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Where can I learn more about Price Action like those in James16 charts? 9 replies
Quoting scpeterDislikedJames, could you comment on my take on this chart and your notes.
You expect a possible bounce off of the pivot line. You wait for the 2 or possibly more inside bars. The inside bars tell you a good break is about to happen. Because you were already looking for a bounce off of the pivot line, you take the trade long now because the inside bars add a little more confirmation to the trade. Is this your thinking on this trade?Ignored
Quoting 137DislikedHey Jim how are ya? Thanks a million for all the knowledge you've shared with us. I'm very new to Forex (trading live for just over a week) and I've learnt a ton from this thread alone. You seem like a nice person - I like that. To me that says you've gained a level of awareness whereas the realization 'you only feel as good as you treat others' has materialised. And that means you'd make a good teacher. I'm very interested in joining your crew - I really need an older brother at this fragile point in my trading career.
Anyways more specific to the recent posts here: where do you think the CAD is heading? From what I can gather it's about to run into the descending trend line on the daily chart. Will it consolidate until a breakout leading the way back down? Nice work on that trade btw! Wish I had caught that...anyways thanks in advance for any help you can offer,
137Ignored
Quoting james16Dislikedpivot levels are where a ton of orders are placed. i wont explain pivot levels just do a quick google search and you will have a complete education in about 15 minutes. when price moves down to a pivot level a ton of buy orders are triggered which tends to send it up. BUT NOT ALWAYS. i dont like to hope when i trade i like to know as sure as i can that what i want to happen is going to happen. thats why i try to stack things in my favor. for example the confluence i keep talking about. it could be 2 fib ret close together. it could be a pivot and fib close together. it could be any one of these combined with divergence. then you take it one step further and look for price action to confirm at these levels. its really not that hard. go to your charts plot your fibs and pivots on tomorrows blank page. then sit back and wait for price action to interact with these levels and make a smart trade not a guess. it will work on any time frame you choose. jimIgnored
Quoting james16Dislikedfirst of all inside bars are very commonly known and used by many traders. what blew my mind when i first joined this forum was i had forgotten what it was like to be new and not have a clue as to what an inside bar or any other bar meant. pivot levels are where a ton of orders are placed. i wont explain pivot levels just do a quick google search and you will have a complete education in about 15 minutes. inside bars show a tug of war developing between buyers and sellers. the more in a row you get the tighter it gets and when it breaks out it tends to move hard and fast. what everyone shoild do is go look for these on any time frame you want. particularly look for the sideways pyramid shape when you get two or more, they are easy to spot. when price moves down to a pivot level a ton of buy orders are triggered which tends to send it up. BUT NOT ALWAYS. i dont like to hope when i trade i like to know as sure as i can that what i want to happen is going to happen. thats why i try to stack things in my favor. for example the confluence i keep talking about. it could be 2 fib ret close together. it could be a pivot and fib close together. it could be any one of these combined with divergence. then you take it one step further and look for price action to confirm at these levels. its really not that hard. go to your charts plot your fibs and pivots on tomorrows blank page. then sit back and wait for price action to interact with these levels and make a smart trade not a guess. it will work on any time frame you choose. jimIgnored
Quoting pipmonsterDislikedHi Jim, I'm looking at the gbp chart and it may be at a triple high close. The last three days have all been very close highs and lows. Is there someway you would play this one? I don't see any other confluence to trade off. I did take the short at 60. Hope it works out.
PipmonIgnored
Quoting james16Dislikedgo take a look at the cad now. it broke up like a rocket, i have personally purchased courses for several thousand dollars that cant touch what i have provided here. in at the close of the tblhc at 1.2120, currently at 1.2298, up about 180 pips now, trailing my stop. jimIgnored
Quoting PipPincherDislikedHi James,
Re the CAD am interested learn how and when (what time bar) you entered and where your stop was located. I can clearly see your tblhc on the daily and you entered at 2120 so did you drop down to the 1hr and enter after the tblhc after the 38 fib bounce. The price bar indicators that appear on the daily sure seem reliable its just where to get in after they appear I struggle with ?
Thanks in Advance for advice.Ignored
Quoting PipPincherDislikedCool thanks for that James... So for another example if we close near to where we are on the EUR and more so the gbp are they possible dblhc and tblhc entries ?Ignored
Quoting leedee1Disliked
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I just happened to come across this thread a couple of days ago and I would like to thank you for all of the diligent work that you have put into posting your charts and familiarizing us with how your systems work. You have demonstrated that you are an excellent mentor for anyone interested in learning these trading techniques or fine tunning for some of us that have been trading for awhile.
I would like to add to Kevin’s comment and others on the thread that a DVD with a manual would be an very good way for of us to follow along what you are teaching.
Thanks again Jim, I am enjoying your charts to the max, please keep them coming.
Lee
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