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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

  • #17,561
  • Dec 27, 2008 9:48pm Dec 27, 2008 9:48pm
Quoting Flem26
... as long as there is a market to trade.
The only thing that stresses me now.
Been thinking a lot lately about the fact that I've got this going really well now and the only thing that can spoil the party is the changing of the rules. The way the world leaders were carrying on recently about traders and blaming the whole group of us got me worried. lol
Bundy's status today: "Waiting..."
  • #17,562
  • Dec 27, 2008 10:58pm Dec 27, 2008 10:58pm
Quoting bundyraider
Not usually a big fan of the stuff, but it was hella good that night.

Genius here decided another drink was in order when he got home too. Jack though. That's the one that did me in. Considering I didn't take much care in the measuring it either. lol

(Funniest thing was finding the burnt cheese toasties in the toaster oven in the morning. lol)

Burnt cheese toasties... nooooooooooo.

I've been blessed over here. Finding vegemite, 4&20 pies, & coopers pale ale. So life hasn't been too hard.
I watch the Sydney-Hobart on the google earth. See the cricket via yahoo sports, sometimes.. I cant get the footy unless i get setanta or sky down the pub. Oh, they're not called pubs here but sports bars.
Hey Bundy, keep me informed mate, I do miss home even though i speak to the olds on skype all the time.
Cheers mate & ave a good weekend
Jeff




them bears allways know how to ave a good time....
  • #17,563
  • Dec 28, 2008 12:22am Dec 28, 2008 12:22am
Quoting raczekfx
it's hard to explain in few words; best way is to have all charts of interest on your screen at all times and observe how one affects another. This is what I did for few years and now they make sense (sometimes). To really simplify the answer, I'll take a shortcut ... You can look at the sp and dow as a barometer for 'carry trades'. If those go up, speculators must feel good about economy in general. What happens next...? More speculators will feel good about putting their money in riskier crosses (yen as an e.g.) At the same time BOJ will add fuel...
Great post Rac thanks!

Regards,
Ghous.
I believe . . .
  • #17,564
  • Dec 28, 2008 12:25am Dec 28, 2008 12:25am
Quoting Fx_Genius
Maybe this will help

http://finance.yahoo.com/echarts?s=EURUSD=X#chart14:symbol=eurusd=x;range=6m;compare=^dji+^ixic+^gspc;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Charts below are 6 month and 1 month E$, Dow, S&P & NASDAQ.
Charts are from link above.
Nice charts FX Einstein
I believe . . .
  • #17,565
  • Dec 28, 2008 4:25am Dec 28, 2008 4:25am
Quoting rustyjeff
Burnt cheese toasties... nooooooooooo.

I've been blessed over here. Finding vegemite, 4&20 pies, & coopers pale ale. So life hasn't been too hard.
I watch the Sydney-Hobart on the google earth. See the cricket via yahoo sports, sometimes.. I cant get the footy unless i get setanta or sky down the pub....
Hey Rusty,

If its AFL you're after you can subscribe via the AFL web site as an o/s subscriber and watch games (delayed) via the internet. When I was living in Germany in 2004/2005 I did just that and it was only about $50 for annual subscription....

http://afl.com.au/default.aspx?tabid=9281

Cheers,

Joe
  • #17,566
  • Dec 28, 2008 10:59am Dec 28, 2008 10:59am
Quoting GetSmart
Hey Rusty,

If its AFL you're after you can subscribe via the AFL web site as an o/s subscriber and watch games (delayed) via the internet. When I was living in Germany in 2004/2005 I did just that and it was only about $50 for annual subscription....

http://afl.com.au/default.aspx?tabid=9281

Cheers,

Joe
Thanks for that Joe. I'll be looking into that.
  • #17,567
  • Dec 28, 2008 2:55pm Dec 28, 2008 2:55pm
Hey everybody, as I've been working this past week on my trading plan I've developed a little something that I feel will really make the task of position trading a lot easier and wanted to share. It's nothing groundbreaking but you may want to give it a try. I am really excited to begin using it because I feel it will make managing trades and assessing my positions much easier.

Get a bulletin board (I used cardboard ), at the very top write Forex Trades.
On the far left towards the top write "Pending/Open Positions"
On the far left towards the bottom write "Watching"
Then across the top write the names of the time frames you trade (Monthly, Weekly, Daily, 4hr, etc.)

