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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

  • #37,201
  • Jul 13, 2009 7:25am Jul 13, 2009 7:25am
Quoting Denarii
....
I noticed after drawing the trendlines that it looks kind of like a triangle on EUR/USD. I am new at drawing the shapes and was wondering if I did that relatively well. If it breaks out the top it could also be breaking the top of of the W in the double bottom depending on where you draw your line.
Denarii,
it's a good practice to draw trendlines via price's lows/highs.
check out belekas' & aediaz1's posts & aediaz1's thread on S/R & trendlines to learn more.

Quote
These good breakout trades with a retest?
Not sure what u mean here...



Quote
A Small PB, What Did You Call It People ? SCPB ?! LOL. I Love Them Because Of The Small SL. But Damn With The Traffic ... I Don't Think There Will Be Any Trading Oppotunities In Majors Today.
Waiting ... The Most Hardest Part ...
Basber,
yes, fairly small PB. may or may not be tradeable.
waiting for better trades is a good alternative.
More Patience = Less Risks (because of less Trades) = more Profits in the future for u!


Quote
The weekly IB on the GBPCHF chart broke today. Is this still valid considering the previous bar never broke it? See chart. This is my first chart post.
Punky,
great to have your first chart post here.
not sure what specifically u are asking for. maybe u can rephrase it, so others can reply.
to me, the IB is the one after the doji looking candle (this doji is the "swing high" candle in that chart, the 3rd one counting from the last bar)
  • #37,202
  • Jul 13, 2009 7:35am Jul 13, 2009 7:35am
Quoting KissFan
Where is the 365ema omn your chart? My feed is IBFX. The 365 is just above the top of the range of your pin. My 4 hr just closed 1 min ago and it doesn't look as inviting as yours.

K.I.S.S.

Same here with IBFX. I just closed a long (first pic) on this and thought about a short but there's a bit too much traffic to the left at this SR for me.
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Ghost Rider - WWTBMD?
  • #37,203
  • Jul 13, 2009 7:39am Jul 13, 2009 7:39am
Quoting Basber
Any Comment ? It Has Small SL. The Problem Is The PPZ Area ...

Regards,
Basber
PB Didn't Formed After The Bar Closed.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #37,204
  • Jul 13, 2009 7:43am Jul 13, 2009 7:43am
Quoting KissFan
Where is the 365ema omn your chart? My feed is IBFX. The 365 is just above the top of the range of your pin. My 4 hr just closed 1 min ago and it doesn't look as inviting as yours.

K.I.S.S.
I Posted The Chart When The Candle Didn't Closed. Like I Said, It Didn't Close Like That. I Don't Use MAs On This Chart , I Just Use This One To Draw R & S , Trends And Divergence. I Use Another On For Some Other Indicators.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #37,205
  • Jul 13, 2009 7:54am Jul 13, 2009 7:54am
I didn't catch the best price because I wasn't in front of my PC but first I sow these I entered.
This is a short term tread because the overall trend is down but it may test again 150.00 before she may go down.

I'm reading now all the post made by raczecfx,and all I can say it's KABOOM, every time I have the same AHA moment.
you must put the same question "why?" and the answer will come immediately.
this is all I can say for now, because I am prepare to have another AHA moments lol

EDIT: in the time,if you look is formed a BUOVB
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  • #37,206
  • Jul 13, 2009 7:57am Jul 13, 2009 7:57am
Quoting KissFan
Where is the 365ema omn your chart? My feed is IBFX. The 365 is just above the top of the range of your pin. My 4 hr just closed 1 min ago and it doesn't look as inviting as yours.

K.I.S.S.
Hi Kissfan,

Could you just clarify the above? I thought that the 365EMA being just above the range of the pin bar was a good thing...ie, it bounced off of the EMA and may continue going down. Not looking to trade this, and I know it didnt close as a pin. Just wondering about the EMA comment.

