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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

  • #77,001
  • Oct 9, 2010 8:04am Oct 9, 2010 8:04am
Quoting ppfx
1.Jankone is not the only one who looks for div. when going against the trend. James does it too. This is his chart and here is the conversation regarding the chart: link Attachment
Ah yes, I am still sorry that I missed that guest chat session that day. I knew that Div is used by many (MIke also) is just I saw the first time in Jankone's thread that he uses it as a "system criteria" I mean that if you see a setup against trend, but there is no div just skip it - and that is what I am thinking about now, to adopt the same rule to my trading or not.

The thing is that if we look for a good setup we see just a few setups. Even on weekly (whole Sp500) I found just two possible setups this week!!! And if I adopt such a rule, I will have even fewer setups

What do you think Ppfx?
And also, would that rule really improve my trading against main trend??? Because due to this rule I might skip many setups that would still work!!!

Interesting to hear ideas about this...
  • #77,002
  • Edited 8:23am Oct 9, 2010 8:11am | Edited 8:23am
Quoting xmzhang
Man AG weekly, possible support - resistance role reversal.
Well the Adidas trade didn't work out as expected, but the Man AG trade is going my way. Took the trade off a beautifull daily PB rejected @ BRN 8000. I'am anticipating that the BRN @ 7500 will hold as support, price now has reached the daily PPZ @ 7600 and stalled. In hindsight I should have closed this trade when price hit the RNB @ 7600 for a whooping 300 pip profit, but I didn't, convinced that price will revisit the BRN @ 7500 to respect that level as support. At the moment my stop is at RNB @ 7800, I've banked 120 pips by now. I'am still figuring out how I'am going to manage this one right now. Since this is a trade on the daily, I'll have plenty of time to figure that out, let's see how this one plays out next week.

May the force be with you.
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Pipcrawler
  • #77,003
  • Oct 9, 2010 8:14am Oct 9, 2010 8:14am
Quoting Mr Smith
This is what mike meant when he said looking for 22.20, see the line here at 22.20, its a previous high, that was his area of interest, not sure if he was closing there, or going to b/e there, but that was his fta, then as nfp neared, he moved stops way down and got knocked out for a small loss before price ran up again.

Hope that partly helps.
Thanks Mr. Smith
  • #77,004
  • Oct 9, 2010 8:15am Oct 9, 2010 8:15am
Quoting xmzhang
What a bummer, stopped out @ BE. At 4 october when price reached the BRN @ 4500 I moved to BE, I was then about 85 pips in profit. The very next day price reversed and went all the way up and stopped me out.
Hello Xmzhang, I am trying to undestand what setup was it? Or was it a touch trade off the level? Could you clarify please.

EDIT: Adidas trade
  • #77,005
  • Oct 9, 2010 8:24am Oct 9, 2010 8:24am
Quoting Adilius07
Ah yes, I am still sorry that I missed that guest chat session that day. I knew that Div is used by many (MIke also) is just I saw the first time in Jankone's thread that he uses it as a "system criteria" I mean that if you see a setup against trend, but there is no div just skip it - and that is what I am thinking about now, to adopt the same rule to my trading or not.

The thing is that if we look for a good setup we see just a few setups. Even on weekly (whole Sp500) I found just two possible setups this week!!! And if I adopt such...
Well i personally dont use divergence, but if it works for you do it. And also the more confluences the trade you wanna take has, the more are chances to succeed. So try using divergence on a few similar examples and if it works then use it.
  • #77,006
  • Oct 9, 2010 8:29am Oct 9, 2010 8:29am
Quoting ppfx
Well i personally dont use divergence, but if it works for you do it. And also the more confluences the trade you wanna take has, the more are chances to succeed. So try using divergence on a few similar examples and if it works then use it.
Yes, the thing is I dont' know yet if it works for me or not, lol. This rules works for Jankone's 5 min trading, but not sure will it be ok for weekly or not.
Ok, maybe I need to just put this MACD on all my charts and just eye-ball them for some time
  • #77,007
  • Oct 9, 2010 8:40am Oct 9, 2010 8:40am
Not the biggest PB, in an interesting area.
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Trading: the skill of avoiding trades
  • #77,008
  • Oct 9, 2010 8:45am Oct 9, 2010 8:45am
Quoting Adilius07
Hello Xmzhang, I am trying to undestand what setup was it? Or was it a touch trade off the level? Could you clarify please.