Now however you log your trades you can use a post or a push pin with a post it sized paper and write that information on it. I have Date, Pair, Long/Short, Entry Price, Stop Loss, Profit Levels/ Take Profit, Position Size, Reasons For Entering, Reasons For Exiting, and Trade Management on mine. I then post it under the appropriate time frame and when the trade is triggered (if using limit orders) I highlight the pair so I know the position is now open.

Under the Watching category I used post its that are ripped in half (to save space) and list the pair and the reasons for watching it. When you enter a trade you can removed the post it easily from the trade board.

When a trade is closed I remove the trade slip/ post it from the trade board and keep them sorted by date and time frame (haven't worked out a good method of archiving them- possibly a rolodex type of method).

Anyway this is just something I've been working on as I feel it will easily allow me to manage and assess my open positions on my swing/ longer term trades. Take what you can from this idea, I'm sure someone will benefit from this. Happy Holidays.
  • #17,568
  • Dec 28, 2008 4:28pm Dec 28, 2008 4:28pm
Hi All

I've been reading and learning from this thread for a while now and would like to start participating a bit more. Thanks very much to James16 and all the other regular contributors. The information and knowledge here is truely outstanding.

Going through my charts this evening, the AudCad price action looks interesting on the Weekly chart. The 8500 area has been rejected twice recently and last week has formed an inside bar so I am favouring a short position below the 8200 area.

Concerns would be that last week was Christmas week so not sure how valid this setup is. Also would have preferred to see a bearish close to last week but in any case I'll be keeping an eye on this and would appreciate comments that anybody may have.

Regards

Leon

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  • #17,569
  • Edited 12:24am Dec 29, 2008 12:09am | Edited 12:24am
Quoting ljr
Hi All

I've been reading and learning from this thread for a while now and would like to start participating a bit more. Thanks very much to James16 and all the other regular contributors. The information and knowledge here is truely outstanding.

Going through my charts this evening, the AudCad price action looks interesting on the Weekly chart. The 8500 area has been rejected twice recently and last week has formed an inside bar so I am favouring a short position below the 8200 area.

Concerns would be that last week was Christmas week so...

Hi Ljr,

It's great to see that as time passes more and more ppl want to come in and be a part of this mega thread! I hope you'll be around in future too

ABt the Aud/Cad situation I am taking this week off as well, and will begin my trading 5th of Jan, the reason obviously being the low volatility which is still lurking around the markets. The IB you see off the weekly chart may well have occured as a result of this lack of momentum, and reading that you realize this I am not sure why you still want to consider this.

End of story...but...

For a moment let's take the end of year circumstance out of the question...

For an Ib to be an IB all you need is a high and low of the bar to be totally engulfed by the previous bar. For an IB to qualify for a trade the open and close IMO are also important.

In this case, i don't see why this IB should help me to go short. Given that we don't see a pin bar this week or any other additional PA signal that may influence my descion i may very well want to take the trade with the trend at any possible signs of the breaking of 0.84.

When you're going against the trend you need more then that to be sure of a trade.

SInce this also qualifies for the type of trades Rac and Jeff take they may also want to shed some light here...

Below are 3 charts. 1 is the original chart where i want you to look at the IB which you're talking abt and the overall momentum that it dispalys. the second chart is the same chart with the IB erased and a new IB in place of it that i would loved to have seen. Chart number 3 is the Eur/chf chart displaying the power of a perfect IB. (the IB is bearish, and the opend and close are far apart hence a strong signal to go short )

Regards,
Ghous.
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I believe . . .
  • #17,570
  • Dec 29, 2008 12:22am Dec 29, 2008 12:22am
Quoting stoli7188
Hey everybody, as I've been working this past week on my trading plan I've developed a little something that I feel will really make the task of position trading a lot easier and wanted to share....
LOL! That is some great organization! I wish i was half as organized as this! With the utmost of laziness I am keeping some sort of a stat posting in a wordpad documnet lol.

But that sure is some great way to manage yourself! Keep it up mate

Regards,
Ghous.
I believe . . .
  • #17,571
  • Dec 29, 2008 1:32am Dec 29, 2008 1:32am
What do you think about this one? (If it make PB). Confluence and lot of space (like in Mike's video).
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  • #17,572
  • Dec 29, 2008 1:54am Dec 29, 2008 1:54am
Quoting arcus
What do you think about this one? (If it make PB). Confluence and lot of space (like in Mike's video).
Hey Arcus, It is way to early to start looking at a daily bar here. But if we did close as is, I would say this bar is way to insignificant to have any real meaning. The markets being so slow, so this bar is extremely small(small nose). These bars are better off left alone. The space and area are good, but I would want to see a much larger nose.

