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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

Quoting cliffd18
the monthly chart seems to give strength to the long case with a 2 bar pin off previous support imho, but not sure how much weight this may carry as i didn't receive any feedback from the my previous post attached. it may not have been to clear. (tend to do that a bit.)
high Cliff you may be right, there have been long tails to the south but do not also forget that the price has not been able to successfully close above 1.998, needless to say this is what has caused all the ranging in Gu lately,my anticipation too would be on the bull side but obviously there is no major confirmation i guess it would be better if we stay down to the daily and the weekly and just try and catch the moves there, there is hardly any movment on the monthly...

as far as those dual pins go they occured 5 months ago but there was another pin bar just after that to show the red flag to monthly longs...in short too much of indescion there...
I believe . . .
For those looking at the Aud/Usd Weekly Pin/Rising Wedge,(I like to use "line on close" charts when drawing supp/res/channels etc) there is also some Bearish divergence on the MACD histogram.

....and for those who will "clutch at any straw".... the divergence in 07 preceded quite a decent fall the week commencing 23 July 07..... Hmmm..............


Cheers
Attached Image(s) (click to enlarge)
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i just came up with another Pin this time on the USD/CAD with a confluence with the support line on the weekly...

here it is with the three possibilities

http://i81.photobucket.com/albums/j209/ghous/Ucpin.gif
I believe . . .
Quoting BigFace
For those looking at the Aud/Usd Weekly Pin/Rising Wedge,(I like to use "line on close" charts when drawing supp/res/channels etc) there is also some Bearish divergence on the MACD histogram.

....and for those who will "clutch at any straw".... the divergence in 07 preceded quite a decent fall the week commencing 23 July 07..... Hmmm..............


Cheers
don't know why but i don't see any serious divergence atall on my charts, the MACD is showing long flat bars yes it's not showing higher highs and higher lows but then it's not even showing lower highs and lower lows...from the charts you posted this does'nt look like mt4 is it?
I believe . . .
While were looking at weekly pinbars, I thought I'd post the following on the $yen. I would have liked to see this at more of a price swing, but it has a nice long wick.
Attached Image (click to enlarge)
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If it's too good to be true, it probably is.
Quoting ghous
...... obviously there is no major confirmation i guess it would be better if we stay down to the daily and the weekly and just try and catch the moves there, there is hardly any movment on the monthly...
thanks ghous
so going back to my original question of whether monthly p.a. is checked if you trade of daily charts. your take is that if there is p.a. conformation on the daily, you would not only check p.a. on the weekly, but also on the monthly to ensure it doesn't contradict the daily. is that correct?

if you normally trade off the daily charts, would you concider trading off the 4hr with smaller t/p and s/l during this ranging phase, or just sit out until we get back into a stronger trending market again? (which is what i've done for the last month)

sorry about delay in reply, my aussie footy team had a rare win so had to watch it. .......they help me with my patience.
Quote
don't know why but i don't see any serious divergence atall on my charts, the MACD is showing long flat bars yes it's not showing higher highs and higher lows but then it's not even showing lower highs and lower lows...from the charts you posted this does'nt look like mt4 is it?
My previous charts are from Tradestation.

I've attached an MT4 chart with the "standard/default" MACD indicator in the top window.The vertical lines are "plotting" the MACD line (the equivalent of the grey line in the lower chart) and the red signal line.. Is this what you are using/seeing?.

The "MACD with Histogram" in the lower window shows the MACD lines and the histogram which is "plotting" the difference between the MACD line and the signal line.
Attached Image
n
Quoting cliffd18
thanks ghous
so going back to my original question of whether monthly p.a. is checked if you trade of daily charts. your take is that if there is p.a. conformation on the daily, you would not only check p.a. on the weekly, but also on the monthly to ensure it doesn't contradict the daily. is that correct?

if you normally trade off the daily charts, would you concider trading off the 4hr with smaller t/p and s/l during this ranging phase, or just sit out until we get back into a stronger trending market again? (which is what i've done for the last month)

sorry about delay in reply, my aussie footy team had a rare win so had to watch it. .......they help me with my patience.
Hi Cliff, congrats on the Aussie football victory, we'll see who wins The cricket champions trophy this year...

ok back to forex...

i guess you want to know more abt my trading strategy and the time frames i use, let me clarify it. I rarely look at the monthly charts nor the 30 min and other lower tfs. my trading strategy is based entirely on three time frames the weekly the daily and the 4H tf. i feel comfortable with them as they elminate most of the lower tf's noise (4H still hosts some) i.e the choppiness and the whipsaws here and there which means trading is difficult and requires a lot of experience which i hardly possess. tf's higher than the weekly again don't impress me much as i am not the kind of trader who wants to hang on with his trades for 30 odd days or rather wait for a trade for 30 days or more, Gu is a current example. A monthly trader wuld not have much to choose from whereas we are bagging the pips.. i only refered to the monthly after i read your post and decided to respond to it otherwise monthly is not amongst my spices.

