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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

  • #10,261
  • Apr 24, 2008 4:01pm Apr 24, 2008 4:01pm
Quoting woolley
Heres my veiw, if the daily bar closes below 100.75 (38.2 fib)
it could go down to 100.00 area (50 fib) also a nice round number to try to find support if not then possibly lower but will have to wait for next bar to form at 2300GMT
Funny how the 38 fib lined up with the support level.

Nice woolley.
Indicators show the past. Price Action "Indicates" the future.
  • #10,262
  • Apr 24, 2008 4:03pm Apr 24, 2008 4:03pm
good evening, ive gone through my charts and picked out what i think might be trades. all my daily charts are (GMT-1) my 4HR are (GMT -2)

(1) CHFJPY (daily) thinking LONG as price hasnt held belo 38.2fib level, also 4HR chart showing a DBLHC which gives further reason for me to think theres a retrace coming.
(2) USDCAD (daily) SHORT DBHLC
(3) EURAUD (daily) LONG price breached ema89 but was rejected plus theres the sma79 just below this which could act as tough support to break.
(4) GBPJPY (daily) DBLHC needs to break through resistance currently at 206.10 area then it has sma79 to go through but has already smashed through it a few bars back so not to worried about sma being so close.
(5) AUDJPY (daily) DBHLC also price has been rejected twice at the sma365 which makes me think theres not enough steam to push through.

I still have 1HR to wait till new daily bar but thats kind of what im seeing.
your comments please as i said before im new to this thread so trying to get up to speed with what you are all seeing in your charts.
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  • #10,263
  • Edited 4:39pm Apr 24, 2008 4:12pm | Edited 4:39pm
Quoting woolley
good evening, ive gone through my charts and picked out what i think might be trades. all my daily charts are (GMT-1) my 4HR are (GMT -2)

(1) CHFJPY (daily) thinking LONG as price hasnt held belo 38.2fib level, also 4HR chart showing a DBLHC which gives further reason for me to think theres a retrace coming.
(2) USDCAD (daily) SHORT DBHLC
(3) EURAUD (daily) LONG price breached ema89 but was rejected plus theres the sma79 just below this which could act as tough support to break.
(4) GBPJPY (daily) DBLHC needs to break through resistance currently at 206.10 area then it has sma79 to go through but has already smashed through it a few bars back so not to worried about sma being so close.
(5) AUDJPY (daily) DBHLC also price has been rejected twice at the sma365 which makes me think theres not enough steam to push through.

I still have 1HR to wait till new daily bar but thats kind of what im seeing.
your comments please as i said before im new to this thread so trying to get up to speed with what you are all seeing in your charts.
Wow. Nice work woolley. This should keep me busy for awhile.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,264
  • Apr 24, 2008 4:54pm Apr 24, 2008 4:54pm
Quoting woolley
good evening, ive gone through my charts and picked out what i think might be trades. all my daily charts are (GMT-1) my 4HR are (GMT -2)

(1) CHFJPY (daily) thinking LONG as price hasnt held belo 38.2fib level, also 4HR chart showing a DBLHC which gives further reason for me to think theres a retrace coming.
(2) USDCAD (daily) SHORT DBHLC
(3) EURAUD (daily) LONG price breached ema89 but was rejected plus theres the sma79 just below this which could act as tough support to break.
(4) GBPJPY (daily) DBLHC needs to break through resistance currently at 206.10 area then it has sma79 to go through but has already smashed through it a few bars back so not to worried about sma being so close.
(5) AUDJPY (daily) DBHLC also price has been rejected twice at the sma365 which makes me think theres not enough steam to push through.

I still have 1HR to wait till new daily bar but thats kind of what im seeing.
your comments please as i said before im new to this thread so trying to get up to speed with what you are all seeing in your charts.


Hey Woolley,
1. The dblhlc on the cad is actualy a tbh. the low of the second bar needs to lower than the low on the first
2. The same goes for the audjpy. my feed (nf) shows this as a daily ib.
3. Again with my feed the geppy shows todays low higher than yesterdays & not very convincing break above res. so be carefull.
Keep the chrts coming mate its how we learn.
cheers Jeff.
  • #10,265
  • Apr 24, 2008 5:09pm Apr 24, 2008 5:09pm
thanks for the heads up rustyjeff still learning the patterns but will be up to speed soon, il keep posting, its the best way to learn right?
  • #10,266
  • Apr 25, 2008 12:27am Apr 25, 2008 12:27am
Quoting rustyjeff
Hey Woolley,
1. The dblhlc on the cad is actualy a tbh. the low of the second bar needs to lower than the low on the first
2. The same goes for the audjpy. my feed (nf) shows this as a daily ib.
3. Again with my feed the geppy shows todays low higher than yesterdays & not very convincing break above res. so be carefull.
Keep the chrts coming mate its how we learn.
cheers Jeff.
Good clarification rusty, on cad and audjpy.

Double Bar High, Lower Close of the previous Bar. The lower the close the better. Great example on the current CHF/JPY. The Daily 4/24 Bars on the cad and audjpy are Inside Bars.

