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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

  • #11,541
  • Jul 8, 2008 8:57pm Jul 8, 2008 8:57pm
Quoting jarroo
Are we having fun yet?
Usd/Jpy
We're still having fun, right?

Finally moving my stop loss (on all positions) from below the Pins to just below my 1st entry, below the PPZ. Of course I have taken some off the table, it wouldn't be fun if I didn't.
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Indicators show the past. Price Action "Indicates" the future.
  • #11,542
  • Jul 8, 2008 9:02pm Jul 8, 2008 9:02pm
Quoting KissFan
Belekas, I am really sorry to disappoint you here, but I'm still trying to learn all the ropes on trading. I've been fortunate to hold my own so far but I can't tell you anyting about ascending or descending wedges. Just trying to be honest and not a bullshitter. I can comprehend the chart that you posted earlier based on what PA I understand. My take on EY is going to be limited to the following: We have a nice PB at swing high from two weeks back followed by a doji last week. From my perspective, I'm certainly not going long on this pair anytime soon. I would consider a short from 166.73 depending on how the dailies play out at that time. I assume the wedges that you are referring to will be formed by trendlines. Is that correct?
this is an awesome site to look for information on patterns, wedges, bearish and bullish flags etc.

http://www.tradingpricepatterns.com/introduction/
Don't chase the market, Let the market come to you
  • #11,543
  • Jul 8, 2008 9:14pm Jul 8, 2008 9:14pm
Quoting jarroo
Wow, setups are the easy part. Good for you g_j_. Managing to me is the fun part, take some off the table and let ride.

Yes, I would ride it to the PZZ and then look for Price Action to see if it continues down.

It's nice when PA agrees on different time frames.
Maybre I should start trading OIL. . . . . nah.

Price Action Rules.
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Indicators show the past. Price Action "Indicates" the future.
  • #11,544
  • Jul 8, 2008 9:39pm Jul 8, 2008 9:39pm
Quoting KissFan
Once again my friend, thanks for taking the time for the tutorial. This is a simple concept as far as I can see. Just wait for the break of the lower TL and we should run short as long as the price action confirms and we are not at key support. Am I missing anything? Another tool in the box as they say. I'll be watching and posting.
Read Thomas Bulkowski and Martin Pring...
Mr. Trend
  • #11,545
  • Jul 8, 2008 9:41pm Jul 8, 2008 9:41pm
Quoting belekas
Yes, heres a chart for you. The rising wedge (reversal) is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.
I've been short on this one for a week or two now... and not only is that a nice wedge, but that pin helped as well...

Price will most likely retrace back to bounce off of the downward sloping TL.. that's what price usually does... and that's where I'll be looking to go long...
Mr. Trend
  • #11,546
  • Jul 9, 2008 1:49am Jul 9, 2008 1:49am
Quoting jarroo
Maybre I should start trading OIL. . . . . nah.

Price Action Rules.
thinkin about it myself!!!! demo,d a short on the break of the inside bar,lets what happens today!!?
IBs rule ok http://www.forexfactory.com/images/icons/icon10.gif
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PATIENCE... DISCIPLINE
  • #11,547
  • Jul 9, 2008 2:29am Jul 9, 2008 2:29am
speaking of eu/yen there is a smaller triangle within the bigger wedge,which COULD call the top of the current raleigh??a little bearish divergence (for now)lends a bit of weight
an the mo 4h chart shows an OB and the 1h shows an IB coming at the recent range highs,also lookin overbought
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PATIENCE... DISCIPLINE
  • #11,548
  • Jul 9, 2008 4:54am Jul 9, 2008 4:54am
What a hell is this doing in James16 thread?

edit: I can see you are being suspended, nice!
  • #11,549
  • Jul 9, 2008 5:34am Jul 9, 2008 5:34am
Quoting cesare76fx
What a hell is this doing in James16 thread?

edit: I can see you are being suspended, nice!
that my post you talkin about??? i thought an OB is relevent to this thread!!??
PATIENCE... DISCIPLINE
  • #11,550
  • Jul 9, 2008 5:44am Jul 9, 2008 5:44am
Quoting g_j_hook@yah
that my post you talkin about??? i thought an OB is relevent to this thread!!??
Absolutely not!
It was a post advertising a service that has been probably canceled by the moderators, I had a quote-link but decided to take it off as it was still a link.
Your post is relevant and I would never make fun of a fellow trader.
  • #11,551
  • Jul 9, 2008 6:00am Jul 9, 2008 6:00am
Quoting cesare76fx
Absolutely not!
It was a post advertising a service that has been probably canceled by the moderators, I had a quote-link but decided to take it off as it was still a link.
Your post is relevant and I would never make fun of a fellow trader.
ah thanx,i thought it was a bit strong !!lol
PATIENCE... DISCIPLINE
  • #11,552
  • Jul 9, 2008 9:35am Jul 9, 2008 9:35am
Quoting cesare76fx
Your post is relevant and I would never make fun of a fellow trader.
I would.
Mr. Trend
  • #11,553
  • Jul 9, 2008 9:51am Jul 9, 2008 9:51am
Just wanted to post this since the USDCHF dilemma was in discussion over on the J16 site as well.

