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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

  • #60,621
  • Apr 11, 2010 4:45pm Apr 11, 2010 4:45pm
Quoting g_j_hook@yah
lol..swing n roundabouts my friend!... i closed all my yen long trades at the end of frid!! doh lol

still a prifit is a profit is a ...

jon
I don't blame you a bit jon. Price could have easily gone the other way.
Indicators show the past. Price Action "Indicates" the future.
  • #60,622
  • Apr 11, 2010 4:47pm Apr 11, 2010 4:47pm
Quoting jarroo
Oh my God Mickelson . . .what a shot!
ye!!! unberlievable!!
tigers done a few similar aswell
still rooting for the english guy though, jusr for somyone to root for...lol

jon

EDIT: whooo... it seems it was for nothing now!!!(missed the easy put)
PATIENCE... DISCIPLINE
  • #60,623
  • Apr 11, 2010 4:49pm Apr 11, 2010 4:49pm
Quoting jarroo
Oh my God, Mickelson . . .what a shot!
he's unreal cant believe he missed that eagle putt though
  • #60,624
  • Apr 11, 2010 4:50pm Apr 11, 2010 4:50pm
Quoting g_j_hook@yah
lol, we must look a strange bunch to them normal folk!! lol

is it jus the volitility that makes you think it could continue through the week?

jon
well just could be a sign of the week to come, an active sunday eve(which is normally dead) could just be that sign hopefully
  • #60,625
  • Apr 11, 2010 4:51pm Apr 11, 2010 4:51pm
Quoting mbqb11
he's unreal cant believe he missed that eagle putt though
He's such an excellent punter . . he could make that punt blind folded 10 times in a row . . . unbelievable.
Indicators show the past. Price Action "Indicates" the future.
  • #60,626
  • Apr 11, 2010 4:52pm Apr 11, 2010 4:52pm
Quoting jarroo
I don't blame you a bit jon. Price could have easily gone the other way.
yeah, cheers. there was jus too many weak closes for my liking.

jon
PATIENCE... DISCIPLINE
  • #60,627
  • Apr 11, 2010 4:54pm Apr 11, 2010 4:54pm
Quoting mbqb11
well just could be a sign of the week to come, an active sunday eve(which is normally dead) could just be that sign hopefully
ok. lets hope so

cheers

jon
PATIENCE... DISCIPLINE
  • #60,628
  • Apr 11, 2010 4:55pm Apr 11, 2010 4:55pm
Quoting jarroo
Although my Eur/Jpy is feeling good.
mine has already hit my TP at 126.90 i would never thought it would go there so fast
  • #60,629
  • Edited 5:47pm Apr 11, 2010 5:08pm | Edited 5:47pm
Quoting ppfx
mine has already hit my TP at 126.90 i would never thought it would go there so fast

The market can be full of surprises as long as your protecting yourself along the way, they can be fun surprises.

Which reminds me of this . . .TiaForex (Aaron) comes to mind :

"The market should never surprise you, even though you never know what it's going to do."
Indicators show the past. Price Action "Indicates" the future.
  • #60,630
  • Apr 11, 2010 5:21pm Apr 11, 2010 5:21pm
Quoting mbqb11
kinda sucks ya but the good thing is hopefully very volatile week coming! How many people but traders get excited over something like that
Do you think that a big gap down shows selling pressure so entering on a retrace to the gap close (or thereabouts) offers a good short opportunity?

Cheers
Simon
  • #60,631
  • Apr 11, 2010 5:23pm Apr 11, 2010 5:23pm
Quoting AnimalHungry
Do you think that a big gap down shows selling pressure so entering on a retrace to the gap close (or thereabouts) offers a good short opportunity?

Cheers
Simon
It could and lots of times the "gap" area(i quote it cause its really not a gap) is where the previous interest is at so new supply is likely to come in. The real question is as a trader does it fit into your methods cause at this point the gbp/chf has hit the first likely area and now its anyone's ball game so to speak.


Mike
  • #60,632
  • Apr 11, 2010 5:28pm Apr 11, 2010 5:28pm
Mike do you know why oanda never has any gaps?
  • #60,633
  • Apr 11, 2010 6:01pm Apr 11, 2010 6:01pm
Quoting mbqb11
It could and lots of times the "gap" area(i quote it cause its really not a gap) is where the previous interest is at so new supply is likely to come in. The real question is as a trader does it fit into your methods cause at this point the gbp/chf has hit the first likely area and now its anyone's ball game so to speak.


