james16 Chart Thread | Page 6759 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #135,161
  • May 29, 2015 6:06am May 29, 2015 6:06am
Quoting Donaciello
USD/CAD. The location is good, as was pointed out very recently. {image} Currently it's showing divergence on the H4 and if it closes as a BEOB (and reaches below 1.2445) on the H4, I'd be very interested in a short. {image} EDIT: for Kershey {image}
excellent D

I took the gbp/cad because the divergence showing was much stronger but very similar trades

My before and after from the PF for a 2% gain. Markets are choppy overall so I decided a closer take profit in this case

Attached Image (click to enlarge)
Click to Enlarge Name: 5-28-2015 1-01-05 PM.gif Size: 32 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 5-29-2015 5-02-22 AM.gif Size: 30 KB
  • #135,162
  • May 29, 2015 7:00am May 29, 2015 7:00am
Quoting patapouer
{quote} Hi Jon, I've been recently watching developing on H4/H1 some trades I was in. I couldn't help noticing the triangle consolidation / break out pattern you detailed in your other threads. It is amazing how simple but effective it is especially when coupled with higher timeframes S/R levels I found it very comfortable to add some low risk positions to the trade I was in, just to add a few extra pips here and there. Can't say the breakout point is never re-tested, but the few ones that are not stopped at breakeven are quite nice thanks...
Hey Patapouer and/or Jon

Would you mind throwing up a chart as an example of the triangle consolidation/breakout pattern. I think I know what you mean but wanted to be sure.

I've noticed that when I'm waiting for an entry that I've identified on a higher time frame, I sometimes got in too early. Then I'd maybe spend a bit of time getting in and out (shouldn't admit it here, but scalping the range a bit while waiting for the breakout). Of course, its time consuming but it gives a bit of an extra feeling for where the price is at that time.
  • #135,163
  • May 29, 2015 7:03am May 29, 2015 7:03am
Quoting mbqb11
{quote} Thanks Jon and everyone else it was a crazy time but he's looking and feeling good so we are positive about everything from here on out! Good to get back to the charts One I am watching Mike {image}
Hi Mike

Did you catch the EUR/NOK breakout ? I was watching it just because you'd flagged it up but I didn't know what to do with it I think it was being helped by crude dropping quickly at the time but it broke out with some momentum so i didn't want to touch trade the range. Even the 4 hr chart is whippy as hell - I'm leaving it alone but will continue to watch it just for kicks.
  • #135,164
  • May 29, 2015 7:38am May 29, 2015 7:38am
Quoting mbqb11
{quote} excellent D I took the gbp/cad because the divergence showing was much stronger but very similar trades My before and after from the PF for a 2% gain. Markets are choppy overall so I decided a closer take profit in this case {image} {image}
Hey Mike,

Nice trade!
The divergence is impressive indeed.
I was chased out at BE on U/C, as I didn't feel like holding on to trade in nomansland on friday.
As for the TP, I was in doubt whether I should just have close when it started boxing above 1.24
Anyway, I'm very glad I got out with 1.6 pips and very glad to have confirmation of the setup quality.

Currently in on AUD/JPY (short):
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY Daily BEOB.jpg Size: 66 KB

BEOB of a great area (Earlier trade off this area)
The close is weak and the bar seems cramped because of it.
I used the weakness of the close to get a sharp entry and reduce risk.
It's a sport, an artform and a science.
  • #135,165
  • May 29, 2015 7:55am May 29, 2015 7:55am
And then there's USD/JPY, that broke out of it's box:
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Daily broke out.jpg Size: 55 KB


And shows divergence:
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY H1 divergence.jpg Size: 66 KB


A retest of 122.00 - 122.10 is quite possible I suppose.
It's a sport, an artform and a science.
  • #135,166
  • May 29, 2015 9:22am May 29, 2015 9:22am
Quoting FrenchPips
{quote} Hi Mike Did you catch the EUR/NOK breakout ? I was watching it just because you'd flagged it up but I didn't know what to do with it I think it was being helped by crude dropping quickly at the time but it broke out with some momentum so i didn't want to touch trade the range. Even the 4 hr chart is whippy as hell - I'm leaving it alone but will continue to watch it just for kicks.
Hey French

nope nothing ever strong materialized. Specifically I wanted to see price bounce off that top resistance area. We did get a beob back under this area that was good on a retrace but not quite strong enough for me personally

