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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

  • #117,661
  • Edited Sep 7, 2012 1:01am Sep 6, 2012 7:32pm | Edited Sep 7, 2012 1:01am
Quoting deltaskelta
bump^^^ anyone?

That's good question delta. You can use that correlation as a strong indication that your trade is looking good.

A great example is Mike's Weekly Swissy Pin Bar in Aug. 2011, he notice that across all the Swissy pairs/crosses the weekly Pin Bar was present. This gave him additional confirmation that the Pin Bar(s) would be working out.

Which one to take? . . the one that presents the best setup in terms of confluence, Size, Space, etc.,
Indicators show the past. Price Action "Indicates" the future.
  • #117,662
  • Sep 6, 2012 7:47pm Sep 6, 2012 7:47pm
Quoting jarroo
That's good guestion delta. You can use that correlation as a strong indication that your trade is looking good.

A great example is Mike's Weekly Swissy Pin Bar in Aug. 2011, he notice that across all the Swissy pairs/crosses the weekly Pin Bar was present. This gave him additional confirmation that the Pin Bar(s) would be working out.

Which one to take? . . the one that presents the best setup in terms of confluence, Size, Space, etc.,
OK, but you would probably be looking at taking just one then, right? Not multiple pairs of the same currency?

Thanks for the answer
  • #117,663
  • Sep 6, 2012 7:47pm Sep 6, 2012 7:47pm
Quoting Pinbar
Yes, price appears to be going sideways.
Still waiting for them to come to the new apartment and setup the Internet connection.

Here's a strong Closer below on the Cad. Steve . .
Attached Image (click to enlarge)
Click to Enlarge Name: cad06abc.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #117,664
  • Sep 6, 2012 7:51pm Sep 6, 2012 7:51pm
Quoting deltaskelta
OK, but you would probably be looking at taking just one then, right? Not multiple pairs of the same currency?

Thanks for the answer

Mainly just the best looking one . .go with the one that is most likely to be the winner.
Indicators show the past. Price Action "Indicates" the future.
  • #117,665
  • Sep 6, 2012 7:59pm Sep 6, 2012 7:59pm
Quoting jarroo
Here's a strong Closer below on the Cad. Steve . .
Apparently the USDX is in a similar situation. One more step into Space. This may give us some clues ?
Attached Image (click to enlarge)
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I don't need easy. I just need possible.
  • #117,666
  • Sep 6, 2012 7:59pm Sep 6, 2012 7:59pm
Quoting jarroo
The question is now . .since PBT&CA this LCS level(s ). .will it now return to and act as Support?

Let's follow and find out . .

What can we look for to confirm this level as Support?
Daily close above .79815 should do it.
  • #117,667
  • Sep 6, 2012 8:04pm Sep 6, 2012 8:04pm
Quoting jarroo
Mainly just the best looking one . .go with the one that is most likely to be the winner.
Planning to take CHF JPY Long ???
Human
  • #117,668
  • Sep 6, 2012 8:05pm Sep 6, 2012 8:05pm
This may be a silly question, but is this a LCS? From the name, Lowest CLOSE of support, I'm thinking its not? The day has to close there?

Attached Image (click to enlarge)
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I don't need easy. I just need possible.
  • #117,669
  • Sep 6, 2012 8:07pm Sep 6, 2012 8:07pm
Quoting Donkey
Daily close above .79815 should do it.

Yeah that would do it for me too, D . . but I would take a 4 Hour Bullish PB there too . .which could be the same thing . .
Indicators show the past. Price Action "Indicates" the future.
  • #117,670
  • Sep 6, 2012 8:11pm Sep 6, 2012 8:11pm
Quoting Donkey
Daily close above .79815 should do it.

I like that newly formed HCR level that GbpNzd made today , D . .now it just has to come back . .lol . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #117,671
  • Sep 6, 2012 8:15pm Sep 6, 2012 8:15pm
Quoting dan89
Hey Jarroo, Just wondering what your opinion is on that AU trade today ?

Cheers
Dan

Strong Bullish Mike Bar DBLHC/BUOB . .at a Swing Low .. .looks good for more up movement . .for sure.

