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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

  • #86,161
  • Jan 18, 2011 5:33am Jan 18, 2011 5:33am
Quoting ppfx
My view about oil is that we are in consolidation between 87.28 and 92.55. In case if it breaks the 92.55 we could easily see 100 imho. charts

Nice charts ppfx . .You're getting to be like Rac when you can predict the day and time . .lol .. nice.
Indicators show the past. Price Action "Indicates" the future.
  • #86,162
  • Jan 18, 2011 5:40am Jan 18, 2011 5:40am
Quoting jarroo
Its more so on the Higher time frames, decentchap. A strong close above/below on the Weekly and Daily tells me that the level maybe tuning over from Sup to Res or vice cersa. The amount of pips can vary with the pair . .general rule . .the more the amount, the better.
Thank you,
So Strong close is generally determined by pips exceeded at the closing of the time frame in question (pips variable depending on the pair in question - higher for more volatile pairs – e.g cable)

In terms of momentum,
if the price is approaching a ppz hard and fast(strong momentum) - its less likely to break it and if the apporoch to ppz is slow and steady(no so strong momentum) its more likely to break it.

"Slow and steady wins the race"

Am i right in thinking this or is it other way round?
Trading is a test match not a Twenty20.
  • #86,163
  • Jan 18, 2011 5:42am Jan 18, 2011 5:42am
Quoting jarroo
Nice charts ppfx . .You're getting to be like Rac when you can predict the day and time . .lol .. nice.
Im not even close to Rac, but hopefully one day i will be.
  • #86,164
  • Jan 18, 2011 5:51am Jan 18, 2011 5:51am
Quoting decentchap
Thank you,
So Strong close is generally determined by pips exceeded at the closing of the time frame in question (pips variable depending on the pair in question - higher for more volatile pairs – e.g cable)

In terms of momentum,
if the price is approaching a ppz hard and fast(strong momentum) - its less likely to break it and if the apporoch to ppz is slow and steady(no so strong momentum) its more likely to break it.

"Slow and steady wins the race"

Am i right in thinking this or is it other way round?

Yes, to your first statement . . and your right, it depends on the TF in question. I like the close to be strong above/below on the Weekly if I'm working on the Daily.

If the Price is moving hard and fast it will usually mean that Price will break it . .think of trying to make a sudden, quick stop on a boat on a lake . .its not going to happen. . .whether it closes above/below will determine if its still Res or Sup.

A strong, slow, plotting Price movement can also break the level or not . .it depends on how it closes.
Indicators show the past. Price Action "Indicates" the future.
  • #86,165
  • Jan 18, 2011 5:56am Jan 18, 2011 5:56am
Quoting ppfx
Im not even close to Rac, but hopefully one day i will be.
Your getting close my friend . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,166
  • Jan 18, 2011 5:58am Jan 18, 2011 5:58am
Quoting ppfx
My view about oil is that we are in consolidation between 87.28 and 92.55. In case if it breaks the 92.55 we could easily see 100 imho. charts
I view that daily BUOB as a breakout of that consolidation, if price manages to close above 9200 on the daily we might see a follow through of that breakout.
Pipcrawler
  • #86,167
  • Jan 18, 2011 6:09am Jan 18, 2011 6:09am
Quoting jarroo
Let's see if the 1.6 on the GU will hold as Support on the Hourly . .just watching, no trading here . . remember we watch the "closes".
So far no holding as Support on the Hourly, the close could not stay above the 1.6. so it could be Resisatnce now . . . .this is a VBRN on the GU. .it could get a little choppy. Where the Daily closes will be telling.

Gotta go gang . .


Later,

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.jpg Size: 103 KB
Indicators show the past. Price Action "Indicates" the future.
  • #86,168
  • Jan 18, 2011 6:22am Jan 18, 2011 6:22am
Ok, thank you for your patience and time Jim.

When you say you look for weekly close when working on the daily.
You look for last Friday’s close and if you determine that it had a strong close above the PPZ you look for bullish action daily for that week and the opposite of it was closed below.
If the daily starts closing in the opposite direction you change your bias.

E.g in the attached USD/CHF example you are looking for some bullish PA atm.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdchfweekly.gif Size: 20 KB
Click to Enlarge Name: usdchfdaily.gif Size: 18 KB
Trading is a test match not a Twenty20.
  • #86,169
  • Jan 18, 2011 7:05am Jan 18, 2011 7:05am
Hi all

I wanted to review past trades, and was glad I found this post
http://www.forexfactory.com/showpost...&postcount=144

From now on all charts I post will have my trades on them. Hopefully this will help to keep me out of bad trades
  • #86,170
  • Jan 18, 2011 7:12am Jan 18, 2011 7:12am
Ready to break?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 16 KB
Trading is a test match not a Twenty20.
  • #86,171
  • Jan 18, 2011 7:13am Jan 18, 2011 7:13am
Quoting jarroo
So far no holding as Support on the Hourly, the close could not stay above the 1.6. so it could be Resisatnce now . . . .this is a VBRN on the GU. .it could get a little choppy. Where the Daily closes will be telling.

