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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

  • #69,981
  • Jul 28, 2010 11:31am Jul 28, 2010 11:31am
Quoting XNAdam
hey ppfx, thanks for the link!

That is an excellent post, and I'm definitely bookmarking it.
an excellent post indeed

Im curious whats gonna happen on the EURCHF in the next few days... Im waiting for the price to come to 1.40 and then see how its gonna react.
You can see from the attachment that around VBRN 1.40 is a PPZ area and also the 61.8% fibo (racs favourite). I think its gonna be very interesting. You can see that the price has recently rejected the 50% fibo and it has already reached the FTA...will see what happens next

Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF 28_7_10.png Size: 38 KB
  • #69,982
  • Jul 28, 2010 11:31am Jul 28, 2010 11:31am
i would like to ask, what other ways to trade forex?

-lagging indicators
-news and reports
-price action(chart and price pattern)

what are the others? and which one is worth spending time on?

and is there any books any of you would recommend reading? as i'm looking to join the J16 group soon.. i would like to first read up more.
  • #69,983
  • Jul 28, 2010 11:36am Jul 28, 2010 11:36am
Quoting ghous
Just got to know, my very good friend from uni, his name was Owais Bin Laiq, was on that flight.
sorry for hearing that things like this get you thinking about the meaning of life and how happy we should be with little things...
  • #69,984
  • Jul 28, 2010 12:11pm Jul 28, 2010 12:11pm
james , what rules have you found that work best for touch trading. i think that divergence is one of them. what else? thanks.
  • #69,985
  • Jul 28, 2010 12:25pm Jul 28, 2010 12:25pm
Quoting Jey
Yeah death is no respecter of persons. The same pain can also be felt for all those senseless attack victims from Mumbai where 166 people died. http://www.reuters.com/article/idUSTRE6420WU20100503
Right with you brother.

g.
I believe . . .
  • #69,986
  • Jul 28, 2010 12:30pm Jul 28, 2010 12:30pm
Quoting premierpip
i would like to ask, what other ways to trade forex?

-lagging indicators
-news and reports
-price action(chart and price pattern)

what are the others? and which one is worth spending time on?

and is there any books any of you would recommend reading? as i'm looking to join the J16 group soon.. i would like to first read up more.
There is volume spread analysis and I am sure some other ways too of skinning the cat,

Spending time in learning to read price action IMO is what you should look to do, not only because you posted the question at a thread that specializes in teaching that but also because all of us here have discovered that the learning is so much worth it.

As for books, the more popular ones like "trading in the zone" and "reminiscences of a stock operator" are good reads, and I am sure there are quite a few more.

All the best.

g.
I believe . . .
  • #69,987
  • Jul 28, 2010 12:43pm Jul 28, 2010 12:43pm
Quoting ghous
There is volume spread analysis and I am sure some other ways too of skinning the cat,

Spending time in learning to read price action IMO is what you should look to do, not only because you posted the question at a thread that specializes in teaching that but also because all of us here have discovered that the learning is so much worth it.

As for books, the more popular ones like "trading in the zone" and "reminiscences of a stock operator" are good reads, and I am sure there are quite a few more.

All the best.

g.
basically if you can think it, someone is trading like that. People trade based on times of years, moon phases, even Rats picking(yes rats)

posted by itrade in the PF
http://www.artmarcovici.com/rat-traders
  • #69,988
  • Jul 28, 2010 12:47pm Jul 28, 2010 12:47pm
Quoting Jonnyislost
Damn. I miss the 4 Digits, much easier on the eye for me.
Totally agree with you. That's why I was asking. Luckily GFT still supports 4 digits.

Thanks anyway for your help!
  • #69,989
  • Edited 6:00pm Jul 28, 2010 1:00pm | Edited 6:00pm
Might be useful:

Just analysing my NZD/USD trade and realised that I didn't spot the obvious!!! a bloomin inside bar (IB) prior to the pin bar.

This trade should not have been entered especially with a 50% retrace as until the IB is broken its a no go, as these prior IB's are telling you something about the PB, in that it may be a fake so be careful.

Damn I hate stupid silly obvious mistakes.

Hope this helps someone.
Attached Image (click to enlarge)
Click to Enlarge Name: NZD_USD_Weekly_2010-07-28 18-51.png Size: 14 KB
In retrospect we learn. In perspective we earn.
  • #69,990
  • Jul 28, 2010 1:04pm Jul 28, 2010 1:04pm
Quoting True777
To all you full time traders or guys doing this part time with consistency, I'd really love to see some charts and trades taken. Not at all in a "trade call" sort of way, but it seems most charts posted are in hindsight, I'm not to shabby at trading like that ;-) Whether it was a winner or a loser, or one you're still in, it would be great if you could post a chart, explain why you got in, what you're liking/not liking with where it's at now, what you're looking for ect. Thanks! Look forward to learning from you!
Here is one for you True777:

GBP/CAD - Entry on the break of the PB, actually taken on the 1HR using a DBLHC for entry and stop loss - still have second part of trade riding for break through

Got to go...out for dinner....late
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP_CAD_2010-07-23 11-44.png Size: 21 KB
Click to Enlarge Name: GBP_CAD_Entry_2010-07-28 19-00.png Size: 16 KB
In retrospect we learn. In perspective we earn.
  • #69,991
  • Jul 28, 2010 1:11pm Jul 28, 2010 1:11pm
Possible long on CAD/CHF? Previous resistance now possibly acting as support...
Attached Image (click to enlarge)
Click to Enlarge Name: cadchf.JPG Size: 76 KB
  • #69,992
  • Jul 28, 2010 1:23pm Jul 28, 2010 1:23pm
Anyone else watching this one?

