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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

  • #66,241
  • Jun 14, 2010 4:49am Jun 14, 2010 4:49am
anyone else short gb?? bad news for the currency today

jon
PATIENCE... DISCIPLINE
  • #66,242
  • Jun 14, 2010 4:56am Jun 14, 2010 4:56am
Quoting jarroo
Target hit Pb. Nice trade.

It was just in my head, didn't even demo it.

LOL
  • #66,243
  • Jun 14, 2010 4:58am Jun 14, 2010 4:58am
Quoting Pinbar
It was just in my head, didn't even demo it.

LOL

I know Pb. I was just showing you how the James16 "This is Critical" can be applied and how it is very effective.
Indicators show the past. Price Action "Indicates" the future.
  • #66,244
  • Jun 14, 2010 5:01am Jun 14, 2010 5:01am
Quoting g_j_hook@yah
anyone else short gbp?? bad news for the currency today
...
bad news? why is price up
i remember your preferred trading strategy (found in your profile): "wait for price to go up, and buy the day before!"
well, i was short the day before today. learned it from u
  • #66,245
  • Jun 14, 2010 5:03am Jun 14, 2010 5:03am
Quoting lovejoy80
I favour 10400-450 area myself.
Of course it's not a single line but a zone strething from 50 ret to 10,500.

Nice to see you back LJ.
.
  • #66,246
  • Jun 14, 2010 5:04am Jun 14, 2010 5:04am
Quoting supremeChaos
bad news? why is price up
i remember your preferred trading strategy (found in your profile): "wait for price to go up, and buy the day before!"
well, i was short the day before today. learned it from u
lol...its jus a guess but i think it was jus a squeeze, i see price dropping from here???dont quote on it ! i'm short from a touch trade from 1.4750, so lets see how it goes..??


jon
PATIENCE... DISCIPLINE
  • #66,247
  • Jun 14, 2010 5:06am Jun 14, 2010 5:06am
Small PB @ 50%.

Make your own decision.
.
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  • #66,248
  • Jun 14, 2010 5:09am Jun 14, 2010 5:09am
Quoting nasir.khan
Small PB @ 50%.

Make your own decision.
.
yeah, shame bout the bar size or it would be a really nice setup. Still could be of course...

jon
PATIENCE... DISCIPLINE
  • #66,249
  • Jun 14, 2010 5:17am Jun 14, 2010 5:17am
Quoting g_j_hook@yah
lol......
i see..
good luck & be alert bro...
  • #66,250
  • Jun 14, 2010 5:21am Jun 14, 2010 5:21am
Quoting supremeChaos
i see..
good luck & be alert bro...
..yeah we might see it hit 1.4780-1.4800 yet (or more )
i took half off allready at +20 as i had quite a small stop so not worried

jon
PATIENCE... DISCIPLINE
  • #66,251
  • Jun 14, 2010 5:23am Jun 14, 2010 5:23am
Quoting g_j_hook@yah
yeah, shame bout the bar size or it would be a really nice setup. Still could be of course...

jon
Good deal of traffic at 1228.32 too. Think it would be a pass for me
Edit: as we blow through there, classic haha
  • #66,252
  • Jun 14, 2010 5:30am Jun 14, 2010 5:30am
Quoting g_j_hook@yah
.yeah we might see it hit...
i took half off already..
I knew it.... excellent jon!
  • #66,253
  • Edited 5:51am Jun 14, 2010 5:44am | Edited 5:51am
Quoting jarroo
Hey proletary.

This is what I meant about "something else going on". Price broke through to the upside, pretty strong too.

That's the beauty of PPZ levels, they are "flip zones" meaning there's usually a reaction sharply in one direction or the other.
Yes I believe that PPZ are one of the strongest tools in our arsenal. It's a book you can read. I have it in my hands but I'm still illiterate. You just added to my ability to read the book. Thank you.

Back to the current situation. I don't trade any time frame other than 4H and 1D (if i did I'd be in the EURUSD since 1h ago, because of the massive BUOB). Attached you see my 4H chart. The PA shows a very strong bounce from our PPZ right after retesting it, creating an IB.

I am considering two levels to enter at a retrace:

1.2205 - price stooped there twice today and made it a nice minor PPZ turned into support. This is riskier, but the S/L would be smaller. On the other hand looking on the dynamics of the current move... price just might not get back to that level soon, so it's very possible i'll be left without any position on the EURUSD
OR
1.2234 - price had a little hickup there, which i spotted on M15.

in any case:
S/L 20 pips below 1.2150
FTA @ 1.2325 (level of the start of the last large swing down)

Would that be a correct j16 trade IB+PPZ? What do you think of the levels for entry?
Attached Image(s) (click to enlarge)
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"Put your shoulder to the wheel!"
  • #66,254
  • Jun 14, 2010 6:20am Jun 14, 2010 6:20am
Quoting jarroo
Pb, I'm sure you would agree that the 1.4500 BRN is a PPZ level. Add a 61.8 Fib retracement to it and it becomes stronger. Price is going to react to this level. ddinnov recognized this occurrence (I believe) and acted accordingly. Will this be a reversal long to the Moon? Maybe, but it may also be a bump in the road to a continuation of the down trend. We have only these PPZ levels and Price action to show us the way.
Just catching up with the thread after the weekend now.

I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!

On a serious note I've taken USD/CAD short, AUD/USD long, NZD/USD long all on demo.

I'm wondering if that's too much correlation a it would just take 1 wave of hysterical panic to wipe out all 3 trades...
Anything can happen.
  • #66,255
  • Jun 14, 2010 6:23am Jun 14, 2010 6:23am
Quoting mbqb11
Nice I4B round number these things can run!
Yes mate. They certainly can. This one hit my TP area but without me that time unfortunately...lol
  • #66,256
  • Jun 14, 2010 6:26am Jun 14, 2010 6:26am
Quoting ddinnov
I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!
Made me laugh A bit like my football teams goal keeper (yes I'm from England).
  • #66,257
  • Jun 14, 2010 6:29am Jun 14, 2010 6:29am
Quoting fxprocessor
Made me laugh A bit like my football teams goal keeper (yes I'm from England).
Yes that was quite painful. At least we have an excuse/scapegoat though
Anything can happen.
  • #66,258
  • Jun 14, 2010 6:32am Jun 14, 2010 6:32am
Quoting ddinnov
Just catching up with the thread after the weekend now.

I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!

On a serious note I've taken USD/CAD short, AUD/USD long, NZD/USD long all on demo.

I'm wondering if that's too much correlation a it would just take 1 wave of hysterical panic to wipe out all 3 trades...
Mind telling reasons for those trades.
.
  • #66,259
  • Jun 14, 2010 7:05am Jun 14, 2010 7:05am
Quoting nasir.khan
Mind telling reasons for those trades.
.
Sure! - USD/CAD I took because of the BEOB on the weekly, I posted about it yesterday here with charts.

NZD/USD was another weekly bar, this time a BUOB, which *from what I see on the chart* might hit BRN 0.7000 which is also between the 50 and 61.8 and it closed last week just above 0.6900, is at a swing low (is it?) and is a nice size. Double bottom on daily as well

AUD/USD looks very similar (almost identical except for the fibs).

So all 3 weekly chart trades
Attached Image(s) (click to enlarge)
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Anything can happen.
  • #66,260
  • Jun 14, 2010 7:14am Jun 14, 2010 7:14am
who knows ddinov
u might get your objective. just be patient & manage your trades well.
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