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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

  • #63,201
  • May 9, 2010 6:22am May 9, 2010 6:22am
Quoting extraneo
but the upper shadow is too long?
This is exactly my point. I wonder if we might get some consolidation around 1.48 then a further fall.
Gone to a better place
  • #63,202
  • May 9, 2010 6:26am May 9, 2010 6:26am
Quoting smikester
I don't trust Friday pin bars even if they look good because Friday is so often a profit taking or "squaring off" day in the markets. Here's one which doesn't look good and I will be watching carefully because on the lower time frames it looks like a re-test of 1.48. I'm looking forward to see what price action we get next week around 1.48.

Attachment
I tend to agree with you here, and I would watch at the re-open of the market how price will behave, and more important is how equity market will react mondey which should give more clues on how price will develop in the next week or even some few week ahead from now on.

I don't want go to much into what have cause all this movements (fundamental aspect,greece debt criss) bc I'm in oppinion that the market is a discounting mechanism and the events are usually discounted in advance in price. I'm not seeing that one can definitely know that the current market condition where supposed to be forecast at the right time.

A trend in motion,like the one we are dealing for the moment ,will tend to continue in motion until a major event takes place that would cause it to change its direction. And that major event is more likely not to come in the near future because we have already a major event which had cause the current move.

I say this some moths ago, and I had never change my opinion that even if they bailout greece the thinks aren't going to settle down,and the euro zone is about to crash down.Capitalism is what has brought Greece to bankuptcy,even in our country the capitalists screwed thinks up, they don't care about the poor man and the homeless they only think about their big fat f**k ass(sorry guys for the word but I'm pissed off about their ineffectiveness and more than that they have a low intellect that even a child can make a better decision)


To return to our thinks I'm expecting to see continuation in momentum. Don't forget that momentum precedes price, this is a very important concept that I have learn from this thread. Momentum is what confirms the trend and it usually precedes the price.

So if you are just looking at the chart and see momentum increasing and making new highs or new lows, the odds are that higher prices or lows will probably follow.

Althought on friday we face some loss in momentum, as smikester say friday are notorious for profit taking so is NOT a sign of trend reversal, it is merely a pause.The loss in momentum and volatility is because buyers and sellers now agree to the new established price level or the new level of equilibrium.

Hope next week we would have at least the same volatility

all the best!!!
  • #63,203
  • May 9, 2010 9:17am May 9, 2010 9:17am
I wonder what the master of IB is thinking...
  • #63,204
  • May 9, 2010 9:45am May 9, 2010 9:45am
IPB: A pitty 1200 is in the middle of its way down to 1192...
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Trading: the skill of avoiding trades
  • #63,205
  • May 9, 2010 10:40am May 9, 2010 10:40am
Quoting triger88990
I tend to agree with you here, and I would watch at the re-open of the market how price will behave, and more important is how equity market will react mondey which should give more clues on how price will develop in the next week or even some few week ahead from now on.

I don't want go to much into what have cause all this movements (fundamental aspect,greece debt criss) bc I'm in oppinion that the market is a discounting mechanism and the events are usually discounted in advance in price. I'm not seeing that one can definitely know that the...

Why don't we ask the homeless and the poor man to get off their big fat f**kin ass and stop being a drain on society. "Capitalism" is the problem??? That's a riot Alice
  • #63,206
  • May 9, 2010 10:46am May 9, 2010 10:46am
Quoting triger88990
Capitalism is what has brought Greece to bankuptcy,even in our country the capitalists screwed thinks up, they don't care about the poor man and the homeless they only think about their big fat f**k ass(sorry guys for the word but I'm pissed off about their ineffectiveness and more than that they have a low intellect that even a child can make a better decision)

I hope you're kidding.
Many choose unhappiness over uncertainty.
  • #63,207
  • May 9, 2010 11:07am May 9, 2010 11:07am
Quoting Dan Gilbert
I hope you're kidding.

Me too.

Capitalism is not the cause. Greed or incompetence ( or both) is more like it.
Bundy's status today: "Waiting..."
  • #63,208
  • May 9, 2010 12:00pm May 9, 2010 12:00pm
Quoting Dan Gilbert
I hope you're kidding.
In fact, I'd dare to claim that capitalism combined with democracy is the only durable system around.

Something I have a feeling China for instance will discover in the next 10-20 years...

In the case of Greece, I have a close friend who's Greek, and I know a thing or two about the country. Trust me, capitalism is not to blame. Corruption, nepotism, etc is.
  • #63,209
  • May 9, 2010 12:27pm May 9, 2010 12:27pm
Quoting o990l6mh
In fact, I'd dare to claim that capitalism combined with democracy is the only durable system around.

Something I have a feeling China for instance will discover in the next 10-20 years...

In the case of Greece, I have a close friend who's Greek, and I know a thing or two about the country. Trust me, capitalism is not to blame. Corruption, nepotism, etc is.
Democracy for sure..

Capitalism - not sure.. it't like not having a good risk management..
Works great as long as it works.. when it doesn't you get the margin call.. companies with 100 yrs of history are collapsed in matter of days.. (Lehman brothers and many other finanicial companies)

better system may be - India. Democracy .. with a blend of regulation with capitalisam..
  • #63,210
  • May 9, 2010 12:28pm May 9, 2010 12:28pm
Quoting o990l6mh
In fact, I'd dare to claim that capitalism combined with democracy is the only durable system around.
absolutely. It's sad to see the US gov't rejecting this idea though.

