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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

  • #132,501
  • Oct 3, 2014 2:47am Oct 3, 2014 2:47am
Quoting FXBat
{quote} Hi Zamfir, as usual, great trades im also in the EURAUD trade, although i entered lower than you, reasoning the rejection at 1.4550 (weekly R) + the pin looking IB. I also notice that we have totally different feeds, so our candles look quite different. its great for me that i managed to catch a similar trade like you but i also have a fixed TP. {image}
Good job FxBat.

  • #132,502
  • Oct 3, 2014 3:19am Oct 3, 2014 3:19am
I closed short on GPUUSD due to upcoming support for +250 pips.
  • #132,503
  • Oct 3, 2014 6:17am Oct 3, 2014 6:17am
Hi all,
My congrats to all who took good trades this week.
I got two losses but also one profit. Last trade was retrace entry AUDCAD where I took first profit and then was stopped out with small profit.
Cheers.
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  • #132,504
  • Oct 3, 2014 7:12am Oct 3, 2014 7:12am
Quoting Dovilo
{quote} Yesterday's candle totally overpassed previous bullish candle. I entered, +36 pips for now. I'm not sure where I should exit... Here are three levels I take into consideration. {image} There is also similar pattern on the NZDCHF but with pinbar and in midterm bearish trend but NZDCHF seems to always go sideways in longer term and price is near lower trendline so I will not enter there. There is a series of pinbars on GBPCHF on strong resistance I mentioned before. It can be a good moment to enter short. Wht do you guys think? GBPCHF Daily...
GBPCHF +70 pips, I will reenter short if support is broken.
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  • #132,505
  • Oct 3, 2014 7:15am Oct 3, 2014 7:15am
pinocchio?(Of course after closing today's bar)
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On my way to financial independence - if others can do it - I can do it
  • #132,506
  • Edited 7:45am Oct 3, 2014 7:20am | Edited 7:45am
This is on a bit higher time frame.

GBP/JPY, 3week bars

bearish pin setting up, the bar closes end of day today.

zoomed out a bit in the second pic to give you a view of major S/R levels (going back to '97!)

of course, I'd like to see the candle actually close bearish. It was there for a bit yesterday, maybe Non-Farm Payroll will get it there today.
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  • #132,507
  • Oct 3, 2014 7:44am Oct 3, 2014 7:44am
Quoting Eur Usd
pinocchio?(Of course after closing today's bar) {image}
Hi Eurusd, be aware of 138.00 level, which can act as a very strong resistance (see better on weekly). The price might turn back down there.
Market can stay irrational longer than you can stay solvent.
  • #132,508
  • Oct 3, 2014 10:00am Oct 3, 2014 10:00am
Quoting FXBat
{quote} Hi Eurusd, be aware of 138.00 level, which can act as a very strong resistance (see better on weekly). The price might turn back down there.
that signal is not valid anymore, as "right eye" went below left eye
On my way to financial independence - if others can do it - I can do it
  • #132,509
  • Oct 3, 2014 10:19am Oct 3, 2014 10:19am
Quoting Eur Usd
{quote} that signal is not valid anymore, as "right eye" went below left eye
It wasn't a good trade anyway. There was no support for this. Anyway there is now opposite signal for ~100 pips.
  • #132,510
  • Oct 3, 2014 10:50am Oct 3, 2014 10:50am
Quoting Dovilo
{quote} It wasn't a good trade anyway. There was no support for this. Anyway there is now opposite signal for ~100 pips.
what signal is it?
On my way to financial independence - if others can do it - I can do it
  • #132,511
  • Oct 3, 2014 1:12pm Oct 3, 2014 1:12pm
Quoting mbqb11
Great chart to watch, i'll be watching the 4hr /1hr box tops/bottoms for possible breakouts or side-side plays i can't stress enough how the structure of any pattern the more accurate it is the easier it is to trade and generally respected when you get PA {image}
Hi Mike,
Did you took any entry on this one?
Thanks.
  • #132,512
  • Oct 5, 2014 5:13am Oct 5, 2014 5:13am
Hi everybody

I am finding this forum really interesting, but unfortunatlly we are currently at page 6626.
Where would you recommed a newbi to start...at page one or later, if I am correct it was started back in 2004, I would imagen that quit a lot have changes since then.

Any input is very welcome.

Best regards

Jan
  • #132,513
  • Oct 5, 2014 4:49pm Oct 5, 2014 4:49pm
Quoting Jkp23
Hi everybody I am finding this forum really interesting, but unfortunatlly we are currently at page 6626. Where would you recommed a newbi to start...at page one or later, if I am correct it was started back in 2004, I would imagen that quit a lot have changes since then. Any input is very welcome. Best regards Jan
Hey Jan

Welcome to the HUGE thread. Yes it can be daunting but actually not much has changed. Price action is what we teach here and our variations of it. I recommend starting at page one and reading the first few hundred pages in order. Also post 1 has a lot of important information and links that you should go through. After that you will be caught up enough to have an understanding of what we are doing. Then I'd go through James16 posts(you can click his name) and go through those in order.

