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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

  • #69,921
  • Jul 28, 2010 12:49am Jul 28, 2010 12:49am
Quoting pipmyride
I agree bro but i am only human .. it kinda annoys me when the books say to trade emotion free - we are only human that is not possible .. of course it is HOW we CONTROL the emotion that makes us professional .....
"emotion free" is just a figurative phrase.
the correct term would be "minimize" (the effect of emotions, thru constant practice & experience).

most books are just repetitive regurgitation or a redundant marketing ploy.

btw, "i am only human" --- personally, i think that is not a good excuse.

think about it.

i see a potential setup. i did not trade it. so why should i regret it?
personally, it doesnt make any sense.

take a trade - face the consequence.
dont take it, face the consequence.
be responsible for your wins & losses. dont make any excuse.

i firmly believe, using 'hindsight' as an excuse is very newbie-ish, in a psychological level.

Food for thought. (in my case, 'chocolate for the mind' )
  • #69,922
  • Jul 28, 2010 12:50am Jul 28, 2010 12:50am
Quoting supremeChaos
i think this post confirms my thought. Thanks Mike
perhaps, i got stoked too much by jopollin's posts

btw, if u spend little time trading, what do u do with most of your time?
SC,
I thought by now you would have known that most of his time (and I suspect yours too) is spent answering the questions from newbies (like me), which are repeated every couple of pages. I sincerely hope that you senior guys including Jarroo, Ghous ... (most importantly well informed and successful traders with a penchant for imparting knowledge to others) don't leave this forum otherwise we gonna go down hill all way into the blackhole.

Cheers
Novice 198
  • #69,923
  • Jul 28, 2010 1:04am Jul 28, 2010 1:04am
Quoting supremeChaos
it depends.
there is no certainty, imho.
u just have to be aware & be prepared.

Thanks SC...That PB has bounced off the FTA and is testing the bottom of the PB. Maybe the LO will push it lower but I have my doubts about this one.
Attached Image
  • #69,924
  • Jul 28, 2010 1:19am Jul 28, 2010 1:19am
Quoting novice198
SC,
I thought by now you would have known that most of his time...
why would i leave it? i love it here.
i answer only the easy questions. because that's all i know & can answer.
btw, im just a senior newbie, bro.

i am a Boy Scout.
if i remember right, part of the "Scout's Code" is to "help other people at all times".
i cant explain it. it's in my blood. i cant help but help, if that makes sense.

i will only leave if i quit trading. i dont see that happening.


-------------
or maybe i'll leave if i become a millionaire?


maybe not. (just like some people here)


******
btw, if they leave. they have left us a great thread to read & learn from.
  • #69,925
  • Jul 28, 2010 1:22am Jul 28, 2010 1:22am
Quoting Pinbar
..That PB has bounced off the FTA and is testing the bottom of the PB. Maybe the LO will push it lower but I have my doubts about this one.
yes, 0.7300 could be the 'make or break' PPZ (price either breaks it & moves down, or price bounces of it & continues upward).

monitor & act accordingly.
  • #69,926
  • Jul 28, 2010 1:33am Jul 28, 2010 1:33am
Quoting supremeChaos
it depends.
there is no certainty, imho.
u just have to be aware & be prepared.


depends on how much YOU can handle.
u can monitor non-forex instruments too.


if u want more, i'll give u more.
check the 2 links here. experiment.
try ForexUA/FOREX Ltd, XTB, WHC/Broco, LiteForex/SIG


Please post a chart, Sir.
looks like it worked out...
Attached Image
  • #69,927
  • Jul 28, 2010 1:40am Jul 28, 2010 1:40am
True777,
i see.
nice rejection off of 1.0370 PPZ & possibly even 1.0400 round number.
  • #69,928
  • Jul 28, 2010 2:03am Jul 28, 2010 2:03am
Possible touch trade off the 365 MA, @ 1.5600 BRN?

I haven't looked too much into the touch trades that've been discussed in this thread. Just lookin' for some opinions I suppose.

I imagine stops are kept pretty tight on touch trades, as well as stop being moved quickly to breakeven?

http://img830.imageshack.us/img830/4...adeoff3651.png
  • #69,929
  • Jul 28, 2010 2:31am Jul 28, 2010 2:31am
Quoting XNAdam
Possible touch trade off the 365 MA, @ 1.5600 BRN?

I haven't looked too much into the touch trades that've been discussed in this thread. Just lookin' for some opinions I suppose.

