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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

  • #66,041
  • Jun 11, 2010 11:29am Jun 11, 2010 11:29am
Quoting supremeChaos
Hello fxeturn,
imho, u should lean on momentum/trend while being aware of confluences &/or historical patterns(what price did in the past). when momentum is strong/very strong, price blows past strong S/R or confluences.

the PB with a thumbs down is pretty big BUT has about 2/3 of its body 'embedded' within the previous bar. ideally, we want a PB with about 2/3 or 3/4 or majority of its body protruding away from prior bars.
the current PB, in comparison is relatively smaller than the 'thumbs down' PB.
also keep in mind, cad has...
Hi supreme, thanks for the insight. At the moment I'm not sure when to decide if a momentum is strong enough to blow past strong S/R and confluences. Is this discretionary or is there any visual keys to acknowledge it? It's simply a visual thing or more mechanical like the trend angle or big MACD bars? Anyway, would like to second Atc's post and have a nice weekend to everyone! Time to catch some World Cup fever?
  • #66,042
  • Jun 11, 2010 11:35am Jun 11, 2010 11:35am
Just posted this in another thread. Food for thought on where the GBP might logically go:


So i looked at this thing even more. The previously mentioned GBP trade could be end up being fantastic, if it goes where I think its going:

http://i45.tinypic.com/2dlw09d.gif

1) The 200 SMA will be at or near that location if it takes the 2 weeks I think it is going to take

2) A long standing weekly trendline (red) meets there with everything else.

3) The 6 month old daily trendline meets there (turqouise).

4) S/R zone that is recent, historical and psychological (1.50).

5) The current short term long trendline (green) will lead us right to that spot (which would also possibly create a nice bearish flag if it stays in the current range).

6) (not shown) That point is at the 24 fibo of the leg down that began in july of 2009.
  • #66,043
  • Jun 11, 2010 11:42am Jun 11, 2010 11:42am
Quoting ghous
Chart.

(PA in the gray boxes shows how the PA bar "should" have looked like)
That long wick bearish bar - interesting.

On the shorter time frames you often see a chain of relatively long bearish bars, where price takes a bit of a dive over a few minutes.

Then price reverses on itself and creates a long wick.
Like price has been sliding down a pole and scrambled back a way.

The pole is still slipperly and despite its scramble to ascend, without any firm footholds (resistance levels) it carries on sliding......
  • #66,044
  • Jun 11, 2010 12:46pm Jun 11, 2010 12:46pm
Quoting ghous
You can go ahead and do that provided you mention who the artist is in a frame much bigger than the ones you use to frame the chart.

...

lol once framed, I would have Mike sign the lower left corner . . mbqb11. lol

Serious though, its a great post . .fasle breaks . . testing the break . . great stuff. This one is definietly going in the (Ghous IPB folder).




Indicators show the past. Price Action "Indicates" the future.
  • #66,045
  • Jun 11, 2010 1:10pm Jun 11, 2010 1:10pm
Quoting supremeChaos
interesting discussion on the gbpusd setup.
i was watching gbpcad at that time, there seem to be a fake upside breakout (no chart but... price tried to breach a downsloping trendline -- on H1/H4 if i remember correctly).
i was reluctant to trade it short because it has gone down quite a bit(for my taste). luckily, i was sort of 'on time' when gbpusd was forming bearish PA (H4 BEOB, FXPro).
i traded gbpusd instead of gbpcad.

am expecting a possibility of price revisiting 1.4350 - 1.4450 (price during June 8/9), if downside momentum continues.
if...
Good eye sChoas on those potential targets.

No surprise where Price was heading . . the good old BRN, 1.4500. Which is where it will probably end the week at. A close below the 1.4500 would be nice.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,046
  • Edited 2:11pm Jun 11, 2010 1:17pm | Edited 2:11pm
Quoting six gun
That long wick bearish bar - interesting.

On the shorter time frames you often see a chain of relatively long bearish bars, where price takes a bit of a dive over a few minutes.

Then price reverses on itself and creates a long wick.
Like price has been sliding down a pole and scrambled back a way.

The pole is still slipperly and despite its scramble to ascend, without any firm footholds (resistance levels) it carries on sliding......
Good observation,

I have in fact noticed that many times a loooong wick alone has huge reversal potential, not talking about a pin bar here, just a bearish/bullish bar with a very long nose stretching at one end.

g.
I believe . . .
  • #66,047
  • Jun 11, 2010 1:18pm Jun 11, 2010 1:18pm
Quoting jarroo
Good eye sChoas on those potential targets.

No surprise where Price was heading . . the good old BRN, 1.4500. Which is where it will probably end the week at. A close below the 1.4500 would be nice.
Yeah, I am expecting a retrace to at least ~1.6000, maybe even closer to 1.6025 where we get close to the fib 50.
  • #66,048
  • Jun 11, 2010 1:19pm Jun 11, 2010 1:19pm
Quoting jarroo
lol once framed, I would have Mike sign the lower left corner . . mbqb11. lol

Serious though, its a great post . .fasle breaks . . testing the break . . great stuff. This one is definietly going in the (Ghous IPB folder).



