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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

  • #110,761
  • Apr 26, 2012 12:42am Apr 26, 2012 12:42am
Quoting 5.25
13 weeks in the making and... BAM!
Great Bam! charts, T . .

Here's some more, t . .with a Dual Action Level theme . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #110,762
  • Apr 26, 2012 2:05am Apr 26, 2012 2:05am
Quoting jarroo
Great Bam! charts, T . .

Here's some more, t . .with a Dual Action Level theme . .

Jim
Hi sir,

Just one to know if my thought are right or wrong.

I guest you have an entry on both EU and NU. Your entry would be on the second arrow bar and the pullback to the LCS. The first arrow bar is as a confirmation of support.


gado
  • #110,763
  • Edited 2:38am Apr 26, 2012 2:23am | Edited 2:38am
Quoting gadogado
Hi sir,

Just one to know if my thought are right or wrong.

I guest you have an entry on both EU and NU. Your entry would be on the second arrow bar and the pullback to the LCS. The first arrow bar is as a confirmation of support.


gado
Yes that's correct gado. . and also just as a Touch Trade due the strength of the Dual Action level itself.

Also you can have lower TF PA as an additional confirmation, as with the NzdUsd . .then you add the 150 ema confluence with this Daily level . .. .many reasons to enter on just a touch at this Dual Action level.
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Indicators show the past. Price Action "Indicates" the future.
  • #110,764
  • Apr 26, 2012 2:32am Apr 26, 2012 2:32am
That looks about right . . . on the Monthly UsdCad . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #110,765
  • Apr 26, 2012 7:54am Apr 26, 2012 7:54am
Would anybody share his thoughts?

- - - - - -

Nice upper range level. Went short after 2 day pinbar. Price went lower very fast, so I took profit at 60 pips plus and moved my SL a bit down.
I did not know how to interpret the pinbar which formed after the move down.
May have consumed the remaining buying power before a substainal downmove.
Or just a retracement before continuation up.
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Thoughts are things
  • #110,766
  • Apr 26, 2012 8:00am Apr 26, 2012 8:00am
Jarroo, a question.
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Thoughts are things
  • #110,767
  • Apr 26, 2012 8:59am Apr 26, 2012 8:59am
Quoting jarroo
Yes that's correct gado. . and also just as a Touch Trade due the strength of the Dual Action level itself.

Also you can have lower TF PA as an additional confirmation, as with the NzdUsd . .then you add the 150 ema confluence with this Daily level . .. .many reasons to enter on just a touch at this Dual Action level.
Got it sir... thank's for the explanation...

It's a nice bullish PB...
  • #110,768
  • Apr 26, 2012 9:31am Apr 26, 2012 9:31am
Hey guys can someone please help me understand something here?

I do not understand why the dollar is falling on good news?? Isn't it supposed to RISE on good news?? Unemployment numbers came out and were not so good... Dollar rose? Then home sales came out and were REALLY good yet the dollar crashed hard??

Any ideas on this paradox>?

Thanks
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"Greed is good,greed is right,greed works"
  • #110,769
  • Apr 26, 2012 9:35am Apr 26, 2012 9:35am
Quoting Gekko78
Hey guys can someone please help me understand something here?

I do not understand why the dollar is falling on good news?? Isn't it supposed to RISE on good news?? Unemployment numbers came out and were not so good... Dollar rose? Then home sales came out and were REALLY good yet the dollar crashed hard??

Any ideas on this paradox>?

Thanks
Who knows. I never take much interest in the news because it's just something else to complicate your trading. Everything I need to know is on the chart.
  • #110,770
  • Apr 26, 2012 9:37am Apr 26, 2012 9:37am
Quoting willf
Who knows. I never take much interest in the news because it's just something else to complicate your trading. Everything I need to know is on the chart.
Yea I do not trade the news either but I was watching this morning and I have noticed this happen a lot more ...I just do not get it.....Wondering if anyone had any thoughts
"Greed is good,greed is right,greed works"
  • #110,771
  • Apr 26, 2012 9:39am Apr 26, 2012 9:39am
Quoting willf
Who knows. I never take much interest in the news because it's just something else to complicate your trading. Everything I need to know is on the chart.
Yeah I am right there with you. I know nothing about fundamentals so I won't pretend to but numbers were largely unchanged and the markets are pretty range bound across the board. To me the events are not significant now to pull us out of the ranges. BUT we will be breaking out hard and it's coming soon. If it was as easy as buy when numbers = good and sell when they = bad or vice versa, it would be easy. That's just not the reality though. I think we all tried that at one point.

This is not to say that news trading or looking at numbers isn't valid. Just to clarify cause I always get 2-3 PMs after I say I ignore the news

Mike
  • #110,772
  • Apr 26, 2012 9:40am Apr 26, 2012 9:40am
Quoting Gekko78
Hey guys can someone please help me understand something here?

