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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

  • #48,161
  • Nov 16, 2009 3:23pm Nov 16, 2009 3:23pm
Quoting MattW
Just been learning about pins in a sideways market and spotted this one on the GBP/JPY. Target blue box. So can anyone tell me why this ISN'T a good trade?
Hey Matt!

Not really related, but did you notice this on the 4H view:
http://i923.photobucket.com/albums/a...pjpy091116.gif

Looks like price will have to make a move soon, will it be up or down from the triangle...?
  • #48,162
  • Nov 16, 2009 3:24pm Nov 16, 2009 3:24pm
Quoting MattW
Just been learning about pins in a sideways market and spotted this one on the GBP/JPY. Target blue box. So can anyone tell me why this ISN'T a good trade?

I would first ask, Where are the Daily and Weekly PPZ levels on that 4 hour time frame? And are there any confluences that accompany them? Is this sideways market on the 4 hour at a swng High or Low on the Daily and/or Weekly?

All that being said, sideway Price Action is very tradable. But I tend to manage them differently.


Edit: o990l6mh
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Indicators show the past. Price Action "Indicates" the future.
  • #48,163
  • Nov 16, 2009 3:39pm Nov 16, 2009 3:39pm
Hm...I guess we should wait how this closes...Mabey short below 1,68!?
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  • #48,164
  • Nov 16, 2009 3:39pm Nov 16, 2009 3:39pm
Thanks Jaroo.

Guess I need to work on my PPZ then, as the nearest one I have is 1.48

Hey Mac, cheers for widening my view again!

http://i729.photobucket.com/albums/w...daily16Nov.jpg
  • #48,165
  • Nov 16, 2009 3:51pm Nov 16, 2009 3:51pm
Quoting MattW
Thanks Jaroo.

Guess I need to work on my PPZ then, as the nearest one I have is 1.48

Hey Mac, cheers for widening my view again!

Here's mine Matt.
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Indicators show the past. Price Action "Indicates" the future.
  • #48,166
  • Nov 16, 2009 3:55pm Nov 16, 2009 3:55pm
Quoting benji533
Hey Dan,

I'm already in from earlier (on the real account), waiting to soon move stop to BE and go to sleep
I just got back from my work out and see my sell stop STILL hasn't been touched............ *twiddles thumbs*
Many choose unhappiness over uncertainty.
  • #48,167
  • Nov 16, 2009 3:57pm Nov 16, 2009 3:57pm
fxlan- you're quite welcome. I haven't had a trade in a couple weeks, so it's collecting dust! Soon I'm sure tho.

Patience
  • #48,168
  • Nov 16, 2009 4:07pm Nov 16, 2009 4:07pm
Quoting jarroo
Here's mine Matt.
Thanks Jarroo. Sorry for monopolising the thread

So that pin isn't ideal as it's going into a PPZ, the 150EMA and the 365EMA. Therefore what we really want to do is wait for price to get to around 1.49 and then print a bullish pin - that would be a much better setup - right?

http://i729.photobucket.com/albums/w...pin16Nov-1.jpg
  • #48,169
  • Nov 16, 2009 4:21pm Nov 16, 2009 4:21pm
Quoting MattW
Thanks Jarroo. Sorry for monopolising the thread

So that pin isn't ideal as it's going into a PPZ, the 150EMA and the 365EMA. Therefore what we really want to do is wait for price to get to around 1.49 and then print a bullish pin - that would be a much better setup - right?

The PB isn't ideal because its not a swing high and not very big. Going into the PPZ level 1.49 would make it successful, 50 pips. This could happen but I would not take a full bar loss on it.

A better senario would be a breakout pull back with confirming PA. A Mike classic. This way we use the wedge formation as an additional confluence to support the trade. Bullish PA at the plum and bearish PA at the gold.
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Indicators show the past. Price Action "Indicates" the future.
  • #48,170
  • Nov 16, 2009 4:31pm Nov 16, 2009 4:31pm
GBPJPY looks like it's turning into the next EURCHF....
Many choose unhappiness over uncertainty.
  • #48,171
  • Nov 16, 2009 4:31pm Nov 16, 2009 4:31pm
I wasn't at home this morning but I know the big guy prolly made some scratch of these. Oil and Mini Dow moving in step with dollar selling, notice how they are both of the R1 and how many previous bars they encompass. No doubts here.
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"Whether you think you can or can't, you're right." Henry Ford
  • #48,172
  • Nov 16, 2009 5:47pm Nov 16, 2009 5:47pm
The Yens are winding up so tight they're giving me knots in my back...

