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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

  • #100,901
  • Aug 24, 2011 9:02pm Aug 24, 2011 9:02pm
Quoting Pinbar
Hee Heee, getting up late seems to have its advantages.

Good for you Gen.
thank you steve .4 months left ,i will take the Graduate Candidate Test (GCT). i have to study all day . tired .
A chart helps those who can read it.
  • #100,902
  • Aug 24, 2011 9:25pm Aug 24, 2011 9:25pm
Quoting geniusztc
thank you steve .4 months left ,i will take the Graduate Candidate Test (GCT). i have to study all day . tired .

Then, it will be all Gravy, my friend. Good Luck.

I am on the 12th floor looking out over Harbin, nice day.

4 more hours of work and I can go home to my PC and my forex notes.
  • #100,903
  • Aug 24, 2011 11:18pm Aug 24, 2011 11:18pm
Quoting nonethewisa
Hi Ryan i did reply to this earlier but it appears to have got lost in the ether, anyway, i didnt want to appear rude or ungrateful and was able to page back to my original reply, so here it is...


Hello Ryan and thanks for your input, its certainly opened my eyes to things that id overlooked and forgotten about, like it not really being a pin bar because of where it closed, and id also not spotted that 1150 could be a trouble area. So thanks for the help and i'll certainly be reconsidering that target of 1175. Will keep you posted if i take...

Hey there partner. There is never any reason to feel as though you have to reply to anything I say I am just happy to help. One thing that will help tremendously to make you pickier is to isolate the posts from James16 and MBQB11 (especially Mike). While Jim has been posting more touch trades etc. Most all of his initial posts were of great PA at great places. Same goes for Mike. I would say to avoid anything other than great pins and outside for a while until you get really good with them. That would just be something that I would suggest.

Quoting nonethewisa
There ya go, hopefully thats a bit clearer

NTW
With this trade it looks as though the touch trade may have already happened. I would not follow it into the lows. If it were one that you were to take I would also pay special attention to that 6000 BRN.

Ryan
  • #100,904
  • Aug 24, 2011 11:36pm Aug 24, 2011 11:36pm
Quoting Pinbar
Miike, I am getting more and more interested in using the RN indicator with the horizontal lines. I think the reason for this is, using the indicator I modified to only show the lines on the right hand side of the screen is fine for where current price is but, as we scroll back to see what price did historically at these areas, we are lost.

I am really starting to see how we can see the pullbacks and S&R more clearly by leaving the lines on the screen as you have told us many times. DOh. I actually think I have said this before then ran off and...
I have 4 settings that go on different pairs 500, 1000, 2500, and 5000. The 500 and 5000 settings are basicly the same setting. It just depends on if they are using pipettes (5000) or not (500).

Ryan
  • #100,905
  • Aug 24, 2011 11:40pm Aug 24, 2011 11:40pm
Quoting mbqb11
Hey NTW

You can enter on the pinbar, and on a break of the high. The question for me is when price closes weak, if it breaks "weak" then I don't want to get caught. When it closes stronger and I enter on a break(break meaning above the high of the bar with the next bar) I'll have more confidence and know the area I want to watch to cut out. This helps manage risk real nice

Hope that helps
Mike
Thanks Mike, its a bit clearer now, i'll let you know how i get on.

NTW
No more DOH! trades
  • #100,906
  • Aug 25, 2011 12:04am Aug 25, 2011 12:04am
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
I have a question. How come there is a weak correlation nowadays between gold and the Ausralian and Newzeland dollars?
Thanks
  • #100,907
  • Aug 25, 2011 12:23am Aug 25, 2011 12:23am
thanks unlv_tj

that explains alot

Quoting unlv_tj
August - Early September and then Late December to Early January is always the worst time of year.

Throw in the giantic mess that is the EU zone, with the bailouts and talk of the EUR going away.

The mess in the USA, including the discussion of QE3 or no QE3.

The skyrocketing price of Gold, which screams (we don't know where to invest, so we just give up).

