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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

  • #44,441
  • Sep 23, 2009 4:39pm Sep 23, 2009 4:39pm
Quoting mike w
I'm loving the looks of that gbp/usd daily coming up with a target of the previous 1.6250 area and I'm also liking the usd/jpy. There are a few others, but I wouldn't go into detail with them as they would take a little more to manage than these two would and for the new guys, that's a no no. Stick to simple, make your money.

EDIT : Scratch that Usd/jpy, I wouldn't trade it. It could turn out but fugaddaboudit.
Look at that 4hr. BEOB at the 50% and 150. Gettin' my shorts on.

K.I.S.S.
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  • #44,442
  • Sep 23, 2009 4:39pm Sep 23, 2009 4:39pm
Quoting mike w
I'm loving the looks of that gbp/usd daily coming up with a target of the previous 1.6250 area and I'm also liking the usd/jpy.
Them's purdy.

Cable looks good on the 4 hour as a BEOB too.
Bundy's status today: "Waiting..."
  • #44,443
  • Sep 23, 2009 6:25pm Sep 23, 2009 6:25pm
Quoting bundyraider
Them's purdy.

Cable looks good on the 4 hour as a BEOB too.
The almighty raider has spoken. and also agreed with ya Roger! I'm lovin it should be the new PA and FF slogan.

I already have most of the position on and am waiting on that retracement now.
I dream, therefore I become.
  • #44,444
  • Sep 23, 2009 6:30pm Sep 23, 2009 6:30pm
i noticed some of you eyeing off gu 4hr buob. The daily pin caught my eyes, i noticed support or ppz at 6320 and have put a sell order in just below
  • #44,445
  • Sep 23, 2009 6:36pm Sep 23, 2009 6:36pm
Quoting bundyraider
I KNEW that was going to happen last night! F#@! ...LOL
Hope you had a plan and acted accordingly...

Quoting Revstar
Hey Rac,

Were you sniping DJ/SP for a reversal before taking these trades
or pure J16 pa ?

or a combination of both..
Let's say, I just took advantage of people locking profit on certain crosses.
When every one wants out, you get a snowball rolling and there is no mercy for greed...


Quoting pakiestra
...

What ?????????????????????????
What do you mean "moved away" ?? Does FF want to exert some sentence or what I'm missing, please update me if possible
... not everyone likes being showed in 'commercial forum (beta)' cave....
  • #44,446
  • Sep 23, 2009 6:39pm Sep 23, 2009 6:39pm
Quoting supermatt
i noticed some of you eyeing off gu 4hr buob. The daily pin caught my eyes, i noticed support or ppz at 6320 and have put a sell order in just below
I like where you're eyes are on that for sure. The thing, for me, is that we've already broken the low of the daily pin and BEOVB, and already bounced back off that area. With that, I'm just waiting for price to gain some steam now (by moving upwards and getting the sellers' attention up) to roll through that minor area and down to a more major area of support as noted on the dailies.
I dream, therefore I become.
  • #44,447
  • Edited 6:53pm Sep 23, 2009 6:41pm | Edited 6:53pm
Quoting jarroo
1.6500 is confluencing with the 61.8 Fib and the 1.6450ish is confluencing with the 365 ema (black) and 50% retracement level. Both are at PPZ levels, let's see who wins. More confluences with the 1.6450ish level
I wish I could post a current Daily chart of the GU with the confluenced areas that I have indicated. Price Hit the 1.6450, almost the 1.6500, and reacted as we thought they would.

http://i34.tinypic.com/of1ve1.gif
Indicators show the past. Price Action "Indicates" the future.
  • #44,448
  • Sep 23, 2009 7:23pm Sep 23, 2009 7:23pm
I'm not going to say anything revolutionary if I join the crowd and thank j16 and everybody else for this thread and enormous amount of valuable info. I've been learning here for several months and improved a lot. I was a member of PF for a while too and since then it's all about location- confluence- PA- corellation. I think i saved myself a lot of money thanks too an honest approach of j16 and the gang.
Anyways I've got a question. What is going on with oil chart on Fxpro mt4 ? I mean CLV expired yesterday but why the new one isn't available? CLX should be there, shouldn't it? Since i am new to derivatives and many here use Fxpro platform I've been wondering what I am missing...
thx
  • #44,449
  • Sep 23, 2009 7:43pm Sep 23, 2009 7:43pm
Hey, maybe these might show what your talking about Jaroo(excuse any untidiness!).

My first post in a while - went partying with some buddies of mine at their college all last week. One of them had his 21st bday during that week so it was pretty hectic! wheres the disgracefully drunk button??

Anyways, I've been reading pretty intensely this week to make up for it. Enjoying every minute of it! Took 3 trades on demo this week(quite alot for me) - the cable daily pin from three days ago; USD/CAD 4hr short on the 21st; GBP/CHF 15min bullish pin yesterday. Profit taken on all three.

