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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

  • #65,201
  • May 31, 2010 9:03pm May 31, 2010 9:03pm
Another PB I noticed on UJ daily chart. Not a good PB (as nose is short), Though PB at good confluence, there is too much traffic on left to give a smooth ride downwards.
Hence pass the trade.

Mike / Jarroo/ Bundy your comments welcome.

Cheers
Novice198

PS even the daily TF seems to keep me busy so no need to go down for the time being.
PPS:- Any way to improve my chrts resolution to depict same more clearly here
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  • #65,202
  • May 31, 2010 9:10pm May 31, 2010 9:10pm
Quoting joelcf
The original system of 1/16ths dates back to the founding of the NYSE in 1792, which was based on the Spanish stock market. In those days, the US dollar was pegged to the Spanish gold doubloon, so I guess it made sense to them. But they also wore wigs and knickerbockers, so their judgement was suspect at best.

The Spanish gold doubloon could be broken into two silver dollars - the real - which was then broken into 8 parts, hence the tick sizes (1/8th of a silver dollar = 1/16th of a gold doubloon).

Ever wonder where the pirate...
Joel-ipedia
  • #65,203
  • May 31, 2010 9:12pm May 31, 2010 9:12pm
Quoting novice198
Another PB I noticed on UJ daily chart. Not a good PB (as nose is short), Though PB at good confluence, there is too much traffic on left to give a smooth ride downwards.
Hence pass the trade.

Mike / Jarroo/ Bundy your comments welcome.

Cheers
Novice198

PS even the daily TF seems to keep me busy so no need to go down for the time being.
PPS:- Any way to improve my chrts resolution to depict same more clearly here
Hey Novice

I am not sure if this is what you were getting at with your PS

but I would highly recommend zooming out your charts more b/c it is going to make those bars really tell you a better story in relation to price around it. When we zoom in bars that are small and easy passes start to look big and powerful. It would be one of my first recommendations to most traders.

Again not sure if you were talking about that in your PPS

Best
Mike
  • #65,204
  • Edited 9:30pm May 31, 2010 9:17pm | Edited 9:30pm
For you guys eyeing the USDCAN. I'm just a noob but I would be careful until tomorrow. Canada will be announcing a possible interest rate hike and all the experts are saying that is what they should do so it will probably happen. I think it will be significant because they will be the first G7 country to do it since the global recession.

Now if I was a gambling man I would short USDCAN on the D1 or possibly H4 timeframe. But I am not because it could lash around a bit first and there are a lot of other factors like the price of Oil you need to keep an eye on right now. If interest rates go up tomorrow and price of oil stays the same or goes up over the next week then it is short city all the way to 1.0000 IMHO!
  • #65,205
  • Edited Jun 1, 2010 1:28am May 31, 2010 9:27pm | Edited Jun 1, 2010 1:28am
Quoting EasySt
For you guys eyeing the USDCAN. I'm just a noob but I would be careful until tomorrow. Canada will be announcing a possible interest rate hike and all the experts are saying that is what they should do so it will probably happen. I think it will be significant because they will be the first G7 country to do it since the global recession.

Now if I was a gambling man I would short USDCAN on the H4 timeframe. But I am not because it could lash around a bit first and there are a lot of other factors like the price of Oil you need to keep an eye on...
Why would we assume that increasing the cash rate would devalue a currency?

*edit* it wouldnt, and my comprehension skills are about the same level as those of a duck. Not even a smart duck, either.

And, if everyone expects it, why do we think it hasnt already been incorporated into price?
When you have to shoot, shoot. Dont talk.
  • #65,206
  • May 31, 2010 9:27pm May 31, 2010 9:27pm
Quoting joelcf
The Spanish gold doubloon could be broken into two silver dollars - the real - which was then broken into 8 parts, hence the tick sizes (1/8th of a silver dollar = 1/16th of a gold doubloon)

(as an aside to this aside, the reason it was broken into 8ths comes from counting on your fingers and using the thumbs to give the total of the 4 fingers. Decimals, on the other hand (see what I did there?!), date back to the Romans and Greeks who used the thumbs as another counting unit)
I don't know about that. Wouldn't it just be easier to break a coin into 8ths? ...i.e. Break in half.... break those in half.... break the four of those in half again.

