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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

  • #35,161
  • Jun 26, 2009 7:46am Jun 26, 2009 7:46am
Quoting StoragePro
LOL! Good stuff. I heard Sammy was working on some new stuff with some Rock Studs. It is 8:42AM and I want a Beer and a Bourbon chaser!
Got me one of my famous Irish coffees workin right now 5:45 am hehe
  • #35,162
  • Jun 26, 2009 7:48am Jun 26, 2009 7:48am
Daily chart
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Never underestimate an idiot.
  • #35,163
  • Jun 26, 2009 7:49am Jun 26, 2009 7:49am
Quoting Jduester
It's important to see the true source of order flow though....
hi Josh, for what its worth i agree with what you say about both round numbers and the fibs. i guess these big orders dont get filled in one click like ours and hence the zones rather than single prices?
i would say though and this is not contrary to what you say,that on an intra day TF, im thinking one hour and below here, that pretty reliable PPZ can form between the round numbers, and i think this 1h gb/us chart shows the validity of fibs.this one is drawn from the highs of the end of 2007 to the recent lows.
cheers
jon
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PATIENCE... DISCIPLINE
  • #35,164
  • Jun 26, 2009 8:06am Jun 26, 2009 8:06am
Quoting g_j_hook@yah
Ghous...how come everytime you pick a blind entry the bar closes a pin!!??this eu/us looks the same story!?
did you borrow Racs crystal ball or what!!??

jon
Ahhhhhhh! The magic of reading S/R like a book.
Bundy's status today: "Waiting..."
  • #35,165
  • Jun 26, 2009 8:07am Jun 26, 2009 8:07am
Quoting bundyraider
Ahhhhhhh! The magic of reading S/R like a book.
hehe,after that last 1h candle i might even join you!? lol
jon
PATIENCE... DISCIPLINE
  • #35,166
  • Jun 26, 2009 8:14am Jun 26, 2009 8:14am
Killed both for a little gain, was going sideways.
Keep taking CT trades, I need more money
  • #35,167
  • Jun 26, 2009 8:59am Jun 26, 2009 8:59am
Not sure if any of you trade this in futures still, but I beleive there is a pin setting up on the weekly of the ES (SP 500 mini). It crossed the 23% fibo and rocketed back up. obivously it is all pending close today, but knowing how friday's are, I would say there is an excellent chance it will set up nicely. The call will likely have you getting in long with a stop buy at around 920-21 and it could easily take off for 30-35 (120-140 ticks) points to touch the 09 highs. This is only the 2nd or 3rd decent weekly pin that has set up for the ES this year, and just wanted to get some thoughts as I could see it being a very lucrative trade.

I am obviously new, so I would love if someone would tell me what they think about the trade.

-Dave
  • #35,168
  • Jun 26, 2009 9:24am Jun 26, 2009 9:24am
Quoting g_j_hook@yah
Ghous...how come everytime you pick a blind entry the bar closes a pin!!??this eu/us looks the same story!?
did you borrow Racs crystal ball or what!!??

jon
....

Quoting bundyraider
Ahhhhhhh! The magic of reading S/R like a book.
.
I believe . . .
  • #35,169
  • Jun 26, 2009 9:33am Jun 26, 2009 9:33am
Few observations..
nothing significant but worth pointing out imho.
Every news caster is trashing $$ again, predicting cable to break 6660 and fiber getting stronger as well. If trading was that easy we would all be rich, but blindly following their predictions...

Dow's pausing after recording daily buovb off support yesterday. I think there is room to move to 8550 before turning south again (8000 being first stop?), but who knows; it might also drop 200ps today...
Oil behaves like is preparing for 62 next week.....
We will have to wait and see. Trade wisely and have a great weekend.
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  • #35,170
  • Jun 26, 2009 9:41am Jun 26, 2009 9:41am
Quoting TraderDavo
Not sure if any of you trade this in futures still, but I beleive there is a pin setting up on the weekly of the ES (SP 500 mini)....
Gotta chart?
I believe . . .
  • #35,171
  • Jun 26, 2009 9:52am Jun 26, 2009 9:52am
Yep, waiting the right moment. Nobody wants to miss the train...lol
Thanks, for your observations...


