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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

  • #61,241
  • Edited 11:58am Apr 19, 2010 11:39am | Edited 11:58am
Quoting bundyraider
SWISSY DBHLC 4hr

I'm dead tired... (3:30am)
So I'll leave this one to the rest of you....

( I do NOT like entering when I'm this tired. Learnt from past experience. LOL)
lookin at that too. Also thinkin (hoping) there might be a PB forming on the daily. Also head and shoulders on the 4hr. Im not ready to trade 4hr but hopin for the daily.

But selling IF a daily PB forms is heading into quick support?
  • #61,242
  • Apr 19, 2010 11:52am Apr 19, 2010 11:52am
Quoting wh1zz0
Good confluence. In my opinion, Price Action around ~1.5350 (bottom of broken channel) would be a nice chance for shorts.
Hey wh1zz0, thanks for posting this. I was looking at this pair but didn't feel comfortable with the gap. What is your take on it?

My gut (based on studying) tells me to just ignore gaps and play them as you see them, but there is something about the lack of
price information that makes me sit on my hands. I'm just not there yet (mentally) with trusting what price will do around gaps.

They've been happening more often lately, but historically, there haven't been enough of them for me to form a solid view on how
to react to them.

Thanks.

-- Danny
  • #61,243
  • Apr 19, 2010 11:57am Apr 19, 2010 11:57am
Quoting Scotty2Cues
lookin at that too. Also thinkin (hoping) there might be a PB forming on the daily. Also head and shoulders on the 4hr. Im not ready to trade 4hr but hopin for the daily
i must say that i dont like that PB very much its going right into a PPZ.... and there is also a gap, and mike says that gaps are almost like PPZs, so i'd say its a pass for me...

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just my 2 cents,
ppfx
  • #61,244
  • Apr 19, 2010 12:00pm Apr 19, 2010 12:00pm
Quoting ppfx
i must say that i dont like that PB very much its going right into a PPZ.... and there is also a gap, and mike says that gaps are almost like PPZs, so i'd say its a pass for me...

Attachment Attachment

just my 2 cents,
ppfx
yeah now plotting support lines, doesnt look good, thought a sell order just below 1.0600 might do it but still looks like alot of support not far from that
  • #61,245
  • Apr 19, 2010 1:03pm Apr 19, 2010 1:03pm
Any thoughts on possible PB forming on the daily swissyen?

Thanks.
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"Fail to prepare, prepare to fail."
  • #61,246
  • Apr 19, 2010 1:30pm Apr 19, 2010 1:30pm
Quoting bluetrader
Hey wh1zz0, thanks for posting this. I was looking at this pair but didn't feel comfortable with the gap. What is your take on it?

My gut (based on studying) tells me to just ignore gaps and play them as you see them, but there is something about the lack of
price information that makes me sit on my hands. I'm just not there yet (mentally) with trusting what price will do around gaps.

They've been happening more often lately, but historically, there haven't been enough of them for me to form a solid view on how
to react to them.

Thanks.

--...
I can understand how it feels sometimes. It's also a good thing to let them be if you don't feel comfortable with them.

Having said that, the truth is, for me, I just play them normally. By definition, and as I'm sure you already know, they are caused by imbalances in demand and supply.

Many traders could go on to talk about different types of gaps but I play them by trying to recognize two basic types. The novice gap and the professional gap. I use Friday movement to weigh the "recent trend".

A novice gap is a situation whereby there is an imbalance in supply & demand causing price to suddenly jump in the same direction with the preceding recent trend. HINT: Look to trade the reversal (best entry is a limit order at the next S/R area). - That which occurred on the EU & even GU are examples of this type of gap.

A professional gap is a situation whereby there is an imbalance in supply and demand causing price to suddenly jump in an opposite direction from the preceding recent trend. HINT: Look to trade the continuation (best entry is a limit order at the first pull back).

But whether or not a gap occurred the true picture still remains that the channel was broken on Friday and awaits a re-test. If it holds with good PA, then I would short it without fear.
  • #61,247
  • Edited 1:42pm Apr 19, 2010 1:31pm | Edited 1:42pm
Quoting packhorse
Any thoughts on possible PB forming on the daily swissyen?

