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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

  • #87,241
  • Edited 7:58am Jan 28, 2011 6:30am | Edited 7:58am
Hey Mike/Jarroo,
Checkout this EURUSD Daily Chart...
Initially its a strong Bullish momentum from 1.2878 n as u can see in yellow box,the Bars look as if they are running out of fuel,even today's bar(though yet to get over) doesn't seem to be moving much.Also 1.37-1.38 looks Resistance Area to me..so do u expect any Bearish Trend next week??

Just need ur adivce..

Thanks!

Good Trading!!
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  • #87,242
  • Jan 28, 2011 8:04am Jan 28, 2011 8:04am
Quoting Greenhaze
If you took H4 /H1 PB you shouldnt take loss on it becouse price stalled exactly at FTA.
I took it on the H4 but taking it on the H1 would have been more profitable.
I agree with you regarding the FTA. I guess things happened very quick for me to react. When I trade from work I can't really watch my trades continuously.
**Lesson Learned**
  • #87,243
  • Jan 28, 2011 8:41am Jan 28, 2011 8:41am
Quoting Osman
All major banks give their predictions, Jpmorgan, Deutsche bank, Citibank etc..
and you will make more money trading against them than trading with them.

Os.
I agree. I worked for UBS and was told by several traders that they HAD to have an opinion to give to clients, even if they had no clue. I have a friend who works in wealth management for Merrils and I asked what the banks position was on some shares. She said "buy", so I did. Wish I hadn't! Should have used PA to tell me NOT to LOL!

I have a close trader friend who always tells me he has no idea which way the markets are going but like Jim always says it is the size of the account that makes a difference. He only needs the market to move a pips to make millions for the bank.

Large pinch of salt is what comes to mind!
  • #87,244
  • Jan 28, 2011 9:06am Jan 28, 2011 9:06am
Quoting 5.25
Anyone else watching the EUR/USD?
My gun is loaded.... but i would still like to see one more push to the upside somewhere at the blue rectangle before any substantial selloff. Lower TL looks interesting.
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  • #87,245
  • Jan 28, 2011 9:19am Jan 28, 2011 9:19am
Quoting Dan Gilbert
well I'll be..... I didn't notice that lol.


but you and your closes.... golly gee

I thought you would like it, Dan.

Where the Closes close Rule!
Indicators show the past. Price Action "Indicates" the future.
  • #87,246
  • Jan 28, 2011 9:20am Jan 28, 2011 9:20am
Quoting 5.25
Now that's exactly what I needed to hear

Indicators show the past. Price Action "Indicates" the future.
  • #87,247
  • Jan 28, 2011 9:20am Jan 28, 2011 9:20am
Ive got the GBP/CAD & EUR/CAD on my radar.

Lets begin with EUR/CAD:
1. BRN 1.37000
2. Nice area of PPZ (resistance)
3. 200EMA

We had an IB a few days back, then something that looks like a PB yesterday (but didn't quite make it). For some reason I feel like this could break to the upside (check out the monthly, looks bullish to me). What would be the FTA for a bearish setup on the daily????

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The GBP/CAD seems a little more attractive to me. Check it out, we have some fibs, BRN, PPZ, PB and some space aswell. Experienced ones whats your take on this???

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Cheers,
  • #87,248
  • Jan 28, 2011 9:23am Jan 28, 2011 9:23am
Quoting Adilius07
The scary thing here is that we don't really know if they are really doing this or not.. I'm sure their "strategy" is much more sophisticated than that was shown.. So yeah, who cares we need our own methods
The only person you have control over is yourself.

Bemacs signature

Quote
I may not Always be right but I AM ALWAYS IN CHARGE. At least, of My Own Coin.

This is hugely important in my eyes. It holds one accountable for everything and reflects the mirror back on ourselves. It isn't always what we thought or like to see, but it allows us to take a good look at ourselves.

Oh and I try to follow this outside of trading too. Emotions like being mad at someone is just someone else having control over you. It's much easier to control my emotions in trading, but I am working and will work for the rest of my life on both.

Best
Mike
  • #87,249
  • Jan 28, 2011 9:32am Jan 28, 2011 9:32am
Quoting AvanishDemo
Hey Mike/Jarroo,
Checkout this EURUSD Daily Chart...
Initially its a strong Bullish momentum from 1.2878 n as u can see in yellow box,the Bars look as if they are running out of fuel,even today's bar(though yet to get over) doesn't seem to be moving much.Also 1.37-1.38 looks Resistance Area to me..so do u expect any Bearish Trend next week??

Just need ur adivce..

Thanks!

Good Trading!!
Hey Avanish

I have no idea is the real answer. Are we nearing resistance? Yes. Is price getting top heavy? Yes. But does that mean we will see bearish "trend" next week? I could not tell you without more info. It's something to watch now for further signals that give logical entry points. I think you are right with what you are seeing but that doesn't really mean I will just jump in, it's something I will look for solid confirming PA and story.

Hope that makes sense
Mike
  • #87,250
  • Jan 28, 2011 9:35am Jan 28, 2011 9:35am
Quoting vasmiza
Ive got the GBP/CAD & EUR/CAD on my radar.

