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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

  • #38,981
  • Jul 26, 2009 5:58pm Jul 26, 2009 5:58pm
Quoting batesmotel
I see your point about the double bottom and a marginal PB that has formed (notice the failure of the PB that formed 3 bars earlier...)...some very strong Canadian strength (yeah!...It'll be cheaper for me now for all my US imports seeing that I live in Canada).
I hope you Guys don't mind me putting the graphs and ideas into your discussion.
I've just had a look on the long time frame and it looks like CAD has broken S/R on weekly chart (which was tested couple of times) so general direction is down. It may go well with the daily mini-pin but one should book profits very early.

Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 12 KB


Senior input would be very welcome in that matter.
Kind regards
  • #38,982
  • Jul 26, 2009 6:26pm Jul 26, 2009 6:26pm
Quoting pakiestra
I hope you Guys don't mind me putting the graphs and ideas into your discussion.
I've just had a look on the long time frame and it looks like CAD has broken S/R on weekly chart (which was tested couple of times) so general direction is down. It may go well with the daily mini-pin but one should book profits very early.

Attachment

Senior input would be very welcome in that matter.
Kind regards
Yes, this is a pivitol point for the USDCAD....will it head north to retrace a little, or continue on towards parity? It seems that 1.0978 is the deciding factor and PA will play around it...

GregB

PS if she gets to 0.9055 like before...I will buy USD in cash!!
  • #38,983
  • Edited 8:54pm Jul 26, 2009 7:57pm | Edited 8:54pm
Quoting ghous
Hi Adrian,

I called it what I did simply because I wanted the phrase to delineate the true meaning...

I don't know and don't care what it is called if at all it does have a name, crows sisters brothers soldiers etc etc...all that is primarily BS.

What I tried to emphasize was that a good understanding of PA goes beyond a trio of PA bars that you look to trade off good locations.period.

It's the basic understanding of current market sentiments long term and short term and how they get "priced in" in the bars that you see not necessarily...

Or in other words, it's a reversal pattern.

Just kidding ghous . . . Great post.

Strong area of confluence on the Daily at 87.00ish. 150 ema, 61.8 and .8700 Daily / Weekly PPZ.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #38,984
  • Jul 26, 2009 9:46pm Jul 26, 2009 9:46pm
This one looks tempting...Looking for an indecision day (slightly bullish) that closes just above 0.8917. then we can go long on break.

GregB
Attached Image (click to enlarge)
Click to Enlarge Name: AUD_CAD Spot.png Size: 59 KB
  • #38,985
  • Jul 26, 2009 9:58pm Jul 26, 2009 9:58pm
Quoting batesmotel
This one looks tempting...Looking for an indecision day (slightly bullish) that closes just above 0.8917. then we can go long on break.

GregB
that pin is much better than what FXDD shows, which is a small neutral bar. But the 365,150, and 200 are behind standing like a huge brick wall.
  • #38,986
  • Jul 26, 2009 10:04pm Jul 26, 2009 10:04pm
Quoting Icehocey77
that pin is much better than what FXDD shows, which is a small neutral bar. But the 365,150, and 200 are behind standing like a huge brick wall.
yes, nice bit of support there eh? But it's that damn 0.8917 level....I need a close above that resistance level...What do you think?

GregB
  • #38,987
  • Jul 26, 2009 10:18pm Jul 26, 2009 10:18pm
Quoting batesmotel
yes, nice bit of support there eh? But it's that damn 0.8917 level....I need a close above that resistance level...What do you think?

GregB
well you got a trend line just below the .9000 level, so if I was to take the trade I'd be quick with the stop. I'd be more interested in a pinbar that pierces the TL and hits the .9000 level before retracing.
  • #38,988
  • Jul 27, 2009 1:15am Jul 27, 2009 1:15am
Just a short note,
As the oldies here know. I dont post much, both here or in the Pf, which I'm a "lifer".

I have been away enjoying life quite a bit, sailing, for the last 2 months. Only checking in for a brief look & same for trading. Enjoyed my time the most I have for years.

When I got home on thursday & decided to catch up on the forums I was shocked. It was like the civil war all over. J16 vs Cl...

I have read every post on both threads & a realize that some were deleted. I have some opinions on the subject........but

I am heartened to see both threads (at the time of writing) get back to what they do best............... give good, honest, substantive advice on trading.

MY OPINION. is the more good, clean, honest, bullshit free advice out there the better. Newbs take notice....

One day, If not now you will pay for your trading education, simple as that.
Dont get caught up in the "days of our lives" stuff of forums. It is tempting...


Point is.. In this journey we call life. we have to choose for ourselves the poison we choose to drink.

CHOOSE WISELY.....
  • #38,989
  • Jul 27, 2009 1:43am Jul 27, 2009 1:43am
Quoting rustyjeff
Just a short note,
As the oldies here know. I dont post much, both here or in the Pf, which I'm a "lifer".

I have been away enjoying life quite a bit, sailing, for the last 2 months. Only checking in for a brief look & same for trading. Enjoyed my time the most I have for years.

When I got home on thursday & decided to catch up on the forums I was shocked. It was like the civil war all over. J16 vs Cl...

I have read every post on both threads & a realize that some were deleted. I have some opinions on the subject........but

I am heartened...
Welcome back Rustyjeff!
Glad that you enjoyed your trip
Iam still young for any sort of POISON
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #38,990
  • Jul 27, 2009 2:31am Jul 27, 2009 2:31am
totally agree with you sir
Quoting rustyjeff
Just a short note,
As the oldies here know. I dont post much, both here or in the Pf, which I'm a "lifer".

