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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

  • #47,241
  • Oct 29, 2009 9:24pm Oct 29, 2009 9:24pm
Many Thanks Jarroo,

Why people are so nice here?

kk007

Quoting jarroo
I would have to agree with the other as well. Higher time frames do produce stronger setups and higher gains.

But if you do want to trade the lower time frames, it still is a must to know where these higher time frame PPZ levels are inrelation to your intraday trading. So go ahead and post away, we are all here to help and learn.

Jim
  • #47,242
  • Oct 29, 2009 9:27pm Oct 29, 2009 9:27pm
Quoting kk007
Many Thanks Jarroo,

Why people are so nice here?

kk007
Because it the best way to learn. We don't need added stress of BS. Trading can be stressful enough (for some). James16 set the tone and it flourished.
Indicators show the past. Price Action "Indicates" the future.
  • #47,243
  • Oct 29, 2009 9:35pm Oct 29, 2009 9:35pm
Quoting james16
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it....
I don't think I'm going to be calling the USA "home" in my adult years . It is a shame what is happening here in this amazing country, but... stupidity overrunneth.... Or maybe I just listen to peter schiff too much.....


BTW, I plan on joining the PF next week
Many choose unhappiness over uncertainty.
  • #47,244
  • Oct 29, 2009 9:36pm Oct 29, 2009 9:36pm
One more comment/question - I am using IBFX as a broker- they run a monthly contest where you need $250 to get in, and the highest % gain for the 'month' wins $3000 - -
I am waffling between - go for it - or - learn to trade you dip@#$.

Any thoughts? can a new guy know enough to keep this 'gamble' seperate from learning to make money?

it appears, that on average you'll need 500% to place or win. Which I am guessing is what you would do with TERRIBLE money management - but it can be done -you either win - or your out 250 - a gamble.

I am torn between - - don't gamble, learn to trade and eventually that 3k is literally peanunts. This stuff is probably old hat to most of you, but I'd rather learn to be profitable, than to have it given to me.

give a man a fish - feed him for a day - teach the man to fish feed him for a lifetime sort of thing. (can you give a man a fish in order to use as bait to learn how to fish - there I go again stretching the truth)
  • #47,245
  • Oct 29, 2009 9:39pm Oct 29, 2009 9:39pm
Quoting Dan Gilbert
I don't think I'm going to be calling the USA "home" in my adult years . It is a shame what is happening here in this amazing country, but... stupidity overrunneth....


BTW, I plan on joining the PF next week
Don't count us out just yet, my friend. The American people are waking up and rising up. We always do. Why we wait until the brink of disaster, I don't know. . . probably because we are all to busy working. lol
Indicators show the past. Price Action "Indicates" the future.
  • #47,246
  • Oct 29, 2009 10:07pm Oct 29, 2009 10:07pm
Quoting jarroo
I got some PMs about the Rac Cad trade so I'll give it a go.

We are looking for heavily confluenced levels i.e. PPZ levels with 61.8 Fibs and/or 50% ret level. There may be more to it then this but this is my take.

I was looking at the 1.0700 level as a KaBoom level, because it fit the setup. And it did provide some good pips if managed tightly. 1.0700 lined up with the recent 61.8 fib level and a support level (Weekly PPZ) that could have acted as resistence. (1st chart)

The Rac Kaboom level (the real KaBoom) had the 61.8 fib level high at...

am I doing it right?

next stop, 0.8814
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Many choose unhappiness over uncertainty.
  • #47,247
  • Edited Oct 30, 2009 6:14am Oct 29, 2009 10:15pm | Edited Oct 30, 2009 6:14am
Quote
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?


Let us say you work for Boeing as a union worker, you receive a sweetheart deal as a union worker. You have purchased a house, found a wife, support your children and have a few toys, now you must have this sweet heart deal of a job to pay for this lifestyle.

So even if you know Boeing cannot continue to make a profit with the cost of its union workers, you vote for the politicians that will keep you in your sweetheart salary, instead of voting for the politicians that will produce a business friendly environment.

At the core, it is the same problem people face trading, or when taking out a loan, they do what will help them right now, over what will benefit them the most over the long run.

Sad thing is the true price they and their children will pay for these types of choices.

I know this is not all-inclusive, I have noticed this behavior out here on the west coast.


Best Regards


Dale
  • #47,248
  • Edited 11:05pm Oct 29, 2009 10:17pm | Edited 11:05pm
Quoting Dan Gilbert
am I doing it right?

next stop, 0.8814

Yes. Exactly.

Make that 0.8814 closer to a nice round number, .8800 and it looks even stronger. Check that .8800 level on the weekly and we see how strong it is.

Will Price get there? Who knows. But if it does, some big bullish PA would be great.
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Indicators show the past. Price Action "Indicates" the future.
  • #47,249
  • Oct 29, 2009 10:25pm Oct 29, 2009 10:25pm
Quoting james16
WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?
Who knew this was a political thread?!

