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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

  • #46,101
  • Oct 15, 2009 8:12am Oct 15, 2009 8:12am
Quoting bundyraider
Well , Got the pullback situation I wanted to see. ...Kind of.
As you can see from my chart, though, not exactly clean-cut with the trendlines on this one.
r u another gbp bear, Sir?
trendlines are line chart-based, perhaps?
  • #46,102
  • Oct 15, 2009 8:26am Oct 15, 2009 8:26am
Quoting mike w
I've been watching exactly that too brother. TON of resistance throughout this zone at that. If we get a pin in that area, I may just cry with how happy I'll be.
It is. It's hard to find a super clear PPZ.

Quote
Other than that, I'm not really seeing anything too solid. I'm excited for how these weeklies will close though. Some are looking juicy if we stay as I'm expecting us to stay.
Haven't peeked at the weeklies yet. lol ...But this week has been very ordinary for me. First trade of the week an hour ago ...I just did a 1:1 on EURNZD , but all week I have pretty much walked away from the screen real quick every time I've flicked through the charts.

Quote
'm not sure which one will be hotter in that area, the gbp/usd or gbp/jpy. If we do get that push up, it'll take the other straight with it. I gotta get off here, I'm getting too excited and that IS a bad thing while trading.
Certainly seems GBP driven. They've been strong moves the past day or so. Not too keen on going against them at those unclear horizontal levels. Unless everyone has just given up on short orders and decided to wait for these pullbucks. lol

Setting the alarm for 4:00am bar close. First time in a while.
Bundy's status today: "Waiting..."
  • #46,103
  • Oct 15, 2009 8:27am Oct 15, 2009 8:27am
Quoting supremeChaos
r u another gbp bear, Sir?
trendlines are line chart-based, perhaps?
GBP bear? Nup. Neither. Just my preferred set up if it all looks right.
Bundy's status today: "Waiting..."
  • #46,104
  • Oct 15, 2009 8:35am Oct 15, 2009 8:35am
Quoting bundyraider

Haven't peeked at the weeklies yet. lol ...But this week has been very ordinary for me. First trade of the week an hour ago ...I just did a 1:1 on EURNZD , but all week I have pretty much walked away from the screen real quick every time I've flicked through the charts.
I've decided to start a demo account to trade weekly and daily charts being quite picky. No trades yet. I was starting to think if that's exclusively my problem but it seems that is not a great week after all
  • #46,105
  • Oct 15, 2009 8:43am Oct 15, 2009 8:43am
Quoting NosferatuMan
I've decided to start a demo account to trade weekly and daily charts being quite picky. No trades yet. I was starting to think if that's exclusively my problem but it seems that is not a great week after all
There are a lot of factors:
your preference, trading style, risk profile, etc.
it's pretty subjective as we all are unique...so dont worry about it too much
  • #46,106
  • Oct 15, 2009 8:49am Oct 15, 2009 8:49am
Quoting nasir.khan
I read that post and have done some work with DIV with ryan's method (you know that Cyrus). But sometime i get short by putting it in some decent WORD's (English is not my 1st language).
Heya Nasir,

I'm not sure if there's any misunderstanding here, but just to get this out,
I definitely wasn't trying to insult/pick on you.

Was just being corny w some stuff Joel posted in the previous post.

Peace bro~ =)
One Mind, Any Market
  • #46,107
  • Oct 15, 2009 8:56am Oct 15, 2009 8:56am
Quoting NosferatuMan
I've decided to start a demo account to trade weekly and daily charts being quite picky. No trades yet. I was starting to think if that's exclusively my problem but it seems that is not a great week after all
Yep.

You're taking the right path.

When a good trade comes along it really sticks out at you.

Those times when you wonder if you might be just missing something today somewhere are nearly always just "walk away" moments anyway, when you look back later on.

If you can learn to "hold your horses" for most of the month waiting for those couple of really good trades on the daily chart...well ...I believe 'waiting' is THE most underrated skill we need to learn in trading, anyway. You need to spend some months developing it and making it a natural response.
Bundy's status today: "Waiting..."
  • #46,108
  • Oct 15, 2009 8:57am Oct 15, 2009 8:57am
Quoting bundyraider
Haven't peeked at the weeklies yet. lol ...But this week has been very ordinary for me. First trade of the week an hour ago ...I just did a 1:1 on EURNZD , but all week I have pretty much walked away from the screen real quick every time I've flicked through the charts.
Me too bundy. Been a week of patience. Nothing even remotely worth considering.

