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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

  • #82,481
  • Dec 14, 2010 2:38pm Dec 14, 2010 2:38pm
Quoting jarroo
Beau . .ti . . .ful . . Look at all those confluences . . nice.

I would also add the confluence that the Daily and Weekly bar(s) did not close above the 1.6000.


Now can you imagine Os, that you will only take setups that are just like this one. . . meaning exactly like this one. . .not one or two confluences but all of them combined that you have here.

If you do . .welcome to the trader's world of pickiness.
For sure. It may not be very fancy but it gets the job done.
  • #82,482
  • Edited 3:19pm Dec 14, 2010 3:16pm | Edited 3:19pm
mbqb11
Re EURUSD - While it would be nice to have seen it push through the 1.35 before the retrace, the two days in a row clearly not able to hold above the 5 month uptrend line looks pretty good for direction from here. Of course nothing is confirmed until it is confirmed. I am probably more concerned that we are too close to Christmas and the markets may well not go where we think they may.
  • #82,483
  • Dec 14, 2010 3:22pm Dec 14, 2010 3:22pm
Quoting mbqb11
Would have liked to see a larger push through the 1.35 area. Not much space to work with on the daily. A break should see the blue boxed area at least
not much space
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Don't give up
  • #82,484
  • Dec 14, 2010 4:38pm Dec 14, 2010 4:38pm
Quoting jarroo
Hey d.

Hope this helps.

Jim

Thanks a ton jarroo. Helps tremendously as always.
  • #82,485
  • Dec 14, 2010 4:42pm Dec 14, 2010 4:42pm
Quoting mbqb11
The thing about PA Analysis(meaning everything we do), encompasses a lot of market microstructure into it....

Thanks Mike...Yeah, got to remember to get up and exercise a little every hour instead of sitting for 3 or 4 hours straight building up chart time.


Hmm, I see...Mike, we all know the RN is psychological thing, big bars, I presume is for momentum, I thought the long nose is also momentum but, as you mention them separately, I guess not.

You have any recommended reading for these points and any other you feel valid to our methodology.

Thanks Mike
  • #82,486
  • Dec 14, 2010 5:17pm Dec 14, 2010 5:17pm
Quoting fiattrader
mbqb11
Re EURUSD - While it would be nice to have seen it push through the 1.35 before the retrace, the two days in a row clearly not able to hold above the 5 month uptrend line looks pretty good for direction from here. Of course nothing is confirmed until it is confirmed. I am probably more concerned that we are too close to Christmas and the markets may well not go where we think they may.
Hey THere Fiat

Yeah I have to agree with you. For my style this type of setup isn't really worth it with that area so close and how much these markets are swinging right now(rather thin for the holidays right around the corner). I prefer to use these bars to test my knowledge with S/R and just see where price is likely to go.

Best
Mike
  • #82,487
  • Dec 14, 2010 5:19pm Dec 14, 2010 5:19pm
Quoting mbqb11
For sure. It may not be very fancy but it gets the job done.
lol. . . .add more Space and Size sure would pretty it up . .for sure Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #82,488
  • Dec 14, 2010 5:20pm Dec 14, 2010 5:20pm
Quoting Donkey
Thanks a ton jarroo. Helps tremendously as always.

Cool . .d.
Indicators show the past. Price Action "Indicates" the future.
  • #82,489
  • Dec 14, 2010 5:30pm Dec 14, 2010 5:30pm
Quoting jarroo
Yeah, we might have talked about the Weekly BUOB on the Chf/Jpy some time back. Price had been bounce off the previous bar high (no bar closed below it on the weekly) for some time.

The Chf/Jpy can be a very spiky pair on the lower TFs. Pairs like these, it is always better to work off the Weekly and/or Daily TFs to smooth out the edges . .also the Weekly looks like a 4 Hour chart to me.

BUOB hit its target. Would have liked to have had a Daily close above that 86.50. Price may retrace to the 85.00 BRN to test it as Support.

Time to move the stop loss to just under the 86.50.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,490
  • Dec 14, 2010 5:37pm Dec 14, 2010 5:37pm
This tiny AUD/USD PB at parity, is an easy pass.
I know the parity is strong, but look at the uptrend, how small this bar is and the bar highs at 0.99000
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  • #82,491
  • Dec 14, 2010 5:45pm Dec 14, 2010 5:45pm
Quoting Pinbar
Thanks Mike...Yeah, got to remember to get up and exercise a little every hour instead of sitting for 3 or 4 hours straight building up chart time.


Hmm, I see...Mike, we all know the RN is psychological thing, big bars, I presume is for momentum, I thought the long nose is also momentum but, as you mention them separately, I guess not.

You have any recommended reading for these points and any other you feel valid to our methodology.

Thanks Mike
Hey Pin

A lot of it is stuff that i have picked up over time from watching the charts and making my own inferences about situations. Others are from various trader whom I have a great deal of respect for their knowledge of the markets(like Darkstar). My recommendation is to spend time thinking about why you intend to do something and why you want to take a trade. It isn't that you will be right every time but it will bring you to think more about the little things you do(everyone has different things and different beliefs).
I have formulated mine that have certainly changed and molded over time.

