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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

  • #18,021
  • Jan 7, 2009 8:53am Jan 7, 2009 8:53am
Hi all,

Which way is the better way to draw Fibo. Point A or B or C? Just wanna make sure I dont accidentally draw the Fibo so it fits what I wanna see.

Is it possible to draw trendline like this? If all are correct, would you agree to say this is the best location to find PA setup, since looking at lower TF, there's been a retest of trendline (the way I see it lol), and confluence, and PPZ.

BTW, what the size of chart you guys usually post?
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  • #18,022
  • Jan 7, 2009 9:15am Jan 7, 2009 9:15am
Quoting ghous
Double top with divergence and the bounce off the trendline....
I'm sorry, but I'm not seeing any divergence on your chart, is there anything I'm missing? Are you refering to the fact that macd didn't make it as high as price did? Both price and macd made that second top lower than the previous one. Just wanted to ask to make sure we're on the same page when it comes to definitions. Thank you.
Trax Tibidax Tibidox...
  • #18,023
  • Jan 7, 2009 9:18am Jan 7, 2009 9:18am
Quoting Greenhaze
Hi Raczek

Did you put your SL under daily PB?
I'm not in this trade.
My limit sell order never triggered. If it did, my initial stop would have been above 50fib.
  • #18,024
  • Jan 7, 2009 9:22am Jan 7, 2009 9:22am
Quoting KissFan
Here is one that we can chew the fat on. I have an 2 entries short at 138.85. My SL is 140.95. The thick horizontal yellow line is the daily PPZ. The green horizontal lines are the 4HR PPZ's. I am using about half the usual equity risk as I would have rather had the PB nose climb slightly higher. However, I do like the fact that the PB printed right at the 100% fib on the daily for retracement after the ride up for a couple of days. This might be the only chance to short before this pair moves north with a vengence.
Ok. That trade from last night played out OK. Took profit at TP1. Second position rode down almost to TP2 and I was stopped out on it at TP1 level. I'll be looking for that move north now to the 144/146 area as Raczekfx pointed out last night. I'll be watching for that PA around the PPZ of 141ish.
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  • #18,025
  • Jan 7, 2009 9:33am Jan 7, 2009 9:33am
Quoting masterpiecefx
I'm sorry, but I'm not seeing any divergence on your chart, is there anything I'm missing? Are you refering to the fact that macd didn't make it as high as price did? Both price and macd made that second top lower than the previous one. Just wanted to ask to make sure we're on the same page when it comes to definitions. Thank you.
Hi masterpiecefx,

the macd clearly showed a high lower than the previous one while price made a high just abt equal to the previous one, that's valid divergence

Regards,
Ghous.
I believe . . .
  • #18,026
  • Jan 7, 2009 9:38am Jan 7, 2009 9:38am
Thank you.
Trax Tibidax Tibidox...
  • #18,027
  • Jan 7, 2009 9:46am Jan 7, 2009 9:46am
Quoting arcus
Hi all,

Which way is the better way to draw Fibo. Point A or B or C? Just wanna make sure I dont accidentally draw the Fibo so it fits what I wanna see.

Is it possible to draw trendline like this? If all are correct, would you agree to say this is the best location to find PA setup, since looking at lower TF, there's been a retest of trendline (the way I see it lol), and confluence, and PPZ.

BTW, what the size of chart you guys usually post?
hey Arcus

IMO you can draw fibs from all those points. If there is confluence on any lines then all the better. I often draw fibs from highs/lows on different tf's to see if there is confluence, and you will be amazed how often they line up.
The TL is also valid - i have the same one drawn and am also looking for a bounce off it (as just got stopped out on a short that i took too early)

best size is 800x600 ithink

hope that helps

cheers

Simon
  • #18,028
  • Jan 7, 2009 9:51am Jan 7, 2009 9:51am
Quoting arcus
Hi all,

Which way is the better way to draw Fibo. Point A or B or C? Just wanna make sure I dont accidentally draw the Fibo so it fits what I wanna see.

Is it possible to draw trendline like this? If all are correct, would you agree to say this is the best location to find PA setup, since looking at lower TF, there's been a retest of trendline (the way I see it lol), and confluence, and PPZ.

