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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

  • #82,601
  • Dec 15, 2010 4:00pm Dec 15, 2010 4:00pm
Quoting geomink
there was space, instead
only 30 pips

it goes down

:-(
Don't give up
  • #82,602
  • Dec 15, 2010 4:15pm Dec 15, 2010 4:15pm
Quoting spookie94
What would you be looking for here, that bar to close as a PB? or a breakout and a retrace?

Yes, I would look for Bullish PA at this level. This is a verrrrryy strong level, 1.5650, due to being a PPZ level with muliple confluence of the 61.8 fib, trendline and 150 ema. Price will respond to this level . . its like hitting a brick wall.

If Price doesn't respond or react to this strong level once its hit, what does it tell you about the strength or momentum of Price? . . . . It means get the hell out of the way, this baby is a run away train.

Just because Price cuts through a brick wall doesn't make it not a brick wall . .its still a brick wall. This level is still a very strong , not as Support but as Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,603
  • Dec 15, 2010 4:23pm Dec 15, 2010 4:23pm
Quoting geniusztc
expect the close price can be above 5650(the support line and 150ema).
lets c .

Yes, a close above this level (1.5650) on the Daily or Weekly would indicatate strong Support to me, geniusztc. Where as a close below this level would indicate strong Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #82,604
  • Dec 15, 2010 4:35pm Dec 15, 2010 4:35pm
THANKS ANGUS,

LOL

Quoting teemo
You know I am a bit of a newcomer to FF forums (been using FF's calendar only since about 2008) and your awesome thread. There are a lot of great traders out there. But you have a simple approach, and most admirably a very supportive, humble, and friendly style. Your senior group members Mike, Jarroo,..etc. obviously follow the same culture. All you have to do is visit the EURUSD thread to see how hostile some threads can be.

A Huge Congratulations to you and your Group on this thread, and the reputation and success of the James16 Group!

Happy...
  • #82,605
  • Edited 4:59pm Dec 15, 2010 4:36pm | Edited 4:59pm
Quoting geniusztc
so the next support lines are @ 5610,5580. however,GBP looks so weak.
just wait
Quoting geniusztc
so...... the next support lines are 5610,5580 . is it the bottom for the next few days? i am not sure . just wait .

Next strong Support line?. . .I like the 1.5350.

Looking at the Monthly Gbp/Usd we have a BEOB. If it breaks, the target would be the previous bar lows, 1.5350. 1.5350 is a strong Monthly PPZ level.


Anyone notice what the previous bar Low is on this Monthly BEOB? . . .1.5650 . .you know I'm not surprised . .
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Indicators show the past. Price Action "Indicates" the future.
  • #82,606
  • Dec 15, 2010 4:40pm Dec 15, 2010 4:40pm
YEAH IT WASNT AN OUTSIUDE BAR ON MY FEED. TRHIS WAS ONE OF THOSE THAT HAD 50 TO 100 PIPS WRITTEN ALL OVER IT.

oops sorry caps.

all i was doing was riding it to 3300 to see what happened.

i do that a lot actually.

"day trade off of a daily chart"

Quoting spookie94
Jim, I held off on this one because it didn't look like it had much room and I was a little worried about going against that large BUOB. What made you go for this one? Lately I feel like I'm just trying to find reasons not to place a trade.
  • #82,607
  • Dec 15, 2010 4:54pm Dec 15, 2010 4:54pm
Quoting Be Cool
Jaroo Sir, I couldn't help noticed that the first bearish PB happened on Nov 26, whereas the weekly bar that closed below 1.600 ended on Nov 26. Do you suggest that one should wait for the breakout bar to close on higher TF before pulling the trigger -even if retest PA on lower TF has already broken?
Thank you

I guess was showing an example of how the Higher time frames, like the Weekly, can aide in your lower time frame decisions.

Let me present this with the Daily. (Charts)

Sorry for the confusion.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,608
  • Dec 15, 2010 5:05pm Dec 15, 2010 5:05pm
Quoting mbqb11
dang I just realized this thread hit 10million views! That is crazy. Way to go Jim, I bet the day you hit submit ten million views would have seemed the furthest thing on your mind. Another milestone for this amazing thread

See you all at 20 million

Mike

I wonder how many posts I will have at that time . .
Indicators show the past. Price Action "Indicates" the future.
  • #82,609
  • Dec 15, 2010 5:07pm Dec 15, 2010 5:07pm
chart

Quoting james16
I see we passed 10 million views.

