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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

  • #120,221
  • Oct 31, 2012 10:35pm Oct 31, 2012 10:35pm
EURUSD D1
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  • #120,222
  • Nov 1, 2012 12:33am Nov 1, 2012 12:33am
Quoting Sciurus
Looks like we're in the same boat, Meshka.

Here is my trade plan, as well as some other PA that I sorted through before choosing the eur/cad trade.

Here's to hoping we chose wisely...

I would not sell that PB for the following reasons.

1: doesn't look so big when you zoom out to 2 clicks above the smallest chart size.
2: It is going straight into a ppz.

3: The TL is still intact.
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  • #120,223
  • Nov 1, 2012 2:06am Nov 1, 2012 2:06am
There are many beautiful examples of how Fibonacci numbers are employed in nature but never saw one to apply so perfectly to an Hurricane.

When the fibonacci sequence meets Hurricane Sandy you get this:

Mike hope you are well, be safe!

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  • #120,224
  • Nov 1, 2012 4:34am Nov 1, 2012 4:34am
Hey guys,

Am more of a voracious passive member....but here are some charts that am looking at...

Would appreciate all your blunt and candid opinion....

To Mike and all the other members affected by sandy...stay strong and be safe. God bless.

Am thinking price might break the PB and TL on EUR/ZAR D1(that will be good)

Also USD/HKD is at an important level. If it breaks...we might bag some pips..

On EUR/GBP am awaiting the violation of PB and close below 0.8000 BRN

Please guys, your views are much appreciated(no matter how RAW) Thank you.
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SNR with Price Action...
BitCrossNG Return Today: na
  • #120,225
  • Nov 1, 2012 5:57am Nov 1, 2012 5:57am
Quoting meshka
yummy setup... EURCAD. cant wait for the Daily candle close
I see someone have spotted this setup already. There is crazy confluence here. Can you guys see it ?
I see at least 5 other MAJOR confluences here, except the daily pin
  • #120,226
  • Nov 1, 2012 6:02am Nov 1, 2012 6:02am
Hey Mike, how are things in NY? I hear it's a very bad situation.
Hope it's not the end of the World coming (2012 you know the story).
Be safe and let's hope for as little as possible tragic events and consequences. And a fast recovery !
  • #120,227
  • Nov 1, 2012 7:59am Nov 1, 2012 7:59am
Just typical.....
I wait and wait - then have to go out. When I return, there's the PA on the breakout and a fantastic rise!

Lesson to learn - become a hermit and glue to charts
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  • #120,228
  • Nov 1, 2012 8:47am Nov 1, 2012 8:47am
Quoting Rust
Hey Mike, how are things in NY? I hear it's a very bad situation.
Hope it's not the end of the World coming (2012 you know the story).
Be safe and let's hope for as little as possible tragic events and consequences. And a fast recovery !
Hey Guys

Hanging in there. Still without power/phones/my place. It's pretty messy here.

I am going to have limited access later and will do my best to get on here and catch up on what I have missed

Thanks all for the well wishes prayers and patience

Mike
  • #120,229
  • Nov 1, 2012 9:11am Nov 1, 2012 9:11am
Quoting Rust
I see someone have spotted this setup already. There is crazy confluence here. Can you guys see it ?
I see at least 5 other MAJOR confluences here, except the daily pin
HCR, div, fib, round number..hmm...I don't know what else
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  • #120,230
  • Nov 1, 2012 9:25am Nov 1, 2012 9:25am
Quoting rafstraszek
HCR, div, fib, round number..hmm...I don't know what else
Just the div is in my 5. 4 more to go
Wow how could I missed that BRN, good spot man! GOOD!

Anyone else wants to have a try?
It's a great exercise, don't be shy

The holy grail is in the details ! Don't be afraid to zoom in to the H4 and H1. Not trading off lower timeframe, doesn't mean you are not allowed to see how this market is moving !
  • #120,231
  • Nov 1, 2012 9:42am Nov 1, 2012 9:42am
Quoting rafstraszek
HCR, div, fib, round number..hmm...I don't know what else
...also double top and descending weekly trendline?
  • #120,232
  • Edited 11:06am Nov 1, 2012 9:47am | Edited 11:06am
Quoting Rust
Just the div is in my 5. 4 more to go
Wow how could I missed that BRN, good spot man! GOOD!

Anyone else wants to have a try?
It's a great exercise, don't be shy

The holy grail is in the details ! Don't be afraid to zoom in to the H4 and H1. Not trading off lower timeframe, doesn't mean you are not allowed to see how this market is moving !

