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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

  • #29,021
  • May 2, 2009 2:47pm May 2, 2009 2:47pm
Quoting egkid
I imagin it will be most crazy day 7 may
if u don't know why take a look
http://www.forexfactory.com/calendar...y=2009-5-7&c=2
from 7 am to 9.30 am
Not to mention Non Farm Payroll on Friday May 8th.

Many traders don't like to trade the day before that event.

Too much volitility too many headfakes.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #29,022
  • May 2, 2009 3:55pm May 2, 2009 3:55pm
Quoting raczekfx
We would never know that until it materializes, right?
Here are some thoughts for those getting excited about yen crosses and quick dow recovery. These are by John Mauldin and I have respect for the guy.

"...
I certainly don't buy this so-called "bull" market that CNBS and other mainstream media shills are trying to dope us all into believing. Mark's right, at the end of the day, trade the price action. The charts rule.
"Don't trade to trade . . . trade to win." - James16
  • #29,023
  • May 2, 2009 4:05pm May 2, 2009 4:05pm
Quoting oltciter
Interesting chart!

Nice pin, but at swing high.
"A is A"
  • #29,024
  • May 2, 2009 4:23pm May 2, 2009 4:23pm
inside bars and a fake breakout, we're still in a down market also making HL's, if you put a fib from the low to high its also the 61.8% RT..
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  • #29,025
  • Edited 5:04pm May 2, 2009 4:30pm | Edited 5:04pm
Quoting TotalNewbie
I have to ask a question that has been troubling me for some time. I see on the EUR/USD daily there is potential for a short following Thursdays pin if the price brerks down to around 180 (I reckon this may run into trouble around 130 or so tho'). Anyhow, my question really concerns the weekly chart which exhibits a pin or sorts in the opposite direction. My question really is (assuming the weekly pin was a valid one, which I accept it isn't) which chart should I pay most attention to, given that they seem to contradict? I know this is hypothetical...
This is a great question TN. As jpa and PipGator have said that the higher time frames do Rule over lower times. Also, if there is any doubt that you have concerning any trade you should stay out and learn from it.

I think the question your asking is not of the validity of the weekly Bullish PB (because it looks like a PB). But is the weekly Bullish Pin Bar viable over the Bearish PB on Daily. Meaning is the quality of the weekly Bullish PB stronger then the Bearish Daily PB.

Looking at the Weekly Bullish PB on the Euro, would this be an "A" setup you would normally take? Probably not because its not at a swing low, in the middle of traffic, no space, etc.

How about the Daily Bearish PB. Location is at a swing high, although its not very deep, not alot space, trafficy, etc. So looking at both setups on each time frame would not be the best of the best to take.

But my larger point and more to your question is that if a Daily PB is showing you an "A+" PA setup and the Weekly is showing you a "D-" PB, I go for the A+ setup every time.

Hope I made sense. lol

Jim
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #29,026
  • May 2, 2009 4:43pm May 2, 2009 4:43pm
Quoting raczekfx
We would never know that until it materializes, right?
Here are some thoughts for those getting excited about yen crosses and quick dow recovery. These are by John Mauldin and I have respect for the guy.

" [size=2][color=blue][i][font=&quot]Further, this rally (equities) has all the earmarks of a major short squeeze. Regulators have recently (and correctly) been enforcing short selling rules that require stock to be delivered and settled on short trades. This may be a one-time event. When the short squeeze is over, the buying will stop and...
Sounds good.......but the market is how far ahead of awareness of economic recovery??.....6 months??
  • #29,027
  • May 2, 2009 4:53pm May 2, 2009 4:53pm
Quoting fxScavenger
Thank you for responding,

Sometimes I feel I'm the only one that see's the bigger picture.
What people don't realize is governments work in much bigger time frames.
They're agenda's span decades, the cold war with the USSR was a war of financial attrition that lasted what almost 50 years. The public school system has been being dummmed down since 50's maybe even earlier.
Keep them too stoopid to question, and when that doesn't work keep them too busy to notice or if they do, to have time to react or do anything about it. It's become a game of...

You certainly aren't alone FX. I am seeing it the same way you are. This country is shot as far as I'm concerned. Or at least heading that direction fast.
"Luck favors the prepared mind"
  • #29,028
  • May 2, 2009 5:01pm May 2, 2009 5:01pm
Good Explaination Jarroo! That one is going in my notes.

Jim

Quoting jarroo
This is a great question TN. As jpa and PipGator have said that the higher time frames do Rule over lower times. Also, if there is any doubt that you have concerning any trade you should stay out and learn from it.

I think the question your asking is not of the validity of the weekly Bullish PB (because it looks like a PB). But is the weekly Bullish Pin Bar viable over the Bearish PB on Daily. Meaning is the quality of the weekly Bullish PB stronger then the Bearish Daily PB.

Looking at the Weekly Bullish PB on the Euro, would this be a "A"...
"Luck favors the prepared mind"
  • #29,029
  • May 2, 2009 5:36pm May 2, 2009 5:36pm
Quoting jpa0827
You certainly aren't alone FX. I am seeing it the same way you are. This country is shot as far as I'm concerned. Or at least heading that direction fast.
Hi Jim,

I like your by line "Luck favors the prepared mind"

I guess I needed to vent. Thanks for listenening.

I will shut up now b4 I depress the whole group.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #29,030
  • Edited 7:13pm May 2, 2009 7:03pm | Edited 7:13pm
I'm not good at English,So I can't express much more what I thouht.I put a trend line on the weekly chart and then back to the daily chart ,put the fibs on it .I hope what I did could make you guys have some thoughts.

