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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

  • #111,081
  • May 1, 2012 11:58pm May 1, 2012 11:58pm
Quoting equivestor12
Damn that's allot of stocks! What platform do you use to watch them all? Are stocks basically the same as fx pairs?...I didn't even know you could buy stocks on leverage.
Hey Equi

You don't or very very small. I use thinkorswim

Mike
  • #111,082
  • May 2, 2012 12:02am May 2, 2012 12:02am
Quoting gadogado
Take a trade on USD/CAD

PBTCB LCS Weekly, make the first time back and go down. Price hit FTA, move SL and came back to take my SL at BE.

Hey gado this Weekly setup on the Cad was just great . .

Even though there was a Hourly signature present at this level (no close above the 0.9889 on the Hourly) . . I do like the 4 Hour signatures with Weekly levels . .

Great job . .
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Indicators show the past. Price Action "Indicates" the future.
  • #111,083
  • May 2, 2012 12:07am May 2, 2012 12:07am
Quoting gadogado
thanks sir.. Your trade is much better than mine. I'm following and study your post and chart too.



Thank's sir.

Does you mean when it hit 2nd target level, I can move SL above 2nd target? if yes, I can imagine it, might you explain it sir?

My current thought for moving SL to 2nd target is when price close below the 2nd target level.
Yes, Price is dealing with that 2nd target currently and I would like to see some closes below that level on the Hourly, 4 hour and of course on the Daily. . . and going for that deeper 3rd target is smart.

I just like to lock in profit . . . .keeping the stop above the 1st target until there is a close below the 2nd target is a smarter play, indeed . .
Indicators show the past. Price Action "Indicates" the future.
  • #111,084
  • May 2, 2012 12:14am May 2, 2012 12:14am
Quoting jarroo
Hey gado this Weekly setup was just great . .

Even though there was a Hourly signature present at this level (no close above the 0.9889 on the Hourly) . . I do like the 4 Hour signatures with Weekly levels . .

Great job . .
Got it sir. 4H for Weekly Levels. then 1H for Daily Levels

Yesterday, I thought it would be a h1 signatures trade beause no close above it and I see a possible second entry, using sir ghous method or like sir wizard method too (If I not get wrong)...
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  • #111,085
  • May 2, 2012 12:21am May 2, 2012 12:21am
Quoting mbqb11
Hey Equi

You don't or very very small. I use thinkorswim

Mike
cool, thank's Mike...I will check them out!
  • #111,086
  • May 2, 2012 12:24am May 2, 2012 12:24am
Quoting gadogado
Got it sir. 4H for Weekly Levels. then 1H for Daily Levels

Yesterday, I thought it would be a h1 signatures trade beause no close above it and I see a possible second entry, using sir ghous method or like sir wizard method too (If I not get wrong)...
Yes there was a Swing Failure Pattern (SFP) on the hourly (technically) but the Swing wasn't that deep . .if it was deeper we would like it better. But then again this is the UsdCad . .and this pair loves SFPs .
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Indicators show the past. Price Action "Indicates" the future.
  • #111,087
  • May 2, 2012 12:35am May 2, 2012 12:35am
Quoting jarroo
Yes there was a Swing Pattern Failure (SPF) on the hourly but the Swing wasn't that deep . .if it was deeper we would like it better. But then again this is the UsdCad . .and this pair loves SFPs .
Oh... I see it... SFP needed a deep swing... Sticking in Daily TF is the best, under it still has a lot of work to do for me...

thank's for the explanation and example sir...
  • #111,088
  • May 2, 2012 12:40am May 2, 2012 12:40am
Quoting gadogado
Oh... I see it... SFP needed a deep swing... Sticking in Daily TF is the best, under it still has a lot of work to do for me...

thank's for the explanation and example sir...
The main point was the level, gado . . The Weekly LCS of the Weekly Consolidation . .that is where all the stories began. . .the SFP . .bearish PBs . you name it. Its that level that ruled . . once PBT&CB . .
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Indicators show the past. Price Action "Indicates" the future.
  • #111,089
  • May 2, 2012 12:47am May 2, 2012 12:47am
Quoting jarroo
The main point was the level, gado . . The Weekly LCS of the Weekly Consolidation . .that is where all the stories began. . .the SFP . .bearish PBs . you name it. Its that level that ruled . . once PBT&CB . .
Understand it, sir..

I'm sorry, must go now...
  • #111,090
  • May 2, 2012 12:56am May 2, 2012 12:56am
Quoting gadogado
Understand it, sir..

I'm sorry, must go now...
me too . .
Indicators show the past. Price Action "Indicates" the future.
  • #111,091
  • May 2, 2012 1:39am May 2, 2012 1:39am
Quoting jarroo
Hey OffPiste . .sorry for the late reply .

I always like to check the Weekly HCR/LCS levels and see how the line up with the Daily levels. The 1.6088-1.6080 was a classic long setup once PBT&CA on the Daily and Weekly.

Price is reacting well to the Resistance level at the Weekly LCS level. The uptrend looks pretty strong . .I would still look for strong bearish PA at the Weekly LCS level, 1.6273ish.
Thanks Jarroo - really appreciate the feedback
  • #111,092
  • May 2, 2012 2:29am May 2, 2012 2:29am
Quoting mbqb11
Hey Equi

You don't or very very small. I use thinkorswim

Mike
I do understand the logic behind covering this amount of instruments: just take the perfect setup.

