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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

  • #16,901
  • Dec 15, 2008 9:39pm Dec 15, 2008 9:39pm
Quoting LasVahGoose
Well, it looks like there was a break of the Pin off the daily. Looking at the hourly price seems to be in consolitation above the previous resistance (now support) is that a good sign or bad?

Dont have the chart in front of me (daily) - but I seem to remember about a 100 pip area above this pin, which is why I passed.

As you develop as a trader - you will learn that s/r lines are more often than not "ZONES", and can be quite wide at times.

Remember that, it will keep a few extra pips in your pocket.

Clockwork
  • #16,902
  • Dec 15, 2008 9:51pm Dec 15, 2008 9:51pm
Quoting LasVahGoose
Gold 3000 by the end of Dec 09 before going to 6000. Also, you may want to edit your attachments so they are within the boarders.
I think alot of people agree that gold has an up move. But my point here is that you are already rationalizing a move by just saying "gold 3000 and going to 6000", at that point your just going to rationalize any and every move as gold going to 3000. Gold could go to $1 tomorrow or next week.

Remember how the "analysts" and so called "experts" were saying Oil $200, well we were at $40 last week, and everyone was saying oil $25, now we're at $50.

Remember the market doesn't give a **** what you or I think, it does what it wants.

I remember when I made those mistakes, "EURO is going up, EURO is going down" and trading on those whims, making decisions for the market before it decides for itself, its a tough habit to break, cause it will eventually break you and your account.

This isn't an attack at you LasVahGoose, just a different way to look at things, a little help for newbies and anyone else struggling with this stuff.
  • #16,903
  • Dec 15, 2008 9:55pm Dec 15, 2008 9:55pm
EUR/CAD is reaching multi-year high around 1.6984. Need a PA to go short here :-)
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  • #16,904
  • Dec 15, 2008 9:59pm Dec 15, 2008 9:59pm
Quoting chr5648
I think alot of people agree that gold has an up move. But my point here is that you are already rationalizing a move by just saying "gold 3000 and going to 6000", at that point your just going to rationalize any and every move as gold going to 3000. Gold could go to $1 tomorrow or next week.

Remember how the "analysts" and so called "experts" were saying Oil $200, well we were at $40 last week, and everyone was saying oil $25, now we're at $50.

Remember the market doesn't give a **** what you or I think, it does what it wants.

I remember...
Yeah, I guess you'd have to have a gigantic amount of money to ride gold from 850 to 1 back up to 3000 (if it goes there). I guess those long term trades are for the Jim Rogers of the world.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,905
  • Dec 15, 2008 10:06pm Dec 15, 2008 10:06pm
EUR/CHF is approaching PPZ and 61.8% fib (confluence). Watch for possible reversal here.

Notice also the bearish rising wedge and MACD divergence on the 4HR chart.

Ken
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  • #16,906
  • Dec 15, 2008 10:14pm Dec 15, 2008 10:14pm
Quoting LasVahGoose
Well, it looks like there was a break of the Pin off the daily. Looking at the hourly price seems to be in consolitation above the previous resistance (now support) is that a good sign or bad?

Previous Charts:
http://www.forexfactory.com/showpost...ostcount=16827
http://www.forexfactory.com/showpost...ostcount=16850

Goose I am in this trade. I am prepared for a slow grind into the areas Clockwork pointed out. We have a huge stop behind us and thanks to proper management can wait out the grind. If it gets through I'll be watching 81.50 area. Consolidation above our entry is better than below right? If it's going to go against us I have a sense it will be swift.
  • #16,907
  • Dec 15, 2008 10:18pm Dec 15, 2008 10:18pm
The 78.77 area is an obstacle, price is holding right below it and was rejected there 3 times thoughout the day. It is however holding above 78.00 which to me indicates a consolidating phase. What moves will be made after the consolidation is hard to tell.
Patience + Humility + Study = Success
  • #16,908
  • Dec 15, 2008 10:29pm Dec 15, 2008 10:29pm
Quoting goodtiding5
EUR/CHF is approaching PPZ and 61.8% fib (confluence). Watch for possible reversal here.

Notice also the bearish rising wedge and MACD divergence on the 4HR chart.

Ken
Yes Ken quite agree with you to watch for a play here(might be short term). I talked about it in my chat too.

I'm big with the round numbers so I have the 1.6 big number marked off



Mike
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  • #16,909
  • Dec 16, 2008 12:33am Dec 16, 2008 12:33am
raczek... you put on a lot of trades, ya know that? You'd laugh at how many I do a month.
Mr. Trend
  • #16,910
  • Dec 16, 2008 1:28am Dec 16, 2008 1:28am
Quoting Mr Trend
raczek... you put on a lot of trades, ya know that? You'd laugh at how many I do a month.
Mr T I 'm always up for a laugh, go on spill the beans

Joe
  • #16,911
  • Dec 16, 2008 1:41am Dec 16, 2008 1:41am
Quoting GetSmart
Mr T I 'm always up for a laugh, go on spill the beans

Joe
me wanna knw too.. Mr T>..

