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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

  • #10,941
  • May 24, 2008 7:39am May 24, 2008 7:39am
Quoting Scot Pippin'
Im seeing a dhlc on the daily seems like it is ready to fall to the previous trading range. Anyone else liking a short here?

Gotta chart ? I don't see it.
Indicators show the past. Price Action "Indicates" the future.
  • #10,942
  • May 24, 2008 8:05am May 24, 2008 8:05am
test
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"Whether you think you can or can't, you're right." Henry Ford
  • #10,943
  • May 24, 2008 8:19am May 24, 2008 8:19am
The DBHLC. The Highs have to match. These Highs don't match. Its close but we're looking for the best set ups that Price Action can offer.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,944
  • May 24, 2008 8:24am May 24, 2008 8:24am
Quote
Im seeing a dhlc on the daily seems like it is ready to fall to the previous trading range. Anyone else liking a short here?

I believe that is closer to a beob. I appears to me that this beob is in some traffic (not at a swing high), as well as sitting on a ppz. To me, this is not an A trade.

Tyler
skype: ststroud. let's talk trading.
  • #10,945
  • May 24, 2008 8:26am May 24, 2008 8:26am
Jarroo,

I see thanks for pointing that out. i caught the last move down on this pair 3 days ago. I still may place a sell limit 20 pips or so below the bar but I agree it isn't the best setup.

So you like the GBP/USD to 1.9963 alot better? I jumped ship from a weekly trade last week prematurely. Still need more patience when I make a decision based off the weekly charts gotta learn to ride it out.
"Whether you think you can or can't, you're right." Henry Ford
  • #10,946
  • May 24, 2008 8:27am May 24, 2008 8:27am
Quoting jarroo
The DBHLC. The Highs have to match. These Highs don't match. Its close but we're looking for the best set ups that Price Action can offer.
Here's one of Mike's classic charts.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,947
  • May 24, 2008 8:29am May 24, 2008 8:29am
Quoting tyler812
I believe that is closer to a beob. I appears to me that this beob is in some traffic (not at a swing high), as well as sitting on a ppz. To me, this is not an A trade.

Tyler

Yeah I think I see that. Gotta chart?
Indicators show the past. Price Action "Indicates" the future.
  • #10,948
  • May 24, 2008 8:48am May 24, 2008 8:48am
Quoting Scot Pippin'
Jarroo,

I see thanks for pointing that out. i caught the last move down on this pair 3 days ago. I still may place a sell limit 20 pips or so below the bar but I agree it isn't the best setup.

So you like the GBP/USD to 1.9963 alot better? I jumped ship from a weekly trade last week prematurely. Still need more patience when I make a decision based off the weekly charts gotta learn to ride it out.
1.9963ish area is just a heavy PPZ area, not necessarily a Price Target. If Price gets to that level, it will probably stall or be rejected and fall. If it blows past that area it will also tell me something.

Patience is a must in this business. Waiting for the best set up and letting a trade run its course.

The toughest part for me to learn in a long term trade is accepting the amount of pips that swing every day. Meaning being up 200 pips one day and down 200 pips the next day. But once I decided to concentrate just on the stop loss and forget about the gains, it made it easier.
Indicators show the past. Price Action "Indicates" the future.
  • #10,949
  • May 24, 2008 8:59am May 24, 2008 8:59am
Quote
Yeah I think I see that. Gotta chart?

previous resistance might act as support, might not.....
It's not a well-defined ppz yet, but it's enough to keep me out of the trade.

Tyler

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skype: ststroud. let's talk trading.
  • #10,950
  • May 24, 2008 9:02am May 24, 2008 9:02am
Quoting tyler812
previous resistance might act as support, might not.....
It's not a well-defined ppz yet, but it's enough to keep me out of the trade.

Tyler
Nice chart Tyler. Sitting on a trendline too.

We'll just look for PA in that area and go from there.
Indicators show the past. Price Action "Indicates" the future.
  • #10,951
  • May 24, 2008 9:09am May 24, 2008 9:09am
Quoting jarroo
Nice chart Tyler. Sitting on a trendline too.

