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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

  • #94,461
  • Apr 27, 2011 3:23am Apr 27, 2011 3:23am
im liking the look of this 2h pin on a small retrace and a close below the RN.
maybe another go at 1.4300 ??

jon

EDIT: damn news...lol
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PATIENCE... DISCIPLINE
  • #94,462
  • Apr 27, 2011 5:10am Apr 27, 2011 5:10am
Quoting yomex_y2
How do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.
demand area hold again

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Hero calls followed by margin calls...
  • #94,463
  • Apr 27, 2011 5:21am Apr 27, 2011 5:21am
Quoting g_j_hook@yah
....AUD/NZD...

jon
I took a look at the daily chart on AUD/NZD.
Not a pair which would interest me normally due to the larger spreads but the guys directing the flow on this one are fib fanatics.

Run a fib over the daily - it is driven by fibs.

The third fib has shifted up from the 1.22 low to the 1.26 low.

Price is now at the 38.2%.
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  • #94,464
  • Apr 27, 2011 5:29am Apr 27, 2011 5:29am
Quoting six gun
I took a look at the daily chart on AUD/NZD.
Not a pair which would interest me normally due to the larger spreads but the guys directing the flow on this one are fib fanatics.

Run a fib over the daily - it is driven by fibs.

The third fib has shifted up from the 1.22 low to the 1.26 low.

Price is now at the 38.2%.
thanx i will bear that in mind.
i dont really like all those fibs though, for me i would look at a fib from the last swing or a fib from the whole move, any more just confuses things for me lol

cheers

jon
PATIENCE... DISCIPLINE
  • #94,465
  • Apr 27, 2011 5:34am Apr 27, 2011 5:34am
someone mentioned this level a couple of days ago, (sorry cant remember who )
i will be watching for a pull back to 120 for a possible entry. i like the 50% fib confluence ...

jon
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  • #94,466
  • Apr 27, 2011 6:07am Apr 27, 2011 6:07am
Quoting g_j_hook@yah
someone mentioned this level a couple of days ago, (sorry cant remember who )
i will be watching for a pull back to 120 for a possible entry. i like the 50% fib confluence ...

jon
I'll be watching the same area aswell.

I've not seen fibs used in that way though, they're used to measure a retracement from a swing high/low, not on the reverse side. So I'd imagine that confluence would largely be ignored, but I may be wrong..

SG
  • #94,467
  • Apr 27, 2011 6:11am Apr 27, 2011 6:11am
Quoting g_j_hook@yah
thanx i will bear that in mind.
i dont really like all those fibs though, for me i would look at a fib from the last swing or a fib from the whole move, any more just confuses things for me lol

cheers

jon
The chart lines up so nicely with the fibs. If the people down under are conducting their business on this basis it would be silly to ignore them. I agree fibs are an invention but then we come round to the debate on how markets naturally move.

Clearly the Aussies are looking at fibs and BRN's.

1.32 ----> 1.26
1.26 ----> 1.35
1.35 ----> 1.28
1.28 ----> 1.38
1.38 ----> 1.32

1.32 resistance becomes support.
1.32 BRN
1.32 at 38.2% from swing low at 1.28

Struggling a bit at current price as looking across to the left there is the swing high at this level and at the 61.8% from the previous swing low.

Just seems like clockwork. It's a minor pair so the number of folk trading it will be small. Thus it is more open to influence of a few bigger players. If these guys use a certain technique then that's the way it is going to run.
  • #94,468
  • Apr 27, 2011 6:25am Apr 27, 2011 6:25am
Quoting Sgrb1
I'll be watching the same area aswell.

I've not seen fibs used in that way though, they're used to measure a retracement from a swing high/low, not on the reverse side. So I'd imagine that confluence would largely be ignored, but I may be wrong..

SG
hey Sgrb1, i was referring to price breaking the 50% fib retracement level. price will often use the level as support before moving on, and as it lines up pretty well with the PPZ at 120 i personally use it as confluence. You can often see price swing between fib levels as if they are PPZs. check out your charts im sure you will see it.

jon
PATIENCE... DISCIPLINE
  • #94,469
  • Apr 27, 2011 6:28am Apr 27, 2011 6:28am
Quoting g_j_hook@yah
hey Sgrb1, i was referring to price breaking the 50% fib retracement level. price will often use the level as support before moving on, and as it lines up pretty well with the PPZ at 120 i personally use it as confluence. You can often see price swing between fib levels as if they are PPZs. check out your charts im sure you will see it.

jon
Interesting, I'll check it out, thanks.

SG
  • #94,470
  • Apr 27, 2011 6:34am Apr 27, 2011 6:34am
Quoting Sgrb1
I'll be watching the same area aswell.

