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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

  • #27,681
  • Apr 21, 2009 10:23pm Apr 21, 2009 10:23pm
Quoting jarroo
No disrespect adam, but I can't see a thing on your chart.
true Adam,
I believe . . .
  • #27,682
  • Apr 21, 2009 10:46pm Apr 21, 2009 10:46pm
I really liked that PB setup on USDCAD also. I was however turned away at first because of that 1.2300 staring at me. I have some time to consider it, but I think I will place a stop limit order below 1.23 a little. That way if it breakes the round number and pulls back I'll get a decent entry. Then of course take 30 pips and move to BE for a free ride.


Quoting scott087
I've had my eye on this one for a while after it broke short. The only thing I'm caught up on is where to place my sell order. In my chart I highlighted some bar highs and lows and the round number/ppz at 1.23 which is about 23 pips under the low of the pin.

I'm thinking of either:
1) Selling at 1.2313 and moving my stop to B/E when it hits 1.23

2) Waiting for a break of 1.23 and selling at around 1.2293

Regardless of which entry I will be watching for the reaction at 1.23
  • #27,683
  • Apr 21, 2009 10:49pm Apr 21, 2009 10:49pm
Thanks Ghous

... and yes Jarroo I do need to clear my chart and include the rest of the chart before I post anything in future.
WARNING: Don't follow me as I'm just learning
  • #27,684
  • Apr 21, 2009 10:53pm Apr 21, 2009 10:53pm
Quoting adam777
Thanks Ghous

... and yes Jarroo I do need to clear my chart and include the rest of the chart before I post anything in future.
You'll get a better picture of what Price is doing without any distractions or confusing wiggly lines.
Indicators show the past. Price Action "Indicates" the future.
  • #27,685
  • Apr 21, 2009 11:03pm Apr 21, 2009 11:03pm
Quoting jarroo
You'll get a better picture of what Price is doing without any distractions or confusing wiggly lines.
I have the 150 & 365 ema, PPZ's, round numbers, daily channel lines, 2x fibs, macd & volume

... but I notice that you just have the major and the most recent PPZ
WARNING: Don't follow me as I'm just learning
  • #27,686
  • Edited 11:13pm Apr 21, 2009 11:09pm | Edited 11:13pm
This is great stuff Ghous also Scott087.
I've been away for a few days and to come back to this is a real learning experience for me.
Initially I agreed with how Scott viewed the trade, and the probs around 1.23 then when Ghous posted his chart it gave me a different viewpoint and pips to be made before the 1.23 area.
The different entry levels, stop levels and how profit would be taken (hopefully all going to plan)/MM it's all great food for thought.
This is a perfect scenario for me to test 2 different approaches, demo for me!
Thanks fella's (everyone that is) it's always good on the j16 thread. It's just that some days are REALLY GOOD.

Cheers Gov


Quote
Look at the left eye of the pin bar, what we're seeing right now is a retracement into the daily pin bar, the high of this left eye may well mark the acme of this pullback, retrace entries go here...

Regards,
Ghous.
  • #27,687
  • Apr 21, 2009 11:11pm Apr 21, 2009 11:11pm
Quoting adam777
I have the 150 & 365 ema, PPZ's, round numbers, daily channel lines, 2x fibs, macd & volume

... but I notice that you just have the major and the most recent PPZ
Yes, PPZs (RNs) and Price.

No doubt, I'll use 150, 200 & 365 emas at times, I'll check MACD and a few fibs levels, but if there is no confluence on a key location I'll remove them.
Indicators show the past. Price Action "Indicates" the future.
  • #27,688
  • Apr 22, 2009 1:21am Apr 22, 2009 1:21am
Quoting CrankDOX
well on ur 50 fib is a strong resistance too , i'm looking forward whit a short if it will reach that level .
did you get in at that level?
I was until Oanda widened their spread overnight and took me out by 1 pip after i had moved to BE, which then meant i missed my 120pip target
  • #27,689
  • Apr 22, 2009 1:27am Apr 22, 2009 1:27am
Hello,
I've found theese two a little bit similar. I see this as good one. Trend, pullback, confluence. Hoping for same outcome as GU (on the picture)

Only thing that I don't actualy understand is why is this nice formation appearing when canadians lowered their rates... I would suspect CAD to loose its power after that, but I am no economist. If someone could help me understand what's going on I would be grateful.

1st partial entry @2400 missed one pip.
2nd partial entry @2380.
Now waiting for break or reaching 1.24 again.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcadd1.gif Size: 16 KB
Click to Enlarge Name: gbpusdd1.gif Size: 10 KB
  • #27,690
  • Apr 22, 2009 1:46am Apr 22, 2009 1:46am
Quoting Schneeule
Hello,
I've found theese two a little bit similar. I see this as good one. Trend, pullback, confluence. Hoping for same outcome as GU (on the picture)

Only thing that I don't actualy understand is why is this nice formation appearing when canadians lowered their rates... I would suspect CAD to loose its power after that, but I am no economist. If someone could help me understand what's going on I would be grateful.