Enjoy the weekend
Mike
  • #135,167
  • May 29, 2015 11:32am May 29, 2015 11:32am
Quoting FrenchPips
{quote} Hey Patapouer and/or Jon Would you mind throwing up a chart as an example of the triangle consolidation/breakout pattern. I think I know what you mean but wanted to be sure. I've noticed that when I'm waiting for an entry that I've identified on a higher time frame, I sometimes got in too early. Then I'd maybe spend a bit of time getting in and out (shouldn't admit it here, but scalping the range a bit while waiting for the breakout). Of course, its time consuming but it gives a bit of an extra feeling for where the price is at that time....

Hey FP,
i dont wanna clutter up this thread with my own stuff so this is the kid of thing we were talking about. Just simple breakout trades really.
try the thread and see what you think....

http://www.forexfactory.com/showthread.php?t=432776
http://www.forexfactory.com/showthread.php?t=305034

happy hunting

jon
PATIENCE... DISCIPLINE
  • #135,168
  • May 29, 2015 5:27pm May 29, 2015 5:27pm
For (Mike) any J16 private forum members reading:

I'm thinking of joining but I have some questions/requirements of any forum I'm paying for, so I'd appreciate your thoughts/experience:

- I want a forum which provides real personal trading feedback on what I am doing good, and not so good, pointing me in the direction of being consistently profitable.

- For $129 per month, I don't want signals, I want my trades pulled apart and feedback given so I 'learn how to fish'.

- I don't just want to be left with reading material. We have heaps of that here already. I learn best by taking trades and posting a chart, and then getting active quick feedback on those trades so I can learn. I am a visual learner through doing.

- Such a forum would need to be active with profitable traders who are willing to support newbies. An interactive place.

- Are there too many traders in the forum already, meaning a newbie could get lost in the mix?

- I'd want a forum where all traders are embraced into the fold and not forgotten and left flapping in the breeze with no direction, idea, or support.

Many thanks for reading. Have a great weekend everyone. G
'Fail to plan, plan to fail'
  • #135,169
  • May 30, 2015 8:06am May 30, 2015 8:06am
Quoting Guitarbloke
For (Mike) any J16 private forum members reading: I'm thinking of joining but I have some questions/requirements of any forum I'm paying for, so I'd appreciate your thoughts/experience: - I want a forum which provides real personal trading feedback on what I am doing good, and not so good, pointing me in the direction of being consistently profitable. - For $129 per month, I don't want signals, I want my trades pulled apart and feedback given so I 'learn how to fish'. - I don't just want to be left with reading material. We have heaps of that here...
Hi Guitarbloke, I am member for 6 month now and I see main advantage of J16 private forum in Mike`s webinars (like this one below my post). Every one of them is about hour long and there is litteraly hundreds of them (end every week one new). It helped me more than reading material. Solid gold!

-wellard

Inserted Video
  • #135,170
  • May 30, 2015 2:03pm May 30, 2015 2:03pm
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADMonthly.png Size: 35 KB
Attached Image (click to enlarge)
Click to Enlarge Name: UsdCad.png Size: 37 KB
  • #135,171
  • Edited 1:09am May 31, 2015 12:37am | Edited 1:09am
Quoting wellard
{quote} Hi Guitarbloke, I am member for 6 month now and I see main advantage of J16 private forum in Mike`s webinars (like this one below my post). Every one of them is about hour long and there is litteraly hundreds of them (end every week one new). It helped me more than reading material. Solid gold! -wellard https://www.youtube.com/watch?v=yqzrdAzPACA
Thankyou Wellard. Much appreciated. Do you feel you get ongoing support from the forum with your trading? G
'Fail to plan, plan to fail'
  • #135,172
  • May 31, 2015 3:53am May 31, 2015 3:53am
Quoting Guitarbloke
{quote} Thankyou Wellard. Much appreciated. Do you feel you get ongoing support from the forum with your trading? G
Hi G, there is board forum in private section where anybody can start his own thread with his Journal of trades and Mike and others can review it (but dont expect instant replies after trade). Besides from that, there are two HUGE threads with Daily/Weekly trades and H4/H1 trades. It is place with more buzz and you can ask and post whatever you want and get quicker answer. Hope it helps.

wellard
  • #135,173
  • May 31, 2015 4:09am May 31, 2015 4:09am
Hello guys,

I'm dropping all the indicators that helped me set S/R levels, because charts are cluttered and I want to learn to do it properly.

