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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

  • #106,881
  • Feb 4, 2012 2:08pm Feb 4, 2012 2:08pm
gntx on weekly
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meine augen sind die sterne
  • #106,882
  • Feb 4, 2012 6:21pm Feb 4, 2012 6:21pm
chart Gold Weekly:
http://i1171.photobucket.com/albums/...2-20CHgold.png
  • #106,883
  • Feb 5, 2012 12:24am Feb 5, 2012 12:24am
Quoting ddinnov
Ascending triangle closed above confluence of 2 fibs and 150 EMA on daily with a big BUOB.
Hi Ddinnov, I gather you are suggesting a long trade here, but would you take it given that price is almost at the FTA (ie the box)? (not trying to be critical, just trying to learn ). I have pretty much the same setup with an ICCE box, but my triangle is different to yours too.

thanks Cath.
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  • #106,884
  • Feb 5, 2012 3:53am Feb 5, 2012 3:53am
Quoting 5.25
Hey Avanish!

I do like Gold, I found it respects daily levels very well. I would be more inclined to trade the retracement of the BEOB and enter at 1747.93 as opposed to the traditional break of the bar. I think Jarroo has covered it already.

That is quite a rally eh? 24 days I think?

Here is my chart as I've been following it.

T
well, i don't claim to be an expert or anything. but a set up like this in my experience you aren't going to get your order filled. likely price will bounce up to 23.6 fib level of 1730 or at the most at 38.2 fib at 1738 before going back down.
  • #106,885
  • Feb 5, 2012 6:27am Feb 5, 2012 6:27am
Quoting ddinnov
Ascending triangle closed above confluence of 2 fibs and 150 EMA on daily with a big BUOB.
Hmm, might want to watch out for this area.
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  • #106,886
  • Edited 7:09am Feb 5, 2012 6:38am | Edited 7:09am
Morning Jim and Mike,

May I ask if you guys can almost always spot an oscillator divergence without EVER having an oscillator?

eg, you can tell that there is a divergence SUBCONSCIOUSLY just by a quick glance at a clean chart?

I would love to know what you guys think because recently, I'm finding that I can ALMOST detect ALL the divergences simply by sight - this ability have been rapidly developed ever since I've removed all indicators from my charts a long time ago and stuck with everything that you guys teach.

Problem is something triggered me today to develop a mild interest in re-exploring friggin mcd when deep down, I dont' feel a need or any desire to re-discover the enhancement possibilities????

I intentionally limited myself to only observing classical "wedges" (MikeLOL) and flags, PPZ, fibs, trendlines, Fractals, eg, 4-7xTF(2-3higher), measured moves from poles & immediate pattern targets and most importantly, bobs, R-tracks and PINBARS for triggers. The more I applied that restriction, the more I learnt even more subtle categories like noise, structure and quality of the pre move, candle size in relations to canldes of the pre-move, etc, length, magnitude (maybe some elliot...) and other even more subtle things that are still in intuition mode that simply gives me gut feel, which I can't verbalize yet that are based on experience.

Anyway, long story short, I slowly discovered that I didn't need one cotton picking thing apart from PA and a continuous open/curious/humble/studious/interested mind and passion in learning and PA by focusing on these simple relationships by looking at a clean chart.

When I think of an indicator, I think about:
What will I can from using it?
What will I lose from using it?
What will I NOT gain from using it?
What will I NOT gain from NOT using it?

I have to say that the net benefits are never in positive....

Do you guys find that the MACDH and almost any other indicator can be TOTALLY ignored, in the sense that the "small profit" potentials, extra trades or any other magnitudinal enhancement possibilities that can potentially come from them just aren't worth even the space that they take up on our beautiful charts? Have I become a little too extreme. Have you guys ever put the MACDH or something AFTER you've made a decision just to see the potential magnitude of a move?

