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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

  • #80,521
  • Nov 20, 2010 10:01am Nov 20, 2010 10:01am
Quoting HanSolo
BTW, like Jarroo proposed you should really think about running the FED. Giving brilliant analysis in spite of 5 glasses of scotch is something every government desperately needs. LOL.
ha, I think I missed that one. Although I suspect my macroeconomics is almost as bad as theirs I also doubt I have the patience and diplomacy skills to deal with reporters, commentators and assorted idiots. I'd get fired on my first day after punching out Jim Cramer.

Take care guys
When you have to shoot, shoot. Dont talk.
  • #80,522
  • Nov 20, 2010 10:04am Nov 20, 2010 10:04am
Quoting joelcf
ha, I think I missed that one. Although I suspect my macroeconomics is almost as bad as theirs I also doubt I have the patience and diplomacy skills to deal with reporters, commentators and assorted idiots. I'd get fired on my first day after punching out Jim Cramer.

Take care guys

lol good one,

No, you would be behind the scene . .pulling the strings . . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,523
  • Nov 20, 2010 10:06am Nov 20, 2010 10:06am
Quoting john225
@mbqb11

I read often that you said dont take trades which are going into a BRN. How many pips should be the difference between the entry price and the BRN ?

Hope you understand what i mean ;-)
Hey John

THis is more of a general statment meaning I don't want to be trading back into the BRN. This could be 10 pips back into it, or it could mean 300 pips back into it. The recent EUR/Cad eur/chf are good examples. Generally orders start stacking (for better or worse to the specific trade) around this area and I don't want to get caught trading back into what could be a historical PPZ(must confirm visually). So one of my rules is to be trading away from these areas. It keeps me in check

Best
Mike
  • #80,524
  • Nov 20, 2010 10:07am Nov 20, 2010 10:07am
Quoting jarroo
I've gotten some question concerning long term emas, like the 365, 200, 150 . . I use them as an added confluence, not alone by themselves.

Take the Chf/Jpy Daily.

See how the 365 ema (black) is lining up with the 85.00 BRN. . .nice

I know Mike would say, "What's the big deal Jim with that 365 ...it just the 85.00 BRN doing its thangy, bro . ." OK, that may not...
No I would never say that! LOL

Confluence is good and I think the 365 helps focus peoples attention and derive a better map then shooting from the hip

Good stuff bud

Mike
  • #80,525
  • Nov 20, 2010 10:10am Nov 20, 2010 10:10am
Quoting mbqb11
No I would never say that! LOL

Confluence is good and I think the 365 helps focus peoples attention and derive a better map then shooting from the hip

Good stuff bud

Mike

I knew you would like that one, Mike . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #80,526
  • Nov 20, 2010 10:20am Nov 20, 2010 10:20am
Quoting geniusztc
so ,is it right ??

I don't know is it "right". I'm still a learner just like you guys. But I think that looking for a bearish price action (daily or 4H chart) at around 1.0000 level will give me a good chance of a profitable trade.

ps. I made a mistake when I said about the BEOB on the weekly AUD/USD chart. It's like Adilius07 said -> a 2day 2 bar pinbar. Nevertheless -> still bearish
  • #80,527
  • Nov 20, 2010 10:27am Nov 20, 2010 10:27am
Quoting mikeb
I don't know is it "right". I'm still a learner just like you guys. But I think that looking for a bearish price action (daily or 4H chart) at around 1.0000 level will give me a good chance of a profitable trade.

ps. I made a mistake when I said about the BEOB on the weekly AUD/USD chart. It's like Adilius07 said -> a 2day 2 bar pinbar. Nevertheless -> still bearish
just look at the 9930 level.
A chart helps those who can read it.
  • #80,528
  • Nov 20, 2010 10:32am Nov 20, 2010 10:32am
Quoting geniusztc
just look at the 9930 level.

Sorry, but I don't understand. What should I see at the 9930 level?
  • #80,529
  • Nov 20, 2010 10:32am Nov 20, 2010 10:32am
Quoting joelcf
ha, I think I missed that one. Although I suspect my macroeconomics is almost as bad as theirs I also doubt I have the patience and diplomacy skills to deal with reporters, commentators and assorted idiots. I'd get fired on my first day after punching out Jim Cramer.