Im honored and blessed to have so many friends.
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  • #82,610
  • Dec 15, 2010 5:07pm Dec 15, 2010 5:07pm
Someone already mentioned it i think, but took this today.

Only ended up with 30 pips due to getting my stop to BE at the FTA, then trailing it once the 2nd TA was hit. What is encouraging is that price ended up where i planned it to go, hitting the 4th TA. Just unlucky that a retrace during the day stopped me out, then ran for the full 160 pips.

In terms of confluence it had everything i was looking for: trendline re-test, resistance from a round number, 365 100 and 200 ema resistance, 50% fib and a double top. Backed by the down trend also.

The only reason i found for not taking it was that it was a pretty small pin, and it wasn't in much space.
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  • #82,611
  • Dec 15, 2010 5:09pm Dec 15, 2010 5:09pm
Quoting Greenhaze
There is a beautifull pattern on NZDUSD chart. In this case there is no point in putting stoploss above the pb high. With all this confluence it is easy to assume there are sell stop orders below the 0.7400 level. If that is true price should gain good momentum to the downside so tight stop should be a good choice. My stop will be somewhere above 0.7500.
Hi Greenhaze,

I really like the nzd/usd setup, the thing that worries me is strong ppz area we´ve got between 74 and 73 on the monthly chart.

Would like to know your thoughts on this... thx.

Os.
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  • #82,612
  • Dec 15, 2010 5:13pm Dec 15, 2010 5:13pm
Quoting jarroo
I wonder how many posts I will have at that time . .
I've got the FTA on your post count at BRN 25,000. The bulls are in control and I don't think I'll need a stop loss.
  • #82,613
  • Dec 15, 2010 5:20pm Dec 15, 2010 5:20pm
Quoting Dan Gilbert
I know I didn't want to take any december trades... but A+ is A+.... This trade even earned extra credit making it 110% A+ . Only risked 0.5% though due to it be December....

lol . . hey Dan


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Indicators show the past. Price Action "Indicates" the future.
  • #82,614
  • Dec 15, 2010 5:22pm Dec 15, 2010 5:22pm
Quoting Donkey
I've got the FTA on your post count at BRN 25,000. The bulls are in control and I don't think I'll need a stop loss.

Oh Man . . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #82,615
  • Dec 15, 2010 5:32pm Dec 15, 2010 5:32pm
Yeah, before i was moving SL to BE at the first TA, then taking partial profit, but now i get my stop to BE at the FTA, then move it again once the 2nd TA is hit and so on. This way my pips are full value.

I was fed up of one loser wiping all my partial profit, because on paper at the end of the month, i may be up +200 pips, but my account balance would be down. I may change this, its still early days.
  • #82,616
  • Dec 15, 2010 5:32pm Dec 15, 2010 5:32pm
Look at NZD/USD. There is a obvious head and shoulders pattern. However there is also a bullish divergence on the STO. What is your advice?
What is any ocean but a multitude of drops?
  • #82,617
  • Dec 15, 2010 5:39pm Dec 15, 2010 5:39pm
Good to see the master around. So a chart for him and seniors. After no kaboom maybe retest?
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  • #82,618
  • Dec 15, 2010 5:42pm Dec 15, 2010 5:42pm
Quoting pn1
Good to see the master around. So a chart for him and seniors.

If I do take a touch trade its based off PA, like Outside Bar. Its always good to wait for PA for more confirmation. imo

I do like that 1.5500 PPZ level.
Indicators show the past. Price Action "Indicates" the future.
  • #82,619
  • Dec 15, 2010 5:48pm Dec 15, 2010 5:48pm
Quoting jarroo
If I do take a touch trade its based off PA, like Outside Bar. Its always good to wait for PA for more confirmation. imo

I do like that 1.5500 PPZ level.
Thanks for your reply sir and one follow up of gbpcad which we dicussed(chart).
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  • #82,620
  • Dec 15, 2010 5:52pm Dec 15, 2010 5:52pm
Quoting pn1
Thanks for your reply sir and one follow up of gbpcad which we dicussed(chart).

Yes ..very possible.

Pull up the Weekly chart and show Support and then where Price broke through and closed below.
Indicators show the past. Price Action "Indicates" the future.
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