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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

  • #75,381
  • Sep 23, 2010 1:41am Sep 23, 2010 1:41am
Quoting jarroo
There is also the other side.

If we get a strong Weekly close above the 113.50, we can now look for it to act as strong Support, meaning looking for some bullish PA at the 113.50.
Yes, I am trying to not keep things loose.
  • #75,382
  • Sep 23, 2010 1:52am Sep 23, 2010 1:52am
Quoting jarroo
Hey nasir good to see you again.

What??? .. . no charts? ..
Was on a break Sir.
Dont remember what it was like then,...
BTW why some people are taking trades without pa?
Hope u can help me learn back some stuff.
.
  • #75,383
  • Sep 23, 2010 2:07am Sep 23, 2010 2:07am
Mike, i know for a fact that you bought the USDJPY after that huge BUOB. I did to but on the weekly timeframe. As it seems the trade is not going that well and im wondering how you are managing this trade. I have closed out and cut my losses a bit, are you still in this trade?
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  • #75,384
  • Sep 23, 2010 2:29am Sep 23, 2010 2:29am
I'm sorry here,is very shame to ask suck stupid question but this is annoying me.

In james16's chart explanation,I do not understand how do you all catch the trend or bearish outside bar ?
Anyone mind to teach me how to analyze a chart properly ?

thanks.
  • #75,385
  • Sep 23, 2010 2:32am Sep 23, 2010 2:32am
Quoting ekling
Mike, i know for a fact that you bought the USDJPY after that huge BUOB. I did to but on the weekly timeframe. As it seems the trade is not going that well and im wondering how you are managing this trade. I have closed out and cut my losses a bit, are you still in this trade?
While we wait for Mike, let me say something on this gov-intervened pair.
Price broke the 85 hard from yesterday's daily bar. Now may turn resistance. If so, then good to watch out for bearish PA when it gets there.
What do you say Jaroo, Pinbar, the Supp->Resist and Resit->Supp phenomena at major levels may be brewing or not?
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  • #75,386
  • Sep 23, 2010 2:51am Sep 23, 2010 2:51am
Quoting mbqb11
Hey Safe

I like the location, but the size of bar and time of day makes that easy pass in my book. Like pipmyride said, if were going to be playing on reversals we want something of substance. Now that isn't a blanket statement b/c some are fine with smaller bars. But still you have the time of the day. It is in my view that a big bar at a location like this gives us much more info and confidence to go off(at least for me I need the very obvious ). I like your location a lot though if it is going to resume this recent up move.

Best
Mike
Thanks for the feedback Mike. I know I have much to learn in this area. I really like what the pin bar represents and think I will focus on trying to master this set up alone before looking at any of the other PA set ups discussed on this thread.

Putting aside the time issue and length of pin bar....based on preceding price action...would you normally anticipate a decent bounce from this area? What I am trying to understand is whether this 'zone' is a great zone and if we only got a better pin bar at a more liquid time of day...you would be all over the trade. Hope that makes sense!
  • #75,387
  • Sep 23, 2010 4:13am Sep 23, 2010 4:13am
Quoting ekling
Mike, i know for a fact that you bought the USDJPY after that huge BUOB. I did to but on the weekly timeframe. As it seems the trade is not going that well and im wondering how you are managing this trade. I have closed out and cut my losses a bit, are you still in this trade?
I've been looking for a oppertunity to go long on this one, Price retraced to a interesting area: 1. descending daily TL of a downward channel 2. 50% fib level 3. daily PPZ @ 8440-ish 4. a PB PA. The only hesitation is the PB size compared to the previous bars which show us a strong downtrend, is this PB with all the confluence capable to turn this downtrend ?
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Pipcrawler
  • #75,388
  • Sep 23, 2010 5:05am Sep 23, 2010 5:05am
Quoting xmzhang
I've been looking for a oppertunity to go long on this one, Price retraced to a interesting area: 1. descending daily TL of a downward channel 2. 50% fib level 3. daily PPZ @ 8440-ish 4. a PB PA. The only hesitation is the PB size compared to the previous bars which show us a strong downtrend, is this PB with all the confluence capable to turn this downtrend ?
Hi X,

No disrespect, but are you crazy??

The whole planet is selling the dollar and you wanna buy.