Sonic
  • #16,912
  • Edited 5:40am Dec 16, 2008 1:50am | Edited 5:40am
Quoting mbqb11
Yes Ken quite agree with you to watch for a play here(might be short term). I talked about it in my chat too.

I'm big with the round numbers so I have the 1.6 big number marked off



Mike
Mike and Ken,

I've already entered a short on the EURCHF. Need someone to tell me why I shouldn't have...I'm forgetful An aggressive entry me thinks....

Mike, what category would you say this trade is ? B+ ? or z- ?

My reasoning..

1. 4hr IB closed below PPZ (fxpro chart)
2. Confluence at ppz, ie 61 weekly fib

Joe
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  • #16,913
  • Dec 16, 2008 1:53am Dec 16, 2008 1:53am
Quoting GetSmart
Mike and Ken,

I've already entered a short on the EURCHF. Need someone to tell me why I shouldn't have...I'm forgetful An aggressive entry me thinks....

Mike, what category would you say this trade is ? B+ ? or z- ?

My reasoning..

1. 4hr IB closed below PPZ (fxpro chart)
2. Confluence at ppz, ie 38 weekly fib

Joe
Hey Joe,

You gotta be mighty careful trading Inside Bars on the 4hr. They pop up quite a bit. IMO if you are going to trade inside bars on such a low timeframe it should be in a consolidating market(ie off the top/bottom of a range). A lot of times these Inisdebars form simply due to dead times in the market. They are tricky to play on the lower timeframes. Again of course this is just from my experience, but waiting for some much more concrete PA would be my suggestion, espcially on the 4hr. I am going to keep an eye if we reach 1.6 for some PA

Hope that helps

Mike
  • #16,914
  • Dec 16, 2008 1:55am Dec 16, 2008 1:55am
Look like nice PN in H1 GBP/USD

Sonic
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  • #16,915
  • Dec 16, 2008 2:00am Dec 16, 2008 2:00am
Quoting sonicdeejay
Look like nice PN in H1 GBP/USD

Sonic
imho this thing will fail. market was heavy sold off in that long green up bar, with the next bar down. pull up vol histogram and you'll see excessive vol. after that move there's no followthorugh and highs where not even tackled.
  • #16,916
  • Dec 16, 2008 2:05am Dec 16, 2008 2:05am
Not majorly convincing.., but good PA confirmation for a 50% retrace entry on that 4hr BUOB we got yesterday on this pair. Coincides with a PPZ too. My stop is below the 4hr BUOB.
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Bundy's status today: "Waiting..."
  • #16,917
  • Dec 16, 2008 2:10am Dec 16, 2008 2:10am
Quoting mbqb11
Hey Joe,

You gotta be mighty careful trading Inside Bars on the 4hr....
Thanks Mike I appreciate your thoughts and they make great sense as usual. I'm gonna try n post my trades a bit more as it helps my own thought processes and I encourage opinion !!!

Can't you sleep ? Must be pretty early there, here in Aus night is about to fall !
PS. Just checked NY time and if you are there its 3.11 am !!! You maybe never went to bed or couldn't sleep !!!
  • #16,918
  • Dec 16, 2008 2:12am Dec 16, 2008 2:12am
Quoting bundyraider
Not majorly convincing.., but good PA confirmation for a 50% retrace entry on that 4hr BUOB we got yesterday on this pair. Coincides with a PPZ too. My stop is below the 4hr BUOB.

http://www.forexfactory.com/attachme...1&d=1229414706

I guess u mean 1.763x lvl....

Sonic
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  • #16,919
  • Dec 16, 2008 2:14am Dec 16, 2008 2:14am
Quoting Dr.Geppynius
imho this thing will fail. market was heavy sold off in that long green up bar, with the next bar down. pull up vol histogram and you'll see excessive vol. after that move there's no followthorugh and highs where not even tackled.
they may test prev high....
that b nice if u xplain ur claim wif pic attached...

thx

Sonic
  • #16,920
  • Dec 16, 2008 2:15am Dec 16, 2008 2:15am
Quoting GetSmart
Thanks Mike I appreciate your thoughts and they make great sense as usual. I'm gonna try n post my trades a bit more as it helps my own thought processes and I encourage opinion !!!

Can't you sleep ? Must be pretty early there, here in Aus night is about to fall !
PS. Just checked NY time and if you are there its 3.11 am !!! You maybe never went to bed or couldn't sleep !!!
always got one eye open
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