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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

  • #100,941
  • Aug 25, 2011 11:49am Aug 25, 2011 11:49am
Quoting Greenhaze
XAU/USD M1 chart Spread 0.75
spread here says 75, but im guessing that means 0.75 lol

anyway minimum lot is $1 a pip, so i cant afford to trade it
  • #100,942
  • Aug 25, 2011 12:29pm Aug 25, 2011 12:29pm
Quoting mbqb11
Hey Kel

Ask whatever you need

Yep it's the 365 ema on the close

Best
Mike
Dear Mike, thanks for the encouragement. Also, is it okay if I post old chart of PB on this thread to ask question for my own learning purpose?

Kel
  • #100,943
  • Aug 25, 2011 12:35pm Aug 25, 2011 12:35pm
The Gold pinbar in my opinion is all 100% dependent upont Jackson Hole. I think it was just formed by people getting back into Gold at what appears to be a good price.

But for a strong push up it depends on what news comes out of Jackson Hole and if there will be QE3 or not or if any guess can be made. Almost like flipping a coin.

I'm choosing to pass on it.
  • #100,944
  • Aug 25, 2011 1:28pm Aug 25, 2011 1:28pm
Been looking at the cad daily looks like a pin preceeded by a doji and 3 inside bars, thinking of going long.
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  • #100,945
  • Aug 25, 2011 2:20pm Aug 25, 2011 2:20pm
Quoting forex1962
Been looking at the cad daily looks like a pin preceeded by a doji and 3 inside bars, thinking of going long.
I like the pin though it's not really j16 style. I'm more interested, however, in the pennant formation with possible upside breakout.
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  • #100,946
  • Aug 25, 2011 2:22pm Aug 25, 2011 2:22pm
Quoting forex1962
Been looking at the cad daily looks like a pin preceeded by a doji and 3 inside bars, thinking of going long.
im already long here from 0.9861
  • #100,947
  • Aug 25, 2011 2:25pm Aug 25, 2011 2:25pm
Do not want to deter you but what would keep me out of this trade is.

Pin bar not at swing high or low.
Trading into parity level.
We are kind of sideways here

Sure that consolidation can pop and it could be a great trade, but is this A+ according to James 16 standards. Not in my opinion.

As I said follow your own rules, just making you aware of how some others may see it.


Quoting forex1962
Been looking at the cad daily looks like a pin preceeded by a doji and 3 inside bars, thinking of going long.
  • #100,948
  • Aug 25, 2011 3:07pm Aug 25, 2011 3:07pm
Quoting Pinbar
Now, this really opens a verbal can of worms ...
I'll be honest, what actually happens around a PPZ is above and beyond me at this stage. All I know is, there's strong levels that the market is attracted and reacts to, and these levels are either going to act as support or resistance, or break of course. And these facts, combined with the knowledge of how to use them, thanks to seniors aforementioned, we have a simple strategy to make money..

Quoting Pinbar
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 this... brilliant. I wish I knew the answer!! I'd like to stick my neck out though and say that RNs must be the root of the emotion.. Afterall, it's not a variable, there's always been round numbers. But I sure don't have enough knowledge on this so it's open to anyone to have a go.. Maybe I'll assign a few weekends to Darkstar's stuff and come back and let you know ...maybe a little longer than a few weekends

But I have a fear, trying to understand order flow may lead to trying to 'pre-empt' the market, rather than simply trading what the chart is telling us.. Or maybe it would be a transition from trading price action, to having a deeper knowledge into why I'm deciding to go long, and not waiting for PA - entering right at the level, because that's where I know the orders are ... all in good time..

Excuse the ramblings.

Very jealous of your travels man, I need to go exploring sometime..

SG
  • #100,949
  • Aug 25, 2011 3:18pm Aug 25, 2011 3:18pm
I got into the GOLD trade off the 4h. So I am already up on that one. Stop at break even now and looking to break further higher.

Quoting mbqb11
Hey Kel

Ah yeah you probably have to wait till you have like 6 or 7 posts then you are no longer a "new" member and get regular privileges. A few more charts and you will be there

It's close to the 50 just missed mine, but many would probably say it's close enough. Since it just represents a % retrace number

Best
Mike
  • #100,950
  • Edited 4:29pm Aug 25, 2011 4:15pm | Edited 4:29pm
Quoting Sgrb1
But I have a fear, trying to understand order flow may lead to trying to 'pre-empt' the market, rather than simply trading what the chart is telling us.. Or maybe it would be a transition from trading price action, to having a deeper knowledge into why I'm deciding to go long, and not waiting for PA - entering right at the level, because that's where I know the orders are ... all in good time..
order flow just allows you to close almost all the wrong trades ~ at be. Which... obviously is a hefty bonus

But still a level holds or breaks and that's that... Ok, you can do an educated guess, but wouldn't put too much faith in that and it's hardly the place to hold very strong convictions. Yet seldom a big level breaks without retest(and then, probably the whole move is parabolic - which means you shouldn't trade it alltogether - I still don't touch chf). But the subsequent move still is done mostly by PA/technical analysis.