Mike
Understood, thanks Mike. My thinking, for what it's worth, is that we're in a down trend and price formed a decent (but not brilliant) PB off a daily PPZ/BRN, descending TL and 50 fib. Then price moves over the weekend (forming the "gap") and hits the first minor support area, then now rebounds to tests Friday's low. As you said, either new sellers come in and push price lower or they don't and price continues on to test the 1.65 level again.

I've done a fair amount of looking at gaps and would like to see (as often happens) a close of the gap (triggering my sell limit) and reverse short. If we get that then I'll move to BE when price approaches the 1.63 level as that will be the second test of this minor S/R level and if price can't break through that then I'm not prepared to have any more risk on the table and could care less which way it goes after that.

I was actually hoping for a bear PB off the 61.8 around the stronger 1.6600 PPZ, which I would have given more room to breathe, but I still see this PB as a decent short opportunity if managed on a fairly short leash.

Simon
  • #60,634
  • Apr 11, 2010 6:07pm Apr 11, 2010 6:07pm
Mike, I took the pin on the break with a stop sell. I am hovering around b/e on entry due to the gap down (16326 filled with an order set at 16360).

Considering the gap, would you move the stop more aggressively - my first PPZ was at the 13600 BRN? Just wondering if you would play it tighter due to a significant Sunday move?

How do you treat gaps like these - or do you use a 24/7 broker to take advantage?

Cheers

Jonners67

Michelson got a couple of lucky breaks over the last couple of days, but as Lee Trevino used to say....
  • #60,635
  • Apr 11, 2010 6:14pm Apr 11, 2010 6:14pm
Quoting Jonners67
Mike, I took the pin on the break with a stop sell. I am hovering around b/e on entry due to the gap down (16326 filled with an order set at 16360).

Considering the gap, would you move the stop more aggressively - my first PPZ was at the 13600 BRN? Just wondering if you would play it tighter due to a significant Sunday move?

How do you treat gaps like these - or do you use a 24/7 broker to take advantage?

Cheers

Jonners67

Michelson got a couple of lucky breaks over the last couple of days, but as Lee Trevino used to say....
Hey J

You are hovering around b/e? You should be up quite a bit if you got in with a break of the pin. I personally had planned on taking this one and taking profit shy of 1.63 but with the gap I passed(prior to it my broker spread was 20 and I was not willing to place an order with that spread prior to the spreads coming down and by then well you know what has happened. When price gaps this much is is normal as we were discussing for it to refill the prior friday close area before most likely moving lower again. But being that I felt this was a tight mgmt trade I would have closed it above 1.3600 if I would have been lucky enough to catch that, especially now that it is likely to move back to the low of the pin.

Hope that helps
Mike
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  • #60,636
  • Apr 11, 2010 6:20pm Apr 11, 2010 6:20pm
lookin like maybe I need to open an account with oanda....
Many choose unhappiness over uncertainty.
  • #60,637
  • Apr 11, 2010 6:32pm Apr 11, 2010 6:32pm
heres a nice looking IPB,RN,50%fib, PPZ, strong downtrend, the gap would add confluence for me also.(could even throw in a TL) i wonder how Ghous would see this situation??
if it closes below the open price it will be a perfect IPB imo

jon
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PATIENCE... DISCIPLINE
  • #60,638
  • Apr 11, 2010 7:29pm Apr 11, 2010 7:29pm
Quoting lovejoy80
...
One of the great advantage of Oanda is being open 24/7...
what were eur$ spreads like prior your trades here?
nice trades.

i thought i woke up early enough to catch a good trade. guess i should wake up much much earlier
  • #60,639
  • Apr 11, 2010 7:56pm Apr 11, 2010 7:56pm
Hello people!

Just wanted to post how i'm doing and so... so far.. well I'm learning a little more about PA's... fibs.... S/R (i'm still struggling how to make a valid level) Pivot (same struggle ) MA's ( not even there... all i hear is 315 this 160 that.. no idea what's going on ) even thought i know its the moving averga of a price... well meh just saying

I been reading and reading.. if anyone can throw me a bone and tips where to look from where i'm at or focus ill be glad!!!
Thank you again guys!
  • #60,640
  • Apr 11, 2010 8:11pm Apr 11, 2010 8:11pm
Quoting g_j_hook@yah
heres a nice looking IPB,RN,50%fib, PPZ, strong downtrend, the gap would add confluence for me also.(could even throw in a TL) i wonder how Ghous would see this situation??
if it closes below the open price it will be a perfect IPB imo

jon
It looks good and the strong confluences you mention sure makes the location great. But because of the gap there is missing data or information about the true structure of the IPB, like the Open and Close within the previous bar, could it possibly be an Inside Bar, etc.

It may work out just fine, jon, but due to the missing info I would let it pass and watch how it works out.
Indicators show the past. Price Action "Indicates" the future.
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