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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

  • #97,341
  • Jun 26, 2011 8:40am Jun 26, 2011 8:40am
Quoting Adilius07
Hi Pinbar, you once had a nice RSI divergence indicator on your charts. Can you please share the link to download it?

Sure Adi.

Here it is.
Attached File(s)
File Type: mq4 MACD_Divergence_V1.1.mq4   12 KB | 355 downloads
  • #97,342
  • Edited 9:30am Jun 26, 2011 8:46am | Edited 9:30am
Ok, here is the result chart, which as is pretty easy for me to make as I know the answer before asking the question. And I am sure some of you are also thinking the same thing. But, that is not the point, the point is that we learn to identify the FTA.

You guys all did great with this one and I must say, you all did much better than I did when I first started learning this methodology.

Here is the breakdown of the WIPG.
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  • #97,343
  • Jun 26, 2011 8:52am Jun 26, 2011 8:52am
Quoting Pinbar
Sure Adi.

Here it is.
Oh that is MACD, but will work fine. Thank you very much!
  • #97,344
  • Jun 26, 2011 8:59am Jun 26, 2011 8:59am
Quoting CavinK
You are always very nice and trying to help new people here, thanks a lot, mate.

I think this chart confused me something, normally I would not take that due to 1. the BUOB is not located at the swing low, 2. the close did not break through the PPZ.
May be my understanding is wrong, would you please kindly advise if I got some misundestanding on BUOB definition and rules?

Hi, CavinK

That is a really good point you make, that you would not take it because it had not violated and broken the PPZ.

the original question I posed was not, would you take this trade or pass on it. It was simply where would the next bar go to.
Your question is really good and opens up another fresh can of worms and the only manner I can reply to it at my personal stage of development is that, not always will a setup close above a PPZ. However, the seniors are looking at the momentum behind a particular setup. That BEOB enveloped 4 daily bars and closed at 86.600, it was a tight trade to the FTA, for sure but, this is not the point of the exercise we just did.
The point is to identify the FTA as I am sure you understand.

Great question though, and I am sure it will help many more people.
  • #97,345
  • Jun 26, 2011 9:01am Jun 26, 2011 9:01am
Quoting huskyboy
have to make a quick decision (not that it matters) since its sunday and enjoying time with the wife , but i would say UP. That bar engulfed the previous 4, at swing low, and tested the low again. I should say price is now up to the previous lows, first trouble zone.

Please dont laugh

Nobody is going to laugh at anybody here HB.
We don't learn anything from laughing at anybody, other than laughing at ourselves.

And you are right on the money. good Job.
  • #97,346
  • Edited 9:29am Jun 26, 2011 9:04am | Edited 9:29am
Quoting morph
Here's my best guess for what its worth...
Good daily support ppz at the bottom of the bars. Looking pretty sideways overall though there are a couple of heavy bearish bars a few days before. If the BUOB does break then the distance to the next ppz is not far as a FTA (see some of the previous lows)

Exactly....Good Job.

Love it when I see people having a go.
It encourages others who may be standing on the sidelines.

PS, Your guess is worth a lot, it not only help you but also those who read it.
  • #97,347
  • Edited 9:21am Jun 26, 2011 9:08am | Edited 9:21am
Quoting geniusztc

You don't count as a new person Gen. LOL

How did that exam go?

Man, am I glad to be back in Harbin after spending 10 nights in Hong Kong.

So, claustrophobic, expensive and hot.

just got back from taking four people to dinner in Harbin, drinking more than a few beers, and the four of us having a 1 hour foot massage. The total of which cost less than a single meal for me and my wife in Hong Kong without any beer.

I worked out that my salary would be 4 times higher in HK than Harbin but, the cost of living in HK is at least 6 times more expensive at a conservative estimate and in reality probably around 8 times higher.
  • #97,348
  • Jun 26, 2011 9:31am Jun 26, 2011 9:31am
Quoting Adilius07
Oh that is MACD, but will work fine. Thank you very much!

Oh, sorry ADI

Hang on a sec, I will find the RSI div indi.

