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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

  • #115,021
  • Aug 6, 2012 6:26am Aug 6, 2012 6:26am
Quoting Pinbar
Oh, right, thanks Mike.
I am in but am keeping it tight, I do not like that pendant & its possible projection.
Yeah I will be watching the BRN for more information(long or short)
  • #115,022
  • Aug 6, 2012 6:34am Aug 6, 2012 6:34am
Quoting mbqb11
Yeah I will be watching the BRN for more information(long or short)

That was quick. LOL

Yeah, that is what I am thinking.
I like this old area of former consolidation on the left, which looks like it is still in effect today.

Thanks Mike
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  • #115,023
  • Aug 6, 2012 7:40am Aug 6, 2012 7:40am
Four more of my trades have developed strongly ...
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Human
  • #115,024
  • Edited 8:45am Aug 6, 2012 8:07am | Edited 8:45am
I am not sure if I should look for divergences as I would like to get rid of the one indicator I use (RSI) which I only use for divergences. I am not sure what the predictive power is because trading divergences kills you if we have a trend. I am wondering whether the predictive power of divergences increases if we find a divergence in overbought/sold territory (both points of reference being below/above 30?70)? Or it doesn't make any difference?

NOTE: I do not trade divergences alone, I consider other factors as I should. I am only asking if a divergence found in overbought/sold territory is better than one that is found between 30 and 70.

Thank you,
happy summer to all of you
  • #115,025
  • Aug 6, 2012 8:13am Aug 6, 2012 8:13am
hi every body
whats your idea about my pic?
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  • #115,026
  • Aug 6, 2012 8:31am Aug 6, 2012 8:31am
Quoting jsvihla
I am not sure if I should look for divergences as I would like to get rid of the one indicator I use (RSI) which I only use for divergences. I am not sure what the predictive power is because trading divergences kills you if we have a trend. I am wondering whether the predictive power of divergences increases if we find a divergence in overbought/sold territory (both points of reference being below/above 30?70)? Or it doesn't make any difference?

Thank you,
happy summer to all of you
Divergence occurring on any indicator is really not predictive as the indicator is a representation of what has already happened. Having said that if one sees a trend that is sputtering a MACD divergence may give some psychologic reassurance. But the trade should not occur soley based on the divergence but rather on a confluence of factors such as a nice pinbar (price action) at significant support or resistance. I dare say no indicator should necessarily cause you to enter a trade. It is probably the last and least important factor in the 2,3,4 or even 5 factors that one lists as a trade is considered. Good luck!!!
  • #115,027
  • Aug 6, 2012 8:40am Aug 6, 2012 8:40am
Quoting jsvihla
I am not sure if I should look for divergences as I would like to get rid of the one indicator I use (RSI) which I only use for divergences. I am not sure what the predictive power is because trading divergences kills you if we have a trend. I am wondering whether the predictive power of divergences increases if we find a divergence in overbought/sold territory (both points of reference being below/above 30?70)? Or it doesn't make any difference?

Thank you,
happy summer to all of you
Hey jsvihla, happy summer to you too!
I am not a senior but I can tell you that RSI or MACD are often used here as a factor to take a trade if it is part of an overall story and mutliple items lining up in the form of confluence. That is to say if we get good price action at a nice swing high or low, lining up at a BRN, with a PPZ, past support or resistance, moving averages, AND it happens to have divergence then we could say that there is confluence and the chances or odds of our trade turning in our favor is much higher. Using divergence alone as your primary indicator to take a trade would not be recommended here. Personally I leave the MACD indicator squished down at the bottom of my charts the same as Mike/James so that I can quickly check for divergence when I spot a possible setup or story.

Cheers,
NWO
Price is beautiful. A repetitive method is a competitive method.
  • #115,028
  • Aug 6, 2012 8:46am Aug 6, 2012 8:46am
jarroo method today trade on GBPCHF
first target reached - stop on BE
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  • #115,029
  • Aug 6, 2012 8:46am Aug 6, 2012 8:46am
Quoting Winston Reed
Divergence occurring on any indicator is really not predictive as the indicator is a representation of what has already happened. Having said that if one sees a trend that is sputtering a MACD divergence may give some psychologic reassurance. But the trade should not occur soley based on the divergence but rather on a confluence of factors such as a nice pinbar (price action) at significant support or resistance. I dare say no indicator should necessarily cause you to enter a trade. It is probably the last and least important factor in the 2,3,4...
well put Winston!

It's important we always understand the context of the tools we are using. Be it divergence, S/R, PA bars etc

Sometimes though i will argue that divergence alone with good PA can tell so much. BUT I think it's important people understand what divergence is rather then just seeing it on an indicator. Which then helps in understanding an entire situation

Nice post

Mike
  • #115,030
  • Aug 6, 2012 8:55am Aug 6, 2012 8:55am
Quoting mbqb11
very nice pin! I just posted this chart in the PF!
I had to roll my eyes twice because I couldn't see a pin on that chart...untill...I realized. lol

g.
I believe . . .
  • #115,031
  • Aug 6, 2012 8:58am Aug 6, 2012 8:58am
Quoting Pinbar
Hey Han Solo
Great to see you back again.
I still remember with fond memories those weekends with, where is price going where did it go sessions.
Hope all is well with you and your family.
Yup we miss the old folks!