Thanks
  • #37,207
  • Jul 13, 2009 8:01am Jul 13, 2009 8:01am
btw, people...

for those like me ( ) who still don't have Martin Pring's book "Pring on Price Patterns" (recommended by mbqb11, clockwork71, among others)
here's an excellent post by VitaminBeer on clockwork71's thread.
It's a summary of chart patterns. Go & copy them. Study them.



triger88990,

did u mention raczekfx???!
  • #37,208
  • Jul 13, 2009 8:53am Jul 13, 2009 8:53am
Hi Supreme,

Yes that bar you mention is the IB. But I thought I have read that the definition of a IB break is when the bar after the IB breaks both the IB and the previous bar. Then that is classified as the break. Just the break of the IB won't due. Since the bar after the IB did not break both bars but only the IB, the question is since the current bar has broke both the IB bar and the previous bar to the IB can we call this the break? I hope this makes some sence.

Thanks


Punky,
great to have your first chart post here.
not sure what specifically u are asking for. maybe u can rephrase it, so others can reply.
to me, the IB is the one after the doji looking candle (this doji is the "swing high" candle in that chart, the 3rd one counting from the last bar)[/quote]
  • #37,209
  • Jul 13, 2009 9:33am Jul 13, 2009 9:33am
Punky,
somehow i still don't get it. probably, im already very sleepy (it's almost 10.30pm here) lol
since im not really well-versed with IB's it would be best to ask jarroo & Dale about this IB question. (look for them tomorrow onwards, US time; u can PM them too)

Price action-wise, gbpchf has been moving down since June30. i had several shorts (demo) since that day. i still have one position (short; demo) open.
H4 & daily are bearish, so is weekly. Monthly is forming an IB (XTB MT4)
PPZs (below) are 1.67 & 1.69, then 1.62. possible targets (& roadblocks) once price continues its downward path.

Hope i myself made sense. lol
Keep posting!
  • #37,210
  • Jul 13, 2009 10:01am Jul 13, 2009 10:01am
Cheers Bud!
Lets see if I can explain this with another chart.....number 2.

Don't laugh at my numbers.
Number 2 is the inside bar.
I could be mistaken but I have read that for a break of the IB to occur, bar 3 MUST break bars 1 and 2.
Since that never happened. Bar 4 has now broke bars 1 and 2.
Can we consider this the break?

Pictures are so much easier.

Quoting supremeChaos
Punky,
somehow i still don't get it. probably, im already very sleepy (it's almost 10.30pm here) lol
since im not really well-versed with IB's it would be best to ask jarroo & Dale about this IB question. (look for them tomorrow onwards, US time; u can PM them too)

Price action-wise, gbpchf has been moving down since June30. i had several shorts (demo) since that day. i still have one position (short; demo) open.
H4 & daily are bearish, so is weekly. Monthly is forming an IB (XTB MT4)
PPZs (below) are 1.67 & 1.69, then 1.62. possible targets (&...
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  • #37,211
  • Jul 13, 2009 10:07am Jul 13, 2009 10:07am
Folks,

I'm getting potential long vibes from GBPCHF...

daily pin toying with the idea of forming...

bouncing of longstanding PPZ (weekly and monthly charts showing this) - monthly has a low back in 1994!!!! is this even relevant?! LOL

with the trend...

Lets see how she closes but at the moment worth considering for a bullish turn I would say?

Fat Tom
  • #37,212
  • Jul 13, 2009 10:20am Jul 13, 2009 10:20am
Quoting mbqb11
OMG i just LOLed. An outtakes video with the *beep* MOTHER*#@(*@# - *BEEP* so as you draw your fibs from swing high to *@#()@#)(@# **BEEP**

too funny
Oh man... I was just reading and now I am not able to do anything. One great LOL... My stomach hurts, eyes full of tears... And this is all from laughing...

Seriously, I would like to hear that...
  • #37,213
  • Jul 13, 2009 10:21am Jul 13, 2009 10:21am
Quoting fat_tom
Folks,

I'm getting potential long vibes from GBPCHF...

daily pin toying with the idea of forming...

bouncing of longstanding PPZ (weekly and monthly charts showing this) - monthly has a low back in 1994!!!! is this even relevant?! LOL

with the trend...

Lets see how she closes but at the moment worth considering for a bullish turn I would say?

Fat Tom
Definitely at a good location, and the weekly tells us that...

Could be a long for me if price can close as a pin bar on the daily.

