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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

  • #69,761
  • Edited 11:00pm Jul 26, 2010 10:44pm | Edited 11:00pm
Quoting spookie94
possible short?
possible short? yes.
but bar is relatively small compared to prior 3 bars.
almost similar situation with gbpchf posts recently.
may or may not reach 133.70ish (38.2Fib area)
also, kindly zoom out your charts so u can see the bigger picture


Quoting Jey
WoWsers!! Is it possible to get so many trades like above in Daily TF?...
Quoting PenguinTrade
...
This month I decided to experiment and trade only the Daily
...



Quoting hijackxx
I'd say they don't have the checklist on papers.. they have this checklist on their head..
i think several/many do this. (may or may not be so from the onset)
part of unconscious competence(must read!).
  • #69,762
  • Jul 26, 2010 10:57pm Jul 26, 2010 10:57pm
Quick question for you guys that look at a large number of pairs. Which exotic pairs to you find particularly tradeable or untradeable?
  • #69,763
  • Jul 26, 2010 11:01pm Jul 26, 2010 11:01pm
Quoting supremeChaos
possible short? yes.
but bar is relatively small compared to prior 3 bars.
almost similar situation with gbpchf posts recently.
may or may not reach 133.70ish (38.2Fib area)
also, kindly zoom out your charts so u can see the bigger picture



i think several/many do this. (may or may not be so from the onset)
part of unconscious competence(must read!).
Yeah, I looked at the FTA to be around that 38.2 fib area. Just thought it was nice location, and an easy SL just above 135.00. I normal have my chart zoomed out more, just thought it would be easier to see here.
  • #69,764
  • Jul 26, 2010 11:07pm Jul 26, 2010 11:07pm
Quoting spookie94
possible short?
your chart looks good on the pair. Mine doesn't gives any interest :/
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  • #69,765
  • Jul 26, 2010 11:18pm Jul 26, 2010 11:18pm
Quoting hijackxx
your chart looks good on the pair. Mine doesn't gives any interest :/
I trade live on GFT, when I went to look at it there it looked more like your chart. Might not take this one, live anyways.
  • #69,766
  • Jul 26, 2010 11:23pm Jul 26, 2010 11:23pm
Quoting hijackxx
your chart looks good on the pair. Mine doesn't gives any interest :/
IMHO, neither is good ('good' in terms of the above context).
both charts are virtually similar, only that price aggregation (due to broker timezone difference) is slightly different.
  • #69,767
  • Jul 26, 2010 11:24pm Jul 26, 2010 11:24pm
Quoting Jey
WoWsers!! Is it possible to get so many trades like above in Daily TF?
How many pairs do you watch?
Most of my trades were on the 1HR & 4HR. Some daily. I did more daily trades as time went on. But the problem was I would manage my daily trades like they were 1 HR trades. I would watch them like a hawk. I realized that with higher time frames you can make decisions about your trade much less frequently.
I scan about 13 pairs every day.
  • #69,768
  • Jul 26, 2010 11:34pm Jul 26, 2010 11:34pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting PenguinTrade
Most of my trades were on the 1HR & 4HR. Some daily. I did more daily trades as time went on. But the problem was I would manage my daily trades like they were 1 HR trades. I would watch them like a hawk. I realized that with higher time frames you can make decisions about your trade much less frequently.
I scan about 13 pairs every day.
Ahhhh... no wonder you were able to get 15 trades in this month which is still not over yet. Probably you still haven't got that "day-trader" thingy outta your mind yet so its making you watch it like a hawk. I also had a tough time coming to terms with it. Now I am forcing myself to look at only Dailies. Probably take a peek at 4H to finetune entry perhaps.

