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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

  • #62,461
  • Apr 30, 2010 12:37pm Apr 30, 2010 12:37pm
Quoting Ted1983
I see a posibility brewing to sell the USD/YEN.
What do you guys think of this setup?
looks very small bar, very weak selling on a friday that could just be some tidying up before the weekend. I think price is getting attracted to that 95 level or close to it

Best
Mike
  • #62,462
  • Apr 30, 2010 12:53pm Apr 30, 2010 12:53pm
Quoting pizdun
meet me in the cluub its goin dowwwn....

http://i432.photobucket.com/albums/qq42/pizdun/down.jpg

just a shout out to mike and james. may 1st will officially be the one year anniversary of me reading this thread for the first time. it will also mark my first year of profitability in this business. coincidence? i think not.

THanks so much. after 4 years its nice to finally see some green
Hey Pizdun,

Congrats!

Yeah, AUDNZD is one I've started watching too. I had been unaware there was a PB forming on the monthly and weekly charts (as well as on the daily chart) and was not even thinking about PA when the PB formed on the daily on April 6th. If the PB was just on the daily chart, I would feel that it was probably a bit too late to get in, but the monthly and weekly charts look compelling. The question is: What would be a good entry strategy? Look for a pull back and short it there? If we do see a pull back, it may well be part of a head and shoulders pattern (can already see head and left shoulder on daily chart). If the PBs on the weekly and monthly charts are predictive, it would suggest that AUDNZD may be transitioning into an extended period of decline that will play out over the rest of this year and into next year. The NZD has been "going off" lately while AUD lags or drops - pushing AUDNZD down, but what could lead to such a decline on the longer term? Check out "The Case Against the Australian Dollar" - http://www.scribd.com/doc/30393111/T...gainst-the-AUD (where among other things, it is pointed out that the AUD is the most overvalued of the currencies by about 30% and how the Australian economy has been benefiting from a bubble).

Any thoughts from the experts?
  • #62,463
  • Apr 30, 2010 12:57pm Apr 30, 2010 12:57pm
True, the weekly looks more like a breakout opportunity.
In other words, I have no idea!
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  • #62,464
  • Apr 30, 2010 1:05pm Apr 30, 2010 1:05pm
Quoting Ted1983
True, the weekly looks more like a breakout opportunity.
In other words, I have no idea!
lol...dont confuse the TFs though, it could be a break out on the weekly but still retrace hundreds of pips tradable on the daily TF.
jus my 2 pips

jon
PATIENCE... DISCIPLINE
  • #62,465
  • Apr 30, 2010 1:20pm Apr 30, 2010 1:20pm
Quoting g_j_hook@yah
lol...dont confuse the TFs though, it could be a break out on the weekly but still retrace hundreds of pips tradable on the daily TF.
jus my 2 pips

jon
Good point. Let me put you on the spot.
If you were forced to take one of the two possible trades I posted which would it be? (Of course they might both be crap setups)
  • #62,466
  • Apr 30, 2010 1:25pm Apr 30, 2010 1:25pm
Ok Mikey do you have any objection on FTSE (FFIM) daily bar. (not closed yet)
  • #62,467
  • Apr 30, 2010 1:28pm Apr 30, 2010 1:28pm
Quoting nasir.khan
Ok Mikey do you have any objection on FTSE (FFIM) daily bar. (not closed yet)
Hey Nas

While it maybe be bearish in nature I want a much higher high on my beob. Again someone with tight mgmt it may very well give them the opportunity to eliminate risk but my mgmt style is a bit more lenient so I would need a better bar to play a continuation.

Mike
  • #62,468
  • Apr 30, 2010 2:08pm Apr 30, 2010 2:08pm
Quoting mbqb11
I think the more the merrier J....
Thanks Mike - have been watching most of these (not much action this month as you noted!) but there are a few there new to me which I will add to my list. Are commodities/Stocks worth throwing in the mix? - would be a new field to me.