Quoting raczekfx
Few observations..
nothing significant but worth pointing out imho.
Every news caster is trashing $$ again, predicting cable to break 6660 and ............. Trade wisely and have a great weekend.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #35,172
  • Jun 26, 2009 9:59am Jun 26, 2009 9:59am
Quoting SomTam
Takind blind enty is quite risky.


And here is trage how evend traiding using round numbers
And expaltion why they are so meanful.

http://ezinearticles.com/?Trading-Fo...ers&id=1342054
Thanks for posting that article. It was interesting.
I'm pretty much done with all this ...
  • #35,173
  • Jun 26, 2009 10:06am Jun 26, 2009 10:06am
Quoting ghous
This is the only order (pending) I choose to hold...Attachment
As planned half taken off at the first support level. Cannot stress enough how important this is...
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I believe . . .
  • #35,174
  • Jun 26, 2009 10:09am Jun 26, 2009 10:09am
and here is indicator to show them , original also found in this treat

Attached File(s)
File Type: mq4 RoundNumbers.mq4   3 KB | 566 downloads


Attached File(s)
File Type: ex4 RoundNumbers.ex4   3 KB | 473 downloads
  • #35,175
  • Jun 26, 2009 10:18am Jun 26, 2009 10:18am
Quoting ghous
As planned half taken off at the first support level. Cannot stress enough how important this is...
Just asking - always curious about why traders do what they do. I might learn a new thing.

In a sideways market (daily) and in a current short term uptrend (hourly), why not simply bank full profit? That area you exited half is a fairly active area of price interest.

Just looking to hear some thing I might not have considered...
I'm pretty much done with all this ...
  • #35,176
  • Jun 26, 2009 11:30am Jun 26, 2009 11:30am
Hey boys and girls. I've had some fun here the past week or so. You made me glad I came down from my mountain to hang with you all. (OK - Jim heckled me into it) LOL Not only that, but Jim has tidied up the place nice. New carpets, nice curtains, and the fridge is full of beer!

I just love that "New Thread Smell" - don't you?

Well, I'll be out of pocket till next week sometime. Getting on a aero-plane with my Dependants and flying to NYC to entertain them. We will be looking for freaks and weirdos, gawking at tall buildings and having a few in the Rainbow Room bar. (I love that place - the best view!)

We have a limo picking us up at LaGuardia. My son has never been in one (He is 12, how many 12 year olds have?) and the driver is picking us up with a sign with HIS name on it. (I've taught him to trade PB's and OB's, so maybe I'll give him the bill.)

Be good, and for God's sake, please pick up after yourselves, make your bed, brush your teeth and comb your hair. Company is coming!

TTFN!!

Sorry about the loud font - if anyone complains, I'll make it permanent...
I'm pretty much done with all this ...
  • #35,177
  • Jun 26, 2009 11:32am Jun 26, 2009 11:32am
Quoting StoragePro
[size=4][font=Tahoma][color=Navy]Hey boys and girls....
Enjoy! And have fun!
  • #35,178
  • Jun 26, 2009 11:50am Jun 26, 2009 11:50am
do traders typically close their monthly books today and calculate their monthly ROI?
next monday is the start of the new trading month?
  • #35,179
  • Jun 26, 2009 11:51am Jun 26, 2009 11:51am
Quoting dengzhi
do traders typically close their monthly books today and calculate their monthly ROI?
next monday is the start of the new trading month?
guess it depends on the trader, but there are still 2 trading days left in June
  • #35,180
  • Jun 26, 2009 12:07pm Jun 26, 2009 12:07pm
Quoting StoragePro
Just asking - always curious about why traders do what they do. I might learn a new thing.

In a sideways market (daily) and in a current short term uptrend (hourly), why not simply bank full profit? That area you exited half is a fairly active area of price interest.

Just looking to hear some thing I might not have considered...
I was anticipating a test of the minor ppz (marked by a "X" on the chart) and possibly of the 1.4 round number before Friday close, it is still probably round the corner but I am done for now...

See you all next week,

have a great trip Sto and a happy to weekend to the entire crew.

Regards,
Ghous.
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I believe . . .
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