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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

  • #55,541
  • Feb 20, 2010 12:53pm Feb 20, 2010 12:53pm
Quoting michal7
Thanks for reply Mike, do you mean that trouble area most on the right? Shouldn't I worry also about those others? Or are they too far to worry about them? Because price reacted at that level and retraced to about 1/3 of that big pin. I wonder where would Jim go break even?

Sorry if I'm asking too much questions, just trying to understand the best I can.

Thank you.
Mikey
Hey Mikey

My focus would be on the 3rd marked area you have. I can not speak for Jim when he will go to b/e. He might be up 30-40 pips and decide b/c his 30 pips is a boat load of money

Mike
  • #55,542
  • Feb 20, 2010 12:53pm Feb 20, 2010 12:53pm
Did anyone check the NZD/USD Monthly chart ?!!
I see it very interesting actually , The price have been rejected after several times of trial , with a strong Resistance level & BEOB , and still at a very good place for entry....Opinions ??!!!!!!
Attached Image (click to enlarge)
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  • #55,543
  • Feb 20, 2010 2:00pm Feb 20, 2010 2:00pm
Quoting PeterPan
I am a complete beginner so I cannot post anything helpful.

But I do wish to thank you Tia for the recent discusions and Benji for the graet charts posted recently and all the others who are successful and find the time to contribute.
Thanks Peter but don't let being a beginner put you off posting. Beginners are who this thread was designed for. Have a read of the first few hundred pages of this thread, look at every post Jim links to in post one, and have a look at mbqb11's post history. As you do this you'll start to get a feel for the basics.... (what's a pinbar, what's a PPZ) and then please post your questions and charts.

Jim designed this thread specifically to help people who are complete beginners. And we were all complete beginners once.
  • #55,544
  • Feb 20, 2010 2:41pm Feb 20, 2010 2:41pm
Quoting Dan Gilbert
I broke down how i see it. With evidence.
I was having exactly the same thoughts. This downtrend has some real momentum at the moment and I don't think we are going to see a reversal just yet.

I've missed out on the pound and Euro weakness (due to probably being over-cautious) I'll be looking to take a position in two halves, the first for quick profit at first resistance and the remainder to try and follow down once I've got my stop to BE. Looking for a similar entry on the EUR USD. Considering what is likely to happen when the Greek situation (to say nothing of the other PIGS) plays out I can see the EUR being in a long term downtrend.

Should be plenty of opportunities for good short trades, but I'd really like to try and have one position to try and follow it all the way down.

I'm only a beginner really. been studying price action for about a year now, lurking here and have just joined James16 private site. It's absolutely brilliant, in just a week I have learned so much more.

S
  • #55,545
  • Feb 20, 2010 3:12pm Feb 20, 2010 3:12pm
Yes. I also took a full bar loss on Fridays usdcad. Lost 3 % of my account. Looking back it was at a great level but overhead resistance was close.
  • #55,546
  • Feb 20, 2010 3:25pm Feb 20, 2010 3:25pm
Quoting MattW
Did anyone trade the USD/CAD outside bar on Friday?
And if you saw it but rejected it, what was your thoughts?

Or was this just one of those losses and I should accept it as such and move on?
There was rate increase that caused the USD to spike up, this may have caused this PA bar. Whether that should mean the bar is not to be regarded as valid PA bar is another question.

Chatzi.
  • #55,547
  • Feb 20, 2010 6:58pm Feb 20, 2010 6:58pm
Quoting TraderJay101
Hi dobe_r_man,

Thanks for your points, all good and well made.

One question I have for you. -

The nose closes dead on the 50 fib, could you explain why you say it would be better if it had passed the fib before retracing?

The other things I liked about the price was that on the last two occasions, resistance became support. Also for the last 11 candles the price has reacted to the 10ema and it is hard to ignore the potential risk reward here.

Thanks again for your comments.
Jason

Ps. As you can see pin body has since become smaller,...
This pin is a better pin, but still fairly small compared to the buob. As long as the open and close are within the previous bar (vs. the body) it is technically valid. I was referring to the chart you posted (the pin at that time).

Regarding the fib, I just have had better success when price crosses whatever area I am watching and then is rejected below it. Just a personal thing, not saying it couldn't work.