1. price at daily support
2. trendline
3. although I don't have my retracements up, it's the 50.0%/61.8% area
4. triangle/squeeze

The daily bar hasn't closed yet but we have what looks like an ib? close call on the ib though - highs almost matching. Senior members... is this an ib or is it too close?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad_daily.gif Size: 16 KB
  • #69,993
  • Jul 28, 2010 1:28pm Jul 28, 2010 1:28pm
Hey Ghous,

My condolences on your friends misfortune. You and all aboard that plane are in my prayers bro.
  • #69,994
  • Jul 28, 2010 1:31pm Jul 28, 2010 1:31pm
Quoting ghous
Just got to know, my very good friend from uni, his name was Owais Bin Laiq, was on that flight.
My prayers are with you, ghous, and those involved. Hang tough, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #69,995
  • Jul 28, 2010 1:40pm Jul 28, 2010 1:40pm
Quoting Rustam
Possible long on CAD/CHF? Previous resistance now possibly acting as support...

Looks good Rus. But you want to see what's going on with the bigger picture, the higer time frames.

You can see that the Weekly and Daily have shown Support turning into Resistance and vice-versa. How does this relate to your 4 hour time frame? I'm not saying that your 4 Hour chart is not showing that Price may be heading back to the 1.0337ish. Just showing the bigger picture.
Price may be heading back to test the 1.000.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadchfww.gif Size: 25 KB
Click to Enlarge Name: cadchfdd.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #69,996
  • Jul 28, 2010 1:58pm Jul 28, 2010 1:58pm
First I'm not very experienced with EA. So please pardon my ignorance.
I can't get this program to work and can't figure it out.
Here is a picture of what I get when I download it to Metaeditor.

It's driving me nuts trying to figure it out.

Has anyone ever experienced this or no of a solution?

I believe I could really use this since at work I can't always monitor my trades.

Thanks in advance.
Bill
Attached Image (click to enlarge)
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  • #69,997
  • Jul 28, 2010 2:04pm Jul 28, 2010 2:04pm
Hey Bill,
why are u trying to open/download it to Metaeditor?
do u wanna look at the code/programming?

what u saw, i think it's natural, because u are dealing with an .ex4 file. that is the compiled version of the indicator.
u need the .mq4 if u wanna see how the code was written. of course, the .mq4 is exclusive to atclarkson (EA owner).

Hope that helps


EDIT:
i havent used this EA.
if u just wanna use the EA. save it on the experts folder. then restart MT4.
once MT4 is restarted... u should find it under "Expert Advisors".
either drag it to a chart or
right click the EA & choose 'attach to chart'
  • #69,998
  • Jul 28, 2010 2:05pm Jul 28, 2010 2:05pm
Quoting zoopy
Anyone else watching this one?

1. price at daily support
2. trendline
3. although I don't have my retracements up, it's the 50.0%/61.8% area
4. triangle/squeeze

The daily bar hasn't closed yet but we have what looks like an ib? close call on the ib though - highs almost matching. Senior members... is this an ib or is it too close?
Hey zoopy. We really want to wait until the Daily bar closes to determine the PA formation, if any. Because trying to predict it can be very misleading.

I like yesterday's pinish looking BUOB. Nice trendline and RN PPZ level(1.0300) confluence. But there's some traffic to contend with. Not a bad setup but not the best.
Attached Image (click to enlarge)
Click to Enlarge Name: cadddd.gif Size: 31 KB
Indicators show the past. Price Action "Indicates" the future.
  • #69,999
  • Jul 28, 2010 2:06pm Jul 28, 2010 2:06pm
Quoting Atc
First I'm not very experienced with EA. So please pardon my ignorance.
I can't get this program to work and can't figure it out.
Here is a picture of what I get when I download it to Metaeditor.

It's driving me nuts trying to figure it out.

Has anyone ever experienced this or no of a solution?

I believe I could really use this since at work I can't always monitor my trades.

Thanks in advance.
Bill
Hey Bill

Yeah you need to move that file into your Expert Advisors folder

Then place it on the chart, I have never used it though so hopefully someone who has understand it better.

Program files - MT4(whatever your broker is) - Experts

You will see other ex4s there

Best
Mike
  • #70,000
  • Jul 28, 2010 2:17pm Jul 28, 2010 2:17pm
Quoting jarroo
Hey zoopy. We really want to wait until the Daily bar closes to determine the PA formation, if any. Because trying to predict it can be very misleading.

I like yesterday's pinish looking BUOB. Nice trendline and RN PPZ level(1.0300) confluence. But there's some traffic to contend with. Not a bad setup but not the best.
Thanks Jarroo.

I've been having patience issues. I think too much time on the 4 hour charts so I've moved to watching dailies. Gotta learn to walk first before I start running off to the 4 hour charts
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