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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

  • #119,721
  • Oct 15, 2012 11:43am Oct 15, 2012 11:43am
Quoting Barefoot
I have demo accounts with citifx and fxcm and right now there is a 65 pip difference between the two market prices on the EURNZD. What is going on?
Hey Barefoot

If it is quote in 5 digits after the decimal that would be equivalent to 6.5 pips

Is this the case?

Best
Mike
  • #119,722
  • Oct 15, 2012 11:48am Oct 15, 2012 11:48am
Quoting mbqb11
Hey Barefoot

If it is quote in 5 digits after the decimal that would be equivalent to 6.5 pips

Is this the case?

Best
Mike
No. Both are 5 digit feeds.

Fxcm price is 1.58665
citifx price is 1.57985
  • #119,723
  • Oct 15, 2012 11:54am Oct 15, 2012 11:54am
Quoting Barefoot
No. Both are 5 digit feeds.

Fxcm price is 1.58665
citifx price is 1.57985
oh either your feed is frozen on FXCM or they have a bad data spike in there. The current price is around the citi price

Best
Mike
  • #119,724
  • Oct 15, 2012 11:56am Oct 15, 2012 11:56am
Quoting mbqb11
oh either your feed is frozen on FXCM or they have a bad data spike in there. The current price is around the citi price

Best
Mike
It's strange, both feeds are moving, but with a 65 pip spread; a little disconcerting.
  • #119,725
  • Oct 15, 2012 11:57am Oct 15, 2012 11:57am
Quoting Barefoot
It's strange, both feeds are moving, but with a 65 pip spread; a little disconcerting.
I would guess your FXCM feed is a demo account.

Ultimately you want to double check feeds and I always consult live feeds as the last line

Best
Mike
  • #119,726
  • Oct 15, 2012 12:04pm Oct 15, 2012 12:04pm
Quoting all_TwisT
I am also in
This could continue lower but wanted to point out how important it is to understand the location of our bars and how that might reflect on the mgmt side of things. Notice price is at a very minor swing point so the "space" created is not a lot. When that space runs out we are hitting trouble. Notice this area happens to line up with the BRN of parity 1.0000 and the bottom of the previous box. It's no surprise price is struggling here.

So we have to decide as a trader how we want to handle these areas, this is the key

Best
Mike
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  • #119,727
  • Oct 15, 2012 12:44pm Oct 15, 2012 12:44pm
Quoting mbqb11
another great chart to watch
We have a similar setup on EURJPY. What do you think?

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I don't need easy. I just need possible.
  • #119,728
  • Oct 15, 2012 1:33pm Oct 15, 2012 1:33pm
Mike can I ask what do you think about this DBHLC if it will close strong enough? It´s 50% retrace and there is a nice divergence too.

Thank you for answer
Martin
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  • #119,729
  • Oct 15, 2012 1:54pm Oct 15, 2012 1:54pm
Quoting Martin600
Mike can I ask what do you think about this DBHLC if it will close strong enough? It´s 50% retrace and there is a nice divergence too.

Thank you for answer
Martin
Hey Martin

As you can see on my feed we have just a bearish bar. I would like to see a more solid close below the previous resistance area marked on my chart. Of course based on my feed this is an easy pass

I also think the 50 fib isn't quite enough confluence and the divergence is very minor. So I would prefer to see price test the large box up higher. This would be a nicer area for me. We can see the confluence is stronger here

Hope that helps

Mike
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  • #119,730
  • Oct 15, 2012 2:18pm Oct 15, 2012 2:18pm
Quoting Sciurus
Hello all. I'd like to introduce myself, since I am new to this thread.

I discovered this thread a few days ago after poring over the 4H MACD thread, and researching Nial Fuller. I am amazed at the level of information available on this website on price action, and I'm excited to finally get serious about FX trading. PA seems to be a good long term path to get me there.
Sciurus
Hi Sciurus,

I too have recently stumbled across Nial's website and amazed at the vast information available there with pretty insightful videos.

It really helped me a lot and still going through it... its interesting PA .. & same as here .. original J16 stuff but ton of organized content available for newbies to quick catchup
Success is 1 % intelligence and 99% perseverance - Edison
  • #119,731
  • Oct 15, 2012 4:08pm Oct 15, 2012 4:08pm
by digging in the thread i have discovered another awesome post from james one year ago. Extraordinary and remarkable like the other stuff from him :

PA makes it easier especially for beginners but there are several ways to skin a cat.

the key to all of this is to treat it like a real business and earn your stripes thru demo.

you demo for 3 to 6 months with consecutive wins before you go live.

by doing that you at least have some kind of a chance at success.

no one makes it in this business because frankly they dont deserve it.

this business is a whore and a seductress.

she will whisper your name and make your mind crazy with dreams.

she only lets a few thru because she enjoys destroying people.

the few that get thru learn no special secret or system.

there is no such holy grail.

it takes hard work, common sense and a business like approach.

most people are about instant gratification.

this business chews those people up and spits them out and it laughs at you while its doing it.

relax, sit back and enjoy the ride and dont throw your money away.

it really can be an enjoyable experience if you just let it take what time it takes.

is one year of your time worth your dreams. two, three?

sure it is.
  • #119,732
  • Edited 4:23pm Oct 15, 2012 4:08pm | Edited 4:23pm
Looks like a decent setup forming. Clean and tidy
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  • #119,733
  • Oct 15, 2012 5:54pm Oct 15, 2012 5:54pm
Watching the NZDCAD :-)
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Price is beautiful. A repetitive method is a competitive method.
  • #119,734
  • Oct 16, 2012 1:54am Oct 16, 2012 1:54am
USD/SEK

took this one after the BEOB was forming...if i was an advanced trader i would take a touch entry of the falling TL much higher

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  • #119,735
  • Oct 16, 2012 2:05am Oct 16, 2012 2:05am
Quoting bullzeye
USD/SEK

took this one after the BEOB was forming...if i was an advanced trader i would take a touch entry of the falling TL much higher

Attachment
Hi bullzeye, I was thinking about this trade too but I didn´t take it because of the support just below this BEOB (you´ve marked this with red line). May I ask why did you think the price will go through this support and took the trade?
  • #119,736
  • Oct 16, 2012 4:06am Oct 16, 2012 4:06am
Quoting Mav13
Hi bullzeye, I was thinking about this trade too but I didn´t take it because of the support just below this BEOB (you´ve marked this with red line). May I ask why did you think the price will go through this support and took the trade?
Hi, I think that's the bullzeye's target/TP.
  • #119,737
  • Oct 16, 2012 4:12am Oct 16, 2012 4:12am
Quoting rami_8
Hi, I think that's the bullzeye's target/TP.
Hi rami_8, I think his TP is red dashed line, which is more down.
  • #119,738
  • Oct 16, 2012 4:25am Oct 16, 2012 4:25am
Quoting bullzeye
USD/SEK

took this one after the BEOB was forming...if i was an advanced trader i would take a touch entry of the falling TL much higher

Attachment
I wouldn't put much faith in that trend line or the BEOB.
The TL only has two Swing highs, the BEOB is not at a true Swing High.
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  • #119,739
  • Oct 16, 2012 5:56am Oct 16, 2012 5:56am
Hey guys,

Newbie here.

Any of you have been profitable in forex trading without using leverage? Or is it that without using leverage it would take one ages to have good percentage returns (say 5% per month).

Thanks
  • #119,740
  • Oct 16, 2012 6:06am Oct 16, 2012 6:06am
Hi,
this one eventually launched


Regards,
Peter

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