Sitting on your hands is the best thing you can do until after Labor Day in the USA.
  • #100,908
  • Aug 25, 2011 12:31am Aug 25, 2011 12:31am
Quoting gungriffin
Hey there partner. There is never any reason to feel as though you have to reply to anything I say I am just happy to help. One thing that will help tremendously to make you pickier is to isolate the posts from James16 and MBQB11 (especially Mike). While Jim has been posting more touch trades etc. Most all of his initial posts were of great PA at great places. Same goes for Mike. I would say to avoid anything other than great pins and outside for a while until you get really good with them. That would just be something that I would suggest....
Hi Ryan/Mike, and thanks for the advice. Unfortunately i wasnt able to take the trade as the price gapped up massively on the open and had jumped my intended entry and is sat under the MA365 but ive leant quite a bit from just this one potential trade so thanks again guys.

NTW
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No more DOH! trades
  • #100,909
  • Aug 25, 2011 1:41am Aug 25, 2011 1:41am
Quoting nonethewisa
Hi Ryan/Mike, and thanks for the advice. Unfortunately i wasnt able to take the trade as the price gapped up massively on the open and had jumped my intended entry and is sat under the MA365 but ive leant quite a bit from just this one potential trade so thanks again guys.

NTW
Hey NTW, no biggie that you missed it, there's plenty more. The main thing is that you spotted it and you can nail the next one. If it was me I'd keep an eye on this to see if it does what you thought.
When the going gets weird, the weird turn pro.
  • #100,910
  • Aug 25, 2011 2:12am Aug 25, 2011 2:12am
Quoting stark1
Hey NTW, no biggie that you missed it, there's plenty more. The main thing is that you spotted it and you can nail the next one. If it was me I'd keep an eye on this to see if it does what you thought.

Oh i'll be watching it alright, especially after the time thats been spent analysing and discussing it on here.

Nice to know that there's someone else here from the same time zone, its so quiet in here during the day (uk time).

Cheers
NTW
No more DOH! trades
  • #100,911
  • Aug 25, 2011 2:21am Aug 25, 2011 2:21am
Still in this gold trade (sorry to keep banging on about it). We've so far got a whopper of an BEOB on weekly, and if it continues its downward journey, a possible pin short on monthly...
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When the going gets weird, the weird turn pro.
  • #100,912
  • Aug 25, 2011 2:37am Aug 25, 2011 2:37am
Quoting stark1
Still in this gold trade (sorry to keep banging on about it). We've so far got a whopper of an BEOB on weekly, and if it continues its downward journey, a possible pin short on monthly...

Please keep banging on about it, i've been wanting to get in on gold for a little while and just waiting for the right opportunity. Lets hope that the weekly/monthly bar ends with a favourable PA.

Cheers
NTW
No more DOH! trades
  • #100,913
  • Aug 25, 2011 2:45am Aug 25, 2011 2:45am
Quoting Pinbar
You know, I have really been thinking about this for a while ...
Hi Pin,

An interesting subject. One that I have pondered over for a while, and no doubt a lot of others in this thread. I began reading up on Darkstar's orderflow material last year, and I'll be honest it went somewhat over my head. I still have his stuff bookmarked and plan to have a good read through at some point to fully understand it. But I want to caveat this by saying that I don't think one needs to learn what is actually happening around our PPZs and round numbers, indeed it would be nice to know, and perhaps lead to a more refined strategy at some point, but I'm sure it's not a requirement to getting in the positive with J16's/Mike's/Jarroo's (etc.) methods.. that's the beauty of it.. I know I'm always looking to keep things simple, and I'm sure that trying to learn the ins and outs of the order flow at this stage will probably complicate my strategy..
I'm speaking for myself on this and I'm certain you're way ahead of me Pinbar, but I just wanted to share my thoughts.

And to your previous post, I'd just like to share what I do with my round number indicator.. It marks every 100 pip/tick RN on my charts, although every line between the VBRNs I make sure is very faint so I have to actually squint to see it. Then I put my own coloured line on top of any RNs that the market has actually responded to.. It helps me to be aware of where the RNs are, but not have my chart clouded with them, only the relevant ones..

Hope this hasn't come accross too condescending!