1st partial entry @2400 missed one pip.
2nd partial entry @2380.
Now waiting for break or reaching 1.24 again.
I am phobic to Fundis so maybe Mark (Rac) will come up with your answer,

What I felt like asking you was the need to have the volumes indicator there on your chart? You do know it's not the actual volumes don't you? Unlike the stock market such a global market has such data lies surreptitiously only with the big boys (feds, central banks and governments) the bars that you see on your volumes indicator is just a measurement of ticks/per period, so on the 4H chart a single volumes bar measures the number of pips the pair has moved in either direction (holding 1 pip move as a single measuring unit.) for a period of 4H.

If you're trying to depict momentum from this indicator you might better replace it with a macd, or any other MA based indicator to spot divergences...

No impudence intended, just a brotherly advice.

Regards,
Ghous.
I believe . . .
  • #27,691
  • Apr 22, 2009 2:01am Apr 22, 2009 2:01am
Quoting ghous
....
What I felt like asking you was the need to have the volumes indicator there on your chart?...
Ghous.
Well, I dont use it for anything. I have it on few charts, rest is clean. I did not even realized it is on the picture, I am somehow ignoring it unconsciously
  • #27,692
  • Apr 22, 2009 2:03am Apr 22, 2009 2:03am
There was a spike up on the announcement, which was immediately sold into, suggesting that the 'big money' is short.
  • #27,693
  • Apr 22, 2009 2:05am Apr 22, 2009 2:05am
Quoting Schneeule
Well, I dont use it for anything. I have it on few charts, rest is clean. I did not even realized it is on the picture, I am somehow ignoring it unconsciously


I believe . . .
  • #27,694
  • Apr 22, 2009 2:25am Apr 22, 2009 2:25am
Quoting Schneeule
Hello,
I've found theese two a little bit similar. I see this as good one. Trend, pullback, confluence. Hoping for same outcome as GU (on the picture)

Only thing that I don't actualy understand is why is this nice formation appearing when canadians lowered their rates... I would suspect CAD to loose its power after that, but I am no economist. If someone could help me understand what's going on I would be grateful.

1st partial entry @2400 missed one pip.
2nd partial entry @2380.
Now waiting for break or reaching 1.24 again.
Hey Schneeule

It's mainly the retail investors that cause this - the smart money is already positioned the other way (you can tell from the overall trend). News times often cause these sorts of moves but often they are short lived and the reason being is that it is unlikely that one piece of news will sway the scenario. The big players have taken a decision on what they believe to be the value of a currency and that is reflected in the overall trend. Interest rates are just one piece of the puzzle in a countries economy.


cheers

Simon
  • #27,695
  • Apr 22, 2009 2:38am Apr 22, 2009 2:38am
Quoting simoncs
Hey Schneeule

It's mainly the retail investors that cause this - the smart money is already positioned the other way (you can tell from the overall trend). News times often cause these sorts of moves but...
I understand that thing about the puzzle.
Thanks
  • #27,696
  • Apr 22, 2009 3:07am Apr 22, 2009 3:07am
morning yawl,jus a note on the us/cad setup, iv just been catching up on the last few pages and almost every trend line drawn on the us/cad was drawn differently!! lol
i ,for the life in me, cannot make that pin bar lie under that lower tl??
if anything price will have to break through it as support NOT resistance.
of course this is just mo
cheers jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 18 KB
PATIENCE... DISCIPLINE
  • #27,697
  • Apr 22, 2009 3:11am Apr 22, 2009 3:11am
Quoting adam777
...
Hi Jon

Yes I was wondering about that rising trend line after the 4h pin formed on the USDCAD.
WARNING: Don't follow me as I'm just learning
  • #27,698
  • Apr 22, 2009 3:21am Apr 22, 2009 3:21am
Does anyone know if the PF is still doing the lifetime membership after 12 month deal?
Economists have forecast 9 out of the last 5 recessions
  • #27,699
  • Apr 22, 2009 3:29am Apr 22, 2009 3:29am
Quoting g_j_hook@yah
morning yawl,jus a note on the us/cad setup, iv just been catching up on the last few pages and almost every trend line drawn on the us/cad was drawn differently!! lol
i ,for the life in me, cannot make that pin bar lie under that lower tl??
if anything price will have to break through it as support NOT resistance.
of course this is just mo
cheers jon
IMO the price interacts more acurately when the TL is drawn on open/close point.
Attached Image (click to enlarge)
Click to Enlarge Name: usd cad before.gif Size: 24 KB
  • #27,700
  • Apr 22, 2009 3:37am Apr 22, 2009 3:37am
i also use both h/l and close price on the longer tfs,
seems the same story to me though??
jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.gif Size: 14 KB
Click to Enlarge Name: daily2.gif Size: 18 KB
PATIENCE... DISCIPLINE
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