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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

  • #43,341
  • Sep 8, 2009 3:58pm Sep 8, 2009 3:58pm
Quoting Icehocey77
so is there a position calculator to do gold properly? I keep getting some ridiculous calculations.
I use the one that oanda has Pip/Profit Calculator under tools

Mike
  • #43,342
  • Sep 8, 2009 4:20pm Sep 8, 2009 4:20pm
I've been watching gold for a while and waiting to see the reaction at 1000. when I saw it break through 1000 earlier today I thought we might get a daily pin short.

I believe someone already posted this but here are my charts. I'm watching the area around 985 for a bounce so I will move my stops up, probably to break even. After this I'm looking for the grey box around 965, and then the green lines on my chart.

This bar is very large, rejecting round number 1000, off of heavy resistance, and showing divergence. 1000 has been tested a few times before so we may see a break above in which case I'll look for a pullback to 1000 to go long.


Scott
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  • #43,343
  • Sep 8, 2009 4:23pm Sep 8, 2009 4:23pm
Here is something I am researching on demo. If we get a nice break and it bounces from the trouble area around 985, I'd be looking for a retrace to confluence to go short. On my chart I have a 50% retrace of the daily pin (or 4h beob) lining up with round number and resistance at 1000. See my chart for a possible scenario which I think may work out nicely if we get a retrace.

Scott

edit: of course it may blow right through 985 and never look back...in which case the traditional entry at the break of the low will keep you in the trade
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  • #43,344
  • Sep 8, 2009 4:24pm Sep 8, 2009 4:24pm
Let's see how this USDCAD daily closes.
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  • #43,345
  • Sep 8, 2009 4:30pm Sep 8, 2009 4:30pm
Are you with me on the natgas?
I got in at 2.79. Plan to load more around 2.9. Won't have take profit, just trail my SL
Looks kind so far.
muntuntu

Quoting Eclipse
Yes, i will put a buy stop @ 2.8, stop loss 50 ticks, potential tp @ 3.2, breakeven @ +30 because it's a huge CT trade, but i like very much the rejection from 2.5 level.
This decorrelation with crude has to end...

Bye
Patience is magic
  • #43,346
  • Sep 8, 2009 4:31pm Sep 8, 2009 4:31pm
Quoting FinnTrader
Let's see how this USDCAD daily closes.
Sweet!
Indicators show the past. Price Action "Indicates" the future.
  • #43,347
  • Sep 8, 2009 4:43pm Sep 8, 2009 4:43pm
Hi, Just starting to demo trade these and i'm a bit confused about times. Do all daily candles close at the same time?, i'm assuming not as i have seen some differences in charts i have been looking at. Please could someone also tell me what time daily candles close on most charts. Thanks.
  • #43,348
  • Sep 8, 2009 4:49pm Sep 8, 2009 4:49pm
What grade would you call the UCAD daily ?
  • #43,349
  • Sep 8, 2009 5:00pm Sep 8, 2009 5:00pm
Quoting supermatt
What grade would you call the UCAD daily ?

I can't see my regular charts right now , but it's in the "A" catagory in my book.
Indicators show the past. Price Action "Indicates" the future.
  • #43,350
  • Sep 8, 2009 6:34pm Sep 8, 2009 6:34pm
hmm, tried asking this question but for some reason my post did not show up. I would like to know what time daily candles normally close on most charts so i can trade the pins at these times when most traders are seeing the same thing i am. Would be grateful if someone could enlighten me as i am finding conflicting opinions after a google search. Thanks.
  • #43,351
  • Sep 8, 2009 7:00pm Sep 8, 2009 7:00pm
Quoting rikrok
Hi SP,
Hyde Park is where I walked today!!!
Sun is still shining here and I am making the most of it in the garden now, it could be the last sunshine of the year.
Thanks for the advice. In particular about writing the rules in stone and chanting them until they are embedded. Thats my next step.
August was the end of my three consecutive months of profit. Remember, I actually actively decided to break the rules for a day....to see what would happen. (Disaster)
I'm going to give it another month of demo and if it is a fourth successful will make...
I was in Hyde Park myself today. Weather is just too darn good to not walk around town at the moment. I love London in the summer.
  • #43,352
  • Sep 8, 2009 7:05pm Sep 8, 2009 7:05pm
Quoting Majestic12
hmm, tried asking this question but for some reason my post did not show up. I would like to know what time daily candles normally close on most charts so i can trade the pins at these times when most traders are seeing the same thing i am. Would be grateful if someone could enlighten me as i am finding conflicting opinions after a google search. Thanks.
Hey Majestic

I use a 5pm est close, b/c I prefer one close to the NY close time. Otherrs use ranging from 5-8pm. Really it won't make a world of difference in the end, from my experience so pick a charting you feel comfortable with.

