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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

  • #126,081
  • Jun 11, 2013 10:40pm Jun 11, 2013 10:40pm
Quoting dennis4u15
hi jaroo, just wanted to know which brokers offer both forex and stock trading on the same platform..ones that can be trusted with our hard earned money. Also i wanted to know if trading using the daily charts is it better to trade after the close of the daily candle or bar. i tend to look at candles after the New York session. thats when the day ends as there is some time before the asia market opens. could u please elaborate on this please. regards dennis

Not sure what best broker offers both forex and stock . .I don't trade stocks . .The broker section in FF would be a good place to start researching.


Staying on the Daily TF is a get place to start and end .. Weeklies are great too.

As you know, the forex markets are always open . . .that why I like the New York Close . .its an unofficial end of Day in the forex market. It lines up with other financial markets that actually end at 5:00PM NY time.

Waiting for the Daily Close can tell you so many things as they relate to our Price Patterns, Consolidation BO, etc. ..that formed on the Daily TF.

Also with Daily PBT&CAorB our HCR/LCS levels. . . the Daily Close can indicate a false break out or a real break out just by waiting for the Daily Close.

don't know if this answered your questions,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #126,082
  • Jun 11, 2013 10:46pm Jun 11, 2013 10:46pm
hi Jaroo,

yeh thats what i wanted to know...i also look at the candles after the close of new york session.

Regards
Dennis
  • #126,083
  • Jun 11, 2013 11:59pm Jun 11, 2013 11:59pm
hi jaroo,

wats ur take on this aud/cad pin bar..its at a goob BRN and support zone

regards

dennis
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily.png Size: 29 KB
  • #126,084
  • Jun 12, 2013 12:15am Jun 12, 2013 12:15am
Quoting meshka
i took my full profit here on EURUSD ... if USDCHF will break this level down will look what to do next. {image}
Hi meshka!

Maybe I missed the post - did you enter on the break of the weekly, or the first daily HCR?

Thanks,
Stephen
It's all psychology...
  • #126,085
  • Jun 12, 2013 1:19am Jun 12, 2013 1:19am
Quoting mbqb11
check out the boxing on this pair, thing of beauty notice the midpoint of a box is also {image}
Guys,

How do we trade setup like this?

Thanks!
  • #126,086
  • Jun 12, 2013 1:40am Jun 12, 2013 1:40am
hi Jaroo,

ppl following james16 method...do we only trade when there is a bar confirmation like BUOB, BEOB or Pin Bars PPVs with BRNs and other confluences or is it ok to trade even if there is no bar confirmation but other confluences.

Regards

Dennis
  • #126,087
  • Jun 12, 2013 3:04am Jun 12, 2013 3:04am
Quoting jarroo
{quote} If I ever move down to a lower TF, I will bring the Higher TF levels with me. How people trade the lower TF without knowing these Higher TF level is beyond me. But in terms of finding the birth of trends on a Lower TF . .yes, but its important to understand the Higher TF environment we are trading in .. Jim

They are the first things to go on my charts.

cheers

jon
PATIENCE... DISCIPLINE
  • #126,088
  • Jun 12, 2013 3:10am Jun 12, 2013 3:10am
Quoting meshka
i am sniffing around these levels... {image}
I was just lookin at this when i read ur post. long divergence and a failed swing high attempt, nice looking (for now) 4H BEOB. I think maybe some decent retracement to come?? if so 1.3400 is not unreasonable.
lets see wot happens.

jon
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadh4.png Size: 67 KB
PATIENCE... DISCIPLINE
  • #126,089
  • Jun 12, 2013 3:12am Jun 12, 2013 3:12am
Quoting dennis4u15
hi jaroo, just wanted to know which brokers offer both forex and stock trading on the same platform..ones that can be trusted with our hard earned money. Also i wanted to know if trading using the daily charts is it better to trade after the close of the daily candle or bar. i tend to look at candles after the New York session. thats when the day ends as there is some time before the asia market opens. could u please elaborate on this please. regards dennis
FXPro has lots of stocks aswell. i cant recomend where to put your money though..


jon
PATIENCE... DISCIPLINE
  • #126,090
  • Jun 12, 2013 3:28am Jun 12, 2013 3:28am
Quoting g_j_hook@yah
{quote} I was just lookin at this when i read ur post. long divergence and a failed swing high attempt, nice looking (for now) 4H BEOB. I think maybe some decent retracement to come?? if so 1.3400 is not unreasonable. lets see wot happens. jon {image}

i traded it @ 1.3584 stp now @ 1.3624 ... looks good for me.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD,H4]_2013-06-12_11-21-47.jpg Size: 55 KB
all is eternal - this is good news for people who loves bad news
  • #126,091
  • Jun 12, 2013 3:33am Jun 12, 2013 3:33am
Quoting dennis4u15
hi jaroo, just wanted to know which brokers offer both forex and stock trading on the same platform..ones that can be trusted with our hard earned money. Also i wanted to know if trading using the daily charts is it better to trade after the close of the daily candle or bar. i tend to look at candles after the New York session. thats when the day ends as there is some time before the asia market opens. could u please elaborate on this please. regards dennis
MBtrading.com, InteractiveBrokers.com, Tradestation.com, Lightspeed.com. these are respected ones by meshka and have reasonable commisions and spreads.
all is eternal - this is good news for people who loves bad news
  • #126,092
  • Jun 12, 2013 3:33am Jun 12, 2013 3:33am
Quoting meshka
{quote} i traded it @ 1.3584 stp now @ 1.3624 ... looks good for me. {image}
sweet entry
iv gotta wait half hour yet but the bar looks strong to me ...