Love to know what you guys think.... and some good war stories

Million thanks in advance,

V



I do have to admit that I did date the MACDH for a long time and a small love affair with the RSI LOL
  • #106,887
  • Feb 5, 2012 8:06am Feb 5, 2012 8:06am
Quoting fascist
well, i don't claim to be an expert or anything. but a set up like this in my experience you aren't going to get your order filled. likely price will bounce up to 23.6 fib level of 1730 or at the most at 38.2 fib at 1738 before going back down.
Interesting you should say that Fascist. Dropping down a time frame or two 1733.30 looks like a good level to watch. I've only back tested D1 levels on Gold and found them to be very reliable. Can't say I've done the same study on the 1h or 4h.

1733.30 lines up well with your 23.6 BEOB retracement no?
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  • #106,888
  • Feb 5, 2012 10:38am Feb 5, 2012 10:38am
Is anyone in dollar yen? Pinbar with trend right off a daily PPZ
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  • #106,889
  • Feb 5, 2012 10:45am Feb 5, 2012 10:45am
Quoting 5.25
Interesting you should say that Fascist. Dropping down a time frame or two 1733.30 looks like a good level to watch. I've only back tested D1 levels on Gold and found them to be very reliable. Can't say I've done the same study on the 1h or 4h.

1733.30 lines up well with your 23.6 BEOB retracement no?
oh sorry - yes! at 1733 not 1730 thanks for correcting me. yep it usually lines up from lower timeframes.

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i usually prefer to play the break instead of entering in retrace. but from my experience, BEOBs, PB retracement always bounce off 23.6 and 38.2 fib levels continuing towards the direction of the bar.

let's observe tomorrow's price action. my best bet is at 1733 level.
  • #106,890
  • Feb 5, 2012 10:53am Feb 5, 2012 10:53am
Quoting Variance
Morning Jim and Mike,

May I ask if you guys can almost always spot an oscillator divergence without EVER having an oscillator?

eg, you can tell that there is a divergence SUBCONSCIOUSLY just by a quick glance at a clean chart?

I would love to know what you guys think because recently, I'm finding that I can ALMOST detect ALL the divergences simply by sight - this ability have been rapidly developed ever since I've removed all indicators from my charts a long time ago and stuck with everything that you guys teach.

Problem is something...
Hey V

You are actually dead on with your observations

MACD is nothing more (as is any indicator really) a calculation of price. So we can see that in price. I just sent an email out to the group this past week about this exact thing. It's not about getting rid of MACD(I rarely use it anymore simply cause I can see it on my chart), but it's about understanding the tools you use. Same goes for a pinbar, or a PPZ, or a round number. It's about diving in and understanding the concept. I don't ignore divergence, and just cause I might not use MACD, doesn't mean those that use it are wrong. It's fine. It's just about understanding and extracting value from the tools you use.



Here is that email

_______________________________________________________________
I got a question about divergence today and it sparked this email.

Divergence is rather easy to understand when looking at our oscillator(like
MACD). If you need material on it please email me for links,

But what this email is about is really UNDERSTANDING what divergence means
and how we can also see it in price. I use MACD to confirm, but really I
rarely even look at it, because after awhile you will be able to spot when
divergence is occurring and thus take notice and be on alert.

Remember divergence in a strong trending market will kill you if you trade
it blindly. Divergence is another tool, or concept that we want to combine
with other factors when spotting trades or areas to watch.

As a side note, it was brought to my attention that I covered up my chart
about a "boxing" scenario. The pair and timeframe was the gbp/cad weekly.
I will be more careful about that in future emails.

Have a fantastic weekend!
Mike
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  • #106,891
  • Feb 5, 2012 10:58am Feb 5, 2012 10:58am
speaking of divergence..there is a nice bearish divergence on Gold too..

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  • #106,892
  • Feb 5, 2012 12:41pm Feb 5, 2012 12:41pm
fiserv inc on weekly. highest close. strong move. expext further move north.
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meine augen sind die sterne
  • #106,893
  • Feb 5, 2012 1:28pm Feb 5, 2012 1:28pm
expedia on weekly.
break of 35 usd as a trigger for longs.
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meine augen sind die sterne
  • #106,894
  • Feb 5, 2012 1:44pm Feb 5, 2012 1:44pm
Quoting jarroo
Because its still moving down . .

or are you asking at a prior specific location ? .
I meant that after the monthly consolidation price went first down and turned back. I thought that the chart that I attached pretty much explained it but let me try again. And this is related to the reply that Jim wrote. We don't need many lines in our charts and we can concentrate only the big timeframe levels.