now abt the contradiction part...yes i trade mainly off the daily that is if i see a PA or trendline setup there i will most probably take it if it's strong enough, go look at the Ej pin bar 2 days ago it was a trade i took as soon as i saw the pin, but then there are times when the setups are not that strong or there is still some time for the setup to stand out matured that's where the "checking diff time frames" idea takes on, for example i see a pair trapped between a range or let's say within a traungle which is abt to break out now if i am on the daily only i will have to wait for an entire daily candle to close below or above the range/triangle to think abt a trade, whereas often you'll find a proper PA setup on the lower tf's such as the 4H or the 1H much before the actual breakout on the larger tf and you can then take a trade in compliance with the higher tf, so my point here is that lower tf's help you in timing an entry better, but then timing is'nt always important and if a trade stands out on the higher tf which is your main tf (if it is) take by all means, i may ofcaorse be worng and know several ppl who will look to time all their entries with the shorter time frames i on the other hand don't find it all that necessary specially when i don't have all the time in the world to see a perfect setup on the daily then wait for hours and hours for an entry through the lower tfs, so use it if you can and want, but understand that it is'nt all that important, that's what's best abt trading PA whatever the pair whatever the tf it stands out like a gift to a trader!

then there is one more reason i trade and look at the shorter tfs. it's monotony. i have read it several times that stick to a certain time frame etc etc but honestly speaking i find nothing wrong if there is no trade on the higher tfs you go on to the lower ones to enjoy a bit.

i have always believed that it's important for a trader to keep himself in a cage of rules rather than heavy chains so he can barely move a musle, getting bored with ranging/no trade on the higher tfs...DUH! go get a glass of your favourite shake and look for a crisp Pin bar on the 4H! i bet you'll make money!

the main problem most traders face is that in their mind they know eveything they do in the markets have to be according to rules now i don't say that's wrond but they barely bring in mind the parameters...."OK SO FROM TODAY I WILL TRADE ONLY THE DAILY!!!!"..."OK SO FROM TODAY I WON"T GO WITH 2 STANDARD LOTS EVEN WHEN I CAN TRADE MORW UNDER PROPER MONEY MANAGMENT CONSTARINS CUZ I AM LOOSING TOO MUCH"...in my opinion you need a break. loosen the chains and get yourself an airy cage.

hope i have cleared all your doughts Cliff, let me know if they still exist

Regards,
Ghous
I believe . . .
thanks Ghous for your help with this and sharing your strategy mate. it seems to make good sense to drop the monthly as the time frame may be just too long from a daily point of view.
i guess my footy teams done so bad i've learnt to become too patient, and been too willing to let anything but a perfect (imo) daily setup go in the currencies i trade. for instance the pin you mentioned on the e/j i didn't take as on my chart the right eye was lower than the left and i would only take it if it if it had closed level or above the open, but that's on my chart, a ripper trade for you though mate! anyway i think i'll take your advice and start demoin' p.a. setups on 4 hr, if only to keep with it.

cricket eh, just tryin to remember who holds the one day trophy at the moment....... oh yeah think us aussie's have got bragin' rights haven't we?
Quoting BigFace
My previous charts are from Tradestation.

I've attached an MT4 chart with the "standard/default" MACD indicator in the top window.The vertical lines are "plotting" the MACD line (the equivalent of the grey line in the lower chart) and the red signal line.. Is this what you are using/seeing?.

The "MACD with Histogram" in the lower window shows the MACD lines and the histogram which is "plotting" the difference between the MACD line and the signal line.
i am obviously seeing the original MACD indiactor, don't know anything abt this MACD histogram.
I believe . . .
Quoting cliffd18
thanks Ghous for your help with this and sharing your strategy mate. it seems to make good sense to drop the monthly as the time frame may be just too long from a daily point of view.
i guess my footy teams done so bad i've learnt to become too patient, and been too willing to let anything but a perfect (imo) daily setup go in the currencies i trade. for instance the pin you mentioned on the e/j i didn't take as on my chart the right eye was lower than the left and i would only take it if it if it had closed level or above the open, but that's on my chart, a ripper trade for you though mate! anyway i think i'll take your advice and start demoin' p.a. setups on 4 hr, if only to keep with it.

cricket eh, just tryin to remember who holds the one day trophy at the moment....... oh yeah think us aussie's have got bragin' rights haven't we?
ok first of all PA stands out the most on the daily charts so if you were trading the monthly i guess try and look for setups on the daily and the weekly first i bet you'll get many setups, i see more then 5 already at the moment on the 18 pairs i trade, only if you don't find a setup on the daily should you look to the lower tf's don't forget the direct relationship between time and PA. higher tf's= relaible PA indications and lower tfs=less relaible PA setups...

as for your takings of the pin bar feel free to take it as per your rules won't comment on that i generally take the trade as soon as the main pin bar closes, but that's discretionary and ppl have diff ways to determine the right time to take the trade.

