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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

  • #47,741
  • Nov 8, 2009 5:57pm Nov 8, 2009 5:57pm
Quoting TiaForex
Some nice NZD gaps tonight.
Yes some big gaps especially on AudNzd and EurNzd but those are a bit wild for me so I shorted NzdUsd at 7345.

At BE now so lets see if it will go below 7300 and close the gap.
  • #47,742
  • Nov 8, 2009 5:59pm Nov 8, 2009 5:59pm
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  • #47,743
  • Nov 8, 2009 7:12pm Nov 8, 2009 7:12pm
Quoting MattW
My posts always get missed when it takes the Mods over two hours to authorise my posts on a fast moving thread like this! Any idea how many posts I need before that restriction is removed?
They still doing that crap???

Hopefully the number of posts in super low, like 20 or something. If not , that's just wrong.
Bundy's status today: "Waiting..."
  • #47,744
  • Nov 8, 2009 7:47pm Nov 8, 2009 7:47pm
Quoting bundyraider
They still doing that crap???

Hopefully the number of posts in super low, like 20 or something. If not , that's just wrong.

Do you have any idea how many trolls/spam this filtering process keeps out of this forum? I think it's brilliant.
Many choose unhappiness over uncertainty.
  • #47,745
  • Nov 8, 2009 8:32pm Nov 8, 2009 8:32pm
Quoting Dan Gilbert
Do you have any idea how many trolls/spam this filtering process keeps out of this forum? I think it's brilliant.
looking through the rest of the commercial forum, it seems to let alot of spam stay in
When you have to shoot, shoot. Dont talk.
  • #47,746
  • Nov 8, 2009 9:02pm Nov 8, 2009 9:02pm
what exactly are we doing here??? I honestly think that CAD is supposed to go to breakeven with the US dollar.... so this lower support line should crack now. right? I was originally thinking that a buy limit at 1.0660 would be a nice play, but then I noticed the upper resistance is a longer term slope here.... short on break of support? see break of support, then wait for PA?
Attached Image (click to enlarge)
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Many choose unhappiness over uncertainty.
  • #47,747
  • Nov 8, 2009 9:29pm Nov 8, 2009 9:29pm
Also, many GBP crosses look like they are in a position to drop down now from strong PPZ levels. anyone else see this?
Many choose unhappiness over uncertainty.
  • #47,748
  • Nov 8, 2009 9:50pm Nov 8, 2009 9:50pm
Quoting jarroo
Daily I4B trade (actually I6B) on the Aud/Usd with a 4 Hour Double Inside Bar trigger. Dale will like this one.

Many confirmations on this low risk, supportive trade. We have the 0.9100 Daily PPZ level and with the trend. My stop loss was placed right below the 0.9100 once it broke. If it broke to the down side , the s/l would have been placed above the 0.9100.


I'm not very good at touch "blind" trades and I don't have to be. I need confirmations in my trading. And PA provides it nicely.


Jim
Daily I6B is working out nicely.

And like I said, I'm sure Dale likes this one. (4 hour Double Inside Bar)
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Indicators show the past. Price Action "Indicates" the future.
  • #47,749
  • Nov 8, 2009 10:16pm Nov 8, 2009 10:16pm
Quoting Dan Gilbert
what exactly are we doing here??? I honestly think that CAD is supposed to go to breakeven with the US dollar.... so this lower support line should crack now. right? I was originally thinking that a buy limit at 1.0660 would be a nice play, but then I noticed the upper resistance is a longer term slope here.... short on break of support? see break of support, then wait for PA?
Here's my take Dan. We have a squeeze play in the works. This is rolled up like a tube of tooth paste and it may be ready to burst.
We have a DBLHC that's not at a swing Low like we want to be. But it may give us an indication that we will be going higher. So a tight stop loss at the 1.0660-1.0650 may be a good low risk entry for a long. (trendline , 1.0650 PPZ confluence)

Or we can wait until Price squeezes out and then pulls back with confirming PA, in either direction. This is a higher probability play.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #47,750
  • Nov 8, 2009 10:21pm Nov 8, 2009 10:21pm
Quoting Dan Gilbert
Also, many GBP crosses look like they are in a position to drop down now from strong PPZ levels. anyone else see this?

I see the strong level on the Gbp/Usd, the 1.6700. But without a strong bearish Price Action formation at this level I see no reason for a short situation.

