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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

  • #100,181
  • Aug 9, 2011 1:25am Aug 9, 2011 1:25am
Damn missed it by 3 pips, ah well

Had a sell limit to touch trade USDCAD at parity last night, woke up this morning to see a 50 pip retrace but missed my entry by 3 pips. Still, happy to see the trade work out as expected
  • #100,182
  • Edited 6:08am Aug 9, 2011 2:46am | Edited 6:08am
Quoting AQs
I'm am right?
Quoting stark1
I'm no expert, but I prefer the 1.02 area. Lots of resistance, then breaks through and turns into support.
Yes, that's excellent, AQ . .

.. and thanks stark1, your post illustrates why we look at these strong levels of Support and Resistance. Once we find and define these strong levels, we know that once Price breaks through them they will "flip" from Support to Resistance . . . . or Resistance to Support.


Let's look at the Aud/Usd chart and your levels, AQ . .

A good place to find these strong levels are the Tops and Bottoms of heavy Consolidation areas (Mike's Boxed Areas ) and Swing High/ Low points.

The Daily, Weekly and even the Monthly are the best time frames to find these levels. The higher you go up in time frame, the stronger the levels will tend to be.

The important thing here is that we want to find only the very strong levels . .the ones that have a heavy build Support or Resistance in Consolidation and/or a deep Swing High/Low points . .and just wait for Price to reach these levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud09w.jpg Size: 100 KB
Click to Enlarge Name: aud09wd.jpg Size: 116 KB
Indicators show the past. Price Action "Indicates" the future.
  • #100,183
  • Aug 9, 2011 2:55am Aug 9, 2011 2:55am
Quoting jarroo
Yes, that excellent, AQ . .

.. and thanks stark1, your post illustrates why we look at these strong levels of Support and Resistance.

Once we find and define these strong levels, we know that once Price breaks through them they will "flip" from Support to Resistance . . . . or Resistance to Support.

I use the "Close" of Price breaking through to confirm this transition from Support to Resistance or Resisance to Support. . "Price Breaks Through and Close Above or Below". Closing above Resistance to confirm the transtion to Support. Closing below Support to confirm the transition to Resistance.

A few examples . .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud09wdww.jpg Size: 89 KB
Click to Enlarge Name: aud09wddy.jpg Size: 117 KB
Indicators show the past. Price Action "Indicates" the future.
  • #100,184
  • Aug 9, 2011 3:01am Aug 9, 2011 3:01am
Here is a pic of a trade which I have just closed out of.

Pin bar formed on the AUS USD H4 chart after strong downward move.

Buy at 1.0142 with an initial stop at the base of the pin at 0.9925.

When price reached 1.0200 I moved my stop to BE.

Looking back on the charts from March this year I noticed that there was a possibility that price could stall or reverse at 1.0250.

Closed full position at 1.0250.

Maybe price could climb to previous support at 1.0300, but I don't want to get greedy.

A question to the more senior members...how would you rate the trade on a A/B rating, would you have taken the trade, if not why?

Maybe it was risky because of the strong downward move before the pin formed?? Would you look for additional confluence to support taking the trade such as macd divergence or a bounce off previous resistance or support??

Thanks in advance.
Attached Image (click to enlarge)
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  • #100,185
  • Aug 9, 2011 3:09am Aug 9, 2011 3:09am
Good size PB. The long nose and close below the level gives us clues about the amount of traders that are long above 1.7430. One more push to the downside and they will have to puke their positions. No need to keep that trade all the way to the bar high if price will break the resistance. Eyes on S&P and todays FOMC.
Attached Image (click to enlarge)
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  • #100,186
  • Aug 9, 2011 3:13am Aug 9, 2011 3:13am
Quoting Pinbar
Thanks Jarroo.
I am watching this one to learn from it.

The moving got held up when they could not deliver the bed and sofa I bought yesterday.

I shall be offline as of this evening.
Looks like the Eur/Cad acted as we predicted, Pinbar. . .

There wasn't any confirming bullish PA at the 1.4000 (new Support) but we can see where Price closed on the 4 Hour helped confirm this transition . .meaning, Price could not close below the 1.4000 on the 4 Hour . .Support.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad09d.jpg Size: 132 KB
Click to Enlarge Name: eurcad09d44.jpg Size: 129 KB
Indicators show the past. Price Action "Indicates" the future.
  • #100,187
  • Aug 9, 2011 3:13am Aug 9, 2011 3:13am
AUDUSD: Betting for a retracement to 1.00...
Attached Image (click to enlarge)
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Trading: the skill of avoiding trades
  • #100,188
  • Aug 9, 2011 4:15am Aug 9, 2011 4:15am
Quoting joelcf
Why do you think something will fall because it is at its all time high?
Why do you think 'too much buying' would cause an instrument to fall, let alone below the last runup?
Would you consider 'short every new high' and 'always fade strong buying pressure' sound strategies?

I think you need to focus your efforts on the skills taught in this thread.




