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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

  • #51,161
  • Jan 10, 2010 1:59pm Jan 10, 2010 1:59pm
Quoting o990l6mh
I had a look at it, but I have to say I'm less excited about it than you, see the chart for explanation.

I guess as pending order below the low of the two bars is an option, not for me though, I'd like some confirmation first. If it had closed convincingly below the PPZ, that would have been a different matter entirely. It may of course turn into a very nice setup. A pending order below the low being triggered would of course mean a pretty meaningful break back below the PPZ, so it's fine to do that, it's just not my style - as I can't watch charts...
My feed is quite different from that one, as the open of bar1 and close of bar2 are identical. My entry would be below bar 1, good divergence as someone pointed out. Oanda doesn't have the pair, so I will "trade" it and manage mentally. Based on your data feed I agree it doesn't look like a 2-day pinbar.
  • #51,162
  • Jan 10, 2010 2:41pm Jan 10, 2010 2:41pm
I would like some feedback on my analysis of Silver to go long.

The setup is a dblhc off a round number.

Pros:
Matching bar lows
Off PPZ
Off 18.00 Round Number
In direction of long-term trend (not shown)

Cons:
Minor traffic to the left

I expect it to get to the 18.90 area before running into trouble.

Did I get this right? Would you take/not take this trade?

Thanks.

-- Danny
Attached Image
  • #51,163
  • Jan 10, 2010 3:11pm Jan 10, 2010 3:11pm
Quoting bluetrader
I would like some feedback on my analysis of Silver to go long.

The setup is a dblhc off a round number.

Pros:
Matching bar lows
Off PPZ
Off 18.00 Round Number
In direction of long-term trend (not shown)

Cons:
Minor traffic to the left

I expect it to get to the 18.90 area before running into trouble.

Did I get this right? Would you take/not take this trade?

Thanks.

-- Danny
Hey Danny

We want to play these bars at swing lows, this is a swing high point. Look for this at a swing low and they are much easier to play.

Hope everyone had a nice weekend I know James did with the Cowboys, but he has to face my Vikings now

Mike
  • #51,164
  • Jan 10, 2010 3:49pm Jan 10, 2010 3:49pm
Quoting mbqb11
Hey Danny

We want to play these bars at swing lows...
Thanks Mike... I remember James had some charts in his early posts using them as continuation patterns. I see now this is more advanced stuff, so I'll need to focus on the basics.

Great games this weekend if you love underdogs. Everyone have a great week... and many pips.

-- Danny
  • #51,165
  • Jan 10, 2010 3:50pm Jan 10, 2010 3:50pm
For those of us who don't need constant trading action.........
Weekly BEOB
Daily BEOB..........1.5116 target.
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  • #51,166
  • Jan 10, 2010 4:39pm Jan 10, 2010 4:39pm
Quoting mbqb11
Hey Danny

We want to play these bars at swing lows, this is a swing high point. Look for this at a swing low and they are much easier to play.

Hope everyone had a nice weekend I know James did with the Cowboys, but he has to face my Vikings now

Mike

Happy to see another purple fan - go vikes! (of course we have to wait until next weekend!) vikes 34 - cowboys 21
  • #51,167
  • Jan 10, 2010 4:41pm Jan 10, 2010 4:41pm
is a 20 point sunday gap open too small to trade?


EDIT: on E/U
Many choose unhappiness over uncertainty.
  • #51,168
  • Jan 10, 2010 4:48pm Jan 10, 2010 4:48pm
GL to everyone for the a Brand New Week !
Going to go Hunt for some large pips
  • #51,169
  • Jan 10, 2010 5:28pm Jan 10, 2010 5:28pm
Quoting Bryan
For those of us who don't need constant trading action.........
Weekly BEOB
Daily BEOB..........1.5116 target.
I am with you Bryan I like this one too. I am not quite that optimistic with my target though

Mike
  • #51,170
  • Jan 10, 2010 5:28pm Jan 10, 2010 5:28pm
Quoting Dan Gilbert
is a 20 point sunday gap open too small to trade?


EDIT: on E/U
Way to small for me. You are playing with very little room for error

Mike
  • #51,171
  • Jan 10, 2010 5:29pm Jan 10, 2010 5:29pm
Quoting bluetrader
Thanks Mike... I remember James had some charts in his early posts using them as continuation patterns. I see now this is more advanced stuff, so I'll need to focus on the basics.