Nevertheless I am wondering: the reason I shifted to forex was the supposed 'purity' (for lack of a better word and my at best limited English...) of the price action here. With stocks you have session times, gaps, tricks played by major or even minor shareholders, etc. So I was assuming that technical analysis wouldn't go as far as in very liquid markets.

Would you say that the techniques talked about here fit 100% to all the different instruments?

Best, LD
Fail better.
  • #111,093
  • May 2, 2012 2:32am May 2, 2012 2:32am
Quoting Donkey
No pro, but here's how I see it....your daily levels are fairly confluenced in the middle of 2 consolidation boxes.

What I see is a weekly level at current minor swing point, which did give a bounce in form of 4H Pin that it looks like you took. 4H PA off of a weely level is one of my favorites. However, I would prefer it a deeper swing point or at the top or bottom of a large consolidation area so I wouldn't grade the setup A+, but certainly a manageable position.

But you can see the weekly level at a round number did give a bounce...
Donno m8, for me your blue box as a FTA is too much. My FTA will be around 1.0360, I'm going to make some managements at this lvl, if reaches
If not up, then down, otherwise sideways :-)
  • #111,094
  • May 2, 2012 2:52am May 2, 2012 2:52am
Hi, i took short on AUDCAD Daily, I took this trade because there is DBHLC on strong resistance which happens to be also nice round number 1,0300. What do you guys think? Well, I am still newbie to this so any thoughts or comments are welcomed .
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  • #111,095
  • May 2, 2012 3:12am May 2, 2012 3:12am
Quoting LarryDarrell
I do understand the logic behind covering this amount of instruments: just take the perfect setup.

Nevertheless I am wondering: the reason I shifted to forex was the supposed 'purity' (for lack of a better word and my at best limited English...) of the price action here. With stocks you have session times, gaps, tricks played by major or even minor shareholders, etc. So I was assuming that technical analysis wouldn't go as far as in very liquid markets.

Would you say that the techniques talked about here fit 100% to all the different instruments?

Best,...
I have found price action works on any market where there are buyers and sellers. You are right about gaps, they are more prevalent in stocks which is why most people play the weekly charts.
  • #111,096
  • May 2, 2012 3:18am May 2, 2012 3:18am
Quoting Mav13
Hi, i took short on AUDCAD Daily, I took this trade because there is DBHLC on strong resistance which happens to be also nice round number 1,0300. What do you guys think? Well, I am still newbie to this so any thoughts or comments are welcomed .
This was a DBHLC, but it was as big, as the 3 previous up bars together.
This is to much, IMO, a to strong move is suspicious.

It went down to a weekly LCS level, which acted allready a few times as support in the past and I do not think price will go lower. Much more likely is a move up towards 1.30 again.

Just my 2 cents, I aint no pro.
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Thoughts are things
  • #111,097
  • May 2, 2012 4:06am May 2, 2012 4:06am
Quoting jarroo
What do I think of this situation, Quezoy? . .freaking beautiful .

I like the 1.2413-1.231 first and foremost, respectively. The 1.2511 has already been tested so we may be done with that level for now.

Daily bearish PA at these levels would add to its confirmation as flipping to Resistance.

Check out the 4 Hour BEOB at these Weekly LCS levels . .nice. . .
My friend, we missunderstood eachother.
I was looking for the next support level, and marked potential ones with numbers on the left side of the screenshot (1,2,3).

The aqua lines are not part of the question, so to say

Could you have a look again and give me your thought?
Thoughts are things
  • #111,098
  • May 2, 2012 5:05am May 2, 2012 5:05am
Quoting willf
Yeah, we believe you
lol, thought i'd throw in a little joke there.

honestly though, H&S patterns should be viable on monthly time frames right?

Quoting mbqb11
watch as many pairs as you can get your hands on. I watch roughly 70-80 FX pairs and 3000 weekly stock charts.
!!! I was going to ask how many pairs I should track.. with 70-80 pairs I would really lose track though I think.

---------------
I guess to make a good trade on the monthly charts I need to pinpoint an entry point from the Daily. I'm really just watching EURUSD... I just hate to think of all the time I'll have to spend away from the graphs when I'm in the army.

I have an uncle who has been watching JPY for about 2 decades now or something, and when it was at it's lowest (USDJPY 75- 76) he said it was going up, really just fundamentalist trading real cash no leverage...

I remember reading something from James16, he had a chart showing just 1 A++ PB and said that some of his students were Still in the trade (it had been running for weeks). I'll spend some more time searching.

Thanks everyone!
  • #111,099
  • May 2, 2012 5:30am May 2, 2012 5:30am
anybody short on the EUR/USD?
  • #111,100
  • May 2, 2012 5:33am May 2, 2012 5:33am
Quoting 4tiger
!!! I was going to ask how many pairs I should track.. with 70-80 pairs I would really lose track though I think.
Hey man ,
you are right , if you try to scroll through 70 pairs each hour or even every 4 hours , you'll turn zombie . Here comes useful to make a watch list . Then you can review all once or twice a day , and put just a several charts to watch closely .
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