More ppl. fade the rally then going with the breakthrough - a certain PA occurs. More go with a breakout - another PA occurs.

But then, the actual fade is probably done by PA analysts who... proceed according to said PA and fade the move and bring it back to previous level where the same crap reoccurs(in this example).

78.5 - weekly major. Wait for 23.6 fibo(so you can close at be and still be protected by it) and fade by default. Otherwise - will 78.5 hold or not? Who the hell knows... sure a good chance to hold, but could as well break(ugh, otherwise we'd be in the same range forever). 3rd test, double bottom - might well break, it's far from best shot(the only reason I didn't close already after the hourly close above 78.65 was I don't trust last hours move, but I'm already at be despite planning to set at be only when it reaches 78.25).

Still, probably it'll be rechecked again before it breaks 80(if you hardly ever lose... life ain't so bad).

H4 - nothing happens till PA occurs. Price is moved by ppl. joining and pushing.

Bottom line - either you "jump the gun" or wait for confirmation. But... "jump the gun" isn't without drawbacks. It's far from "jump the gun"(order flow, whatever you wanna call it) > confirmation(PA, whatever you wanna call it). Probably it's more dependant on personality than "better". Better entries, but bigger risk and obviously smaller positions(if one's sane enough).
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  • #100,951
  • Aug 25, 2011 4:47pm Aug 25, 2011 4:47pm
Quoting Razorman
I got into the GOLD trade off the 4h. So I am already up on that one. Stop at break even now and looking to break further higher.
nice brotha always nice to be in early and see if that bigger move happens.


Best
Mike
  • #100,952
  • Edited 6:13pm Aug 25, 2011 5:23pm | Edited 6:13pm
Quoting Walcott
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.

Huhhh. You actually went short?

You mentioned an OB, as there is only a BUOB, I assumed you went LONG.

Haaaaa forget the post if you went short.

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  • #100,953
  • Aug 25, 2011 5:35pm Aug 25, 2011 5:35pm
Quoting mbqb11
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
Not at all.
Just thick for not seeing it for so long.

Thanks for the thought though, Mike.

I think you missed my post asking about the RNs you use on the odd pairs.
I take it 1000/500 and 500/250 is the setting?
  • #100,954
  • Aug 25, 2011 6:32pm Aug 25, 2011 6:32pm
Quoting gungriffin
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

Thanks Ryan

Yeah, I figured these were the settings Mike is using.
  • #100,955
  • Aug 25, 2011 7:10pm Aug 25, 2011 7:10pm
Yes, me too waiting for it to break and hit the blue box... sure thing
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  • #100,956
  • Aug 25, 2011 7:20pm Aug 25, 2011 7:20pm
Quoting Adilius07
Yes, me too waiting for it to break and hit the blue box... sure thing
You may be correct... But...my Wallet stays in My Pocket. For now.
I offer a recant of "Sure Thing" for I have never seen one in 30+ years. Perhaps your's will be a First.

B
  • #100,957
  • Aug 25, 2011 7:37pm Aug 25, 2011 7:37pm
Quoting Bemac
You may be correct... But...my Wallet stays in My Pocket. For now.
I offer a recant of "Sure Thing" for I have never seen one in 30+ years. Perhaps your's will be a First.

B
Hi B,

If mine will be first, I should win a prize or something!!!
  • #100,958
  • Aug 25, 2011 8:25pm Aug 25, 2011 8:25pm
Quoting Adilius07
Hi B,

If mine will be first, I should win a prize or something!!!
U should win (Additional) Credability at the Minimum.
B
  • #100,959
  • Aug 25, 2011 10:20pm Aug 25, 2011 10:20pm
Quoting Bemac
You may be correct... But...my Wallet stays in My Pocket. For now.
I offer a recant of "Sure Thing" for I have never seen one in 30+ years. Perhaps your's will be a First.

B
Hey Bemac,

Just curious.... is there any reason you are not trading XAUUSD this time?

  • #100,960
  • Aug 25, 2011 11:30pm Aug 25, 2011 11:30pm
Quoting Frxter
Hey Bemac,

Just curious.... is there any reason you are not trading XAUUSD this time?

He's posted his view on gold here:

http://www.forexfactory.com/showthre...28#post4903328

There could be a downmove, more possible margin hikes, Bernanke/QE3, UK bank holiday, option expirations and just crazy fundamentals with low liquidity...

Because everyone keeps talking about this "$2000 sure thing" I think there is a fair amount of fakeout/tree shaking going on as well.

Watch your backs people! That being said I'm in the XAU pin as well
Anything can happen.
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