We'll just look for PA in that area and go from there.
Make that a broken trendline.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,952
  • May 24, 2008 9:35am May 24, 2008 9:35am
I found this trend line definition by Victor Sperandeo on Wikipedia.

Trend

The idea of a trend is so intuitive as to never get a formal definition in technical analysis, even not in the classic Technical Analysis of Stock Trends by Edwards and MacGee. Sperandeo makes the following definition,

  1. An uptrend is a sequence of rallies to successively higher highs, punctuated by pullbacks, with each pullback low ending above the previous pullback low.

and conversely for a downtrend,

  1. A downtrend is a sequence of declines to successively lower lows, punctuated by rallies, with each rally high ending below the previous rally high.

From the definition of a trend, a trend line can be given a precise definition.

  1. An uptrend line is drawn under prices, joining the lowest low to the highest pullback low which does not pass the line through prices in between. The line is then extended past the date of the highest high.

The condition that the line must not pass through prices between the points it joins means that it's not necessarily the most recent low which is joined, but might be only a prior one. When the line is extended to the right, it might then pass through prices, that's a possible indication of a trend change. A downtrend line is defined similarly,

  1. A downtrend line is drawn above prices, joining the highest high to the lowest rally high which does not pass the line through prices in between. The line is then extended past the date of the lowest low.

and here is the link for the Wiki page:
http://en.wikipedia.org/wiki/Victor_Sperandeo

To me this still looks subjective, in the sense, it depends on when you happen to draw the trend line on the chart.

Thanks,
TradeStar

Quoting Rocroy
Haven't read Sperandeo's book, but one of my "trendline rules" says that as long as price keeps on making higher lows, it is in uptrend and you need to create your tl accordingly. And that is what goodtiding5 has done. His lower tl is supported by channel top line, which nicely confirms the direction.

Need to read that book one day, though. Thanks for the reference.

R

PS. Seems that old Vic has authored several books. What book specifically are you referring to?
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #10,953
  • May 24, 2008 9:37am May 24, 2008 9:37am
Quoting jarroo
Make that a broken trendline.
Wow. That's exactly what I was thinking.
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #10,954
  • Edited 3:17pm May 24, 2008 9:38am | Edited 3:17pm
Quoting TradeStar
Wow. That's exactly what I was thinking.
Make that a broken trendline that has already retraced back to the trendline.
Indicators show the past. Price Action "Indicates" the future.
  • #10,955
  • May 24, 2008 11:42am May 24, 2008 11:42am
Quoting jarroo
Make that a broken trendline that has already retraced back to the treandline.
So looking better for sell or no? lol
"Whether you think you can or can't, you're right." Henry Ford
  • #10,956
  • May 24, 2008 2:55pm May 24, 2008 2:55pm
BEOB (or roughly DBHLC) on weekly charts, triple top, divergence, round no. (1.2400). Outside bar reversal?
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  • #10,957
  • May 24, 2008 5:01pm May 24, 2008 5:01pm
Quoting Rainmaker
BEOB (or roughly DBHLC) on weekly charts, triple top, divergence, round no. (1.2400). Outside bar reversal?
I would play this setup...But my holding horizon is a few day max and that will not be enough to close this trade at a profit..hence I don't usually play weekly setups..However if I get a short entry on the 4 hr chart I would certainly play it given the additional confidence of the trade due to the weekly setup...
  • #10,958
  • May 24, 2008 9:24pm May 24, 2008 9:24pm
Quoting jarroo
Make that a broken trendline that has already retraced back to the trendline.
And broke lower again.

How does your chart show a broken trendline, yet several people have commented that U/J did not break a trend line on May 8th?
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  • #10,959
  • May 25, 2008 5:47am May 25, 2008 5:47am
my bad
"Whether you think you can or can't, you're right." Henry Ford
  • #10,960
  • May 25, 2008 8:38am May 25, 2008 8:38am
Check it out. DBLHC at a confluence of fib retracements (not all shown). The daily chart had shown bearish divergence at the end of April. Does this cloud the potential? I will watch for P/A on smaller timeframes if we retrace Fridays bar.
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