As for cricket yeah you Aussies have the possesions ten years in a row now and i can discuss a lot abt circket which BTW is my other obsession but this does'nt seem to be the right place to discuss abt it, maybe in the member's lounge cuz this is the big boss' thread, i hope i am already not making him angry...
I believe . . .
Quoting ghous
As for cricket yeah you Aussies have the possesions ten years in a row now and i can discuss a lot abt circket which BTW is my other obsession but this does'nt seem to be the right place to discuss abt it, maybe in the member's lounge cuz this is the big boss' thread, i hope i am already not making him angry...
You're right mate. Jim's a kind hearted and generous fellow and won't mind a little bit of talk. He likes Crickets. He likes all god creatures.

Sorry, just putting my self in our american friends shoes. Cricket?? LOL

j/k
Bundy's status today: "Waiting..."
Quoting bundyraider
You're right mate. Jim's a kind hearted and generous fellow and won't mind a little bit of talk. He likes Crickets. He likes all god creatures.

Sorry, just putting my self in our american friends shoes. Cricket?? LOL

j/k
now don't tell me you've mistaken cricket for the insect cricket....the discussion is abt the game...lolz
I believe . . .
Quoting bundyraider
You're right mate. Jim's a kind hearted and generous fellow and won't mind a little bit of talk. He likes Crickets. He likes all god creatures.

Sorry, just putting my self in our american friends shoes. Cricket?? LOL

j/k
Quoting SimonK
While were looking at weekly pinbars, I thought I'd post the following on the $yen. I would have liked to see this at more of a price swing, but it has a nice long wick.
And your CCI? It is showing a lovely negative divergence- therefore you have conflicting signals?
So what is your plan?

I would have agreed with you ' if ' you had a positive divergence too.
Just a very risky trade- Not worth the stress for me there are easier ones to do.
You may well be correct though as the season dictates range/rise until September.
Quoting lava
And your CCI? It is showing a lovely negative divergence- therefore you have conflicting signals?
So what is your plan?

I would have agreed with you ' if ' you had a positive divergence too.
Just a very risky trade- Not worth the stress for me there are easier ones to do.
You may well be correct though as the season dictates range/rise until September.
you're right besides the weekly trendline is not broken yet, last week was dominated by the bulls but this does'nt tell you anything abt future dominance
I believe . . .
Quoting lava
And your CCI? It is showing a lovely negative divergence- therefore you have conflicting signals?
So what is your plan?

I would have agreed with you ' if ' you had a positive divergence too.
Just a very risky trade- Not worth the stress for me there are easier ones to do.
You may well be correct though as the season dictates range/rise until September.
I agree with you lava, CCI is one factor not to take the trade. I am still weighing up the probabilities.
If it's too good to be true, it probably is.
Just wondering what your thoughts are on the Euro for the week? I am a little confused. The weekly has a rough PB at a mini swing high around resistance as it was rejected against 1.60 once again. The weekly bar before that however was a bullish one.

Daily we are sitting on resistance with a indecision candle after the recent PB correction.

I am guessing if we move through 1.58 soundly the next stop may be 1.5650 ish. However we have been ranging for some time on the weekly and on such a bullish pair i can't help but wonder... when we we break out?
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Who else is hoping that the Aussie is ready for a retrace off that PB? The .9500 area might put up a good fight, but if we get past that it could be a nice little correction.
Kiss'n all the way to the top!
Quoting saskgui
Just wondering what your thoughts are on the Euro for the week? I am a little confused. The weekly has a rough PB at a mini swing high around resistance as it was rejected against 1.60 once again. The weekly bar before that however was a bullish one.

Daily we are sitting on resistance with a indecision candle after the recent PB correction.

I am guessing if we move through 1.58 soundly the next stop may be 1.5650 ish. However we have been ranging for some time on the weekly and on such a bullish pair i can't help but wonder... when we we break out?
IMO, after the breakout of that sideways consolidation, followed by the daily pin that failed to break back through (at least up until this point), I think the Euro train is ready to proceed north-bound. Like you though, I think the .58 level is crucial.
Kiss'n all the way to the top!
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