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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

  • #50,461
  • Edited 7:26pm Dec 29, 2009 5:02pm | Edited 7:26pm
Daily chart.
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  • #50,462
  • Dec 29, 2009 5:27pm Dec 29, 2009 5:27pm
This here pin bar seems pretty significant.... will trade! (or holiday gambol!)
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Many choose unhappiness over uncertainty.
  • #50,463
  • Edited 9:26pm Dec 29, 2009 8:22pm | Edited 9:26pm
Quoting Dan Gilbert
This here pin bar seems pretty significant.... will trade! (or holiday gambol!)
That's a very small bar after some very big bars in a sea of chop.

As long as you know what you are doing, though.... just dont hit on a soft 18
When you have to shoot, shoot. Dont talk.
  • #50,464
  • Dec 29, 2009 8:30pm Dec 29, 2009 8:30pm
Quoting Dan Gilbert
This here pin bar seems pretty significant.... will trade! (or holiday gambol!)
Dan I'm looking at the other yen crosses. Just make sure that you get bar confirmation and set your alarm for evry hr on the hr tonight when you go to bed. This one could break either way. No doubt about your judgement bro. Just trying to give you another view. Happy New Year! I know it will be a great one for you!

K.I.S.S.
  • #50,465
  • Dec 29, 2009 9:03pm Dec 29, 2009 9:03pm
Quoting Dan Gilbert
well, here is that yellow trendline in action, and today if anybody traded this "incredibly valid" trendline as a touch trade, you wold have a little over 40 pips thus far.

I, unfortunately, had to work .
I was to sleep early that night, but became interested in the chart you brought up, when price shoots up later, I decided to I stayed up waiting for that BEOB to close till 1 in the morning...

Thanks to you, my little practice account is now up 20 cents, Cheers!
  • #50,466
  • Dec 29, 2009 9:56pm Dec 29, 2009 9:56pm
Quoting KissFan
I did see this happen but the PA just wasnt there for me. The area is choice though in my opinion. No touches for me right now, not that I'm much of a touch trade guy anyway. There is a Bemac on my right shoulder and a Fudd on my left pulling the old every time I look at my charts. Coffee fellas?

K.I.S.S.
Double Double please.
  • #50,467
  • Dec 29, 2009 10:09pm Dec 29, 2009 10:09pm
Quoting marcelnyo
I was to sleep early that night, but became interested in the chart you brought up, when price shoots up later, I decided to I stayed up waiting for that BEOB to close till 1 in the morning...

Thanks to you, my little practice account is now up 20 cents, Cheers!
I'm glad somebody acted on that analysis
Many choose unhappiness over uncertainty.
  • #50,468
  • Edited 11:29pm Dec 29, 2009 10:51pm | Edited 11:29pm
Hi Fellas...

I've been wondering why I have found so many setups on this holiday season, while remembering what bemac said... I've been trigger happy and have taken the smallest lot my broker can provide on my small practice account due to their low liquidity (they charge 3x spread)

Hey KISSfan, I missed that USDCAD long because I overslept, it was located on my weekly PPZ though, but when I woke up, it blasted through, so I'll have to take a pass on that one, but should I took it, areas that I might watch to move stops/take profits are :
Some bar lows at 1.048
A thick Minor PPZ from 1.05-1.06, the 61.8 ret from the recent downward move is also on 1.06, and yes, I love rac...

http://www.screencast.com/users/marc...3-f2abfe5aa183

Another Trade I've entered is a H4 PB on GBPCHF which might just turn out to be a bad trade. I drew an ascending trendline a few weeks ago on it and when I saw the bar formed, I decided that it was a good enough place and put an order on it, it's now in drawdown, although that's not unexpected because of a minor PPZ on 1.653.
It's forming sets of higher lows right now, my stop is still underneath the setup.

This might be the silliest trade of the week... EURUSD short from a daily BEOB located on the 1.44 weekly PPZ, while I've found reason not to trade it, I've entered anyway because of the break and retest of the PPZ, bar wasn't the best in my criteria, not on an extreme swing high, closes just barely below an inactive day, but it's big enough to scream rejection for the 1.44 area... currently 1.43 is rejecting price just as we might expect.
I'll just watch it and will move my stops tomorrow.

http://www.screencast.com/users/marc...7-e8ad28636c2b

Anyone here watching futures charts? it's really fun!
I was going through random charts this morning and have found a DBHLC on the sugar daily, only 1 pip difference, it's an all time high, who would've thought sugar could be so expensive? it's $11.20 per pip FYI.
Which means $27 for every 112,000 lbs sugar? is this correct? contract size is 112,000 lbs, can anyone shed a light on this? I don't know how to value these markets.

For all I know, it has a divergence, might just stall at the 26.50 area and bounce back, but should it went thru that, 25.50 and 24.50 are the areas to watch.

http://www.screencast.com/users/marc...6-ef7c31748f8c

I have to be better an not take just any random setups, I think I might just be overconfident right now... that's right, work for 47 weeks and gamble for 5 weeks of holiday... these might just bit myself back right in the ass

Cheers.

