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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

  • #43,041
  • Edited 8:28pm Sep 3, 2009 8:13pm | Edited 8:28pm
Quoting 2mas
Isn't long UJ and AU at the same time is like long AJ?
From a fundamental point of view... kinda - AJ is traded by itself too, and not in light volumes (carry trade is massive). But then you have arbitrage flows keeping it from moving our of step with the UJ and AU and bleh. But yeah, you could construct your own synthetic AJ by trading AU and UJ at the same time. Not sure why you would want to though, unless you love paying the spread... or the relationship has broken down, in which case you quickly engage in some triangular arbitrage and make some riskfree dollars.

Talking charts, though, and it is a very different matter. If you are trading PA on AU, it is because you have picked out something that AUD is doing against the USD.... Japan doesnt come into it. Same with UJ. But move to AJ, and you are now looking at their relative movements, and USD is effectively filtered out. USD could go up, down or stay still and you wouldnt care.

So having an AU trade or a UJ trade is fine. But going the same way, in both, is effectively fighting yourself. You might as well have an AJ chart, and be basing your trade on that.

Hope this makes sense. As I said, I am far from eloquent today.

The other main thing to keep in mind is that the US is the dominant mover here, so by going long AU and UJ, you are effectively hoping for USD to simultaneously move up and down
When you have to shoot, shoot. Dont talk.
  • #43,042
  • Sep 3, 2009 8:20pm Sep 3, 2009 8:20pm
Quoting jarroo
Chart looks a bit messy, but a high confluenced area at the 1.6400 level. PPZ level, emas (magenta line is the Daily 365), fib levels and round number. Bearish PB at this level.

A raczek entry is in there somewhere, probably the 1.6400.
Can someone post a chart of the Gbp/Usd 4 hour chart? (FXpro if you got it)
I can't get anything clear from where I'm at now.

I don't know why I didn't highlight the 1.6300 . . . Duh.

Thanks

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #43,043
  • Sep 3, 2009 8:26pm Sep 3, 2009 8:26pm
Quoting jarroo
Can someone post a chart of the Gbp/Usd 4 hour chart? (FXpro if you got it)
I can't get anything clear from where I'm at now.

I don't know why I didn't highlight the 1.6300 . . . Duh.

Thanks

Jim
Attached Image
Bundy's status today: "Waiting..."
  • #43,044
  • Sep 3, 2009 8:27pm Sep 3, 2009 8:27pm
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Thanks a lot Joe.
I didn't mean to trade the UJ and AU instead of the AJ, why would I?? AJ is available and i'll save in the spread. I was just using the example in your post. Just wanted to clear the point itself, if it happens in other pairs, so I am aware of what I am doing.
Thanks again.
  • #43,045
  • Sep 3, 2009 8:28pm Sep 3, 2009 8:28pm
Quoting bundyraider
Thanks mate.

Is that the 60 ema? Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #43,046
  • Sep 3, 2009 8:31pm Sep 3, 2009 8:31pm
Quoting 2mas
Thanks a lot Joe.
I didn't mean to trade the UJ and AU instead of the AJ, why would I?? AJ is available and i'll save in the spread. I was just using the example in your post. Just wanted to clear the point itself, if it happens in other pairs, so I am aware of what I am doing.
Thanks again.
ah, okay, no worries. In that case, your understanding was completely correct.

Basically, my other poorly explained point was that you should probably try and avoid having a long and a short position in any currency, unless you are doing it on purpose
When you have to shoot, shoot. Dont talk.
  • #43,047
  • Sep 3, 2009 8:34pm Sep 3, 2009 8:34pm
Quoting jarroo
Thanks mate.

Is that the 60 ema? Nice.
White one is 365 ema. (other two are 200 and 150)

That candle bottom 2 periods ago is @ 1.6303 . So the round number is smack in the middle of that and the 365.
Bundy's status today: "Waiting..."
  • #43,048
  • Sep 3, 2009 8:38pm Sep 3, 2009 8:38pm
Quoting bundyraider
White one is 365 ema.

That candle bottom 2 periods ago is @ 1.6303 . So the round number is smack in the middle of that and the 365.

Oh . . I see, even better.

Long term MAs lining up with PPZs (S/R levels) are a powerful thing.
Thanks Bundy.
Indicators show the past. Price Action "Indicates" the future.
  • #43,049
  • Sep 3, 2009 8:44pm Sep 3, 2009 8:44pm
Quoting bundyraider
White one is 365 ema. (other two are 200 and 150)

That candle bottom 2 periods ago is @ 1.6303 . So the round number is smack in the middle of that and the 365.

Are you sure that white one is the 365 ema?

