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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

  • #66,701
  • Jun 18, 2010 6:37am Jun 18, 2010 6:37am
Quoting extraneo
Pinbar on gbp usd tf 6H
what do you think?
I was watching this on 4hour, there was a BEOB and divergance, but I wanted to see it close below 1.48 and below those lows to the left, for the trade to be valid.

Was half expecting some friday profit taking, but there's no conviction in the market right now

just my 2c

Hope everyone has a great weekend
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  • #66,702
  • Edited 7:39am Jun 18, 2010 6:39am | Edited 7:39am
yes, there is a downtrend with high swing, even I do not like congestion to 14800
I'm short by 14,812 and now BE
TP1 14760
  • #66,703
  • Jun 18, 2010 6:40am Jun 18, 2010 6:40am
Quoting extraneo
Pinbar on gbp usd tf 6H
what do you think?
wow, 6H PB.

IMHO, intraday looks bullish.
if that 6HPB breaks, possible immediate traffic areas are 1.4750-60, 1.4700-20.



....wow, my 4000th post
i intentionally did it on james16 thread.
Thanks everyone.
Thanks Sir James16 & group!
  • #66,704
  • Jun 18, 2010 6:41am Jun 18, 2010 6:41am
yes, there is a downtrend with high swing, even I do not like congestion to 14800
I'm short by 14,812 and now BE
TP1 14760

edit: token SL
  • #66,705
  • Jun 18, 2010 7:27am Jun 18, 2010 7:27am
Quoting supremeChaos
wow, 6H PB.

IMHO, intraday looks bullish.
if that 6HPB breaks, possible immediate traffic areas are 1.4750-60, 1.4700-20.



....wow, my 4000th post
i intentionally did it on james16 thread.
Thanks everyone.
Thanks Sir James16 & group!
Congrats Sir SC!

I cancelled my AUD/USD long - completely missed the swing high thing and it makes perfect sense!

NOw for the CAD trade I've had open all week to stop lollygagging around..
Anything can happen.
  • #66,706
  • Jun 18, 2010 7:34am Jun 18, 2010 7:34am
EJ weekly has got the weird cup and handle look to it.

I remember reading about these patters a long time ago, and if my memory serves me correctly they are indicative of a large move.
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  • #66,707
  • Edited 9:25am Jun 18, 2010 7:37am | Edited 9:25am
ddinnov,
Thanks Sir.

today & the other day, there has been mention of 'quadwitching' today. (quadruple witching)
this may explain the PA today/this week. plus it's Friday.


EDIT:
some say it's triple witching (& not quadruple)
  • #66,708
  • Jun 18, 2010 7:40am Jun 18, 2010 7:40am
Quoting extraneo
yes, there is a downtrend with high swing, even I do not like congestion to 14800
I'm short by 14,812 and now BE
TP1 14760

edit: token SL
I re-entered short @ 14794...
I do not know if I made a nonsense ..

edit: I put the SL @ 14835
  • #66,709
  • Jun 18, 2010 7:51am Jun 18, 2010 7:51am
Quoting supremeChaos
ddinnov,
Thanks Sir.

today & the other day, there has been mention of 'quadwitching' today. (quadruple witching)
this may explain the PA today/this week. plus it's Friday.
supremeChaos,
thanks for pointing this out. If past experience is any guide, expiration weeks usually end counter the trend of the week ie. if the week has been up, then it ends with a dip. This might now have been the case prior to 2009, but it certainly has been the case for at least a year know. What do you think? Are you expecting any action in during the closing hours?

Pinbar.
I see that you are keeping an eye on EJ. EJ and the indexes have had a pretty tight positive correlation since the end of April due to the carry trade (prior to that, from March 09 to around Dec 09, there was a tight negative correlation between the dollar and the indexes). If you're interested in trading indexes like I am, EJ might reveal something. Nothing too important here, just pointing it out.
If you don't risk, you don't ever have to lose.
  • #66,710
  • Jun 18, 2010 8:13am Jun 18, 2010 8:13am
bug,
i have no idea as i have no experience outside Forex.
u trade stock indices,so i think u are in a better position to answer.

who knows, we might see some action later or many traders already have made position adjustments within this week, or week/s prior.

it's Friday & US Summer is in (i believe some already have taken their summer breaks 2 weeks ago, around US memorial day). these may be additional factors.

Quoting bug
..thanks... If past experience is any guide, expiration weeks usually end counter the trend of the week ie. if the week has been up, then it ends with a dip. This might now have been the case prior to 2009, but it certainly has been the case for at least a year know. What do you think? Are you expecting any action in during the closing hours?
..
  • #66,711
  • Jun 18, 2010 8:21am Jun 18, 2010 8:21am
Pinbar,
I looked up the articles that highlighted the EJ-SP500 connection:
http://seekingalpha.com/article/2087...ng-correlation
http://seekingalpha.com/article/2098...ce-what-s-next

I don't know you trade the major indexes but with this kind of correlation, it's sometimes good to keep an eye out both the currency pair and one of the indexes (I prefer the S&P).
If you don't risk, you don't ever have to lose.
  • #66,712
  • Jun 18, 2010 8:32am Jun 18, 2010 8:32am
Quoting bug
Pinbar,
I looked up the articles that highlighted the EJ-SP500 connection:
http://seekingalpha.com/article/2087...ng-correlation
http://seekingalpha.com/article/2098...ce-what-s-next

I don't know you trade the major indexes but with this kind of correlation, it's sometimes good to keep an eye out both the currency pair and one of the indexes (I prefer the S&P).

