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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

  • #67,181
  • Jun 23, 2010 11:14pm Jun 23, 2010 11:14pm
Hello forexben,
im not sure how to answer your question.
can u be more specific?

it's all about YOU... what u are comfortable with, etc
RSI6 is more sensitive like u said, MACD12,26,9 is more smooth.
u can use both or just choose 1. (some have them overlaid, like this. g_j_hook@yah has been using them this way for some time now)
the settings is up to u too.

i have more experience in using MACD (than RSI). i have it in all timeframes.
RSI6, i use it more in my lower timeframe trades (M5-H1).

u can wait for others' responses too.
  • #67,182
  • Jun 23, 2010 11:24pm Jun 23, 2010 11:24pm
Quoting forexben
I've been doing a bit of study on divergence lately. Just wondering in what scenarios the regular MACD setting would work better and what scenarios the RSI 6 would be more suitable. I've read that the RSI 6 is more sensitive and responds better to short term movements.
Hey Ben

Yes you are correct an RSI in that case will be more sensitive to price. I do think like supreme use what is comfortable. I have always used MACD, just understand what I am looking at and used to using it. I like actually that it smooths things. Just a preference

Best
Mike
  • #67,183
  • Jun 24, 2010 12:42am Jun 24, 2010 12:42am
We just had a webinar from James on divergence, he didn't have his Tradestation on the machine used so we weren't able to look but it was mentioned there is divergence on gold (not by James).

I need a lot more practice on using divergence. It always is obvious when demonstrated but not so obvious when I look myself.

Price is trending up and making higher highs.
MACD appears to me to be trending up and so I would say there is no divergence.

I would not be surprised if gold made a dip after a recent all time high but I do not see the divergence signal.

As before - very motivational webinar from James.
  • #67,184
  • Jun 24, 2010 12:54am Jun 24, 2010 12:54am
Quoting six gun
We just had a webinar from James on divergence, he didn't have his Tradestation on the machine used so we weren't able to look but it was mentioned there is divergence on gold (not by James).

I need a lot more practice on using divergence. It always is obvious when demonstrated but not so obvious when I look myself.

Price is trending up and making higher highs.
MACD appears to me to be trending up and so I would say there is no divergence.

I would not be surprised if gold made a dip after a recent all time high but I do not see the divergence...
Hey Six

Gold does have Divergence, notice how price is moving higher, but MACD has created a lower low.

Hope the chart clears it up

Mike
Attached Image (click to enlarge)
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  • #67,185
  • Jun 24, 2010 12:58am Jun 24, 2010 12:58am
Hey six gun,
just to clarify, it's a J16 PF (private forum) webinar.(to avoid confusion)
dont forget, not all J16 thread readers are PF members.
  • #67,186
  • Jun 24, 2010 12:58am Jun 24, 2010 12:58am
Quoting mbqb11
Hey Six

Gold does have Divergence, notice how price is moving higher, but MACD has created a lower low.

Hope the chart clears it up

Mike
I need to take a look at my MACD on my platform - mine doesn't look like that which would explain why I can't see it!

There is thumping big divergence there!
  • #67,187
  • Jun 24, 2010 12:59am Jun 24, 2010 12:59am
Cheers for the info guys
  • #67,188
  • Jun 24, 2010 12:59am Jun 24, 2010 12:59am
Quoting six gun
I need to take a look at my MACD on my platform - mine doesn't look like that which would explain why I can't see it!

There is thumping big divergence there!
that could do it
  • #67,189
  • Jun 24, 2010 1:09am Jun 24, 2010 1:09am
Yes James presented a webinar on the private website.
I know there isn't a lot of mention of the private site here, but when something is good I like to say so.

Anyway - this is my daily on spot gold with my MACD on.
Clearly it does not look like Mike's.

This might help some others to sort there's out if they have a problem.

The settings are:
Price - close
First period 12
Second Period 26
Signal Period 9

style
MACD
MACD sig
MACD green hgm
MACD red hgm

Line style visible
Not drawn as histogram

This is straight out the box on Dealbook.
Attached Image (click to enlarge)
Click to Enlarge Name: gold dv.PNG Size: 48 KB
  • #67,190
  • Jun 24, 2010 1:12am Jun 24, 2010 1:12am
Quoting six gun
Yes James presented a webinar on the private website.
I know there isn't a lot of mention of the private site here, but when something is good I like to say so.

Anyway - this is my daily on spot gold with my MACD on.
Clearly it does not look like Mike's.

This might help some others to sort there's out if they have a problem.

