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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

  • #77,361
  • Oct 13, 2010 12:53pm Oct 13, 2010 12:53pm
Quoting fascist
PB bounce off 114.00 - signal continuation from bounce off 150 MA?

feel free to comment.
Hi fascist

There is a monthly PPZ around the 114.50 level that could make life difficult for you.

This level has been keeping price down since May.

Hope this helps

Anthony
Attached Image (click to enlarge)
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  • #77,362
  • Oct 13, 2010 1:02pm Oct 13, 2010 1:02pm
EUR/GBP

Possible PB with the trend, let see how it close

88.20-88.40 very strong s/r level, as you can see on the chart.

Could be a valid div the one Ive marked on the RSI ?

Comments are appreciated.

Thx

Update: We´ve had a BEOB on the 4hr, its a correct BEOB ?
FTA : 87.70
Thx again.
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Trade Smart
  • #77,363
  • Oct 13, 2010 1:04pm Oct 13, 2010 1:04pm
Quoting Osman
EUR/GBP

Possible PB with the trend, let see how it close

88.20-88.40 very strong s/r level, as you can see on the chart.

Could be a valid div the one Ive marked on the RSI ?

Comments are appreciated.

Thx

Update: We´ve had a BEOB on the 4hr, its a correct BEOB ?
Thx again.
Hey Osman

Be careful with these the bar is super tiny vs the recent strong bullish moves we are seeing as well as trading into the recent BUOB and much strong upside moves. These bars are IMO better left alone unless at super confluenced areas. i would not be surprised to see a small move down before another push higher with the current strong uptrend

Best
Mike
  • #77,364
  • Oct 13, 2010 1:05pm Oct 13, 2010 1:05pm
Quoting ghous
I for one would never take that.

We've been chopping like hell on the pair (trend is up but price is far from moving smoothly) and that brings into the equation lot's of potent short term S/R flips created by the heaps of bar highs and lows coming from the directionless motion of price.

At best it's definitely not a take and forget trade setup IMHO

g.
Is the 150 ema applied to the 4Hr chart only and factored x4 when looking at a 1Hr chart ?
  • #77,365
  • Oct 13, 2010 1:47pm Oct 13, 2010 1:47pm
Im sure many of you guys have heard of pair index,

Talking about EUR/GBP trade, here you have gbp and eur index.

GBP = Triple bottom

EUR = Price at strong weekly resistance.

Comments are appreciated.

Thx
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: euindex.jpg Size: 80 KB
Trade Smart
  • #77,366
  • Oct 13, 2010 2:00pm Oct 13, 2010 2:00pm
Quoting mbqb11
Hey Osman

Be careful with these the bar is super tiny vs the recent strong bullish moves we are seeing as well as trading into the recent BUOB and much strong upside moves. These bars are IMO better left alone unless at super confluenced areas. i would not be surprised to see a small move down before another push higher with the current strong uptrend

Best
Mike
Hi Mike,

Thx for your comments, I understand what you say but if we didn't had that BUOB yesterday, u would take it ?
Or ull be looking for a bigger nose of the PB ?

Thx
Trade Smart
  • #77,367
  • Oct 13, 2010 2:16pm Oct 13, 2010 2:16pm
Quoting Osman
Im sure many of you guys have heard of pair index,

Talking about EUR/GBP trade, here you have gbp and eur index.

GBP = Triple bottom

EUR = Price at strong weekly resistance.

Comments are appreciated.

Thx
Hey Osman, can you please clarify what are those indexes? Those are like ETF's ??/ Could you please give a ticker for EUR index I cannot see it on the charts you posted. Thanks.
  • #77,368
  • Oct 13, 2010 2:29pm Oct 13, 2010 2:29pm
Quoting Adilius07
Hey Osman, can you please clarify what are those indexes? Those are like ETF's ??/ Could you please give a ticker for EUR index I cannot see it on the charts you posted. Thanks.
Hi Adilius07,

ETF´s will track indexes like dow. sp500 etc..

This is just the index of the eur alone as a currency.

The second chart i posted is the eur one.

Hope this helps.

Tc !
Trade Smart
  • #77,369
  • Oct 13, 2010 2:37pm Oct 13, 2010 2:37pm
Quoting Osman
Hi Adilius07,

ETF´s will track indexes like dow. sp500 etc..

This is just the index of the eur alone as a currency.

The second chart i posted is the eur one.

Hope this helps.

Tc !

Thanks. I googled them. So if for example I buy EURLFX - that means I buy Euro against all other pairs with euro? I checked my Thinkorswim broker, unfortunately looks like it doesn't have it. I could've added this to my instrument list...
  • #77,370
  • Oct 13, 2010 2:43pm Oct 13, 2010 2:43pm
Quoting Adilius07
Thanks. I googled them. So if for example I buy EURLFX - that means I buy Euro against all other pairs with euro? I checked my Thinkorswim broker, unfortunately looks like it doesn't have it. I could've added this to my instrument list...
You could use it as a trading instrument but I just use it to see what the EUR, GBP, USD or any other currency is gonna do tomorrow.

If you buy EUR, its like buying a stock of APPLE, Amazon or Verizon, you think EUR itself as a currency will go higher.

On forex if you buy EU, u think EUR is gonna be stronger than the USD, if the EUR goes strong and the USD also, the price wont move much, u get me ?

