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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

  • #58,861
  • Mar 22, 2010 4:40pm Mar 22, 2010 4:40pm
Mike, couple of chrts for your view on.

First gold - continuation trade off good PPZ., through the 50 Fib and BRN.

Would you take it on the break of 1110, or not at all?
Attached Image (click to enlarge)
Click to Enlarge Name: Gold 22 Mar.JPG Size: 182 KB
  • #58,862
  • Mar 22, 2010 4:41pm Mar 22, 2010 4:41pm
Quoting Jcp
I have my eye on the daily bar for this pair as well, with 50% FIB and BRN, but unless it closes above the prior days bar I will not consider. Do you agree?
Hey JCP

My daily closed and the close was very low into the prior bar like you are waiting for. This can be a sign of weakness, so this one doesn't do it for me against the huge downtrend. Just not enough confluence for me here. Could break and see 123 though

Mike
  • #58,863
  • Mar 22, 2010 4:42pm Mar 22, 2010 4:42pm
Quoting Jonners67
Mike, couple of chrts for your view on.

First gold - continuation trade off good PPZ., through the 50 Fib and BRN.

Would you take it on the break of 1110, or not at all?
Hey J

The bar is just way to small for me. Gold is really consolidating down, so this is an easy pass for me as I don't look at this as a reversal bar, just a more or less nothing day.

Best
Mike
  • #58,864
  • Mar 22, 2010 4:45pm Mar 22, 2010 4:45pm
Even better PPZ, but dodgy pin. No fib or brn confluence, but with trend.



Seem to be lots of pins around today, but not all at great locations. Would you consider going short on the Loonie after running into to 10220 PPZ? No one seems to have considered the counter trade with the trend.

Thanks in anticipation. Looking to learn.
Attached Image (click to enlarge)
Click to Enlarge Name: Silver 22 Mar.JPG Size: 196 KB
  • #58,865
  • Mar 22, 2010 4:48pm Mar 22, 2010 4:48pm
Quoting Jonners67
Even better PPZ, but dodgy pin. No fib or brn confluence, but with trend.



Seem to be lots of pins around today, but not all at great locations. Would you consider going short on the Loonie after running into to 10220 PPZ? No one seems to have considered the counter trade with the trend.

Thanks in anticipation. Looking to learn.
Hey J

Again for both silver and usd/cad the size of the bars just don't give me much interest in them. Silver could see a small move up to 17.09 before having trouble and usd/cad just didn't close all that well and it is more at a swing low then a swing high we would want it at. It is bouncing of decent resistance but again size of bar doesn't interest me much but it could test 1.01

Again just my views of course
Mike
  • #58,866
  • Mar 22, 2010 4:56pm Mar 22, 2010 4:56pm
Quoting mbqb11
Hey JCP

My daily closed and the close was very low into the prior bar like you are waiting for. This can be a sign of weakness, so this one doesn't do it for me against the huge downtrend. Just not enough confluence for me here. Could break and see 123 though

Mike
Thanks Mike, I have another quick question for you. You mentioned in a prior post that most of your BRNs are every 500 pips? This sounds interesting to me as I am trading daily and weekly and hitting BRNs seem to be very frequent. Would you mind expanding on this when you get a moment? Thanks!

Jacob
  • #58,867
  • Mar 22, 2010 5:01pm Mar 22, 2010 5:01pm
Hello there!
There's a "B" grade PB forming on my NZDUSD chart. It aint perfect but might come out profitable.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 41 KB


Pros are:
- 0.7000 BRN that rejected price, also has been proven as S&R in the past,
- 32% fib retracement of downward move 0.7440-0.6809
- 50% fib of rally 0.6847-0.7177

~100 pip SL could be used and moved to BE when 30-40 pips in profit. Targeting RN of 0.7200 (or just below) which is also 62% fib retracement.

All comments on that welcome.

P.S. It might not be the fact of utter importance right now but just came up on DailyFX Stream News:
"New Zealand's economy will grow 3.1% in the year ended March 2011, according to survey of economists by NZ Institute of Economic Research.". Also QDP will be announced this week which is expected to be positive. Both just little arguments for possible NZD short-term strength.