Regards,
Ghous.
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I believe . . .
  • #37,214
  • Jul 13, 2009 10:29am Jul 13, 2009 10:29am
Quoting fat_tom
Folks,

I'm getting potential long vibes from GBPCHF...

Fat Tom
There is also the 23.6% Fibo form 29/12 to 24/6 at the bottom of the possible pin for good measure. In the bushes with my rifle waiting for the close!

Lakey
  • #37,215
  • Jul 13, 2009 10:37am Jul 13, 2009 10:37am
Quoting Basber
Any Comment ? It Has Small SL. The Problem Is The PPZ Area ...

Regards,
Basber
I wish I could have given you more evidence to short this but it was ugly on my feed. Just noticed that it broke short pretty strongly. It's a good thing we have many opportunities to make money in this market.

K.I.S.S.
  • #37,216
  • Jul 13, 2009 10:41am Jul 13, 2009 10:41am
Quoting ghous
Definitely at a good location, and the weekly tells us that...

Could be a long for me if price can close as a pin bar on the daily.

Regards,
Ghous.
Ghous,

I see your TP...

what do you think of the other areas for potential longer term TPs? (green on chart)

lets see....
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  • #37,217
  • Jul 13, 2009 10:44am Jul 13, 2009 10:44am
Quoting Food4Monkeys
Hi Kissfan,

Could you just clarify the above? I thought that the 365EMA being just above the range of the pin bar was a good thing...ie, it bounced off of the EMA and may continue going down. Not looking to trade this, and I know it didnt close as a pin. Just wondering about the EMA comment.

Thanks

Sorry for the confusion. It IS a positive sign when price pins off one of our trusty emas. The 150 or 365. I did not see the MA on the poster's chart and I just thought it might be another tool for the poster to use in his decision making process.

K.I.S.S.
  • #37,218
  • Jul 13, 2009 10:54am Jul 13, 2009 10:54am
I was looking at this too. On my chart it has pierced my up T/L, and 150ma is sitting just below Fib 23 level.
The problem i am wrestling with is R:R. On my feed its almost a 200 pip pin, quite a big SL.
I was struggling to identify on the daily where possible resistance was exactly, but Ghous, Thank you, i think you may have inadvertently given me a lightbulb moment- drop down to 4h, and resistance level is clearly shown ( or a TP level if you think of it like that)
But, still R:R is not great, 200 to 150( played on a break of 1.76)
Perhaps i'm still not getting it yet. Any advice appreciated.

Regards
  • #37,219
  • Jul 13, 2009 11:16am Jul 13, 2009 11:16am
Quoting pianosax12
I was looking at this too. On my chart it has pierced my up T/L, and 150ma is sitting just below Fib 23 level.
The problem i am wrestling with is R:R. On my feed its almost a 200 pip pin, quite a big SL.
I was struggling to identify on the daily where possible resistance was exactly, but Ghous, Thank you, i think you may have inadvertently given me a lightbulb moment- drop down to 4h, and resistance level is clearly shown ( or a TP level if you think of it like that)
But, still R:R is not great, 200 to 150( played on a break of 1.76)
Perhaps i'm...
200 pips is not that much. Seems it with a small account. With this material a trader can get a better than 50% win ratio so R/R does not matter so much.

If you look at the trade with a longer term view a much bigger R/R is not out of the question on this trade....if we get a nice close.
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  • #37,220
  • Jul 13, 2009 11:41am Jul 13, 2009 11:41am
Quoting fat_tom
Folks,

I'm getting potential long vibes from GBPCHF...

daily pin toying with the idea of forming...

bouncing of longstanding PPZ (weekly and monthly charts showing this) - monthly has a low back in 1994!!!! is this even relevant?! LOL

with the trend...

Lets see how she closes but at the moment worth considering for a bullish turn I would say?

Fat Tom

Hi All,

don't usually post much but thought I'd give my take on this since the thread is a bit quiet at the mo! Entered this before the 2pm uk close of the previous bar. Entry not solely based on price action, just based on experience and what I was seeing on the lower timeframes. Currently have stop just above BE so in a free trade now.. May or may not be stoped out as price seems to be retracing. Either way I'm looking to add to the position once we have a decent retracement and some PA.
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Time for a new chapter
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