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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

  • #73,361
  • Aug 30, 2010 8:38pm Aug 30, 2010 8:38pm
Quoting catiron
Have been away from this thread for awhile. Can't find original reference to "FTA". What does it stand for? Thanks.
gotta keep up! :-P Just playing

FTA = First trouble area

Mike
  • #73,362
  • Aug 30, 2010 8:41pm Aug 30, 2010 8:41pm
Thank you!
"A is A"
  • #73,363
  • Aug 30, 2010 8:43pm Aug 30, 2010 8:43pm
Quoting mbqb11
Yes well it depends on how you are comfortable entering. I never do retrace entries, I am conservative, like to see price confirm the bar. Some people put an order on the break and one on the retrace and pull the other one when one gets hit. Really just comes back to the trader. They all have advantages/disadvantages. It all has to fit in line with your beliefs/personality etc.

Best
Mike
Hi Mike,

Same here,I am quite conservative as well and prefer break of the pin bar.

In this particular case,it broke the pin bar and came back down. SL is still the lower end of the pin bar so has not taken stops out. But since it failed to breakout after break of the pin bar ( in fact retraced back quickly), from your experience,do you think it is a failed pinbar on weekly?

cheers
  • #73,364
  • Aug 30, 2010 8:46pm Aug 30, 2010 8:46pm
Quoting Imphilomath
Hi Mike,

Same here,I am quite conservative as well and prefer break of the pin bar.

In this particular case,it broke the pin bar and came back down. SL is still the lower end of the pin bar so has not taken stops out. But since it failed to breakout after break of the pin bar ( in fact retraced back quickly), from your experience,do you think it is a failed pinbar on weekly?

cheers
Hey Imp

Technically speaking it isn't over till the low of the pin gets taken out, but I don't have very high hopes considering the small size and strength on the jpy this past day. It is sort of in make or break territory now around the 61.8 here, but we'll have to wait and see

Mike
  • #73,365
  • Aug 30, 2010 8:55pm Aug 30, 2010 8:55pm
I use to trade strictly fundamentally lately it has not been that great. Im trying to reincorporate technical signals into my trading. The only problem that I have with technicals is that not everyone sees the same daily charts, usually when I look at the 4hr examples my charts look completely different due to different server time.

I feel that looking at charts such as the weekly, hourly would create stronger signals since the candle sticks are identical, off-course the R/S levels would remain the same.

My question is... How do you guys feel about trading the 4hr charts if so formations are different due to different server times? Due you take the server time into consideration?
  • #73,366
  • Edited 9:29pm Aug 30, 2010 9:01pm | Edited 9:29pm
Quoting Publius
Hello,
I attached classic one. Shame I missed it...

see how it is not a BEOB on my chart (this is fxcm uk gmt+1). this is related to the discussion between mike and bollocks few posts above. i am missing several setups due to this timezone.

its a shame we cant get the charts based on user-selected timezone. its just a matter of appyling timezone offset, why cant the brokers do such a simple thing that will give lot of flexibility to the users. i understand the brokers get feed in a particular timezone, but how hard its to add/subtract offset ? my school going kid can do this. lol

i saw an indicator that would consoidate the data and show the chart based on our selected timezone, can someone point me to that ?
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  • #73,367
  • Aug 30, 2010 9:11pm Aug 30, 2010 9:11pm
Quoting ghous
I have been watching out for these Ace - Your "area of interest"

g.
Sweet man, glad to see that you're on the lookout. You know, I didn't realize that I say "area of interest" quite a bit until you pointed it out a while ago. lol, I kinda like the way it sounds.
  • #73,368
  • Aug 30, 2010 9:18pm Aug 30, 2010 9:18pm
Quoting mbqb11
Hey Imp

Technically speaking it isn't over till the low of the pin gets taken out, but I don't have very high hopes considering the small size and strength on the jpy this past day. It is sort of in make or break territory now around the 61.8 here, but we'll have to wait and see

Mike
yep I am thinking the same.
Out of curiosity, was that really a pin as per definition in the book :-). Looks like it did not close in the body of previous weekly candle ( I understand it will not always be well defined PB - key is market sentiment, rejection of the price), but just to make sure I understand it correctly.

cheers
  • #73,369
  • Aug 30, 2010 9:21pm Aug 30, 2010 9:21pm
Quoting Imphilomath
yep I am thinking the same.
Out of curiosity, was that really a pin as per definition in the book :-). Looks like it did not close in the body of previous weekly candle ( I understand it will not always be well defined PB - key is market sentiment, rejection of the price), but just to make sure I understand it correctly.

cheers
Hey Imp

As long as price closes within the previous bar(anywhere) then technically it is a pin. If this say had a higher close then the open, i think it would have greatly changed the look of things though

Best
Mike
  • #73,370
  • Aug 30, 2010 9:29pm Aug 30, 2010 9:29pm
Quoting mbqb11
Hey Imp

As long as price closes within the previous bar(anywhere) then technically it is a pin. If this say had a higher close then the open, i think it would have greatly changed the look of things though

