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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

  • #106,681
  • Feb 1, 2012 3:44pm Feb 1, 2012 3:44pm
Quoting Variance
It would be nice if we can get a pitbull on the daily.

Yeah but, that is not the WHCR on my feed.
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  • #106,682
  • Feb 1, 2012 4:30pm Feb 1, 2012 4:30pm
Quoting deankenny21
Hi peeps, havent posted in a while but i see this thread still as popular as it ever was.

Anyway, scanning through some charts i noticed the Daily USDCHF, is creating a BEOB, my final factor in taking this trade is if it closes below the PPZ i have as the red horizontal line price currently sits on, what do you guys think?
I waited for the BEOB to close.

Here's how I look at it and why I'd be cautious about it.

The first graph is monthly candles. It shows how indeed the current (not long term) price outlook seems bearish: long term downtrend, strong reversal (August PB is bigger than the previous bars), upswing that now is in the descending phase.
I marked with red circles strong sellers. We have two liquidity levels close to these days' price. Sellers marked with 1) are very strong and acted as strong resistance against the last monthly upswing.
Sellers marked with 2) were weaker and got beaten by the Nov and Dec 2011 candles. Yet when the buyers clashed with the sellers 1), they failed to close above monthly resistance 0.9376.

The second graph is daily candles. The first half shows long tails (monthly PB liquidity fuelling them). Then price consolidated in a range market (RM 1) and pushed up till what written above happened. Selling pressure caused a double top and price fell down to a second range market (RM 2).

The top and bottom of RM 1 and RM 2 form their own resistance / support. 30-ish pips below there is a quite strong monthly (purple) price level.

Now, the current local picture seems bearish but I see these factors:

1) We have a BEOB but it failed to close below RM 2 support.
2) At the moment of writing, the newly opened candle is inside the BEOB, RM 2 support is still not broken.
3) The BEOB bearish candle shows a buyers vs sellers fight, not a clean sellers victory ("too much spinning top-alike").
4) In order to have a clean short I'd like to see a close below RM 2 support or - even better - close + retracement to RM 2 making its support a resistance.
5) Below RM 1 is easy to see a number of buyers (long tails). Those buyers are taking liquidity from the underlying 0.9082 monthly price level.
6) Our RM 2 bottom is just 34 or so pips above said monthly (strong) price level. The BEOB retraced against a weekly (cyan, weaker than monthly) 0.9280 price level. This means, there's danger of the trade having low Risk : Reward and / or getting stuck after just 30-ish pips.


I hope this helps.
It's also a "show the music on the pentagram" post made as example of what I wanted to say in my previous posts.
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  • #106,683
  • Feb 1, 2012 4:34pm Feb 1, 2012 4:34pm
Quoting dfumagalli
I waited for the BEOB to close.

Here's how I look at it and why I'd be cautious about it.

The first graph is monthly candles. It shows how indeed the current (not long term) price outlook seems bearish: long term downtrend, strong reversal (August PB is bigger than the previous bars), upswing that now is in the descending phase.
I marked with red circles strong sellers. We have two liquidity levels close to these days' price. Sellers marked with 1) are very strong and acted as strong resistance against the last monthly upswing.
Sellers marked...

There is a much less complicated method of disqualifying that bar and that is, it is not at a SH. We don't take bearish PA at a SL.
  • #106,684
  • Feb 1, 2012 4:47pm Feb 1, 2012 4:47pm
Damn, I am missing a lot of these good setups with the time differences.
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  • #106,685
  • Feb 1, 2012 5:07pm Feb 1, 2012 5:07pm
Quoting Caesar95
Mike,

Can you show us what a daily A+ inside bar should look like?

Thanks!
sure Caesar


Best
Mike
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  • #106,686
  • Feb 1, 2012 5:17pm Feb 1, 2012 5:17pm
When it makes you money you know it was an A+ bar.
Quoting Caesar95
Mike,

Can you show us what a daily A+ inside bar should look like?

Thanks!
  • #106,687
  • Feb 1, 2012 5:53pm Feb 1, 2012 5:53pm
BUEOB at 365 EMA with divergence on AUDJPY..

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  • #106,688
  • Feb 1, 2012 5:58pm Feb 1, 2012 5:58pm
Quoting james16
When it makes you money you know it was an A+ bar.
hahaha amen buddy
  • #106,689
  • Feb 1, 2012 6:08pm Feb 1, 2012 6:08pm
Hi Jim and the guys...

Quote
Do you really think this business is going to work for you after 3 months practice or less?

