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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

  • #17,721
  • Jan 2, 2009 4:09am Jan 2, 2009 4:09am
Lets see if the usdchf can stay like this for whats left of the week and once I am back from my vacation I am looking foward to buying into this puppy as a scalp trade

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  • #17,722
  • Jan 2, 2009 8:35am Jan 2, 2009 8:35am
Quoting ghous
After having missed the aggressive entry earlier here is another more conservative entry location below the 1.69 (the sell stop is at 1.685 precisely)

i.e...

The break of the neckline forming the double top...Note that this neckline is also a major support resistance flip obviosuly. lol!
Ghous,

Razcek also inspired me. (I guess we can make Razcek Fan Club LOL). But inputs from other senior members in this group are also precious to me. I'm going to try the private PF in few months.

Back to the chart. Just wondering, the aggressive entry is looking for s/r,etc on the bigger timeframe and looking for PA setup at the area for entry in lower timeframe, so we can get early entry asap. Is this somehow right?
  • #17,723
  • Jan 2, 2009 10:11am Jan 2, 2009 10:11am
I missed the eur/cad play, too much new year's revelry. Hope everyone had a safe and pleasant NY and all the best to all of you guys this thread is awesome.
Patience + Humility + Study = Success
  • #17,724
  • Jan 2, 2009 2:52pm Jan 2, 2009 2:52pm
Will be interesting to see what this one looks like on Sunday evening.
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"Don't trade to trade . . . trade to win." - James16
  • #17,725
  • Jan 2, 2009 2:59pm Jan 2, 2009 2:59pm
Quoting Flem26
Will be interesting to see what this one looks like on Sunday evening.
Pin Bar looks weak compared to the size of the down move of the previous weeks. Like to see a Pin Bar of equal or greater in size (then the previous weeks.)
Indicators show the past. Price Action "Indicates" the future.
  • #17,726
  • Jan 2, 2009 3:06pm Jan 2, 2009 3:06pm
Quoting jarroo
Pin Bar looks weak compared to the size of the down move of the previous weeks. Like to see a Pin Bar of equal or greater in size (then the previous weeks.)
thanks for the insight. was not sure.
"Don't trade to trade . . . trade to win." - James16
  • #17,727
  • Edited 4:02pm Jan 2, 2009 3:14pm | Edited 4:02pm
Quoting Flem26
thanks for the insight. was not sure.
It still could work out. Like you said, it will be interesting to see how it plays out.

I understand people will conclude that the week that this PB formed was not a "normal" week so the vaildity of the PB may be questioned. I don't care how Price Action is formed, be it News or otherwise. As long that it is formed, then the next step analysis of Location and confluences begins.
Indicators show the past. Price Action "Indicates" the future.
  • #17,728
  • Jan 2, 2009 3:15pm Jan 2, 2009 3:15pm
I was also looking at the Weekly on the GBP/CHF and I'm not sure if I drew the divergence correctly, but it appears to be bullish divergence. Also, we are sort of in a no mans land of an all time low.

What do we do when we can no longer look to the left for PPZ's ??
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,729
  • Jan 2, 2009 3:29pm Jan 2, 2009 3:29pm
Why do so many still polute their charts with MACDs AOs and MAs?
They don't add any extra information. It's already on the chart.
The MACD only takes those beautiful price numbers and rapes them.
  • #17,730
  • Edited 3:54pm Jan 2, 2009 3:39pm | Edited 3:54pm
Quoting LasVahGoose
I was also looking at the Weekly on the GBP/CHF and I'm not sure if I drew the divergence correctly, but it appears to be bullish divergence. Also, we are sort of in a no mans land of an all time low.

What do we do when we can no longer look to the left for PPZ's ??
As we say, Location is a big confluence when looking at PA set-ups and this one has it with hitting new Lows. Would be nice if a Weekly PPZ was visible also at this level, but its not.

Going down to the Daily, 8 hour and/or 4 hour charts could gives us a hint of S/R levels on the Weekly. Also Round Numbers play an important role of S/R levels.
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Indicators show the past. Price Action "Indicates" the future.
  • #17,731
  • Jan 2, 2009 3:51pm Jan 2, 2009 3:51pm
Quoting Tjpld
The MACD only takes those beautiful price numbers and rapes them.
Wow, never heard it expressed like that before. Did you have a good Holiday TJ? lol.
Indicators show the past. Price Action "Indicates" the future.
  • #17,732
  • Jan 2, 2009 4:09pm Jan 2, 2009 4:09pm
Quoting Tjpld
Why do so many still polute their charts with MACDs AOs and MAs?
They don't add any extra information. It's already on the chart.
The MACD only takes those beautiful price numbers and rapes them.


