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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

  • #94,701
  • May 2, 2011 11:19am May 2, 2011 11:19am
Quoting g_j_hook@yah
ok i gotta ask everyone, does everyone believe the bin laden news??? just wondering
...
i rarely watch tv these days. & i've increasingly become suspicious of any 'news'.. or anything i see/hear from tv/tri-media,

if i remember right, Obama's gunning for reelection next year... among other possible reasons.
so this 'news' is just a... u know.
  • #94,702
  • May 2, 2011 11:55am May 2, 2011 11:55am
Quoting biDc
Hi Mike, can you further explain the size of the PB in regards to the trend? Are you implying the PB would require a higher wick to make this a stronger signal? BTW, what's FTA?

Thanks
i think it was a mediocre sized PB(plus Friday bar-profit taking) as compared to strong bullish trend...
i did the same mistake,just couldn't control on this after passing many setups last month..
n had to close the trade in between with a bit of drawdown..blunder!!
  • #94,703
  • May 2, 2011 11:56am May 2, 2011 11:56am
Quoting supremeChaos
i rarely watch tv these days. & i've increasingly become suspicious of any 'news'.. or anything i see/hear from tv/tri-media,

if i remember right, Obama's gunning for reelection next year... among other possible reasons.
so this 'news' is just a... u know.
I never get to into any debates with people but this is something I feel very strongly about

USA is the world power. How would we look if after 10 years we make a huge announcement that we killed him and then a few weeks later he shows up on TV.

The US would NOT make that mistake. Never ever. He is dead. And the world is filled with one less scum of the earth. Hopefully rotting somewhere.


Best
Mike
  • #94,704
  • May 2, 2011 11:58am May 2, 2011 11:58am
Quoting biDc
Hi Mike, can you further explain the size of the PB in regards to the trend? Are you implying the PB would require a higher wick to make this a stronger signal? BTW, what's FTA?

Thanks
Hey BiDc

If you look aud/cad is literally straight up. For me to want to pick a top of a very major trend like that I want to see a much larger bar size in relationship to the previous move. Coming off a friday in a trending market you often get a pause/profit taking/weak selling forming these types of bars. It's easy to want to jump on because we think things like
-it's been going straight up it "has" to retrace soon
- I don't want to miss the move down
- It's a pinbar that means sell

We really want strength and use these bars as triggers with a stronger story. Without much confluence here my thoughts will be smaller bar vs a strong trend, do I want to get in the way of the oncoming train?

FTA = First trouble area. This is defined as the very first place price can find a potential trouble area. The worse a setup the higher probability this area can effect price

Hope this helps
Mike
  • #94,705
  • May 2, 2011 12:01pm May 2, 2011 12:01pm
Quoting john225
Ok thanks but if it would close below the two swing highs there is no space to move. And what means supply?
Hey John

There would still be room for price to move. Easily in my opinon to the 1.39 and even more so towards the confluenced area of 1.38(see chart)

What you have to understand also is what that closing below those highs would then allow on the trade mgmt side. We now have the two swing points as well as the BRN to use for trade mgmt, which makes it easy to manage and a very high probability setup. A good trade to me has all the workings, from entry to how I can manage it logically

Supply simply means selling/sellers

Hope that helps
Mike
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  • #94,706
  • May 2, 2011 12:04pm May 2, 2011 12:04pm
Thanks a lot Mike, Jon and Greenhaze for your help and views.

I need to get back to reading and lurking in this thread for a while and try to get up to speed, then hopefully I will be able to contribute.
  • #94,707
  • May 2, 2011 12:10pm May 2, 2011 12:10pm
Quoting normtold
Thanks a lot Mike, Jon and Greenhaze for your help and views.

I need to get back to reading and lurking in this thread for a while and try to get up to speed, then hopefully I will be able to contribute.
Asking questions and posting is contributing bud

Take care
Mike
  • #94,708
  • May 2, 2011 12:27pm May 2, 2011 12:27pm
Quoting mbqb11
Hey John

There would still be room for price to move....
Ok thanks got it now. Your explanations are helpfull as always keep going ;-)
  • #94,709
  • May 2, 2011 12:32pm May 2, 2011 12:32pm
Quoting mbqb11
Hey BiDc

If you look aud/cad is literally straight up. For me to want to pick a top of a very major trend like that I want to see a much larger bar size in relationship to the previous move....
Alright i see what you mean. Thanks! If that is the case, then how will one manage a trade at an all time/multi year high since there won't be confluences of any resistance. I was thinking either a very large PB/BEOVB with divergences?
  • #94,710
  • May 2, 2011 12:33pm May 2, 2011 12:33pm
Quoting plund
Attachment

Attachment

pat
Broke out nicely today

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  • #94,711
  • May 2, 2011 1:42pm May 2, 2011 1:42pm
Quoting ghous
Not sure if its just me, but Osama wasn't a carp out of water while someone was looking for trout was he?

The world's most wanted terrorist should have been brought into the lime light alive or at least a glimpse of the dead body was well deserved.

The silent disposal of the body raises suspicion.

g.
Couldn't agree more Ghous.

News of this nature is always 2nd or 3rd party information. I will always treat it with scepticism unless we are given unquestionable proof that says otherwise. A "silent disposal of the body" goes totally against that idea.

