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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

  • #65,221
  • May 31, 2010 10:37pm May 31, 2010 10:37pm
Hang on a sec....Perhaps a single PPZ at 1.1480 gets acts as a PPZ on M, W & Daily?
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  • #65,222
  • May 31, 2010 10:50pm May 31, 2010 10:50pm
Things are awfully quiet out there. On my timeframes (H1, H4, D1) everything is sideways or just all over the place volatile. Seems kind of nuts to be trading today if you ask me. I think things will really pick up once London opens but there probably won't be a clear direction on my timeframes till the end of the NY overlap.
  • #65,223
  • May 31, 2010 10:52pm May 31, 2010 10:52pm
Quoting Pinbar
Hang on a sec....Perhaps a single PPZ at 1.1480 gets acts as a PPZ on M, W & Daily?
Yeah . . . might as well round that up to the 1.1500.

There is some older PPZ levels, one to two years ago that standout to me.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,224
  • Edited 11:14pm May 31, 2010 10:54pm | Edited 11:14pm
Quoting joelcf
Why would we assume that increasing the cash rate would devalue a currency? And, if everyone expects it, why do we think it hasnt already been incorporated into price?
Higher interest rates makes the currency more valuable. CDN will probably go up against all the other currencies if they raise interest rates tomorrow. But who knows. That is the 437ish pip question. Will see what tomorrow brings. On my time frames I don't really need to try second guess. I just look at what the charts tell me. Right now the USD/CDN looks to be on the downward slope of an Elliott Wave but I don't trust that pattern to pull the trigger just on that. I am hoping for a 300pip profit in the next couple days on USD/CDN. But who knows.
  • #65,225
  • May 31, 2010 10:57pm May 31, 2010 10:57pm
Quoting jarroo
Yeah . . . might as well round that up to the 1.1500.

There is some older PPZ levels, one to two years ago that standout to me.


Thanks Jarroo...
I thought you meant, Really near price.
  • #65,226
  • May 31, 2010 11:00pm May 31, 2010 11:00pm
Quoting Pinbar
Thanks Jarroo...
I thought you meant, Really near price.
I guess "near Price' is a relative term lol I was meaning in the
+/- 200-300 pip range.
Indicators show the past. Price Action "Indicates" the future.
  • #65,227
  • May 31, 2010 11:07pm May 31, 2010 11:07pm
Quoting bundyraider
....is easier in a base2 way. Mechanically, you have straight fractures to work with.
...
Quoting joelcf
Something tells me we have an engineer in the house ...
aha, u missed something
he used the word "mechanically" too.
u read between the lines well, i'll be careful with my choice of words now, lol
Thanks for the link.


Quoting Pinbar
... Joel, all that knowledge has not tempered your great sense of humor..
im 28, he's 30.
im honestly amazed at the great, ocean-wide disparity between our knowledge/wisdom.
  • #65,228
  • May 31, 2010 11:21pm May 31, 2010 11:21pm
Quoting EasySt
On my time frames I don't really need to try second guess. I just look at what the charts tell me.
That's what I was trying to get at

People get confused by conflicting fundamental signals, then miss the important part - what the market actually does is far more important than what you think it should do.

Quoting supremeChaos
im honestly amazed at the great, ocean-wide disparity between our knowledge/wisdom.
No matter what you were doing, I suspect you spent that hour or so of your life that I was researching those 'facts' far more productively than I did
When you have to shoot, shoot. Dont talk.
  • #65,229
  • May 31, 2010 11:28pm May 31, 2010 11:28pm
The Daily & Weekly are quickly teaching me that, all we really need on the charts apart from PPZ & TLs are RN adjusted for the relative range of the pair we are looking at.

EDIT: And it goes without saying, Jarroo and others kind assistance.


And ONCE again, I Never thought I would say that.
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  • #65,230
  • May 31, 2010 11:58pm May 31, 2010 11:58pm
Is that low hanging fruit I see AUD/USD on H4? Corrective retrace with pin bar (although not a very good one) which just happens to be almost exactly at the 50% Fib. Has now crossed into Resistance at PPZ (.8400). That looks like easy pips. Then again I could be wrong.
  • #65,231
  • May 31, 2010 11:59pm May 31, 2010 11:59pm
Quoting jarroo
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.
Ok now i understand why suddenly so many IB. All ignored as advised.

Cheers
Novice198
  • #65,232
  • Jun 1, 2010 1:00am Jun 1, 2010 1:00am
Well that was an easy 100pips shorting EU/US and it's still going. Trailing stop and time for bed.
  • #65,233
  • Jun 1, 2010 3:42am Jun 1, 2010 3:42am
Hmmmm.
It looks like the decision in direction has been made.
After pausing between 1.1500 and 1.1600 it made a decisive push up.
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  • #65,234
  • Jun 1, 2010 5:30am Jun 1, 2010 5:30am
Quoting fxprocessor

I am now long again with half position size and hope to ride it up again and hold a bit longer this time. If I get stopped out it's just a break even day for me. All good.
Stop loss now at break even on this trade. Lottery ticket going into news.
  • #65,235
  • Jun 1, 2010 6:09am Jun 1, 2010 6:09am
Quoting mbqb11
My favorite continuation play(and one of my favorite plays) is when you get a continuation outside bar that engulfs a range of bars at an important area. This forces price to these first trouble areas very strongly. But I think they are more difficult to spot then the traditional way and why we stick to the swing high/low around here. Gotta cover those basics and build the foundation

Mike
This is pure gold dust for us noobs. Many thanks for sharing
  • #65,236
  • Jun 1, 2010 6:46am Jun 1, 2010 6:46am
Sorry meant to post this earlier..busy at work...looks like it's working out nicely
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  • #65,237
  • Jun 1, 2010 6:55am Jun 1, 2010 6:55am
Was going thru the charts and noticed a Trade on EG H4 TF. Is my analysis of the reason for entering the trade correct. Though I did not take this trade and don't intend to trade H4 as yet (at least for 3 to 6 months) I would just like to know if my reasoning or rationale is correct.

Entry pic
http://screencast.com/t/OGEyNThiZGI

TP1 pic
http://screencast.com/t/NDhmNDlkN2

Is it ok to post URL for pics or should I continue with actual pics.

Cheers
Novice198
  • #65,238
  • Jun 1, 2010 7:17am Jun 1, 2010 7:17am
Something I just noticed on the USD/CHF 6 hour TF, Nice to see some action on this pair for once,

Looks like a decent pin with big divergence
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  • #65,239
  • Jun 1, 2010 7:52am Jun 1, 2010 7:52am
Already reached it's target,


Great looking BEOB forming on the Daily too. lets hope it closes that way
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  • #65,240
  • Jun 1, 2010 8:03am Jun 1, 2010 8:03am
Quoting novice198
Was going thru the charts and noticed a Trade on EG H4 TF. Is my analysis of the reason for entering the trade correct. Though I did not take this trade and don't intend to trade H4 as yet (at least for 3 to 6 months) I would just like to know if my reasoning or rationale is correct.

Entry pic
http://screencast.com/t/OGEyNThiZGI

TP1 pic
http://screencast.com/t/NDhmNDlkN2

Is it ok to post URL for pics or should I continue with actual pics.

Cheers
Novice198
Hey N

That is a much better way to play a continuation BEOB. I am not a huge fan of going that far back out to find a TP area, but certainly nothing wrong with it at all.

Well done
Mike
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