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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

  • #95,421
  • May 18, 2011 3:06am May 18, 2011 3:06am
Quoting arsa
Selling idea on eurcad..
yeah, thats a great level . i will be waiting to see some PA there though personaly (if it does get there)

jon
PATIENCE... DISCIPLINE
  • #95,422
  • May 18, 2011 3:09am May 18, 2011 3:09am
Quoting rd122481
Did anyone notice the Bearish Engulfing Bar on the GBP/CHF Daily chart that closed on 5/16/11?

http://i236.photobucket.com/albums/f...bpchf51711.jpg

My reason for taking the trade was:

1.The Bearish Engulfing Bar
2. That "tested" the area of the 38.2 Fibo Ret
3. That also bounced of a round number (1.45000)
4. That closed below the 25% Fibo Ret
5. That most importantly continues in the overall "down trend".

There was only one reason I was questionable about the trade & that was the fact that the bar bounced off of...

How did you bank pips on that bar when it only moved 6.5 pips below the bar? The standard buffer above or below an entry is 10-15 pips on the daily so, even if anyone was interested in that bar, which I seriously doubt, they would not have entered the trade yet.

The bar is not at a swing high, has very little or no space to the FTA and, I do not like the look of the spike to the left of price.

Hope this gives you an idea why nobody is really interested in that bar.
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  • #95,423
  • May 18, 2011 3:40am May 18, 2011 3:40am
Quoting joelcf
Sorry, for some reason my reply managed to lose a few paras

A tick chart just represents price movement in terms of trades, rather than time. So on a 2000 tick chart, each bar represents the OHLC of each 2000 trades that happened, regardless of how long it took.

(note: different from a volume chart, which would construct a bar after each 2000 contracts)

(doublenote: obv, both tick and vol data is garbage in fx)

Any decent broker should provide tick feed, and any decent software can interpret it and...
Hi ya Joel..

BIG thanks for for your help and explanation of this, much appreciated!

Cheers,
Adrian
  • #95,424
  • May 18, 2011 3:41am May 18, 2011 3:41am
well it should get there coz i have my tp for the long from 3675 .. haha and its heavy enogh to push the market up there

but more realistically, that resistance area is with in 1 days average eurcad range.

Quoting g_j_hook@yah
yeah, thats a great level . i will be waiting to see some PA there though personaly (if it does get there)

jon
  • #95,425
  • May 18, 2011 3:47am May 18, 2011 3:47am
Quoting arsa
well it should get there coz i have my tp for the long from 3675 .. haha and its heavy enogh to push the market up there

but more realistically, that resistance area is with in 1 days average eurcad range.
lol...good luck
if its gonna turn around i think its now or not till new york open...?

jon
PATIENCE... DISCIPLINE
  • #95,426
  • May 18, 2011 4:16am May 18, 2011 4:16am
well the London and NY overlap session provides most liquidity. So we'll just have to wait and see...

i like your charts jon.. plain and simple

Quoting g_j_hook@yah
lol...good luck
if its gonna turn around i think its now or not till new york open...?

jon
  • #95,427
  • May 18, 2011 4:20am May 18, 2011 4:20am
Quoting arsa
well the London and NY overlap session provides most liquidity. So we'll just have to wait and see...

i like your charts jon.. plain and simple
yeah but you often find the daily trend change direction when NY opens. there isnt always a strong reaction but often it signals a continuation in the daily trend or a change in its direction..
lets wait n see what today brings...??


jon
PATIENCE... DISCIPLINE
  • #95,428
  • May 18, 2011 4:27am May 18, 2011 4:27am
just as any other day.. we wait

Quoting g_j_hook@yah
yeah but you often find the daily trend change direction when NY opens. there isnt always a strong reaction but often it signals a continuation in the daily trend or a change in its direction..
lets wait n see what today brings...??


jon
  • #95,429
  • May 18, 2011 6:22am May 18, 2011 6:22am
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
meine augen sind die sterne
  • #95,430
  • May 18, 2011 6:30am May 18, 2011 6:30am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
dont they have screens in the hospital rooms? connect em with ur notebook and scream : ,,Long ! '' while the operation ;-D

get well soon bro

gute besserung

jonas.
Hero calls followed by margin calls...
  • #95,431
  • May 18, 2011 6:31am May 18, 2011 6:31am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
hey man, good luck with that. hope all goes well mate. c u when your back
PATIENCE... DISCIPLINE
  • #95,432
  • May 18, 2011 6:35am May 18, 2011 6:35am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
Oh, you lucky, lucky man...

Take it easy, hope all goes well.
When the going gets weird, the weird turn pro.
  • #95,433
  • May 18, 2011 6:36am May 18, 2011 6:36am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
Health is the #1 priority!!!
So take this time to relax, recharge and generate new ideas!
See you soon Markus!
  • #95,434
  • May 18, 2011 7:18am May 18, 2011 7:18am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
take care of yourself bud and a speedy recovery

Best
Mike
  • #95,435
  • May 18, 2011 7:42am May 18, 2011 7:42am
Thanx Mike, (wow your quick) im replying here as the site wont let me return the msg atm
"the path of least resistance" thats the best iv heard yet. Makes sense.

cheers

jon
PATIENCE... DISCIPLINE
  • #95,436
  • May 18, 2011 7:52am May 18, 2011 7:52am
Quoting g_j_hook@yah
Thanx Mike, (wow your quick) im replying here as the site wont let me return the msg atm
"the path of least resistance" thats the best iv heard yet. Makes sense.

cheers

jon
Probably some super valuable info....

Makes me jealous now...
  • #95,437
  • May 18, 2011 8:12am May 18, 2011 8:12am
I know one guy on this forum who did this for a while with even a smaller target profit of 3-5 pips and no stop as he always counted on price to come back when having a drawdown. He had a win streak of around 200 trades, but then one day the BIG loser came which wiped away a large chunk of his account.

Quoting yellomollo
If you take a major pair and every day at midnight you buy or sell and place a take profit of 5 or 10 pips. I think the reward ratio is pretty high!
  • #95,438
  • May 18, 2011 8:14am May 18, 2011 8:14am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
Wish u for a speedy recovery!!
u gotta do the "BREAKOUT" from the hospital asap!!
GET WELL SOON!!!
  • #95,439
  • May 18, 2011 8:42am May 18, 2011 8:42am
thanks a lot for the wishes @ all.

feels good...

many green pips...
meine augen sind die sterne
  • #95,440
  • May 18, 2011 8:54am May 18, 2011 8:54am
Quoting aserbfx
thanks a lot for the wishes @ all.

feels good...

many green pips...
GET WELL SOON, BUD
Miss those charts ....
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