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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

  • #63,921
  • May 16, 2010 9:45pm May 16, 2010 9:45pm
Quoting Dan Gilbert
If tonight is any indication as to how the rest of this week is going to be
sign me up
  • #63,922
  • May 16, 2010 10:04pm May 16, 2010 10:04pm
Quoting fxeturn
Yea it had that 'hovering' move before plunging the 1.46 and 1.43. Perhaps this time it will plunges at 1.40?

Good morning people.

Yes, I was going to ask how we setup our charts on a pair such as this where PA is going where NO PA has gone before.

I suppose all we rely on are round numbers?


I imagine, the brakes going on like that mean that a lot of people are afraid to sell it even further and have been taking profits.


EDIT: I think Bundy answered my question before I asked it.
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  • #63,923
  • May 16, 2010 10:09pm May 16, 2010 10:09pm
Quoting Dan Gilbert
If tonight is any indication as to how the rest of this week is going to be
Gimmie some Dow 10200ish and I'll be buying me a ho buncha them thar Japanese Yenny doo dads.

K.I.S.S.
  • #63,924
  • May 16, 2010 10:18pm May 16, 2010 10:18pm
Quoting KissFan
Gimmie some Dow 10200ish and I'll be buying me a ho buncha them thar Japanese Yenny doo dads.

K.I.S.S.

What do you like about the 10200ish, Roger? Good S/R?
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Indicators show the past. Price Action "Indicates" the future.
  • #63,925
  • May 16, 2010 11:09pm May 16, 2010 11:09pm
wowzers.
Many choose unhappiness over uncertainty.
  • #63,926
  • May 16, 2010 11:10pm May 16, 2010 11:10pm
I am new to the thread, and have started wading through all the info. So far I have not been able to see what I should use for the session times for my daily bars.
For example, if the pair is GBPUSD, should I base the bar on the London session, and should it be a 24 hour bar?

thx
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #63,927
  • May 16, 2010 11:15pm May 16, 2010 11:15pm
Quoting gc7
I am new to the thread, and have started wading through all the info. So far I have not been able to see what I should use for the session times for my daily bars.
For example, if the pair is GBPUSD, should I base the bar on the London session, and should it be a 24 hour bar?

thx
Hey G

Yes every daily bar will be 24hrs. Most of us use a bar that closes from 5-8pm est. I prefer a 5pm est close, b/c it is near the NY close and to me the end of the day. Others use a few hours after that. That is ok and entirely up to you. As you will see location is what is the most important thing about everything and the aggregation of price is ok to be different.

Hope that helps
Mike
  • #63,928
  • May 16, 2010 11:16pm May 16, 2010 11:16pm
anyone is willing to buy crude at 70?

what do we have ? ppz + BRN + 61 fib

any pa setup will serve confirmation. the question is, is it a good place to do touch trade now?
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  • #63,929
  • May 16, 2010 11:27pm May 16, 2010 11:27pm
Quoting jeurre
any pa setup will serve confirmation. the question is, is it a good place to do touch trade now?
I see 11 out of the last 12 bars being bearish, and all those except two have been big range bearish bars. Including the last bar. You want to blind trade it long after dropping 1600 points in a fortnight? Into weak economic news?

The phrase 'snatching a penny from in front of a freight train' comes to mind.

Unless this comes out with the king kong of pinbars, I wouldnt go near it. Hell, even then, I probably wouldnt go near it long.

Maybe if Kong teamed up with Godzila, Mothra and Batman for the biggest reversal in history... maybe.
When you have to shoot, shoot. Dont talk.
  • #63,930
  • May 16, 2010 11:34pm May 16, 2010 11:34pm
Quoting jeurre
anyone is willing to buy crude at 70?

what do we have ? ppz + BRN + 61 fib

any pa setup will serve confirmation. the question is, is it a good place to do touch trade now?

I see that 70 level... tricky one.... crude is dropping SHARP, I'm looking more for a short opportunity right now, maybe after a bit of a retrace off that 70!

edit: IF it even wants to retrace lol
Many choose unhappiness over uncertainty.
  • #63,931
  • May 16, 2010 11:59pm May 16, 2010 11:59pm
DBLHC on G/J H1. support is a round number 131. but also running into 132 now.
good setup?
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meine augen sind die sterne
  • #63,932
  • May 17, 2010 12:47am May 17, 2010 12:47am
Quoting Dan Gilbert
I see that 70 level... tricky one.... crude is dropping SHARP, I'm looking more for a short opportunity right now, maybe after a bit of a retrace off that 70!

edit: IF it even wants to retrace lol
Quoting joelcf
I see 11 out of the last 12 bars being bearish, and all those except two have been big range bearish bars. Including the last bar. You want to blind trade it long after dropping 1600 points in a fortnight? Into weak economic news?

