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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

  • #94,561
  • Apr 28, 2011 7:59pm Apr 28, 2011 7:59pm
Anyone trading this daily GBPUSD pin that bounced of monthly PZ?
http://imgur.com/4PBIT.gif
  • #94,562
  • Apr 28, 2011 8:27pm Apr 28, 2011 8:27pm
Quoting bjorken
Anyone trading this daily GBPUSD pin that bounced of monthly PZ?

Yeah, read the two or three posts above your post. LOL

Looks like people are not convinced, the size of the previous bullish bars are also a factor I don't like & it looks more like a pullback in the rally to me. Just waiting for more steam to build up, probably.
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  • #94,563
  • Apr 28, 2011 10:30pm Apr 28, 2011 10:30pm
Quoting littspaniard
i think now is testing important zone, ema365, fib61.8..
...
hello littspaniard,
welcome.

the ema365, fib61.8 are not shown in your chart. maybe u can repost another chart?
anyway, i'd like to see price to hold around 135.50 & revisit the 136 area (& above), very soon. otherwise, we risk moving down to 134.00 - 134.50 area.

keep posting Sir!

Quoting 5.25
5m and 1m, eh? Trading those timelines will either kill my trading, or kill my work productivity!!! (See work screen shot attachment)
Quoting g_j_hook@yah
lol...how can you concentrate with the charts there!!!!
haha...i take my hat off to you
it looks like a building or a mansion with a grand fountain in front
very nice work!
  • #94,564
  • Apr 28, 2011 10:40pm Apr 28, 2011 10:40pm
hello, jon and others who may be interested in

here are two charts I am looking at, the big concern to me is it is counter trend, not really trendlines. what do you think in terms of weakness of these two lines? do you think the BRN could serve confluence well?


jeurre
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  • #94,565
  • Apr 28, 2011 10:56pm Apr 28, 2011 10:56pm
Quoting jeurre
here are two charts I am looking at, the big concern to me is it is counter trend, not really trendlines. what do you think in terms of weakness of these two lines? do you think the BRN could serve confluence well?..
im not sure what your question is...
are u looking to short these?
imho, it would be better to look for longs here.

the 2 lines dont mean much, unless it's a part of a bigger perspective (or 'story').
if u are implying we have divergence, yes we might. but in trends, specially strong trends, divergence often get killed (think of hi speed bullet train moving).
last year, i expected aud$ to break parity (1.00) but i didnt expect it to reach 1.10 area this soon (mainly because i rarely watch & trade this pair; im into eur$, eurjpy, eurgbp these days).

dont get me wrong, u can short at these areas & be profitable. we just have to have the necessary skills to do that.
if u want to countertrend trade these, u got to have realistic targets & watch the FTAs.

we'll have to see how it ends this week&month & what it does on those RNs..
  • #94,566
  • Apr 28, 2011 11:53pm Apr 28, 2011 11:53pm
thank you , in pink my ema365 and fib



Quoting supremeChaos
hello littspaniard,
welcome.

the ema365, fib61.8 are not shown in your chart. maybe u can repost another chart?
anyway, i'd like to see price to hold around 135.50 & revisit the 136 area (& above), very soon. otherwise, we risk moving down to 134.00 - 134.50 area.

keep posting Sir!



it looks like a building or a mansion with a grand fountain in front
very nice work!
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The only constant is change
  • #94,567
  • Apr 29, 2011 12:16am Apr 29, 2011 12:16am
so
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The only constant is change
  • #94,568
  • Apr 29, 2011 12:58am Apr 29, 2011 12:58am
Quoting jeurre
hello, jon and others who may be interested in

here are two charts I am looking at, the big concern to me is it is counter trend, not really trendlines. what do you think in terms of weakness of these two lines? do you think the BRN could serve confluence well?


jeurre
hi Jeurre, im not a big fan of this type of TL so if i have them drawn in i dont really use them for trading, possibly confluence if i like the line.
i cant comment on the aud/sgd as i dont have that on my platform and would want to see a much more zoomed out view.But from your chart i wouldnt give it too much weight. If price is running into a PPZ which coincides with the TL i would trade the PPZ not the TL. if it doesnt i would be very wary to trade from the TL alone.(btw it looks like you have it drawn from the close on the first point and the high on the second?)
my view on the gb/us chart is that the TL is pretty weak and we dont need it. for me PPZs ALWAYS come first and in this case price is moving between strong s/r which to me renders the TL redundant. Would i use the line as confluence...not really. if price movement lines up really well with it as it moves up i would give it a little more weight, but i still would be trading the PPZ and wouldnt be trading if it wasnt there. I dont like TLs like this which are very steep either.
as a side note something i do to try and validate a TL like this is to draw a parallel line on the lows to see if price has been/is going to respect that also. Im not sure but i also think that these lines are used as projections for some traders and considering that only a portion of the market trades this way i wouldnt expect big sell offs at these levels. A break below a good lower TL would have a much bigger affect.
i have put some thoughts on the gb/us chart.
these are only my ways remember and im no expert.