I'll give it a shot. I think it's a bit simplistic to paint all liberals with the same brush or to suggest that "conservatives" give you the opposite. Reagan, the pillar of the modern right ran deficits every year he was in power. Bush the 1st raised taxes and Bush the 2nd passed one of the biggest expansions of the nanny state ever (Medicare prescription drug benefit) and ran a deficit for every year of his presidency (except the first perhaps).

For those of you with a mind towards history, take a look at the following chart:
http://upload.wikimedia.org/wikipedi...0px-USDebt.png

The chart shows an explosion of debt starting in the early 80s - even if you normalize it for increases in GDP (the bottom of the 2 charts), it's still a pretty impressive upswing in debt. Taxes are a function of paying for government - without cutting back on government spending (and DEBT) you have to tax (or you can default on your debt and/or print more money, like we saw with Latin America back in the day...). So while Reagan's tax cuts surely helped spur robust GDP growth, it also created huge deficits which someday have to be paid... Anyone who wants to examine the numbers can do so here: http://www.cbo.gov/budget/data/historical.shtml

Am I defending the current profligacy by both the President & Congress? Of course not, but lets not say this is a Liberal vs. Conservative issue because every politician loves to "bring home the bacon" and every president loves to spend your money.

And finally to answer your question, why do people keep voting these people into office, I doubt the reasons have anything to do with taxes. Most people vote on social issues (Abortion, Gay Rights, Gun Control/Rights, Family Values) or identity issues (which candidate would I rather have a beer with?). And to the extent that people vote with their pocketbook, it usually takes the form of: Is the economy good? If yes, vote for the incumbent, if no, vote for the challenger...

Just my 2c... On to trading then...

Cad looks interesting here:
http://i437.photobucket.com/albums/q...dcad-daily.gif
  • #47,250
  • Oct 29, 2009 10:37pm Oct 29, 2009 10:37pm
Quoting InfinitySL
Who knew this was a political thread?!

I'll give it a shot. I think it's a bit simplistic to paint all liberals with the same brush or to suggest that "conservatives" give you the opposite. Reagan, the pillar of the modern right ran deficits every year he was in power. Bush the 1st raised taxes and Bush the 2nd passed one of the biggest expansions of the nanny state ever (Medicare prescription drug benefit) and ran a deficit for every year of his presidency (except the first perhaps).

For those of you with a mind towards history, take a look...

Many good points ISL. It would have been fun to see what would have happen if Reagan had a conservative House and Senate during his reign instead of a liberal majorities. Bush 1 and 2 were republican (small "r") they were not conservatives. Anyway, you make valid points that I can not disagreed with. Sad but true.

That big 2 day PB, with the trend, does look interesting indeed.
Indicators show the past. Price Action "Indicates" the future.
  • #47,251
  • Oct 29, 2009 10:45pm Oct 29, 2009 10:45pm
Quoting bee24
I think I found something. Two day pin. I think it's safe to call it that, since will close in less than an hour. No divergence though...
Yes indeed bee. Worth a hard break look for me.
Indicators show the past. Price Action "Indicates" the future.
  • #47,252
  • Edited 11:11pm Oct 29, 2009 10:51pm | Edited 11:11pm
Quoting Mikali
GBPCAD - This trade like the first was based primarily on confluence of PPZ, 150 EMA and 50 Fib. Sell Stop Order was placed @ 1.7623 SL @ 1.7817 TP @ 1.7190. The first problem area I see is at the round number 1.7400 where partial profit should be taken and SL moved to BE.
I'm learning too so my comments may not be worth much. However I'm hovering between taking this pin or passing on it.

Likes:

 

  1. pin off 50 fib
  2. Near-term divergence on RSI
  3. (I don't use MAs, but 150 MA confluence is good)

Dislikes:

 

  1. Traffic ahead in the 1.760 to 1.755 area
  2. Small pin compared to bullish bars
  3. Notice how the larger BEOB on the 23rd failed to reverse trend?

I'm not comfortable with the size mainly, especially after seeing a failed larger BEOB. Thoughts?

*edit* There's 2 day pin bars all over the place on multiple pairs. Did anything major happen yesterday?

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  • #47,253
  • Oct 29, 2009 10:54pm Oct 29, 2009 10:54pm
Quoting NosferatuMan
Here is another 2 day pinbar. Some confluence but a very noisy area.
I think the size is ok and we have 61.8 fib and some divergence. Swing high and with the trend.
I'm concerned with that first trouble area where the pb migh be triggered.
Some troubled area ahead of this one. If strong momentum ensues then we have enough room to protect ourselves.
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Indicators show the past. Price Action "Indicates" the future.
  • #47,254
  • Oct 29, 2009 11:14pm Oct 29, 2009 11:14pm
Quoting arctos
I'm learning too so my comments may not be worth much. However I'm hovering between taking this pin or passing on it.

Likes:

 

  1. pin off 50 fib
  2. Near-term divergence on RSI
  3. (I don't use MAs, but 150 MA confluence is good)

Dislikes:

 

  1. Traffic ahead in the 1.760 to 1.755 area
  2. Small pin compared to bullish bars
  3. Notice how the larger BEOB on the 23rd failed to reverse trend?

I'm not comfortable with the size mainly, especially after seeing a failed larger BEOB. Thoughts?