I've not seen fibs used in that way though, they're used to measure a retracement from a swing high/low, not on the reverse side. So I'd imagine that confluence would largely be ignored, but I may be wrong..

SG
Fibs are used for retracement and extension.

Fibonacci Retracement Levels
0.236, 0.382, 0.500, 0.618, 0.764

Fibonacci Extension Levels
0, 0.382, 0.618, 1.000, 1.382, 1.618

Read more: http://www.babypips.com/school/fibon...#ixzz1Kiql5zk0
  • #94,471
  • Apr 27, 2011 6:39am Apr 27, 2011 6:39am
Quoting six gun
The chart lines up so nicely with the fibs. If the people down under are conducting their business on this basis it would be silly to ignore them. I agree fibs are an invention but then we come round to the debate on how markets naturally move.

Clearly the Aussies are looking at fibs and BRN's.

1.32 ----> 1.26
1.26 ----> 1.35
1.35 ----> 1.28
1.28 ----> 1.38
1.38 ----> 1.32

1.32 resistance becomes support.
1.32 BRN
1.32...
lol... i wasnt arguing your point, i just meant that i personally dont use them too extensively. i think the volume on this pair is massive, not as massive as eu/us etc i know but im sure there are more than the aussies trading this pair.
to illustrate what im getting at i have quickly drawn in some PPZs on the 1D chart to show how horizontal PPZ (as james16 teaches) is usually enough to get the important levels.
thanx for your input, im always ready to learn new and interesting stuff



jon
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PATIENCE... DISCIPLINE
  • #94,472
  • Apr 27, 2011 6:47am Apr 27, 2011 6:47am
Quoting six gun
Fibs are used for retracement and extension.

Fibonacci Retracement Levels
0.236, 0.382, 0.500, 0.618, 0.764

Fibonacci Extension Levels
0, 0.382, 0.618, 1.000, 1.382, 1.618

Read more: http://www.babypips.com/school/fibon...#ixzz1Kiql5zk0
Thanks for the response and the link, I think you might have misunderstood my point though.

I fully understand fibs but don't use them much, I'll sling one on a setup derived from SR and PA, just for some added confluence if it's there. My point to Jon was that I've not seen fib levels being used on the reverse side. As far as I'm aware and I'm pretty sure, they're only used as price is coming into them from the swing point we are retracing from.

But as Jon suggested, it may be worth watching the other side of the fib level once it's been breached.

SG
  • #94,473
  • Apr 27, 2011 6:49am Apr 27, 2011 6:49am
1 - Strong burst thru the resistance.

Now price is slowly aproaching this level for the first time. It looks like flag is building and buying next lower low might be good idea.
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  • #94,474
  • Apr 27, 2011 7:11am Apr 27, 2011 7:11am
Quoting ghous
PA bar retracement entry. The left eye in confluence with a RN - a powerful thing.

Can 9550 give in? Anxiously watching . . .

g.

Nice one Goose . .I mean, Goss . .I mean, Ghous.





Jim
Indicators show the past. Price Action "Indicates" the future.
  • #94,475
  • Apr 27, 2011 8:09am Apr 27, 2011 8:09am
would like to see some comments...
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  • #94,476
  • Apr 27, 2011 8:09am Apr 27, 2011 8:09am
Quote
someone mentioned this level a couple of days ago, (sorry cant remember who )
i will be watching for a pull back to 120 for a possible entry. i like the 50% fib confluence ...

jon

Hey Jon, sorry if this seems obvious but it is not to me, it's a newbie thing, you mean at the 120 level you would go short and place the stop above the 50% fibo?? Or vice versa going long?

Soave
How bad do you want it? That's the attitude!
  • #94,477
  • Apr 27, 2011 8:17am Apr 27, 2011 8:17am
Quoting pex
would like to see some comments...
That Pin would be much nicer if wick would stick out above those highs. In this case it is easy pass for me.
  • #94,478
  • Apr 27, 2011 8:20am Apr 27, 2011 8:20am
Quoting jarroo
Nice one Goose . .I mean, Goss . .I mean, Ghous.





Jim
. . .
I believe . . .
  • #94,479
  • Apr 27, 2011 8:22am Apr 27, 2011 8:22am
Nice looking bar, Just don't like the space to the FTA.

Any comments?
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  • #94,480
  • Apr 27, 2011 8:24am Apr 27, 2011 8:24am
Quoting slade1986
Nice looking bar, Just don't like the space to the FTA.

Any comments?
yes, this could work, first.
bu ... for an A+ setup we want bearish setups at a swing high in an overall downtrend.
here we have an uptrend and a swing high.
what adds to the positive side is, that we have a triple top here, so resistance above.
hth
meine augen sind die sterne
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