May the pipgods keep us noobs from falling from the Daily TFs.
I have seen the enemy, and it is me.
  • #69,769
  • Jul 26, 2010 11:36pm Jul 26, 2010 11:36pm
Quoting spookie94
possible short?
Just be aware that the green bar that the BEOB engulf is a Sunday bar and does not carry much weight in it since it's formed in a span of only 2 hrs.
  • #69,770
  • Jul 26, 2010 11:48pm Jul 26, 2010 11:48pm
Quoting supremeChaos
IMHO, neither is good ('good' in terms of the above context).
both charts are virtually similar, only that price aggregation (due to broker timezone difference) is slightly different.
Yes. That's what I meant.
Thx for correcting LOL..
  • #69,771
  • Jul 26, 2010 11:49pm Jul 26, 2010 11:49pm
Nice divergence on this pair. Will be looking for some bearish PA at 0.7400 (oops mean't to draw the trendline on the chart connecting the highs )
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  • #69,772
  • Jul 26, 2010 11:56pm Jul 26, 2010 11:56pm
Quoting hijackxx
Yes. That's what I meant...
no problem, Sir 'uzumaki Sasuke'
  • #69,773
  • Jul 27, 2010 12:30am Jul 27, 2010 12:30am
Quoting forexben
Nice divergence on this pair. Will be looking for some bearish PA at 0.7400 (oops mean't to draw the trendline on the chart connecting the highs )
Now, I'm trying to learn this at the moment, but shouldn't the points I've circled in the attached image relate in terms of working out divergence? In which case there would be no divergence since price and macd are both trending up?

I may be mistaken though so please enlighten me if so.
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  • #69,774
  • Jul 27, 2010 12:34am Jul 27, 2010 12:34am
Quoting cheeseweasel
Now, I'm trying to learn this at the moment, but shouldn't the points I've circled in the attached image relate in terms of working out divergence? In which case there would be no divergence since price and macd are both trending up?

I may be mistaken though so please enlighten me if so.
With the divergence on your MACD, you draw the trendline from swing-high to swing-high. The line you've drawn is from swing-low to swing-high. Does that make sense?

I made a mistake drawing the divergence on my chart. It should have been drawn from swing-high to swing-high.
  • #69,775
  • Jul 27, 2010 1:09am Jul 27, 2010 1:09am
Quoting forexben
With the divergence on your MACD, you draw the trendline from swing-high to swing-high. The line you've drawn is from swing-low to swing-high. Does that make sense?

I made a mistake drawing the divergence on my chart. It should have been drawn from swing-high to swing-high.
Yep that makes sense, thanks for the clarification.
  • #69,776
  • Jul 27, 2010 1:34am Jul 27, 2010 1:34am
Quoting PenguinTrade
For awhile I've been trying to apply J16 principles to my trading, and while it's taken longer than I thought, I've seen some improvement. I really wanted to trade less and go to higher time frames, but kept getting sucked down. I finally decided to go back to demo after some advice from Mike.
This month I decided to experiment and trade only the Daily and only look at the charts every 24 hours.

Here are the results from past few months:
March: 42 trades: 24 win, 18 loss
April: 91 trades: 43 win, 48 loss
May: 56 trades: 39 win, 17 loss
June: 22...
Wow Penguin that's an amazing improvement. I've been cursing the fact that I can only look at the daily due to work commitments but it looks like the daily is where its at!
  • #69,777
  • Jul 27, 2010 1:39am Jul 27, 2010 1:39am
Quoting TheMaxx
... I've been cursing the fact that I can only look at the daily due to work commitments but it looks like the daily is where its at!
Cursing just after your birthday?
That's allowed

Longer timeframes = more family or work time for you
  • #69,778
  • Jul 27, 2010 2:51am Jul 27, 2010 2:51am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting TheMaxx
Wow Penguin that's an amazing improvement. I've been cursing the fact that I can only look at the daily due to work commitments but it looks like the daily is where its at!
After about nearly 4700 pages, you finally realized what Jim said on the first page itself.
I have seen the enemy, and it is me.
  • #69,779
  • Jul 27, 2010 3:07am Jul 27, 2010 3:07am
Back from mini vacation Time to go back to the business Wish a great and successful week to everyone
  • #69,780
  • Jul 27, 2010 3:20am Jul 27, 2010 3:20am
Was looking at the Charts and came across this. I know the pin still has to close but would senior people qualify this as a buob ? Cheers SR
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