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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

  • #5,581
  • Aug 23, 2007 5:29am Aug 23, 2007 5:29am
Zoomed

Shame that there was no early/low "good" entry although I think a lot of folks took the PB. Just been ugly for me, since I dared try and take that first IB only to get whiplashed silly by it both ways.

Oh, almost missed that - the top of the PB is also the low of the BUOB. Once again: stacking blocks.

P.S. I still don't trust any of this. I'm torn between calling this the end of a rather erratic correction, allowing for a shot at the high again(on GBPUSD, carry pairs) or whether it's simply the end of the first big swing down, now to retrace to a crucial level and then get ready for the next run...
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Trust price. Know yourself.
  • #5,582
  • Aug 23, 2007 5:40am Aug 23, 2007 5:40am
Let's do the same for AUDUSD
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  • #5,583
  • Aug 23, 2007 5:40am Aug 23, 2007 5:40am
You sound like I felt last week when everyone else was raking in the pips...so I got breakeven...I am currently plus a zillion on gbpjpy and plus a gazillion more on aussie , you have to take your own advice from a few weeks ago and just go with the flow man, I wish I could find your post, you were rambling about eur or cable cant remember which hmmm, Raz
Never say never.
  • #5,584
  • Aug 23, 2007 5:42am Aug 23, 2007 5:42am
And here's the setup, the IB after the PB breaks up, above s/r, IB break coming with a TL break to the upside again.

Stuff's a bit sloppy and forgive me if I'm missing something, haven't had breakfast yet..
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  • #5,585
  • Aug 23, 2007 5:46am Aug 23, 2007 5:46am
Quoting razldazl
You sound like I felt last week when everyone else was raking in the pips...so I got breakeven...I am currently plus a zillion on gbpjpy and plus a gazillion more on aussie , you have to take your own advice from a few weeks ago and just go with the flow man, I wish I could find your post, you were rambling about eur or cable cant remember which hmmm, Raz
Hey Raz,

it's really no prob, I was barely at home the last 4-5 days and distracted, so half of me missing all of this is to blame on that and half is due to me being sceptical of the places where the Pins formed in the first place.

I'm lacking conviction of these moves so I am lacking good trades.
Missed the only really good entry spots and can't just throw on money in the middle, c'est la vie.
It's all good however, no worries.

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,586
  • Aug 23, 2007 6:13am Aug 23, 2007 6:13am
Quoting razldazl
You sound like I felt last week when everyone else was raking in the pips...so I got breakeven...I am currently plus a zillion on gbpjpy and plus a gazillion more on aussie , you have to take your own advice from a few weeks ago and just go with the flow man, I wish I could find your post, you were rambling about eur or cable cant remember which hmmm, Raz
Honestly speaking, I've never seen rambling from SeekingLight, only words of wisdom. Just had to get that off my chest.

Kevin
  • #5,587
  • Aug 23, 2007 7:13am Aug 23, 2007 7:13am
Quoting SeekingLight
Raczekfx meant BUOVB. The bullish one engulfing the smaller one at the 1.9865 s/r. Price kept rising after that.
you're right as always SL....I meant bullish setup.
  • #5,588
  • Aug 23, 2007 7:42am Aug 23, 2007 7:42am
Quoting Kaysole
Honestly speaking, I've never seen rambling from SeekingLight, only words of wisdom. Just had to get that off my chest.

Kevin
Well, whats wrong with rambling? Doesnt mean it wasnt wise rambling Raz
Never say never.
  • #5,589
  • Aug 23, 2007 9:25am Aug 23, 2007 9:25am
Quoting razldazl
Well, whats wrong with rambling? Doesnt mean it wasnt wise rambling Raz
Hehehe...not every word I write is condensed words of wisdom folks, I make thousands of mistakes all day
Not always right, either =)

Just have that habit of flooding my thoughts into what I type, so it becomes a wordstream sometimes

I know Raz, she didn't mean it in any offensive way at all Kev, no worries, it's all good =)

Besides, my ego gets more easily cramped by what the market does than what people post, I think ;p
Trust price. Know yourself.
  • #5,590
  • Aug 23, 2007 10:55am Aug 23, 2007 10:55am
damn,
wheres that pot I was p...ing in earlier? Stopped out on both posis...so I dont have a gazillion pips anymore(still lots of profit though) but hey, thats trading. I think Im going to give the markets a rest and just readdddd until next week, speak soon all, Raz
Never say never.
  • #5,591
  • Aug 23, 2007 12:34pm Aug 23, 2007 12:34pm
hey there - as i am in the PB trade from last Friday, i wanted to know what you guys think about this idea: EU is going to form Head & Shoulders, therefore it should keep rising just a bit more before it falls again to the PB area.


