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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

  • #76,161
  • Oct 1, 2010 3:35am Oct 1, 2010 3:35am
chart
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  • #76,162
  • Oct 1, 2010 3:36am Oct 1, 2010 3:36am
WOW!!!

Quoting jarroo
Hey slade did you see this Weekly BUOB Gbp/Jpy retrace?

I little PA confirmation can go a long way. . .to say the least.

20-25 pip SL on a Weekly Gbp/Jpy setup . .how many people would laugh at that senario . .
  • #76,163
  • Oct 1, 2010 3:36am Oct 1, 2010 3:36am
Quoting james16
eastwood is one of my heroes.

your a great asset to this thread.

dont know if ive ever told you that.

jim
Thanks Jim.

You guys opened my eyes and dragged me (kicking and screaming) out of the wilderness... otherwise I would still be taking random entries or trying to 'time' them with some retarded method that doesnt work. It's the least I can do
When you have to shoot, shoot. Dont talk.
  • #76,164
  • Oct 1, 2010 3:40am Oct 1, 2010 3:40am
CHART
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  • #76,165
  • Oct 1, 2010 3:42am Oct 1, 2010 3:42am
Quoting slade1986
..
Plan on running the micro for the next several months, maybe I'll be lucky and just upgrade the micro
...
simply amazing, Sir
Keep posting!
  • #76,166
  • Oct 1, 2010 3:46am Oct 1, 2010 3:46am
Quoting james16
CHART
And it reacted right where we thought it would . .its target.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,167
  • Oct 1, 2010 3:56am Oct 1, 2010 3:56am
I missed the GJ Jarroo, but I am watching the current GU retrace to the 1.5800 area..

Edit: No PA, pass
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  • #76,168
  • Oct 1, 2010 4:15am Oct 1, 2010 4:15am
Quoting slade1986
I missed the GJ Jarroo, but I am watching the current GU retrace to the 1.5800 area..

It that a retrace of the Daily BEOB?

Here's where the higher time frames rule.

The Weekly BUOB (much like the Gbp/Jpy) . .I'm see a potential run to the 1.6000 BRN . . Price has already retraced to the 1.5700. I may be wrong, of course.

The Hourly had some good PA confirmation.

Edit: gotta go gang later.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,169
  • Oct 1, 2010 4:25am Oct 1, 2010 4:25am
I have to credit James16 for showing me the light. And the other lurkers are so helpful, it's unreal.

Anyway one thing I found is how amazing all of those systems seem to be related in the foundations: this thread, Phillip Nel's 4H method, that Cornflower method, the "trade what you see", the ancient "Floor Trader method" (on another site).

Even more amazing is how they are all simpler and different than the other terrible "1000 black box indicators" that in the best case make you as much money as you lose.
  • #76,170
  • Oct 1, 2010 4:29am Oct 1, 2010 4:29am
Quoting joelcf
Buffett is 80 and has coke and candy for lunch.
Clint Eastwood is 80 and still kickin ass.
And Ali is almost 70 and could still knock out everyone in this thread

You are practically a spring chicken

Now that is what I call a real lunch! Yeah!

And the EU trade gives James16 an early birthday present.

He played it all the way, with conviction.
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  • #76,171
  • Oct 1, 2010 4:35am Oct 1, 2010 4:35am
a) USD/CHF > BUOB Daily at a swing low > Retracement > Entered long > Fast loss by now;

b) GBP/USD > BEOB Daily at a swing high > Retracement > Entered short > Fast loss by now

What's wrong?

Many Thanks

Best trading to all
Don't give up
  • #76,172
  • Oct 1, 2010 4:36am Oct 1, 2010 4:36am
Quoting joelcf;
Look good - I find stuff like that entertains me way more than finding out who Alex Cross has to catch this time around... especially stuff in the vein of Extrodinary Popular Delusions and the Madness of Crowds and Manias, Panics, Crashes... something fascinating about how people, as a crowd, can just act a fool time and time again - all while insisting that this time is so different.

Also, the whole tulip bulb story is just hilarious. TULIPS. What the hell. At least have a bubble in something cool.
But but…. This Time Is Different!
(and now we even have a book out on it: http://www.amazon.com/This-Time-Diff.../dp/0691142165)

And yea.. I read tt this drunk sailor ate one thinking it was an onion and it cost as much as a HOUSE. Wth on tulips.

Quoting joelcf;
Surprisingly, while they get all the press (and credit), mining and agriculture are only a very small part of our GDP. They are 80% of our exports, but only about 11% of our GDP. We are largely a service economy, about 70%ish.

As a result, much like the US (who are also huge mineral and agri exporters), if consumer spending takes a dive, the service sector does, and unemployment follows.

It's one of the reasons the Australian arrogance with regard to 'our house prices wont fall because we are a hardworkin country and make money from China - not like those lazy yanks and their ninja loans who all work in services!' is so misplaced.

It does lead to a strange dynamic though, where any 'bad news' story about mining, the AUD or anything to do with China (recently: Beijing property prices) has the potential to cause a disproportionate amount of fear.
Oh? That is very interesting. I’ve not looked @ AUD’s GDP stats. Thanks for the info on tt one. Though 11% of GDP is a decently significant proportion. Perhaps tt’s why AUD’s so China linked now.