There a very few brokers that offer currency index, Forex LTD and Liteforex are the only ones that I know that offer it, which i wont recommend them as a broker.
Trade Smart
  • #77,371
  • Oct 13, 2010 2:51pm Oct 13, 2010 2:51pm
Quoting Osman
You could use it as a trading instrument but I just use it to see what the EUR, GBP, USD or any other currency is gonna do tomorrow.

If you buy EUR, its like buying a stock of APPLE, Amazon or Verizon, you think EUR itself as a currency will go higher.

On forex if you buy EU, u think EUR is gonna be stronger than the USD, if the EUR goes strong and the USD also, the price wont move much, u get me ?

There a very few brokers that offer currency index, Forex LTD and Liteforex are the only ones that I know that offer it, which i wont recommend them...
I see your point Osman, thank you. So maybe these indexes could be used as another confluence factor when trading regular pairs. Like if I see a long setup on EURUSD but a clearly bearish price action on EURLFX I better skip that setup...
  • #77,372
  • Oct 13, 2010 4:31pm Oct 13, 2010 4:31pm
Quoting Osman
Hi Mike,

Thx for your comments, I understand what you say but if we didn't had that BUOB yesterday, u would take it ?
Or ull be looking for a bigger nose of the PB ?

Thx
Hey Osman

I would need a much much bigger bar to consider fighting this strong up move. I would also be looking for more confluence for any smaller bar, but this size bar is an immediate pass for my approach to the markets. At the least those that play these one most look to the very first trouble area and not be surprised to see a turn around at them.

Take care
Mike
  • #77,373
  • Edited 5:00pm Oct 13, 2010 4:47pm | Edited 5:00pm
Quoting mbqb11
Hey Osman

I would need a much much bigger bar to consider fighting this strong up move. I would also be looking for more confluence for any smaller bar, but this size bar is an immediate pass for my approach to the markets. At the least those that play these one most look to the very first trouble area and not be surprised to see a turn around at them.

Take care
Mike
Hi Mike,

Yeah im gonna pass too,

Im new to this thread and im learning a lot from all of you guys, every advice is welcomed.

Will this be a correct DBLHC or it will be a BEOB ? Engulfing bar didn't went as low as the previous one....

Thx
Attached Image
Trade Smart
  • #77,374
  • Oct 13, 2010 4:59pm Oct 13, 2010 4:59pm
Quoting Osman
Hi Mike,

Yeah im gonna pass too,

Im new to this thread and im learning a lot from all of you guys, every advice is welcomed.

Will this be a correct BUOB ? Engulfing bar didn't went as low as the previous one....

Thx
Hey Os

Glad you are learning a lot

No that is not. It must have a lower low then the previous bars low.

The bar 5 bars back is a BEOB, and the bar 3 in front of your bar is a BUOB


Best
Mike
  • #77,375
  • Oct 13, 2010 5:15pm Oct 13, 2010 5:15pm
Hey, USD/CHF daily is a pinbar? Sorry can't save anything on these damn uni computers. (At least mt4 mobile works =-]) So can't upload a picture. Has anyone else seen this? What do you think?
Time is what keeps everything from happening "right now".
  • #77,376
  • Oct 13, 2010 6:00pm Oct 13, 2010 6:00pm
Quoting jarroo
Nice one xmz.
Thanx Jarroo. Do you think that a touch trade would be an option in this trade, since price pulled back to a strong BRN @ 13000 ? In general when price pulls back to a BRN/strong PPZ's could one consider taking a touch trade off these strong area's ?

May the force be with you.
Pipcrawler
  • #77,377
  • Oct 13, 2010 6:00pm Oct 13, 2010 6:00pm
Quoting Dv84
Hey, USD/CHF daily is a pinbar? Sorry can't save anything on these damn uni computers. (At least mt4 mobile works =-]) So can't upload a picture. Has anyone else seen this? What do you think?
No, this is not a PB. I might be a beginner but I am pretty sure about how a nice PB or even PB has to look like!
  • #77,378
  • Oct 13, 2010 6:07pm Oct 13, 2010 6:07pm
On my feed of the 1H E-C I saw today this 80 pip range bar, did you guys saw this large 1H-bar also ? If so, could anyone explain this bar, there wasn't any significant news about both currencies at that time.
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Pipcrawler
  • #77,379
  • Oct 13, 2010 7:27pm Oct 13, 2010 7:27pm
Quoting Dv84
Hey, USD/CHF daily is a pinbar? Sorry can't save anything on these damn uni computers. (At least mt4 mobile works =-]) So can't upload a picture. Has anyone else seen this? What do you think?
Hey DV

Nope for it to be a pinbar, you want the nose to stick away from the previous lows

Here would be an example of a bullish pinbar

Stick to the big obvious ones when starting out, it is the best advice I can give
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  • #77,380
  • Oct 13, 2010 7:29pm Oct 13, 2010 7:29pm
Quoting xmzhang
On my feed of the 1H E-C I saw today this 80 pip range bar, did you guys saw this large 1H-bar also ? If so, could anyone explain this bar, there wasn't any significant news about both currencies at that time.

Great charts xmzhang, looks like an intricate electrical circuit board.

I see you are working hard on the story behind PA.

Very inspiring.
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