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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

  • #94,121
  • Apr 20, 2011 11:48am Apr 20, 2011 11:48am
Quoting TimmyZ1
Very newbish questions about James 16 and price action

1. Is price action good with scalping (I'm very new)

2. Is the James 16 website good for completely raw forex newbs? Or should I start paying when I have a better idea of what I'm doing? The monthly amount is not the issue but I'm a hardcore newbie with little or knowledge.
Hey Timmy

To answer your questions PA can be used on any and old timeframes, setups. James bread and butter is the 2000 tick chart on the e-mini

It's the concepts that are most important. BUT as James recommends in his first post and many of us old folks recommend, sticking to the higher timeframes(daily/weekly) to build the proper foundation and stay around long enough to give yourself a chance is the big way to go. That first post is littered with gold.

As for the group we have all kinds of levels, but my recommendation is to hang out here at least a few months before making a decision. We aren't going anywhere and there is a TON of great info sitting right here, it just takes more work to get through a lot of the fluff

Hope that helps
Mike
  • #94,122
  • Apr 20, 2011 11:52am Apr 20, 2011 11:52am
Quoting aserbfx
i expect that below that level a lot of stop loss from buyers and a lot of short positions will be triggered. and if price moves up from below and closes as a buob, we would have a very strong signal. short-sellers will be in need to cover and a lack of long positions to slow down the move.
Hi Aser
Do you mind explaining what you mean in red text?
Thanks
  • #94,123
  • Apr 20, 2011 11:55am Apr 20, 2011 11:55am
Quote
Hi everyone, I'm a newbie on the thread. I'm very insterting in the thread and going to follow the thread from now on. I have spent some weeks to study the materials in the thread. It is hard for me to go through all the posts as too many posts here and my language is not English. I just got a little understanding on the thread.

Attached chart is my first trade following the thread. It is a loser.
AUDCAD, short after BEOB formed at PPZ area with divergence of RSI.
The initial SL was put above BEOB high. Target was 1.0000, FTA(I'm not sure if...

Hi Chlam

I'm not a big expert myself, but with the little exp I have, I've learned not to trade against the tendency, wich made my success rate rise quite a bit.

The week/daily chart shows clearly that it is on a up move, so I would never go short on that based on the daily chart, unless it was something very very obvious, wich it was not the case.

I hope that helps.
How bad do you want it? That's the attitude!
  • #94,124
  • Apr 20, 2011 12:00pm Apr 20, 2011 12:00pm
Quoting Chlam
Hi everyone, I'm a newbie on the thread. I'm very insterting in the thread and going to follow the thread from now on. I have spent some weeks to study the materials in the thread. It is hard for me to go through all the posts as too many posts here and my language is not English. I just got a little understanding on the thread.

Attached chart is my first trade following the thread. It is a loser.
AUDCAD, short after BEOB formed at PPZ area with divergence of RSI.
The initial SL was put above BEOB high. Target was 1.0000, FTA(I'm not sure if...
Hey Chlam

Your chart is pretty great for your first one!

A few points to go off what you got above me here. We are in a very large box of consolidation(red rectangle). The 1.00 is a very very major area and important round number and it is play the mid point PPZ. The FTA I marked on my chart. Your real real close with this one, so way to go

Welcome to the thread
Mike
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  • #94,125
  • Apr 20, 2011 12:04pm Apr 20, 2011 12:04pm
Quoting Aggro
Hi all!

Is this a good PB on E/C H4? Fta @ 1.2900.
Im still newbie, so comments are welcome
Ty.
Hey Aggro

Newbies welcome

Put some comments on a chart for ya

Best
Mike
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  • #94,126
  • Apr 20, 2011 12:06pm Apr 20, 2011 12:06pm
Quoting mbqb11
Hey BC

What looks more significant in the market place there. The 1.34 or that low that sticks out like a sore thumb

I am not a big fib guy, and only one fib can be drawn there, no other fibs have a bearing since we are moving from a swing high to a swing low and retracing a very small move down

Best
Mike
Mike, if one see price is in an uptrend, wouldn't it make sense to also draw
fibs like these? I agree that low is important but isn't 1.3400 also important?
Please clarify

http://i56.tinypic.com/263ybfm.gif

http://i52.tinypic.com/2dqvdys.gif
  • #94,127
  • Apr 20, 2011 12:08pm Apr 20, 2011 12:08pm
ym with a breakout. currently on a pullback to the resistance-area.
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meine augen sind die sterne
  • #94,128
  • Apr 20, 2011 12:26pm Apr 20, 2011 12:26pm
Hey Mike

Tnx for the comment. I already closed the position at B/E.

have fun
  • #94,129
  • Apr 20, 2011 12:27pm Apr 20, 2011 12:27pm
What you guys prefer most on FTA:

 

  1. Close 50% on FTA and move SL to BE
  2. Close 25% on FTA and move SL to BE
  3. Close nothing on FTA and only move SL to BE

?

