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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

  • #46,581
  • Oct 21, 2009 4:12pm Oct 21, 2009 4:12pm
Quoting o990l6mh
Btw, don't feel bad about having to go to school.
Two reasons: when you're my age you have to go to work instead... (although I have a feeling you might not need to do that ever) and second, school even if sometimes boring, is what will charge you with knowledge and skills that will be the foundation for the rest of your life.

Now do your homework
Haha thats what my dad say to me every single day But thats my last year in high school and it is really funny I think I will miss my last 4-5 years but whatever... i am at school exactly when the big moves happen ( London, New York sessions )
  • #46,582
  • Oct 21, 2009 4:19pm Oct 21, 2009 4:19pm
Quoting mbqb11
careful this pair is a mess right now, and I see a lot of downward pressure coming. There has been protection on this pair, but I don't see it lasting. It never does

1.5 is my mark to watch
Yeah, for some reason I've drawn both 1.51 and 1.50 on my charts and 1.50 is of course the strong one.

I was thinking about placing a buy stop at 1.5120 but as I'm already long on CHFJPY I'm hesitant. Sort of trading against myself...

I learned that hesitation means: don't, better setups will come.

I'll watch and see what daily bars may produce. As always, big thanks for sharing your thoughts.
  • #46,583
  • Oct 21, 2009 4:24pm Oct 21, 2009 4:24pm
brilliant.

listen to him benji.

Quoting o990l6mh
Hey Benji

Oanda doesn't separate between stop and limit orders, everything that isn't a market order is called limits.

You've made a good choice by going with Oanda.

Btw, don't feel bad about having to go to school.
Two reasons: when you're my age you have to go to work instead... (although I have a feeling you might not need to do that ever) and second, school even if sometimes boring, is what will charge you with knowledge and skills that will be the foundation for the rest of your life.

Now do your homework
  • #46,584
  • Oct 21, 2009 4:35pm Oct 21, 2009 4:35pm
Hi Folks,

Anyone else looking at the EURCAD PB on the daily chart? The PB has multiple confluence: I see 50 Fib with 200 and 365 ema's on the nose and 38 and 23 Fib confluence on the tail.

I'm looking to go short @ 1.5600 with SL @ 1.5781 and TP @ 1.5371 possibly taking partial profit at 1.5500 where I will move my SL to BE on the remaining position.

Anyone else care to offer their viewpoint or provide some feedback?

Thanks,
Mikali
Attached Image (click to enlarge)
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  • #46,585
  • Oct 21, 2009 4:45pm Oct 21, 2009 4:45pm
i think selling below 56 is a wise move as that will be below the bar low and below the 4 hour 365 in which price is sitting on right now.

i think i would be careful of 5565 area as that is the 4 hour 150ema and also a minor ppz level.

the pin isnt that convincing either i dont think
  • #46,586
  • Oct 21, 2009 4:51pm Oct 21, 2009 4:51pm
Anyone else watching this beautiful break on GBPCHF? TL break with DBLHC then retested almost pip to pip Looks juicy but I'm hesitating for some reason
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  • #46,587
  • Oct 21, 2009 5:04pm Oct 21, 2009 5:04pm
Quoting FX_Serg
Anyone else watching this beautiful break on GBPCHF? TL break with DBLHC then retested almost pip to pip Looks juicy but I'm hesitating for some reason
Hi FX_Serg,

I'm no expert and I'm sure the seniors will chime in as well.

Here is my take: First, this pair has been in a downtrend for some time and 1.6700 is a very strong PPZ area that price has rejected a number of times recently. That being said I do not believe price will move north of 6700 for the time being.

I'm sure more experienced folks will chime in as well.

Mikali
  • #46,588
  • Oct 21, 2009 5:10pm Oct 21, 2009 5:10pm
Quoting Mikali
Hi FX_Serg,

I'm no expert and I'm sure the seniors will chime in as well.

Here is my take: First, this pair has been in a downtrend for some time and 1.6700 is a very strong PPZ area that price has rejected a number of times recently. That being said I do not believe price will move north of 6700 for the time being.

I'm sure more experienced folks will chime in as well.