Bart
  • #58,868
  • Mar 22, 2010 5:01pm Mar 22, 2010 5:01pm
Quoting Jcp
Thanks Mike, I have another quick question for you. You mentioned in a prior post that most of your BRNs are every 500 pips? This sounds interesting to me as I am trading daily and weekly and hitting BRNs seem to be very frequent. Would you mind expanding on this when you get a moment? Thanks!

Jacob
Hey Jacob

This is something I adopted long ago. It accomplishes a lot of things. Firstly it keeps you from trading every 10 mins . More importantly these larger round numbers are hit less, thus when price eventually makes it back to one it is going to generate both a lot of psychological interest as well as economic interest, and other things like barriers and tons of OF exist. Now this isn't to say the smaller round numbers are not important. They are very important, but more important for me in trade mgmt. Open any chart plot these numbers and then look at price around these areas. Remember to think of them as zones.

Best
Mike
  • #58,869
  • Mar 22, 2010 5:28pm Mar 22, 2010 5:28pm
Quoting mbqb11
Hey J

Again for both silver and usd/cad the size of the bars just don't give me much interest in them. Silver could see a small move up to 17.09 before having trouble and usd/cad just didn't close all that well and it is more at a swing low then a swing high we would want it at. It is bouncing of decent resistance but again size of bar doesn't interest me much but it could test 1.01

Again just my views of course
Mike
Thanks Mike. I guess I'm just not picky enough - yet!

Thanks

Jonners
  • #58,870
  • Mar 22, 2010 5:30pm Mar 22, 2010 5:30pm
Quoting mbqb11
Hey Jacob

This is something I adopted long ago. It accomplishes a lot of things. Firstly it keeps you from trading every 10 mins . More importantly these larger round numbers are hit less, thus when price eventually makes it back to one it is going to generate both a lot of psychological interest as well as economic interest, and other things like barriers and tons of OF exist. Now this isn't to say the smaller round numbers are not important. They are very important, but more important for me in trade mgmt. Open any chart plot these numbers...
Hi Mike,

Good advice here. What about the Yen pairs. What levels would you set these at please?

Regards
"Fail to prepare, prepare to fail."
  • #58,871
  • Mar 22, 2010 6:24pm Mar 22, 2010 6:24pm
Hi,

Any comments on this one?

- Nice size and shape.
- Swing low
- Rejected BRN
- RSI divergence

First trouble area close, though (0.7100). Also the body of the pin around the 0.7000 would be better.

Nos
Attached Image (click to enlarge)
Click to Enlarge Name: Capturar.PNG Size: 58 KB
  • #58,872
  • Mar 22, 2010 6:27pm Mar 22, 2010 6:27pm
Quoting NosferatuMan
Hi,

Any comments on this one?

- Nice size and shape.
- Swing low
- Rejected BRN
- RSI divergence

First trouble area close, though (0.7100). Also the body of the pin around the 0.7000 would be better.

Nos
Those mini charts are pretty cool. :nerd: Oanda is lame with no custom indicator options.
  • #58,873
  • Mar 22, 2010 6:43pm Mar 22, 2010 6:43pm
Quoting packhorse
Hi Mike,

Good advice here. What about the Yen pairs. What levels would you set these at please?

Regards

Hey Pack

It is still ever 500 pips as well, the more important are even every 1000 pips on all the pairs

Mike
  • #58,874
  • Mar 22, 2010 6:54pm Mar 22, 2010 6:54pm
Quoting NosferatuMan
Hi,

Any comments on this one?

- Nice size and shape.
- Swing low

Nos
Hi NosferatuMan,

Since you asked for comments, I just wanted to make sure people are careful calling something like this a "swing low." It feels like a swing low to me at first glance at well, but to be honest there is just one down-bar before the pin in question (remember Sunday bars don't really count). This isn't at a prime location, so I would say unless you have a lot of experience with these types of trades (really continuation and not reversal), I'd recommend waiting for "cherry" type setups (for more info. please refer to Mbqb11's post history )

Cheers,

Cory
  • #58,875
  • Mar 22, 2010 6:58pm Mar 22, 2010 6:58pm
Quoting triger88990
I was browsing through the internet and found this little story and I thought to share it with you, maybe you will find that you where in his shoes one time. Is about a trader and his mentor, at the end the mentor have achieve to lead the trader to financial freedom...
Thanks Trig, Good story.