GBP/JPY DBLHC is not perfect, because the Lows do not match. But I have found that as long as they are within 5 to 15 pips (on higher time frames) they work out pretty good.
Indicators show the past. Price Action "Indicates" the future.
  • #10,267
  • Apr 25, 2008 6:13am Apr 25, 2008 6:13am
Good afternoon everyone.going through my weekly charts ive come across these possible trades in the making, all these charts are from broker GMT-2

1. audusd short, pinbar touched upper bollinger and pierced through the above resistance but was rejected.
2. audjpy short, pinbar (not brillient) but was rejected from 50 fib level from last major bear run, my only concern is price has broken out from upper trendline but if you go down to daily there sma365 that seems to acting as resistance for now.
3. eurcad short DBHLC has tough resistance above which price has been rejected now 5 times.
4. audcad short possible pinbar price rejected from upper bollinger level need current price to move down some more to be convinced this is a decent trade in the making.

out of the possible 4 i think audusd and eurcad are probally the best signals at this moment in time but still good few hours to see how the weekly bars close, im still learning these J16 signals so your comments please.
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  • #10,268
  • Edited 6:36am Apr 25, 2008 6:25am | Edited 6:36am
Quoting woolley
Good afternoon everyone.going through my weekly charts ive come across these possible trades in the making, all these charts are from broker GMT-2

1. audusd short, pinbar touched upper bollinger and pierced through the above resistance but was rejected.
2. audjpy short, pinbar (not brillient) but was rejected from 50 fib level from last major bear run, my only concern is price has broken out from upper trendline but if you go down to daily there sma365 that seems to acting as resistance for now.
3. eurcad short DBHLC has tough resistance above which price has been rejected now 5 times.
4. audcad short possible pinbar price rejected from upper bollinger level need current price to move down some more to be convinced this is a decent trade in the making.

out of the possible 4 i think audusd and eurcad are probally the best signals at this moment in time but still good few hours to see how the weekly bars close, im still learning these J16 signals so your comments please.
Really nice analysis woolley, if this was Friday night. You really have to wait untill the Close of that weekly bar to get a true picture of Price Action. That's on any time frame as well. Gotta wait for the Close, my brother.

But hey, keep it up. Your doing a great job.
Indicators show the past. Price Action "Indicates" the future.
  • #10,269
  • Apr 25, 2008 6:51am Apr 25, 2008 6:51am
Quoting jarroo
Really nice analysis woolley, if this was Friday night. You really have to wait untill the Close of that weekly bar to get a true picture of Price Action. That's on any time frame as well. Gotta wait for the Close, my brother.

But hey, keep it up. Your doing a great job.

Hey thanks I know i have to wait for the close of bar but was bored, so i thought id post them now as potential signals. theres some nice dailys setting up too, I think im just gonna concentrate on daily and weekly charts from now as the signals are much clearer to read. sick of jumping in and out of the market x times a day although GBPJPY is always a fun one to trade intraday.
  • #10,270
  • Apr 25, 2008 7:01am Apr 25, 2008 7:01am
Quoting woolley
Hey thanks I know i have to wait for the close of bar but was bored, so i thought id post them now as potential signals. theres some nice dailys setting up too, I think im just gonna concentrate on daily and weekly charts from now as the signals are much clearer to read. sick of jumping in and out of the market x times a day although GBPJPY is always a fun one to trade intraday.
I trade off the Weekly, Daily and 4 hour. I had a great trade this morning with the GBP/JPY. Go here to see it in real time: Post#75388 page 5026

http://www.forexfactory.com/showthre...0582&page=5026

It was a Daily DBLHC and Inside Bar combo type formation. It proved very successful.

I am still in the trade with partial positions.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,271
  • Apr 25, 2008 7:14am Apr 25, 2008 7:14am
yeah was a good trade I was in it till about 0130 GMT this morning closed for a massive +7 pips but had to go sleep and already had a few trades open already which are doing well, a couple are backed up with next weeks possible signals which is nice so I will hold them if of course the signals are still there later tonight. I love having nice clean charts so much easier to see things as they are... inicators just cloud your judgment in my veiw, and i think ive used just about everyone there is out there, they might work for a bit (probally luck) then you realise they just follow the price so whats the point of having them? some MAs are left out of this rant of mine, they can be very useful at times.
  • #10,272
  • Apr 25, 2008 7:21am Apr 25, 2008 7:21am
Quoting raczekfx
lol...
this is my style... 50/60fib ret, ppz, tl, etc, confluence,... Kaaaabooooooom

.
Mission accomplished...target has been reached...
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  • #10,273
  • Apr 25, 2008 7:27am Apr 25, 2008 7:27am
Quoting woolley
yeah was a good trade I was in it till about 0130 GMT this morning closed for a massive +7 pips but had to go sleep and already had a few trades open already which are doing well, a couple are backed up with next weeks possible signals which is nice so I will hold them if of course the signals are still there later tonight. I love having nice clean charts so much easier to see things as they are... inicators just cloud your judgment in my veiw, and i think ive used just about everyone there is out there, they might work for a bit (probally luck) then you realise they just follow the price so whats the point of having them? some MAs are left out of this rant of mine, they can be very useful at times.
Your right about indicators. I try to let others know that indictors are based on what? Price. So why not study Price. And that's what Price Action is : the study of Price.