James teaches to use MACD for divergence and MA's are also utilised as part of the learning material.

regards

fxp
  • #17,733
  • Jan 2, 2009 4:15pm Jan 2, 2009 4:15pm
Quoting jarroo
As we say, Location is a big confluence when looking at PA set-ups and this one has it with hitting new Lows. Would be nice if a Weekly PPZ was visible also at this level, but its not.

Going down to the Daily, 8 hour and/or 4 hour charts could gives us a hint of S/R levels on the Weekly. Also Round Numbers play an important role of S/R levels.
Ah, there is a a lot going on on the 4H chart... Going to the 4H chart I see the 1.5300 level was minor PPZ was acting like resistance until it broke and is now support. I drew a fib off the last 'leg down' and price is getting caught up in the fibo 78.6 1.5750 to 1.5800 level. I'm thinking a strong break of the 1.5800 level is something to watch, which also happens to be the break of the pin bar off the Weekly chart.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,734
  • Jan 2, 2009 4:18pm Jan 2, 2009 4:18pm
Quoting jarroo
Wow, never heard it expressed like that before. Did you have a good Holiday TJ? lol.
Too much booze. Almost broke my foot.
http://img140.imageshack.us/img140/2...5g8jvb6.th.jpg
  • #17,735
  • Jan 2, 2009 4:21pm Jan 2, 2009 4:21pm
Quoting Tjpld
Too much booze. Almost broke my foot.
Sorry to hear about that my friend. Damn, doesn't look good.
Indicators show the past. Price Action "Indicates" the future.
  • #17,736
  • Jan 2, 2009 4:24pm Jan 2, 2009 4:24pm
Quoting LasVahGoose
Ah, there is a a lot going on on the 4H chart... Going to the 4H chart I see the 1.5300 level was minor PPZ was acting like resistance until it broke and is now support. I drew a fib off the last 'leg down' and price is getting caught up in the fibo 78.6 1.5750 to 1.5800 level. I'm thinking a strong break of the 1.5800 level is something to watch, which also happens to be the break of the pin bar off the Weekly chart.
Very Nice LVG.

If it does break, I like the 1.5900ish level for 1st target.
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Indicators show the past. Price Action "Indicates" the future.
  • #17,737
  • Jan 2, 2009 4:27pm Jan 2, 2009 4:27pm
The EURCAD daily chart shows weakness at the swing high and a trendline break was my entry signal after price action confirmation.

Also some kind of a weekly beob (just by two pips on my feed) unless there is a massive move to the upside on Suday.
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  • #17,738
  • Jan 2, 2009 4:35pm Jan 2, 2009 4:35pm
Quoting Tjpld
Why do so many still polute their charts with MACDs AOs and MAs?
For the divergences. Did anyone had trouble reaching FF? I tried since this morning, only now I can surf FF. Looking to start great week next week.

Happy Trading!
  • #17,739
  • Jan 2, 2009 4:42pm Jan 2, 2009 4:42pm
Quoting arcus
For the divergences. Did anyone had trouble reaching FF? I tried since this morning, only now I can surf FF. Looking to start great week next week.

Happy Trading!
It's been pretty shakey the past 24 hours, but seem pretty stable last few hours.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,740
  • Jan 2, 2009 4:50pm Jan 2, 2009 4:50pm
Quoting ghous
No worries John,

Let me give it another try to help you understand...

PIN BAR: This is a bar which opens, goes in a direction for quite a distance and then returns to close somewhere around the place where it opened. This bar hence will have a really long wick/tail/nose at one end wuthile having a very small body. Such a bar can be of great help to PA traders if this nose is pointing into emtpy space away from the vicinity of price action (refer to chart below). [b]The distinguishing factor betwen a good Pin bar and any other bar is that...
Nice post(s) ghous.

I going to have to call you James16 junior from now on. lol
Indicators show the past. Price Action "Indicates" the future.
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