Maybe we could resume those sessions...just to bring back the amazing aroma of the core basics into the lime light.

g.
I believe . . .
  • #115,032
  • Aug 6, 2012 9:52am Aug 6, 2012 9:52am
Good support and TL break.....or....TL holds and support breaks? Waiting for PA to go either way.....
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  • #115,033
  • Aug 6, 2012 9:56am Aug 6, 2012 9:56am
Quoting Pinbar
Hey Han Solo
Great to see you back again.
I still remember with fond memories those weekends with, where is price going where did it go sessions.
Hope all is well with you and your family.
Hi PB, everythings fine here. Yes, I loved those sessions, too. I hope we could do it again some time.

Man, I'm very impressed of your 10 star rating. I knew you would get there. Your dedication has always been a great inspiration for me.

Quoting Ghous
Yup we miss the old folks!

Maybe we could resume those sessions...just to bring back the amazing aroma of the core basics into the lime light.
I've got some work to do on the weekend but I will get back here next week.

I'm looking forward to trade side by side with you again.

Anyone watching the triangle break on GBPCAD? Probably still too much support to the downside for a clear break. But we'll see.


See you soon
Hans
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Thanks J16, Sam Seiden, Udine and Jacko
  • #115,034
  • Aug 6, 2012 10:14am Aug 6, 2012 10:14am
Quoting davidtrader
hi every body
whats your idea about my pic?
no one dont want answer my question?
  • #115,035
  • Aug 6, 2012 10:47am Aug 6, 2012 10:47am
Quoting davidtrader
hi every body
whats your idea about my pic?
Hi Davidtrader,

I believe using Jaroo's method you want the HCR to be either a strong/deep swing point or a good area of consolidation that has also formed a a swing point. While the are you are referring to as an HCR is forming a consolidation, I don't like how price did not move away from it much at all..so a swing point hasn't formed yet.

The highs bouncing off 1.2389 which are also well above the HCR you've noted is also not the optimal scenario when using the PCT&CA approach.

..just my thoughts with respect to Jaroo's method.

Price may head up to atleast 1.2524 if it closes above 1.2389 today. However, I'm coming to that conclusion using information outside of Jaroo's method.

Others..please chime in.
Thanks
  • #115,036
  • Aug 6, 2012 10:59am Aug 6, 2012 10:59am
Quoting davidtrader
no one dont want answer my question?
eur usd on H4.
the higher white area is the weekly-lcs. this is where price rejected.
also note that this pair moved 2000 pips.
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meine augen sind die sterne
  • #115,037
  • Edited 11:37am Aug 6, 2012 11:14am | Edited 11:37am
Quoting ghous
Yup we miss the old folks!

Maybe we could resume those sessions...just to bring back the amazing aroma of the core basics into the lime light.

g.

By Popular request.
Here is J16's "Where is price going, where did it go" Quiz.
Actually J16 does it live, this is an old setup with the candles to the right of this bar removed. But, it works just the same as when J16 posts these things, the candles to the right of the bar, have yet to be formed.
Copy this chart and draw a horizontal line where you think price made it to after this bar and explain your logic.


Give it a try folks. You can not lose anything, and have Everything to gain.

Weekly time frame chart with a bullish PB.

Ahhh, this brings back that atmosphere.

Edit: To copy the chart just double click it to expand it, then right click it and save it to your desktop.
Then, edit it with your horizontal line and post your reasons for price going where you think it did.
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  • #115,038
  • Aug 6, 2012 11:25am Aug 6, 2012 11:25am
Quoting Pinbar
By Popular request.

Give it a try folks. You can not lose anything, and have Everything to gain.

Weekly time frame chart with a bullish PB.

Ahhh, this brings back that atmosphere.
Hi there PB,

I'd say the FTA is the high of the preceding bar because it lines up with the low of that deep swing several bars back.

Not to say that it can't go further of course...but the s/r formed by that high and low would be my first concern.
  • #115,039
  • Aug 6, 2012 11:36am Aug 6, 2012 11:36am
Quoting Mg42
Hi there PB,

I'd say the FTA is the high of the preceding bar because it lines up with the low of that deep swing several bars back.

Not to say that it can't go further of course...but the s/r formed by that high and low would be my first concern.

Ok, copy the chart and post it with a horizontal line, please.
  • #115,040
  • Aug 6, 2012 11:49am Aug 6, 2012 11:49am
Quoting Pinbar
By Popular request.

Edit: To copy the chart just double click it to expand it, then right click it and save it to your desktop.
Then, edit it with your horizontal line and post your reasons for price going where you think it did.
Hi again..reason noted in first post, the high of the previous bar and low of that deep swing are an FTA for me.

I'll take the analysis a step further and say that I would personally wait for a weekly bar to break the nose and close above that level before entering..that's just me though. I play PB's very conservatively...I wait for a break of the nose, then enter.

http://i1175.photobucket.com/albums/...n42/wipgv2.jpg
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