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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

  • #59,681
  • Mar 31, 2010 7:49am Mar 31, 2010 7:49am
Quoting jarroo
Are you sure that it didn't hit its 1st target, yarin? I think it did, easily.

Your PB by proxy is nice in size but just too much traffic. We need Space for it to move to the 1st target or previous lows. The traffic got in the way.

What does this counter trend setup tell you since it barely reach its
target(s) and the break wasn't very strong? The uptend is strong.
well I tought this area is very weak so i didnt mind him...
but i guss u right,the pin is indeed in trafic.
tnx.
Wellcome to the good life!
  • #59,682
  • Edited 8:40am Mar 31, 2010 7:56am | Edited 8:40am
Quoting yarin
well I tought this area is very weak so i didnt mind him...
but i guss u right,the pin is indeed in trafic.
tnx.
I understand, you thought the momentum of the setup (due to its size, 365 and 125.00 BRN confluence) would cut through that "minor" traffic. But the traffic on the setup is equally important.

Don't get me wrong, these setups will work at times, but I have found that it they don't break hard and continuous . . . let them go and cut it quick.

Or the best approach is to pass on them altogether. A wait for one that meets every criteria.
Indicators show the past. Price Action "Indicates" the future.
  • #59,683
  • Mar 31, 2010 8:14am Mar 31, 2010 8:14am
Quoting ira
Strange... I was looking at this trade too, but my 365 EMA is under the candle. Does anyone know why?
Quoting joelcf
You are using different brokers.

Yeah ira, since different brokers use different Daily, 4 Hour, Hourly, etc., "Close" times that will alter the moving average. Since your ema is probably at the Close.
Indicators show the past. Price Action "Indicates" the future.
  • #59,684
  • Mar 31, 2010 8:16am Mar 31, 2010 8:16am
Quoting Greenhaze
Hi guys

Didn't post anything for a long time becouse of my work schedule (providing liquidity in a trading company for 12h a day scalping futures spread markets) but i am lurking here from time to time.This thread is gold and i see lot of new faces here....anyway , back to charts ;].

Pretty good BUOB on monthly UJ chart.
im watching this pair too it has the best monthly setup right now imo...

if it break the 94.00 im in
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  • #59,685
  • Edited 9:23am Mar 31, 2010 8:28am | Edited 9:23am
half closed, stops at BE lets see if it can go higher, although i doubt it, since the NFP is on Friday and it seems that the forecast is in favour of USD.. will see...

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edit: does somebody know how can i delete the dupe weekly gold chart in the attached thumbnails box ?
  • #59,686
  • Mar 31, 2010 8:59am Mar 31, 2010 8:59am
click on attachments and then on manage attachments and then delete
  • #59,687
  • Mar 31, 2010 9:15am Mar 31, 2010 9:15am
Quoting ppfx
half closed, stops at BE lets see if it can go higher, although i doubt it, since the NFP is on Friday and it seems that the forecast is in favour of USD.. will see...

Attachment Attachment

edit: does somebody know how can i delete the dupe weekly gold chart in the attached thumbnails box ?

In favor of the USD?????
In favor of the USD????

Now, let me pull another rabbit out of my hat
  • #59,688
  • Mar 31, 2010 9:24am Mar 31, 2010 9:24am
Quoting neutro
click on attachments and then on manage attachments and then delete
thanks
  • #59,689
  • Mar 31, 2010 9:48am Mar 31, 2010 9:48am
Quoting Bryan
In favor of the USD?????
In favor of the USD????

Now, let me pull another rabbit out of my hat
what did i say wrong? if i said something stupid correct me please, im just trying to learn

  • #59,690
  • Mar 31, 2010 9:48am Mar 31, 2010 9:48am
what happened to USDCHF? That move wasn't in any textbook.

Oh wait, it's the 1000 time this happens. That SNB sure likes to play hard..
  • #59,691
  • Mar 31, 2010 9:50am Mar 31, 2010 9:50am
Is that an I5B on the weekly.If so it is breaking out of that.tested support
at 120 looks like it can go to 127 area before hitting resistance
Conquer the beast with disciplined determination and intellegent control.
  • #59,692
  • Mar 31, 2010 9:57am Mar 31, 2010 9:57am
Quoting neutro
what happened to USDCHF? That move wasn't in any textbook.

Oh wait, it's the 1000 time this happens. That SNB sure likes to play hard..
The SNB usually intervenes to weaken the currency but in this case it has strengthened. Not read up on it yet but my assumption is that SNB has probably reiterated that it wont be intervening in the foreseeable future and perhaps some risk aversion due to US payrolls coming in worser than expected?

  • #59,693
  • Mar 31, 2010 9:59am Mar 31, 2010 9:59am
Quoting neutro
what happened to USDCHF? That move wasn't in any textbook.

Oh wait, it's the 1000 time this happens. That SNB sure likes to play hard..
Printed well IMO. Double high lower close at a solid PPZ. Price fakes out a lot before getting to where it's headed to shake out the weak buyers/sellers and then gets trapped in between when there is indecision and more buyers/sellers coming into the market at the top and bottom of range points. I.E. range in between two very solid points- support at 1.06 give or take and resistance at 1.0675 give or take.