Thanks again for all your help

J
  • #62,469
  • Apr 30, 2010 2:12pm Apr 30, 2010 2:12pm
Quoting Ted1983
Good point. Let me put you on the spot.
If you were forced to take one of the two possible trades I posted which would it be? (Of course they might both be crap setups)
i like the daily set up better, just looking at the chart it is as mike said,'tradable(possibly)with a tight MM style' and it does look like it would give some pips if it breaks. The problem is is that its a friday and the spike may be nothing more than weekend cleaning.it might not even make 94.50!?!?
the weekly looks different as it is at a swing high rather than a swing low. i know it is on a retrace but a very shallow one. it also has the bar highs immedietly in front, to contend with and the 95 RN. Although it could work out and be a nice runner if it breaks, price has broke a weekly TL and the weekly divergence points to around 101.00ish if it fulfills itself? i personally would like a better bar at a more obvious price level than this though, e.g. a 50% fib retrace etc. one to watch for me.

hope this helps

jon
PATIENCE... DISCIPLINE
  • #62,470
  • Apr 30, 2010 2:15pm Apr 30, 2010 2:15pm
Quoting jspeakman
Thanks Mike - have been watching most of these (not much action this month as you noted!) but there are a few there new to me which I will add to my list. Are commodities/Stocks worth throwing in the mix? - would be a new field to me.

Thanks again for all your help

J
I would say go for it if it isn't too much to keep up with especially if you are trading daily/weekly only. This way more opportunities and don't have to sacrifice being picky.

Best
Mike
  • #62,471
  • Apr 30, 2010 2:57pm Apr 30, 2010 2:57pm
Quoting 4X=0
commentary fodder.

divergence, B quality OB, uptrend, MRN (minor round number)

looks like a pass
Gouse, to continue our conversation from earlier, it looks like things turned out.
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  • #62,472
  • Apr 30, 2010 3:37pm Apr 30, 2010 3:37pm
Quoting esbatu
Hi Jarroo, thanks for very detail breakdowns of the trades.

Now looking back at yesterday's GBP/CHF BEOB, on the 1H charts show that price did not respect the break level. Price break the BEOB and go down to 1.6420 and it shoot back up to 1.6485, not even stopping to test the break level. Just as you said price did not behave correctly.

Yes if we could watch the chart during the day, this is great way to monitor our trade and act accordingly. But for those that can only check the chart once or twice daily, this is not applicable. I mostly,...



I'm glad I could help. I agree with sChoas, I don't think you misjudged the FTA on that setup. Its not like you were looking at the 1.6000 or 1.5000 as a target from this setup. lol

You raised an important point. Was this an A+ setup? Maybe . . may not, but a setup for me to take and monitor to see how it breaks. My vague answer to the A+ setup question is because how Price breaks is my final confirmation if its A+, but that's just me.

Since you have limited time and a good eye for where Price is heading once a setup is presented, your concentration should be on being very picky. Picky in the selection of those great A+ setups. Would I throw this one in the 10% bin? Yes, I would, but again that's just me.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #62,473
  • Apr 30, 2010 3:46pm Apr 30, 2010 3:46pm
Quoting fxeturn
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And some good observations at that.

Higher Time Frames Rule.
Indicators show the past. Price Action "Indicates" the future.
  • #62,474
  • Apr 30, 2010 3:57pm Apr 30, 2010 3:57pm
Quoting TiaForex
It's been a while since I've posted. I trade faster markets these days so there's not as much time to post during the day, but it's nice to see some interesting discussions, particularly the one between StoragePro and Joelcf about psychology (also nice to see the regular three monthly "you guys suck!" interlude. Something to set your watch by... ). When I saw SP and Joel exchange their posts on psychology I was reminded of what, for me, is the essential nature of this thread. A place where traders can feel free to express differing opinions...

Hey Aaron if we get a post like this every now and then, its worth it my friend. great stuff.

