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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

  • #28,121
  • Apr 26, 2009 1:11pm Apr 26, 2009 1:11pm
Quoting TiaForex
Hey Josh,

I think squeezy was using that line to show divergence rather than as a TL per se.

yup, dats right tiaforex, the line is for showing divergence...
my problem wld be the size of the bar ( not long enough )imo
it has plenty of space though ( no traffic)
has room to run to 1.315 area, just wanted more opinions lol
Simplicity is the key to success
  • #28,122
  • Apr 26, 2009 1:15pm Apr 26, 2009 1:15pm
Quoting oltciter
230 pips is a nice target!
Everything's fine except the importance you're giving to the yellow ppz on your chart.

My opinion is in the chart below.

I feel bad abt being pessimistic abt all these weekly setups that have popped up this week, but really I can't help it. A poor setup is a poor setup, so to say, and I don't know how to hide meaning behind words like Mark can so sorry if I appear blatant and an open critic...

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 20 KB
I believe . . .
  • #28,123
  • Apr 26, 2009 1:17pm Apr 26, 2009 1:17pm
Quoting squeezy
yup, dats right tiaforex, the line is for showing divergence...
my problem wld be the size of the bar ( not long enough )imo
it has plenty of space though ( no traffic)
has room to run to 1.315 area, just wanted more opinions lol
Oops! Sorry!
  • #28,124
  • Apr 26, 2009 1:22pm Apr 26, 2009 1:22pm
Quoting ghous
Everything's fine except the importance you're giving to the yellow ppz on your chart.

My opinion is in the chart below.

I feel bad abt being pessimistic abt all these weekly setups that have popped up this week, but really I can't help it. A poor setup is a poor setup, so to say, and I don't know how to hide meaning behind words like Mark can so sorry if I appear blatant and an open critic...

Regards,
Ghous.
fantastic explanation.....former support should now turn into resistance...lets see what happens
  • #28,125
  • Edited 1:40pm Apr 26, 2009 1:28pm | Edited 1:40pm
Squeezy,

I will be watching from the sidelines on this one because I am still trying to stick to daily time frames and higher until I reach the next level.

Looking at the EUR/USD chart, I have a feeling that price is about to drop. The location of this setup is nice: a PPZ at a nice round number. Throw in hidden bearish divergence, and the setup becomes even more of a temptation. (I sometimes struggle with divergence, but I think you have shown it correctly.) I do not see any minor PPZs above the 1.31 area that stand out as possible areas of concern, but I would not be too surprised if we have missed a minor PPZ to watch out for. Maybe the region near 1.32 is this area?

As you mentioned, though, the size of the pinbar is pathetic when compared to the previous bar. Does the size of the pinbar make this untradeable? I do not know the answer to that question, but I have a feeling it has to do with trading style. I suspect that some of the more aggressive experienced traders would take this trade while some of the more conservative would pass based on the shape of the pinbar alone.

I am curious to see what others have to say.

Quoting squeezy
the only problem i see is with the size of this pinbar (could have being much longer), can u guys see any other thing wrong.....
just wanted to have thers opinion
cheers
Attached Image (click to enlarge)
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  • #28,126
  • Apr 26, 2009 1:57pm Apr 26, 2009 1:57pm
Quoting ghous
Everything's fine except the importance you're giving to the yellow ppz on your chart.

My opinion is in the chart below.

I feel bad abt being pessimistic abt all these weekly setups that have popped up this week, but really I can't help it. A poor setup is a poor setup, so to say, and I don't know how to hide meaning behind words like Mark can so sorry if I appear blatant and an open critic...

Regards,
Ghous.
As a newbie, I find blatant and open, refreshing, direct and informative.
While subtleties can make you think, they can make things more confusing if presented too early in the learning curve.

I found your explanation concise and to the point and That got me thinking.

Good job.

Oh, and pessimisim falls right in with finding reasons why not to get in.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,127
  • Apr 26, 2009 2:07pm Apr 26, 2009 2:07pm
Quoting PipGator
Squeezy,

I will be watching from the sidelines on this one because I am still trying to stick to daily time frames and higher until I reach the next level.