Take care guys
LOL
  • #80,530
  • Nov 20, 2010 10:35am Nov 20, 2010 10:35am
Quoting mbqb11
Hey John

THis is more of a general statment meaning I don't want to be trading back into the BRN. This could be 10 pips back into it, or it could mean 300 pips back into it. The recent EUR/Cad eur/chf are good examples. Generally orders start stacking (for better or worse to the specific trade) around this area and I don't want to get caught trading back into what could be a historical PPZ(must confirm visually). So one of my rules is to be trading away from these areas. It keeps me in check

Best
Mike
HEre is an example of a HUGE no/no in my book. Again when I say I do it, it isn't that you can't trade into them. In fact you can, if you get a hard break through them they can help your trade actually. I just don't handle my mgmt in that way so it doesn't compliment but hurt my trading. If something is not adding value to your trading you have to stop doing it. Different things hold different value to different traders. Never forget that

So here is a pinbar eur/chf trading right back into the 1.35 a confirmed PPZ in the long term and in the short term as well. I would never want to be selling right back into a nice area for buyers to also come in(supply/demand see Joel's recent post)

Just the way I have grown to do things. Keeps me in check

Off to the gym
Mike
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  • #80,531
  • Nov 20, 2010 10:44am Nov 20, 2010 10:44am
I was looking at the EUR/USD weekly chart and was wondering where this Pinbar could take us. I was thinking the low of the previous bar as target.

http://img208.imageshack.us/img208/3518/eurusdi.gif

Then I decided to look at the daily and draw the fibs. And voila! Lining up exactly with the 50% retracement.

http://img811.imageshack.us/img811/1817/eurusddaily.gif


I will be looking for some price acton at this level.
  • #80,532
  • Nov 20, 2010 11:56am Nov 20, 2010 11:56am
Where is price going results....a lot of good answers. Both went to BRNs and stalled, one reversed at the BRN, while the other went on through.
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  • #80,533
  • Nov 20, 2010 11:59am Nov 20, 2010 11:59am
Quoting mbqb11
HEre is an example of a HUGE no/no in my book....
Thanks mike
Would this be a idea for short profit that the 1.35 BRN is the FTA and then trail the Stop to BE.
But for me personally it is too much risk ;-)
  • #80,534
  • Nov 20, 2010 12:10pm Nov 20, 2010 12:10pm
Weekly chart, where is price going?
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  • #80,535
  • Nov 20, 2010 12:14pm Nov 20, 2010 12:14pm
Quoting Donkey
Weekly chart, where is price going?
Here is my take
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  • #80,536
  • Nov 20, 2010 12:32pm Nov 20, 2010 12:32pm
Quoting jarroo
Yes its always good to wait for the break and know your Honest target.

But I was talking more about how the Daily close inrelation to the 4 hour. (Chart.)
i see it happened to me quite a few times to enter a trade after seeing a nice PA and then i saw that on a higher timeframe the PA is indicating an opposite situation than on the lower TF but i've learned my lesson by doing that mistakes
  • #80,537
  • Nov 20, 2010 1:38pm Nov 20, 2010 1:38pm
Quoting Donkey
Weekly chart, where is price going?
Hi Donkey and another guys,
I am totaly newbie and I like to learn how to trade from you guys if I can and like your weekend trading school for newbies.
So here is my thought how I see this chart.

KR
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  • #80,538
  • Nov 20, 2010 3:02pm Nov 20, 2010 3:02pm
Hy!

I am a new here and everywhere.
What do you think:

Is it good for a short position? Entry @ 1.3890 SL @ 1.4010 TP around 1.3700


Thank you!

Greetings from Hungary!
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  • #80,539
  • Nov 20, 2010 3:43pm Nov 20, 2010 3:43pm
Quoting mikeb
I was looking at the EUR/USD weekly chart and was wondering where this Pinbar could take us. I was thinking the low of the previous bar as target.


Then I decided to look at the daily and draw the fibs. And voila! Lining up exactly with the 50% retracement.


I will be looking for some price acton at this level.

Hey mikeb,

Not to bad and good eye on that potential target of the Weekly PB.

My concern is the 1.3750ish level that is acting as Resistance that the Weekly PB is running into.

On the 2 Weekly TF, you can see the big BEOB pushed through and closed below and even on the Weekly you can see the consolidation that we have been having finally broke through.

It will be interesting to see if that PB can bring Price to close above the 1.3750 and then find Support there. . .and then hit your target. . . but we won't be surprised if Price keeps going down.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,540
  • Nov 20, 2010 4:02pm Nov 20, 2010 4:02pm
Quoting ppfx
i see it happened to me quite a few times to enter a trade after seeing a nice PA and then i saw that on a higher timeframe the PA is indicating an opposite situation than on the lower TF but i've learned my lesson by doing that mistakes

I hear ya, ppfx. . .I've been there.

If and when I do go down to the lower TFs, like the 4 hour or Hourly, I bring the Weekly and Daily info with me. Mainly the PPZ levels and how they are acting . .meaning are they acting as Support or Resistance because Price just broke through and closed.
Indicators show the past. Price Action "Indicates" the future.
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