"paucity". Cool word, even though I had to look it up. I going to try and use it this weekend, although the opportunites to use it maybe small in number.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #62,475
  • Apr 30, 2010 4:22pm Apr 30, 2010 4:22pm
Quoting mbqb11
Quote
Originally Posted by Ted1983
I see a posibility brewing to sell the USD/YEN.
What do you guys think of this setup?

looks very small bar, very weak selling on a friday that could just be some tidying up before the weekend. I think price is getting attracted to that 95 level or close to it

Best
Mike
I saved these charts yesterday. An OK two bar reversal pattern off of 93.00 and with the current trend.

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Bullish outside bar on the weekly

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skype: ststroud. let's talk trading.
  • #62,476
  • Apr 30, 2010 4:31pm Apr 30, 2010 4:31pm
Quoting joelcf
If you really attained the 20% per month that the guy earlier claimed, in slightly less than 14 years, you would have compounded your $500 starter account into enough money to build a 50cm wide, 10cm thick walkway to the moon.

A walkway made of solid, 24kt gold.

-------------
l(km) 384,403 = 38,440,300,000cm
w(cm) = 50
d(cm) = 10
[size=1]:. tv(cc)[font=Arial]...
and think about how much you can gain in the next 50 years you could build yourself a golden planet with only 20% gain per month
  • #62,477
  • Apr 30, 2010 4:38pm Apr 30, 2010 4:38pm
joke on the side, i saw some interesting IPBs on yen pairs : GBPJPY looked good a few hours ago but didnt close like i wanted it to, USDJPY has a good IPB imho but it doesnt have a very long nose compared to the previous bar and EURJPY definitely looks the best - extra long nose, just off a BRN 125.00 which is also a ppz area and its on a weekly chart... what do you need more ? ...

*edit: forgot to mention that there is also a PB on the daily chart of EURJPY

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have a nice weekend everyone,
ppfx
  • #62,478
  • Apr 30, 2010 4:50pm Apr 30, 2010 4:50pm
Quoting ppfx
joke on the side, i saw some interesting IPBs on yen pairs : GBPJPY looked good a few hours ago but didnt close like i wanted it to, USDJPY has a good IPB imho but it doesnt have a very long nose compared to the previous bar and EURJPY definitely looks the best - extra long nose, just off a BRN 125.00 which is also a ppz area and its on a weekly chart... what do you need more ? ...

*edit: forgot to mention that there is also a PB on the daily chart of EURJPY


have a nice weekend everyone,
ppfx
I agree with your take these IPBs, but the eur/jpy weekly is a BEOB., that looks like a IPB. I'm not say this is a bad thing. But I would like to see that at the Highs, near the 128.00. Like the IPB of a few weeks ago.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,479
  • Apr 30, 2010 4:53pm Apr 30, 2010 4:53pm
Quoting ppfx
joke on the side, i saw some interesting IPBs on yen pairs : GBPJPY looked good a few hours ago but didnt close like i wanted it to, USDJPY has a good IPB imho but it doesnt have a very long nose compared to the previous bar and EURJPY definitely looks the best - extra long nose, just off a BRN 125.00 which is also a ppz area and its on a weekly chart... what do you need more ? ...

*edit: forgot to mention that there is also a PB on the daily chart of EURJPY

[have a nice weekend everyone,
ppfx

The usd/jpy may not have a long nose, but it is up against the highs. Liked to have seen this at the 95.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,480
  • Apr 30, 2010 5:05pm Apr 30, 2010 5:05pm
Quoting jarroo
I agree with your take these IPBs, but the eur/jpy weekly is a BEOB., that looks like a IPB. I'm not say this is a bad thing. But I would like to see that at the Highs, near the 128.00. Like the IPB of a few weeks ago.
When I said, "I not saying this is a bad thing." I was referring this to the IPB.

As a BEOB, it is a bad thing because we want our BEOB with the Close lower then the previous bar. Like this one in green.
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Indicators show the past. Price Action "Indicates" the future.
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