BTW, what the size of chart you guys usually post?
Ans1) All three being valid swing lows qualify for the drawing of fibs, however it would be silly to draw them of all three as you're bound to find false confluence as all the three will have their levels next to each other. IMO the Fib needs to be drawn on C not only is it a comparatively latest (formed after A) it's good to see price bounce off properly looking at A it just shows swing low but all we have is a tail of a bullish bar. looking at B I see a clearly that the price closed "at" the trend line and then opened "at" it and moved away, B appears to be a very clear example of definite support i.e a stronger swing low. C is similar to A in that it's defined by a lower wick of a bullish bar. It's important to understand that each swing high and low is supposed to act as a region of support and resistance important to all traders who trade price alone. the more confirmation you have for ample support the more strong the region hence a better place for the "0" level of your fib. just as a side note take a look at the size of the move as a bounce off the area marked by "B" on you chart


Ans2) Trend lines never have any hard and fact rule as to where they should lie, what makes it legitimate is the fact that it should represent at least 2 or more bounces and it's better that the price doesn't penetrate the line meaning that you don't see any wick going above the line, however a wick on an occasion or two doesn't invalidate the trend line. the trend line only becomes invalid when price successfully closes beyond the line after which you can use it as supp/res if price decides to retest it. other ppl may have different views but this is how I understand, draw and use trend lines for my trading


Ans 3) The charts i post here are off the size "600 x 500" pixels which makes the image large enough to see yet small enough to not form a clickable link which is a slight hassle for the readers

Cheers Ghous.
I believe . . .
  • #18,029
  • Jan 7, 2009 10:09am Jan 7, 2009 10:09am
Thanks Semonc and Ghous!
  • #18,030
  • Jan 7, 2009 10:26am Jan 7, 2009 10:26am
I had to travel out of town with work, so I was a little late getting in to this one...
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and
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skype: ststroud. let's talk trading.
  • #18,031
  • Jan 7, 2009 10:29am Jan 7, 2009 10:29am
any thoughts on this one?
nose goes through a TL and the 38 fib
the 50 fib lines up with my weekly PPZ

some good factors but I am unsure of it for some reason
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  • #18,032
  • Jan 7, 2009 10:31am Jan 7, 2009 10:31am
Nice area to be looking for PA to go short. Confluence of 61% fib from last daily swing down and a daily PPZ. Of course with interest rates due out tomorrow on GBP it could be time to sit back and watch. If we get the expected cut however, price could drop nicely. It all depends on how priced in a rate cut already is, and given the dollar weakness, whether it would be enough to have a significant effect on this pair. I digress, stick to PA
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History will be kind to me, for I intend to write it - Winston Churchill
  • #18,033
  • Jan 7, 2009 10:37am Jan 7, 2009 10:37am
had a couple of good trades today on GBPNZD and JPY
both BUOB's on the 1hr
GBPNZD was particularly nice as it was a retrace of the TL - this time i actually waited for the retrace
closed them ahead of the rate decision tomorrow - just don't trust those clowns to do anything sensible
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  • #18,034
  • Jan 7, 2009 10:59am Jan 7, 2009 10:59am
Been looking at these two latest (almost) pinbars on USD/CHF.
Both turned out well, but I didn't trade them as they didn't close within.
Right choice?
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  • #18,035
  • Jan 7, 2009 11:22am Jan 7, 2009 11:22am
Quoting Greenhaze
Very good video Raczek. Hope to see more of these next year. I'd really like to know how do you spread the risk on those trades. How much do you risk on short daytrades and those longer ones?
I have updated this trade.
It's probably the last vid. for a while, I post on the public forum. Sorry.. getting busy lately ..
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  • #18,036
  • Jan 7, 2009 11:42am Jan 7, 2009 11:42am
Quoting raczekfx
I have updated this trade.
It's probably the last vid. for a while, I post on the public forum. Sorry.. getting busy lately ..
Very nice R:R ratio and trade management. You got very lucky there
  • #18,037
  • Jan 7, 2009 11:54am Jan 7, 2009 11:54am
Quoting raczekfx
I have updated this trade.
It's probably the last vid. for a while, I post on the public forum. Sorry.. getting busy lately ..
thanks Rac very helpful
  • #18,038
  • Jan 7, 2009 11:58am Jan 7, 2009 11:58am
Just took half off my Gu trade at +500 pips

It's been a nice ride uptill here but I am ready for some whipsaws later tomorrow

Regards,
Ghous.
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I believe . . .
  • #18,039
  • Jan 7, 2009 12:00pm Jan 7, 2009 12:00pm
Quoting raczekfx
I have updated this trade.
It's probably the last vid. for a while, I post on the public forum. Sorry.. getting busy lately ..
Nice vid Rac! thanx a lot

Regards,
Ghous.
I believe . . .
  • #18,040
  • Jan 7, 2009 12:02pm Jan 7, 2009 12:02pm
That is one gem of a video rac - thanks for sharing your insight. With yr postings and video here and in the private forum looking for breakout set ups (plus for me using MACD for divergence)and the power of price action have made this all make sense. As jim says these opportunities are all over just watch and wait for those sniper set ups to appear. Whilst posting respect and appreciation to jim, ghous, jaroo and mike etc. what goes round......
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