They have been decoupling once or twice a day. If you are at all interested in "spread" or basket type trading, selling one and buying the other on the decoupling has netted profit 9 days in a row.

zerohedge.com alerted me to this, so I cannot take any credit. At the moment it appears that the algos are content with keeping them together. It may change on open today once we have option expiration.

Today could be very interesting.
  • #66,713
  • Jun 18, 2010 8:53am Jun 18, 2010 8:53am
Quoting bug
Pinbar,
I looked up the articles that highlighted the EJ-SP500 connection:
http://seekingalpha.com/article/2087...ng-correlation
http://seekingalpha.com/article/2098...ce-what-s-next

I don't know you trade the major indexes but with this kind of correlation, it's sometimes good to keep an eye out both the currency pair and one of the indexes (I prefer the S&P).
Thanks Bug, very interesting.

I am not really into these type of things though, just patterns and PA.

All of this should show up in the PA anyway.
  • #66,714
  • Edited 9:12am Jun 18, 2010 9:00am | Edited 9:12am
Quoting Pinbar
All of this should show up in the PA anyway.
I agree. I'm just throwing it out there, because you never know what might happen, if you know what I mean. I read a lot of news because I'm generally interested in the economy and the financial markets, but I don't trade off of news. I do take some things, like the options expiration week, into consideration, though. I've seen a lot of strange stuff happen so this helps. It's like MACD divergence - if there is a divergence, it helps if you're aware of it.
If you don't risk, you don't ever have to lose.
  • #66,715
  • Jun 18, 2010 9:15am Jun 18, 2010 9:15am
Hi!

Quoting supremeChaos
IMHO, it depends on your profit goals & the type of trader u are.
each time frame has its respective trend.

for example,
-if u are a scalper, u can look at the trend of M5 - H4. u dont go on basing your trades on daily/weekly/monthly trends, in the sense that price can oscillate up & down on M5 - H4 (with many trade opportunities).
-for those who trade H1/H4, then u can look at daily/weekly timeframe for trend direction.

these are just examples.
Hope i made sense.
Thanks, that make sense.

Regards
  • #66,716
  • Jun 18, 2010 10:16am Jun 18, 2010 10:16am
Here's a nice 8H BEOB off resistance on G/U. 1st chart shows the PPZ's better.

Reasons for trade:
+ Off PPZ
+ Big bar
+ Swing high
+ With Long-Term Trend
+ Space to move

FTA highlighted in red. Comments welcome.

-- Danny
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  • #66,717
  • Jun 18, 2010 10:37am Jun 18, 2010 10:37am
Quoting bluetrader
Here's a nice 8H BEOB off resistance on G/U. 1st chart shows the PPZ's better.

Reasons for trade:
+ Off PPZ
+ Big bar
+ Swing high
+ With Long-Term Trend
+ Space to move

FTA highlighted in red. Comments welcome.

-- Danny
I think FTA is much higher

1.48 PPZ from the weekly, watch out
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  • #66,718
  • Jun 18, 2010 12:36pm Jun 18, 2010 12:36pm
Quoting HanSolo
Wow, that's a strong mentality divergence. How come?
I grew up and lived my whole life in the midwest USA. It is nice here, I certainly cannot complain. Cost of living is cheap. Great job. Free time, familiy is close, etc.

But I don't fit in here. The midwest is very relaxed/lazy. It isn't a bad thing, but just not who I am.

But the coasts of the USA are so expensive/crowded/stressful, I wouldn't want to give up a sure thing for that. So I am staying in the midwest.

Germany (why?) - My roommate has been to 50 countries and speaks 7 languages. He says I would fit in best in Germany. He would almost guess I am German, other than I don't speak the language. But I would want to trade for a living first, and most importantly it appears Western Europe is falling apart. So it might get too dangerous.

Brazil (why?) - I have heard this from many people, and my roommate backs it up. Brazil IS paradise on earth. There are two problems to move to Brazil. Language (I am probably SOL here) and the economy (hey, if I can trade, I can live anywhere and Brazil is affordable). But the language will probably keep me away.
  • #66,719
  • Jun 18, 2010 1:31pm Jun 18, 2010 1:31pm
Quoting Pinbar
EJ weekly has got the weird cup and handle look to it.

I remember reading about these patters a long time ago, and if my memory serves me correctly they are indicative of a large move.
Hi PB, could you point out which part makes the cup and which the handle?
Quoting unlv_tj
I grew up and lived my whole life in the midwest USA. It is nice here, I certainly cannot complain. Cost of living is cheap. Great job. Free time, familiy is close, etc.
Brazil must be great and Germany sure is, too. I spoke to an Iranian guy today: He likes the Germans very much. Though it takes some time for them to unbend. In contrast many South Americans I talked to have a hard time to feel at ease with German menatlity.
Thanks J16, Sam Seiden, Udine and Jacko
  • #66,720
  • Jun 18, 2010 3:09pm Jun 18, 2010 3:09pm
your a great friend and an important part of this thread supreme.

thank you sir,

jim

Quoting supremeChaos
wow, 6H PB.

IMHO, intraday looks bullish.
if that 6HPB breaks, possible immediate traffic areas are 1.4750-60, 1.4700-20.



....wow, my 4000th post
i intentionally did it on james16 thread.
Thanks everyone.
Thanks Sir James16 & group!
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