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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

  • #101,161
  • Aug 31, 2011 5:49pm Aug 31, 2011 5:49pm
Passed on this one, because of the small size and it was unable to close above 1.1600.
A way upto 1.1660 was pretty clean, though.
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Trading: the skill of avoiding trades
  • #101,162
  • Aug 31, 2011 7:20pm Aug 31, 2011 7:20pm
Quoting Donkey
Not able to post chart (will try tonight) but gbpaud is currently dropping right into major support at 1.5150 to 1.5250. I'm paying special attention to 1.5150 as this is the first time back to a jarroo highest close of resistance.
Here is the chart on GA as I see it...defining the ppz using jarroos lowest close support, highest close resistance concepts. Confluence of RN 1.5100, well-defined ppz and fib retracement level make this area one to watch for me. Would love to see a huge PB form with a nose down through ppz and bullish close above.
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  • #101,163
  • Aug 31, 2011 7:21pm Aug 31, 2011 7:21pm
Quoting eswap0
For those who took the weekly pin, the monthly looks even better, so you are in a good situation now.
A pitty it is bouncing from nowhere.
Still measuring the risk myself...
Weekly bearish Pin and monthly bullish Pin. Weekly pin with the long term trend.
What do we do ?
  • #101,164
  • Aug 31, 2011 7:29pm Aug 31, 2011 7:29pm
Quoting sh5467
Hi Everyone

I have just completed my scan of the 120 FX pairs I look at and I have found only one setup I like. Daily chart below. Nice and exotic ZARJPY (south africa rand v. yen). Smart Live markets are quoting me a 7 pip spread, price moved 160+ pips today so I am fine with the spread.

The set up is a DBLHC with the top of the bar right on a BRN. The 2 bars have lows within 6 pips of each other so I figured this is close enough. Space is abundant up to the FTA.

I am setting my SL below the bar with 100% TP at the FTA, so I am swinging for...
I personally would have liked to have seen a close above the BRN 11 to consider trading. I agree with with your FTA and that there is a lot of space to it , but the close of the bar (below BRN) to me looks pretty weak and I don't see any real confluence factors there. Not trying to discourage but wanted to throw my 2 pips in.
  • #101,165
  • Aug 31, 2011 7:38pm Aug 31, 2011 7:38pm
Quoting Imphilomath
Weekly bearish Pin and monthly bullish Pin. Weekly pin with the long term trend.
What do we do ?
I'm personally in the USDCHF weekly pb from a few weeks ago...so I'll probably just tighten that stop a bit more. Stop has been tightened below the BRN .7500 to .7400 right after order triggered, so I will probably move it a little more to a few pips below the left eye of the weekly bullish pb, which reduces risks and will give it room to play out.

I personally see this weekly PB as fairly weak, though I am taking notice (not to mention that it's Wednesday and 2 more trading days to close the week).
  • #101,166
  • Sep 1, 2011 12:13am Sep 1, 2011 12:13am
Quoting AvanishDemo
hey bit confused over here..
are u looking for NZDCAD monthly IPB..?
location looks good..but dont like the way it came off from 0.7950..
its 'stucked' between 0.84 n 0.7950..
a 'hanging in the air' IPB wuld be better...but i think i might be over-analysing..

not sure...i will pass.
I am not trading that pair so only looking at after reading your post.

First things first. That has got to be an A+ IPB shape wise. If anybody out there is wondering what a great IPB looks like, they're looking at one on the NZD/CAD monthly.

I would have passed it though, because of lack of confluence. I see the 8400 resistance, but I am also looking at the 8000 BRN at the base of the IPB. The bar before it resembles a breakout bar from the 8000 and the wedge (see chart) the IPB looks more of a "retest and off we go" kinda bar more than a nicely located IPB at heavy resistance.

A bigger story to the bar would have made it appealing for sure. For instance the formation of the IPB near the grey circle along with a major PPZ in the area (the PPZ is a wish, its not there near the grey circle)

g.
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I believe . . .
  • #101,167
  • Sep 1, 2011 1:07am Sep 1, 2011 1:07am
Good PB in USDJPY 4H. Bouncing of the 200 SMA also.
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  • #101,168
  • Sep 1, 2011 2:27am Sep 1, 2011 2:27am
Hi all
Have not posted for a while due to holidays and not taking many trades recently.
Hope everyone is fine and trading well!!
Just to say I have completed my first 3 months of the J16 basics and the results are as follows:

6 winners
3 losers
1 breakeven.