Gotta go gang . .


Later,

Jim
Hey Jim,

I would rather look at lower timeframes becouse this was impulse reaction to better cpi data. There are some nice symmetrical patterns at the breakout point on m5. News traders use lower tfs hence one H1 bar wont give much information... Just my 2c.
Attached Image (click to enlarge)
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  • #86,172
  • Jan 18, 2011 8:13am Jan 18, 2011 8:13am
Quoting james16
happy birthday my friend.

ghous does not get paid but he certainly deserves it.

if he would let me i would pay him something in a heart beat.

jim
How about a new "James16 chart" I can frame and put up on my bedroom wall.

g.
I believe . . .
  • #86,173
  • Jan 18, 2011 8:16am Jan 18, 2011 8:16am
Quoting jarroo
I like your style xmz. . . it can be very effective way of trading. .it reminds me of a guy that use to post here named NuckingFuts . .yeah I know funny name, a good guy . . You'll have to look up some of his post. basically trading higher TF PA off the Lower TFs like yourself.



Just some thoughts, xmz.


Jim
The good ol' gang!

I wish they'd return.
I believe . . .
  • #86,174
  • Jan 18, 2011 8:26am Jan 18, 2011 8:26am
Quoting decentchap
Ready to break?
That wedge is probably there more because you want it there and less because it should be there.

You want a more properly defined wedge that enables price to consolidate within it and show clear signs of winding up. The one that gt this up move started is a good example.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 31 KB
I believe . . .
  • #86,175
  • Jan 18, 2011 8:26am Jan 18, 2011 8:26am
Quoting jarroo
...it reminds me of a guy that use to post here named NuckingFuts . .yeah I know funny name, a good guy ...
one of the best nicknames i've ever read...
really just lmao. thx.
meine augen sind die sterne
  • #86,176
  • Jan 18, 2011 8:40am Jan 18, 2011 8:40am
Quoting ghous
That wedge is probably there more because you want it there and less because it should be there.

You want a more properly defined wedge that enables price to consolidate within it and show clear signs of winding up. The one that gt this up move started is a good example.

g.
Thank you Sir, You are absolutely right. I shouldnt even be looking at those small tfs but cant seem to stop at times.. i took no action and will be waiting to see how the daily closes.

anyways, belated salgirah mubarak
Trading is a test match not a Twenty20.
  • #86,177
  • Jan 18, 2011 8:48am Jan 18, 2011 8:48am
Quoting decentchap


Thank you Sir, You are absolutely right. I shouldnt even be looking at those small tfs but cant seem to stop at times.. i took no action and will be waiting to see how the daily closes.

anyways, belated salgirah mubarak
Sheesh!!! Paki?!?!

I don't think there's any harm in strolling around lower tfs provided you know how to control yourself and your emotions. Watching price do its thing at that level is sure one lovely sight.

g.
I believe . . .
  • #86,178
  • Jan 18, 2011 8:52am Jan 18, 2011 8:52am
Quoting ghous
Sheesh!!! Paki?!?!

I don't think there's any harm in strolling around lower tfs provided you know how to control yourself and your emotions. Watching price do its thing at that level is sure one lovely sight.

g.
Indeed, thats what seduces me, as i want to see how price flirts around those levels. but than i am prone to forgetting the fact that levels at smaller tfs are less reliable..

Not from Pak, but a brother from neighbourhood..
Trading is a test match not a Twenty20.
  • #86,179
  • Jan 18, 2011 8:55am Jan 18, 2011 8:55am
Quoting decentchap
Indeed, thats what seduces me, as i want to see how price flirts around those levels. but than i am prone to forgetting the fact that levels at smaller tfs are less reliable..

Not from Pak, but a brother from neighbourhood..
Indeed, thats what seduces me, as i want to see how price flirts around those levels. but than i am prone to forgetting the fact that levels at smaller tfs are less reliable..

Not exactly unreliable. They are just more trickier. Price is on steroids and gives you less time to react. Solid PA though, is just what is anywhere anytime.

Not from Pak, but a brother from neighbourhood.

I believe . . .
  • #86,180
  • Jan 18, 2011 8:58am Jan 18, 2011 8:58am
Quoting sebby
Guys I was wondering how an US holiday actually affects the FX market. Here are some of my thoughts:

- biggest currency market is London, not NYC... Most banks have operations worldwide anyways and there is quite a few hedge funds in the City. Since most FX trading is interdealer, the European session should still have regular validity

- I can see that maybe USD crossings won't get that much action because:...
I think it has a lot of power. Just as it can on any normal trading day too. When the US markets are not open the markets are more times dead then they are super active. This doesn't mean on a US holiday the FX markets won't be active, but likely they won't be or they will only be during the Euro session.

Best
Mike
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