I could see a James16 chart on this one . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #117,672
  • Sep 6, 2012 8:18pm Sep 6, 2012 8:18pm
Quoting jarroo
I like that newly formed HCR level that GbpNzd made today , D . .now it just has to come back . .lol . .
How about a short for now ???
Attached Image (click to enlarge)
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Human
  • #117,673
  • Sep 6, 2012 8:18pm Sep 6, 2012 8:18pm
Quoting deltaskelta
OK, but you would probably be looking at taking just one then, right? Not multiple pairs of the same currency?

Thanks for the answer
Hi delta, thought I might mention my thoughts here. I was burned once last year taking 2 full bar losses when I shorted 2 correlated pairs. I lost 6% in a day....as I risk 3% per trade with few exceptions. After that lesson I made myself a MM rule that I stick to.

I don't want to be overexposed to one currency and max exposure to me is 3%. So as jarroo said I pick the best looking pair and go with that initially. However, if I've reduced risk and I see another set-up that I like in the same currency I will allow myself to enter at a risk level that will only allow me to have my max exposure at 3%.

Example would be if I go short against the USD on one pair and reduce my risk by 50%, I would have 1.5% of my account at risk, giving me 1.5% available to trade against USD in another pair. If I were at BE or locked in profit, I would have the ful 3% available.

Probably not very clear, but thought I would throw it out there.
  • #117,674
  • Sep 6, 2012 8:22pm Sep 6, 2012 8:22pm
Quoting Chanya
How about a short for now ???
I like it, Chanya . .the newly formed HCR . is now a Resistance and can act like one . so that would help the cause if it reaches there too.
Indicators show the past. Price Action "Indicates" the future.
  • #117,675
  • Sep 6, 2012 8:25pm Sep 6, 2012 8:25pm
Phew, back with a new fiber optic connection at last.

Here are the 4 pairs I was watching with updated info as, I see it after a 3 day gap in the internet.
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  • #117,676
  • Sep 6, 2012 8:28pm Sep 6, 2012 8:28pm
Quoting jarroo
I like it, Chanya . .the newly formed HCR . is now a Resistance and can act like one . so that would help the cause if it reaches there too.
You really like it? Countertrend into 2 HCR/swing high levels?
I don't need easy. I just need possible.
  • #117,677
  • Sep 6, 2012 8:29pm Sep 6, 2012 8:29pm
Quoting DaGrizlyBull
This may be a silly question, but is this a LCS? From the name, Lowest CLOSE of support, I'm thinking its not? The day has to close there?

Attachment
Yes that is a LCS level . .the damn gaps messed it up. .
Indicators show the past. Price Action "Indicates" the future.
  • #117,678
  • Sep 6, 2012 8:32pm Sep 6, 2012 8:32pm
Quoting DaGrizlyBull
You really like it? Countertrend into 2 HCR/swing high levels?

The one thing the Price Action setups and a Mike bar have in common is . .Momentum . .the mighty Mo can give it the strength it needs to move upward. . .we still have to wait until it breaks.
Indicators show the past. Price Action "Indicates" the future.
  • #117,679
  • Sep 6, 2012 8:32pm Sep 6, 2012 8:32pm
Quoting jarroo
I like that newly formed HCR level that GbpNzd made today , D . .now it just has to come back . .lol . .
I'm absolutely loving the GBPNZD chart right now and the story that's developing. Price looks to me like it wants to come back down to the zone around 1.9800 (alot of previous HCR/LCS in that area) before going back to the 2.0 level. If 2.000 can be broken there's room for a trip to the moon .
Attached Image (click to enlarge)
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  • #117,680
  • Sep 6, 2012 8:33pm Sep 6, 2012 8:33pm
Quoting mbqb11
Perfect G

Here was a chart i posted in the PF and my updated chart for you

I was watching(looks just like yours but I was watching the 4hr)

Nice job

Mike
Strong up, hit the last TP place...

thank's sir for the chart updated. Nice TP at closing gap that you took sir (I took half of my position at there too).

gado
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