In a clear, strongly directional market?
Hey Joel

Due respect to your views (and experience) but as Mike says a fund manager friend has lost *) 80m in 3 days then that is far too volatile for an inexperienced trader like myself. Also talk of intervention by BOJ and SwissCB is making things uncertain right now.
Being on the sidelines just now suits me and where I am in trading. This is of course my own opinionfeeling just as you have yours, and, if you are trading sucessfully just now then hats off to you!!

Kal
  • #100,189
  • Aug 9, 2011 4:24am Aug 9, 2011 4:24am
Hey guys,

Does anyone know what's the exact syntax for FFLEECH.EXE. (software from PF for extracting an indiviual's post on FF)
.
  • #100,190
  • Aug 9, 2011 5:10am Aug 9, 2011 5:10am
I almost started trading live again! But after two failed short trades on aussie I immediately withdrew all money and closed the account. Man, am I relieved now .
I am definitively not psychologically ready to trade, and after 1,5 years practicing I might never be
  • #100,191
  • Aug 9, 2011 5:40am Aug 9, 2011 5:40am
Quoting nasir.khan
Hey guys,

Does anyone know what's the exact syntax for FFLEECH.EXE. (software from PF for extracting an indiviual's post on FF)
.
To analyse pages 5008 - 5010:
1. go to start page & copy the url into the first box
(http://www.forexfactory.com/showthre...2331&page=5008)
2. enter last page # in 2nd box
(5010)
3. hit FIRE
4. it analyses all posts and creates a summary based on each poster
5. discard all but the posters u want
  • #100,192
  • Aug 9, 2011 5:49am Aug 9, 2011 5:49am
Quoting billm
To analyse pages 5008 - 5010:
1. go to start page & copy the url into the first box
(http://www.forexfactory.com/showthre...2331&page=5008)
2. enter last page # in 2nd box
(5010)
3. hit FIRE
4. it analyses all posts and creates a summary based on each poster
5. discard all but the posters u want
Hey Bill,

Yeah that's how i am doing it too. But i only want to extract only one posters history not all of them. Is there a way to do that?
.
  • #100,193
  • Aug 9, 2011 5:57am Aug 9, 2011 5:57am
Quoting Greenhaze
Good size PB. The long nose and close below the level gives us clues about the amount of traders that are long above 1.7430. One more push to the downside and they will have to puke their positions. No need to keep that trade all the way to the bar high if price will break the resistance. Eyes on S&P and todays FOMC.

Let's keep the 4 Hour closes below the 1.7450ish Weekly LCS level . .and your looking good, GH . . You gotta like the size of that PB and its location. . .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurnzdww.gif Size: 28 KB
Click to Enlarge Name: eurnzdww4.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #100,194
  • Aug 9, 2011 5:57am Aug 9, 2011 5:57am
I don't think so. just discard what you don't want
  • #100,195
  • Aug 9, 2011 6:13am Aug 9, 2011 6:13am
I usually avoid fundies but I think I just found the best summary of exactly what's going on in the marksts at the moment and why I'm staying out for the mean time:

Quote
BAD money thing make world have big new scary time, clever men say now.

Clever men say good thing bad thing now Noisy room where shirty men swap zeroes have frowny day as lazy bones in sunny places say no money now and be sad.

And wide place with shouty fat people also have no money and all say nice brown man in big house is rubbish now.

Clever men say new scary time not that new, just new bit of spend-money-no-have big-scary-bad-thing.

But very big scary thing is clever men say not know how to make nice happy money time.

Fancy clever...

http://www.thedailymash.co.uk/news/b...-201108054163/
Anything can happen.
  • #100,196
  • Aug 9, 2011 6:15am Aug 9, 2011 6:15am
Quoting jarroo
Let's keep the 4 Hour closes below the 1.7450ish Weekly LCS level . .and your looking good, GH . . You gotta like the size of that PB and its location. . .

Mr. Ben has invaluable talent of sending dollar down the drain so lets wait to 19:15 BST.
  • #100,197
  • Aug 9, 2011 6:16am Aug 9, 2011 6:16am
Quoting Greenhaze
Mr. Ben has invaluable talent of sending dollar down the drain so lets wait to 19:15 BST.
Hero calls followed by margin calls...
  • #100,198
  • Aug 9, 2011 6:18am Aug 9, 2011 6:18am
Quoting devcast
...I am definitively not psychologically ready to trade, and after 1,5 years practicing I might never be
Hey man, don't lose heart. There are million old adages: 'Rome wasn't built in a day', 'practice makes perfect' etc. etc.

In one of Jim's videos he likened the process to learning a musical instrument. That, and I know from personal experience, takes years to master, and then (at the highest levels) 8 hours of practice EVERY day.

Keep ploughing on. We can all do this. Just remember to be patient, and to only trade the 'eye-poppers'.

Good luck.
When the going gets weird, the weird turn pro.
  • #100,199
  • Aug 9, 2011 6:21am Aug 9, 2011 6:21am
beautiful pinbar on daily audusd at the moment, right off parity too, nice confluence there. also daily ppz, looking good, lets see how it closes
  • #100,200
  • Aug 9, 2011 6:22am Aug 9, 2011 6:22am
Quoting Greenhaze
Mr. Ben has invaluable talent of sending dollar down the drain so lets wait to 19:15 BST.
lol . .
Indicators show the past. Price Action "Indicates" the future.
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