Opps, it worked since my first trade, all thanks to a friend I've met.
I have barely any knowledge on forex at all. My experience is not even a month, I started 2 weeks ago. I know all the old timers and haters going to jump on me now, but I didn't accomplish this myself, I had a friend, learn how to trade within a day, and two days ago, my first live day brought 34 bucks.

I apologize if you think I'm bragging, just wanted to point out that there are nice people around in this world who serves you life on silver platter. Someone like Jim, thanks Jim.

Opps, I totally went against your minimum requirements of needing months of traning using demo account, I did use it for a week.

Quote
After 26 years in this business i know how hard it is to find truly decent people.

Tell me about it, I had 4 years, but not giving up yet...

How times flies, 7 years... Jim should be a hidden trillionaire by now.
OK, u guys can continue your discussion.
bit . ly/fantestimonials
  • #106,690
  • Feb 1, 2012 6:13pm Feb 1, 2012 6:13pm
Quoting james16
When it makes you money you know it was an A+ bar.
LOL

How's the back Jim, hope it is better than before.
  • #106,691
  • Feb 1, 2012 6:18pm Feb 1, 2012 6:18pm
Welcome back Jim! Hope to see u around more often
  • #106,692
  • Feb 1, 2012 6:18pm Feb 1, 2012 6:18pm
Quoting james16
When it makes you money you know it was an A+ bar.
from the inside.Nice to see you
Dreams of a horse ranch i Colorado.
Still Punchin.

B
  • #106,693
  • Feb 1, 2012 6:31pm Feb 1, 2012 6:31pm
Never Say Die.
Old Horse but still a Favourite.
B
  • #106,694
  • Feb 1, 2012 6:57pm Feb 1, 2012 6:57pm
I'm not sure if you did see my "Thank you Jim" post earlier... it's here:http://www.forexfactory.com/showthre...73#post5347573
bit . ly/fantestimonials
  • #106,695
  • Feb 1, 2012 9:07pm Feb 1, 2012 9:07pm
Quoting ForMeFact0ry
I'm not sure if you did see my "Thank you Jim" post earlier... it's here:http://www.forexfactory.com/showthre...73#post5347573
We ALL....
Howdy Nieghb.
B Stay on the Plains
  • #106,696
  • Feb 1, 2012 9:11pm Feb 1, 2012 9:11pm
OK Pop Quiz. Gold Quickie. Up or down?
I say Down to 35 Then a Big Bounce.
B
  • #106,697
  • Feb 1, 2012 9:29pm Feb 1, 2012 9:29pm
Seriously. This is a Buy Gold Opportunity.
If not: I 'll stop posting.
Still got a window. Down to 35 is a Buy.

I never do this but... Why Now?
  • #106,698
  • Feb 1, 2012 9:38pm Feb 1, 2012 9:38pm
This just might be the Move of the Century.
Maybe Not but I aint gonna miss it if it is.

B
Wanna take a ride?
  • #106,699
  • Feb 1, 2012 9:42pm Feb 1, 2012 9:42pm
im fine. what have i been up to? real estate is what i put a lot of my trading profits into. its usually houses in the 50 to 80k range that are good rentals and can easily make 60 to 80 percent return a year on your investment. i plan to show everyone how i do that and how easy it is here this year.

my latest foray is the largest thing i have ever done. its been very stressful and has required my focused attention for the last couple of months. i have partnered with 15 friends and associates to build my cities first upscale assisted and memory care facility. it is on 13 acres and will house almost 200 people when done. the pictures are the property being prepared for the slabs. its a 20 million dollar project.

i dont know if mike cares if i share this but he is a partner in this. our plans are to build these all over north texas and our long term plan has 70 buildings in 5 years. virtually every financial blessing i have is due to the blessings my trading business has bestowed on me. dont ever let anyone tell you it cant be done.

the secret is very simple but hard to follow. treat it like a business and slowly get better and better at it. when you get to where you can make 5 to 10 percent a month on a large account then doors open for you.

getting there is obviously the hard part but it can happen in a shorter period of time than you think. im glad to be back.

Quoting Pinbar
LOL

How's the back Jim, hope it is better than before.
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  • #106,700
  • Feb 1, 2012 9:47pm Feb 1, 2012 9:47pm
Quoting james16
im fine. what have i been up to? real estate is what i put a lot of my trading profits into. its usually houses in the 50 to 80k range that are good rentals and can easily make 60 to 80 percent return a year on your investment. i plan to show everyone how i do that and how easy it is here this year.

my latest foray is the largest thing i have ever done. its been very stressful and has required my focused attention for the last couple of months. i have partnered with 15 friends and associates to build my cities first upscale assisted and memory...
1%. I'm In. Whatever you have I like.
Quanto?
Selfish I know but we are who we are.
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