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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

  • #109,641
  • Mar 31, 2012 1:45am Mar 31, 2012 1:45am
and 1.30 should be a lovely setup again.
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  • #109,642
  • Mar 31, 2012 4:21am Mar 31, 2012 4:21am
Again I would like to aks, if there was anything wrong with the reasoning behind this trade.

AUD/USD was taken after a good pinbar from a resistance turned support level. I expected a move at least towards 1.05, but the 150 ema did not get penetrated.
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Thoughts are things
  • #109,643
  • Mar 31, 2012 4:53am Mar 31, 2012 4:53am
Quoting manperm
I've been following this thread for 3 years and have finally found success with forex. The fastest way I found to learn this stuff was by going to Jim's profile and pulling up only his posts that have attachments. I have gone over every one of his charts multiple times over the course of several months and it has turned my trading around. I wanted to ask, though, about this one chart. I'm tempted to pass on this, but 2 day pb's are something I prefer to invest in. This one closed above pivot, but seems to be capped by trendline and brn. What's...
It's everything on your chart . This 2 day pin will trade right into 0.8300 , which is the bottom of a box . Also to that trendline you drew . No space to work with in my view.

And welcome
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  • #109,644
  • Mar 31, 2012 4:57am Mar 31, 2012 4:57am
Quoting Quezoy
Again I would like to aks, if there was anything wrong with the reasoning behind this trade.

AUD/USD was taken after a good pinbar from a resistance turned support level. I expected a move at least towards 1.05, but the 150 ema did not get penetrated.
hey there,

You were trading directly into the BRN 1.04. Big as in very responsive. You can see how the pin bar despite being a pin bar, failed to close above the 1.04 BRN and that's a very strong clue that there is still some if not a lot of resistance there. Notice how the next bar tries to test the level again and failed miserably.

We need to be aware of these round number price levels on our charts. Believe me price at times won't even need a PPZ or any additional confluence at a RN and yet bounce to the pip significantly. Trades that are running into them will always be risky.

g.
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I believe . . .
  • #109,645
  • Mar 31, 2012 5:02am Mar 31, 2012 5:02am
Quoting Quezoy
Again I would like to aks, if there was anything wrong with the reasoning behind this trade.

AUD/USD was taken after a good pinbar from a resistance turned support level. I expected a move at least towards 1.05, but the 150 ema did not get penetrated.


Hi Quezoy,

Its my take on it with description on chart.

Have a great weekend!
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  • #109,646
  • Mar 31, 2012 5:18am Mar 31, 2012 5:18am
I was not paying attention to 1.04, neither to the fact that it was a 2nd visit...
I appreciate your comments guys, they help a lot.

Thank you.
Thoughts are things
  • #109,647
  • Mar 31, 2012 5:24am Mar 31, 2012 5:24am
Quoting Quezoy
I was not paying attention to 1.04, neither to the fact that it was a 2nd visit...
I appreciate your comments guys, they help a lot.

Thank you.

I mean its nothing wrong with the fact its second visit. Very well defined levels work very often on the first test and are penetrated deeper on the second one.
That PB looks really tempting but there is just too much resistance above the the bar high IMO.
  • #109,648
  • Mar 31, 2012 5:24am Mar 31, 2012 5:24am
Quoting Quezoy
Again I would like to aks, if there was anything wrong with the reasoning behind this trade.

AUD/USD was taken after a good pinbar from a resistance turned support level. I expected a move at least towards 1.05, but the 150 ema did not get penetrated.

The consolidation boxes, the PPZ and the 150 were working against this PB from the start. This combined with the weekly BEOB, was just too much to expect from that PB. I actually think it did hit its FTA.

Had this bar closed above this area, it may have been a different story.
The higher TFs and zooming our more and recommended.


Hope this helps
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  • #109,649
  • Mar 31, 2012 6:02am Mar 31, 2012 6:02am
this shit is really getting heavy,
i wld watch for a breakout and retest play of Yellow PPZ.
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  • #109,650
  • Mar 31, 2012 6:08am Mar 31, 2012 6:08am
Shouldn't the emas be 304 & 125 on -5 days week- brokers?

  • #109,651
  • Mar 31, 2012 6:43am Mar 31, 2012 6:43am
Quoting Greenhaze
Shouldn't the emas be 304 & 125 on -5 days week- brokers?

