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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

  • #66,121
  • Jun 12, 2010 3:48pm Jun 12, 2010 3:48pm
Update on this one. My trade decision was spot on but I managed to cut it at break even just before it ran. I little bit fast on the break even. It's been a decent trading week though so no complaints.


There is no reason that this won't go on a real nice run now as it is most certainly with the trend.




Quoting fxprocessor
Looks like we could have another i4b at the round number 1.1000.

Pros:

I4b
VBRN
Previous bar resembles a BUOB (not that I would trade it on it's own merit)
With trendif taken long.

Cons:

Choppy pair

The 1.1140 area previous highs look like a good possibility if it breaks north. I am not interested in a short on this pair even though it could be a good trade straddling the I4B.

Still deciding whether to take or not....
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  • #66,122
  • Jun 12, 2010 5:32pm Jun 12, 2010 5:32pm
let's wait for some bullish setups on the d1 timeframes and this can be a runner....
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meine augen sind die sterne
  • #66,123
  • Jun 12, 2010 6:41pm Jun 12, 2010 6:41pm
Quoting aserbfx
let's wait for some bullish setups on the d1 timeframes and this can be a runner....
I closed my short out on EUR/CAD on Friday.
I just started to get a bad feeling about it.
I closed to watch.

There is one hell of a down trend but trends must end some time, I started to feel the time was coming.

The euro has had a long down trend against a bag of currencies.
These have been account builders without having to work for it.
USD/CAD/AUD/NZD

The Canadian economy is in a much brighter state compared with the Eurozone.
Spain is cracking - I have a lot of connections with Spain and it is dead. There are no jobs. The cops are issuing traffic fines like confetti, just one of the ways the authorities are raising cash.
The property market which was booming is imploding, the is a huge oversupply of commercial and residential property.

This was not the situation when the euro was at this level before, but this is certainly one to watch.
  • #66,124
  • Jun 12, 2010 7:10pm Jun 12, 2010 7:10pm
Thanks Jarroo

Yes, I got the wrong idea by not following up on the post.

Anyway, I should not be thinking about alternative setups right now anyway.
  • #66,125
  • Jun 13, 2010 12:51am Jun 13, 2010 12:51am
Quoting nasir.khan
Thanks Jarroo.

i'll try to draw a bar like i did on EJ and see if it works this time. lol
.

I like the most recent swing Highs/Lows for the Fibs. 10300 looks pretty strong.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,126
  • Jun 13, 2010 1:28am Jun 13, 2010 1:28am
Quoting Pinbar
Thanks Jarroo

Yes, I got the wrong idea by not following up on the post.

Anyway, I should not be thinking about alternative setups right now anyway.

Stick to the basics, Pb, they can be very powerful.
Indicators show the past. Price Action "Indicates" the future.
  • #66,127
  • Jun 13, 2010 1:45am Jun 13, 2010 1:45am
Quoting jarroo
She's on her way buddy. lol






jon
PATIENCE... DISCIPLINE
  • #66,128
  • Jun 13, 2010 2:28am Jun 13, 2010 2:28am
Hey, thanks for your explanations.............Just out of curiosity why did you then close you EURCAD short.............I do not see the EURO strengthening against the CAD..............if i follow you explanations............cheers


Quoting six gun
I closed my short out on EUR/CAD on Friday.
I just started to get a bad feeling about it.
I closed to watch.

There is one hell of a down trend but trends must end some time, I started to feel the time was coming.

The euro has had a long down trend against a bag of currencies.
These have been account builders without having to work for it.
USD/CAD/AUD/NZD

The Canadian economy is in a much brighter state compared with the Eurozone.
Spain is cracking - I have a lot of connections with Spain and it is dead. There are no jobs. The cops are issuing...
  • #66,129
  • Jun 13, 2010 2:59am Jun 13, 2010 2:59am
Quoting jarroo
Stick to the basics, Pb, they can be very powerful.

Yes, you are right..We must learn the right way to do this before trying to bend the rules.