This is the time where I need to careful not to jump at the first nearly opportunity that comes along.

The GU is one of the few charts where I can see a clear area that I am looking for a trade at. The others aren't giving me too much.
  • #46,109
  • Oct 15, 2009 8:59am Oct 15, 2009 8:59am
Quoting bundyraider
It is. It's hard to find a super clear PPZ.
Yeh - dunno about PPZ, but that location on the Fib is ooh-la-la

That preceeding loooooooooong H4 is scary too !

(candle just went green as i saved it )
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  • #46,110
  • Oct 15, 2009 9:11am Oct 15, 2009 9:11am
[quote=bundyraider;3150092]It is. It's hard to find a super clear PPZ.

Your telling me.

Haven't peeked at the weeklies yet. lol ...But this week has been very ordinary for me. First trade of the week an hour ago ...I just did a 1:1 on EURNZD , but all week I have pretty much walked away from the screen real quick every time I've flicked through the charts.

Nice brother! I can't ever seem to pull the trigger on the eur/nzd for some odd reason. It must have spanked me as a child. There haven't been too many solid opportunities this week.

Certainly seems GBP driven. They've been strong moves the past day or so. Not too keen on going against them at those unclear horizontal levels. Unless everyone has just given up on short orders and decided to wait for these pullbucks. lol

I agree entirely. I wouldn't dream of going against it until we see serious conviction of exhaustion on a higher timeframe.

Setting the alarm for 4:00am bar close. First time in a while.

Yes sir, I'll be sure to be here as well. Tea time? haha
I dream, therefore I become.
  • #46,111
  • Oct 15, 2009 9:12am Oct 15, 2009 9:12am
Quoting NosferatuMan
I've decided to start a demo account to trade weekly and daily charts being quite picky. No trades yet. I was starting to think if that's exclusively my problem but it seems that is not a great week after all
No trades equates to nooooo problems, my friend. Remember that when you see a pisspoor bar and are tempted.

To elaborate on what Bundy said, I heard a story and I really can't remember where though. Some really historical figure said that he has never seen anyone become successful who isn't patient. Not just in this business, in any business! Keep that on your heads, ladies and gents.
I dream, therefore I become.
  • #46,112
  • Oct 15, 2009 9:15am Oct 15, 2009 9:15am
I think I was going to say more guys, but I've gotta sleep. 1 am. lol
Bundy's status today: "Waiting..."
  • #46,113
  • Oct 15, 2009 9:19am Oct 15, 2009 9:19am
Quoting mike w
Nice brother! I can't ever seem to pull the trigger on the eur/nzd for some odd reason. It must have spanked me as a child. There haven't been too many solid opportunities this week.
2.000 round num PPZ. 1 hour chart . You'll see it.

Quote
Setting the alarm for 4:00am bar close. First time in a while.

Yes sir, I'll be sure to be here as well. Tea time? haha
Prick! ...I gotta move to South Efrica or somthing. lol

Over and out.
Bundy's status today: "Waiting..."
  • #46,114
  • Oct 15, 2009 9:32am Oct 15, 2009 9:32am
Quoting bundyraider
Prick! ...I gotta move to South Efrica or somthing. lol

Over and out.
HAHA I may have a better time, but they say australian women make the best lovers. So who's really the lucky one? ha That made my day
I dream, therefore I become.
  • #46,115
  • Oct 15, 2009 10:21am Oct 15, 2009 10:21am
Quoting Cyrus
Heya Nasir,

I'm not sure if there's any misunderstanding here, but just to get this out,
I definitely wasn't trying to insult/pick on you.

Was just being corny w some stuff Joel posted in the previous post.

Peace bro~ =)
Hey no problem bro.
  • #46,116
  • Oct 15, 2009 10:34am Oct 15, 2009 10:34am
1. what settings do you guys use for stochastic, RSI and MACD? or is default good enough?

2. what does it mean when the 150ema converges with the 365 ema?
  • #46,117
  • Oct 15, 2009 10:36am Oct 15, 2009 10:36am
Quoting mike w
Yes sir, it turned out to be a solid trade. I never got filled as I wouldn't consider it until we saw a 50% retrace into the bar to make my risk worthwhile. That pound move last night was my runner for the month though. On a risk of 28 pips, it's so far turned out 300. Trade was based on the daily BUOVB with an entry off the hourly pin at support.