Looking at the EUR/USD chart, I have a feeling that price is about to drop. The location of this setup is nice: a PPZ at a nice round number. Throw in hidden bearish divergence, and the setup becomes even more of a temptation. (I sometimes struggle with divergence, but I think you have shown it correctly.) I do not see any minor PPZs above the 1.31 area that stand out as possible areas...
im also trading strictly daily & weekly, but when we had a bounce off the 1.33 ppz on eurusd daily, i was curious wat a lower tf's story would be.... and when i saw wat i saw ,ws curious to find out how it would play out.....
just like u, i wld also be on the sidelines, im awaiting my A + trade on the daily/weekly tf...
my reason for bringing dis up is to find out wat cld be possible scenarios if it was on the daily.....just for future references
cheers
Simplicity is the key to success
  • #28,128
  • Apr 26, 2009 2:08pm Apr 26, 2009 2:08pm
Quoting ghous
Everything's fine except the importance you're giving to the yellow ppz on your chart.

My opinion is in the chart below.

I feel bad abt being pessimistic abt all these weekly setups that have popped up this week, but really I can't help it. A poor setup is a poor setup, so to say, and I don't know how to hide meaning behind words like Mark can so sorry if I appear blatant and an open critic...

Regards,
Ghous.
Ghous, your posts are always very clear and helpful. So, do you think the only tradable weekly setup is the UsdCad pin bar? I think i will play also the NzdUsd, but i'll take partial profit very quickly and move the rest to BE as soon as possible.
  • #28,129
  • Apr 26, 2009 2:26pm Apr 26, 2009 2:26pm
Quoting squeezy
..
just like u, i wld also be on the sidelines, im awaiting my A + trade on the daily/weekly tf...
ditto. See a couple that could move, but involve quick moves to B/E and lots of traffic.....not worth it. I'm interested in the AUD/USD pinbar...lots of room to run if it breaks .74 level. Could also be one of ghous' hanging man bars too.
  • #28,130
  • Apr 26, 2009 2:36pm Apr 26, 2009 2:36pm
Quoting squeezy
the only problem i see is with the size of this pinbar (could have being much longer), can u guys see any other thing wrong.....
just wanted to have others opinion
cheers
What sticks out to me on this potential trade is when it formed... the last 8 hours of the week... less volume/liquidity...

Another aspect to consider when we all start intraday trading.

Josh

Edit: I should note that I'm long a small position on this yet (from 1.3050)...
  • #28,131
  • Apr 26, 2009 2:41pm Apr 26, 2009 2:41pm
hi yawl,for what its worth im not so taken with the eu/us 8h pin. i do agree with the location being good though,it just doesnt seem decisive enough.
a, its not a very big bar(if you take the previous bars as 8h bars its actually tiny)
b, price seems to be hanging in nomans land..the 133 level above and below the 131.75-132.then 131
c, the bearish divergence is not yet confirmed, (imagine if price goes staight up from here the divergence would be lost)it can be confirmed with a TL break or if the indicator falls below (in this case ) the 50 line.
d, price has formed a kind of desending channal pattern which hugs the daily TL, this smells slightly bullish to me??and if you take the fib from the march lows to the march highs you can see how price has come back from the 61% level and although has paused at the 38% level it hasnt shown any decisive reversal yet??
jus my 2pips worth
cheers jon
PATIENCE... DISCIPLINE
  • #28,132
  • Apr 26, 2009 2:42pm Apr 26, 2009 2:42pm
Quoting fxScavenger
Hey Janegra,

I guess it's easy to see I have way too much time on my hands when the markets are closed.

I'd get a life but all the good ones are taken.

In the mean time I'm still slogging my way up through thread, about half way now. and It's mostly repetative in most aspects. I don't want to miss anything critical, but I don't want to waste my time either, or any one elses by clogging the thread by asking a bunch of questions that have already been answered in the posts I skip. Well back to the posts.

Damned if I do, damned if I don't....
FXS,
Glad to hear you are reading through the whole thread. You are dead on that a lot of it becomes repetitive after a while. WHICH IS PERFECT... the best way to learn is to continuously review and repeat what you've learned... we must instill these good habits of pattern recognition, waiting for PA at a PPZ, and all the other good things about this method of trading. This aspect is often overlooked but for those that read the whole thread, they'll really learn the material and be a bit ahead of those who have only spend a few hours learning the basics of the material.
By reading the whole thread and really paying attention to what you are reading, you are truly learning the material and it will eventually become second nature/instinct to know a good setup. I'm not at this point yet, but I have seen such improvement as I read through the thread and continue to review parts of it...

