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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

  • #64,001
  • May 17, 2010 1:18pm May 17, 2010 1:18pm
Quoting Dan Gilbert
I don't do them often, check my journal for all my trades

http://www.forexfactory.com/showthread.php?t=228217


my currency trading has been bad lately, but futures are ripping!
Cool. Whatever brings in the $ is all good
  • #64,002
  • May 17, 2010 1:21pm May 17, 2010 1:21pm
Quoting fxprocessor
Cool. Whatever brings in the $ is all good
I'm looking to get live on futures in 3 months!
Many choose unhappiness over uncertainty.
  • #64,003
  • May 17, 2010 1:24pm May 17, 2010 1:24pm
what about today's pinbar on the dow?
it retraces from the round number 10400. but running into resistance at about 10620 and the bar is not larger than the previous bars?

any opinion?
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meine augen sind die sterne
  • #64,004
  • May 17, 2010 2:36pm May 17, 2010 2:36pm
Quoting jarroo
What do you like about the 10200ish, Roger? Good S/R?
Sorry for the delay in getting back with you Jim. I like the space (room to run) in between 10173 and 9779. I also believe that the low of 02.05.2010 will be revisited if we breach 10173 again. So maybe 10700-10800 then down from there to 9700-9800. I'll be buying greenbacks when we get back to 10173.

K.I.S.S.
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  • #64,005
  • May 17, 2010 2:41pm May 17, 2010 2:41pm
Quoting KissFan
Sorry for the delay in getting back with you Jim. I like the space (room to run) in between 10173 and 9779. I also believe that the low of 02.05.2010 will be revisited if we breach 10173 again. So maybe 10700-10800 then down from there to 9700-9800. I'll be buying greenbacks when we get back to 10173.

K.I.S.S.

Ahhh . . .I see. Thanks Rog.
Indicators show the past. Price Action "Indicates" the future.
  • #64,006
  • Edited 3:26pm May 17, 2010 2:49pm | Edited 3:26pm
Quoting Pinbar
Jarroo

I have been thinking about your comment about PA behaving properly. could you explain a little more what "Behaving properly" means in terms of a PB or other PA.

All kinds of things have been going through my head about this over the weekend and I am wondering if you are breaking down the bar into a smaller TF and also looking at how PA acted in that TF?

Maybe my mind is just over active.


GBP/JPY BEOB H4.
This is where I believe a lot a traders get into trouble. There's a setup on a given time frame and they immediately go down to the lower time frames to look for reasons to exit or continue with the trade.

When I look at how Prce is behaving, after a setup breaks, I look for how Price respects and tests (thanks sChoas) at the FTAs and Targets on a lower time frame. I usually don't looking at PA on these lower time frames once I have a setup triggered on the higher time because these lower time frame PA can be very misleading.


I like to stay on the time frames that the setup was presented, using the same time frame FTAs and Targets. Then I see how Price "behaves" around these levels on a lower time frame.

Am I making any kind of sense?
Indicators show the past. Price Action "Indicates" the future.
  • #64,007
  • May 17, 2010 2:53pm May 17, 2010 2:53pm
Quoting james16
thanks.

took a short break.

going fine.

Who was that masked man?

Oh Yeah . . the big guy.

Glad things are going good.
Indicators show the past. Price Action "Indicates" the future.
  • #64,008
  • Edited 3:43pm May 17, 2010 3:17pm | Edited 3:43pm
Quoting emiliolopez
Hi i read more than i post but i would like to coment in this one. Would be nice that p/a closed this way but there is still plenty time to go, and even more for the weekly, anyway i drawed some posible t/a's. Right now price is at a minor support in 1h t/f
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I like the Daily bearish PB, emil. I understand Dan's point of the uptrend being strong. But the target, 1.1250, is far enough to protect yourself.

Forget the Hourly PPZ level. The weekly PPZ level at 1.1265 maybe a trouble area.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,009
  • May 17, 2010 3:45pm May 17, 2010 3:45pm
Isnt the Daily GBP/JPY an AMAZING PIN BAR!?!?!?! Off weekly support also
Dr. C
  • #64,010
  • May 17, 2010 3:46pm May 17, 2010 3:46pm
Quoting cvcamper
Isnt the Daily GBP/JPY an AMAZING PIN BAR!?!?!?! Off weekly support also


I think its got a good shot to the 135.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,011
  • May 17, 2010 3:50pm May 17, 2010 3:50pm
Quoting jarroo


I think its got a good shot to the 135.00.
jarroo!!!

edit: ok, you added the info
Many choose unhappiness over uncertainty.
  • #64,012
  • May 17, 2010 4:01pm May 17, 2010 4:01pm
Quoting Dan Gilbert
jarroo!!!

edit: ok, you added the info

If it breaks, of course.
Indicators show the past. Price Action "Indicates" the future.
  • #64,013
  • May 17, 2010 4:12pm May 17, 2010 4:12pm
Quoting jarroo
If it breaks, of course.
Hi!
As I understand, you will enter only if price breaks the top of the daily pin bar in GBPJPY, with the target @ 135.00. If this is right, where would you put your StopLoss?
  • #64,014
  • May 17, 2010 4:25pm May 17, 2010 4:25pm
Quoting jedlanca
Hi!
As I understand, you will enter only if price breaks the top of the daily pin bar in GBPJPY, with the target @ 135.00. If this is right, where would you put your StopLoss?