By the way, I love that avatar.
Reminds of certain experiences in my youth.
  • #66,130
  • Jun 13, 2010 3:07am Jun 13, 2010 3:07am
Quoting ddinnov
I'm long GBP/USD for tonight - dunno about you guys..
That's weird, a lot of us including Jarroo were all shorting GBP/USD on Friday.

Some on the H4 some on the h1.
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  • #66,131
  • Jun 13, 2010 3:41am Jun 13, 2010 3:41am
Quoting Pinbar
That's weird, a lot of us including Jarroo were all shorting GBP/USD on Friday.

Some on the H4 some on the h1.

Hey Pinbar,

Were you in a H4 or H1 trade?
We were supposed to kick you if you entered anything less than Daily trades!

Seen any daily set-ups for tomorrow?

G
"Fail to prepare, prepare to fail."
  • #66,132
  • Jun 13, 2010 4:35am Jun 13, 2010 4:35am
The GBP/USD long trade was a football (soccer) pun

In the end it got stopped out at B/E!
Anything can happen.
  • #66,133
  • Jun 13, 2010 6:16am Jun 13, 2010 6:16am
Yeah, I was in on the H1.

I think they will let me off though.

EUR/GBP looks interesting.

The only reservations I have is the size of the previous weeks bearish candle.
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  • #66,134
  • Jun 13, 2010 6:24am Jun 13, 2010 6:24am
Anyone like shorting the AUD at 8500? Strong resistance, 38 fib.....No real other PA though.
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  • #66,135
  • Jun 13, 2010 6:27am Jun 13, 2010 6:27am
Quoting Danku
Hey, thanks for your explanations.............Just out of curiosity why did you then close you EURCAD short.............I do not see the EURO strengthening against the CAD..............if i follow you explanations............cheers
I starting feeling unsafe with this down trend.
The down trend with AUD, NZD, CAD and USD have been long trends.
This was a gut feeling, independent of the monthly chart.

The support level price has reached with EUR/CAD may hold or not.
I would rather be out the market to be sure.
These have been positions where I would be short and just let them run, collecting the pips week after week.

The euro is not strong - but do not fall into the trap of thinking other currencies are strong. They are all trash.
USA is buried in debt.
Japan has admitted this week it is buried in debt.
The new prime minister in the UK has told the nation there will be cuts that will change people's lives. The debt is much bigger than they ever knew. The real public debt in the UK is 200% GDP, much of it is not accounted for. You can be sure the same goes for other nations - the US will be the same. They already do not audit gold reserves and fudge figures.

These are medium term problems and not the reason I closed the short but it is probably is playing on my subconscious.
  • #66,136
  • Jun 13, 2010 6:37am Jun 13, 2010 6:37am
Quoting Pinbar
Yeah, I was in on the H1.

I think they will let me off though.

EUR/GBP looks interesting.

The only reservations I have is the size of the previous weeks bearish candle.
Yeah - Looks good on the daily, but the bar looks pretty small when compared to the previous bars on the weekly.
  • #66,137
  • Jun 13, 2010 6:40am Jun 13, 2010 6:40am
Ghous or others who take IPB's

Looking back---
Would you consider this a good IPB
even though it closed above 1.06 level?

it appears that it had a good location with confluences
with dominant trend,365ma, 61.8 fib

Thx
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  • #66,138
  • Jun 13, 2010 6:43am Jun 13, 2010 6:43am
Ghous put a link to his piece on ipb's
I skim read it but wanted to do a proper read.
Now I can't find it now.
Does anyone have the link please?
  • #66,139
  • Jun 13, 2010 6:47am Jun 13, 2010 6:47am
Quoting fxeturn
...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....
it's visual:
gauge momentum by watching price/price action.
indicators are derivatives of price so, that is being redundant. although it helps too, depending on the trader.
  • #66,140
  • Jun 13, 2010 7:06am Jun 13, 2010 7:06am
Quoting ghous
Wow! that would be cool
Does he even stop by FF these days, haven''t seen a post from him in ages.
his last post was April 2009.
i would love a live posts here by Merlin, Diallist, fijitrader & other seniors...
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