If any real credit has to be given to the work it can not be for Mike alone, you are right up there Jarroo and so are several others here at the thread. I would be way down. lol



g.
I believe . . .
  • #66,049
  • Jun 11, 2010 1:24pm Jun 11, 2010 1:24pm
Quoting HipsterPipster
Yeah, I am expecting a retrace to at least ~1.6000, maybe even closer to 1.6025 where we get close to the fib 50.

Wouldn't that be closer to the 61.8 fib, Hipster?
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Indicators show the past. Price Action "Indicates" the future.
  • #66,050
  • Edited 2:45pm Jun 11, 2010 1:25pm | Edited 2:45pm
Quoting ghous
If any real credit has to be given to the work it can not be for Mike alone, you are right up there Jarroo and so are several others here at the thread. I would be way down. lol



g.

Don't sell yourself short my friend. (pun intended lol)

You're up there big time.
Indicators show the past. Price Action "Indicates" the future.
  • #66,051
  • Jun 11, 2010 1:38pm Jun 11, 2010 1:38pm
Quoting nasir.khan
at 1.2150,.... to the pip???

lol yeah i know he do it often.
.
Once Price hit the 1.2150 then the KaBoom happened. I'm sure Rac would not have been surprised, meaning if Price hit the 1.2147 and then fell like a rock, Rac would probaly say "I missed my entry by 3 pips." He can be that precise.

You got love those multi confluenced levels.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,052
  • Jun 11, 2010 1:50pm Jun 11, 2010 1:50pm
Quoting jarroo
Wouldn't that be closer to the 61.8 fib, Hipster?
Hmm, I have 50% right about at 1.4631, pulling from today's high.
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  • #66,053
  • Jun 11, 2010 1:52pm Jun 11, 2010 1:52pm
Quoting HipsterPipster
Hmm, I have 50% right about at 1.4631, pulling from today's high.
Oh I thought you meant the 1.6000 lol. I see now 1.4600ish.
Indicators show the past. Price Action "Indicates" the future.
  • #66,054
  • Jun 11, 2010 2:09pm Jun 11, 2010 2:09pm
Quoting jarroo
Oh I thought you meant the 1.6000 lol. I see now 1.4600ish.
Haha, oops, yeah that was an eye typo. Ever felt dyslexic?
I better double check those numbers again.
  • #66,055
  • Jun 11, 2010 2:13pm Jun 11, 2010 2:13pm
Quoting HipsterPipster
Haha, oops, yeah that was an eye typo. Ever felt dyslexic?
I better double check those numbers again.

I know the feeling all to well. lol

I thought you had some long term buying going on there Hip.
Indicators show the past. Price Action "Indicates" the future.
  • #66,056
  • Jun 11, 2010 2:29pm Jun 11, 2010 2:29pm
This is why this thread is what it is.

BECAUSE OF PEOPLE LIKE THIS.

ghous gets it. ghous understands what goes out comes back.

ghous is just one of many here that "gets it" and its why im proud of what this thread has become.

the trading is secondary.

5 year birthday coming up on the 17th.

unreal.

Jim



Quoting ghous
Ignore em'

I am using them for a system of my own,

FYI they are the 50 ema and the 21 ema.


(I am genuinely interested in helping new folks get the basic hang of the J16 core stuff and not get involved in "a system, it's dynamics, entry and exit methods" before getting the basics straight.)

g.
  • #66,057
  • Jun 11, 2010 2:32pm Jun 11, 2010 2:32pm
Quoting james16
This is why this thread is what it is.

BECAUSE OF PEOPLE LIKE THIS.

ghous gets it. ghous understands what goes out comes back.

ghous is just one of many here that "gets it" and its why im proud of what this thread has become.

the trading is secondary.

5 year birthday coming up on the 17th.

unreal.

Jim
Woohooo!!! that's 1826 days and 6 hours of unprecedented giving and taking.

Geez...that calls for...errr....ummm...something BIG!
I believe . . .
  • #66,058
  • Jun 11, 2010 2:37pm Jun 11, 2010 2:37pm
Quoting james16
This is why this thread is what it is.

BECAUSE OF PEOPLE LIKE THIS.

ghous gets it. ghous understands what goes out comes back.

ghous is just one of many here that "gets it" and its why im proud of what this thread has become.

the trading is secondary.

5 year birthday coming up on the 17th.

unreal.

Jim

Wow, 5 years. Thank God for the James16 thread. I shutter to think where I would be without it.
Indicators show the past. Price Action "Indicates" the future.
  • #66,059
  • Jun 11, 2010 2:40pm Jun 11, 2010 2:40pm
Quoting ghous
Woohooo!!! that's 1826 days and 6 hours of unprecedented giving and taking.

Geez...that calls for...errr....ummm...something BIG!

Hookers for everyone! . . wait . .that may not be appropriate.
Indicators show the past. Price Action "Indicates" the future.
  • #66,060
  • Jun 11, 2010 2:42pm Jun 11, 2010 2:42pm
Quoting jarroo
Hookers for everyone! . . wait . .that may not be appropriate.
I can't believe I googled that!
I believe . . .
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