Hope you have a great new year

Mike
  • #17,573
  • Dec 29, 2008 1:57am Dec 29, 2008 1:57am
Quoting arcus
What do you think about this one? (If it make PB). Confluence and lot of space (like in Mike's video).
There is quite a lot of time for the daily to close, if at all it does close as a pb I would want a close above 1.5, and the nose down to the 61.8 and the 23.6 fib retracement confluence.

Anyhow the bearish momentum is far too strong....Let's see how it ends up.

Regards,
Ghous.
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I believe . . .
  • #17,574
  • Dec 29, 2008 1:59am Dec 29, 2008 1:59am
Quoting mbqb11
Hey Arcus, It is way to early to start looking at a daily bar here. But if we did close as is, I would say this bar is way to insignificant to have any real meaning. The markets being so slow, so this bar is extremely small(small nose). These bars are better off left alone. The space and area are good, but I would want to see a much larger nose.

Hope you have a great new year

Mike
Yeah, I know kinda too early. Just get pretty bored. I'm not trading my live acc. this week yet, maybe after new year. Just practicing my PA stuff. BTW, just realized that the PB is too small. I looked at weekly chart, the downmove was huge, so it would take lot of momentum to push price higher and the PB is too small LOL.

But still I have Q to ask you, if this PB has a long nose, would you take it? I mean, the location of the PB. Thanks!
  • #17,575
  • Dec 29, 2008 2:12am Dec 29, 2008 2:12am
Quoting arcus
Yeah, I know kinda too early. Just get pretty bored. I'm not trading my live acc. this week yet, maybe after new year. Just practicing my PA stuff. BTW, just realized that the PB is too small. I looked at weekly chart, the downmove was huge, so it would take lot of momentum to push price higher and the PB is too small LOL.

But still I have Q to ask you, if this PB has a long nose, would you take it? I mean, the location of the PB. Thanks!
Hey Arcus,

Yep if this had a long nose pin, this would be a great location for one. I am not doing much trading till the second week in Jan either.

Best
Mike
  • #17,576
  • Dec 29, 2008 3:09am Dec 29, 2008 3:09am
My EU Long...on D1 TF...
I guess my entry is perfect...

Look for TP @ 1.4400

Sonic
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  • #17,577
  • Dec 29, 2008 3:11am Dec 29, 2008 3:11am
Quoting ghous
Hi Ljr,

It's great to see that as time passes more and more ppl want to come in and be a part of this mega thread! I hope you'll be around in future too

ABt the Aud/Cad situation I am taking this week off as well, and will begin my trading 5th of Jan, the reason obviously being the low volatility which is still lurking around the markets. The IB you see off the weekly chart may well have occured as a result of this lack of momentum, and reading that you realize this I am not sure why you still want to consider this.

End of story...but......
Ghous thanks for taking the time with your views on this. Reading your comments, taking another look at my charts and also with the low volume this is probably best left alone.

You are correct... there just isn't enough going for this trade to be high probability.
  • #17,578
  • Dec 29, 2008 4:21am Dec 29, 2008 4:21am
Quoting TIckerShuffl
Put a 20 SMA on there and you will see the pair is due for some fireworks soon. I favor longs unless deleveraging picks up again in new year on hedge fund redemptions.
I placed a 20 SMA on my chart and I'm not sure what I'm supposed to be looking at. I've looked on multiple time frames and it appears it is being used as support, but not sure what is signalling the "fireworks". Anything you willing to add so a newbie like me can understand better?

Thank You,
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,579
  • Dec 29, 2008 6:37am Dec 29, 2008 6:37am
Quoting sonicdeejay
My EU Long...on D1 TF...
I guess my entry is perfect...

Look for TP @ 1.4400

Sonic
you might want to reconsider that long
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #17,580
  • Edited 7:57am Dec 29, 2008 7:12am | Edited 7:57am
Quoting djambazov84
you might want to reconsider that long

good luck to u..
I am Long since 1.3950 and now SL @ 1.4100 lvl...

Sonic
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