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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

  • #113,101
  • Jun 12, 2012 11:58pm Jun 12, 2012 11:58pm
Quoting ricosta
Gents, are you up to discuss Indicators a bit? What are you using if any?

I am using the PositionSizeCalculator to help me with my mm in % and the Tick-Value Indi which shows me the spread conveniently on the chart. Other than that I am using the alligator (EMA'S) with the default setting just to give me a broader picture of trend action. Tried MACD and others but I don't understand them and they confuse me.

Also I tried a few S/R Indicators before but didn't find one I really liked. Is there one which can be recommended? Could help with drawing...
Hey Ricosta,
With the support and resistance lines i recommend drawing them yourself. To do it so go to the weekly chart first and find areas where it bounces multiple times. Then go to the daily and do the same.. You can also do so on the h4 as well, however the daily and weekly support and resistance lines are best i reckon. They are the ones i trade off..

Below is some images of what i am saying and some trade ideas to match..

For extra confluence you can use PA, macd, stochastic or whatever you feel give you more of an edge when price gets to these areas..

The two different color lines are the to tell the difference between daily resistance lines and weekly..
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Attached Image
  • #113,102
  • Jun 13, 2012 1:29am Jun 13, 2012 1:29am
Quoting tinny79
Hey Ricosta,

The two different color lines are the to tell the difference between daily resistance lines and weekly..
Thank you Tinny, great explanation. Sometimes its hard to see the right levels and I tend to draw too many lines, getting better though. You don't use the monthly s/r levels?
  • #113,103
  • Jun 13, 2012 2:04am Jun 13, 2012 2:04am
Quoting Fx7877
Hi 5.25,
Trying to understand ur entry better...why did u chose to enter at the top end of the pink zone rather than bottom end when it first approach the pink zone? Thks
Hi Fx7877,

The pink zone is just a graphic to demarcate where the LCS and HCR originated from. The level is the most important and is derived from the LCS of the immediate daily consolidation area. I found through previous trades and screen time that these LCS & HCR levels are very well respected on Gold which gave me the confidence to pull the trigger and not just shoot from the hip.

Hope this helps.
  • #113,104
  • Jun 13, 2012 2:48am Jun 13, 2012 2:48am
Quoting ricosta
Thank you Tinny, great explanation. Sometimes its hard to see the right levels and I tend to draw too many lines, getting better though. You don't use the monthly s/r levels?
Hey Ricosta,
I have never tried using the monthly for s / r lines, however i do look at the monthly.. Oh i just checked two charts and the weekly lines line up where the monthly lines would line up as well.. The weekly must generally be close to the monthly touches.. However in the extreme past we can draw new lines however that is a long way off from where price is now so not so helpful really for new lines...

This would be a good addition though which i will do from now on -

Make three lines -

ones green for monthly
ones blue for weekly
ones orange for daily

(whatever colors to tell them apart)

That way whatever time frame we are on we can tell what sort of s / r line it is exactly.

Regards,
Timon
  • #113,105
  • Jun 13, 2012 3:28am Jun 13, 2012 3:28am
The NZD/USD has just broken resistance and is moving into space. I'll wait for a closed candle above R/S, pullback and test of the new support or any other PA signal. Would that be a sensible trade?
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  • #113,106
  • Jun 13, 2012 3:34am Jun 13, 2012 3:34am
Quoting tinny79

This would be a good addition though which i will do from now on -

Timon
Hey Timon, I think that the S/R levels are generally stronger on the higher time frames. The weekly will align with the monthly but give you some more. The daily align with the weekly but give you even more. So its like zooming into a picture and seeing more detail. My problem is that often I zoom in too much and cant see the picture because too much detail.
  • #113,107
  • Jun 13, 2012 3:43am Jun 13, 2012 3:43am
Quoting FX.Sniffer
Glad to know that my contribution has been useful, and for the good guys here goes the last collection.

Thank you for your contribution!
  • #113,108
  • Jun 13, 2012 5:21am Jun 13, 2012 5:21am
Quoting TradingTexan
This may be way stupid new guy for most of you, but I cant figure out how to send a image through PM, so I am gonna post it on here and hope for the best.

I observed the pinbar around a BRN and attempted to trade with the trend. It appears to now being just moving sideways, which clearly means it was not a trade I should of been taking in the first place. The arrow is on the next bar because I entered on a retrace of the pinbar, instead of a break of the bar in an attempt to reduce my SL

I am only using the basic James16 stuff, and I am new...
Here is a quick explanation of why that bar did not move much.

We want to see PA going away from such a level, not into it.