Keep it up FXS, putting in your diligent time now will pay you back in the future.

Just my opinion guys, and a reminder to myself to continue being committed to my goals and long term vision.

Josh
  • #28,133
  • Apr 26, 2009 3:36pm Apr 26, 2009 3:36pm
Hello all
I'm new with this way of fishing will be great to know ur opinion , I'm not convince aud/usd can go up,
Also what ppz mean?
Thanks
Attached Image (click to enlarge)
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  • #28,134
  • Edited 3:49pm Apr 26, 2009 3:39pm | Edited 3:49pm
PPZ= Price Pivot Zone
p.s. me neither,i dont get this set up... mabye im just missing something??
jon
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PATIENCE... DISCIPLINE
  • #28,135
  • Apr 26, 2009 3:41pm Apr 26, 2009 3:41pm
Quoting egkid
Hello all
I'm new with this way of fishing will be great to know ur opinion , I'm not convince aud/usd can go up,
Also what ppz mean?
Thanks
To mean this bar means 'Wait', 'Watch' and 'Be Patient'...No trade for me.

PPZ - Price Pivot Zone. Welcome! I would encourage you to start from the first post to truly learn this method of fishing.

Josh
  • #28,136
  • Edited 4:36pm Apr 26, 2009 3:49pm | Edited 4:36pm
Quoting ikki
You have to wait for more clear signals. And the divergence, must to be obvious.

Just my IMHO,
Thank you IKKI.....you make me think twice.Good observation.
Patience is essential
  • #28,137
  • Apr 26, 2009 3:51pm Apr 26, 2009 3:51pm
Does anyone know a good spreadsheet to use, to track transactions and such? Looking for something that is easy to use, but gives me the jist of everything. I know its been covered here before, but can't seem to find it. Ty in advance
  • #28,138
  • Apr 26, 2009 4:14pm Apr 26, 2009 4:14pm
Quoting Jduester
FXS,
Glad to hear you are reading through the whole thread. You are dead on that a lot of it becomes repetitive after a while. WHICH IS PERFECT... the best way to learn is to continuously review and repeat what you've learned... we must instill these good habits of pattern recognition, waiting for PA at a PPZ, and all the other good things about this method of trading. This aspect is often overlooked but for those that read the whole thread, they'll really learn the material and be a bit ahead of those who have only spend a few hours learning the...
Thanks for the words of support Josh and your right.

I was looking at this post by ghous

http://www.forexfactory.com/showpost...ostcount=28123

and fairly easily understood what he was saying.

I believe I’m starting to internalize what I’ve been reading.

I posted ghous's chart and one of my own with some ideas of what I also see.

1) I see a symetrical triangle ( the solid and big dash lines) which broke short instead of being a continuation indication, that strikes me as a kind of divergence from the normal behavier of an ascending triangle. (an anomaly if you will).

2) I also see a rising wedge (solid and small dash lines). This is a typical trend reversal indication when observed in a rising trend.

So even though the BUOB says long there is a lot saying short, and the confusion says it's a good reason not to trade. (at least for now).

Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud W1 PPZ.gif Size: 20 KB
Click to Enlarge Name: euraud w1 patterns.gif Size: 33 KB
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,139
  • Apr 26, 2009 4:14pm Apr 26, 2009 4:14pm
Quoting egkid
Hello all
I'm new with this way of fishing will be great to know ur opinion , I'm not convince aud/usd can go up,
Also what ppz mean?
Thanks

I don't have a clue whether AUD/USD will go up but I do know we look for this kind of bullish pin bar at a swing low and not swing highs.

It is an easy pass for me.

PPZ means Price Pivot Zone.


cheers

FXP
  • #28,140
  • Apr 26, 2009 4:30pm Apr 26, 2009 4:30pm
Thanks for everyone answering my query,I got the feeling "I'm between loving family here"
I will be sideline no trade just watching
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