I do not understand why the dollar is falling on good news?? Isn't it supposed to RISE on good news?? Unemployment numbers came out and were not so good... Dollar rose? Then home sales came out and were REALLY good yet the dollar crashed hard??

Any ideas on this paradox>?

Thanks
Reduced risk aversion results in flows from 'safe' assets, like gold or tbills (denominated in USD) and into higher yielding currencies, equities, etc... hence downward pressure. Broadly speaking.

Whether that's what you are seeing now, or more a result of FOMC statements and their impact on future rate directions is another matter.

Nothing wrong with being curious
When you have to shoot, shoot. Dont talk.
  • #110,773
  • Apr 26, 2012 9:42am Apr 26, 2012 9:42am
Quoting joelcf
Reduced risk aversion results in flows from 'safe' assets, like gold or tbills (denominated in USD) and into higher yielding currencies, equities, etc. Downward pressure.
phew joel to save the day with real information opposed to mine

Hey buddy
  • #110,774
  • Apr 26, 2012 9:45am Apr 26, 2012 9:45am
Quoting joelcf
Reduced risk aversion results in flows from 'safe' assets, like gold or tbills (denominated in USD) and into higher yielding currencies, equities, etc... hence downward pressure. Broadly speaking.
Yeah, what he said
  • #110,775
  • Apr 26, 2012 9:48am Apr 26, 2012 9:48am
Quoting joelcf
Reduced risk aversion results in flows from 'safe' assets, like gold or tbills (denominated in USD) and into higher yielding currencies, equities, etc... hence downward pressure. Broadly speaking.

Whether that's what you are seeing now, or more a result of FOMC statements and their impact on future rate directions is another matter.

Nothing wrong with being curious
Ok so then when US numbers are good people are selling dollars moving to "risk on" trades then?
"Greed is good,greed is right,greed works"
  • #110,776
  • Apr 26, 2012 9:51am Apr 26, 2012 9:51am
Quoting mbqb11
Yeah I am right there with you. I know nothing about fundamentals so I won't pretend to but numbers were largely unchanged and the markets are pretty range bound across the board. To me the events are not significant now to pull us out of the ranges. BUT we will be breaking out hard and it's coming soon. If it was as easy as buy when numbers = good and sell when they = bad or vice versa, it would be easy. That's just not the reality though. I think we all tried that at one point.

This is not to say that news trading or looking at numbers...
Yea I don't trade news either but when I am in a trade and I know news is coming out I tend to increase stops and decrease lot size due to the fluctuations that usually occur.....I was just shocked that every time I see Dollar passive news come out the dollar falls where it used to do the opposite.

Thanks for your thoughts!
"Greed is good,greed is right,greed works"
  • #110,777
  • Apr 26, 2012 9:54am Apr 26, 2012 9:54am
Quoting Gekko78
Ok so then when US numbers are good people are selling dollars moving to "risk on" trades then?
Basically. Until it doesn't

You see a similar, albeit regional, pattern with other so-called 'safe haven' currencies (a weaselly, imprecise term... but whatever), like the franc and the yen. The yen and the carry trade are (were?) probably the clearest example of that kind of thing, back when AUD rates were higher than Jimmy Hendrix on the moon.

Of course, the degree to which the pattern holds depends alot on the overall sentiment of the markets, individual economies, commodity markets, etc.... and RA can flip in some situations. It's why forecasting fx based on fundamentals is such a dangerous game to get into as a hobby (or, hell, even as a profession!).

Quoting mbqb11
phew joel to save the day with real information opposed to mine

Hey buddy
Nah, I'm just an accomplished BS artist. Good to see you still keeping everyone in line!
When you have to shoot, shoot. Dont talk.
  • #110,778
  • Apr 26, 2012 10:17am Apr 26, 2012 10:17am
You can pretty much count on the EURUSD, for example, to follow the equity markets based on perceived value in the market or perceived risk, at least enough to trade it successfully. This is really what trading is all about in many ways, the ability to know which sentiment is most powerful at the time you are looking to trade.
  • #110,779
  • Apr 26, 2012 10:29am Apr 26, 2012 10:29am
Quoting pdean123
You can pretty much count on the EURUSD, for example, to follow the equity markets based on perceived value in the market or perceived risk, at least enough to trade it successfully. This is really what trading is all about in many ways, the ability to know which sentiment is most powerful at the time you are looking to trade.
So are you saying that when US equity markets are up , dollar "should" rise as well??
"Greed is good,greed is right,greed works"
  • #110,780
  • Apr 26, 2012 10:30am Apr 26, 2012 10:30am
Quoting Gekko78
Yea I do not trade the news either but I was watching this morning and I have noticed this happen a lot more ...I just do not get it.....Wondering if anyone had any thoughts
Read this post by Greenhaze.
http://www.forexfactory.com/showthre...ws#post5577140
If not up, then down, otherwise sideways :-)
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