I attach a chart as a example with some questions. I hope my doubts regarding S/R, PPZ, etc are clear.

Just want to have a clean chart, with the relevant short term and historic levels, like most of the charts I see here.

Attached Image (click to enlarge)
Click to Enlarge Name: SR question.png Size: 181 KB



And this is some sort of chart I'd like to avoid. This is with an indicator I was testing that sets S/R levels of the H4, D1, W1 and MN1. I had other that set supply and demand levels as rectangles

Attached Image (click to enlarge)
Click to Enlarge Name: SR question indi.png Size: 109 KB


Thanks in advance.
Had to be me. Someone else might have gotten it wrong.
  • #135,174
  • May 31, 2015 6:55am May 31, 2015 6:55am
Quoting mordin
Hello guys, I'm dropping all the indicators that helped me set S/R levels, because charts are cluttered and I want to learn to do it properly. I attach a chart as a example with some questions. I hope my doubts regarding S/R, PPZ, etc are clear. Just want to have a clean chart, with the relevant short term and historic levels, like most of the charts I see here. {image} And this is some sort of chart I'd like to avoid. This is with an indicator I was testing that sets S/R levels of the H4, D1, W1 and MN1. I had other that set supply and demand levels...

Hey mordin,

Have you tried trading naked charts?
Clutter is your enemy and indicators are usually more of a hinderance than a convenience.
Try focusing on the biggest, most important pivot zones only, so as to keep the pickyness up.
As you've found a great entry, you can go into the smaller PPZ's to find the FTA.

I noticed on your charts a lot of MA's and an area plotted inbetween them.
You dont need this.
Same goes for the arrows popping up every couple of bars.
Do they provide you valuable info? If not: ditch 'em!

I've used indicators in the past, because that's what I learned at babypips.
When I found this chart thread, I ditched them, exept for the 365 EMA (if it's confluential), if it's not part of the story, I scrap it.
Also I use the RSI(14) for pointing out divergence and scrap it if divergence is no part of the story.
Divergence can be spotted without RSI or MACD aswell.

If you need some explanation on any of that, dont hesitate.
It's a sport, an artform and a science.
  • #135,175
  • May 31, 2015 7:37am May 31, 2015 7:37am
Quoting Donaciello
{quote} Hey mordin, Have you tried trading naked charts? Clutter is your enemy and indicators are usually more of a hinderance than a convenience. Try focusing on the biggest, most important pivot zones only, so as to keep the pickyness up. As you've found a great entry, you can go into the smaller PPZ's to find the FTA. I noticed on your charts a lot of MA's and an area plotted inbetween them. You dont need this. Same goes for the arrows popping up every couple of bars. Do they provide you valuable info? If not: ditch 'em! I've used indicators...
Hello Donaciello, thank you for your answer.

Yes, my intention is to declutter my charts, that is why dropped a lot of indicators.

I never tried fully naked charts, but I guess it is worth a try!

In your charts, how you handle the drawing of S/R levels? You draw as the PA progresses and leave the lines? Draw and delete? (regarding my questions on the chart)

I'd like to see the different approaches, to see how it works for me, what is more efficient for me, etc.

Thanks again!
Had to be me. Someone else might have gotten it wrong.
  • #135,176
  • Edited 1:59pm May 31, 2015 8:18am | Edited 1:59pm
Quoting mordin
{quote} Hello Donaciello, thank you for your answer. Yes, my intention is to declutter my charts, that is why dropped a lot of indicators. I never tried fully naked charts, but I guess it is worth a try! In your charts, how you handle the drawing of S/R levels? You draw as the PA progresses and leave the lines? Draw and delete? (regarding my questions on the chart) I'd like to see the different approaches, to see how it works for me, what is more efficient for me, etc. Thanks again!
I actually go both ways in that I try to point out PPZ's and subsequently wait for price to approach, but I also try to find area's were PA may be bouncing off of, if I didn't have the PPZ on my charts.