Take care
Mike
  • #43,353
  • Sep 8, 2009 7:09pm Sep 8, 2009 7:09pm
Quoting TiaForex
I was in Hyde Park myself today. Weather is just too darn good to not walk around town at the moment. I love London in the summer.
Hey - on one of the boundaries of the park, there is a covered bench - covered over with a very nice wood and stone thing - like a miniature bowl that a concert might be played in.

What is that called? It is near to a pond where Swans float about.

Across the street there is a "Super Store" I took a pic of it - it is as big as a closet. Cracked me up.

All this London talk has me wishing for a nice Curry...
I'm pretty much done with all this ...
  • #43,354
  • Sep 8, 2009 7:13pm Sep 8, 2009 7:13pm
Quoting StoragePro
Hey - on one of the boundaries of the park, there is a covered bench - covered over with a very nice wood and stone thing - like a miniature bowl that a concert might be played in.

What is that called? It is near to a pond where Swans float about.

Across the street there is a "Super Store" I took a pic of it - it is as big as a closet. Cracked me up.

All this London talk has me wishing for a nice Curry...
It's not called anything in particular but it's near Lancaster Gate. Nice area.

Get to London and the curry is on me SP.

  • #43,355
  • Sep 8, 2009 7:25pm Sep 8, 2009 7:25pm
Quoting TiaForex
It's not called anything in particular but it's near Lancaster Gate. Nice area.

Get to London and the curry is on me SP.

Ah - I remember that now. The park is really big.

I'll keep the curry in mind! I can get around pretty easily in London, the Tube is excellent and the Cabbies are highly amused at the Yank jabbering endlessly in the back seat.

Hey peeps - once you 'arrive' as a trader and the dough piles up, put London on your 'must go' places. FWIW - NYC, Tokyo, Beijing, Athens, Amsterdam, Munich and Toronto are also great stops. You'll need just a few pinbars.... More, if you are like me and spoiled into First and Business Class travel only.
I'm pretty much done with all this ...
  • #43,356
  • Sep 8, 2009 7:26pm Sep 8, 2009 7:26pm
Look at this daily BUOB. Hit the PPZ and 50% Fib and went down. Might test one of those Trend Lines before continuing up.
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  • #43,357
  • Sep 8, 2009 7:29pm Sep 8, 2009 7:29pm
Quoting StoragePro
Hey peeps - once you 'arrive' as a trader and the dough piles up, put London on your 'must go' places. FWIW - NYC, Tokyo, Beijing, Athens, Amsterdam, Munich and Toronto are also great stops. You'll need just a few pinbars.... More, if you are like me and spoiled into First and Business Class travel only.
"Living the dream".
  • #43,358
  • Sep 8, 2009 10:17pm Sep 8, 2009 10:17pm
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
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  • #43,359
  • Sep 8, 2009 10:20pm Sep 8, 2009 10:20pm
Quoting judith
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
Hey Judith

I took this aud/jpy trade before, but will not take a big loss on it should it decide to come back to much

Also first trouble on usd/cad since it is in some decent traffic, marked up in blue boxes.

Best
Mike

PS AARON GO TO BED MAN!
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  • #43,360
  • Sep 8, 2009 10:25pm Sep 8, 2009 10:25pm
Quoting mbqb11
Hey Judith

I took this aud/jpy trade before, but will not take a big loss on it should it decide to come back to much

Also first trouble on usd/cad since it is in some decent traffic, marked up in blue boxes.

Best
Mike

PS AARON GO TO BED MAN!
I forgot you can see me down there.

I tell ya, when even 24 hour Mike tells you it's time to sleep, then it's time to sleep...

G'night.
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