There is many options for a tight stop placement. Below the 134.00 or 133.80, so having 2% in a 90 pip stop loss is one option. Below the left eye is another one. But I would have every intend to cut it quicker if it does not break hard or continuous, etc.


You could go at below the PB itself, is not a bad setups just don't know if it big enough to counter the strong down moves we have had.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,015
  • May 17, 2010 5:09pm May 17, 2010 5:09pm
My charts are running London time and the pin bar has just completed.
It is virtually a doji with an open at 133. 85 and close at 133.84.

This is a beautiful, beautiful pb with a 277 pip lower wick.

The London traders will see this mother in the morning and the candle alongside is currently back up to 134.00.

Looking good.
  • #64,016
  • May 17, 2010 5:25pm May 17, 2010 5:25pm
Rejection from 19.5 on July 2008 and December 2009, and it looks like silver got rejected from 19.5 again. If it breaks 18.7, it further confirms the bearish signal of the BEOB. First target is 18.5.

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  • #64,017
  • May 17, 2010 5:30pm May 17, 2010 5:30pm
Quoting six gun
My charts are running London time and the pin bar has just completed.
It is virtually a doji with an open at 133. 85 and close at 133.84.

This is a beautiful, beautiful pb with a 277 pip lower wick.

The London traders will see this mother in the morning and the candle alongside is currently back up to 134.00.

Looking good.
Yea I'm on that too, but I'll monitor this closely as it's very near to 1.35, a heavy traffic area. Cable has a PB too, and I like Cable's better because it has a spacier room upward and the PB is sitting on a 500.
  • #64,018
  • May 17, 2010 5:37pm May 17, 2010 5:37pm
Quoting six gun
My charts are running London time and the pin bar has just completed.
It is virtually a doji with an open at 133. 85 and close at 133.84.

This is a beautiful, beautiful pb with a 277 pip lower wick.

The London traders will see this mother in the morning and the candle alongside is currently back up to 134.00.

Looking good.
maybe it's because the currencies have not been friendly, maybe it's the wild whips in the markets right now, maybe it's just the lines I have drawn on my chart as "trouble areas", but I don't see anything good about any of today's pins.....

As much as I would like to trade them, I see no real A+ opportunity here. (the only one I KIND OF like is USDCAD, and that I would have to play with a very large buffer, making the trade not very attractive, once again)

I don't like to discourage people from at least trying things, but I'm just giving my "view" on them right now.
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Many choose unhappiness over uncertainty.
  • #64,019
  • May 17, 2010 5:41pm May 17, 2010 5:41pm
Quoting Dan Gilbert
maybe it's because the currencies have not been friendly, maybe it's the wild whips in the markets right now, maybe it's just the lines I have drawn on my chart as "trouble areas", but I don't see anything good about any of today's pins.....

As much as I would like to trade them, I see no real A+ opportunity here. (the only one I KIND OF like is USDCAD, and that I would have to play with a very large buffer, making the trade not very attractive, once again)

I don't like to discourage people from at least trying things, but I'm just giving...
I agree Dan, but I always say too one persons A+ may not be someone else's. Style comes heavily into play. For example These pins indicate a possible reversal(temporary or long whatever). But many are trading into some major areas that can both destroy the trade or really boost them. Take gbp/usd for example. This is an easy pass for me. Simply b/c it could not close above the rd number of 1.45. So no trade. but for many that is not in their rule set. So they will watch how it breaks 1.45(since their order is above there) and if price can hover above and not come back to much they now have a fantastic place to watch to move their stop up or at the least cut out for a small loss. So it really can go both ways.

Just thought I would expand on what Dan was saying.

I just hope this volatility stays for all summer!

Best
Mike
  • #64,020
  • May 17, 2010 5:41pm May 17, 2010 5:41pm
Quoting fxeturn
Rejection from 19.5 on July 2008 and December 2009, and it looks like silver got rejected from 19.5 again. If it breaks 18.7, it further confirms the bearish signal of the BEOB. First target is 18.5.

Attachment
50% retracement at 18.43, so you're right about chosing that 18.5 as your first target. I'm looking for bullish PA at 18.43 on this one. the 50% fib is significant on commodities.
Many choose unhappiness over uncertainty.
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