Mikali
Appreciate your opinion Mikali! Indeed I didn't notice the strong downtrend for some reason
As far as PPZ, I was hoping it will break up with all the GBP momentum.
  • #46,589
  • Oct 21, 2009 5:11pm Oct 21, 2009 5:11pm
Quoting supermatt
i think selling below 56 is a wise move as that will be below the bar low and below the 4 hour 365 in which price is sitting on right now.

i think i would be careful of 5565 area as that is the 4 hour 150ema and also a minor ppz level.

the pin isnt that convincing either i dont think
Hi supermatt,

Thanks for your feedback!! I almost never look at time frames lower then daily and have never based my trade plans on them. But looking at the H4 I see what you mean by the 5565 area this may in fact be a price point where I will need to consider moving my SL to BE.

Thanks again,
Mikali
  • #46,590
  • Oct 21, 2009 5:15pm Oct 21, 2009 5:15pm
yeah i never look down time frames either really. i am trying my best to just stick to 1 timeframe as otherwise it will drive u insane by feeling like ur always doing a million things at once. I did get that minor ppz off the daily though
all good
  • #46,591
  • Oct 21, 2009 5:29pm Oct 21, 2009 5:29pm
These is a 6 pip difference in lows. Close of the second bar was 1.50070. Considering?
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  • #46,592
  • Oct 21, 2009 5:44pm Oct 21, 2009 5:44pm
Quoting bee24
These is a 6 pip difference in lows. Close of the second bar was 1.50070. Considering?
Hi Bee24

That is at a swing high, we want DBLHC at swing lows. Search back in the thread, there are lots of posts that will show good examples.
  • #46,593
  • Oct 21, 2009 5:53pm Oct 21, 2009 5:53pm
Quoting bee24
These is a 6 pip difference in lows. Close of the second bar was 1.50070. Considering?
There is divergence as well...
I think it will retrace before going higher.

Serg
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  • #46,594
  • Oct 21, 2009 6:36pm Oct 21, 2009 6:36pm
Quoting FX_Serg
There is divergence as well...
I think it will retrace before going higher.

Serg
Divergence means, shorts COULD be coming. But when the train gets moving, make sure to wait for a real nice looking reversal. We have too many tools to have to guess the top
  • #46,595
  • Oct 21, 2009 8:42pm Oct 21, 2009 8:42pm
Quoting mbqb11
sorry Ben, I am a boring trader. Most of you all trade a lot more then me .
When he said your charts were boring, I think he was hinting that you need to jazz them up with flowers, rainbows and a few baby unicorns and shit.

...channel your inner crayon meister big fella.

Come on, don't hold back.
Bundy's status today: "Waiting..."
  • #46,596
  • Oct 21, 2009 8:44pm Oct 21, 2009 8:44pm
Quoting bundyraider
When he said your charts were boring, I think he was hinting that you need to jazz them up with flowers, rainbows and a few baby unicorns and shit.

...channel your inner crayon meister big fella.

Come on, don't hold back.
  • #46,597
  • Oct 21, 2009 9:30pm Oct 21, 2009 9:30pm
In regard to Jims s/r trading. Is there a distinction between old support/resistance and current? Is one weighted more than the other, or do you want to see current s/r confirmed by previous areas? And finally, does the space between current and old s/r have any significance?
  • #46,598
  • Oct 21, 2009 9:33pm Oct 21, 2009 9:33pm
Quoting cchad3
In regard to Jims s/r trading. Is there a distinction between old support/resistance and current? Is one weighted more than the other, or do you want to see current s/r confirmed by previous areas? And finally, does the space between current and old s/r have any significance?
Hey Chad

The short simple answer is that both are important. But each situation is different

Price has a "memory" if that makes sense.

Best

Mike
  • #46,599
  • Oct 21, 2009 10:09pm Oct 21, 2009 10:09pm
they are based on a lot of experience watching price and knowing when price is at a place that i can know with a very high probability where its going.

not unlike using pa.

jim

Quoting Mikali
Hi Jim,

So the trade is based on your estimation of where you think price will go from a PPZ (support resistance) area and the stop placed above/below the PPZ.
  • #46,600
  • Oct 21, 2009 10:25pm Oct 21, 2009 10:25pm
Hey guys, its been a while since I've taken a "J16" style trade. Took NZD/USD short off H4 PB inside a PB with divergence. It is at a weekly PPZ in between 7500 and 7600 which is right at a weekly bearish pin bar from last year (retrace bus anyone?) Also have the Dow making a BEOB today. Plan on taking 1/2 off in a few pips and then seeing if there's anything to this longer term.
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