All the best,
SG
  • #100,914
  • Edited 6:42am Aug 25, 2011 6:04am | Edited 6:42am
Quoting snowly
1.62 - 1.64 is ressistance/support on weekly. I'm long for 1.64 at touch 1.619, if it breaks below, then... I'll go short on retest. But the level is pretty important and supported by 61.8 fibo(last move on daily from 1.588 to 1.638 at 1.619). Obviously it could break perfectly well, but I'd wait to see a convincing break.

p.s - and yeah, it's a pretty "active" pair
price reached where it should..almost @ 1.61
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  • #100,915
  • Edited 5:05pm Aug 25, 2011 6:15am | Edited 5:05pm
Quoting Sgrb1
Hi Pin,

An interesting subject. One that I have pondered over for a while, and no doubt a lot of others in this thread. I began reading up on Darkstar's orderflow material last year, and I'll be honest it went somewhat over my head. I still have his stuff bookmarked and plan to have a good read through at some point to fully understand it. But I want to caveat this by saying that I don't think one needs to learn what is actually happening around our PPZs and round numbers, indeed it would be nice to know, and perhaps lead to a more refined strategy...
No, not at all, my friend.
Now, this really opens a proverbial can of worms.
What is a PPZ other than a psychological area of fear or expectation?
If it is a fear or expectation, then what tangible reason can there be for this fear or this expectation? It is almost like, "which came first, the fear, the expectation, the RN or, the PPZ.
I mean, does the RN create the emotion or does the emotion create the PPZ around the RN?

I like probably a great deal of other people have, not disregarded but perhaps put the psychological side of things on a back burner.
As, the psychology side of things is interesting me more and more, I am simply trying to understand the order flow and thus the psychology behind it.
It may lead me to nowhere special or any other place than I am already in, however, I am more than willing to explore the avenue.

Yeah, I also tried the same faded lines a long time ago, the problem was, my mind and eyes were always drawn to the lines and not the S&R or PA that was around them. For me personally this has changed recently.

I shall endeavor to explore both my mind and the physical representation of the conglomerate mind behind this phenomenon.
PS: Just back from a drinking session in Harbin and thus, will keep this short.
  • #100,916
  • Aug 25, 2011 6:25am Aug 25, 2011 6:25am
[quote=Pinbar;4901711]
Yeah, I also tried the same faded lines a long time ago, the problem was, my mind and eyes were always drawn to the lines and not the S&R or PA that was around them. For me personally this has changed recently.
quote]

Same here. I got myself hung up on 50s/00s and watched things go sour too often. I took those lines off to begin to focus on the S&R and it helped. The problem, of course, is that you can't forget those areas and my charts ended up too muddled with lines. Now I just have to 50s/00s in faint grey on a white background, with S&R much bolder.

Glad I'm not the only one, and in good company too.
When the going gets weird, the weird turn pro.
  • #100,917
  • Aug 25, 2011 6:33am Aug 25, 2011 6:33am
LOL, I remember when i started i could see support resistance on every 10-15 pips. Unless you just focus on the majors you can loose your mind. It is like a never ending chasm of lines and intersections. when i started to focus on the major stuff it became a lot easier.
  • #100,918
  • Aug 25, 2011 6:41am Aug 25, 2011 6:41am
Quoting snowly
1.62 - 1.64 is ressistance/support on weekly. I'm long for 1.64 at touch 1.619, if it breaks below, then... I'll go short on retest. But the level is pretty important and supported by 61.8 fibo(last move on daily from 1.588 to 1.638 at 1.619). Obviously it could break perfectly well, but I'd wait to see a convincing break.

p.s - and yeah, it's a pretty "active" pair

Quoting AvanishDemo
price reached where it should..almost @ 1.61
ohh didnt know it will break this level so hard...lol..i wish i was on this trade..

this is called 'Sone pe Suhaga'(oh well u will not understand...lol )
it means...2nd great thing which happens in addition to first
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  • #100,919
  • Aug 25, 2011 7:47am Aug 25, 2011 7:47am
Quoting Pinbar
Good Job NT.

You know, I have really been thinking about this for a while and going back over my notes of Mike's, J16 & Jarroo's charts recently, I have been thinking more and more about what is creating the PPZ and the trend. Basically, I have come to the conclusion that it is all in the mind. I mean it is psychology that drives the market and basic human emotions.
Price doesn't move as willy Nilly, like some kind of live snake, it is our fear, and expectations that drive it. This has kind of lead me back on the path to think more about...
THis is exactly what drives the markets and why building a story for a trade is so important in my opinion.

You are one cultured dude

Mike
  • #100,920
  • Aug 25, 2011 9:24am Aug 25, 2011 9:24am
Quoting Pinbar
There are a lot of minus confluences working against that BUEOB that did not trigger on the next bar and failed to close above the RN.

Just MHO
Thx Pinbar for your review.
Maybe I misunderstood but the minus confluences EMA150 is above my Sell entry, so it good confluence ?

RN 1.7 is my target 1.
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