Somehow I don't think the finger counting bit would be the motivator. lol
Bundy's status today: "Waiting..."
  • #65,207
  • May 31, 2010 9:30pm May 31, 2010 9:30pm
Quoting EasySt
For you guys eyeing the USDCAN....
The BEOB is playable with a tight management I think. A few TLs and a Fib pin points a good location for support at 1.035 and it'll probably head there first before buyers surge in if the daily BEOB support is broken.
  • #65,208
  • Edited 9:57pm May 31, 2010 9:42pm | Edited 9:57pm
Quoting bundyraider
I don't know about that. Wouldn't it just be easier to break a coin into 8ths? ...i.e. Break in half.... break those in half.... break the four of those in half again.

Somehow I don't think the finger counting bit would be the motivator. lol
I assume that is why they adopted a system of eighths, rather than the Greek system of decimals. The real was the full demonination, and the reale was worth 1/8th of a real, both of which were minted coins. Then you could cut the reale into 8 smaller parts, but I dont remember what they were called. It was something stupid like bits or butts.


This is all Larry Harris' fault. His book lead me to http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1134 , which lead me to reading http://stockpickers.investopedia.com.../04/073004.asp

Actually, the sad part is that I had those bookmarked :/

Quoting mbqb11
Joel-ipedia
When you and Aaron tell newbies to focus on the big picture, and that concentrating on microstructure is a neverending spiral of diminishing returns.... well, this is why
When you have to shoot, shoot. Dont talk.
  • #65,209
  • May 31, 2010 10:05pm May 31, 2010 10:05pm
Quoting joelcf
I assume that is why they adopted a system of eighths, rather than the Greek system of decimals. The real was the full demonination, and the reale was worth 1/8th of a real, both of which were minted coins. Then you could cut the reale into 8 smaller parts, but I dont remember what they were called. It was something stupid like bits or butts.


This is all Larry Harris' fault. His book lead me to http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1134 , which lead me to reading http://stockpickers.investopedia.com.../04/073004.asp...
I have no problem believing that's why they chose an eighths based system. Had no idea that was the reason until it was brought up here. And it totally makes sense. So thanks for that.

When you mentioned it was because of the thumb, finger counting method, it's just way more obvious that breaking anything down (physically) is easier in a base2 way. Mechanically, you have straight fractures to work with.

...Even mentally.... Anyone ever tried to divide a pizza into ten slices?!? lol ...It's a lot easier to divide into 8 by a looong way.
Bundy's status today: "Waiting..."
  • #65,210
  • May 31, 2010 10:20pm May 31, 2010 10:20pm
Quoting bundyraider
When you mentioned it was because of the thumb, finger counting method, it's just way more obvious that breaking anything down (physically) is easier in a base2 way. Mechanically, you have straight fractures to work with.
Something tells me we have an engineer in the house

Quoting bundyraider
Even mentally.... Anyone ever tried to divide a pizza into ten slices?!? lol ...It's a lot easier to divide into 8 by a looong way.
By the time I am ordering pizza, I have difficulty dividing it into halves

-----
For anyone being driven to distraction by the low liquidity, this guys trading blog is really good. He talks about technical analysis without being a shiny-toothed, overenthusiastic system salesman. Really sharp.

http://www.smbtraining.com/blog/author/aceman

(note: any other link on that page will try and sell you stuff)
When you have to shoot, shoot. Dont talk.
  • #65,211
  • May 31, 2010 11:03pm May 31, 2010 11:03pm
Quoting mbqb11
Hey Novice

I am not sure if this is what you were getting at with your PS

but I would highly recommend zooming out your charts more b/c it is going to make those bars really tell you a better story in relation to price around it. When we zoom in bars that are small and easy passes start to look big and powerful. It would be one of my first recommendations to most traders.

Again not sure if you were talking about that in your PPS

Best
Mike

Mike,

If I understand you correctly, you are stating that this is a pass trade and there was no need to analyze in detail, had I zoomed out and seen the location of the bar in the Big picture.

Can you pls comment on the EU daily setup that I posted also.

My charts which are posted here are not sharp, so I was looking for some help in this regard. May be some change in resolution setting.