Great games this weekend if you love underdogs. Everyone have a great week... and many pips.

-- Danny
Yeah I play them both ways, but IMO they are much more difficult to learn as continuations initially and I think the traditional way is easier to pick up.

Again just in my view though

Mike
  • #51,172
  • Jan 10, 2010 5:37pm Jan 10, 2010 5:37pm
Quoting mbqb11
Way to small for me. You are playing with very little room for error

Mike
don't fret, but I tried it anyway worked! (demo)
Many choose unhappiness over uncertainty.
  • #51,173
  • Jan 10, 2010 5:52pm Jan 10, 2010 5:52pm
Mike, if I may ask, why do you like this one that much? Both daily and weekly BEOB are not at swing highs (where we like to see them )

Quoting mbqb11
I am with you Bryan I like this one too. I am not quite that optimistic with my target though

Mike
  • #51,174
  • Jan 10, 2010 6:02pm Jan 10, 2010 6:02pm
Quoting NosferatuMan
Mike, if I may ask, why do you like this one that much? Both daily and weekly BEOB are not at swing highs (where we like to see them )
This one would be a continuation play away from the 1.6500 ppz, and a break of the low would be a break of a two bar low. Playing it conservative. Also strong down trend, + a bunch of recent BEOBs. Again a lot is based on the round number, trend, move away from PPZ, and break of the TBL. I don't usually talk continuations in this thread I just think it makes it difficult for people to learn the basics first

Hope that helps
Mike
  • #51,175
  • Jan 10, 2010 6:05pm Jan 10, 2010 6:05pm
Quoting mbqb11
This one would be a continuation play away from the 1.6500 ppz, and a break of the low would be a break of a two bar low. Playing it conservative. Also strong down trend, + a bunch of recent BEOBs. Again a lot is based on the round number, trend, move away from PPZ, and break of the TBL. I don't usually talk continuations in this thread I just think it makes it difficult for people to learn the basics first

Hope that helps
Mike
It always helps.

Thank you.
  • #51,176
  • Jan 10, 2010 6:08pm Jan 10, 2010 6:08pm
Quoting ghous

Mixing the understanding of what's going on with what will happen is causing you the mess.

cheers,
Ghous.
I can't begin to mention how important this sentence really is. That sentence haunted me for a very long time until, surprise surprise, I realized that I have no bearing on where price will go and no absolute knowledge in how it will react at any certain area. You can know the setups and every other aspect, but you never know for certain what the outcome will be. Every moment is unique to the market.

I know that's just re-hashed stuff to everybody, just as it is to me, but it's just like an awesome journal in FF- trade what you know (your setups and analysis), not what you expect (maybe price will react at this level so I'll take a bargain trade here and hope that maybe it'll head to my direction).
I dream, therefore I become.
  • #51,177
  • Jan 10, 2010 6:35pm Jan 10, 2010 6:35pm
Last time we were at this level, it printed a weekly pin before climbing almost 400 pips from the break. I will be watching what happens at this level Very closely..........
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  • #51,178
  • Jan 10, 2010 6:45pm Jan 10, 2010 6:45pm
nice breakouts on a few USD pairs, should be good for a future setup
Many choose unhappiness over uncertainty.
  • #51,179
  • Jan 10, 2010 6:54pm Jan 10, 2010 6:54pm
I've got a question:
Daily UJ in my opinion shows nice setup short [I don't know those names, but on Friday UJ first broken Thursday high, but then finished day as a bear candle].
Additionally UJ currently jumps around 50% fib [high apr-09 low nov-09]

Is that enough for good setup short?
I have demo-short order @ 92.17 With nice expectation for profit at 91.30 [nice confluence of 61% and recent lows]

Could you please comment on this idea?
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  • #51,180
  • Jan 10, 2010 7:19pm Jan 10, 2010 7:19pm
Quoting dobe_r_man
A for analysis.........E for execution and timing, I just knew this area would bounce.........

OK Dobe_r_man, I see waht you were thinking now. Funny thing is you also mentioned the 618 fib level. This is almost exactly how I like to trade in the sense that the three variables that I like to see come together are horizontal SR, trendline and the 618. I'll just be glad when we clear this area. It is just such a wide PPZ and I dont like that. It seems that price has been pushed and pulled all over this freakin zone. On another note, thanks to Bemac for the GBPCHF chart posted last week. I've been away from the forum most of friday and all of this weekend. Let's all have a great week ahead!

K.I.S.S.
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