Especially liked this bit...

"He decided that he would take every trade entry signal his system gave him and follow his trading plan as if his life depended on it.

As if, after each trade was closed out, he had to stand in front of a panel of super traders, and explain his actions to them - why he entered where he did, where he placed his stop losses, why he exited when he did.

And if they weren't convinced he followed the rules of successful trading, he would be taken out and shot!"
Bundy's status today: "Waiting..."
  • #58,876
  • Mar 22, 2010 7:03pm Mar 22, 2010 7:03pm
Quoting Jcp
Thanks Mike, I have another quick question for you. You mentioned in a prior post that most of your BRNs are every 500 pips? This sounds interesting to me as I am trading daily and weekly and hitting BRNs seem to be very frequent. Would you mind expanding on this when you get a moment? Thanks!

Jacob
Quoting mbqb11
Hey Jacob

This is something I adopted long ago. It accomplishes a lot of things. Firstly it keeps you from trading every 10 mins . More importantly these larger round numbers are hit less, thus when price eventually makes it back to one it is going to generate both a lot of psychological interest as well as economic interest, and other things like barriers and tons of OF exist. Now this isn't to say the smaller round numbers are not important. They are very important, but more important for me in trade mgmt. Open any chart plot these numbers and then look at price around these areas. Remember to think of them as zones.

Best
Mike
That's golden advice for anyone willing to see it as that, and then take it on.

You could say the same about the strong weekly/monthly PPZs too. (Which often end up being BRNs anyway. ) They are AWESOME for limiting your trading frequency and improving win rate.

edit: Fixed. This quote truncating gives you the s___s some times.
Bundy's status today: "Waiting..."
  • #58,877
  • Mar 22, 2010 7:09pm Mar 22, 2010 7:09pm
Quoting Cbh123
Hi NosferatuMan,

Since you asked for comments, I just wanted to make sure people are careful calling something like this a "swing low." It feels like a swing low to me at first glance at well, but to be honest there is just one down-bar before the pin in question (remember Sunday bars don't really count). This isn't at a prime location, so I would say unless you have a lot of experience with these types of trades (really continuation and not reversal), I'd recommend waiting for "cherry" type setups (for more info. please refer to Mbqb11's...
You got a point there. It is not a clear swing low. There is not much space and it's very far from a "cherry" setup.

Thanks for your feedback.

Nos

PS: I'm not taking it. I probably would if, as mentioned before, the body of the pin was on top of the BRN.
  • #58,878
  • Edited 7:50pm Mar 22, 2010 7:38pm | Edited 7:50pm
Quoting bartfx
Hello there!
There's a "B" grade PB forming on my NZDUSD chart. It aint perfect but might come out profitable.

Attachment

Pros are:
- 0.7000 BRN that rejected price, also has been proven as S&R in the past,
- 32% fib retracement of downward move 0.7440-0.6809
- 50% fib of rally 0.6847-0.7177

~100 pip SL could be used and moved to BE when 30-40 pips in profit. Targeting RN of 0.7200 (or just below) which is also 62% fib retracement.

All comments on that welcome.

P.S. It might not be the fact of utter importance right now...
Almost didn't comment on this one.

It's a little hard to justify for someone who is really picky, but I certainly wouldn't scold anyone who decided to take it. Good rejection of .7000

Someone who believed in it and managed it right might do alright.

I don't like it for myself though.

(CHART BELOW:- Pink trend line is why I don't. Possible retracement only. And.. long laborious ride trying to break through that line on any move up)

.
Attached Image (click to enlarge)
Click to Enlarge Name: nzd pin off 7000.gif Size: 14 KB
Bundy's status today: "Waiting..."
  • #58,879
  • Mar 22, 2010 7:59pm Mar 22, 2010 7:59pm
Hahahaha.... I trade Pins.
Attached Image
Bundy's status today: "Waiting..."
  • #58,880
  • Mar 22, 2010 8:06pm Mar 22, 2010 8:06pm
Quoting bundyraider
Hahahaha.... I trade Pins.
so that is what all this pin stuff is about, nice collection B
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