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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

  • #61,481
  • Apr 21, 2010 1:45pm Apr 21, 2010 1:45pm
Another BRN coming up for J16! Well done!
One Chart is Worth Ten Thousand Words.
  • #61,482
  • Apr 21, 2010 1:50pm Apr 21, 2010 1:50pm
Quoting mbqb11
takes time bud, it really is a lot of just seeing this stuff and practicing and learning and it slowly clicks into place one thing at a time. Your analysis is good for the daily you are SEEing correctly. Large down trend, but price does have divergence and looking like it wants to turn over at least for some kind of retrace. Now will a small bar like this do it? PossiblY. We never know for sure, but the bigger and more important is if you play a bar like this what is your game plan? IMO if it can close above 1.0 that shows more strength then not...
Many thanks Mike - your help is much appreciated
  • #61,483
  • Apr 21, 2010 2:52pm Apr 21, 2010 2:52pm
Has anybody taken CAD/JPY. The location was great but being a newbee and all, the gap messed it all up for me.
  • #61,484
  • Apr 21, 2010 5:16pm Apr 21, 2010 5:16pm
Quoting mbqb11
takes time bud, it really is a lot of just seeing this stuff and practicing and learning and it slowly clicks into place one thing at a time. Your analysis is good for the daily you are SEEing correctly. Large down trend, but price does have divergence and looking like it wants to turn over at least for some kind of retrace. Now will a small bar like this do it? PossiblY. We never know for sure, but the bigger and more important is if you play a bar like this what is your game plan? IMO if it can close above 1.0 that shows more strength then not...
Hey Mike

About the usdcad trade, besides divergence and price action, there is a break of down trendline. It seems the pin bar two days ago made price test this trendline again. Now it seems price is trapped between the broken trendline and this huge round number 1,00000000. I think price can make it, for at least some profit.

Lets see, i havent seen any other one so far.

Im in searching mode, lol

Regards

Hector
  • #61,485
  • Apr 21, 2010 5:52pm Apr 21, 2010 5:52pm
Quoting WizardPip
Hey Mike

About the usdcad trade, besides divergence and price action, there is a break of down trendline. It seems the pin bar two days ago made price test this trendline again. Now it seems price is trapped between the broken trendline and this huge round number 1,00000000. I think price can make it, for at least some profit.

Lets see, i havent seen any other one so far.

Im in searching mode, lol

Regards

Hector
Do you think it can make it more attarctive, or trendlines and things like that are usefull. Id like to read an opinion from an experienced trader like you, or others i know we can find here. Always appreciated any observation, opinion, or critic from all of you

;-)
  • #61,486
  • Apr 21, 2010 6:01pm Apr 21, 2010 6:01pm
Quoting WizardPip
Do you think it can make it more attarctive, or trendlines and things like that are usefull. Id like to read an opinion from an experienced trader like you, or others i know we can find here. Always appreciated any observation, opinion, or critic from all of you

;-)
Hey Wiz

Could you post a chart for me, I am having trouble seeing what you mean.

Thanks!
Mike
  • #61,487
  • Apr 21, 2010 7:02pm Apr 21, 2010 7:02pm
little doji I'm taking on demo account!
Attached Image
Many choose unhappiness over uncertainty.
  • #61,488
  • Apr 21, 2010 7:52pm Apr 21, 2010 7:52pm
Quoting mbqb11
Hey Wiz

Could you post a chart for me, I am having trouble seeing what you mean.

Thanks!
Mike
Well, maybe thats because i'm wrong :-(

Lets see your feedback, this is the chart im watching

Regards

Hector
Attached Image (click to enlarge)
Click to Enlarge Name: USD-CAD.jpg Size: 86 KB
  • #61,489
  • Apr 21, 2010 8:06pm Apr 21, 2010 8:06pm
I am waiting for the retrace on this pin - Let's see if the train leaves without me !!
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  • #61,490
  • Apr 21, 2010 8:11pm Apr 21, 2010 8:11pm
A theory based on PA...
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Click to Enlarge Name: 20100422_gbpchf.gif Size: 15 KB
Back to the beginning ... demo
  • #61,491
  • Apr 21, 2010 8:11pm Apr 21, 2010 8:11pm
Hello WizardPip,
if i may...
are u saying it's more attractive to take the bullish pin because, aside from the divergence, u have price back above the down trendline again?

IMO, the pin is small. zoom out & see the whole chart.
usdcad is in a huge downtrend. & this daily pin is too small to convince me that it will go considerably up at this point. also, the pin closed below the 1.0000 BRN (in my FXPro feed, at least).
if the pin has a huge nose & closed above 1.00, then it may be a different story.
this pin may be another 'pause pin' or a pause in the downtrend.
Hope this helps
  • #61,492
  • Apr 21, 2010 8:22pm Apr 21, 2010 8:22pm
Quoting WizardPip
Well, maybe thats because i'm wrong :-(

Lets see your feedback, this is the chart im watching

Regards

Hector
Hey Hector

I agree with supreme but in terms of your trendline that is a bit of a stretch for me. The steepness of the trendline and mainly its only hitting two points. I am even more picky with those though, so that could just show us that price is starting to get over extended. Again the decision sometimes has to come down to both the PA(is it good enough for YOU) and then how you handle the PA. Not just Pinbar ok I am long . It might be ok small pin, i get that lets see how we move on a break if it doesn't break hard I am out. I am more in the camp of lets wait for these prime locations and then wait for some more information then just a small bar. I would love to see say price consolidate over 1.0 and then form a huge BUOB engulfing that range for example.