Actually, come to think of it I believe Joel took all of these too. It was like I was looking into my own charts when I read his posts. It was as if I was standing over his shoulder...

And just to clarify - no, I wasn't that girl on the train Joel!

This current Daily pin on GBP/USD is the first one I'd consider taking on my Daily live account in a while.

Pros:
- Trading off Monthly PPZ
- Long term weekly fib confluence
- GBP in current downtrend
- Moving with Weekly Cherry-Pin
- Off 1.6400

Cons:
- Not at ultimate swing high
- Trading in the middle of weekly wedge
- Dollar not too hot at the minute too(rangebound/weak against most currencies)
- Not as much space as I'd like.

Lets see how it goes...
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  • #44,450
  • Sep 23, 2009 7:45pm Sep 23, 2009 7:45pm
Quoting jarroo
I wish I could post a current Daily chart of the GU with the confluenced areas that I have indicated. Price Hit the 1.6450, almost the 1.6500, and reacted as we thought they would.
...
My take on the gbp/usd: I've been watching for price to return h&s neckline and 1.64000

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skype: ststroud. let's talk trading.
  • #44,451
  • Sep 23, 2009 8:23pm Sep 23, 2009 8:23pm
Quoting mike w
The almighty raider has spoken. and also agreed with ya Roger! I'm lovin it should be the new PA and FF slogan.

I already have most of the position on and am waiting on that retracement now.
...Almighty. lol

I had to help trailer our race car. So never got an order in earlier.

I'll watch what happens later at deep retraces. Otherwise take a break of the new low.

Damn nice long nose on that daily. Even if not at the highest of swing highs.
Bundy's status today: "Waiting..."
  • #44,452
  • Sep 23, 2009 8:29pm Sep 23, 2009 8:29pm
Quoting raczekfx
Hope you had a plan and acted accordingly...
Yep. I 'planned' to get some sleep, and did. LOL

Didn't trade anything. Just had that feeling there'd be a good squirt back coming up later in the night. Looks like easy money for the taking.

There's always the future.
Bundy's status today: "Waiting..."
  • #44,453
  • Sep 23, 2009 9:06pm Sep 23, 2009 9:06pm
Quoting g_j_hook@yah
hi there Cyrus, nice catch.For wot its worth i would be carefull of the 1.6900 level on this pair if i were in this trade. It has some history on the daily tf and i have a confluence of the daily,weekly and monthly floor pivots at this area. on the 4h tf price will meet the 50 ema which i use on my charts. On the 1h i have the 50% fib of the last swing down(from the dbl top completed on the 17th) and the 200 ema. i cant see price going through all that without some kind of reaction!?
jus my 2 pips worth,
cheers
jon
Hi Jon,

Thanks for the heads up hey, appreciate it.
Noticed that region as well.

This one's still on demo, thankfully.
Still wary of trading against the broad trend!

The only live trades I put on are ones which are with the broad trend.

I have to thank Ryanmcd for hitting tt home here:
http://www.forexfactory.com/showpost...ostcount=13430
[This is an awesome post. I dont know how many time's I've re-read it]

Re-edited the post to add a few factors which I thought were not particularly great.

Let me know if this makes sense.

The edit: GBPCHF Long on BUOB off 1.6700
http://www.forexfactory.com/showpost...ostcount=44405

In 20/20, this was a B- grade trade for several reasons
(1) Trend is strongly down. Both in 4hour and also in Daily

(2) Base was way to small to indicate that this was going to reverse strongly. A reversal usually needs either a big base or a huge range candle to flip around. Both indicate orders being covered/flipping around.

Relatively small candle range + not enough candles = No no.

A larger candle range in the base would have been better.
Given the current number of candles & candle range wrt the overall trend, it's not so great a trade after all.

Would have liked to see a stronger indications of rejection as well.

(3) Focus was mainly on price action, and not considering all the other location/trend factors.
It would have been more compelling if the BUOB-PB tagged the bottom of the consolidation range.

--

I can't remember who to thank for this Order Flow link (but yes, thank you!)
http://www.forexfactory.com/showthread.php?t=193795

In a nutshell, what I took away from the first few pages of this was that price action has to be enough for traders to go,
"OH SHIT!!!" or "OH YEAH BABY!" (Ideally both @ the same time! Eg: Bulls go OH YEAH!!! Bears go OH SHIT!!!)
for there to be a significant reversal.

A decent amount of time spent around consolidating usually results in order flow building up above/below it.
This is why a reversal base needs time to form, esp when the trend has been going nearly straight down like in GBPCHF.