hope this helps

jon
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PATIENCE... DISCIPLINE
  • #94,569
  • Apr 29, 2011 1:06am Apr 29, 2011 1:06am
Quoting supremeChaos
it looks like a building or a mansion with a grand fountain in front
very nice work!

yeah SC, i think hes designing my new house for when i hit the big time in trading! . its looking good so far. hes only got the next 4 floors to do !!!


jon
PATIENCE... DISCIPLINE
  • #94,570
  • Apr 29, 2011 1:41am Apr 29, 2011 1:41am
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pat
  • #94,571
  • Apr 29, 2011 2:01am Apr 29, 2011 2:01am
hey, jon, nice drawing, i liked them, your long term trendline and its parallel look like more valid, superb !

jeurre

Quoting g_j_hook@yah
hi Jeurre, im not a big fan of this type of TL so if i have them drawn in i dont really use them for trading, possibly confluence if i like the line.
i cant comment on the aud/sgd as i dont have that on my platform and would want to see a much more zoomed out view.But from your chart i wouldnt give it too much weight. If price is running into a PPZ which coincides with the TL i would trade the PPZ not the TL. if it doesnt i would be very wary to trade from the TL alone.(btw it looks like you have it drawn from the close on the first point and the...
  • #94,572
  • Apr 29, 2011 2:05am Apr 29, 2011 2:05am
I find this useful for seeing multiple timeframes
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  • #94,573
  • Apr 29, 2011 2:25am Apr 29, 2011 2:25am
Quoting plund
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pat
thanks for posting. i like it. >86.00 usd seems a good entry.
one thing that bothers me, is the falling volume on the last three daily candles.
will watch it closely today.
meine augen sind die sterne
  • #94,574
  • Apr 29, 2011 5:51am Apr 29, 2011 5:51am
Quoting g_j_hook@yah
yeah SC, i think hes designing my new house for when i hit the big time in trading! ....

jon
You got it, only that's the en suite!
  • #94,575
  • Apr 29, 2011 7:58am Apr 29, 2011 7:58am
Quoting aserbfx
thanks for posting. i like it. >86.00 usd seems a good entry.
one thing that bothers me, is the falling volume on the last three daily candles.
will watch it closely today.
I never understood for what the volume is good for. Could you please explain how you use the volume please?
  • #94,576
  • Apr 29, 2011 8:20am Apr 29, 2011 8:20am
Quoting john225
I never understood for what the volume is good for. Could you please explain how you use the volume please?
:-)
well, that's like: can you teach me a foreign language in less than 3 min...
but concerning this particular setup: a break through resistance needs (under normal circumstances) rising volume and not declining volume. you could see volume as a gas pedal. you need more gas to drive up a hill ...
if you want to know more about volume, take a look at "master the markets" from fabulous tom williams. there are a lot of free pdfs in the internet.
meine augen sind die sterne
  • #94,577
  • Apr 29, 2011 8:52am Apr 29, 2011 8:52am
Quoting aserbfx
:-)
well, that's like: can you teach me a foreign language in less than 3 min...
but concerning this particular setup: a break through resistance needs (under normal circumstances) rising volume and not declining volume. you could see volume as a gas pedal. you need more gas to drive up a hill ...
if you want to know more about volume, take a look at "master the markets" from fabulous tom williams. there are a lot of free pdfs in the internet.
pretty good and helpful metaphora.
Hero calls followed by margin calls...
  • #94,578
  • Apr 29, 2011 8:59am Apr 29, 2011 8:59am
Quoting PhAnTi'
pretty good and helpful metaphora.
yes, but not from me. credits go to ns_karthik and his pdf about vsa. you can find it at the thread "vsa with malcolm".
meine augen sind die sterne
  • #94,579
  • Apr 29, 2011 9:33am Apr 29, 2011 9:33am
Quoting aserbfx
:-)
well, that's like: can you teach me a foreign language in less than 3 min...
but concerning this particular setup: a break through resistance needs (under normal circumstances) rising volume and not declining volume. you could see volume as a gas pedal. you need more gas to drive up a hill ...
if you want to know more about volume, take a look at "master the markets" from fabulous tom williams. there are a lot of free pdfs in the internet.
Thanks aser. I like the explaination with the gas pedal. Makes sense to me now
  • #94,580
  • Apr 29, 2011 9:56am Apr 29, 2011 9:56am
Quoting aserbfx
thanks for posting. i like it. >86.00 usd seems a good entry.
one thing that bothers me, is the falling volume on the last three daily candles.
will watch it closely today.
decided to enter with a buy limit at yesterday's close. ym was already up +40 points. first price was 85.38 usd. now bdx broke through resistance and is floating at around 86.30 usd.
+1.15 % so far. i take 1/3 off here. stop at break even.
thanks plund.
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meine augen sind die sterne
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