I imagine stops are kept pretty tight on touch trades, as well as stop being moved quickly to breakeven?

http://img830.imageshack.us/img830/4...adeoff3651.png
While it looks like genius in hindsight, u dont "touch trade" off a MA. Touch trades are done off S/R/Fib levels which can be confluenced by MAs
  • #69,930
  • Jul 28, 2010 2:56am Jul 28, 2010 2:56am
Quoting supremeChaos

i want to succeed, so i got to make the right decisions, the right moves.
heya matie.
could I throw in some of my favourite quotes? (I'm gg to do it anyway)

“At the end of the day, if you have more discipline and bigger balls, you are probably going to win, because other people do not” – Anonymous dude who runs a huge hedge fund

"It’s fine missing moves. If your system didn't encompass it, then it wasn't your money to take to begin with"(by a gd mate of mine)

Patience and discipline are implied.... and actually the fastest way to grow one's account
heheh
One Mind, Any Market
  • #69,931
  • Jul 28, 2010 2:59am Jul 28, 2010 2:59am
Quoting pipmyride
While it looks like genius in hindsight, u dont "touch trade" off a MA. Touch trades are done off S/R/Fib levels which can be confluenced by MAs

Gotcha.

Checking back on my chart a bit, seems it's an S/R level that price has reacted to back in February of this year, a bit in 2008, and even quite further back than that.

Hrm...
  • #69,932
  • Jul 28, 2010 3:00am Jul 28, 2010 3:00am
Quoting Cyrus
"It’s fine missing moves. If your system didn't encompass it, then it wasn't your money to take to begin with"(by a gd mate of mine)
That's one awesome quote right there.
  • #69,933
  • Jul 28, 2010 3:01am Jul 28, 2010 3:01am
i knowFriday is days away.... but
have a laugh guys
thanks to frankkn


Quoting pipmyride
While it looks like genius in hindsight, u dont "touch trade" off a MA....
correct me if im wrong...
i believe Sir James16 mentioned 'touch trading off an MA' in 1 of his videos.


Quoting Cyrus
heya matie.
could I throw in some of my favourite quotes?...
with pleasure & in anticipation, bro
  • #69,934
  • Jul 28, 2010 3:08am Jul 28, 2010 3:08am
Quoting supremeChaos
i knowFriday is days away.... but
have a laugh guys
thanks to frankkn



correct me if im wrong...
i believe Sir James16 mentioned 'touch trading off an MA' in 1 of his videos.
with pleasure & in anticipation, bro
This is quite possible. There is a J16 method of trading called Base where a series of moving averages populate the chart and trades are taken after price meets and crosses the various ma's.
So a touch trade may have been mentioned.
  • #69,935
  • Jul 28, 2010 3:12am Jul 28, 2010 3:12am
Quoting XNAdam
Gotcha.

Checking back on my chart a bit, seems it's an S/R level that price has reacted to back in February of this year, a bit in 2008, and even quite further back than that.

Hrm...
Well in truth u have:
a) BRN
b) Yes some S/R zone
c) your MA

That is triple confluence
  • #69,936
  • Jul 28, 2010 3:16am Jul 28, 2010 3:16am
Quoting six gun
This is quite possible....
yes, i believe so it is.
the key words are experience & discretion: which touches to take or avoid
  • #69,937
  • Jul 28, 2010 3:18am Jul 28, 2010 3:18am
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  • #69,938
  • Jul 28, 2010 3:18am Jul 28, 2010 3:18am
Quoting pipmyride
Well in truth u have:
a) BRN
b) Yes some S/R zone
c) your MA

That is triple confluence
Also right at the 61 Fib level.
  • #69,939
  • Jul 28, 2010 3:20am Jul 28, 2010 3:20am
Quoting supremeChaos
hey Sir,
if u look ath the MACD histogram it does have divergence.
but since u are using the 'real' MACD, u are supposed to to compare the MACD signal lines (not the histogram) with price. the signal lines are making higher highs, so does price, so there is no divergence.

remember, the MACD signal lines of the 'real' MACD is equivalent to the histogram of the 'incomplete' MACD (i.e., the default MT4 MACD).
This does not make sense to me.
I can add/remove bit of this MACD indicator.
I put up the MACD with the signal lines and you say there was no divergence.
If I removed these lines so it is like the MACD used most of the time here, would you say there is divergence?

Is there something different about my MACD indicator?
Most people don't have the lines so is their indicator incomplete and so potentially wrong?
  • #69,940
  • Jul 28, 2010 3:41am Jul 28, 2010 3:41am
Hello six gun,
sorry if i didnt explain it clearly.
try this links. here, here(May25 post), here, here, here

check pipmyride's post prior yours. he used the same MACD u used. & he plotted it like the way u did.

to be clear, im not saying that plotting method (plotting divergence on the 'real' MACD's histogram) has no merit.
im just saying plotting div on 'real' MACD histogram is different from plotting div. on the 'incomplete'/'usual' MACD's histogram.
u should be aware of the difference: dont go mixing it up.

Hope this clears it up. Let me know if it didnt
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