I wouldn't take this myself, which doesn't mean it will be a bad trade.

Nathan
  • #55,548
  • Edited 7:21pm Feb 20, 2010 7:02pm | Edited 7:21pm
I was watching Fox "news" earlier, is that channel for real? Its like news for the uneducated. Maybe im spoiled by the BBC here in the UK, but in the USA NBC seem like the only channel worth watching? At least the world respects the USA again as Obama is in charge, when Bush was in charge you were the laughing stock of the world. How that guy got voted in for another term always makes me thing the Americans are lacking in brains. No offence but you are on the right path now. Well done.

Chatzi
  • #55,549
  • Feb 20, 2010 8:43pm Feb 20, 2010 8:43pm
Quoting chatzi
I was watching Fox "news" earlier, is that channel for real? Its like news for the uneducated. Maybe im spoiled by the BBC here in the UK, but in the USA NBC seem like the only channel worth watching? At least the world respects the USA again as Obama is in charge, when Bush was in charge you were the laughing stock of the world. How that guy got voted in for another term always makes me thing the Americans are lacking in brains. No offence but you are on the right path now. Well done.

Chatzi
James16, and probably most the seniors here, would support Fox News over horrible NBC.

We Americans enjoy our low taxes, and our freedom to grow up in the worst economic situation and have the opportunity to become one of the richest people in the world.

Fox News ratings, in the USA, are probably about 2 to 1 v. NBC or CNN.

I don't know who in the world respects us more under Obama.

In the middle east, some how anyway, our support among Arabs is weaker under Obama.

Israel, has gotten upset with us, thanks to Obama not standing up strong enough to Iran.

North Korea has fired missles over Japanese airspace with Obama in office.

China has called Obama's financial policies irresponsible, and are worried about him ruining their heavy investment in the US.

The Russians have pretty much punked him on the international stage with the missle defense system.

We are still fighting two wars, a year after he is in office, so that is all the same as Bush as well.

Fox does lean too far to the right, but it is far better for business and economic analysis than probably any other major cable news network.

Back to trading.
  • #55,550
  • Feb 20, 2010 9:19pm Feb 20, 2010 9:19pm
Quoting unlv_tj
James16, and probably most the seniors here, would support Fox News over horrible NBC......
our cable tv only has CNN, so i cant comment about Fox etc.
btw, i remember this recent post by Sir James16.
  • #55,551
  • Feb 20, 2010 9:50pm Feb 20, 2010 9:50pm
Just thought I'd take a minute to say hello.

I only started to read this thread last night, I have only read page 1 so far and am following the directions posted there, I have a LOT of reading AND learning to do!

It seems like this is a great place to do both.

I am very thankful to James16 and the other senior members who contribute so much of their time to share their knowledge and wisdom.
That is a rare gift not many people are willing to give.

Anyway that is enough from me, so a big HELLO to everyone.
And thanks in advance!!!

Dave.
  • #55,552
  • Feb 21, 2010 3:13am Feb 21, 2010 3:13am
Quoting unlv_tj
James16, and probably most the seniors here, would support Fox News over horrible NBC.

We Americans enjoy our low taxes, and our freedom to grow up in the worst economic situation and have the opportunity to become one of the richest people in the world.

Fox News ratings, in the USA, are probably about 2 to 1 v. NBC or CNN.

I don't know who in the world respects us more under Obama.

In the middle east, some how anyway, our support among Arabs is weaker under Obama.

Israel, has gotten upset with us, thanks to Obama not standing up...
Bush could barely string a sentence together, you dont want someone like that running the country. Also the USA might get a NHS finally so people without money can get healthcare. Just my opinions.
  • #55,553
  • Feb 21, 2010 3:45am Feb 21, 2010 3:45am
Hi Chatzi,
Thanks for getting on to a 'weekend subject' where I can add my tuppence....
there's are differing views on Obama etc, I'm in the UK so don't see any fox or other US newsTV but I have to say from my own viewpoint , as far as Obama is concerned, I think that he has lost respect for the US by seeming too soft where potential adversaries are concerned At least with Bush the world knew where it stood. He said what he meant.(Sure it was in basic terms).
Obama is a 'statist' likeG Brown in the UK, fostering the publics dependance on the state and interfering with individuals rights.
I remember reading a quote 'capitalism is what people do when they are left alone'. Basically I believe people need freedom from big governement to advance.
And as for us in the UK being spoilt by the BBC news, I have given up on them myself long ago. I find their reporting is highly selective, very PC, and definitely slanted leftwards. As is much else on their channels these days.