  • #94,130
  • Apr 20, 2011 12:28pm Apr 20, 2011 12:28pm
Quoting Be Cool
Mike, if one see price is in an uptrend, wouldn't it make sense to also draw
fibs like these? I agree that low is important but isn't 1.3400 also important?
Please clarify


Hey BC

The fibs you are drawing are from swing low to swing high. Those are fibs we would use looking for a retracement of the up move. So they would be used to look for LONGS, not as confluence to look for shorts.

Here is a post showing fib confluence to look for SHORTS
http://www.forexfactory.com/showpost...&postcount=103

as for 1.34 not much has happened there so beyond it just being a round number in the short term, to me the low area with the bar flips is much more important from a supply/demand perspective

Hope that helps
Mike
  • #94,131
  • Apr 20, 2011 1:10pm Apr 20, 2011 1:10pm
for a longtime i was looking for a good overview over the earnings announcement for us-stocks. eventually i found this here on yahoo:
http://biz.yahoo.com/research/earncal/20110420.html

maybe it is usefull for someone here. for me, it is.... :-)
meine augen sind die sterne
  • #94,132
  • Apr 20, 2011 1:51pm Apr 20, 2011 1:51pm
Quoting mbqb11
Hey Timmy

To answer your questions PA can be used on any and old timeframes, setups....
It does help alot mike thank you I appreciate it.
  • #94,133
  • Apr 20, 2011 1:55pm Apr 20, 2011 1:55pm
Is anybody considering the bearish outside bar on USDCHF daily?
I dont feel comfortable selling into new lows, whats your view on this?
Attached Image (click to enlarge)
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  • #94,134
  • Apr 20, 2011 1:57pm Apr 20, 2011 1:57pm
Quoting mbqb11
Hey BC

What looks more significant in the market place there. The 1.34 or that low that sticks out like a sore thumb

I am not a big fib guy, and only one fib can be drawn there, no other fibs have a bearing since we are moving from a swing high to a swing low and retracing a very small move down

Best
Mike
I'm still in this trade as I see it as a bounce in the direction of an uptrend. I like that it's BUOB - IB - BUOB off a fairly solid pivot/RN/150 EMA. if it closes above 1.3400 I'll get to B/E and hold out for 1.3500

That area between the 61.8 and 78.6 looks pretty ugly though
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Anything can happen.
  • #94,135
  • Apr 20, 2011 2:32pm Apr 20, 2011 2:32pm
usd/chf on daily with a dbhlc at a swing. price is in uncharted territory now. broke through the last low.
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meine augen sind die sterne
  • #94,136
  • Apr 20, 2011 3:10pm Apr 20, 2011 3:10pm
Evening guys

Can I please ask for thoughts on this EUR/CHF pinbar I am looking at.
Confluence with PPZ and 38.2 fib retrace I think ?

If it closes below the bar highs highlighted in the rectangle does my FTA at 1.2807 look about right and does this look like a reasonable trade or not ?

Any comments gratefully received.

Many thanks

Malarky
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  • #94,137
  • Apr 20, 2011 4:04pm Apr 20, 2011 4:04pm
Quoting Malarky
Evening guys

Can I please ask for thoughts on this EUR/CHF pinbar I am looking at.
Confluence with PPZ and 38.2 fib retrace I think ?

If it closes below the bar highs highlighted in the rectangle does my FTA at 1.2807 look about right and does this look like a reasonable trade or not ?

Any comments gratefully received.

Many thanks

Malarky
Hi Malarky,

Technically it is a pinbar but it's not supported by strong location and compared to yesterday DBLHC it looks weak. It could hit your target but it might be just a retracement of the strong move up.
  • #94,138
  • Apr 20, 2011 4:11pm Apr 20, 2011 4:11pm
Quoting Greenhaze
Hi Malarky,

Technically it is a pinbar but it's not supported by strong location and compared to yesterday DBLHC it looks weak. It could hit your target but it might be just a retracement of the strong move up.

Hi Greenhaze.

Yep, after looking at what you pointed out I think I might leave this one alone.

Thanks a lot for your reply, much appreciated.
Cheers
  • #94,139
  • Apr 20, 2011 5:08pm Apr 20, 2011 5:08pm
Quoting Wakanapi
Is anybody considering the bearish outside bar on USDCHF daily?
I dont feel comfortable selling into new lows, whats your view on this?

This meets my standards.

I would also be willing to bet money Mr. Mike would agree with me....
Many choose unhappiness over uncertainty.
  • #94,140
  • Apr 20, 2011 5:17pm Apr 20, 2011 5:17pm
Quoting Dan Gilbert
This meets my standards.

I would also be willing to bet money Mr. Mike would agree with me....
Hey Dan

Not quite for me. Tempting but ultimatly gonna sit it out. I think everyones analysis was fine. Here was my response to a member

I don't really look at it as a breakout as there is real no pattern there. So for me this is really just a beob at a swing low closing below the lowest low(which is a good thing). Trend and BRN make it a good candidate to go lower, but I prefer to play these continuations off more defined patterns. I thought about this one for a bit today but ultimately decided to pass on it. I would have preferred a higher high in this case. If the lows aroun 8920 area can't hold though it would not be one I would get carried away with. I think it's about looking for a strong break in this type of scenario. At least that is how I was thinking about playing it
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