My 365 ema is the black one.

http://www.forexfactory.com/showpost...ostcount=42999
Indicators show the past. Price Action "Indicates" the future.
  • #43,050
  • Sep 3, 2009 8:54pm Sep 3, 2009 8:54pm
I read thru the revamp page 1 that the tactic use on an advance level regarding 3 fib retracement and extension to create the highest possible reversal have something to do with this.

Now looking for a programmer to understand this.
http://www.nexgent3.com/newvideos/Ju...troduction.htm

This is a more detailed explanation of the 3 fib ratio.
Forex Price Action Hacked - Price Action Rockstar
  • #43,051
  • Sep 3, 2009 8:59pm Sep 3, 2009 8:59pm
Quoting jarroo
Are you sure that white one is the 365 ema?

My 365 ema is the black one.

http://www.forexfactory.com/showpost...ostcount=42999
Yep. IBFX feed has it even lower.

Your black one is about right for the daily 365 though.

4 hr zoomed out...
Attached Image (click to enlarge)
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Bundy's status today: "Waiting..."
  • #43,052
  • Sep 3, 2009 9:07pm Sep 3, 2009 9:07pm
Quoting bundyraider
Yep. IBFX feed has it even lower.

Your black one is about right for the daily 365 though.

4 hr zoomed out...
I see. Thanks again.

I must be thinking about the weekend already.
Indicators show the past. Price Action "Indicates" the future.
  • #43,053
  • Sep 3, 2009 9:21pm Sep 3, 2009 9:21pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
the chart seems self-explanary now.


Quoting StoragePro
Here is a chart - the PB bar is not closed yet - another hour to go. But let's say it was closed.

How would you rate the trade? What would you do with it? Would you take it? What do you expect it to do when it breaks?

Disclaimer - this not a call to take it or not to. It is a call to put your thought process out there and see what we've learned.

ESPECIALLY THE NEWER PEOPLE HERE...

..
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  • #43,054
  • Sep 3, 2009 9:30pm Sep 3, 2009 9:30pm
Quoting jarroo
50% retracement is not a Fib ratio level. lol
the more lines you have on your chart, the more chance you have of being 'right' when one of them gets hit.

Geez, dont you know how to sell a trading system?!
When you have to shoot, shoot. Dont talk.
  • #43,055
  • Sep 3, 2009 9:36pm Sep 3, 2009 9:36pm
Quoting joelcf
the more lines you have on your chart, the more chance you have of being 'right' when one of them gets hit.

Geez, dont you know how to sell a trading system?!
The same thing crossed my mind when I started to play the clip on that link. lol
Bundy's status today: "Waiting..."
  • #43,056
  • Sep 3, 2009 9:38pm Sep 3, 2009 9:38pm
Quoting krue
the chart seems self-explanary now.
  • #43,057
  • Sep 3, 2009 9:44pm Sep 3, 2009 9:44pm
Quoting 2mas
Thanks a lot Joe.
I didn't mean to trade the UJ and AU instead of the AJ, why would I?? AJ is available and i'll save in the spread. I was just using the example in your post. Just wanted to clear the point itself, if it happens in other pairs, so I am aware of what I am doing.
Thanks again.
Also, it would be dificult to have the exact same risk/effect as a single AJ trade if you also happened to have a UJ and AU open. You're position sizing, risk, plan etc. would be different for each trade. and don't even get me started on risk aversion corrolation. Probably best to just play the price action and stick to your rules.
May all your fits be loose.
  • #43,058
  • Sep 3, 2009 9:53pm Sep 3, 2009 9:53pm
How do you normally trade a chart like the one above on GBP USD 4 H?
  • #43,059
  • Sep 3, 2009 10:05pm Sep 3, 2009 10:05pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
the calculations of fib conflu seems useless, even if he said the conflu coming from multiple tf, given the S R lines plotted on his chart can be visually identified in one tf only, isn't it true? so, why we would need it.

Quoting bundyraider
The same thing crossed my mind when I started to play the clip on that link. lol
  • #43,060
  • Sep 3, 2009 10:14pm Sep 3, 2009 10:14pm
Quoting david_akc
I read thru the revamp page 1 that the tactic use on an advance level regarding 3 fib retracement and extension to create the highest possible reversal have something to do with this.

Now looking for a programmer to understand this.
http://www.nexgent3.com/newvideos/Ju...troduction.htm

This is a more detailed explanation of the 3 fib ratio.

I think there is an indicator called Fibonacci Pivot Zones that maybe similar to this. Should be able to do a search on FF for it. I've never used it, but a place to start. Also you can post in the Programming secion of FF for any indicator information you're looking for.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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