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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

  • #19,281
  • Jan 21, 2009 4:45pm Jan 21, 2009 4:45pm
Good pin


Non traffic
good size
wit the trend
1hr PPZ
50% fib ret
Swing Hi
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  • #19,282
  • Jan 21, 2009 4:51pm Jan 21, 2009 4:51pm
Quoting Naijafx
Good pin


Non traffic
good size
wit the trend
1hr PPZ
50% fib ret
Swing Hi
Hi Naijafx

Watching this one too. Was hoping the left and right eyes would have the same highs but it's broken up higher now. May be safer to short below 13000 round number.
  • #19,283
  • Jan 21, 2009 4:59pm Jan 21, 2009 4:59pm
Quoting ljr
Hi Naijafx

Watching this one too. Was hoping the left and right eyes would have the same highs but it's broken up higher now. May be safer to short below 13000 round number.
yes you gotta be real careful with this. Firstly all the large up moves. But 1.3 is sitting right below the pin(which never broke). And you are trading right into a lot of support. I would be real careful with one that looked like this

Best
Mike
  • #19,284
  • Jan 21, 2009 5:00pm Jan 21, 2009 5:00pm
Quoting byorkFX
It does look nice with the bounce of hourly S/R, but there's not enough room to run for me to like it. The bar is with the trend, but I'm not sure that it's technically a pin (it's really close so it probably depends on the feed whether the bar closed within the previous bar or not). Also, although I'm still learning to place PPZ, I think we're sitting right on a PPZ (Oct 2007 & Dec 2007 S/R - sorry I can't post a weekly chart) and also very near the 62 ret from the Nov/Dec 2008 move down. Could go either way from here for me, so I'm watching from...
There is an IB forming on the 4 hour charts so may be better to see how that closes. This will also be above that PPZ.
  • #19,285
  • Jan 21, 2009 5:00pm Jan 21, 2009 5:00pm
Quoting byorkFX
It does look nice with the bounce of hourly S/R, but there's not enough room to run for me to like it. The bar is with the trend, but I'm not sure that it's technically a pin (it's really close so it probably depends on the feed whether the bar closed within the previous bar or not). Also, although I'm still learning to place PPZ, I think we're sitting right on a PPZ (Oct 2007 & Dec 2007 S/R - sorry I can't post a weekly chart) and also very near the 62 ret from the Nov/Dec 2008 move down. Could go either way from here for me, so I'm watching from...
Thanks for the feedback BYORKFX. I know that when you magnify my chart, the little wick of the previous bar disappears. I just barely qualifies as a PB. I am taking a small long here as I like the position and that it is with the trend.
  • #19,286
  • Jan 21, 2009 5:01pm Jan 21, 2009 5:01pm
Quoting ljr
There is an IB forming on the 4 hour charts so may be better to see how that closes. This will also be above that PPZ.
Saw it. Thanks so much for your help.
  • #19,287
  • Jan 21, 2009 5:02pm Jan 21, 2009 5:02pm
Could someone be so kind as to tell me if tradestation uses GMT as a close of their daily candles?

I am thinking about moving to that trading platform.

Thanks
  • #19,288
  • Jan 21, 2009 5:05pm Jan 21, 2009 5:05pm
Quoting G550
Doesn't look like the Aussie (aud/usd) to me. Your screenshot has Aud/Chf at the top; aussie/swiss maybe? Am I missing something because the prices don't match up.
Uh, that was a no brainer. Oops, AUD/CHF. LOL After you fill out these posts, your fingers start to type what they want.
  • #19,289
  • Jan 21, 2009 5:21pm Jan 21, 2009 5:21pm
Alright, putting in my daily trades on the following...

GBPJPY when price reaches 127.10, SL at 118.90. TP1: 127.95. TP2: 128.70. TP3: 139.50 (TP2 and 3 will be traded with much less weight so I can get out with break even at TP1).

EURJPY: when price reaches 118.25 (above what appears to be a PPZ around 118). SL: 111.90 TP1: 118.90. TP2: 120.90 TP3: 125.80, same with the various sizes.

GBPUSD when prices reaches 1.4075, SL at 1.3610. TP1: 1.4175. TP2: 1.4345. TP3: 1.4890
  • #19,290
  • Jan 21, 2009 6:01pm Jan 21, 2009 6:01pm
I know some platforms don't show the PB on the Gbp/Usd, but Fx Pro/InterBank does.