Oh well, every empire has it's rise and fall. US is no exception. It is funny to watch history repeat itself though, all warning signs are there, but no one sees them.
Many choose unhappiness over uncertainty.
  • #63,211
  • May 9, 2010 12:39pm May 9, 2010 12:39pm
Quoting cprao
Democracy for sure..

Capitalism - not sure.. it't like not having a good risk management..
Works great as long as it works.. when it doesn't you get the margin call.. companies with 100 yrs of history are collapsed in matter of days.. (Lehman brothers and many other finanicial companies)

better system may be - India. Democracy .. with a blend of regulation with capitalisam..
India... sounds like you're describing my own country - Sweden.

It does work with some regulation. It's just that the longer I live, the more I'm coming to believe that the free market actually will adjust itself better than any regulation can achieve.

The people's power must balance that of the markets, this is the ideal. When capitalism overpowers the people, we get things like Nazi Germany and other fascist societies.

When the people overpower the markets, we get communism and the like.

Both these extremes lead to great evil, hence the focus of our time should be on upholding the balance of power between the two.

In the US I understand that many are now starting to fear a shift of power balance that may ultimately lead to the people overpowering the markets. I believe in you Americans, I don't think you will allow this to happen. If Obama carries on in this direction he will not be reelected, and the pendulum will swing back.

Ok, done ranting.
  • #63,212
  • May 9, 2010 12:59pm May 9, 2010 12:59pm
Quoting o990l6mh
India... sounds like you're describing my own country - Sweden.

Both these extremes lead to great evil, hence the focus of our time should be on upholding the balance of power between the two.

Well said.. I am with you 100% on this.

Quoting o990l6mh
In the US I understand that many are now starting to fear a shift of power balance that may ultimately lead to the people overpowering the markets.
In US, it looks like (Not enough knowledge), some capatilsts took the control of the finanicial system and brought it on the streets.. This is becasuse - this is no counter machanisam to avoid such a situation.

It is required - in whatever form it can be-- there should be a check and balance..
  • #63,213
  • May 9, 2010 1:11pm May 9, 2010 1:11pm
Is seems that have been induced a misunderstanding here, maybe I haven't put it right, but I was referring more about governments and those who are in charged with making decission, which decision can dictate a change of the course of history, not that the capitalism system is to be blame, but more the greed of those who are in charged as I you guys have emphasised

We can talk all the day long about it and nothing will change so is better to stay focus on the curent market condition.

all the best!!
  • #63,214
  • Edited 1:58pm May 9, 2010 1:31pm | Edited 1:58pm
Quoting jeurre
Dear Jarroo brother, not intended to argue with you, just ask second time, if you still think it will be tough to break 75, after seeing the monthly view. I just noticed the big beob on monthly a couple munites ago, so, post the chart again to get your view. the sure thing to me is that, the uptrend remains intact. the reason why I am thinking it's the potential turning point of trend is I believe PA provides earlier clue, given its 50fib location, size and space too. wishfully, 75 ppz could serve its sychological purpose at the current market condition...

Hey jeur. The Monthly chart is a great example of what I'm talkin about.

The current Weekly BEOB is running into traffic. Yes . . the strong move down may have the momentum to continue through the 75.00 and 73.00 and even the 70.00. I agree.

Notice that Monthly BEOB back in July 2008. (Or a cool looking 2 Month PB.) Price breaks and runs nicely down, due to its lack of traffic. Then it hits the yellow area (traffic) and then reacts.

The Weekly BEOB is now running into some traffic. There should be a reaction. If there is no reaction. . . look out below . . .were heading down.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,215
  • May 9, 2010 1:37pm May 9, 2010 1:37pm
Quoting triger88990
Is seems that have been induced a misunderstanding here, maybe I haven't put it right, but I was referring more about governments and those who are in charged with making decission, which decision can dictate a change of the course of history, not that the capitalism system is to be blame, but more the greed of those who are in charged as I you guys have emphasised

We can talk all the day long about it and nothing will change so is better to stay focus on the curent market condition.

all the best!!

Here's a nice little video . . .the last 2 minutes explains it well.

http://www.wimp.com/thegovernment/
Indicators show the past. Price Action "Indicates" the future.
  • #63,216
  • May 9, 2010 1:51pm May 9, 2010 1:51pm
Quoting jarroo
Here's a nice little video . . .the last 2 minutes explains it well.

http://www.wimp.com/thegovernment/
thanks for the video

I'm watching it right now
  • #63,217
  • May 9, 2010 1:53pm May 9, 2010 1:53pm
jim's rules are based only on the daily chart or also consider weekly or monthly?
  • #63,218
  • May 9, 2010 1:55pm May 9, 2010 1:55pm
Quoting extraneo
jim's rules are based only on the daily chart or also consider weekly or monthly?
Yes, absolutely.
Indicators show the past. Price Action "Indicates" the future.
  • #63,219
  • May 9, 2010 2:00pm May 9, 2010 2:00pm
Any opinions about what the most recent PA suggests for the USDSGD? The H4 shows an IPB which suggests it will go up, but it is already near a swing high. So I don't think it's a good trade.
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  • #63,220
  • May 9, 2010 2:01pm May 9, 2010 2:01pm
Quoting jarroo
Yes, absolutely.

Therefore, two consecutive low bar can be a good entry point
even if the chart weekly says up?
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