzzz
Would you, perhaps, mind posting a chart or two of some trades you took that you considered A+? Thanks!
Let me find the charts.
Indicators show the past. Price Action "Indicates" the future.
  • #64,312
  • May 19, 2010 6:30pm May 19, 2010 6:30pm
Quoting jarroo
Which ones were the losses?
Monday's USD/CHF daily pin. And daily BEOB on 13th may on CHF/JPY (got quite unlucky on that one as price triggered my entry by TWO pips, reversed to take my stop out and then finally shot down to reach my targets)

And now the GBP/JPY is not looking good either!
  • #64,313
  • May 19, 2010 6:31pm May 19, 2010 6:31pm
Mike,
thanks. it worked for the horizontal lines, but not the vertical lines. Please may I ask what program you are using to draw those green and blue lines on your chart. Also this question go to Jarroo. I will appreciate your help
Thanks

Quoting mbqb11
you need to double click the trendline and right click it , go to properties and uncheck the ray box under parameters

Mike
  • #64,314
  • May 19, 2010 6:32pm May 19, 2010 6:32pm
Quoting woleadu
Mike,
thanks. it worked for the horizontal lines, but not the vertical lines. Please may I ask what program you are using to draw those green and blue lines on your chart. Also this question go to Jarroo. I will appreciate your help
Thanks
Hey Wo

We all use the trendline option with the ray unchecked. This way you can draw any kind of line you want.

Best
Mike
  • #64,315
  • May 19, 2010 6:38pm May 19, 2010 6:38pm
Quoting Mauzzz
Monday's USD/CHF daily pin. And daily BEOB on 13th may on CHF/JPY (got quite unlucky on that one as price triggered my entry by TWO pips, reversed to take my stop out and then finally shot down to reach my targets)

And now the GBP/JPY is not looking good either!

This Gbp/Jpy and the Usd/Chf are not A+ trades due to there lack of size. Countertrend trades need to be much bigger and bolder. The Chf/Jpy had some good quailies but since it was in consoldation it was a easy pass to a picky trader, even though it worked out.
Indicators show the past. Price Action "Indicates" the future.
  • #64,316
  • May 19, 2010 6:41pm May 19, 2010 6:41pm
Quoting jarroo
Let me find the charts.
I can't find the May 13 Cad PB but that as you know it worked out well.

what made the 4 hour Gpb/Jpy an A+ was that it was a break out pattern setup.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,317
  • May 19, 2010 7:02pm May 19, 2010 7:02pm
Quoting jarroo
I can't find the May 13 Cad PB but that as you know it worked out well.

what made the 4 hour Gpb/Jpy an A+ was that it was a break out pattern setup.
Thanks for the examples. I see there's still a lot I need to learn. I just need to stop thinking that being in the red after two weeks of demoing is my personal failure of some sort.
  • #64,318
  • May 19, 2010 7:02pm May 19, 2010 7:02pm
Quoting jarroo
I can't find the May 13 Cad PB but that as you know it worked out well.

what made the 4 hour Gpb/Jpy an A+ was that it was a break out pattern setup.

Also this Cad 4 Hour Double Inside bar I would place as A+ in my book because of its location.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,319
  • May 19, 2010 7:07pm May 19, 2010 7:07pm
Quoting Mauzzz
Thanks for the examples. I see there's still a lot I need to learn. I just need to stop thinking that being in the red after two weeks of demoing is my personal failure of some sort.
Do not take it as a personal failure please . . just the opposite. You are unware of the experience you are learning right now. Believe me, its in that head of yours.

You're demoing this stuff is grrreat. Guess when a trader has most of his losses? you guess it . .its in the beginning so they might as well be demo dollars. lol

Your doing great Mau . .you just don't know it yet.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #64,320
  • May 19, 2010 7:16pm May 19, 2010 7:16pm
Quoting woleadu
Mike,
thanks. it worked for the horizontal lines, but not the vertical lines. Please may I ask what program you are using to draw those green and blue lines on your chart. Also this question go to Jarroo. I will appreciate your help
Thanks
They are just part of the MT4 tools that come with the Plat.
Indicators show the past. Price Action "Indicates" the future.
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