I usually just leave my annotation for as long I think it's relevant.
Once price starts crossing it with no clear reaction, I usually start over with a fresh chart; ofcourse the same PPZ keep coming back, but it helps to keep the charts clean and train yourself in drawing those PPZ's.

On the chart above (first one), I really like the red line near 1.44 and to a lesser extent the red line below that.
The rest, I think, can be done without.
Once PA manifests, you can look for the smaller PPZ so as to help you make a plan to trade, or point you to obstacles that can complicate your trade plan.

hope that helps


PS: regarding your questions on the chart.
I use both lines and rectangles and increasingly believe I have a style of my own in so doing.
I like rectanges most because they are most flexible and I've gotten pretty accurate at times drawing them in advance of PA.
Seeing your pre-drawn levels being hit to the pip is a great boost of confidence and I think it's a great way to learn.
As for your other questions, I use S/R from higher TF's but this is really something to watch out for, as a big zone on the monthly becomes HUGE on, say, an H1 chart.
So again, to steer clear from clutter, stick with 1 TF per analysis.
It's a sport, an artform and a science.
  • #135,177
  • May 31, 2015 10:23am May 31, 2015 10:23am
Quoting wellard
{quote} Hi Guitarbloke, I am member for 6 month now and I see main advantage of J16 private forum in Mike`s webinars (like this one below my post). Every one of them is about hour long and there is litteraly hundreds of them (end every week one new). It helped me more than reading material. Solid gold! -wellard https://www.youtube.com/watch?v=yqzrdAzPACA
This is great. Although, I have been going through this thread for weeks now, this video helped to clear so many of my questions.
I can also see some improvements already in my trading, but I still lack patience sometimes. Working on it though.

Since I discovered this thread I am always looking forward to Monday morning and the market open. Thanks for the great work in this thread.

Rex
  • #135,178
  • May 31, 2015 10:32am May 31, 2015 10:32am
Quoting RexTexas
{quote} This is great. Although, I have been going through this thread for weeks now, this video helped to clear so many of my questions. I can also see some improvements already in my trading, but I still lack patience sometimes. Working on it though. Since I discovered this thread I am always looking forward to Monday morning and the market open. Thanks for the great work in this thread. Rex
Hey Rex,

In the meantime, you could check out equitties.
I'm doing the Russel2000 scan now (at investing.com).
Finviz.com is a good alternative.

Anyway, lot's of charts to excercise patience.
It's a sport, an artform and a science.
  • #135,179
  • May 31, 2015 10:52am May 31, 2015 10:52am
Quoting Donaciello
{quote} Hey Rex, In the meantime, you could check out equitties. I'm doing the Russel2000 scan now (at investing.com). Finviz.com is a good alternative. Anyway, lot's of charts to excercise patience.
Hello Donaciello,
do you mean taking more instruments to the watchlist to fight impatience?!
Sounds like an interesting idea. How are your experiences with equities and fx in comparison? I have read that price action is 'universal' but there is a difference in the way fx and stocks move, right? Looking forward to your opinion.

Rex
  • #135,180
  • May 31, 2015 11:56am May 31, 2015 11:56am
Quoting RexTexas
{quote} Hello Donaciello, do you mean taking more instruments to the watchlist to fight impatience?! Sounds like an interesting idea. How are your experiences with equities and fx in comparison? I have read that price action is 'universal' but there is a difference in the way fx and stocks move, right? Looking forward to your opinion. Rex
Hey Rex

Their are some slight differences but overall your approach can be nearly identical. I watch about 80-90 FX pairs on the daily/weekly/monthly about half of then on the 1hr/4hr and I watch the russell 3000 on weekly and monthly

The biggest thing for me with stocks is to watch the weekly/monthly charts. Daily charts often have gaps and the overall price action is not smooth like an FX chart.

Some of the differences really are in low leverage for FX even on margin, and liquidity issues. Sometimes brokers won't have shares available on the short side so you should contact them when trying to find out what's available to borrow etc. It's not a huge issue i've run into. You certainly want to be using limit orders only in stocks too

I believe firmly in watching more and it helping one be more picky. I would lose my mind only watching a few pairs. Of course eveyrone is different though

Best
Mike
44 traders viewing now