Just my views
Mike
  • #61,493
  • Apr 21, 2010 8:38pm Apr 21, 2010 8:38pm
Go ahead and see how valid 1.57 is on a weekly chart.

Good idea to look for PA here if price decides to get there!


EDIT: chart is gbpusd daily chart
Attached Image
Many choose unhappiness over uncertainty.
  • #61,494
  • Apr 21, 2010 8:40pm Apr 21, 2010 8:40pm
Quoting supremeChaos
Hello WizardPip,
if i may...
are u saying it's more attractive to take the bullish pin because, aside from the divergence, u have price back above the down trendline again?

IMO, the pin is small. zoom out & see the whole chart.
usdcad is in a huge downtrend. & this daily pin is too small to convince me that it will go considerably up at this point. also, the pin closed below the 1.0000 BRN (in my FXPro feed, at least).
if the pin has a huge nose & closed above 1.00, then it may be a different story.
this pin may be another 'pause pin' or...
Of course it helps, A LOT, thanks for the feedback

Well it wasnt my intention to suggest this pin is going to change the trend, the entry i planned to use (not any more, lol, i really doubt price gets there) was 1.0016, taking profit at 1.0060, just a few pips.

I ask about trendlines because i have read people that doesnt use them at all, and doesnt trust them. If we rank based on its importance, trendlines are, say 10th and Pivot Zones 2nd, and round numbers 1st, right?

So, now i think it doesnt help if price finds some kind of support or resistance there, closing above the round number is much more important, and it didn't.

Well, back to searching, waiting, studying mode, lol

Regards

Hector
  • #61,495
  • Apr 21, 2010 9:06pm Apr 21, 2010 9:06pm
Quoting WizardPip
...
I ask about trendlines because i have read people that doesnt use them at all, and doesnt trust them. If we rank based on its importance, trendlines are, say 10th and Pivot Zones 2nd, and round numbers 1st, right?
...
Hector,
well, some use trendlines, i do too.

im not fond of ranking stuff in order of importance; every trader is unique.
rank/use what suits your taste.

yes, learning should never stop
  • #61,496
  • Apr 21, 2010 9:08pm Apr 21, 2010 9:08pm
Quoting mbqb11
Hey Hector

I agree with supreme but in terms of your trendline that is a bit of a stretch for me. The steepness of the trendline and mainly its only hitting two points. I am even more picky with those though, so that could just show us that price is starting to get over extended. Again the decision sometimes has to come down to both the PA(is it good enough for YOU) and then how you handle the PA. Not just Pinbar ok I am long . It might be ok small pin, i get that lets see how we move on a break if it doesn't break hard I am out. I am more in...
Well, always the feedback of the pros is very helpful. The market has to really show you, and confirm you the direction he (the market) is taking. Right now is not clear, or at least is not clear price going up.

The ones you talk about in your videos in the James web page are the ones we always look for (location, size, trend vs sideways), but if you dont have the patience, you get in trouble with a c or d pattern.

Lets keep looking

Thanks

Hector
  • #61,497
  • Apr 21, 2010 9:16pm Apr 21, 2010 9:16pm
Wonder who use this kind of what I called "embedded" lines like me?

Quoting WizardPip
Well, maybe thats because i'm wrong :-(

Lets see your feedback, this is the chart im watching

Regards

Hector
Attached Image (click to enlarge)
Click to Enlarge Name: USD-CAD[2].jpg Size: 90 KB
  • #61,498
  • Apr 21, 2010 9:22pm Apr 21, 2010 9:22pm
kk007,
the light blue line?
i used to try that before. i may try it again next time.
to strict TL plotters, that is an invalid TL because price has been pierced from both sides many times.
  • #61,499
  • Apr 21, 2010 9:34pm Apr 21, 2010 9:34pm
Quoting supremeChaos
kk007,
the light blue line?
i used to try that before. i may try it again next time.
to strict TL plotters, that is an invalid TL because price has been pierced from both sides many times.
Sc,

yes. the light blue line. and yes it is weaker than outer lines on the chart.
  • #61,500
  • Apr 21, 2010 9:50pm Apr 21, 2010 9:50pm
I have a question on New York trading hrs.

I know that the trading hrs there is 8am to 5pm EST
I understand that when it is NOT Daylight Saving, NY is in EST zone.
Currently, it is Daylight Saving Time and therefore is in EDT zone basically moving it 1hr forward compared with when it is not Daylight Saving.

My question is will the trading hrs still 8am to 5pm New York local time now? Or will it be from 9am to 6pm local NY time?

Kinda confused with this time zone shifting.
Appreciate some feedback.
Thanks
CY
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