here is an image:


http://i9.tinypic.com/4kp5507.gif
  • #5,592
  • Aug 23, 2007 1:10pm Aug 23, 2007 1:10pm
ok im new with the price action stuff so bear with me

heres the daily eurchf
looks like a pin
should i wait and enter on a small retracement or should i place my order when it breaks?
obviously i have to wait for the close to see if anything changes
would u guys take this one?

thanks
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  • #5,593
  • Aug 23, 2007 1:14pm Aug 23, 2007 1:14pm
Quoting boxingislife
ok im new with the price action stuff so bear with me

heres the daily eurchf
looks like a pin
should i wait and enter on a small retracement or should i place my order when it breaks?
obviously i have to wait for the close to see if anything changes
would u guys take this one?

thanks
If after you analyze this one(personally I dont even bother looking at the daily formations till about 15 mins before they close, because everything can change in minutes let alone hours). This could be a good continuation into the temporary downtrend. For me it is a bit too much in traffic, but I am super picky guy

My personal preference is to always play a break of the pin, with my stop above. This keeps my trading consistent, which I find very important. But you have to find what you feel most comfortable with. A good thing to do is open multiple demos and try different things in the beginning and find where your comfort level is at.
  • #5,594
  • Aug 23, 2007 1:27pm Aug 23, 2007 1:27pm
thanks mbqb
yea it just shows how noob i am when it comes to pinbars. daily wont close for some time lol
anyways im gonna post some more shots and ask for some tips and pointers from you or anyone else. im in the process of reading the thread but figured if i start practicing it wouldnt hurt
  • #5,595
  • Aug 23, 2007 1:34pm Aug 23, 2007 1:34pm
Quoting boxingislife
ok im new with the price action stuff so bear with me

heres the daily eurchf
looks like a pin
should i wait and enter on a small retracement or should i place my order when it breaks?
obviously i have to wait for the close to see if anything changes
would u guys take this one?

thanks

Heya!

Agree with Mike, needs to close first and on break seems safest in these market conditions.
Personally I'd love to see the xxxCHF pairs all give me a similiar "wink and nod" and currently GBPCHF is shifted higher thanks to EURGBP..so I wouldn't know. Looking at it "alone" it seems like a nice retracement pin if it were to close a bit lower and like a proper PB

But I trade a bit differently anyhow..but as you said, if it's just practice for seeing them..

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,596
  • Aug 23, 2007 1:35pm Aug 23, 2007 1:35pm
Hi box

I will enter second half of my position on this pin if it brakes(it HAS to be a brake!) on the daily.I allready jumped in on 4H...looks like it could test 1.6200 area again,don't know though
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  • #5,597
  • Aug 23, 2007 1:37pm Aug 23, 2007 1:37pm
Quoting mamutot
hey there - as i am in the PB trade from last Friday, i wanted to know what you guys think about this idea: EU is going to form Head & Shoulders, therefore it should keep rising just a bit more before it falls again to the PB area.
Hi.
It's tilted a bit too much for my taste and has too high a shoulder for a nice HNS. But you can always look to see how today closes. If it's a PB you can move up your stops to below it for example, just going from a bar by bar logic without needing to worry about gigantic formations


Take care,

SeekingLight
Trust price. Know yourself.
  • #5,598
  • Aug 23, 2007 1:44pm Aug 23, 2007 1:44pm
Quoting happy camper
Hi box

I will enter second half of my position on this pin if it brakes(it HAS to be a brake!) on the daily.I allready jumped in on 4H...looks like it could test 1.6200 area again,don't know though
excellent trade!

(because I am in it too )
  • #5,599
  • Aug 23, 2007 1:51pm Aug 23, 2007 1:51pm
Entry: 1.9877
Exit: 2.0033
Pips: 156
Lots: .5
Risk: 2%
  • #5,600
  • Aug 23, 2007 2:00pm Aug 23, 2007 2:00pm
Quoting mbqb11
excellent trade!

(because I am in it too )

You know, I actualy swore to myself i won't trade anything else than daily and weeky,but i couldn't resist this trade.So much of my discipline .
I hope it doesn't backfire.

Take care
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