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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

  • #94,421
  • Apr 26, 2011 9:36am Apr 26, 2011 9:36am
Quoting yomex_y2
How do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.
Hey Yomex

I started to call the round numbers of every 500 pips BRNs.

So on for example 1.3000, 1.3500, 1.4000 or 85.00 , 90.00, 95 etc

To me these hold a higher overall significance for many reasons

RNs a lot of us call any number that is round like 1.3100, or 1.3200 etc. Some call every 100 pips Large round numbers

Over time the terms have sort of taken on a life of their own depending on who is using them.

This is how I see them though

Best
Mike
  • #94,422
  • Apr 26, 2011 9:41am Apr 26, 2011 9:41am
Quoting yomex_y2
How do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.
There are no stupid questions...only stupid answers.

RN = Round Number e.g 1.4500
BRN = Big round number, hope this is clear. e.g 1.4000

BRN do more likely work as Support or Resistance than RNs do.... should be clear as well.
A lot of traders use to call them ''psych levels'' .

You need to check your charts to see how price reacted and behaved at certain RNs and BRNs in the past. Then you might be able to say , ok price bounced 6 times back up at 1.4000 support BRN and is likely to do it again in the future.

anyway just to trade with RNs/BRNs would just be careless....they give you a free additional edge sometimes, but they arent that important in my eyes.

i use to set some scalp trades at the most important BRNs.

kind regeards
Jonas
Hero calls followed by margin calls...
  • #94,423
  • Apr 26, 2011 9:43am Apr 26, 2011 9:43am
Quoting aserbfx
good god, this is crazy.
i took 1/3 off the table at 78.77 usd. +1.5% in less than 1 hour...
stop moved to break even.
a plastic bag full of bucks...
http://static.creditolo.de/bargeld-direkt.jpg

Angeber ! braggert !
Hero calls followed by margin calls...
  • #94,424
  • Apr 26, 2011 9:56am Apr 26, 2011 9:56am
Quoting ghous
Not a BEOB actually (technically speaking) but the story was spot on Os.

Watch it pound, Os is on a roll!

lol.

g.
Hey Ghous !!

U´re completely rite, its a DBHLC

Got my TP at 2.0370, lets see how it goes.

Os.
Trade Smart
  • #94,425
  • Apr 26, 2011 11:38am Apr 26, 2011 11:38am
Quoting soavesoave
Amen to that!!
I'm gonna make a sticker and glue it on top of my screen!!
Way to go Buddy,Keep at it and you will have shower of pips.
  • #94,426
  • Apr 26, 2011 11:42am Apr 26, 2011 11:42am
Thanks to the one who pointed HWCC out here

Opinions welcome ;-)
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  • #94,427
  • Apr 26, 2011 11:44am Apr 26, 2011 11:44am
Quoting yomex_y2
How do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.
RN's and BRNs are psychological levels.
Especially BRNs are notorious for good trades,more often then not price rejects from these levels or tips hand on either side.

Meaning the currency pair shows its long term point of view breaching or getting rejected off of these.

My definition is a bit general,what better reply then mikes reply on this.

Always remember RNS and PA setups alone wont go the distance,you need support of added confluence and proper order flow.

just use a fib 61 ,38 or 23 any lining up with your bar and these RNs and BRNs then you are ready to make some pips.

I have seen more often then not stop loss as a major reason dragging people to losses,set up a stop loss at a safer area behind a fib or a level and take trades at these area's, you are sure to make money that way.

Regards
Taz
  • #94,428
  • Apr 26, 2011 11:56am Apr 26, 2011 11:56am
Quoting john225
Thanks to the one who pointed HWCC out here

Opinions welcome ;-)
you are welcome!

http://www.forexfactory.com/showpost...ostcount=92317

unfortunately i didn't took it. happy to see that you made some bucks.
meine augen sind die sterne
  • #94,429
  • Apr 26, 2011 11:58am Apr 26, 2011 11:58am
Quoting aserbfx
you are welcome!

http://www.forexfactory.com/showpost...ostcount=92317

unfortunately i didn't took it. happy to see that you made some bucks.
Only demoing but experience is growing :-)
  • #94,430
  • Apr 26, 2011 12:16pm Apr 26, 2011 12:16pm
Quoting john225
Thanks to the one who pointed HWCC out here

Opinions welcome ;-)
That is a great chart John!
  • #94,431
  • Apr 26, 2011 12:24pm Apr 26, 2011 12:24pm
Quoting Osman
Hey Guys,

Took today a GBP/NZD breakout trade

On the 4hr we can see we had a clear wedge with a minimum of 3 touches,

Strong downtrend so I'll take the breakout if its heading south.