EDIT: Adidas trade
If you take a look at my previous post about this trade, you'll see that this trade wasn't a trade according to the James method. I was anticipating a rejection at a important supply zone at the RNB 4600. Entry was on the daily when price first closed below the 4600 and then revisted that level on friday 1 october, I entered on a 10 pip buffer below the 4600. In hindsight I shouldn't have posted this trade on this thread.

May the force be with you.
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Pipcrawler
  • #77,009
  • Oct 9, 2010 8:49am Oct 9, 2010 8:49am
Quoting xmzhang
Well lemme explain a little more in detail, in the attachement you'll see Adidas reaching the RNB @ 4600 in may 2009 via a bullish bar with a lot of momentum, but the week after that this bullish momentum completely dissipated via a indecision bar and price entered into a consolidation zone rougly between the RNB's 4400 & 4600. The question was then are we going higher than 4600 or are we going lower than 4400, during this period the difference between supply and demand is at a minimum. Then mid june 2009 price breaks rapidly out of the consolidation...
Hey Ad, I'am refering to the above quoted post.
Pipcrawler
  • #77,010
  • Oct 9, 2010 8:57am Oct 9, 2010 8:57am
Quoting xmzhang
Hey Ad, I'am refering to the above quoted post.
Ohh I see, I must have missed that post. Thanks. Those are of course way out of my experience so far, but maybe some day... thanks
  • #77,011
  • Oct 9, 2010 9:01am Oct 9, 2010 9:01am
Looking now at the Adidas chart I could have reloaded into the other direction because price made a beautifull BUOB off the BRN @ 4500 after being stopped out. But I closed down the chart after being stopped out.http://cdn.forexfactory.com/images/icons/icon10.gif
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Pipcrawler
  • #77,012
  • Oct 9, 2010 9:42am Oct 9, 2010 9:42am
hey guys, someone saw the GBPCHF weekly pinbar off a pivot? consolidation and ppz above, but nice swing and maybe a resistance break.. what you say?
Per aspera ad astra!
  • #77,013
  • Oct 9, 2010 9:49am Oct 9, 2010 9:49am
verizon pinbar on weekly. retraced at the resistance.
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meine augen sind die sterne
  • #77,014
  • Oct 9, 2010 3:59pm Oct 9, 2010 3:59pm
Quoting laphoenix
hey guys, someone saw the GBPCHF weekly pinbar off a pivot? consolidation and ppz above, but nice swing and maybe a resistance break.. what you say?
The bar itself is too small to me to take the trade with confidence. If you look at the bars from few days ago they're all bigger than this one. Personally I'd wait for some PA around 1.5000 or 1.6000 area.
  • #77,015
  • Oct 9, 2010 4:38pm Oct 9, 2010 4:38pm
Quoting melvin87
Hey Ghous and Mr Smith,

Thanks for the clarification. In this case, what would be your conditions for trading continuation bars? I'm quite confused because in the many instances I back-tested with continuation bars that broke through important ppzs, there would (more often than not) be some box of consolidation on the left that i'm trading into when I dont do them at swing points. So the 'bad location' (or so i think hahah) makes it difficult to decide whether to enter or not and also set a proper FTA.
Hi there melvin,

Continuation bars get tricky, I'm still learning that myself, but I feel retrace entries on continuation setups is the safest, waiting for bar to break, then retrace back to s/r area, enter with a smaller stop.