Lets begin with EUR/CAD:
1. BRN 1.37000
2. Nice area of PPZ (resistance)
3. 200EMA

We had an IB a few days back, then something that looks like a PB yesterday (but didn't quite make it). For some reason I feel like this could break to the upside (check out the monthly, looks bullish to me). What would be the FTA for a bearish setup on the daily????

Attachment

The GBP/CAD seems a little more attractive to me. Check it out, we have some fibs, BRN, PPZ, PB and some space aswell. Experienced...
Hey V

eur/cad any moves to the downside I would heavily be watching the BRN of 1.35 it is trading right back into. Strong up trend recently. TO me this is a very much sit and wait for more info.

Gbp/cad - Remember we want these pibnars at a swing high, this is right in a sideways market with actually zero space( to understand space check out my guest video on space vs traffic). There is a lot of top side potential resistance but we are chopping too, I would be cautious for something more clear personally.

Have a great weekend
Mike
  • #87,251
  • Jan 28, 2011 9:35am Jan 28, 2011 9:35am
Quoting AvanishDemo
Hey Mike/Jarroo,
Checkout this EURUSD Daily Chart...
Initially its a strong Bullish momentum from 1.2878 n as u can see in yellow box,the Bars look as if they are running out of fuel,even today's bar(though yet to get over) doesn't seem to be moving much.Also 1.37-1.38 looks Resistance Area to me..so do u expect any Bearish Trend next week??

Just need ur adivce..

Thanks!

Good Trading!!
I like to see Price get to the 1.38 . .good Weekly PPZ level there.

I'll expect a brearish trend when we see some nice Big bearish PA . .(Bearish BEOB I drew on my Daily chart is actual size . .lol . .)
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #87,252
  • Jan 28, 2011 9:38am Jan 28, 2011 9:38am
10th day in a row EU cant break lower. Its last friday this month ... wouldnt be surprised to see major profit taking after breaking 2-day low.
  • #87,253
  • Jan 28, 2011 9:40am Jan 28, 2011 9:40am
Quoting Greenhaze
1 months ago i moved to sweden and in the meantime EUR/SEK pair managed to reach its 10 year support. I guess forex is not so popular hear and i have found only 2 brokers where one is dead already...anyway... This pair attracts my attention becouse of that strong support and 9.000 BRN which needs to be broken in order for price to go higher. Zooming into the daily only helps to see the importance of that level. I would like to see that monthly pb close above the 9.000.... 9.500 would be very nice target. I am working in company which exports a lot...

Yikes!
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Indicators show the past. Price Action "Indicates" the future.
  • #87,254
  • Jan 28, 2011 9:40am Jan 28, 2011 9:40am
Quoting mbqb11
Hey V

eur/cad any moves to the downside I would heavily be watching the BRN of 1.35 it is trading right back into. Strong up trend recently. TO me this is a very much sit and wait for more info.

Gbp/cad - Remember we want these pibnars at a swing high, this is right in a sideways market with actually zero space( to understand space check out my guest video on space vs traffic). There is a lot of top side potential resistance but we are chopping too, I would be cautious for something more clear personally.

Have a great weekend
Mike
Seems I need to do a bit more studying on space and traffic, will definitely review that video. Thanks for your help Mike
  • #87,255
  • Jan 28, 2011 9:45am Jan 28, 2011 9:45am
Quoting Greenhaze
10th day in a row EU cant break lower. Its last friday this month ... wouldnt be surprised to see major profit taking after breaking 2-day low.
2 day BEOB ? I had 1.3677 as a monthly ppz .. maybe a 2 day beob for a retouch of the 1.35 ?

Os.
Trade Smart
  • #87,256
  • Jan 28, 2011 9:48am Jan 28, 2011 9:48am
Quoting jarroo
Yikes!
Imagine all the customers calling and asking for better rate.....
Yeah...still counting for a nice bounce there
  • #87,257
  • Jan 28, 2011 9:50am Jan 28, 2011 9:50am
Quoting Greenhaze
Imagine all the customers calling and asking for better rate.....
Yeah . .lol .. wow

When Price breaks through and closes below . .the Price Flip can be pretty strong especailly at the BRNs.

Its probably why it works so well.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,258
  • Jan 28, 2011 9:53am Jan 28, 2011 9:53am
Quoting mbqb11
Hey Al

I would want to see a more concrete third touch to verify the use of a trendline to trade a pullback on. It very well could and is still a logical way to analyze the chart but I am even more picky on my trendlines then I am on just normal breakout patterns, or even PA for that matter.


best
Mike
Can you please explain little bit more here ? Where you would like to see a third touch ? I see that trend line is touched 3 times(marked in green) but on the third time price did not move up enough.. Are you talking about this one ?
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  • #87,259
  • Edited 10:13am Jan 28, 2011 10:00am | Edited 10:13am
Quoting jarroo
Notice what is happening now since Price broke through and closed below the 1.3 on the Daily . .

Update. . .it never ceases to amaze me.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,260
  • Jan 28, 2011 10:01am Jan 28, 2011 10:01am
Quoting jarroo
Yeah . .lol .. wow

When Price breaks through and closes below . .the Price Flip can be pretty strong especailly at the BRNs.

Its probably why it works so well.
Yeah ... 9.000 works as a brickwall right now. Those swedish people with their strict rules know how to deal with crysis . :
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