On aussie arrogance… well, pride & complacency always go before a fall…


Quoting joelcf;
The reason I dont see much upside for AUD is that I dont see anything to drive greater inward money flow. Unless we see some reason for rates to increase ahead of expectations, that is - a huge increase in BRIC demand, for instance, that drives inflation as cashed-up bogans spend their minebucks on shiny new utes.

While we have a stable economy, Australia isnt exactly about to become a safe haven country, so we are going to remain a beneficiary of a yield play. Once other countries (mostly Japan and the US, but a bit of Swiss as well) start raising their rates, the yield from an uncovered IR arb will fall.

Of course, counteracting that is going to be a greater flow out of bonds and into risk assets, but the magnitude of that is likely to be limited.
IMO, China’s gonna do pretty well as does the key economies of asia, like S.Korea, Taiwan, Indonesia, etc etc and intra-ASEAN trade is picking up… China’s quite insatiable @ this point and they are transitioning into a domestic consumption economy with plenty of low hanging fruit. I do think this will spill over into Auss though – and there we have your “C” demand… I don’t know abt BRI. =)
Much of the rate increases thus far probably lean on China and with em’ spending and money printing going on… well, inflation’s neigh inevitable.

Quoting joelcf;
To see a US/UK/Spain style implosion in the sector, it would take either a massive liquidity freeze from the banks, a spike in unemployment or - most likely - a combination of the two.

And as long as mining keeps bringing in taxes and overseas money so the gubment can keep shovelling money at households, so households can keep paying their mortgages and buying crap, so people stay employed, so banks can keep lending, so people can keep buying.
YEAH. I think this is the point I’m driving at. It’ll take a dumptruck load of sh*t to hit the fan to stall the AUD side… I just don’t see it happening unless there’s some really huge macro risk. I mean unless China farts a bad one then we’ll all suffocate. Heh.

I lean towards a strong AUD. =P who knows, we might both be right on the event.

(pardon me if I'm not making sense. been a Looonnng week and I'm kinda out of it. I need me beer)
One Mind, Any Market
  • #76,173
  • Edited 5:01am Oct 1, 2010 4:43am | Edited 5:01am
Quoting jarroo
It that a retrace of the Daily BEOB?

Here's where the higher time frames rule.

The Weekly BUOB (much like the Gbp/Jpy) . .I'm see a potential run to the 1.6000 BRN . . Price has already retraced to the 1.5700. I may be wrong, of course.

The Hourly had some good PA confirmation.

Edit: gotta go gang later.
my FXpro demo doesn't show a weekly BUOB, neither does my demo Interbank FX .. which puts a totally different slant on things. Maybe demo feeds are not to be used ?

Can anyone else see a weekly BUOB on GBPUSD on their feed ?
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  • #76,174
  • Edited 5:56am Oct 1, 2010 4:45am | Edited 5:56am
Quoting geomink
a) USD/CHF
b) GBP/USD
What's wrong?..
can u share your charts?
in FXDD, gbpusd BEOB never broke; usdchf BEOB hardly broke.

what's wrong?
simple answer would be: Trend. (those 2 PA setups are Countertrend)

both bars havent completely failed yet.
  • #76,175
  • Oct 1, 2010 4:47am Oct 1, 2010 4:47am
Quoting Cyrus
But but…. This Time Is Different!
...
slowly, u are sounding (& typing) like joel

more lengthy posts to read &study
  • #76,176
  • Oct 1, 2010 4:51am Oct 1, 2010 4:51am
Quoting supremeChaos
can u share your charts?
in FXDD, gbpusd BEOB never broke; usdchf BEOB hardly broke.

simple answer would be: Trend. (PA setups are Countertrend)

both bars havent completely failed yet.
chart
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Don't give up
  • #76,177
  • Oct 1, 2010 4:52am Oct 1, 2010 4:52am
Jarroo


What do you think James16 is going to do with the EU trade now we are at this crucial area.

Take some more off the table, SL to BE+ and just ride it out?
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  • #76,178
  • Oct 1, 2010 5:01am Oct 1, 2010 5:01am
Quoting billm
my FXpro demo doesn't show a weekly BUOB, neither does my demo Interbank FX .. which puts a totally different slant on things. Maybe demo feeds are not to be used ?
not necessarily.
personally, i use demo & live feeds for trading.

having other feeds helps in this situation. try to look at 2-4 feeds.
if u cant/dont want to, then simply trade what u see on your feed.
no need to get frustrated: u wont see/get it all, just like some good trades that we often miss.
  • #76,179
  • Oct 1, 2010 5:06am Oct 1, 2010 5:06am
Quoting Pinbar
...
What do you think James16 is going to do with the EU trade now we are at this crucial area.
Take some more off the table, SL to BE+ and just ride it out?
u missed his earlier post

of course, we try to bite a few chunks off of the trend while trying to stay in it as much as we can.
  • #76,180
  • Oct 1, 2010 5:10am Oct 1, 2010 5:10am
Quoting geomink
chart
where are your entry prices?
that BUOB barely broke upwards too.
0.9870 area then 0.9900 are potential immediate problem areas.
so careful..
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