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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

  • #110,921
  • Apr 28, 2012 1:33am Apr 28, 2012 1:33am
Quoting 4tiger
I'm not sure who compiled these... I can't find the post. But if it helps, joelcf posts can be located in the first 2 zip files. Enjoy!
Thank you very much sir...
  • #110,922
  • Apr 28, 2012 1:37am Apr 28, 2012 1:37am
Quoting gadogado
Not so new, but still very amateur, sir. Lack of confident to entry...

Your method make me clear and easy to understand the sir james16 material and starting to follow your chart. Have saved much of your chart...
Keep at it gado the confidence will come over time.

What you will notice of these HCR/LCS levels . .if they don't work one way . .there a good chance they will work the other way at the same level . .
Indicators show the past. Price Action "Indicates" the future.
  • #110,923
  • Apr 28, 2012 1:57am Apr 28, 2012 1:57am
Quoting jarroo
Keep at it gado the confidence will come over time.

What you will notice of these HCR/LCS levels . .if they don't work one way . .there a good chance they will work the other way at the same level . .
Sir, do you means that if those level doesn't work as resistance then it will have a chance to work as support, and vice versa...

Sorry, if I get wrong...
  • #110,924
  • Apr 28, 2012 1:58am Apr 28, 2012 1:58am
Quoting gadogado
Sir, do you means that if those level doesn't work as resistance then it will have a chance to work as support, and vice versa...

Sorry, if I get wrong...
That's correct . .
Indicators show the past. Price Action "Indicates" the future.
  • #110,925
  • Apr 28, 2012 2:09am Apr 28, 2012 2:09am
Quoting jarroo
That's correct . .
Thank you very much sir...
  • #110,926
  • Apr 28, 2012 3:14am Apr 28, 2012 3:14am
look at this beauty GBP/AUD Weekly

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  • #110,927
  • Apr 28, 2012 3:17am Apr 28, 2012 3:17am
german linde.
130,56 was the lcs. a rise above would be a good entry for longs, imho.
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meine augen sind die sterne
  • #110,928
  • Apr 28, 2012 4:39am Apr 28, 2012 4:39am
Guys,

What do you think of GBPJPY . Do you think it could reach 140 in coming weeks?

What do you think? Is this a good setup?
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  • #110,929
  • Edited 7:37am Apr 28, 2012 7:09am | Edited 7:37am
Quoting zamfir
Guys,

What do you think of GBPJPY . Do you think it could reach 140 in coming weeks?

What do you think? Is this a good setup?
Let me try my hand in analyzing this (if i may)
It is a good BUOB but it didn't break through the top of the channel. It looks like a downwards channel, so wait for a confirmation of a upside breakout, and after that even maybe a retracement back to the high of the channel to see if it acts as support.
(edit: lower line of the channel is crudely drawn haha, but shows lower highs and lower lows, except for the last low, so there must be a higher high in the future to confirm a change in trend)
(edit edit: on second thought, is the high between those two lows there an intermediate high? if so, then the two lows show a double bottom formation and yes the trend is upward... might need a senior member to confirm. but everything else i said still stands lol.. i think)


Timing on the weekly charts is everything, a few days off might cost you pips. The daily on the GBPJPY shows a BEOB, and if we look to USDJPY (highly correlated) there are bearish signs. (although it might be near the end of a longer term bearish trend, since price is rising from a long range of lows that started since Aug 2011 USDJPY Weekly Chart)

That's my view, hope it helps!

(I ended up sort of confusing myself... but I would look for an upwards break in the channel line, I'd be afraid of the price just bouncing off of it)
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  • #110,930
  • Apr 28, 2012 7:39am Apr 28, 2012 7:39am
4tiger,

Looking for usdjpy, we are in a similar situation. if the ppz hold we are bullish.

Anyone else analyzing the jpy?
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  • #110,931
  • Apr 28, 2012 1:39pm Apr 28, 2012 1:39pm
I like USDJPY bearish more, on D1 we have really nice outside bar, the lowest close since February... unfortunately the 80 lvl is really close - i'm gonna watch this...
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  • #110,932
  • Apr 28, 2012 2:16pm Apr 28, 2012 2:16pm
Thankful for the down time on the weekends to analyze charts haha.

This is something that I watching last week and then forgot about, USDJPY is forming a right triangle on the daily charts, there was a good section on it in Martin Pring on Price Patterns.

The supposed breakout would be downwards.. the sloping side of the triangle points in the direction of the supposed breakout.

Price closed on Friday right on the 365 ema.