Welcome and good luck!
Mike
  • #132,514
  • Oct 5, 2014 4:49pm Oct 5, 2014 4:49pm
Quoting vanilla.sky
{quote} Hi Mike, Did you took any entry on this one? Thanks.
hey VS

Nope I didn't but their was a good touch trade there(not much PA). I played some of the gbp/jpy breakout as the yen pairs have been quite active. Was a good display of S/R though

Hope you had a good weekend
Mike
  • #132,515
  • Edited 4:31am Oct 6, 2014 1:47am | Edited 4:31am
Mike,

I have two points in this post. First I'd like to thank you for your efforts and let you know we really appreciate it. My second point is about a video on USDCAD H4 trade I saw on YouTube. I have attached the chart to this post. I cannot understand how on earth you found out the direction of the breakout in advance. You mentioned divergence in the video but I still cannot follow. I'd appreciate if you could write me a few lines on this. What kind of divergence you were talking about and how you were able to tell the direction of the breakout.

Edit: I found some trades similar to one I mentioned above here: http://www.forexfactory.com/showthre...00#post6574900 and http://www.forexfactory.com/showthre...66#post7606666 (I think the price didn't move up as expected on this one?)

but I can't really confirm the divergence with MACD. BTW, I see you use the MT4 default MACD. Is that reliable? I read it calculates "it differently/incorrectly": http://www.forexfactory.com/showthre...43#post1843043
And also on the USDCAD H4 chart there was no BUOBs or pinbars to know when the price would take off.
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  • #132,516
  • Oct 6, 2014 7:12am Oct 6, 2014 7:12am
Quoting mbqb11
{quote} Hey Jan Welcome to the HUGE thread. Yes it can be daunting but actually not much has changed. Price action is what we teach here and our variations of it. I recommend starting at page one and reading the first few hundred pages in order. Also post 1 has a lot of important information and links that you should go through. After that you will be caught up enough to have an understanding of what we are doing. Then I'd go through James16 posts(you can click his name) and go through those in order. Welcome and good luck! Mike

Thanks for your input Mike....
  • #132,517
  • Oct 6, 2014 8:53am Oct 6, 2014 8:53am
Quoting Stu Effex
Please Excuse the Interruption :_ Hi All If I could have your attention it would be most appreciated. I know a lot of you here know CHRIS or to use his FF handle ALBCHR who resides here http://www.forexfactory.com/forumdisplay.php?f=49 and also know everyone knows he is a true Gent. I therefore would like you to read the linked posts which will go some way to explaining my post here and for many who know Chris well, will instantly understand the situation. Just to really be clear CHRIS is shortly to become HOMELESS and if you take the...
Stu let me know what you set up I would be glad to throw a few bucks his way and hope he gets back on his feet very quick!


Mike
  • #132,518
  • Oct 6, 2014 9:14am Oct 6, 2014 9:14am
Quoting Verbal
Mike, I have two points in this post. First I'd like to thank you for your efforts and let you know we really appreciate it. My second point is about a video on USDCAD H4 trade I saw on YouTube. I have attached the chart to this post. I cannot understand how on earth you found out the direction of the breakout in advance. You mentioned divergence in the video but I still cannot follow. I'd appreciate if you could write me a few lines on this. What kind of divergence you were talking about and how you were able to tell the direction of the breakout....
Hey V

Thanks for the nice words glad it has helped.

Divergence is simply a tool we want to use to give us a POSSIBLE heads up on a change in direction. We want to couple that with more informatin(confluence) when actually taking a trade. So for example both the usd/cad and the chfsgd show clear divergence. The usd/cad materialized into an actual trade(with more information being the breakout pattern itself(the wedge) and the BUOB being the tip off for entry. The chf/sgd on the other hand has the divergence, and a nice possible TL to look for Price action. But it gives none so we pass and move on.

Now divergence in my view is best spotted with no tool. Many people use an oscillator. That is when the oscillator goes opposite of price , price is diverging and showing signs of a lack of momentum. But of course any indicator that is using price to get it's calculations we can see on our chart without it. So I recommend start with watching an indicator like macd. Just use the simple MACD tool that comes with your charting softward. In MT4 the default settings are 12, 26, 9

This post here
http://www.forexfactory.com/showthre...00#post6574900

Is how to see that divergence on your chart that you MACD is showing. We are basically looking for when sellers in the uptrend are showing their willingness to come in more so. One of the easier ways is that every time you see price making a new high(or low in a downtrend) and immediately sellers(or buyers) are willing to step in, price is going to be showing divergence. If we think about it logically the market keeps trying to make a new high(or low) and immediately sellers say this is a great time to sell and buyers give up and price moves down. Now in an uptrend though buyers will step back in as price moves lower. So the idea that momentum is STARTING to wane is presenting itself. This is what divergence is.

So here is an example of a pair showing divergence.
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We can look for PA on new swing lows. Example pinbar swing low + divergence + BRN(example 1 marked on chart) or I want to look for the tipping point where if price gets above AND gives us nice PA it would be a potential entry. Here is where I would watch on this pair
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Here is another example of price making a new high but it has proven to want to fall each time price has made a new high. So it's showing divergence and it gives me a heads up to watch for PA or a further story
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Hope this helps!
Mike
  • #132,519
  • Oct 6, 2014 11:03am Oct 6, 2014 11:03am
Quoting mbqb11
{quote} Stu let me know what you set up I would be glad to throw a few bucks his way and hope he gets back on his feet very quick! Mike
Sure thing Mike Thanks for the support
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #132,520
  • Oct 6, 2014 1:42pm Oct 6, 2014 1:42pm
Hi.
Loss today. I tried to trade breakout from middle of nowhere. I entered on break of two lows shown on picture. I think I am getting lost again...
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