I'm also surprised at the eur/gbp having busted through the previous bar highs and support that quick. This is on watch list for the weeklies now.


Mike W, can you detail for me this trade? I believe you are talking about the BUOB on Oct 13? I didn't see it that day, but now in reviewing the chart I do. I cut down to the hourly to see how my trade would have played out.

With what I've learned here, I would have:

Bought a break of the BUOB (10 pips or so)
After it ran 20-30 pips taken half off the table and moved to breakeven for a 'free' trade

At this point, while looking at the hourly, I see my stop would have been hit, on Oct 14 at 17:00 (I use the NY daily close) Then I would miss the 250+ pip move up.
This has happened to me on quite a few trades I have taken. I wonder if it is because moving to the top of the pin/buob/PA is not a logical support, and maybe the 150ema would have been better? or another support? I mean no disrespect to the method; I just want to see what kept people in the trade.

Thanks!
  • #46,118
  • Oct 15, 2009 11:11am Oct 15, 2009 11:11am
Quoting atclarkson
Mike W, can you detail for me this trade? I believe you are talking about the BUOB on Oct 13? I didn't see it that day, but now in reviewing the chart I do. I cut down to the hourly to see how my trade would have played out.

With what I've learned here, I would have:

Bought a break of the BUOB (10 pips or so)
After it ran 20-30 pips taken half off the table and moved to breakeven for a 'free' trade

At this point, while looking at the hourly, I see my stop would have been hit, on Oct 14 at 17:00 (I use the NY daily close) Then I would...
Ok here's the daily and hourly chart. I'll run through the daily then the one hour to see that "pinpoint thought". i have both the BUOVB and the hourly pin of which I entered off of highlighted with an arrow pointing to both.

First, on the hourly, you can clearly see the resistance point that price stalled at before continuing onward at 1.6000 (coincidence; not at all- that's a massive round number). I've found that at these levels, when price stalls, it needs to build up steam by moving lower in order to attain more buyers (common sense stuff there).

From there, I still had a price expectation of bullishness due to the daily BUOVB and that remained up until 1.61 area (price blew past that point, but you can see why by the chart).

With that price expectation, I was then waiting for an hourly/4 hour signal after the original retracement back towards the entry point of the BUOVB. At that point, the one hour pin popped up and granted me that so I jumped in.

It's all about momentum and this move jsut didn't have enough on the break, which is WHY we retraced- to pick up that momentum in order to break through the 1.6000 point of resistance.

I've found that waiting on the retracement is best for me MOST times, whereas other people just like to get in on the break of the high.

Let me know if that answered your question and if not, reword it and I will try to elaborate as much as possible for you.
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I dream, therefore I become.
  • #46,119
  • Oct 15, 2009 11:16am Oct 15, 2009 11:16am
Quoting arthurwtm
1. what settings do you guys use for stochastic, RSI and MACD? or is default good enough?

2. what does it mean when the 150ema converges with the 365 ema?
1. It truly makes little difference. It is just a tool. Many use the default settings. Some use RSI(6) because that's what RyanMCD uses for his 5 min trades. At least that's when I started using RSI(6), lol. Play around with it and you'll see that it makes little difference if you are using it for divergence on longer term charts

2. To me, it simply means that the 150 and the 365 are getting closer together. Suppose you could imply this to be a stronger location (confluence). I don't use EMA's so I'm of little value here.

Happy Trading Arthur.
  • #46,120
  • Oct 15, 2009 12:03pm Oct 15, 2009 12:03pm
Quoting mike w
Ok here's the daily and hourly chart. I'll run through the daily then the one hour to see that "pinpoint thought". i have both the BUOVB and the hourly pin of which I entered off of highlighted with an arrow pointing to both.

First, on the hourly, you can clearly see the resistance point that price stalled at before continuing onward at 1.6000 (coincidence; not at all- that's a massive round number). I've found that at these levels, when price stalls, it needs to build up steam by moving lower in order to attain more buyers (common sense stuff...
Sorry to jump in between your conversation but I have a question that i would like you to answer if possible.

Did you enter after the pin (10 pips above the pin's max or something like that) or did you wait to break again 1,60?

By the way, really nice trade.
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