Just my two cents.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #47,751
  • Nov 8, 2009 10:27pm Nov 8, 2009 10:27pm
Quoting jarroo
Here's my take Dan. We have a squeeze play in the works. This is rolled up like a tube of tooth paste and it may be ready to burst.
We have a DBLHC that's not at a swing Low like we want to be. But it may give us an indication that we will be going higher. So a tight stop loss at the 1.0660-1.0650 may be a good low risk entry for a long. (trendline , 1.0650 PPZ confluence)

Or we can wait until Price squeezes out and then pulls back with confirming PA, in either direction. This is a higher probability play.
isn't the higher probability play the better one when you have a potential stall on a trade so close to your entry point? I'ma wait for a break . Thanks jarroo, I love your graph explanations.
Many choose unhappiness over uncertainty.
  • #47,752
  • Nov 8, 2009 10:29pm Nov 8, 2009 10:29pm
Quoting jarroo
I see the strong level on the Gbp/Usd, the 1.6700. But without a strong bearish Price Action formation at this level I see no reason for a short situation.

Just my two cents.

Jim
Agreed, the bias of one who sees a support or resistance and expects price to automatically get rejected can be a dangerous one. This can be a perfect area for a play long as well, in fact that would be my bias if we can get above this and it turn to strong support

Mike
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  • #47,753
  • Nov 8, 2009 10:35pm Nov 8, 2009 10:35pm
Quoting Dan Gilbert
isn't the higher probability play the better one when you have a potential stall on a trade so close to your entry point? I'ma wait for a break . Thanks jarroo, I love your graph explanations.
Not sure what you mean by a "stall at your entry point". What I mean by a higher probability play is that if we get a break out and the pull back with confirming PA, we now have the whole wedge to support our trade. along with the PPZ levels.
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Indicators show the past. Price Action "Indicates" the future.
  • #47,754
  • Edited 11:09pm Nov 8, 2009 10:41pm | Edited 11:09pm
Quoting mbqb11
Agreed, the bias of one who sees a support or resistance and expects price to automatically get rejected can be a dangerous one. This can be a perfect area for a play long as well, in fact that would be my bias if we can get above this and it turn to strong support

Mike
Oh Yeah. Classic Mike trade all the way.

I'm sure there are some crafty traders taking this break out , retest of the 1.6700. I need bolder signals then that. lol. Still fun to watch.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #47,755
  • Nov 8, 2009 10:43pm Nov 8, 2009 10:43pm
Quoting Dan Gilbert
isn't the higher probability play the better one when you have a potential stall on a trade so close to your entry point? I'ma wait for a break . Thanks jarroo, I love your graph explanations.
I'm up still and rooting for my Cowboys. Thought I'd chime here with another angle. 4HR USDCAD. I'd like to see a pin with a long nose off that 600 area which would just happen to coincide with the orange 150 ema and numerous fib confluences off off multiple TF's. Till then I'm just takin' it easy.

K.I.S.S.
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  • #47,756
  • Nov 8, 2009 10:43pm Nov 8, 2009 10:43pm
Quoting mbqb11
Agreed, the bias of one who sees a support or resistance and expects price to automatically get rejected can be a dangerous one. This can be a perfect area for a play long as well, in fact that would be my bias if we can get above this and it turn to strong support

Mike
I was reading through the zip file archive of this thread and you posted one of these resistance-turned-support pictures with your little hand drawn line of potential future PA... and it was exactly what ended up happening LOL. One day guys. give me time!
Many choose unhappiness over uncertainty.
  • #47,757
  • Nov 8, 2009 10:48pm Nov 8, 2009 10:48pm
Quoting jarroo
Not sure what you mean by a "stall at your entry point".

what I mean is, if I took a long position at the top of the DBLHC, and the momentum stalled at the resistance trendline above, that is something I should see as a roadblock to a runner trade.

Quote
What I mean by a higher probability play is that if we get a break out and the pull back with confirming PA, we now have the whole wedge to support our trade. along with the PPZ levels.

What I said above to answer your first question, is the reason I'm using this advice to wait for a higher probability play. I hope I make sense....
Many choose unhappiness over uncertainty.
  • #47,758
  • Nov 8, 2009 10:51pm Nov 8, 2009 10:51pm
Quoting KissFan
I'm up still and rooting for my Cowboys. Thought I'd chime here with another angle. 4HR USDCAD. I'd like to see a pin with a long nose off that 600 area which would just happen to coincide with the orange 150 ema and numerous fib confluences off off multiple TF's. Till then I'm just takin' it easy.

K.I.S.S.

I like it Roger. Seeing Price Action before it even develops.

You know if this happens we will be asking you for your voodoo magic, my friend. lol
Indicators show the past. Price Action "Indicates" the future.
  • #47,759
  • Nov 8, 2009 10:52pm Nov 8, 2009 10:52pm
Quoting jarroo
Oh Yeah. Classic Mike trade all the way.

I'm sure there are some crafty traders taking this break out , retest of the 1.6700. I need bolder signals then that. lol. Still fun watch.
Here is how I entered. This is a trade that I'm in and posted on the PF. I see resistance again at 1.6745.

K.I.S.S.
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  • #47,760
  • Nov 8, 2009 10:54pm Nov 8, 2009 10:54pm
Quoting KissFan
I'm up still and rooting for my Cowboys.
Yeah looks like James got his bday present after all
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