Best
Mike
got it, cheers Mike!!, thanks for your quick reply.
so I understand green PB ( higher close) would have made it bit stronger/bullish pin and a better set up. It is so close to monthly support, feel like it might turnaround for a long term trade :-) waiting for strong PA ,of course.
  • #73,371
  • Aug 30, 2010 9:30pm Aug 30, 2010 9:30pm
Quoting Imphilomath
got it, cheers Mike!!, thanks for your quick reply.
so I understand green PB ( higher close) would have made it bit stronger/bullish pin and a better set up. It is so close to monthly support, feel like it might turnaround for a long term trade :-) waiting for strong PA ,of course.
yeah I am picky with certain little things. If this had a much longer nose then the close might not have played such a role for me. 85 is a nice area, but 80 is even more juicy if we can test it again

Mike
  • #73,372
  • Aug 30, 2010 9:48pm Aug 30, 2010 9:48pm
Quoting Ace284
Thanks a million for your kind words and the vouch! Glad you find my analysis useful. Means a lot coming from a senior J16 member.


Yeah, its fantastic how all these things line up when it comes to an important point of reversal.
Its even better, when we take full advantage of it.
Its sure is great . . when things come together. This pair (Eur/Aud) has surely foretold its intentions on the Weekly for some time. . .as with other pairs as well.

It shows the importance of the seeing what's going on on higher time frames, like the weekly. This information is an edge that can anticipate some great trades on the lower time frames. . . .as you have shown , Ace.

Simply . . Res turns into Sup and vice versa at a strong PPZ level.
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Indicators show the past. Price Action "Indicates" the future.
  • #73,373
  • Aug 30, 2010 9:57pm Aug 30, 2010 9:57pm
Quoting Pinbar
I have been thinking about how complex my charts are looking and I came up with this simple 3 line system to work out the FTA and possible areas of moving our SL. I actually think this is a good idea for me to work on.

Hope it helps any new people to the thread grasp the importance of the FTA and simplify identifying it.



Hey Pb remember this post . . .

Quoting jarroo
The chart(s) we did in May was an exercise in plotting PPZ levels. Now here in Aug. we see that the PPZ levels we plotted on the Weekly Usd/Mxn are still acting like they always do. . . .as PPZ levels.

The Weekly BUOB off the PPZ level (12.45ish) worked out nicely, Yes?. The current PB is a bit small but let's see how she works out.

.

Pretty cool don't you think . . ?
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Indicators show the past. Price Action "Indicates" the future.
  • #73,374
  • Aug 30, 2010 10:11pm Aug 30, 2010 10:11pm
Quoting mbqb11
Hey Imp

As long as price closes within the previous bar(anywhere) then technically it is a pin. If this say had a higher close then the open, i think it would have greatly changed the look of things though

Best
Mike
I got a word doc with YOUR name on it, lol, keeps getting bigger and bigger. Thanks for sharing your wisdom sir!
How do you stay up at night?

fxtsun
___________________________________

"And, in the end, the love you take is equal to the love you make." The Beatles
  • #73,375
  • Aug 30, 2010 10:28pm Aug 30, 2010 10:28pm
Quoting fxtsun
I got a word doc with YOUR name on it, lol, keeps getting bigger and bigger. Thanks for sharing your wisdom sir!
How do you stay up at night?

fxtsun
___________________________________

"And, in the end, the love you take is equal to the love you make." The Beatles

haha it varies
  • #73,376
  • Aug 30, 2010 10:35pm Aug 30, 2010 10:35pm
Quoting mbqb11
haha it varies

I figured out how Mike is able to respond to post so quickly (on two forums, mind you) . . he uses more than two fingers when he types . .just a guess . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #73,377
  • Aug 30, 2010 11:15pm Aug 30, 2010 11:15pm
Quoting Ace284
I know this post may come off as somewhat rude, but I assure you that I'm not trying to be. I'm just sharing my insight.
Not rude at all. I understand what you mean. Psychology is important but learning from these psychological mistakes is very very important. Just saying 'Ah, I made such a silly mistake' and repeating it again is bad.
  • #73,378
  • Aug 30, 2010 11:32pm Aug 30, 2010 11:32pm
Quoting jarroo
I figured out how Mike is able to respond to post so quickly (on two forums, mind you) . . he uses more than two fingers when he types . .just a guess . . lol
Haha, I think he has several secretaries, some to speak out posts for him and some to type for him.
  • #73,379
  • Aug 30, 2010 11:37pm Aug 30, 2010 11:37pm
Currently, I am in this trade with my broker. Already moved to breakeven.

Nice one with the trend and against a resistance. A clean traffic and a good FTA distance.

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  • #73,380
  • Aug 31, 2010 12:31am Aug 31, 2010 12:31am
Quoting bug
Hi Melvin,
there is an excellent video by Mike posted some 500 pages ago that explains 'space': http://drop.io/cfnoat3
Oh, and here's a link to the guest area videos if you haven't discovered them yet: http://james16group.us/Guests/guestmaterial.html
Thanks for the link bug!

Wow! Excellent video mike! Helped me understand space a lot better.

By the way, am i the only one unable to get access to the guest material on the j16 group webpage. Can only seem to open the last 3 links in james' column.
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