The phrase 'snatching a penny from in front of a freight train' comes to mind.

Unless this comes out with the king kong of pinbars, I wouldnt go near it. Hell, even then, I probably wouldnt go near it long.

Maybe if Kong teamed up with Godzila, Mothra and Batman for the biggest reversal in history... maybe....

It looked to me exhaustion tentatively.
  • #63,933
  • May 17, 2010 1:01am May 17, 2010 1:01am
Quoting jeurre
anyone is willing to buy crude at 70?

what do we have ? ppz + BRN + 61 fib

any pa setup will serve confirmation. the question is, is it a good place to do touch trade now?
I would just wait for the PA setup if you want to take this. Oil simply trends too well when it starts getting some massive higher time frame momentum.

You chances would be better around 69 even since your Weekly Support 1 Pivot Point is around there. Perhaps a PA setup off that level with some hourly confirmation would be good back up to 71 or 72.

You certainly could scalp or spot trade the sucker but why waste the energy. Too many other pairs to look at, wait for the larger fish to be caught in this one.
Live to trade another day...
  • #63,934
  • May 17, 2010 1:06am May 17, 2010 1:06am
Quoting joelcf
Unless this comes out with the king kong of pinbars, I wouldnt go near it. Hell, even then, I probably wouldnt go near it long.

Maybe if Kong teamed up with Godzila, Mothra and Batman for the biggest reversal in history... maybe.
meine augen sind die sterne
  • #63,935
  • May 17, 2010 1:31am May 17, 2010 1:31am
Quoting aserbfx
DBLHC on G/J H1. support is a round number 131. but also running into 132 now.
good setup?

I don't see any DBLHC on your chart.

The DB's have to be within 2 pips of each other.

Are the lows of these bars within 2 pips?
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  • #63,936
  • May 17, 2010 1:48am May 17, 2010 1:48am
Quoting jeurre
It looked to me exhaustion tentatively.
Would you mind expanding? Curious, since we clearly see different things!
When you have to shoot, shoot. Dont talk.
  • #63,937
  • May 17, 2010 2:13am May 17, 2010 2:13am
I don't know if I read it correctly, just a gut feeling from the market rythem.

first 3 large bearish bars followed by 3 weakening bearish bars consecutively after congestion. so, at this important technical area, won't be surprised to see at least a congestion, I think.



Quoting joelcf
Would you mind expanding? Curious, since we clearly see different things!
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  • #63,938
  • May 17, 2010 2:20am May 17, 2010 2:20am
Quoting jeurre
I don't know if I read it correctly, just a gut feeling from the market rythem.

first 3 large bearish bars followed by weakening 3 bearish bars consecutively after congestion. so, at this important technical area, won't be surprised to see at least a congestion, I think.
An 'exhaustion' bar is typically a huge range bar (it needs to be a significantly larger range than recent bars) with a weak close in the reverse direction, usually following a gap in the trend direction. Essentially, its a big pinbar after a gap... which is why they give a decent reversal signal

(for anyone wondering wtf we are talking about, Pring covers them pretty thoroughly in MPoPP. edit: p278! http://books.google.com.au/books?id=...ed=0CDMQ6AEwBg# )

None of that really applies here. It's roughly the same range as the previous bars, it closed strongly in the direction of the trend. And that congestion was short term profit taking from the reversal.

All I see is a bigass downtrend which will run you over in a split second if you try fading it on the basis of a ppz.
When you have to shoot, shoot. Dont talk.
  • #63,939
  • Edited 2:34am May 17, 2010 2:24am | Edited 2:34am
Here is a weekly chart of EUR/GBP:

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As you can see the support is around .8450 but was recently pierced, followed by a bearish weekly inside bar last week, with a more solidly bearish close. Here is the daily picture:

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What we have here is a small pull back and a Friday bar (I don't like Friday bars) which posts as a BEOB. I will be setting a short off here but with support at .8450 area it could be not a very good reward:risk ratio. But here is the H4 from today's feed:

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Almost a pin bar and in view of the foregoing definitely a reversal bar, in my opinion, so I took my initial trade off here. Much smaller stop loss than the daily inside bar, and a better R:R. This is what I try to look for.
Gone to a better place
  • #63,940
  • May 17, 2010 2:30am May 17, 2010 2:30am
Quoting Daneel
I'm expecting further consolidation then a break out. It may break long, but the overall trend is very much down. I think short if it manages to get below 1.45.

(Don't listen to me, part of my development plan is to explicitly state what I think is going to happen then see how my prediction works out; then work out why I was wrong!)
I really should have put in a limit sell at 1.4480 like I planned. It did exactly what I hoped it would do, down then back up again. That was a 200 pip move!!
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