There's a real feeling of something about to blow out there.
  • #48,173
  • Nov 16, 2009 6:13pm Nov 16, 2009 6:13pm
James,

I haven't done much "touch trading" but based on what I see on the Daily, it seems that the 1.700 area would be idea for a short. What do you think?

Of course, anyone is welcome to respond!
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  • #48,174
  • Nov 16, 2009 6:22pm Nov 16, 2009 6:22pm
Quoting KissFan
Hi Pavulon. I can see divergence with the RSI that I cannot locate with MACD sometimes and vice versa. That is the only reason why I use it. If you go back through my posts you will probably see an example or two.

K.I.S.S.
Heya Kiss,

Incidentally, I've been using RSI & MACD to spot divergences as well.
I find that RSI sometimes, picks up on the smaller divergences, while MACD picks up on the larger scale ones, hence I stick them both on one chart.

Usually the big ones, don't reflect very well on RSI, but pop up very obviously on MACD. The way Mike (Fudd) likes to trade them, with great price action in the second leg.

Still doing some homework now, but I am beginning to like divergences that pop up on both RSI and MACD. If one combines them with key levels, I find that it makes "basing formations" more obvious, especially when this occurs at key confluence levels.

Nice to see someone else using the same thing.
One day I'll be trading full time too.
Thanks for sharing Kiss

Recent huge base in GY 4hour. Wasn't Using MACD @ that time. Looked like a divergence to be price action wise, but RSI wasn't convincingly picking up on it. Added MACD after.
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One Mind, Any Market
  • #48,175
  • Nov 16, 2009 6:27pm Nov 16, 2009 6:27pm
Quoting frankm7
James,

I haven't done much "touch trading" but based on what I see on the Daily, it seems that the 1.700 area would be idea for a short. What do you think?

Of course, anyone is welcome to respond!
I don't "touch". It's a rule that serves me well in trading and in marriage. The touch trade is a tough one for me. I have demoed and can never seem to figure RR very well. However, I can tell you that I have read some here that know what they are doing that they are very interested in shorting at that area. I'll wait for PA even if I have to dial down to really small TF's to do it.

K.I.S.S.
  • #48,176
  • Nov 16, 2009 6:28pm Nov 16, 2009 6:28pm
Quoting KissFan
I don't "touch". It's a rule that serves me well in trading and in marriage.
http://lh6.ggpht.com/chihcheng212000...s1280/1041.jpg

So do I short this, or go long!?
  • #48,177
  • Nov 16, 2009 6:32pm Nov 16, 2009 6:32pm
Quoting frankm7
http://lh6.ggpht.com/chihcheng212000...s1280/1041.jpg

So do I short this, or go long!?
Touch this and it will be a LONG jail term for ya Frankm7.

K.I.S.S.
  • #48,178
  • Nov 16, 2009 6:41pm Nov 16, 2009 6:41pm
Quoting KissFan
Touch this and it will be a LONG jail term for ya Frankm7.

K.I.S.S.
No no, these are all over 18, and she's not doing anyytthhingg!!
  • #48,179
  • Nov 16, 2009 6:41pm Nov 16, 2009 6:41pm
Quoting KissFan
Touch this and it will be a LONG jail term for ya Frankm7.

K.I.S.S.
Dude you would be surprised how old she is. Asian girls age well. Just ask my wife
  • #48,180
  • Nov 16, 2009 6:53pm Nov 16, 2009 6:53pm
4HR inside bar on NZDUSD... just crossed and now under the .7500

based on the monthly pin, daily high, and hourly pin, I would anticipate a break downward, instead of upward. Any takers?
Many choose unhappiness over uncertainty.
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