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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

  • #96,741
  • Jun 16, 2011 6:09am Jun 16, 2011 6:09am
Quoting g_j_hook@yah
lol, theres a lot of momentum going on there...
happy hunting

jon
Thats right...the momentum is there but that doesnt neglect the strenght of that weekly/daily support. For me it is be to early to take the long position but 0.7960-70 looks juicy. Right now we are raiding on Greece fears but 1.4000 (EU) is very close and that might support the strong NZD currency.
  • #96,742
  • Jun 16, 2011 6:10am Jun 16, 2011 6:10am
No chart. Sorry, just disappeared!
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  • #96,743
  • Jun 16, 2011 6:20am Jun 16, 2011 6:20am
Quoting Strick
I just found this and thought "wonder if anyone on J16 thread is onto it" and was happy to read your post straight after!

Bounced off 0.855 which is pivot and 38% retrace of prev swing

I think it looks like a great trade!

Anyone else???
Hi Strick,
I do not say it is going to be a great trade I can only see a chance, I am already at BE beacuse I have sold at the tops

Peter
Jesus Christ is my only Lord !
  • #96,744
  • Edited 6:37am Jun 16, 2011 6:22am | Edited 6:37am
Quoting mrhb30jr
Hi hipcio,

Remember AUDUSD playing inside weekly trading range ....

Cheers
Maxy
Hi,

Maxy of couurse I do

It is really great I will leave it for You mate,


Peter
Jesus Christ is my only Lord !
  • #96,745
  • Edited 6:54am Jun 16, 2011 6:30am | Edited 6:54am
Quoting pex
hi james
i just watch H4 tf,only trade daily...for now
just want to know your opinion about that pinbar?
it is relatively small. & ideally we want a bullish close for a bullish PB.
watch out for 0.8030-50 area.
if the nose/tail was longer/pierced through 0.80, (&made a bullish close) i think it would be a lot better.

Sir Jim has a point.
it would be best to go through post#1


btw, your chart has an 'error candle' ---huge bullish bar right in the middle

Quoting 4FXsake
No chart. Sorry, just disappeared!
where did it go?
  • #96,746
  • Jun 16, 2011 6:32am Jun 16, 2011 6:32am
hi guys,
i've been following the tread for a while now - it's great. looking for some thoughts on usd/cad. it seems to have broken through (or about to) s/r at 9850/9870. not sure if my levels are very accutate. anyway question is do you go long upon the breakthrough or do you wait for it to come back and retest that level? on the 4h it has already come back. do you wait for a retest on the daily? just not sure what way it should be played. sorry i haven't figured out how to post charts yet. thanks.
  • #96,747
  • Jun 16, 2011 6:41am Jun 16, 2011 6:41am
Quoting Greenhaze
Thats right...the momentum is there but that doesnt neglect the strenght of that weekly/daily support. For me it is be to early to take the long position but 0.7960-70 looks juicy. Right now we are raiding on Greece fears but 1.4000 (EU) is very close and that might support the strong NZD currency.
your right, but imho there are better ways to skin a cat. it is a good level but with such a strong down move the chances of a decent bounce is diminished. we are more likely to get a pause than a bounce in my view..(if anything)?? i also have the stronger level a little lower. We also have the divergence to take into consideration which suggests the upmove is at least slowing, and judging from that sharp swing down has ended for now..??
In my view i would rather wait for some PA in situations like these.

cheers

jon
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #96,748
  • Jun 16, 2011 6:43am Jun 16, 2011 6:43am
Quoting 4FXsake
You are right. I've brought my stop to b/e.

In hindsight (wonderful thing!) the attached may have been a better level to look for an entry and PA?

Any thoughts appreciated.
hi FXsake (cool name lol) imho you will find the important levels much much easier using the higher TFs.
just my view

jon
PATIENCE... DISCIPLINE
  • #96,749
  • Jun 16, 2011 6:51am Jun 16, 2011 6:51am
Quoting g_j_hook@yah
hi FXsake (cool neme lol) imho you will find the important levels much much easier using the higher TFs.
just my view

jon
Thanks and excellent point! I am so used to looking at the 1h and trading off that.

The name came about after saying it more than once in the last 34 years trading!
  • #96,750
  • Jun 16, 2011 6:55am Jun 16, 2011 6:55am
Quoting 4FXsake
Thanks and excellent point! I am so used to looking at the 1h and trading off that.
The name came about after saying it more than once in the last 34 years trading!
awesome.
  • #96,751
  • Jun 16, 2011 6:57am Jun 16, 2011 6:57am
Quoting 4FXsake
Thanks and excellent point! I am so used to looking at the 1h and trading off that.