This was just a little congestion zone because we were "stuck in between". The line chart indicates that notion. Support and resistance squeeze at it's finest.
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I dream, therefore I become.
  • #59,694
  • Mar 31, 2010 10:07am Mar 31, 2010 10:07am
Quoting Mp1983
The SNB usually intervenes to weaken the currency but in this case it has strengthened. Not read up on it yet but my assumption is that SNB has probably reiterated that it wont be intervening in the foreseeable future and perhaps some risk aversion due to US payrolls coming in worser than expected?

Stop doing this to yourselves guys. Until it becomes engrained that fundamental analysis plays out in technical analysis, this will confuse you so much that you'll get analysis paralysis and take losses. The SNB doesn't matter and neither do the US payrolls (unless you're trading the lower timeframes). It's all in the charts. Trust me on that. I could go back through backyears of data at this point and show you where a big news event happened....I could also show you the pinbar that is probably in a very good location right beforehand as well. Price is always priming to get to where it's going, always. And if there is no technical factor beforehand to a news event....who cares? There wasn't a trigger point for a trade there in the first place then.

I used to get sucked up in this talk all the time and occasionally still do. Key word there...sucked. Sucker....me, when I worried about the news and talking heads. I would have much rather given that money to another cause than burning it.
I dream, therefore I become.
  • #59,695
  • Mar 31, 2010 10:20am Mar 31, 2010 10:20am
uh oh... so close to getting triggered here. about to delete order. thank god for good buffers!
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Many choose unhappiness over uncertainty.
  • #59,696
  • Mar 31, 2010 10:20am Mar 31, 2010 10:20am
Quoting mike w
Stop doing this to yourselves guys. Until it becomes engrained that fundamental analysis plays out in technical analysis, this will confuse you so much that you'll get analysis paralysis and take losses. The SNB doesn't matter and neither do the US payrolls (unless you're trading the lower timeframes). It's all in the charts. Trust me on that. I could go back through backyears of data at this point and show you where a big news event happened....I could also show you the pinbar that is probably in a very good location right beforehand as well. Price...
No man, you got me all wrong. I don't care about funnymentals (well, I do read about what's going on in the world, but all I see is PA @ highly confluenced areas) I was just.. I don't know, trying to spice up the conversation?

I'm still a little bit sad (kidding) for not taking that little tiny PB off almost 1.05, but I'm glad to see price coming here again. A biiig PB tomorrow off of 1.05 and 1.0420 would look nice.
  • #59,697
  • Mar 31, 2010 10:21am Mar 31, 2010 10:21am
Mike, agreed. I used to confuse myself and sometimes use news to take trades or pre-empt the markets based on news and just take worthless set ups and come out with a loss, a full SL hit type of loss at that!

I now try not to let any news interfere with my judgement but it's hard not to be aware of what's happening.

  • #59,698
  • Mar 31, 2010 10:23am Mar 31, 2010 10:23am
And another question:

What's up with soybeans?

That's a mighty fine gap play.
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  • #59,699
  • Mar 31, 2010 10:32am Mar 31, 2010 10:32am
Quoting neutro
No man, you got me all wrong. I don't care about funnymentals (well, I do read about what's going on in the world, but all I see is PA @ highly confluenced areas) I was just.. I don't know, trying to spice up the conversation?

I'm still a little bit sad (kidding) for not taking that little tiny PB off almost 1.05, but I'm glad to see price coming here again. A biiig PB tomorrow off of 1.05 and 1.0420 would look nice.
I feel ya man, conversation is kinda dead until something great pops up. lol That's my bad too, so sorry about that Neutro, I was just using that to get a point across about the news that I have been seeing far too many people falling into lately. Other than J16, it seems like every thread here is all about the newscasters as of late lol

That little girly pin played out niceeee man! I'm a little bit sad too that it wasn't way bigger and lower. lol

It's looking like that might be the case for the PA tomorrow too. Price is just cascading through orders and stops right now. Today also has a chance to close as a BEOVB, a hella big BEOVB.

If you're looking for something to watch right now, check out the aussie. I'm getting in here and gunning for the recent highs of .9200 and possibly higher once we see how price reacts there and .9190. 15 pip risk overall and soon to be no risk once I get it to B/E. To me, that risk is worth it for the info I'll be getting here or the cash I'll be making here.
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I dream, therefore I become.
  • #59,700
  • Edited 10:56am Mar 31, 2010 10:53am | Edited 10:56am
Quoting mike w
I feel ya man, conversation is kinda dead until something great pops up. lol That's my bad too, so sorry about that Neutro, I was just using that to get a point across about the news that I have been seeing far too many people falling into lately. Other than J16, it seems like every thread here is all about the newscasters as of late lol

That little girly pin played out niceeee man! I'm a little bit sad too that it wasn't way bigger and lower. lol

It's looking like that might be the case for the PA tomorrow too. Price is just cascading through...
You dont' have to be sorry for being right.

That M30 pin hit its FTA an then went down hard...
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