From the site:
"I think the problem was there was no clarity in how to look at the chart.

If we can't see it, how can the guys pushing price around?

We've had a BUOB which formed with a close just above a s/r. So, okay, where can it go? To the next s/r zone. It did. What does s/r do? It rejects price.
It did, and we closed as a PB. Now, whether this was just a reaction of the s/r, or a genuine sign of reversal - how would anyone know?
The low of the PB was held in by the lower end s/r, the upside capped by the upper s/r we reacted from.

Price is "caged" in the middle and any trade here needs to be aware of that. It's these situations that often have very choppy action(I'm suffering due to this as well) and imho tend to end up with a pressured move either way eventually.
The safest bet may be to let it pan out, let the chips fall where they may and if a retest + setup (like say an IB) comes on top / below a just taken PPZ, go for that instead of trying to break the PPZ by sheer willpower ahead of time."

I could of course be absolutely wrong.

Chart:
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Trust price. Know yourself.
  • #11,554
  • Jul 9, 2008 11:28am Jul 9, 2008 11:28am
just wanted to get some input on a pinbar i found earlier and was able to get some pips on.
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  • #11,555
  • Jul 9, 2008 11:44am Jul 9, 2008 11:44am
Nice one syd.

Market was going sideways to a certain extent but the bar was quite a nice one.

You must be doing something right :-)

Quoting syd
just wanted to get some input on a pinbar i found earlier and was able to get some pips on.
  • #11,556
  • Jul 9, 2008 12:27pm Jul 9, 2008 12:27pm
Quoting syd
just wanted to get some input on a pinbar i found earlier and was able to get some pips on.
This is a good setup for a longer term trade. Pinbar at support... not the greatest since the Kiwi market is a choppy one (a B trade for me), but the real icing on the cake is the double bottom that is forming from this move down.
Mr. Trend
  • #11,557
  • Jul 9, 2008 12:44pm Jul 9, 2008 12:44pm
thanks for the input...i did not even recognize the double bottom. thanks for the input!
  • #11,558
  • Jul 9, 2008 12:58pm Jul 9, 2008 12:58pm
Quoting SeekingLight
Just wanted to post this since the USDCHF dilemma was in discussion over on the J16 site as well.

From the site:
"I think the problem was there was no clarity in how to look at the chart.

If we can't see it, how can the guys pushing price around?

We've had a BUOB which formed with a close just above a s/r. So, okay, where can it go? To the next s/r zone. It did. What does s/r do? It rejects price.
It did, and we closed as a PB. Now, whether this was just a reaction of the s/r, or a genuine sign of reversal - how would anyone know?
The low of the PB was held in by the lower end s/r, the upside capped by the upper s/r we reacted from.

Price is "caged" in the middle and any trade here needs to be aware of that. It's these situations that often have very choppy action(I'm suffering due to this as well) and imho tend to end up with a pressured move either way eventually.
The safest bet may be to let it pan out, let the chips fall where they may and if a retest + setup (like say an IB) comes on top / below a just taken PPZ, go for that instead of trying to break the PPZ by sheer willpower ahead of time."

I could of course be absolutely wrong.

Chart:
Or you could be, of course, absoluely correct. Make sense to me as you clearly descripted. Thinking anything more then what you said would be over thinking the situation.

Thanks Seeking.

("Caged Price", I'm stealing that one. Oh no .. .someone forgot to lock the cage . . . Look out!!)
Indicators show the past. Price Action "Indicates" the future.
  • #11,559
  • Jul 9, 2008 3:44pm Jul 9, 2008 3:44pm
may i ask, if this is a pinpar we have here on this exotic ?
It forms also in a special zone it seems.
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  • #11,560
  • Jul 9, 2008 4:05pm Jul 9, 2008 4:05pm
Quoting peaches
may i ask, if this is a pinpar we have here on this exotic ?
It forms also in a special zone it seems.
yep that is a pinbar Never traded this pair though
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