Nice analyisis arctos and you are right about the size. It is probably the only thing that would make me pass on this one. That's what being very picky is all about. Everything may look good but if one thing doesn't fit . . . you pass, even if it falling through the ground.
Good instinct.
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Indicators show the past. Price Action "Indicates" the future.
  • #47,255
  • Edited Oct 30, 2009 12:06am Oct 29, 2009 11:20pm | Edited Oct 30, 2009 12:06am
I don't have a problem with people voting for liberal or conservative ideologies. What I have a problem with is the two-party system that, in my opinion, is destroying a great nation.

Both parties have sold their souls to the highest bidders a long time ago. Both parties are taking away our personal freedoms. Both parties are transforming us into a welfare/warfare state. Both parties are making us bankrupt.

The American people have been duped into believing that they are free because they can choose between two scum bags who are willing to betray them and the Constitution in favor of bankers and big corporations.

Democrats tax and spend, while Repulicans borrow and spend. Our national debt is approaching 12 trillion dollars. If you add Medicare, Social Security plus other liabilities on top of that, the US is around 100 trillion dollars in the hole. That's 100 trillion!

George Dubya, who had a Congress dominated by Republicans (who claim to have an ideology of small government and limited spending) for 6 out of his 8 years in office, started with a national debt near 6 trillion (if I remember right) and took it to almost 11 trillion. If Obama (who said he would get rid of the "good old boy network" before hiring former employees of Freddie Mac, Goldman Sachs and the Federal Reserve Bank of New York to his cabinet) and his Democratic Congress keep their current pace, they will dig us deeper into the hole than Bush and company.

I feel sorry for future generations. Most of us belong to a group of people who support spending trillions of dollars to fight wars on foreign soil to "protect us from terrorists" or to a group of people who support spending trillions of dollars because "everyone has a right to healthcare". Both groups believe we should spend trillions of dollars we do not have. Both groups, in my opinon, are taking away the freedom and well-being of future generations.

Quoting james16
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it....
  • #47,256
  • Oct 29, 2009 11:25pm Oct 29, 2009 11:25pm
Debra Medina {In-Studio} on Alex Jones Tv 1/4ebra Medina for Texas Governor 2010

Inserted Video



Quoting james16
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it....
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #47,257
  • Oct 30, 2009 12:46am Oct 30, 2009 12:46am
Quoting perch
One more comment/question - I am using IBFX as a broker- they run a monthly contest where you need $250 to get in, and the highest % gain for the 'month' wins $3000 - -
I am waffling between - go for it - or - learn to trade you dip@#$.

Any thoughts? can a new guy know enough to keep this 'gamble' seperate from learning to make money?
Hey Perch, sounds like you already know the proper thing to do, and that is to sit these contests out. They promote poor money management like you said, ultimately the broker is the only one who wins these games as 99% of the contestants will blow out their accounts.....and fast.

Not to tell you what to do....but I would leave these contests alone and keep practicing as taught here.


-Dutch
  • #47,258
  • Oct 30, 2009 1:26am Oct 30, 2009 1:26am
Quoting perch
give a man a fish - feed him for a day - teach the man to fish feed him for a lifetime sort of thing. (can you give a man a fish in order to use as bait to learn how to fish - there I go again stretching the truth)
Easy. Learn to trade. DD's on to it.

There's a bit of a war path ahead of you as it is. Trading to earn fast gains is NOT going to instill the personal traits you need to develop to be successful in the long run. Probably the opposite. You want the long haul don't you?
Bundy's status today: "Waiting..."
  • #47,259
  • Oct 30, 2009 1:44am Oct 30, 2009 1:44am
Hi Jaroo

Sorry - really history now but apologies didn't explain myself - Looking at weekly chart I thought the up trend from around 2 August supported weekly pin (last week) and was a continuation of general up trend. New to Forum so just getting the hang of things

Clearly not now as right eye never formed (the prior BEOB better signal?) and in fact now looking like BEOB - I think?

BTW - interesting PA on a number of dailys do you think? - pins forming on GBP/CHF and EU/GBP(although weekly forming BEOB). Also BEOB on USD/CHF and BUOB on EU/USD.

Would appreciate it if you could let me know your thoughts and thanks for your kind responses

Jezza

Thanks

Jeremy

Quoting jarroo
Hey js. Still not sure how your trendlines supported the retracement 4 hour BEOB.

The key thing with trendlines, Round Numbers, Fib levels, 50% ret levels, long term MAs, etc., is that they are confluencing tools that we like to see line up with PPZ levels. Also the higher time frame of which they appear, the stronger they become.

Concentrating on finding PPZ levels is a great way to start and then go from there.


So what you say js , show me a chart with some PPZ levels on it and let's see if we can find some great locations....
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  • #47,260
  • Oct 30, 2009 4:18am Oct 30, 2009 4:18am
I went back to page 1 again as I felt as though my trading is in a confused state of late.
I have just realised something..
I will have my charts blank and draw ppz fibs watever at an obvious level and i will wait for price to get there and THEN SEE what happens.

I think of late of have been trying to make trades happen from nothing obvious.
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