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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

  • #88,501
  • Feb 9, 2011 10:58am Feb 9, 2011 10:58am
Quoting Dan Gilbert
Here's confluence.
That sure is confluence!!!!!

I'm just like a dog with a bone

Always loved H&S and Quasimodos
  • #88,502
  • Feb 9, 2011 11:02am Feb 9, 2011 11:02am
Quoting Greenhaze
I think you misunderstood that quote. I notice that a lot of forum members draw conclusions a little to quickly without further digesting. BRV deserved all the respect he got and his articles are always a good read. In this case doing nothing means simply sitting on your hands when nothing on the charts is screaming at you.
Hello, I understand the quote and the point I was trying make was rather than doing nothing I.e. waiting , I look to force trades, which mostly results in a looser. So brv quote is something I need to keep in mind.
Happy trading !
DC
Trading is a test match not a Twenty20.
  • #88,503
  • Feb 9, 2011 11:12am Feb 9, 2011 11:12am
Quoting stewrigh
Problem I have with this is I am long EU so can't really short this.

Don't understand the Euro strength but ATM it is very strong so I'm relucant to go short..
It's just so difficult to accept the power of the € with a weekly like this
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  • #88,504
  • Feb 9, 2011 11:12am Feb 9, 2011 11:12am
Quoting decentchap
Hello, I understand the quote and the point I was trying make was rather than doing nothing I.e. waiting , I look to force trades, which mostly results in a looser. So brv quote is something I need to keep in mind.
Happy trading !
DC
Hey chap

90% of trading is waiting............for the A+ setups. Worth the wait rather than look back in anger at one's own impatience etc. What I sometimes find difficult with the thread is that you see people taking trades all over the place and you feel that you are missing out. That's when you get the itchy finger and try to force things IMHO. I am starting to clear this hurdle now but many more ahead I think!!

Good trading to all,

Kal
  • #88,505
  • Feb 9, 2011 11:15am Feb 9, 2011 11:15am
Quoting Dan Gilbert
Here's confluence.
One thing Dan.

Have you jumped on a breakout, or are you waiting for resistance?
  • #88,506
  • Feb 9, 2011 11:16am Feb 9, 2011 11:16am
you shell fish bastard.

you spend hours and hours posting pretending to help and when a classic setup appears you keep it all for yourself trying to get ahead.
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  • #88,507
  • Feb 9, 2011 11:18am Feb 9, 2011 11:18am
i scanned several days of posts to check if you gave anyone a heads up and no, nobody said a thing.
  • #88,508
  • Feb 9, 2011 11:19am Feb 9, 2011 11:19am
Quoting Ifmyante
One thing Dan.

Have you jumped on a breakout, or are you waiting for resistance?
what?

that confluence is resistance....???

I'm lost.
Many choose unhappiness over uncertainty.
  • #88,509
  • Feb 9, 2011 11:21am Feb 9, 2011 11:21am
Quoting Dan Gilbert
any more confluence besides 50%?

no VBRN, price is heading right to 1.35 if you short it.
Just a couple of things maybe.

RN near top of spike and TL as shown on chart
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  • #88,510
  • Feb 9, 2011 11:26am Feb 9, 2011 11:26am
Quoting Dan Gilbert
what?

that confluence is resistance....???

I'm lost.
Me too, a little.

I thought maybe you were saying the confluence was meant to act as resistance. But we have a nice BO, Pullback and the beginning of continuation.

But if you're saying that we have confluence for a move either way, I'm with you for sure
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  • #88,511
  • Feb 9, 2011 11:29am Feb 9, 2011 11:29am
Quoting 4X=0
you shell fish bastard.

you spend hours and hours posting pretending to help and when a classic setup appears you keep it all for yourself trying to get ahead.
I don't get it 4X

This isn't a trade signal service
  • #88,512
  • Feb 9, 2011 11:32am Feb 9, 2011 11:32am
Quoting Ifmyante
Me too, a little.

I thought maybe you were saying the confluence was meant to act as resistance. But we have a nice BO, Pullback and the beginning of continuation.

But if you're saying that we have confluence for a move either way, I'm with you for sure

You're looking at the small timeframe first... you should see the long time frame first, small time frame second.
Many choose unhappiness over uncertainty.
  • #88,513
  • Feb 9, 2011 11:37am Feb 9, 2011 11:37am
Quoting Dan Gilbert
You're looking at the small timeframe first... you should see the long time frame first, small time frame second.
But I drew that TL long ago, and yesterday closed above it
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  • #88,514
  • Feb 9, 2011 11:45am Feb 9, 2011 11:45am
Quoting Ifmyante
But I drew that TL long ago, and yesterday closed above it
a trendline that price only touches 2 times, is not valid.

3 touches minimum. Think about it, you can draw a trendline ANYWHERE that has only 2 touches, that does not make it valid.

EDIT: I'll also add, that a HORIZONTAL line with only 2 touches does hold a lot more weight.
Many choose unhappiness over uncertainty.
  • #88,515
  • Edited 12:09pm Feb 9, 2011 11:53am | Edited 12:09pm
Quoting Dan Gilbert
a trendline that price only touches 2 times, is not valid.

3 touches minimum. Think about it, you can draw a trendline ANYWHERE that has only 2 touches, that does not make it valid.

EDIT: I'll also add, that a HORIZONTAL line with only 2 touches does hold a lot more weight.
True Dan.

Now I got it

Anyway, that's become one hell of a bar to be trying to short into
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  • #88,516
  • Feb 9, 2011 12:08pm Feb 9, 2011 12:08pm
Quoting Dan Gilbert
a trendline that price only touches 2 times, is not valid.

3 touches minimum. Think about it, you can draw a trendline ANYWHERE that has only 2 touches, that does not make it valid.

EDIT: I'll also add, that a HORIZONTAL line with only 2 touches does hold a lot more weight.
It is true in most of the cases but in the rest of them it works quite well .
  • #88,517
  • Feb 9, 2011 12:11pm Feb 9, 2011 12:11pm
Quoting Dan Gilbert
a trendline that price only touches 2 times, is not valid.

3 touches minimum. Think about it, you can draw a trendline ANYWHERE that has only 2 touches, that does not make it valid.

EDIT: I'll also add, that a HORIZONTAL line with only 2 touches does hold a lot more weight.
Sorry Dan but your trendline makes no sense to me. You have ignored all of the bars I circled. Do you think others will draw like this and notice your trendline?
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  • #88,518
  • Feb 9, 2011 12:20pm Feb 9, 2011 12:20pm
we are all aware that london is the best time to trade the FX Market,
but when we shift out and look at less trading at higher timeframes, when do you see more of your trades taken? is it at the close of the NY session when the candle has completed? a certain GMT? any help if any is greatly appreciated
DM if you have any questions
  • #88,519
  • Feb 9, 2011 12:23pm Feb 9, 2011 12:23pm
Quoting Ifmyante
It's just so difficult to accept the power of the € with a weekly like this
Yeah I know it makes no sense, but I gave up trying to make any sense out of forex a long time ago.
  • #88,520
  • Feb 9, 2011 12:24pm Feb 9, 2011 12:24pm
Quoting jkrick33
we are all aware that london is the best time to trade the FX Market,
but when we shift out and look at less trading at higher timeframes, when do you see more of your trades taken? is it at the close of the NY session when the candle has completed? a certain GMT? any help if any is greatly appreciated
The setups can happen at any time at all. Certainly they can run faster at more volatile times, but this doesn't make them any more valid. Just a little easier on the nerves, perhaps
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