All the best


Quoting chatzi
I was watching Fox "news" earlier, is that channel for real? Its like news for the uneducated. Maybe im spoiled by the BBC here in the UK, but in the USA NBC seem like the only channel worth watching? At least the world respects the USA again as Obama is in charge, when Bush was in charge you were the laughing stock of the world. How that guy got voted in for another term always makes me thing the Americans are lacking in brains. No offence but you are on the right path now. Well done.

Chatzi
If you can wait and not be tired by waiting...
  • #55,554
  • Feb 21, 2010 3:47am Feb 21, 2010 3:47am
Quoting daveoz001
Just thought I'd take a minute to say hello.

I only started to read this thread last night, I have only read page 1 so far and am following the directions posted there, I have a LOT of reading AND learning to do!

It seems like this is a great place to do both.

I am very thankful to James16 and the other senior members who contribute so much of their time to share their knowledge and wisdom.
That is a rare gift not many people are willing to give.

Anyway that is enough from me, so a big HELLO to everyone.
And thanks in advance!!!

Dave.
Welcome Dave!

Feel yourself at home, and throw in anything that's bugging you,



g.
I believe . . .
  • #55,555
  • Feb 21, 2010 3:58am Feb 21, 2010 3:58am
Good trade for next week? BEOB... the buyers are shaking now, aren't they?
Attached Image (click to enlarge)
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Back to the beginning ... demo
  • #55,556
  • Feb 21, 2010 4:05am Feb 21, 2010 4:05am
Quoting glyder
Hi Chatzi,
Thanks for getting on to a 'weekend subject' where I can add my tuppence....
there's are differing views on Obama etc, I'm in the UK so don't see any fox or other US newsTV but I have to say from my own viewpoint , as far as Obama is concerned, I think that he has lost respect for the US by seeming too soft where potential adversaries are concerned...
Freedom from big government, except when we need them to bail out the banks from impending financial doom because of there greed? Im not a communist but I think leaving the banks etc to their on devices is clearly a bad thing.


This is off topic, sorry for starting it, back to trading.
  • #55,557
  • Feb 21, 2010 4:08am Feb 21, 2010 4:08am
and this one, 2D Pin at Re, Convergence, I think of chance to get the quick free trade, potential...
Attached Image (click to enlarge)
Click to Enlarge Name: 20100221_usdchf.png Size: 49 KB
Back to the beginning ... demo
  • #55,558
  • Feb 21, 2010 4:08am Feb 21, 2010 4:08am
Quoting goldtrader
Good trade for next week? BEOB... the buyers are shaking now, aren't they?
I wouldn't want to sell at a swing low!
  • #55,559
  • Feb 21, 2010 4:23am Feb 21, 2010 4:23am
Quoting nickypon
I wouldn't want to sell at a swing low!
Yeah, it's at swing low obviously, but it still has room enough for profit (?), and i can't help thinking of a quick drop if it go down further, you see the three legs, how many buyers are there, but it's just me, may Monday i will change my mind
i should be careful with that
Back to the beginning ... demo
  • #55,560
  • Feb 21, 2010 5:25am Feb 21, 2010 5:25am
ah, weekends.

Quoting unlv_tj
James16, and probably most the seniors here, would support Fox News over horrible NBC.

Fox does lean too far to the right, but it is far better for business and economic analysis than probably any other major cable news network.
No one seriously watches Fox for news*. You might watch a bit of Glenn Beck to find out which liberalmedia nazi democrat communist socialists are trying to steal your children and turn them into gay negro 'snivel libertarian' chinese illegal immigrant spies on welfare, but that's about it.

For business news, I only watch Bloom, CNBC and Sky. Mostly Sky.
At work, we only have Bloom, CNBC and Sky.

Take that how you will.


* on the other hand, its my source of all that is Jack Bauer.
When you have to shoot, shoot. Dont talk.
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