Yeah, I also thought of that. LOL
  • #109,652
  • Edited 10:19am Mar 31, 2012 8:43am | Edited 10:19am
Quoting AvanishDemo
AudChf:
0.9265+61.8
js to be careful i will watch how the monday opens.
i'm watching this too. 4H Gartley (not that we use those here but confluence and all that), currently into daily demand zone, approaching RN, stacked fib levels, space to left.

1st chart is Gartley from Thu. the entry is flexible and invalid below .9261 hence me posting it's relevance.
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2nd chart shows stacked fibs and demand zone, ergo a messy chart.
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3rd chart is how i keep stuff until i see something i like visually, only then do i look for additional confluences such as fibs, harmonics etc.
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Monthly shows it slap bang in the middle of a pivot zone so if anything presents, care and conservative targets will be important.
  • #109,653
  • Mar 31, 2012 10:04am Mar 31, 2012 10:04am
Quoting Rust
It's everything on your chart . This 2 day pin will trade right into 0.8300 , which is the bottom of a box . Also to that trendline you drew . No space to work with in my view.

And welcome
great job Rust, that was going to be my response as well

Thanks
Mike
  • #109,654
  • Mar 31, 2012 10:45am Mar 31, 2012 10:45am
Quoting 4tiger
1-FTA = First trouble area

2-Monthly LCS = Monthly Lowest Close of Support (the lowest that price has closed in an area of support I think?)

3-How to develop a BOX.

The bottom and top of a box are just regular support and resistance areas, drawn as a box because it's easier to see.

4- i'm not sure what a TF level is either!

you can check out pinbar's post for some terms:
http://www.forexfactory.com/showthre...57#post5442457


edit:
4- TF is time frame. If you're asking about this post from before: "Hey Steve...

than u so much 4tiger.....

still do not know how to develop a box' Top,Bottom and left,right. can any body further explain it please.
  • #109,655
  • Mar 31, 2012 10:56am Mar 31, 2012 10:56am
Quoting aslam
than u so much 4tiger.....

still do not know how to develop a box' Top,Bottom and left,right. can any body further explain it please.
Hey Aslam

Did you see my recent post on boxing in regards to the gbp/usd

here is the link
http://www.forexfactory.com/showthre...41#post5527841


Hope it helps
Mike
  • #109,656
  • Edited 1:10pm Mar 31, 2012 12:49pm | Edited 1:10pm
http://www.earthhour.org/

Don't forget to switch off lights @ 8:30 p.m local time ...... if you care ofcourse
  • #109,657
  • Mar 31, 2012 12:52pm Mar 31, 2012 12:52pm
Quoting AvanishDemo
this shit is really getting heavy,
i wld watch for a breakout and retest play of Yellow PPZ.
Your chart made me take a second look at this choppy shit as well
  • #109,658
  • Mar 31, 2012 1:50pm Mar 31, 2012 1:50pm
Quoting Greenhaze
http://www.earthhour.org/

Don't forget to switch off lights @ 8:30 p.m local time ...... if you care ofcourse

lol . . . . .I will make sure every light is ON at that time . .people don't believe in this stuff any more..do they?
Indicators show the past. Price Action "Indicates" the future.
  • #109,659
  • Mar 31, 2012 2:06pm Mar 31, 2012 2:06pm
Quoting Pinbar
Yes, 130.714 is the Monthly LCS of that major Monthly SL.

And the reason I took the H1 PB.
However, I was distracted by a phone call and could not take partial profit or move to BE where I wanted to.
Stuck in it now, till I can get out.

I am thinking with all the wicks below, we are going to test the 150, one more time.

Oh . I see .That's not a bad level. I would have liked it better if it lined up with a current Daily or Weekly level. It comes close to the 130.56 level (Daily LCS) that worked great.
Indicators show the past. Price Action "Indicates" the future.
  • #109,660
  • Mar 31, 2012 2:47pm Mar 31, 2012 2:47pm
Quoting mbqb11
Hey Heaven,

If price breaks under the first box there is a good chance the 130 could act as resistance. Previous support flipping to resistance or a PPZ. Now we don't just blindly buy or sell out of these boxes, so I would be looking for more information. This may be a price bar tip off, or another story that begins to form. Then yes price could then be contained within the previous box.

I am about to post 3 charts. They are all based on the first chart I posted on the gbp/usd a few days back here

Think of the gbp/jpy in a similar fashion...
Great Stuff . .Mike .. .
Indicators show the past. Price Action "Indicates" the future.
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