I do hope, for Obama's credibility, some indisputable proof is published. Maybe we should ask Donald Trump?
  • #94,712
  • Edited 2:12pm May 2, 2011 1:49pm | Edited 2:12pm
Quoting mbqb11
I never get to into any debates with people but this is something I feel very strongly about
USA is the world power. How would we look if after 10 years we make a huge announcement that we killed him and then a few weeks later he shows up on TV.
The US would NOT make that mistake. Never ever. He is dead. And the world is filled with one less scum of the earth. Hopefully rotting somewhere.
..
no worries Mike, we're all just sharing our views.

Obama, or any president, is not supreme.. not all that he says is the unequivocal, incontrovertible 'truth'.
if Obama says 'Osama is dead', doesnt mean Osama is dead.
talk is cheap right.
think about it: a high profile criminal (who is on top of the US's wanted list?) who allegedly hid & cunningly slipped through US & the world's radars for 10 years, got killed in a small operation ( 2 US helicopters ,among others).. all that happened with no proof -- no video etc., just redundant news & a President's speech. (im still searching for related news/videos; but remember the time Saddam Hussein was captured... there were videos, pictures, news etc)


Royal wedding.
then Pope John Paul beatification
& then this Osama news..


Election next year. campaign 1 year (or years) before..
try to influence/manipulate the financial markets and geopolitical scenes further..
what ever...

no harm in applying a logical approach (just like what we do here in this thread) & being skeptical, right? in this age, we shouldn't take everything in face value.
we shouldnt behave/act/think like 80-90% of the world population. (just like the infamous 95/5% trading 'statistic')


i agree strong sentiments whirl around on topics like these, so i try to keep it at a minimum. at least we agree that we love a peaceful life.
i only hope u & me, & all of us, are open to the real truth, whatever that may be.

1980's was a great time to be born. we had a taste of the (painful) past & (early tech-rich) future, & im proud to be a 1980's baby.

anyway, last post on this topic from me.
  • #94,713
  • May 2, 2011 1:55pm May 2, 2011 1:55pm
Quoting Greenhaze
Anyway... These news gave some really good oportunities in commodity markets. I managed to buy silver at discount price
Hey Shoe Shine Boy

Is this a convincing 4h PB to you? Or is it dangerous playing a short given the recent sentiment?

Tomek
  • #94,714
  • May 2, 2011 2:02pm May 2, 2011 2:02pm
Quoting 5.25
Hey Shoe Shine Boy

Is this a convincing 4h PB to you? Or is it dangerous playing a short given the recent sentiment?

Tomek
A chart would be nice:
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  • #94,715
  • May 2, 2011 2:06pm May 2, 2011 2:06pm
Quoting jeurre
this is what i was concerned about, no offence to anyone i talked about in my earlier posts, just wanted to say how the market could fool your analysis
hey jeurre, as Mike said the bar didnt break so non of us got suckered in there i hope!?!?
i got a trade from the 4h DBL IB for a small 1:.5 return. not all bad.Actually a slow day today with the news and bank hols everywhere.

happy hunting.

jon
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PATIENCE... DISCIPLINE
  • #94,716
  • May 2, 2011 2:09pm May 2, 2011 2:09pm
Quoting 5.25
A chart would be nice:
i was looking at these also. i didnt like the weak close. silver looks better imho and its just broke but its a bit late in the day. interesting to watch


jon
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PATIENCE... DISCIPLINE
  • #94,717
  • May 2, 2011 2:14pm May 2, 2011 2:14pm
Quoting supremeChaos
i rarely watch tv these days. & i've increasingly become suspicious of any 'news'.. or anything i see/hear from tv/tri-media,

if i remember right, Obama's gunning for reelection next year... among other possible reasons.
so this 'news' is just a... u know.
hey SC, i dont really av an opinion on this but i was interested in everyone elses. i am rather sceptical of these things though, our house is a bit split on the matter. Mike made a very good point though. lets just hope its true.


jon
PATIENCE... DISCIPLINE
  • #94,718
  • May 2, 2011 2:29pm May 2, 2011 2:29pm
Quoting 5.25
Hey Shoe Shine Boy

Is this a convincing 4h PB to you? Or is it dangerous playing a short given the recent sentiment?

Tomek
Hey Tomaszu

Personally i will skip this one. I would like to see that bar piercing thru the highs. Then it would be easy to assume that a lot of bullish breakout players would have stops under its low.....Anyway It looks like bulls are getting out of steam.

Kamil
  • #94,719
  • May 2, 2011 2:35pm May 2, 2011 2:35pm
Hi mbqb11

Thanks for the reply. The idea behind the M30 view was more of "buy on support, sell on resistance intraday" within the box.

What I have to learn also is to spot the trades on the higher time frames and get the confidence to trade those settings with an reasonable stop-loss. I' going to check the D1 around 22:00 GMT.
rise and rise again until lambs become lions
  • #94,720
  • May 2, 2011 3:02pm May 2, 2011 3:02pm
When i heard the way the "disposed" of the body I imedeiately was very suspicious it just doesn't sound right!

Quoting 5.25
Couldn't agree more Ghous.

News of this nature is always 2nd or 3rd party information. I will always treat it with scepticism unless we are given unquestionable proof that says otherwise. A "silent disposal of the body" goes totally against that idea.

I do hope, for Obama's credibility, some indisputable proof is published. Maybe we should ask Donald Trump?
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