So price comes down after the consolidation and turn back up.
What level was there that hold it?
I am not trying to explain why it did hit the upper level of consolidation, but we now why there was so much resistance. It could be also interesting to see how price have reacted on the lower level of the monthly consolidation.
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  • #106,895
  • Feb 5, 2012 1:47pm Feb 5, 2012 1:47pm
Quoting fascist
i usually prefer to play the break instead of entering in retrace. but from my experience, BEOBs, PB retracement always bounce off 23.6 and 38.2 fib levels continuing towards the direction of the bar.

let's observe tomorrow's price action. my best bet is at 1733 level.
... I guess time will tell. I seldom use fibs, but I'll take note of your observation come 23.6 and 38.2. It's good to read other peoples observations and experiences coming through.
  • #106,896
  • Feb 5, 2012 2:30pm Feb 5, 2012 2:30pm
Quoting 5.25
Hey Avanish!

I do like Gold, I found it respects daily levels very well. I would be more inclined to trade the retracement of the BEOB and enter at 1747.93 as opposed to the traditional break of the bar. I think Jarroo has covered it already.

That is quite a rally eh? 24 days I think?

Here is my chart as I've been following it.

T
T, your charts are awesome , brother . .
Indicators show the past. Price Action "Indicates" the future.
  • #106,897
  • Feb 5, 2012 2:39pm Feb 5, 2012 2:39pm
Quoting Variance
Morning Jim and Mike,

May I ask if you guys can almost always spot an oscillator divergence without EVER having an oscillator?

eg, you can tell that there is a divergence SUBCONSCIOUSLY just by a quick glance at a clean chart?

I would love to know what you guys think because recently, I'm finding that I can ALMOST detect ALL the divergences simply by sight - this ability have been rapidly developed ever since I've removed all indicators from my charts a long time ago and stuck with everything that you guys teach.

Problem is something triggered...
Mike, answered this more than I ever could. . .

Quoting mbqb11

Remember divergence in a strong trending market will kill you if you trade
it blindly. Divergence is another tool, or concept that we want to combine with other factors when spotting trades or areas to watch.

Mike
Divergence is just an added confluencing tool to the many confluences or reasons when we decide to take a given trade.
Indicators show the past. Price Action "Indicates" the future.
  • #106,898
  • Feb 5, 2012 3:05pm Feb 5, 2012 3:05pm
Quoting rami_8
I meant that after the monthly consolidation price went first down and turned back. I thought that the chart that I attached pretty much explained it but let me try again. And this is related to the reply that Jim wrote. We don't need many lines in our charts and we can concentrate only the big timeframe levels.

So price comes down after the consolidation and turn back up.
What level was there that hold it?
I am not trying to explain why it did hit the upper level of consolidation, but we now why there was so much resistance. It could be also...
Sorry rami . .but you may have to try again. I think you're asking about the area in blue and why didn't it keep moving down from the same consolidation area??.

I'm sorry . . I still don't know what you're asking . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #106,899
  • Feb 5, 2012 3:16pm Feb 5, 2012 3:16pm
Quoting CathS
Hi Ddinnov, I gather you are suggesting a long trade here, but would you take it given that price is almost at the FTA (ie the box)? (not trying to be critical, just trying to learn ). I have pretty much the same setup with an ICCE box, but my triangle is different to yours too.

thanks Cath.
Hi Cath,

I'm just going to watch this one and see what it does. That box is marked on my chart as well so this is just a WIPG (where is price going) exercise for me
Anything can happen.
  • #106,900
  • Feb 5, 2012 4:55pm Feb 5, 2012 4:55pm
Quoting ddinnov
Hi Cath,

I'm just going to watch this one and see what it does. That box is marked on my chart as well so this is just a WIPG (where is price going) exercise for me
Hi again!
Thanks for that, I just wanted to make sure I wasn't missing something glaringly obvious
cheers
cath
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