Cheers
Novice198
  • #65,212
  • May 31, 2010 11:10pm May 31, 2010 11:10pm
Quoting novice198
Mike,

If I understand you correctly, you are stating that this is a pass trade and there was no need to analyze in detail, had I zoomed out and seen the location of the bar in the Big picture.

Can you pls comment on the EU daily setup that I posted also.

My charts which are posted here are not sharp, so I was looking for some help in this regard. May be some change in resolution setting.

Cheers
Novice198
Hey N

Yes being that zoomed in is creating a pinbar that in reality is a very tiny bar that holds little weight. Zoom out your chart 2-3 clicks and you will begin to see a better picture.

As for you eur/usd again this to me is a bit of a stretch trade. We can play TBL as continuations but this one is stuck in the middle of no where. IMO the better TBLs as continuations are ones where price creates say a clear swing low, then moves away and then later comes to break the TBL or TBH. See chart below


Best
Mike
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  • #65,213
  • May 31, 2010 11:18pm May 31, 2010 11:18pm
Found IB on EJ and U CHF. Are these playable, or is it that I am just looking for trades and trying to justify same.

Comments analysis welcome

Cheers
Novice 198
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  • #65,214
  • May 31, 2010 11:39pm May 31, 2010 11:39pm
Quoting joelcf
Something tells me we have an engineer in the house



By the time I am ordering pizza, I have difficulty dividing it into halves

-----
For anyone being driven to distraction by the low liquidity, this guys trading blog is really good. He talks about technical analysis without being a shiny-toothed, overenthusiastic system salesman. Really sharp.

http://www.smbtraining.com/blog/author/aceman

(note: any other link on that page will try and sell you stuff)


Joel, all that knowledge has not tempered your great sense of humor

Many thanks for the precise explanation. Truly amazing that you had this in your head.
  • #65,215
  • Edited Jun 1, 2010 12:00am May 31, 2010 11:49pm | Edited Jun 1, 2010 12:00am
Quoting jarroo
Not a bad setup but not a great one either, not at a swing high in the middle of everything. It did break nice and hard which if it didn't do that I would have been out early.

Price looks to be testing the break could reach other green targets. Hard to say on a Holiday.

I think even I would would like a little better form in the PB. And I don't like the look of these 3 bar highs.

Now, if this had been an H4 setup, I would spend all day watching it, on the daily I don't have to.
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  • #65,216
  • May 31, 2010 11:56pm May 31, 2010 11:56pm
Quoting Pinbar
I think even I would like a little better form in the PB.

Now, if this had been an H4 setup, I would spend all day watching it, on the daily I don't have to.
Pb . . . Atc and my post was on the Eur/Chf, not the swissy.
Indicators show the past. Price Action "Indicates" the future.
  • #65,217
  • Jun 1, 2010 12:02am Jun 1, 2010 12:02am
Quoting jarroo
Pb . . . Atc and my post was on the Eur/Chf, not the swissy.

Oh, right!
Still, it got me thinking.

What do you think about, the analysis, Jarroooooo?
  • #65,218
  • Jun 1, 2010 12:04am Jun 1, 2010 12:04am
Quoting novice198
Found IB on EJ and U CHF. Are these playable, or is it that I am just looking for trades and trying to justify same.

Comments analysis welcome

Cheers
Novice 198
You going to find many IBs on Sunday and even on Monday, which was a US Holiday. We simply ignore these days as incompleted days or thin data days.
Indicators show the past. Price Action "Indicates" the future.
  • #65,219
  • Jun 1, 2010 12:09am Jun 1, 2010 12:09am
Quoting Pinbar
Oh, right!
Still, it got me thinking.

What do you think about, the analysis, Jarroooooo?
Very good . . . the Weekly is no where near a PB just BUB and on the Daily appears to be consoldating.

Any PPZ levels on the Daily, Weekly, Monthly near the current Price ?
Indicators show the past. Price Action "Indicates" the future.
  • #65,220
  • Jun 1, 2010 12:25am Jun 1, 2010 12:25am
Quoting jarroo
Very good . . . the Weekly is no where near a PB just BUB and on the Daily appears to be consoldating.

Any PPZ levels on the Daily, Weekly, Monthly near the current Price ?

Hmm. Now you have got me. Thought I had them all, apart from the daily.
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