Hi Rust here is my attempt
PPZ , Monthly, Daily & Weekly
On the monthly recent swing high to low it is about the 61.8 fib retracement
BRN 1.30 just above
A daily LCS and a Weekly LCS
A trend trend line on the weekly with the high at mid August with three touches acting as resistance.
Also I think yesterday as well as a Pin was a SFP or Swing Failure Pattern

Thanks Alex
  • #120,233
  • Nov 1, 2012 9:51am Nov 1, 2012 9:51am
Quoting Rust
Just the div is in my 5. 4 more to go
Wow how could I missed that BRN, good spot man! GOOD!

Anyone else wants to have a try?
It's a great exercise, don't be shy

The holy grail is in the details ! Don't be afraid to zoom in to the H4 and H1. Not trading off lower timeframe, doesn't mean you are not allowed to see how this market is moving !
Maybe ppz (I don't really use them), breaking trendline (but this is happening now), some HnS like pattern on the lower tf...and maybe (and this is pure guess I can't spot it ) this your pitka pattern
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  • #120,234
  • Nov 1, 2012 9:57am Nov 1, 2012 9:57am
Quoting Rust
Just the div is in my 5. 4 more to go
Wow how could I missed that BRN, good spot man! GOOD!

Anyone else wants to have a try?
It's a great exercise, don't be shy

The holy grail is in the details ! Don't be afraid to zoom in to the H4 and H1. Not trading off lower timeframe, doesn't mean you are not allowed to see how this market is moving !
I have a feeling, that we will give you some very complicated and strange patterns - and you have something simple and quite obvious in mind
  • #120,235
  • Nov 1, 2012 10:11am Nov 1, 2012 10:11am
Quoting morph
Just typical.....
I wait and wait - then have to go out. When I return, there's the PA on the breakout and a fantastic rise!

Lesson to learn - become a hermit and glue to charts
Can you please tell me what made you take the trade? I can see the breakout, but newbies will follow that and soon get burned by the pros. Right? So got to wait for some price action - what was that in your case?

Thanks
  • #120,236
  • Nov 1, 2012 10:14am Nov 1, 2012 10:14am
Quoting giggles
Can you please tell me what made you take the trade? I can see the breakout, but newbies will follow that and soon get burned by the pros. Right? So got to wait for some price action - what was that in your case?

Thanks
You can see buob there The penultimate one...
  • #120,237
  • Nov 1, 2012 10:20am Nov 1, 2012 10:20am
Quoting rafstraszek
You can see buob there The penultimate one...
But then what about confluence? No BRN, divergence, but plenty space - so may be not a A+ trade. Right?
  • #120,238
  • Nov 1, 2012 10:48am Nov 1, 2012 10:48am
Quoting giggles
Can you please tell me what made you take the trade? I can see the breakout, but newbies will follow that and soon get burned by the pros. Right? So got to wait for some price action - what was that in your case?

Thanks
I missed the trade. If you look at the wedge and price funnelling smaller and smaller... then there is a clear BUOB when the price breaks out. That was (of course) the time Mrs M decided it was time to go out! If I had been there when the BUOB had closed I would certainly have been in this one.
Hope this helps
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  • #120,239
  • Nov 1, 2012 10:51am Nov 1, 2012 10:51am
Quoting rafstraszek
Maybe ppz (I don't really use them)...
Man... i don't know how to put this the best way. But... i think you do something that it's commonly done by newer guys and this is wrong interpretation of "keep it simple". I'm quoting you but i think this goes to the most of the struggling ones.
PPZs are the most important single thing in technical analysis!!! I stand with both my hands on that. You can use fibs or trendlines or macd or you name it to compliment your edge and view of the market. But PPZ's are critical, they are BASE.
So what i am trying to say is that you can't just ignore things, because you "keep it simple". Ignoring obvious things that work is closing your eyes. It's not keeping it simple. It's OVERsimplifying, which i think is what will always keep you away from the success.
For example you say i'll watch closes and totally ignore highs/lows, or the opposite. Or i will not watch trendlines cause they suck and horizontal ppzs are better. I don't tell that you are meant to trade of those things you see as not the most important. But ignoring them at all... i don't think this is the right mindset. I know it's a lot easier. I was doing that for many years. But it just doesn't work this way .....

------ Now to the EURCAD :
You guys are getting pretty close. You picked many of the same reasons as mine. I will post a chart soon.
  • #120,240
  • Nov 1, 2012 11:07am Nov 1, 2012 11:07am
Quoting Pinbar
I would not sell that PB for the following reasons.

1: doesn't look so big when you zoom out to 2 clicks above the smallest chart size.
2: It is going straight into a ppz.

3: The TL is still intact.
Hey Pinbar, I respect your opinion on this pair.

My sell stop was hit this AM. Now price is sitting at the first area of resistance that I identified before setting up the trade (around 1.29). I had identified this as a minor S/R area. Can you tell me what you mean by a ppz area? There are 2 swing lows around 1.28. Is that the area you are referring to?
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