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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

  • #31,041
  • May 26, 2009 4:51am May 26, 2009 4:51am
Quoting jarroo
Looks like a keeper. I like the 8650ish level as a 1st target. (sorry can't post charts).
Here's a chart, Weekly Aud/Cad. (g_j_)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,042
  • May 26, 2009 4:57am May 26, 2009 4:57am
Quote
Looks like a keeper. I like the 8650ish level as a 1st target.

jarroo.
Feels like 0.86 - 0.8650 is achievable near-term.
Massive bearish divergence on MACD on the daily.
Let's see how far the weekly BEOB's influence goes.... Mean time, 0.8730/40-ish (PPZ from as recent as april1, & as far back as sept2007 on my daily chart, XTB MT4 data) & 0.87 roadblocks seem to be causing some problems.
  • #31,043
  • May 26, 2009 4:59am May 26, 2009 4:59am
Thanks for the chart Jaroo
WARNING: Don't follow me as I'm just learning
  • #31,044
  • May 26, 2009 5:02am May 26, 2009 5:02am
Quoting jarroo
Looks like a keeper. I like the 8650ish level as a 1st target. (sorry can't post charts).
agreed its backed up by the 365 EMA on the 4h TF also.
one thing i notice is the bullish div. on the 4h TF, so we might have to endure some retrace??
EDIT: added chart
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.jpg Size: 128 KB
PATIENCE... DISCIPLINE
  • #31,045
  • May 26, 2009 5:15am May 26, 2009 5:15am
This is my question, I am not sure if someone has asked this before. My broker is GMT+2, how can I show a Daily Chart of GMT +0? Is GMT +0 the best Daily chart setting here? Thanks a lot.
  • #31,046
  • May 26, 2009 5:29am May 26, 2009 5:29am
kk007,
if u want a GMT +0 chart, look for an MT4 with such timezone.
I think IBFX & Alpari are both gmt +0. (not sure now that we have daily savings time?)

with the james16 method, timezone does not matter.we trade the PA we see in our charts, no matter what time zone. of course it helps if u have & are monitoring 2 or more brokers, as each broker displays different PA.
  • #31,047
  • Edited 6:45am May 26, 2009 5:32am | Edited 6:45am
Quoting kk007
This is my question, I am not sure if someone has asked this before. My broker is GMT+2, how can I show a Daily Chart of GMT +0? Is GMT +0 the best Daily chart setting here? Thanks a lot.
Not sure but many of the guys here use daily charts from FxPro as the daily close lines up with the close of the NY trading session.
WARNING: Don't follow me as I'm just learning
  • #31,048
  • May 26, 2009 5:33am May 26, 2009 5:33am
Quote
one thing i notice is the bullish div. on the 4h TF, so we might have to endure some retrace??

g_j_hook@yah,
on that note, yes, M5, M15, H1 & H4 show possible retracement. Let's see how long it lasts...
  • #31,049
  • May 26, 2009 5:38am May 26, 2009 5:38am
Quote
Not sure but many of the guys here use daily charts from FxPro .com as the daily close lines up with the close of the NY trading session.

adam777,
yes, several here use IBFX, Alpari, FXPro.
  • #31,050
  • May 26, 2009 5:45am May 26, 2009 5:45am
Quoting Alexandra
Wonderful to see this type of perspective displayed on the forum...everyone is waiting for 1.38 again. That means is probably won't happen!

For you classic chartists out there, the targets on A/D and E/D are considerably higher following the recent flags, despite the overbought status.
Looks like everyone else was right.
Economists have forecast 9 out of the last 5 recessions
  • #31,051
  • May 26, 2009 5:51am May 26, 2009 5:51am
Thanks supremeChaos and Adam777,

I am using AlpariUK and that is GMT +2 at the moment (GMT +1 during winter). If using NY close as day end , it will be equalvanlent to GMT +3 (since it close at 21:00GMT at the moment).

Seems to me that not a big issue here anywhere between GMT +0 and GMT +3.

cheers,
  • #31,052
  • May 26, 2009 5:58am May 26, 2009 5:58am
Quote
Looks like everyone else was right.

markmm,


the upmoves happened quite fast. retracements are always inevitable.
  • #31,053
  • May 26, 2009 6:00am May 26, 2009 6:00am
Quoting jarroo
Here's a chart, Weekly Aud/Cad. (g_j_)
"...and my body went this way! And my head went that way!!"

The aussies here will know what I'm saying.

UCad is heading strongly up, and A/U is heading strong down. Waiting for U/C to show it's hand on retrace.
Bundy's status today: "Waiting..."
  • #31,054
  • May 26, 2009 6:02am May 26, 2009 6:02am
Quoting markmm
Looks like everyone else was right.
can somebody explain the 138 level ??
i dont see the fascination?? i personally think that if price hit 138 it will hit 137-50 also.?
PATIENCE... DISCIPLINE
  • #31,055
  • May 26, 2009 6:05am May 26, 2009 6:05am
Quoting g_j_hook@yah
can somebody explain the 138 level ??
i dont see the fascination?? i personally think that if price hit 138 it will hit 137-50 also.?
Perhaps, .38 Fibo
  • #31,056
  • May 26, 2009 6:05am May 26, 2009 6:05am
BEOB Weekly Aud/Cad.

Looking at my charts now, we have all seen better, clearer setups. lol.

But it shows potential by Price Action below strong Weekly and Daily PPZ levels. (geen areas).

Don't know why its not breaking harder. lol.
Attached Image (click to enlarge)
Click to Enlarge Name: audcad.gif Size: 22 KB
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,057
  • May 26, 2009 6:10am May 26, 2009 6:10am
Quoting g_j_hook@yah
can somebody explain the 138 level ??
i dont see the fascination?? i personally think that if price hit 138 it will hit 137-50 also.?
I agree.

I don't get the 138.00 idea either. Maybe Daily 38.2% , But nothing else.
Bundy's status today: "Waiting..."
  • #31,058
  • May 26, 2009 6:12am May 26, 2009 6:12am
daily ppz @8850 acting as support...
All that matters is winning the week
  • #31,059
  • May 26, 2009 6:14am May 26, 2009 6:14am
Quoting lindsayf
daily ppz @8850 acting as support...
You mean the 8750?
Indicators show the past. Price Action "Indicates" the future.
  • #31,060
  • May 26, 2009 6:17am May 26, 2009 6:17am
g_j_hook@yah, bundyraider,
seems it's a PPZ from as far back as July2007. (haven't checked Fib, etc.)

in my case, 1.38 & 1.3850 were possible supports(based on my doodling). unfortunately, i was not in the trade (again? ). fortunately, my analysis was somehow correct.


jarroo,
seems bundy's observation explains it.

bundyraider,
thanks for sharing your observation.
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