Thanks.
Hallo PC i just recorded a video on my journal about this set up....what i like is

1) Double bottom
2) PPZ
3) ema 150
4) 50% Fibo

and i just saw from your post the price is on the mounthly pivot....

first are of trouble in my opinion is 87.38

bye
Patience is essential
  • #61,248
  • Apr 19, 2010 1:51pm Apr 19, 2010 1:51pm
Quoting benem
Hallo PC i just recorded a video on my journal about this set up....what i like is

1) Double bottom
2) PPZ
3) ema 150
4) 50% Fibo

and i just saw from your post the price is on the mounthly pivot....

first are of trouble in my opinion is 87.38

bye
There's one thing that scares me a bit...is the TL just broken by the price....it could be the first are of trouble.....
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Patience is essential
  • #61,249
  • Apr 19, 2010 1:55pm Apr 19, 2010 1:55pm
Quoting packhorse
Any thoughts on possible PB forming on the daily swissyen?

Thanks.
manage well if you take it.

I like USDCAD today... bouncing off a good PPZ, going with the trend.
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Many choose unhappiness over uncertainty.
  • #61,250
  • Apr 19, 2010 2:01pm Apr 19, 2010 2:01pm
I like it too. The only thing I don't like is that it didn't make a significant pullback. Still an hour to go before it closes on my Alpari feed.

Quoting Dan Gilbert
manage well if you take it.

I like USDCAD today... bouncing off a good PPZ, going with the trend.
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  • #61,251
  • Apr 19, 2010 2:03pm Apr 19, 2010 2:03pm
This is my daily scalp for tonight.... let's see how it goes..
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Market is like a puzzle, YOU have to fit the pieces!!
  • #61,252
  • Apr 19, 2010 2:07pm Apr 19, 2010 2:07pm
Quoting Dan Gilbert
manage well if you take it.

I like USDCAD today... bouncing off a good PPZ, going with the trend.
looks good. lots of support/ resistance on the daily from late 2007 to july 2008
  • #61,253
  • Apr 19, 2010 2:09pm Apr 19, 2010 2:09pm
Quoting Scotty2Cues
looks good. lots of support/ resistance on the daily from late 2007 to july 2008
yeah it goes way back in time. zigzag technique highlights it nicely
Many choose unhappiness over uncertainty.
  • #61,254
  • Apr 19, 2010 2:15pm Apr 19, 2010 2:15pm
Quoting Dan Gilbert
yeah it goes way back in time. zigzag technique highlights it nicely
dont know if its relevant but that zone is bang on 38 fib ret from feb07 high to nov 07 low
  • #61,255
  • Apr 19, 2010 2:18pm Apr 19, 2010 2:18pm
Quoting Scotty2Cues
dont know if its relevant but that zone is bang on 38 fib ret from feb07 high to nov 07 low
fibonacci shmibonacci


Unless it's 61.8
Many choose unhappiness over uncertainty.
  • #61,256
  • Apr 19, 2010 2:21pm Apr 19, 2010 2:21pm
Quoting Dan Gilbert
fibonacci shmibonacci


Unless it's 61.8
what about the high in march to the low in april 2010 then its 50%?
  • #61,257
  • Apr 19, 2010 2:23pm Apr 19, 2010 2:23pm
thinking of a sell stop at 1.0130 looking to go to support around 1.0080 (also 38%)
  • #61,258
  • Apr 19, 2010 2:29pm Apr 19, 2010 2:29pm
Quick one for all who plan on taking the USDCAD pin. Don't forget you are trading into a weekly BUOB off a major round number :-) Easy pass for me but it may fit your trade criteria.

Tomorrow is also an interest rate announcement for CAD if I am not mistaken.

Good luck with it if you do take it anyway
  • #61,259
  • Apr 19, 2010 2:46pm Apr 19, 2010 2:46pm
ve been stalking this pair since last week already been in draw down since the pin was broken.
in my day trading acc, i have made some pips too, but i must say, the temptation to close was really strong, especially with the doji formed after the pin bar.
is anyone on it? what do you guys think?

BTW:
thanks Mike (mbqb11) for your response and xplanation on touch trading, didn't really have the chance to reply and say that.... you know, this thread moves at warp spreed.
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  • #61,260
  • Apr 19, 2010 2:58pm Apr 19, 2010 2:58pm
Quoting fxprocessor
Quick one for all who plan on taking the USDCAD pin. Don't forget you are trading into a weekly BUOB off a major round number :-) Easy pass for me but it may fit your trade criteria.

Tomorrow is also an interest rate announcement for CAD if I am not mistaken.

Good luck with it if you do take it anyway

Looks like the weekly buob could retrace up to 75 pips or so
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