Have had a 15% increase on my account albeit trading at small size.

Fairly happy with this but could have been much better. Although a 15% increase is reasonable the main benefit of these past 3 months has been identifying weaknesses and learning from mistakes. I have a few areas to work on and the main problem seems to be a lack of patience and coming out of trades too early - this has cost me hundreds of pips, especially on the daily trades. I also have to work on my planning trades in advance so that I know what I will do rather than just reacting to a price bar like a pin (hope this makes sense). Takes much of the emotion out of it.

Anyway an encouraging start and hope to improve over the next 3 or 4 months. Any tips on dealing with the patience thing would be much appreciated!!

Kal
  • #101,169
  • Sep 1, 2011 2:46am Sep 1, 2011 2:46am
The best remedy for inpatience (which I suffer a lot of I find is to shutdown the trading platform and only check it once at a predetermined timeinterval (once every evening for me)
  • #101,170
  • Sep 1, 2011 3:17am Sep 1, 2011 3:17am
Quoting devcast
The best remedy for inpatience (which I suffer a lot of I find is to shutdown the trading platform and only check it once at a predetermined timeinterval (once every evening for me)
Sounds like a worthwhile suggestion Dev ......ertainly better than agonising over every tick...which I have done!! lol
  • #101,171
  • Sep 1, 2011 4:17am Sep 1, 2011 4:17am
Audusd is slowly aproaching high probability area to short.
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  • #101,172
  • Sep 1, 2011 4:58am Sep 1, 2011 4:58am
Quoting Greenhaze
Audusd is slowly aproaching high probability area to short.
So is AUD/CAD... keeping my eye on it for next week. Looking for short entry around. 1.080, if PA confirmes.

Can't upload pic due to limitation.
Every bar tells a tale
  • #101,173
  • Edited 5:32am Sep 1, 2011 5:21am | Edited 5:32am
Quoting Greenhaze
Audusd is slowly aproaching high probability area to short.
Agreed.
similar for 1.3855 EurCad.

EDIT:only if bears slow down
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  • #101,174
  • Sep 1, 2011 5:31am Sep 1, 2011 5:31am
Quoting geniusztc
this baby finally down, BUT i do not catch much .there are some thing out of my control yet .eh~~~
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A chart helps those who can read it.
  • #101,175
  • Sep 1, 2011 5:51am Sep 1, 2011 5:51am
Quoting AvanishDemo
Agreed.
similar for 1.3855 EurCad.

EDIT:only if bears slow down
You don't like 1.4?
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When the going gets weird, the weird turn pro.
  • #101,176
  • Sep 1, 2011 5:52am Sep 1, 2011 5:52am
Quoting geniusztc
this baby finally down, BUT i do not catch much .there are some thing out of my control yet .eh~~~

I am watching this unfold on H4.
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  • #101,177
  • Sep 1, 2011 6:05am Sep 1, 2011 6:05am
Once more unto the breach, dear friends, once more...

p.s - wouldn't hold my breath
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  • #101,178
  • Sep 1, 2011 6:09am Sep 1, 2011 6:09am
Quoting snowly
Once more unto the breach, dear friends, once more...

p.s - wouldn't hold my breath

...or close up the wall with our stopped-out dead?
When the going gets weird, the weird turn pro.
  • #101,179
  • Sep 1, 2011 6:10am Sep 1, 2011 6:10am
Well people say august is the hardest month to trade, and i had a pretty solid month regarding profits

So now august is over lets hope we can pull out of all these consolidation zones alot of the pairs are in and get some setups forming
  • #101,180
  • Edited 6:34am Sep 1, 2011 6:20am | Edited 6:34am
Quoting Pinbar
I am watching this unfold on H4.
hey,steve . you are right .there is support @ 0.88 the RN zone . lets see where will it go .


and my friend ,i also watch the euraud pair ,it seems this guy had down too much ,and there is the support zone near here.wait for PA.what is you idea ?


hope you every thing is always ok in Ha er bin 。
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A chart helps those who can read it.
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