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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

  • #34,721
  • Jun 24, 2009 10:17am Jun 24, 2009 10:17am
Quoting StoragePro
I wanna have your baby...

Ah-Ha . I would have never guessed. I knew it. I was strangely attracted to you by your posts.
Indicators show the past. Price Action "Indicates" the future.
  • #34,722
  • Jun 24, 2009 10:23am Jun 24, 2009 10:23am
hi all,

just wanted to register my presence on this wonderful thread and to thank all the pros for making newbies like me feel welcome. i have been burning the midnight candle to ensure that i go through this enormous thread and will start posting my amateur charts soon....

once again, many thanks to james16 and co for this thread.

cheers!
kenny
  • #34,723
  • Jun 24, 2009 10:24am Jun 24, 2009 10:24am
Quoting StoragePro
I wanna have your baby...
  • #34,724
  • Jun 24, 2009 10:25am Jun 24, 2009 10:25am
Quoting jumper99
hi all,

just wanted to register my presence on this wonderful thread and to thank all the pros for making newbies like me feel welcome. i have been burning the midnight candle to ensure that i go through this enormous thread and will start posting my amateur charts soon....

once again, many thanks to james16 and co for this thread.

cheers!
kenny
Welcome Kenny

It is a very big thread compared to when some of us started! Good luck and ask questions along the way

Mike
  • #34,725
  • Jun 24, 2009 10:29am Jun 24, 2009 10:29am
Not going to add anything before the fed.
Keep taking CT trades, I need more money
  • #34,726
  • Jun 24, 2009 10:37am Jun 24, 2009 10:37am
Quoting jarroo
Ah-Ha . I would have never guessed. I knew it. I was strangely attracted to you by your posts.
Don't jump the gun Jim. It might be a trap.
  • #34,727
  • Jun 24, 2009 10:39am Jun 24, 2009 10:39am
Quoting moneybags
Don't jump the gun Jim. It might be a trap.

lol It wouldn't be the first time.
Indicators show the past. Price Action "Indicates" the future.
  • #34,728
  • Edited 11:08am Jun 24, 2009 11:07am | Edited 11:08am
dnt want to post chart now as it might not close as a pin but have a question, the previous bar is a massive bearish bar, if it closes as a pin wld it be advisable to take it
pros- nice shape(if it closes as expected), 1.745 RN ppz, 61.8 fib,rsi divergence,plenty of space to run
cons-just bothered about the previous bar
thnx guys

sorry, its on fxdd feed
Simplicity is the key to success
  • #34,729
  • Jun 24, 2009 11:31am Jun 24, 2009 11:31am
[quote=pianosax12;2826294]
Quoting Alexandra
Indeed! No better purpose!

C'mon...buy some EURUSD with me - you can do it...c'mon![/quote]

Went long off the daily DBLHC, still in drawdown at the moment, beginning to wonder. http://www.forexfactory.com/images/icons/icon8.gif

Be careful. An intervention day is not for the feint of heart...maybe wise to be well stopped or stay aside.

The case should be clearer after the carnage is past, and there will be subsequent opporunities, most likely counter intervention is history runs true.
Or, perhaps, hedge things with a pair that is less directly in the fray but likely to benefit, like USDJPY or USDCAD
  • #34,730
  • Jun 24, 2009 11:35am Jun 24, 2009 11:35am
Quoting billye
dow and E/U drops by ~ 50pips over the past hour...

feel like some panic leaked news???
Hey Billye

You will drive yourself nuts both mentally and trading wise if you try to figure out why the market moves. Most of us stick to just reading the chart. It takes so much of the guess work out and trying to overthink the real simplicity of the markets. As James says, he ignores the news like the plague. I am in 110% agreement as I usually am with the big guy

Best
Mike
  • #34,731
  • Jun 24, 2009 11:53am Jun 24, 2009 11:53am
I don't trade this market. (oil future), was only a practice trade lol
But this is how this material works.
We have a double top in a strong PPZ+Divergence. And show us a pinbar in 30min.
Look where I put my stoploss.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #34,732
  • Jun 24, 2009 11:57am Jun 24, 2009 11:57am
Quote
Hey Billye

You will drive yourself nuts both mentally and trading wise if you try to figure out why the market moves. Most of us stick to just reading the chart. It takes so much of the guess work out and trying to overthink the real simplicity of the markets. As James says, he ignores the news like the plague. I am in 110% agreement as I usually am with the big guy

Best
Mike

vsa trader must not read this. they will smoke u raw

Honestly, i agree that its all in the chart
  • #34,733
  • Jun 24, 2009 12:04pm Jun 24, 2009 12:04pm
Quoting billye
thanks mike... what puzzles me is no news in past hour,

but it happened that in 4 markets, E/U, U/Chf, stocks (and oil?) there are correlated big moves... which look werid.
and price action seems to be a sudden response instead of a planned.

how sure how to trade this moves... or exit and wait?
Hey B

There doesn't have to be "news" for the markets to move. Their are so many participants that are constantly buying and selling for their own motivations. Our job as technicians is to watch for the footprints they leave and for areas where traders are likely to be watching. We then wait for confirmation via Price action and enter. If you notice the regulars here all have trade/game plans about how they best see fit to enter the market. For me it comes for waiting for key locations and then simply waiting for Price action there. Take a step back, go through the thread, and keep things real simple, it will really take that stress out of it as it has for so many of us

Best of luck
Mike
  • #34,734
  • Jun 24, 2009 12:47pm Jun 24, 2009 12:47pm
Quoting StoragePro
I wanna have your baby...
Sorry to disappoint... I'm straight!
  • #34,735
  • Jun 24, 2009 12:49pm Jun 24, 2009 12:49pm
Mike does not need anyone to tell him he is right - but check out this chart - 4hr GC. I marked a flip at 1.7470 with a bunch of clear touches and rejections. It is an area of interest going back to at least 1995 and strong interest since last November. (That took 30 seconds of analysis - whew, I'm sweatin')

Then yesterday came that beauty of a PB formed by two 4 hr bars. Right on the PPZ, right on the 150 (First time back too). I had no idea anything was going to happen, but the technicals are what they are.

There are people who will tell you you have to understand fundamentals and pay attention to the news. The institutions that drive this market have access to the same information that the US Fed or, in this case, the Swiss institutions have. The people that work there cross pollinate all the time and job back and forth.

The short of it is that the people 'in the know' were getting into position for a run. The charts do not lie.

The market knows. It shows its knickers to us all the time. We only have to look when the skirt comes up.
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I'm pretty much done with all this ...
  • #34,736
  • Jun 24, 2009 12:50pm Jun 24, 2009 12:50pm
Quoting raczekfx
Sorry to disappoint... I'm straight!
Not that there is anything wrong with that....
I'm pretty much done with all this ...
  • #34,737
  • Jun 24, 2009 1:03pm Jun 24, 2009 1:03pm
Quoting StoragePro
Not that there is anything wrong with that....
  • #34,738
  • Jun 24, 2009 1:04pm Jun 24, 2009 1:04pm
Regardless on the outcome of fomc, I'll be looking @ 1.57 as the next target.
.
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  • #34,739
  • Jun 24, 2009 1:10pm Jun 24, 2009 1:10pm
Quoting StoragePro
Not that there is anything wrong with that....
if you are quoting Seinfeld you bumped up on my list SP
  • #34,740
  • Jun 24, 2009 1:10pm Jun 24, 2009 1:10pm
holding an over-leveraged position open and the bomb coming in 5min... scared
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