Marcel.
  • #50,469
  • Dec 29, 2009 11:33pm Dec 29, 2009 11:33pm
Quoting Bemac
Double Double please.
with grilled onions and a chocolate shake.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #50,470
  • Dec 29, 2009 11:50pm Dec 29, 2009 11:50pm
Quoting Dan Gilbert
This here pin bar seems pretty significant.... will trade! (or holiday gambol!)
be careful here Dan
this bar didnt close within the previous bar
and imo it just broke out of that daily tl but what do i know ......
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Simplicity is the key to success
  • #50,471
  • Dec 29, 2009 11:50pm Dec 29, 2009 11:50pm
Quoting KissFan
I did see this happen but the PA just wasnt there for me. The area is choice though in my opinion. No touches for me right now, not that I'm much of a touch trade guy anyway. There is a Bemac on my right shoulder and a Fudd on my left pulling the old every time I look at my charts. Coffee fellas?

K.I.S.S.
Hello Kiss,

I feel the same with you that I rather take the PA trade instead of the touch trade Your mind will favorite more on safe side that when you have no loss trade for the month base on J16's PA trade, why you want to risk to take a less probability on touch trade? Maybe I am not at Rac's level yet, J16 PA trade is still my favorite because I want to see a little more confirmation (price action) before I invest my money into a "business".

When demoing, I suggest people should demo more on J16 PA trade and gain the confidence before jumping into touch trade.

Happy new year to all guys! Trade smart and trade safe! It is "dirt" simple!

Just my 2 cents!

PM
  • #50,472
  • Dec 30, 2009 1:12am Dec 30, 2009 1:12am
Quoting Moxy_UK
We have a pin bouncing off the .382 and previous res. It reached up to 1.0385-ish which is going into the bars from the 17th, 18th and 21st so it has a lot of work to do. May not be A+ due to it's location but worth a watch.

Attachment
You certainly read that well, should be fun to see it divulge,

g.
I believe . . .
  • #50,473
  • Dec 30, 2009 5:50am Dec 30, 2009 5:50am
Quoting marcelnyo
Hey KISSfan, I missed that USDCAD long because I overslept, it was located on my weekly PPZ though, but when I woke up, it blasted through, so I'll have to take a pass on that one, but should I took it, areas that I might watch to move stops/take profits are :
Some bar lows at 1.048
A thick Minor PPZ from 1.05-1.06, the 61.8 ret from the recent downward move is also on 1.06, and yes, I love rac...
Did you get in on the dip back down to 1.04635? Still a good entry in my book. I am hoping to hold on to this one for a few days.

K.I.S.S.
  • #50,474
  • Dec 30, 2009 5:57am Dec 30, 2009 5:57am
Quoting PippingMama
Hello Kiss,

I feel the same with you that I rather take the PA trade instead of the touch trade Your mind will favorite more on safe side that when you have no loss trade for the month base on J16's PA trade, why you want to risk to take a less probability on touch trade? Maybe I am not at Rac's level yet, J16 PA trade is still my favorite because I want to see a little more confirmation (price action) before I invest my money into a "business".

When demoing, I suggest people should demo more on J16 PA trade and gain the confidence before...
Hey PM! Dan definately knows how to find the sweet spots on a chart. There is little debate amoung the masters here that they will look at where a bar is first and then what the bar looks like second. The most conservative traders will require a great looking bar, confirmation and location. I'm not that guy usually but I am right now. Notice the trades that I have posted over the past couple of days and you will see what I mean.

Best to you in the new year!

K.I.S.S.
  • #50,475
  • Dec 30, 2009 6:32am Dec 30, 2009 6:32am
Could be one to watch
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  • #50,476
  • Dec 30, 2009 7:08am Dec 30, 2009 7:08am
There was a nice daily pin on USDLTD around the 2.4 level and a break this morning, however haven't yet managed to take a profit on this given the 40 pip spread!!!

Anyone got any ideas how I should play these pairs, or should I stay clear of these altogether?


Stef
  • #50,477
  • Dec 30, 2009 7:29am Dec 30, 2009 7:29am
Quoting Pinnocchio_S
There was a nice daily pin on USDLTD around the 2.4 level and a break this morning, however haven't yet managed to take a profit on this given the 40 pip spread!!!

Anyone got any ideas how I should play these pairs, or should I stay clear of these altogether?


Stef
I dont even got this pair on my list, but i think that 40 pips spread are way 2 much...i would not trade them
Never whishing, always trading.
  • #50,478
  • Dec 30, 2009 7:33am Dec 30, 2009 7:33am
Sorry, I meant USDLTL .... Lithuanian Litas. I seem to remember James traded meats or other such commodities on longer timeframes. Perhaps I should keep to weeklies on such pairs.

Alternatively, direct access may be the solution, although bid offer spread may still be relatively wide.
  • #50,479
  • Dec 30, 2009 7:40am Dec 30, 2009 7:40am
Quoting KissFan
Dan I'm looking at the other yen crosses. Just make sure that you get bar confirmation and set your alarm for evry hr on the hr tonight when you go to bed. This one could break either way. No doubt about your judgement bro. Just trying to give you another view. Happy New Year! I know it will be a great one for you!

K.I.S.S.
Wait for the break. This this momentum trade clearly has no momentum
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Many choose unhappiness over uncertainty.
  • #50,480
  • Dec 30, 2009 7:44am Dec 30, 2009 7:44am
Quoting Dan Gilbert
Wait for the break. This this momentum trade clearly has no momentum
would you consider 88 for the 1st target ?
Never whishing, always trading.
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