Anyway,have a good weekend
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  • #29,031
  • May 2, 2009 8:57pm May 2, 2009 8:57pm
Quoting mbqb11
Hey Forexngo

That bar is coming into heavy traffic. Meaning the pin did not create any space away from all that consolidation. Also this is an example of my prior post. That bar is not valid until the low breaks. A lot of people try to sell these pins right on the close b/c they don't want to miss the action. You can do this, but it is IMO the most aggressive and least rewarding since the low is not far away.

Best
Mike
Unfortunately, i have jumped in so early and it is retracing to near about my stoploss...
You re big bro., Mike. You make my day!
Good luck
  • #29,032
  • Edited 9:35pm May 2, 2009 9:31pm | Edited 9:35pm
Hi guys,

Need some ideas when picking the AUD and EURO PB.

When I do comparison, both quite similar and have so many confluence resistence at top.

It seems people more favor the AUD trade because of the look of the PB. However, Euro PB is not that bad too.

In my opinion, AUD seems have easier trade management once it breaks 7230 area, and it can reach 7130 easily afterward.

EURO on the other hand, it has better resistence like, 61.8 fib, trendline resistence, 1.3350 Weekly PPZ, 150 EMA over the top. Do you think EURO can easily run to 3100 after breaks the PB low?

I really want to know how you guys choose which one to trade base on this two.


All comments are welcome. Thanks!
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  • #29,033
  • May 2, 2009 10:11pm May 2, 2009 10:11pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
if ask ghous, he probably has better explanation on the weekly bar if his criteria qualifies that weekly bar.

cheers


Quoting jarroo
This is a great question TN. As jpa and PipGator have said that the higher time frames do Rule over lower times. Also, if there is any doubt that you have concerning any trade you should stay out and learn from it.

I think the question your asking is not of the validity of the weekly Bullish PB (because it looks like a PB). But is the weekly Bullish Pin Bar viable over the Bearish PB on Daily. Meaning is the quality of the weekly Bullish PB stronger then the Bearish Daily PB.

Looking at the Weekly Bullish PB on the Euro, would this be an "A"...
  • #29,034
  • May 2, 2009 11:49pm May 2, 2009 11:49pm
Hi,

I notice that here we focus on one bar price patterns, do you guys ever look at the multibar patters like triangles, wedges flags? Ive been reading through Encylopedia of Chart Patterns, which is a excellent book on these patterns, with statistics etc.

I feel more comfortable looking at these as they have taken time to develop and, rather than a pin bar on the 4 or 1 hour, I am going to focus on the 4/1 hour and look at the majors for these patterns, focusing on just the most common ones (flags, triangles, rectangles, head and shoulders and wedges). I believe there will be enough to make a good profit with just these.

My question is does the PF have info on these, I know when I was a member before Mike was looking at Breakout patterns, just wondering if there is a section that focuses on these.
Economists have forecast 9 out of the last 5 recessions
  • #29,035
  • May 3, 2009 12:54am May 3, 2009 12:54am
Here's one to wet everyones apetite. no one anywhere has mentioned this. mabe i am missing something or no one trades the aus/nzd pair. look at the daily chart and you can see the reaction at the red line which is on 1.2939. its hit it three times then droped like theres no tomorow. what do you guys think? what also makes it good is this last candle closed as a pin and below a previous daily pivot (red dashed line) which is almost in line with a S&R line (red solid line)
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  • #29,036
  • May 3, 2009 1:01am May 3, 2009 1:01am
heres more of a close up look at my above chart
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  • #29,037
  • May 3, 2009 1:07am May 3, 2009 1:07am
Quoting markmm
Hi,

I notice that here we focus on one bar price patterns, do you guys ever look at the multibar patters like triangles, wedges flags?...
Hi,

These patterns can be traded with price action if you play it as a breakout, pullback and continuation or take the break of the pattern with a price action bar.

The attached chart demonstrates a bearish flag breakout with a Bearish outside bar confirming the break.

James always says use his material to improve your current method and this is a good examplke of how it can be done.

Hope this helps.

cheers

FXP
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  • #29,038
  • May 3, 2009 1:15am May 3, 2009 1:15am
Quoting fxprocessor
Hi,


James always says use his material to improve your current method and this is a good examplke of how it can be done.

i think a lot of people miss this VERY IMPORTANT STATEMENT AND TRUTH.

this material is a method-not a system and as such it can be tweaked, stretched, refined, added to, reduced, expanded, molded and used in any way you can think of TO MAKE SOMETHING THAT WORKS....WORK EVEN BETTER.

im up at 330 in the morning on a sunday morning listening to tornado sirens and waiting to hit the house shelter for the freakin 3rd time today. the cowboy building went down today and its a miracle no one was killed.

spring in texas. geez.
  • #29,039
  • May 3, 2009 1:51am May 3, 2009 1:51am
anyone keeping an eye on this weekly buob?
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  • #29,040
  • May 3, 2009 1:52am May 3, 2009 1:52am
Quoting james16
i think a lot of people miss this VERY IMPORTANT STATEMENT AND TRUTH.

this material is a method-not a system and as such it can be tweaked, stretched, refined, added to, reduced, expanded, molded and used in any way you can think of TO MAKE SOMETHING THAT WORKS....WORK EVEN BETTER.

im up at 330 in the morning on a sunday morning listening to tornado sirens and waiting to hit the house shelter for the freakin 3rd time today. the cowboy building went down today and its a miracle no one was killed.

spring in texas. geez.
be safe down there guys, heard about the cowboys facility scary
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