Best
Mike
  • #82,492
  • Dec 14, 2010 5:57pm Dec 14, 2010 5:57pm
EUR/USD resting at 50% retracement level. Nice plays here can be made on a move in either direction.

HOURLY CHART

http://content.screencast.com/users/...52.08%20PM.png
What is any ocean but a multitude of drops?
  • #82,493
  • Dec 14, 2010 6:18pm Dec 14, 2010 6:18pm
Quoting mbqb11
Hey Pin

A lot of it is stuff that i have picked up over time from watching the charts and making my own inferences about situations....

I guess this is the subjectivity of the methodology.

I mean, obviously there are a lot of people's stops around BRN, but ours are around BRN with confluence of consolidation boxes PPZ etc.




Thanks Mike..


EDIT: Take AUD/USD right now, what made it break through the VBRN+ Parity then get rejected at the 1.02000?
Is this fear of uncharted territory, the unknown? I mean, one would think the parity area would be psychologically stronger than the 1.02000?
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  • #82,494
  • Dec 14, 2010 6:55pm Dec 14, 2010 6:55pm
Hey Jarroo !!!

Im trying my best to take the best of the best... sometimes you see a big BEOB and you just wanna trade it..its like something impulsive..you see two confluence and.. Im in.. but im slowlyyyy becoming more picky, long way to go yet.

Ive gotta work bit more with the story of the setup, im missing some trades cause i see a very near FTA, but the story of the setup will make it valid, UJ 4hr BEOB we had on Monday was an example.

Thx for your words, buddy.

Quoting jarroo
Beau . .ti . . .ful . . Look at all those confluences . . nice.

I would also add the confluence that the Daily and Weekly bar(s) did not close above the 1.6000.


Now can you imagine Os, that you will only take setups that are just like this one. . . meaning exactly like this one. . .not one or two confluences but all of them combined that you have here.

If you do . .welcome to the trader's world of pickiness.
Trade Smart
  • #82,495
  • Dec 14, 2010 8:02pm Dec 14, 2010 8:02pm
Quoting Jigsaw
Nice.
Quoting triger88990
Sorry for stealing from you http://cdn.forexfactory.com/images/s...m/big_grin.gif, but I found it very funny the way it moves http://cdn.forexfactory.com/images/s...m/big_grin.gif.
...
hahahah...nice chick

anyway, it's safe to say that Jigsaw continues to lurk here, & i see that as a good thing

Quoting mbqb11
...
Yes chair sitting will do that Pin. I just got an aeron posture-fit and boy what a difference....
nice chair


Hey Pinbar,
back & eye exercises are highly beneficial. (whole body exercise, in general)
  • #82,496
  • Dec 14, 2010 8:08pm Dec 14, 2010 8:08pm
Quoting supremeChaos


Hey Pinbar,
back & eye exercises are highly beneficial. (whole body exercise, in general)
I hear you SC.

Yeah, with this bad eye I have, I need to do that also.

Thanks.
  • #82,497
  • Dec 14, 2010 8:10pm Dec 14, 2010 8:10pm
I know we have that monthly Bearish PB lurking around on NZS/USD but, looks like it may be a nice place for some bullish PA on the daily.
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  • #82,498
  • Dec 14, 2010 8:41pm Dec 14, 2010 8:41pm
Quoting damien100
Hi Jarroo
Your posts on trading TFs independently and yet knowing what't happening on higher TFs was really excellent.
Have a nice weekend
Thanks
D
i must have missed that -but which post are you referring to?thanks
  • #82,499
  • Dec 14, 2010 9:36pm Dec 14, 2010 9:36pm
Quoting Pinbar


EDIT: Take AUD/USD right now, what made it break through the VBRN+ Parity then get rejected at the 1.02000?
Is this fear of uncharted territory, the unknown? I mean, one would think the parity area would be psychologically stronger than the 1.02000?
Simply put in my chartist eyes is that price was once again testing the very important level. Momentum was low. So the bears came in on the weak buying. Be it the 1.000, or 1.002(careful you wrote 1.02 which would be 200 pips as opposed to the 20 pips it went) it's all really the same. Price doesn't turn on a dime. Price hitting this level could have very well triggered stop losses on shorts pushing price higher just slightly above parity as well. I wouldn't go reading into a 20 pip move past that personally. Now we will have to see what develops around this level that give us more information. One could have shorted those smaller bars b/c of the level. I prefer for something more concrete to jump out. There is a lot of support now forming under us and this is sort of do or die around this level so to speak. I will be watching this level very closely for more clues

Best
Mike
  • #82,500
  • Dec 14, 2010 9:45pm Dec 14, 2010 9:45pm
Quoting mbqb11
Simply put in my chartist eyes is that price was once again testing the very important level....
Thanks Mike.

I actually meant the 1.02000 area and as you say, it must have been the bears jumping on the weak buyers there.

Interesting how this just stopped dead on top of the 61.8 fibo.
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