The only strength in this pair relates to JCB buying and that didn't work too well last time, did it?.

I know the chart looks good, but imho this is one of those times we need to take more note of the fundi's, especially after the FOMC yesterday.
  • #75,389
  • Sep 23, 2010 5:11am Sep 23, 2010 5:11am
Maybe EJ has more space if we get past the traffic.
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  • #75,390
  • Sep 23, 2010 5:17am Sep 23, 2010 5:17am
Different perspective.

I'm bearish Euro too.

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  • #75,391
  • Sep 23, 2010 5:32am Sep 23, 2010 5:32am
Quoting stewrigh
Hi X,

No disrespect, but are you crazy??

The whole planet is selling the dollar and you wanna buy.

The only strength in this pair relates to JCB buying and that didn't work too well last time, did it?.

I know the chart looks good, but imho this is one of those times we need to take more note of the fundi's, especially after the FOMC yesterday.

We've also got homesales and unemployment numbers this pm - both likely to be bad for the dollar.
  • #75,392
  • Sep 23, 2010 5:45am Sep 23, 2010 5:45am
Dollar has further to go

http://www.fgmr.com/us-dollar-is-ready-to-plummet.html
  • #75,393
  • Edited 6:07am Sep 23, 2010 5:50am | Edited 6:07am
Quoting jarroo
Smart trade management ppfx . . .well done sir. . .
Thanks Jim. It means a lot to me when said from a senior like you. oh and im not a sir, im just a 20 y.o. boy
  • #75,394
  • Sep 23, 2010 5:53am Sep 23, 2010 5:53am
Quoting ekling
Mike, i know for a fact that you bought the USDJPY after that huge BUOB. I did to but on the weekly timeframe. As it seems the trade is not going that well and im wondering how you are managing this trade. I have closed out and cut my losses a bit, are you still in this trade?
Hey Ek

Yes it seems this wasn't taken as a time to turn yet, I am still in but am watching the 84 area to possibly cut my loss out. Was looking to put in some kind of low after a bullish day to get my stop up in this case. For now I am just waiting. E is also correct if price pulls back up to the 85 it is a good place to look for bearish PA as well. So I am in wait mode for a logical time to move my stop up

Best
Mike
  • #75,395
  • Sep 23, 2010 5:54am Sep 23, 2010 5:54am
Quoting stewrigh
Different perspective.

I'm bearish Euro too.

Attachment
Nice MACD divergence on Euro/Yen. I wonder if there'll be profit taking style retracements coming into the end of the week. Waiting for PA to show the way
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  • #75,396
  • Sep 23, 2010 5:55am Sep 23, 2010 5:55am
Quoting KyEap
I'm sorry here,is very shame to ask suck stupid question but this is annoying me.

In james16's chart explanation,I do not understand how do you all catch the trend or bearish outside bar ?
Anyone mind to teach me how to analyze a chart properly ?

thanks.
Hey KyEap

The best thing to do right now is start going through the first few hundred pages. Some things will just become more clear as you see more examples from James16. Also begin to go through the links that James put up on post #1. The gist of what we are doing is looking for high probability locations and then looking for bar confirmations at that area(outside bars, pinbars, etc)

Let us know if you have more questions
Mike
  • #75,397
  • Sep 23, 2010 5:55am Sep 23, 2010 5:55am
Quoting ppfx
A quick trade on the GBPJPY.

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It seems that the 132.00 holds as support now. So maybe now we go up again.

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  • #75,398
  • Sep 23, 2010 6:00am Sep 23, 2010 6:00am
.

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  • #75,399
  • Sep 23, 2010 6:22am Sep 23, 2010 6:22am
Mike:

I just opened demo accounts with the four brokers that you mentioned in a post a few weeks ago. After playing with them for a day, I think that the 4-hour charts close times should work like this:

fxpro 5 a.m. est
alpari uk 6 a.m. est
fxcm 7 a.m. est
ibfx 8 a.m. est

However, the fxcm does not seem to close at 7 a.m., which of your four brokers close at 7 a.m.?

Additionally, which brokers do you switch to after daily saving time ends? Thanks.
  • #75,400
  • Sep 23, 2010 6:36am Sep 23, 2010 6:36am
Went short on the Ozzie, just below the RNB @ 9500.
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Pipcrawler
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