Alternatively, there's got to be a big enough spike so that traders go, "omgIwantoutNOW NOW NOW NOW"
One Mind, Any Market
  • #44,454
  • Sep 23, 2009 9:29pm Sep 23, 2009 9:29pm
Ola,
Got to tell you guys, all the interesting PINS that we are all seeing at the moment due to FOMC(USD) had been formed- Throws me away. Question for all us. Which one of them will prove them self, if you will...
GOt to tell you., sitting with a glass of wine, in MIA watching ocean getting sad and the periodic rain, makes me feel little bit angry, but like you all taught me0 PATIENCE, I'm in NZD for Sell, GBP/USD - buy , GBP/CHF- buy. and now i'm lookin at all the pins and thinkin. the point where it formed them pins are such a pivot zone, its not even funny. are we expecting what we are waiting for?
  • #44,455
  • Sep 23, 2009 9:33pm Sep 23, 2009 9:33pm
By the way, I'm a 27, ambitious and hungry to know more about markets, 5 year of experience in bankin industry, 3 years of personal business before market crash, and now full time trader. Already 7 months in to it. but never posted anything yet, as you all can see. Maybe the Wine is good..., but really wanted to get your insights. Living in MIA, stayin up all night and day. if anybody shares the same place as me in mia, respond, want to share my interest.!
  • #44,456
  • Sep 23, 2009 10:33pm Sep 23, 2009 10:33pm
My small tribute to the J16 thread.

In essence, have grabbed all of the posts from James16, mbqb11, raczekfx from page 1 to 2500 of the thread and stuck them into 1 file.

It's like reading book of all their posts.
In this way, we can read through all their posts without clicking endlessly on the nearly 3000 pages we have on the forum.

You'll need WINZIP to view the files.

Will post 2500 to 3000 when we hit 3000 =)
(for those of you who doubt round numbers... woe to doubters...)

This is all thanks to Michael on the PF who provided the utility!
It's uber awesome.

I wish I had started off here years ago. I envy pple like Benji who started here. Would have saved me MANY MANY headaches. Not to mention time and money.

I'll add other seniors when I hv more time.

Got a job to keep up.
Attached File(s)
File Type: zip J16; p 1 to 2500; james16, mbqb11, raczekfx.zip   1.6 MB | 1,765 downloads
One Mind, Any Market
  • #44,457
  • Sep 23, 2009 11:00pm Sep 23, 2009 11:00pm
Quoting Rocket!
This current Daily pin on GBP/USD is the first one I'd consider taking on my Daily live account in a while.

Pros:
- Trading off Monthly PPZ
- Long term weekly fib confluence
- GBP in current downtrend
- Moving with Weekly Cherry-Pin
- Off 1.6400

Cons:
- Not at ultimate swing high
- Trading in the middle of weekly wedge
- Dollar not too hot at the minute too(rangebound/weak against most currencies)
- Not as much space as I'd like.

Lets see how it goes...
Nicely analyzed Rocket. Your Cons outwieght the Pros in my book.


My main point was that PPZs level are great areas to watch for Price Action to develop and for our Price Targets to reach.

The cool thing about PPZs is that they gain strength when they . . . . lineup with, come together at, merge with or envelop with . . . . . other confluencing tools and/or levels : Round Numbers, Fib levels, 50% retracement, long term MAs, divergence, trendlines, etc.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #44,458
  • Sep 23, 2009 11:01pm Sep 23, 2009 11:01pm
epic, thank you cyrus
  • #44,459
  • Sep 23, 2009 11:02pm Sep 23, 2009 11:02pm
Quoting Cyrus
My small tribute to the J16 thread.

In essence, have grabbed all of the posts from James16, mbqb11, raczekfx from page 1 to 2500 of the thread and stuck them into 1 file.

It's like reading book of all their posts.
In this way, we can read through all their posts without clicking endlessly on the nearly 3000 pages we have on the forum.

You'll need WINZIP to view the files.

Will post 2500 to 3000 when we hit 3000 =)
(for those of you who doubt round numbers... woe to doubters...)

This is all thanks to Michael on the PF who provided...
I love these things.

Thank you.
Indicators show the past. Price Action "Indicates" the future.
  • #44,460
  • Sep 23, 2009 11:31pm Sep 23, 2009 11:31pm
Quoting Cyrus
My small tribute to the J16 thread.

In essence, have grabbed all of the posts from James16, mbqb11, raczekfx from page 1 to 2500 of the thread and stuck them into 1 file.

It's like reading book of all their posts.
In this way, we can read through all their posts without clicking endlessly on the nearly 3000 pages we have on the forum.

You'll need WINZIP to view the files.

Will post 2500 to 3000 when we hit 3000 =)
(for those of you who doubt round numbers... woe to doubters...)

This is all thanks to Michael on the PF who provided...
EXCELLENT!Thanks
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