Here you go.
Attached File(s)
File Type: ex4 RSI_Divergence_v2.ex4   12 KB | 444 downloads
  • #97,349
  • Jun 26, 2011 9:55am Jun 26, 2011 9:55am
Quoting Pinbar
Oh, sorry ADI

Hang on a sec, I will find the RSI div indi.

Here you go.
Yes, that is the one!! Thank you very much!
I'm going back to the basics here
  • #97,350
  • Jun 26, 2011 9:57am Jun 26, 2011 9:57am
@ g j hook: thx for fast answer.

@ Adi : if scaling in / out of positions is not part of a setup where Positions are opened/closed in zones instead of @ a given Point,
closing half and letting the rest run far or back to zero sounds like working for some betting money and then go to the horse race.
one part is either better than the other in the long run. then go for that.
or, if they are not different, splitting might flatten the equity curve -
but then maybe not when you go for 10R.
  • #97,351
  • Jun 26, 2011 10:26am Jun 26, 2011 10:26am
Maybe someone can finally explain to me which one is correct?
How to properly identify the divergence???
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  • #97,352
  • Jun 26, 2011 10:49am Jun 26, 2011 10:49am
Hello Adilius07,
I am not a senior here, but my opinion is that there are too many bars for the green line, so I will focus on the red line. For me there is no divergence there.
  • #97,353
  • Jun 26, 2011 10:51am Jun 26, 2011 10:51am
Quoting fx_rookie
Hello Adilius07,
I am not a senior here, but my opinion is that there are too many bars for the green line, so I will focus on the red line. For me there is no divergence there.
Hi Fx, thanks for reply. That is what Indicator thinks too. But that left low looks more significant. So Im not sure..
  • #97,354
  • Jun 26, 2011 11:16am Jun 26, 2011 11:16am
IB?
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  • #97,355
  • Jun 26, 2011 11:22am Jun 26, 2011 11:22am
PB
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  • #97,356
  • Jun 26, 2011 11:29am Jun 26, 2011 11:29am
great support on daily and 38 fib
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  • #97,357
  • Jun 26, 2011 11:33am Jun 26, 2011 11:33am
KIWI showing weakness in the euro too ???
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  • #97,358
  • Jun 26, 2011 11:36am Jun 26, 2011 11:36am
Quoting Adilius07
Maybe someone can finally explain to me which one is correct?
How to properly identify the divergence???

hey Adi, the simple answer is yes there is div. as the green line showed but none at the red line.

i personally consider all types of div, i.e if there are a lot of bars between or not. Iv heard it said that the most recent div. i.e with a few bars, are stronger or more likely to pre-empt a reaction, but in my experience i havnet seen much of a difference???? remember that the target for divergence is the swing high/low of the PA involved so it is all relative in the end. Obviously the longer term divergences will have more in the way of price as it tries to fulfill its path...
EDIT: basically div of the type in your chart just hinted at the umph (thats an fx technical term) in that move up. i like to think of it as price taking a deep breath before its next move..

hope this helps


jon
PATIENCE... DISCIPLINE
  • #97,359
  • Jun 26, 2011 12:01pm Jun 26, 2011 12:01pm
Quoting g_j_hook@yah
hey Adi, the simple answer is yes there is div. as the green line showed but none at the red line.

i personally consider all types of div, i.e if there are a lot of bars between or not. Iv heard it said that the most recent div. i.e with a few bars, are stronger or more likely to pre-empt a reaction, but in my experience i havnet seen much of a difference???? remember that the target for divergence is the swing high/low of the PA involved so it is all relative in the end. Obviously the longer term divergences will have more in the way of price...
Hi Jon, thanks! Yes I understand what you are saying. I just thought there is some textbook rule for it. So maybe like everything else it is a subjective thing also...
  • #97,360
  • Jun 26, 2011 12:21pm Jun 26, 2011 12:21pm
Quoting g_j_hook@yah
hey Adi ...
EDIT: basically div of the type in your chart just hinted at the umph (thats an fx technical term) in that move up ....

jon
umph - could you explain?
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