Hope this helps
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  • #113,109
  • Jun 13, 2012 5:46am Jun 13, 2012 5:46am
Quoting ricosta
The NZD/USD has just broken resistance and is moving into space. I'll wait for a closed candle above R/S, pullback and test of the new support or any other PA signal. Would that be a sensible trade?
Hey Ricosta,
Nice spotting, yeah i am watching that one as well as the aussie.. Waiting for a pullback is best like you say then wait for a bullish sign, maybe tonight or tomorrow it will show. However trade with caution as it could just be testing that resistance like you say, it is not uncommon for it to break go 30 to 50 pips above then drop back in.. That is always a good trade as well if it shows bearish signals as well.. It could go either way.. Waiting for candles and some movement to indicate that one for sure..

And yeah i agree, the higher the time frame support and resistance line the stronger..
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  • #113,110
  • Jun 13, 2012 6:52am Jun 13, 2012 6:52am
Quoting ricosta
The NZD/USD has just broken resistance and is moving into space. I'll wait for a closed candle above R/S, pullback and test of the new support or any other PA signal. Would that be a sensible trade?
I'd watch out for this 0.7800 area
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  • #113,111
  • Jun 13, 2012 7:54am Jun 13, 2012 7:54am
Quoting netist
Thank you for your contribution!
you're welcome netist.
Sniffing Snake's Tracks...
  • #113,112
  • Jun 13, 2012 8:10am Jun 13, 2012 8:10am
Quoting tinny79
Hey Ricosta,
Nice spotting, yeah i am watching that one as well as the aussie..
Inside Bar just formed on the 4h, I think I am getting ready to place my Buy Stop
  • #113,113
  • Jun 13, 2012 8:17am Jun 13, 2012 8:17am
Quoting Pinbar
I'd watch out for this 0.7800 area
Thank you Pinbar, you have a point. You think its a valid trade if I put the entry a few pips above the 7800?
  • #113,114
  • Jun 13, 2012 8:29am Jun 13, 2012 8:29am
Quoting ricosta
Thank you Pinbar, you have a point. You think its a valid trade if I put the entry a few pips above the 7800?
Not personally.
If it was a breakout trade,say of a wedge or something, yes.
The H4 Divergence is suggesting it may drop.

If we get some bearish PA here.
  • #113,115
  • Jun 13, 2012 9:04am Jun 13, 2012 9:04am
Quoting Pinbar
Not personally.
If it was a breakout trade,say of a wedge or something, yes.
The H4 Divergence is suggesting it may drop.

If we get some bearish PA here.
I see what you are saying. Thank you. What is a wedge by the way?
  • #113,116
  • Jun 13, 2012 9:09am Jun 13, 2012 9:09am
this is wedge http://www.investopedia.com/universi...#axzz1xgMjNcSL

investopedia has info about all of the technical analysis terms, which get thrown around here quite alot btw.
hope this helps.
Every bar tells a tale
  • #113,117
  • Jun 13, 2012 9:21am Jun 13, 2012 9:21am
Quoting ricosta
Inside Bar just formed on the 4h, I think I am getting ready to place my Buy Stop
Hey Ricosta,
This is what i am seeing or expecting, if it plays this way i will buy, if not i will look to sell if it shows more selling pressure.. I am looking to buy on a bounce below resistance as it bounces back up through resistance as it looks on the image below. To me if it breaks the trend line then it negates the trade and i would expect another drop..

This is the h4 chart to see what i mean more up close and the trend line..
Attached Image (click to enlarge)
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  • #113,118
  • Jun 13, 2012 9:43am Jun 13, 2012 9:43am
Quoting ricosta
I am born the very same year the Song was released.... does that mean I am under a bad sign? lol... just joking. At the very least it shows Chanya's age
Oops , my secret is out ... Oh well , let me admit it ... I am 92 years old freak with no teeth and horrible eye sight , but hey , my heart is still young ....
Human
  • #113,119
  • Jun 13, 2012 9:45am Jun 13, 2012 9:45am
Quoting mbqb11
Hey Rico

I think you are right that it prevents really learning and understanding these concepts. I have seen many indicators come and go trying to do it but the best is to learn and see and UNDERSTAND the things we are using. Time spent doing that will help you improve the most in the long term

Best
Mike
Cannot agree more
Human
  • #113,120
  • Jun 13, 2012 9:55am Jun 13, 2012 9:55am
Quoting jarroo
. . . (Chanya's signature)


http://www.youtube.com/watch?v=f1pzXJuvdAY
I have only one thing to do now

http://www.sherv.net/cm/emoticons/guns/suicide.gif
Human
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