Trendlines, fibs, S/R levels and some long term MAs are great tools to see where Price is heading and leading. Key words here are "heading" and "leading", not lagging.

Practise and more practise is the key and you'll get there, my friend.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,274
  • Apr 25, 2008 7:42am Apr 25, 2008 7:42am
Quoting jarroo
Your right about indicators. I try to let others know that indictors are based on what? Price. So why not study Price. And that's what Price Action is : the study of Price.

Trendlines, fibs, S/R levels and some long term MAs are great tools to see where Price is heading and leading. Key words here are "heading" and "leading", not lagging.

Practise and more practise is the key and you'll get there, my friend.

Jim

thanks I have been practising for a few years now only this is most of this time was wasted on indicators, oh well im a fast learner and already have a decent knowledge of fibs bollingers ect, so I will get there im just gonna concentrate on the basic signals till im up to speed then a few more, since ive cleand up my charts my equity curve seems to be going up nicely now.. just wish ide done this style much sooner.
  • #10,275
  • Apr 25, 2008 8:13am Apr 25, 2008 8:13am
A break out of the previous 4h bar might be worth a trade.

long 15635 target 15735

short 15545 target 15477

However nothing to trade on at the moment that i can see.

John

PS: 15612 is monthly pivot for those who use those too.
  • #10,276
  • Apr 25, 2008 8:25am Apr 25, 2008 8:25am
Hey rac,

Don't want to get off track in the thread, but did you take that nzd/usd trade based on what you saw going on with gold at the time? I know there was ppz there and some possible resistance from the fibs, but I was just wondering where you got your confirmation from to go ahead with the trade.

Thanks,
wc
  • #10,277
  • Apr 25, 2008 8:46am Apr 25, 2008 8:46am
Quoting wave catcher
Hey rac,

Don't want to get off track in the thread, but did you take that nzd/usd trade based on what you saw going on with gold at the time? I know there was ppz there and some possible resistance from the fibs, but I was just wondering where you got your confirmation from to go ahead with the trade.

Thanks,
wc
What I am going to say is probably going to shock you, but none of us J16 traders use such "confirmation". Besides, it you really were going to do that, it would be the AUD/USD chart you would look at. (AUD produces Gold, not NZD....although I know it's a proxy for comms. Mainly dairy though.)

The point is there was price action and confluence. Period. A lot of time you will find that things line up on their own.

A perfect example, pull up an hour chart on GBP/USD. There is a pinbar laying on a former trend line (downward sloping.) Price then bounced around for hours, but I was in it (long) the whole time.

GDP for UK came out this morning. (I only know this because of a story printed here at FF.) I didn't take this into account beforehand. I cannot guess what the number is, I cannot guess how thousands of random strangers will, or won't react to it. So why bother?

I would submit that things like pinbars and the pair "finding a base" before the "surprise good or steady number" is because of one of two things. 1) If you are a conspiracy theorist, then the "big boys" or whoever are propping it up beforehand by buy into this pair, knowing they are going to clean up. 2) People begin to doubt a little, and the shot straight up is because it takes less "good" news to push it higher, because we aren't as positive that England is going to cease to exist next week.

The point of all of that is this: Who cares?

When you stop caring, i.e. listening to all that noise, the pips follow.

Also, I would say that price action during quiet times shows underlying sentiment more accurately than a news announcement. (Most of those people are "panic traders" anyways. Who would you rather listen to, the guy who is convinced that the Fed's XYZ number is the end of the US, or the other guy who is sitting back calmly, and thinking instead of reacting?)

Take you name as advice, ride the waves. The rest is noise, just like everything else in life.

Clockwork
  • #10,278
  • Apr 25, 2008 9:09am Apr 25, 2008 9:09am
Quoting wave catcher
Hey rac,

Don't want to get off track in the thread, but did you take that nzd/usd trade based on what you saw going on with gold at the time? I know there was ppz there and some possible resistance from the fibs, but I was just wondering where you got your confirmation from to go ahead with the trade.

Thanks,
wc
Hey wc,

No, it wasn't gold. I don't look at gold too often. It was based on everything I normally do plus psychological effect on Kiwi when rates will remain unchanged. I placed my bets that lot of traders will be disappointed and worry about bank of NZ start cutting later this year. You know the rest from the chart.
Trading psychology plays a major role in my trading... and unlike others I KNOW it's not b.s...

r
  • #10,279
  • Apr 25, 2008 9:24am Apr 25, 2008 9:24am
It appears, we end up with a weekly beovb.
Trade responsibly and have a great weekend all.

.
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  • #10,280
  • Apr 25, 2008 10:48am Apr 25, 2008 10:48am
Thanks clock and rac,

I appreciate the help. I rely primarily on price action to make my decisions, but have seen where news or a commodity (i.e. oil) have affected price (mostly after trying to figure why a trade went against me). I am still working on interpreting the signals from price action properly and this thread has been great in helping me get there.

Thanks again,
wc
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