I have been away enjoying life quite a bit, sailing, for the last 2 months. Only checking in for a brief look...
  • #38,991
  • Jul 27, 2009 2:34am Jul 27, 2009 2:34am
Quoting Almfx
Welcome back Rustyjeff!
Glad that you enjoyed your trip
Iam still young for any sort of POISON

What I have learned over some years is that we need to be wise, almost above our years. But wisdom does get offered to us from time to time. Our on growing experiences pulls us to what we need..

We just need to recognize when its given to us..
  • #38,992
  • Jul 27, 2009 2:52am Jul 27, 2009 2:52am
Where this is going ?
with some PPz showing up at 87.50

Attached Image
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #38,993
  • Jul 27, 2009 3:09am Jul 27, 2009 3:09am
Quoting Almfx
Where this is going ?
with some PPz showing up at 87.50

Attachment
Maybe that are the solutions!

CADJPY weekly and daily charts !
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Click to Enlarge Name: cadjpy_d1.png Size: 39 KB
  • #38,994
  • Jul 27, 2009 3:17am Jul 27, 2009 3:17am
1st chart is the weekly.

2nd daily.....

3rd 4hrly....

Its really just a matter of scaling in & out & choosing what fits your trading style..
Thats as easy as it is..
Attached Image(s) (click to enlarge)
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  • #38,995
  • Jul 27, 2009 4:24am Jul 27, 2009 4:24am
Quoting rustyjeff
1st chart is the weekly.

2nd daily.....

3rd 4hrly....

Its really just a matter of scaling in & out & choosing what fits your trading style..
Thats as easy as it is..
Nice to have you back Jeff,

Hope the ship isn't ready to sail again soon



Ghous.
I believe . . .
  • #38,996
  • Jul 27, 2009 4:44am Jul 27, 2009 4:44am
Quoting rustyjeff
1st chart is the weekly.

2nd daily.....

3rd 4hrly....

Its really just a matter of scaling in & out & choosing what fits your trading style..
Thats as easy as it is..
Thanks Olt... and Jeff.
I have the same feeling about this pair, Money Management will play the major role in this potential trade!
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #38,997
  • Jul 27, 2009 5:19am Jul 27, 2009 5:19am
Going to stop posting for a while on here, I think following this thread closely can take away from chart time, and I also want to complete reading thread, from the other end. Also I am working on my forum software and going on holiday in a few days. I'll be starting a journal for my trades, and analysis.

Thanks to everyone, see you soon.

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #38,998
  • Jul 27, 2009 5:39am Jul 27, 2009 5:39am
Quoting tac
Going to stop posting for a while on here, I think following this thread closely can take away from chart time, and I also want to complete reading thread, from the other end. Also I am working on my forum software and going on holiday in a few days. I'll be starting a journal for my trades, and analysis.

Thanks to everyone, see you soon.

Mark
Mark,

Enjoy your holiday!!!

Don't stay away for to long - I for one enjoy your posts and insights!!

Tom
  • #38,999
  • Jul 27, 2009 5:52am Jul 27, 2009 5:52am
Quoting fat_tom
Mark,

Enjoy your holiday!!!

Don't stay away for to long - I for one enjoy your posts and insights!!

Tom
Thanks Tom, I feel the same about yours, will try and check in here, but its too fast moving to keep up with every post. My Journal is/will be here.
I hear and I forget. I see and I remember. I do and I understand.
  • #39,000
  • Edited 1:00pm Jul 27, 2009 6:41am | Edited 1:00pm
Hello everyone. I am new to this business (but don't worry, I learn fast )
Basically I am one month learning forex only from the internet and forums. I spend a lot of time each day. This stuff is extremely the thing for me. I am enjoying it...at least till now.
I have also saw all the posts and videos in the James16 guest area. Mike and Jim, I want to thank you two personally. The videos of you two are fantastic! I have learned so much. After seeing all the videos in a row I went to my daily charts and just felt like I know the reason for every move in the price. That was when looked at historic charts though. Lets see If I am right also about the future

I want to share with you guys my AUD/CAD analysis.

In the weekly chart we can see that we are in an uptrend. The price had pulled back in the few last weeks, and now It worth a look to find a entry for a long position IMO. after the pullback, the price is now touching the trend line which is also the 61.8 Fib level. It also bounced from the 150EMA in the weekly chart.

Now If we zoom into the daily chart, we have a Doji. Can I treat it as a bullish pin bar? lets say B or C? (notice that I am on MT4 demo so if my bars look a bit different it's because my broker time zone or some thing like that).
The low of that PB is bouncing from a trend line plus 150EMA plus 365 EMA plus PPZ.

So I think it is a good opportunity going long here some time close.
But where will be my entry, SL, TP?
You can see I have highlighted in blue the previous bar highs. I am sure they will make trouble! My prediction for the price is to go up till it reaches those bar highs. Then retrace to the PPZ that will become support, and then continue rising with the main trend.

So I think the best time to enter is after it retraces to the PPZ and start rising. My SL will be 10 pips below the PPZ.I will take my profit at 0.91200 (Sorry I cropped out the price levels in the right in mistake) or at least move my stop to the low of the last bar in the 4H chart to lock profits.

Option number two the current PPZ line 0.8900 will become strong resistance and the price will break down trough the weekly 365EMA

Guys, I am new for all this. I thought about this plan only after I saw all the videos in the J16 guest area. So even if I said dumb things, I will appreciate if you will explain why I was wrong, so I will prevent it in the future.
Now it's time for me to make mistakes when I am trading the demo.
I will take Jim's advice and save money until I master the demo along a few months in a row.


Weekly chart:
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Daily chart:
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Ben
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