Went to the 1hr tf to find a valid entry, we had a false breakout, candle found support and went up again, two candles after we had a BEOB (yellow arrow) which engulfed 5 bars and closed below the previous support and outside the wedge.

Closed half at 2.0475, due to wedge size we should have a move of 200 pips, rest already at BE.

Blue lines/areas...
hey Osman, nice trade, i love these myself..
just a word of warnin about your TLs thugh if i can...

your lower border was drawn a little freehanded?? i noticed that it went slightly through the low of the bar which made the second touch. i go on about this but if you see the false breakout you mentioned on your chart it didnt happen on mine,as i drew my lower border from the first low to the second low. That is one point (quite important as is could lead to false analysis)
BUT look how price broke out of the TL i have on my chart (30 mins), a beautiful break and retest that could have given a lovely entry on the retrace. Again to me IMPORTANT.
just some thoughts

Okay i cant upload a chart, but try the lower border as i said and you will see the difference.


jon
PATIENCE... DISCIPLINE
  • #94,432
  • Apr 26, 2011 12:26pm Apr 26, 2011 12:26pm
does anyone know why i cant save my charts???!!! sometimes it says it has but the chart doesnt change and sometimes tells me the path doesnt exist!?!?!

iv had this problem before

cheers

jon
PATIENCE... DISCIPLINE
  • #94,433
  • Apr 26, 2011 12:35pm Apr 26, 2011 12:35pm
Quoting mbqb11
Hey Suranga

Be careful here , remember James teaches us to take DBHLC at swing high points where this is at a
Mike

Mike thank you very much. I was watching that area closely. And was baby siting the trade until it broke below that area. But I never thought about what you have mentioned here. another lesson learned. Just closed the trade took what ever it had offered.

suranga
  • #94,434
  • Apr 26, 2011 1:07pm Apr 26, 2011 1:07pm
Quoting g_j_hook@yah
hey Osman, nice trade, i love these myself.....
Hey Jon..

Of course mate, all comments are welcomed.. if you could attach a chart it would be great.

Os.
Trade Smart
  • #94,435
  • Apr 26, 2011 1:22pm Apr 26, 2011 1:22pm
Quoting PhAnTi'
yep. but price levels on the right doesnt work like yours? hmmm : /

its activtrades.

150 at close.
scarry.
use this code:
PHP Code
double dXPoint=1;


//+------------------------------------------------------------------+
//| expert initialization function                                   |
//+------------------------------------------------------------------+
int init()
  {

      if (Digits==3||Digits==5)
         {
            dXPoint=10;
         }

      if (Digits==3||Digits==5)
         {
            dXPoint=10;
            int SLIPPAGE=SLIPPAGE*dXPoint;
         } 
   
      return(0);
  }
{Promotion Removed}
  • #94,436
  • Apr 26, 2011 1:52pm Apr 26, 2011 1:52pm
Quoting Osman
Hey Jon..

Of course mate, all comments are welcomed.. if you could attach a chart it would be great.

Os.
lol...im trying but im havin probs for some reason??? will do though

jon
PATIENCE... DISCIPLINE
  • #94,437
  • Apr 26, 2011 1:57pm Apr 26, 2011 1:57pm
ahha...ok Osman, heres the chart....


jon

EDIT: i was dying to take that little pin on the retrace jus nowlol but its a bit late in the day for me
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PATIENCE... DISCIPLINE
  • #94,438
  • Apr 26, 2011 3:04pm Apr 26, 2011 3:04pm
Today's entry:
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  • #94,439
  • Apr 26, 2011 3:49pm Apr 26, 2011 3:49pm
Hey
there are 2 interesting setups I would like to hear your opinion about.
My opinios are on the screenshots.

THANKS guys
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  • #94,440
  • Apr 26, 2011 4:07pm Apr 26, 2011 4:07pm
Quoting Miko1
Hey
there are 2 interesting setups I would like to hear your opinion about.
My opinios are on the screenshots.

THANKS guys
I like the first chart more than the second. It is a PB but as you said not a big one compered to the other ones. And the PB is not on swing high were we want to see them. To trade them not on swing highs/lows is much more difficult. I tried it on my own lost money(demo) and then i thought why i haven't heared on what mike says every time (for beginners trade PA only on swing highs/lows) and now I try to never make the mistake again ;-)
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