But I think ghous will probably explain in more details.
  • #77,016
  • Oct 9, 2010 5:29pm Oct 9, 2010 5:29pm
I just saw that I've earned my first vouche, I'am very grateful that a guru like SC gave me this vouche this means very much to me. I've been a member of this thread since august and during that period I've learned so much, the information I received from all the senior members can't be found anywhere else and the best thing is, it's all free of charge. I could not imagine and still can't, that there are still good, unselfish people on this earth that are willing to spend their time to help newbies like me to get started in the Forex market. Especially in the Forex education, where everything evolves around money, you have to pay first in order to get some education and in most cases this education sucks and the instructor is only after your money.

The only thing I regret is that I didn't find this thread sooner, that would have saved me from a blown up live account. One day when I've become experienced enough I also hope to share my knowledge with other newbies.

May the force be with you.
Pipcrawler
  • #77,017
  • Edited 6:32pm Oct 9, 2010 6:01pm | Edited 6:32pm
Quoting jarroo
Yes, the Eur/Gbp BEOB is invalidated now. I rated that setup high quality, even for a countertrend trade. Waiting for the break and a good 10 pip buffer kept you out of that trade. It sure tell me that the uptrend is strong.

The Eur/Chf BEOB could not breakthrough the strong Resistance level of the 1.3300 PPZ, purple. It is currently caught between the 1.3300 and 134.00 PPZ level.

Here is what I would like to see on the Eur/Chf. (Chart)

Followup on this post on the Eur/Chf. Looking for the 1.3400 to act as strong Support to the 1.3500. It has a bit of minor traffic to contend with.

Looks better on the 8 Hour chart (PB).
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Indicators show the past. Price Action "Indicates" the future.
  • #77,018
  • Edited 7:33pm Oct 9, 2010 6:21pm | Edited 7:33pm
Quoting ppfx
Awesome touch. A true Rac specialty. I bet he took it.
It went exactly where it needed to go. Now up again? Or will hold the daily downtrend? Will see. (probably it will go down... you know higher timeframes rule + there is Rac special ingredient-the 61.8% )

We have a similar situation on the EU, only that the flow is kinda stronger (a lot of big bullish weekly bars on the weekly since 1.27). Imho it will go to the blue line i marked on the chart. At least for now it seems like it has a nice momentum.


I was absent from...

I do tend to ramble on ppfx .. lol

Price has definetly been entering into some confluenced levels on the Eur/Chf. .PPZ, 1.3500 BRN, 61.8 fib.

Although these levels do not appear to have any affect on the current uptrend, . .Higher highs . .Higher Lows . . will shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #77,019
  • Oct 9, 2010 6:43pm Oct 9, 2010 6:43pm
Quoting bluetrader
Hey mister, what's up.

I can't locate it now, but Jim mentions this in some of his posts. It refers to the size of the bar relative to the surrounding bars. Size can dictate momentum and strength of a potential reversal, see attached.

Hope this helps,

-- Danny

Great examples blue . .here's another one. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #77,020
  • Edited 7:31pm Oct 9, 2010 7:07pm | Edited 7:31pm
Quoting xmzhang
Hey Jaroo,
When you started to get interested in the Forex Market, did you visit any other resources, other than the James thread, that have made important contributions to your trading skills and knowledge ? I have been looking around for additional resources, there's one professional trader/hedge fund manager called Chris Lori who seems to get only positieve reviews about him as a trader and educator. He also uses pure price action in collaboration with standard technical analysis (S/R lines, TL's, technical patterns) and candle patterns. Have...

I've read some of Martin Pring's books . .on Price Patterens and TA. Market Wizards by Jack Swager and looked into the traders there in.

But mainly the guys in here . .James16, Mike, the Wizard, SeekingLight, Bemac, Raczekfx, Bundyraider . .where the heck has bundy been? I miss him. . . and many others that I have watched and learned from.

Chris Lori? I'll check him out.
Indicators show the past. Price Action "Indicates" the future.
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