The name came about after saying it more than once in the last 34 years trading!


anyway s.th i dont get.... i guess you come from the pits and youre very new to chart trading,pc trading etc. ?

or why u dont know (after 34 years of knowledge) that it's more common and useful to search significant levels on the higher timeframes?

hm
Hero calls followed by margin calls...
  • #96,752
  • Jun 16, 2011 7:00am Jun 16, 2011 7:00am
one last setup i missed cos it pi$*&d me off that i missed it. was waiting for it to happen! That last little swing up threw me a little and i was off gaurd...doh!

eu/yen- 4H BEOB continuation set up. price breaks out of channel/pennent type formation and break below RN PPZ 115.00 and closes below. Again the retest of the PPZ gives us the BEOB. With the weakness of the euro right now i would have jumped on it...

jon
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PATIENCE... DISCIPLINE
  • #96,753
  • Jun 16, 2011 7:04am Jun 16, 2011 7:04am
Quoting 4FXsake
Thanks and excellent point! I am so used to looking at the 1h and trading off that.

The name came about after saying it more than once in the last 34 years trading!
lol i know the feelin! wish id thought of it...

happy hunting

jon
PATIENCE... DISCIPLINE
  • #96,754
  • Jun 16, 2011 7:07am Jun 16, 2011 7:07am
Quoting g_j_hook@yah
your right, but imho there are better ways to skin a cat. it is a good level but with such a strong down move the chances of a decent bounce is diminished. we are more likely to get a pause than a bounce in my view..(if anything)?? i also have the stronger level a little lower. We also have the divergence to take into consideration which suggests the upmove is at least slowing, and judging from that sharp swing down has ended for now..??
In my view i would rather wait for some PA in situations like these.

cheers

jon
I dont know...I dont pay much attention to divergence anymore. I know those levels usually work as a brickwall but as You say, expecting strong sudden move upward in this environment is bit too much at the moment. In my book that is a high prob setup and this level is a nobrainer target for any short keepers. I haven't seen this pair dropping almost 250 pips without even smallest correction for 1 year so something is bound to happen at that point.
  • #96,755
  • Jun 16, 2011 7:10am Jun 16, 2011 7:10am
Quoting Greenhaze
I dont know...I dont pay much attention to divergence anymore. I know those levels usually work as a brickwall but as You say, expecting strong sudden move upward in this environment is bit too much at the moment. In my book that is a high prob setup and this level is a nobrainer target for any short keepers. I haven't seen this pair dropping almost 250 pips without even smallest correction for 1 year so something is bound to happen at that point.
or maybe not...

i just post my views, who knows where price will go...??
also if we look at the chart D1 this is a small drop compared to what it can do.


cheers

jon

EDIT: we did get a bounce of about 38 pips though....
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PATIENCE... DISCIPLINE
  • #96,756
  • Jun 16, 2011 7:17am Jun 16, 2011 7:17am
Quoting PhAnTi'


anyway s.th i dont get.... i guess you come from the pits and youre very new to chart trading,pc trading etc. ?

or why u dont know (after 34 years of knowledge) that it's more common and useful to search significant levels on the higher timeframes?

hm
Ok, quick history. I have my own method which recently has not produced the results that were being achieved previously. I picked up the PC Dibs thread somehow as I was looking to learn new things to get back on track. I ended up here on J16 hoping for new ideas too; it has been fascinating and very informative. It's a great thread imho with unbelievably helpful people.

I am also listening to The Wizard's webinars. He has obviously a great deal of trading experience and, interestingly, he is always refining his methods as markets change. Mine, patently, has not evolved and that's why I am here.

Unfortunately, I have been trading for 34 years but not full time. I wish it wasn't that long. I do have some knowledge but not as great as others. Regrets, plenty. Maybe even posting on this thread.

Old habits die hard PhAnTI so I hope you'll forgive my errors.
  • #96,757
  • Edited 7:31am Jun 16, 2011 7:18am | Edited 7:31am
I've split - half at .8 and half at .797(if it'll get there) on nzd/usd

that being said, took a small position overall; not the ideal times to be countertrend. Especially since in 15 mins we get another batch of us news which will probably be poor as usual(lucky the seem to rig the forecast for unemployment so to get around the actual figure - or that's how the legend goes according to conspiracy theorists and, frankly, is dubious how it so seldom went under forecast lately).

"ECB's Bini Smaghi says Greece is fundamentally solvent" - riiight...

that being said, right now, cash sure can be a position
  • #96,758
  • Jun 16, 2011 7:19am Jun 16, 2011 7:19am
Quoting supremeChaos
it is relatively small. & ideally we want a bullish close for a bullish PB.
watch out for 0.8030-50 area.
if the nose/tail was longer/pierced through 0.80, (&made a bullish close) i think it would be a lot better.

Sir Jim has a point.
it would be best to go through post#1


btw, your chart has an 'error candle' ---huge bullish bar right in the middle


where did it go?
thnx SC
as i sad,just watching and trying to learn
  • #96,759
  • Jun 16, 2011 7:38am Jun 16, 2011 7:38am
Quoting hipcio
Hi Strick,
I do not say it is going to be a great trade I can only see a chance, I am already at BE beacuse I have sold at the tops

Peter

This is how I skin this cat, for me just enough

three pips at the top and about 8 at the bottom left for now
even if it continues down good for today,


Peter
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Jesus Christ is my only Lord !
  • #96,760
  • Jun 16, 2011 7:39am Jun 16, 2011 7:39am
Quoting pex
..as i sad,just watching and trying to learn
precisely why post #1 will help
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