In the end, although we're all in control of our own trading.. it's nice to bounce some ideas around.
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  • #110,933
  • Apr 28, 2012 2:49pm Apr 28, 2012 2:49pm
Quoting 4tiger
Let me try my hand in analyzing this (if i may)
It is a good BUOB but it didn't break through the top of the channel. It looks like a downwards channel, so wait for a confirmation of a upside breakout, and after that even maybe a retracement back to the high of the channel to see if it acts as support.
(edit: lower line of the channel is crudely drawn haha, but shows lower highs and lower lows, except for the last low, so there must be a higher high in the future to confirm a change in trend)
(edit edit: on second thought, is the high between...
Hey 4tiger,

From the Support and Resistance levels that I see on the GbpJpy Daily chart, Price was a bit indifferent on its Close on Friday. Although the BEOB and trendline may be telling that more downward movement is in play here. A stronger Close below this Support may flip it to Resistance. . Chart 1.


Chart 2 shows the same ocurrence (in blue). A weak or no Close below a Support level. Once Price closes below this Support level, the transition to Resistance took place.
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Indicators show the past. Price Action "Indicates" the future.
  • #110,934
  • Edited 4:45pm Apr 28, 2012 3:56pm | Edited 4:45pm
Quoting Donkey
Wanted to add a couple of charts on how I see this pair. When I looked at your chart I saw a sell area rather than a buy area. I believe the rectangle you've marked would be called a supply zone by phanti and ifmyante.

I put my thoughts on a chart and added a second zoomed out to show how strong the ppz surrounding 1.2700. The current up move is sharp and there is definitely reason to believe price could continue higher, but to borrow Mike's term - there's not enough story for me there yet to go long. Plus we cant forget that buying highs...
Here's what I see on this chart at a glance
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  • #110,935
  • Apr 28, 2012 6:48pm Apr 28, 2012 6:48pm
Quoting jarroo
Joelcf is a great guy and very smart . he as a way making complex issues, understandable to you and I . . . from indicators to the fundamentals of markets and governements, interest rate cuts, quantitative easing, increased potential of credit rerating, and other stuff that I've copied and pasted from his posts.

As it has been said before . . .Joel doesn't need fundamental and technical analysis books . . fundamental and technical analysis books need him.

Search out his previous posts . . you'll be glad you did . .

http://www.forexfactory.com/joelcf...
well... You're right personally I am very glad falling from chair periodically and laughing, then getting up and rereading it seriously... he is phenomena. I am reading his posts few nights in row... this thread is full of gems Best regards and nice to meet You Joel
all is eternal - this is good news for people who loves bad news
  • #110,936
  • Apr 29, 2012 3:35am Apr 29, 2012 3:35am
Sorry for the oftopic question, but since we trade in similar way I would like to hear your opinion about that...

Im looking for a broker, but the people in the discussion forum only talk about spread, requotes, execution speed... which is not something that has much importance when trading of daily charts, I asume.
So what to look for in a broker?

Im using Pepeprstone at the moment, but they have only 20+ pairs and I would like to have more.
I see many of you are using FxPro, but they are not suitable for me, as the dont offer micro lots.
Thoughts are things
  • #110,937
  • Apr 29, 2012 3:51am Apr 29, 2012 3:51am
Quoting Quezoy
Sorry for the oftopic question, but since we trade in similar way I would like to hear your opinion about that...

Im looking for a broker, but the people in the discussion forum only talk about spread, requotes, execution speed... which is not something that has much importance when trading of daily charts, I asume.
So what to look for in a broker?

Im using Pepeprstone at the moment, but they have only 20+ pairs and I would like to have more.
I see many of you are using FxPro, but they are not suitable for me, as the dont offer micro lots....
Quote
spread, requotes, execution speed

Matters...as well on a daily chart... search for a serious broker, good support and a wide range of offered pairs as well.
Hero calls followed by margin calls...
  • #110,938
  • Apr 29, 2012 4:58am Apr 29, 2012 4:58am
But if I use pending orders, does slipage, requotes appear? Is execution speed here relevant?
Tighter spreads are always good, but I dont think of high importance if you take 20 trades per month.
Thoughts are things
  • #110,939
  • Apr 29, 2012 6:19am Apr 29, 2012 6:19am
Quoting Quezoy
Sorry for the oftopic question, but since we trade in similar way I would like to hear your opinion about that...

Im looking for a broker, but the people in the discussion forum only talk about spread, requotes, execution speed... which is not something that has much importance when trading of daily charts, I asume.
So what to look for in a broker?

Im using Pepeprstone at the moment, but they have only 20+ pairs and I would like to have more.
I see many of you are using FxPro, but they are not suitable for me, as the dont offer micro lots.
all these things matters even in Daily TF... depends on Your account size but You should check old good brokers which are gone through water and fire - www.gftforex.com, www.mbtrading.com, www.dukascopy.com, www.oanda.com. I worked through all of them and never had any significant issues. All of them offers You all that You need to trade successfully choose whichever u like and go for pips
all is eternal - this is good news for people who loves bad news
  • #110,940
  • Apr 29, 2012 6:39am Apr 29, 2012 6:39am
Tnx meshka.

I guess I'll check the big names out and stick with one. I'll start with Alpari.
Thoughts are things
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