The settings are:
Price - close
First period 12
Second Period 26
Signal Period 9

style
MACD
MACD sig
MACD green hgm
MACD red hgm

Line style visible
Not drawn as histogram

This is straight out the box on Dealbook.
Hey Six

You will have some differences in these types of things. I always like to just say play it as you see it.

But you actually do have divergence here just a bit tougher to see but that last "hump" is there

I drew it in for you

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 42 KB
  • #67,191
  • Jun 24, 2010 1:15am Jun 24, 2010 1:15am
Quoting mbqb11
Hey Six

You will have some differences in these types of things. I always like to just say play it as you see it.

But you actually do have divergence here just a bit tougher to see but that last "hump" is there

I drew it in for you

Mike
Cheers Mike,
I need to fiddle with it to make it as clear as yours.
This has been a great great help.
  • #67,192
  • Jun 24, 2010 1:24am Jun 24, 2010 1:24am
Quoting jarroo
Nice fxp.



BTW . . . Your Gbp/Jpy trade the other day was great. . . . Setup . .Target . . . Hit (Bam) . . beautiful.
cheers mate.

Trading is going well and I owe a lot to you guys on this thread and the PF.
  • #67,193
  • Jun 24, 2010 1:27am Jun 24, 2010 1:27am
Quoting fxprocessor
cheers mate


Everyone eyeballing the 1.5000 on the GU this morning, I take it.
Indicators show the past. Price Action "Indicates" the future.
  • #67,194
  • Jun 24, 2010 1:33am Jun 24, 2010 1:33am
Quoting jarroo


Everyone eyeballing the 1.5000 on the GU this morning, I take it.
I would like to see price break through 1.5 then give a small TF entry on a retrace. Maybe sometime next week. Quite bullish on cable with the current price action. Won't trade it without a good setup though.
  • #67,195
  • Jun 24, 2010 1:37am Jun 24, 2010 1:37am
Quoting fxprocessor
I would like to see price break through 1.5 then give a small TF entry on a retrace. Maybe sometime next week. Quite bullish on cable with the current price action. Won't trade it without a good setup though.
I agree. I nice deep spike through the 1.5 woud be nice. Uptrend looks pretty strong, nothing could stop it but a brick wall.
Indicators show the past. Price Action "Indicates" the future.
  • #67,196
  • Jun 24, 2010 1:51am Jun 24, 2010 1:51am
Quoting mbqb11
....you actually do have divergence here just a bit tougher to see but that last "hump" is there
...
six gun,
the upper MACD lines shows the div too.
(see black line)
Attached Image
  • #67,197
  • Jun 24, 2010 2:00am Jun 24, 2010 2:00am
Quoting supremeChaos
six gun,
the upper MACD lines shows the div too.
(see black line)
Attachment
Thanks SC - I took the lines off my MACD - too many lines which are saying something similar.
It is always easy when you know how.
  • #67,198
  • Jun 24, 2010 2:35am Jun 24, 2010 2:35am
Quoting jarroo
I agree. I nice deep spike through the 1.5 woud be nice. Uptrend looks pretty strong, nothing could stop it but a brick wall.
Say we get a nice spike through 1.5, and there is no PPZ in the current or higher timeframes, would we still take the trade? Would the 1.5 RN be enough?

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #67,199
  • Jun 24, 2010 2:40am Jun 24, 2010 2:40am
Quoting gc7
Say we get a nice spike through 1.5, and there is no PPZ in the current or higher timeframes, would we still take the trade? Would the 1.5 RN be enough?

Grant

Mike would say "absolutely" and I would agree with him. lol
Highly unlikely that the 1.5 would not be a PPZ level. Its a order flow thing at that level.
Indicators show the past. Price Action "Indicates" the future.
  • #67,200
  • Jun 24, 2010 3:02am Jun 24, 2010 3:02am
Quoting gc7
Say we get a nice spike through 1.5, and there is no PPZ in the current or higher timeframes, would we still take the trade? Would the 1.5 RN be enough?

Grant
The 1.5000 is not just a RN its a BRN. Here's a post from Mike on these BRNs and why he likes them so much (why I like them too . . .and you should too )

Quoting mbqb11
Hey Jacob

This is something I adopted long ago. It accomplishes a lot of things. Firstly it keeps you from trading every 10 mins . More importantly these larger round numbers are hit less, thus when price eventually makes it back to one it is going to generate both a lot of psychological interest as well as economic interest, and other things like barriers and tons of OF exist. Now this isn't to say the smaller round numbers are not important. They are very important, but more important for me in trade mgmt. Open any chart plot these numbers...
He has much more info on these BRNs and their advantages threw out this thread.
Indicators show the past. Price Action "Indicates" the future.
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