Some confirmations of breaks need to be meet before I trigger: Break of the 1.4000 (RD) and Pum line at 1.4050 line (2000/2001 Lows)

Maybe we'll get a PB like in June 2001.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #19,291
  • Jan 21, 2009 6:15pm Jan 21, 2009 6:15pm
Gbp/Jpy is tanking. I thought Geithner was approved today. What did they do . . .. change their minds. (yeah, I know, what minds?? lol)
Indicators show the past. Price Action "Indicates" the future.
  • #19,292
  • Jan 21, 2009 6:15pm Jan 21, 2009 6:15pm
Quoting simoncs
haha - yes to an extent.
RBS after being bailed out once now looks like it will have to except more help and a restructure that puts it 70% into the hands of the taxpayer.

Lloyds TSB group which took over HBOS recently is trying to resist further help, but chances are they will have to.

Barclays may also have to ask for help now even though they arranged their own deal with the Saudi's and Chinese the last time.

Basically our economy is f#cked thanks to Mr Brown. Despite supposedly being the labour(left wing) party he has managed to sell just...
The Brown situation is funny, I was traveling/backpacking in Europe during the summer July/August (horrible exchange rate, oh well) and I managed to pick up the paper or go online everyday to see what is going on in Europe.

Almost everyday there was an article in the paper about Brown's approval rating at new lows, calling for his resignation, and new elections and such.

AND THIS WAS BEFORE THE "FINANCIAL CRISIS"

That crisis saved his job, he's still in there because of the panic that ensued, if anything he is going to want to create more of this panic to stay in power even if he screws over GB.

This is how politicians and "leaders" work, create problems and then proclaim to be the only ones able to solve them.
  • #19,293
  • Jan 21, 2009 6:42pm Jan 21, 2009 6:42pm
Quoting Someone
Could someone be so kind as to tell me if tradestation uses GMT as a close of their daily candles?

I am thinking about moving to that trading platform.

Thanks
Shoot James a PM. He'll be able to tell you.
Unless he notices your post first.
Bundy's status today: "Waiting..."
  • #19,294
  • Jan 21, 2009 7:00pm Jan 21, 2009 7:00pm
Quoting rustyjeff
c'mon 87....
Nice trade Jeff.

It also gave a good example of a DBHLC.
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Indicators show the past. Price Action "Indicates" the future.
  • #19,295
  • Jan 21, 2009 7:07pm Jan 21, 2009 7:07pm
Quoting jarroo
I know some platforms don't show the PB on the Gbp/Usd, but Fx Pro/InterBank does.

Some confirmations of breaks need to be meet before I trigger: Break of the 1.4000 (RD) and Pum line at 1.4050 line (2000/2001 Lows)

Maybe we'll get a PB like in June 2001.

Jim

I'm feeling a little frisky. I'm going to take a small position off the left eye (Hourly PB, if it breaks).

This is risky because we haven't had a break of the Daily PB.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #19,296
  • Jan 21, 2009 7:12pm Jan 21, 2009 7:12pm
OK, so i blew 2 PBs last night because they were not PBs. Got saved by you guys on the thread telling me so.

Here is another. PB or Not. I have place a pending trade.
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  • #19,297
  • Jan 21, 2009 7:23pm Jan 21, 2009 7:23pm
Quoting jarroo
I'm feeling a little frisky. I'm going to take a small position off the left eye (Hourly PB, if it breaks).

This is risky because we haven't had a break of the Daily PB.

Whats a little more concerning is that the Daily PB opened and closed below the 1.40 PPZ

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  • #19,298
  • Jan 21, 2009 7:25pm Jan 21, 2009 7:25pm
Quoting flyer415
OK, so i blew 2 PBs last night because they were not PBs. Got saved by you guys on the thread telling me so.

Here is another. PB or Not. I have place a pending trade.
Yes it's a PB. Like to Price get above the PPZ of 6.9250.

Oh wait looking there, it just did.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #19,299
  • Jan 21, 2009 7:28pm Jan 21, 2009 7:28pm
Quoting jarroo
Yes it's a PB. Like to Price get above the PPZ of 6.9250.

Oh wait looking there, it just did.
Yes, my order went in at 6.9280. Was a little conservative but it just hit.
  • #19,300
  • Edited Jan 22, 2009 5:10pm Jan 21, 2009 7:32pm | Edited Jan 22, 2009 5:10pm
Quoting chr5648
Whats a little more concerning is that the Daily PB opened and closed below the 1.40 PPZ
That's why we need more confirmation. Price has to prove itself by breaking 1.4000 and 1.4050. Then act as support, which is an even safer trade.

Meaning that if Price breaks these levels then retraces down and acts as support then we look for PA off these new support levels.
Indicators show the past. Price Action "Indicates" the future.
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