jon
PATIENCE... DISCIPLINE
  • #126,093
  • Jun 12, 2013 3:35am Jun 12, 2013 3:35am
Quoting dennis4u15
hi Jaroo, ppl following james16 method...do we only trade when there is a bar confirmation like BUOB, BEOB or Pin Bars PPVs with BRNs and other confluences or is it ok to trade even if there is no bar confirmation but other confluences. Regards Dennis
Hi Dennis,

James16's most important concept is how price reacts at pivot zones, and how these PPZ flip from support to resistance.
He, and other seasoned traders following this advice, would recommend to wait for a price action setup to show us the way price is likely to follow.
Meaning: you have your PPZ, round numbers, % retracements, EMA, etc on you chart, you wait for price to reach a confluenced area, then print a PA setup, and then you enter your trade. This is the way senior traders would advice somebody new to this material to start with.
Now, I guess many would "touch trade" this confluenced level, anticipating price reaction, which is OK too, as long as the concept behind the trade is strong enough.
Basically, as long as your method is back-tested and forward-tested, if it works, it works

take care
Slow & steady
  • #126,094
  • Jun 12, 2013 3:45am Jun 12, 2013 3:45am
Quoting meshka
{quote} i traded it @ 1.3584 stp now @ 1.3624 ... looks good for me. {image}

Hi meshka!

May I how and why did you enter? (Or was it a simple touch trade)?
I would love to know whats behind your trade.

Thanks,
Stephen
It's all psychology...
  • #126,095
  • Jun 12, 2013 5:38am Jun 12, 2013 5:38am
Quoting jarroo
{quote} Yeah Steve that's why I liked it so much . . .but Price when for the lower Weekly HCR level, .9327. .that's where the Low of the Day formed . . Daily Bullish SFP brings a bullish bias for this pair for me . . Jim {image} {image} {image} {image}
Yes Jim.
I am slowly realizing how, your methodology is built around these different TF signatures, including targets and SL areas.
We are still in the same ball park, I may be outside in the car park but, I think we are at the same stadium.
  • #126,096
  • Jun 12, 2013 8:30am Jun 12, 2013 8:30am
Quoting ken.b
{quote} Guys, How do we trade setup like this? Thanks!
Hi ken , the best I can do is give my take on this, we have price boxing between 86 and 84 a conservative entry consisting of a pa barbreak and close above or below the larger box would prefer the downside due to the previous boxing above 8600. Bottom side offering more room and space to run. I also see a rising tl and yesterdays pb seems to have causeed a bearish bar today if this closes below the tl also closing below our ppz in the middle of the box we can place an entry on either a retrace of the tl or a break of todays bar this i believe is a bit more risky due to heading right into the bottom of the larger box and 8400
for the upside I would beware of that box above 8600 and the ppz in the middle of it
Hope this helps
  • #126,097
  • Jun 12, 2013 8:35am Jun 12, 2013 8:35am
Quoting LamerTrader
{quote} Hi meshka! May I how and why did you enter? (Or was it a simple touch trade)? I would love to know whats behind your trade. Thanks, Stephen
1. I saw nice double daily/weekly level... those are magnets for my attention . 2. Then i saw that price reacted to it bearishly twice see attached chart. 3. then I noticed FTA in USDCHF down move which may cause reaction to EURUSD upmove which looks have nice space to run but i decided to close it instead. 4. so I put it all in one story and I decided to put sell limit order few pips below that double HCR ...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: [EURCAD,Daily]_2013-06-12_04-30-53.jpg Size: 59 KB
Click to Enlarge Name: [USDCHF,Daily]_2013-06-12_04-54-54.jpg Size: 46 KB
all is eternal - this is good news for people who loves bad news
  • #126,098
  • Jun 12, 2013 8:42am Jun 12, 2013 8:42am
Nice long leged pin. Sliced nicely past threw FTA. We suspected reaction around 0.8 BRN right? Weekly trend line gave this one some confidence also.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd-prodaily.png Size: 52 KB
  • #126,099
  • Jun 12, 2013 9:09am Jun 12, 2013 9:09am
Quoting meshka
{quote} 1. I saw nice double daily/weekly level... those are magnets for my attention . 2. Then i saw that price reacted to it bearishly twice see attached chart. 3. then I noticed FTA in USDCHF down move which may cause reaction to EURUSD upmove which looks have nice space to run but i decided to close it instead. 4. so I put it all in one story and I decided to put sell limit order few pips below that double HCR ... {image} {image}
Thank you Meshka!
It's all psychology...
  • #126,100
  • Jun 12, 2013 9:11am Jun 12, 2013 9:11am
Hi guys!

Is there a way to turn off oanda's sunday bars in MT4 - I dont like 'em...
Thanks,
Stephen
It's all psychology...
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