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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

  • #6,981
  • Oct 14, 2007 9:05pm Oct 14, 2007 9:05pm
I wouldn't search for any shorts until this TL is broken

Until then I search for longs, and if i miss an opportunity b/c of a correction it does not bother me


Best
Mike
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  • #6,982
  • Oct 14, 2007 9:11pm Oct 14, 2007 9:11pm
Quoting mbqb11
Aud is strong. So I continue to look for plays with the trend. If we correct, and I miss the correction I could care less. The idea is if I stick with the longer term trend that is like this I search for longs(in the case of Aud/usd). If my entry criteria is met, I have the strength of the trend behind me, which is putting the odds in my favor. I am not against playing corrections, but in runaway markets I am. Simply b/c I am not good at it. I don't discourage others from doing it. I just encourage everyone to create their own analysis and trade it. I enjoy reading others views on trades/trading, but at the end of the day I am the one in control of my account, so it is only my analysis that I follow.
Yes, good for you. I really have no idea, just simply commenting on the sharp fall over the last 5 weeks. I am also talking about much longer time frames than the next few days or hours. Thanks for your comments Mike.
  • #6,983
  • Oct 14, 2007 9:30pm Oct 14, 2007 9:30pm
Quoting mbqb11
I wouldn't search for any shorts until this TL is broken

Until then I search for longs, and if i miss an opportunity b/c of a correction it does not bother me


Best
Mike
A correction will be your oportunity for your long.......
  • #6,984
  • Oct 14, 2007 9:39pm Oct 14, 2007 9:39pm
Quoting HipsterPipster
A correction will be your oportunity for your long.......
yep so I search for longs now, as well as after corrections

Sometimes you see opportunities for corrections such as a beauty of a pinbar at the end of a long run. But from my experience when we have moves that are just never ending such as the CAD was. I never try to pick a top or bottom

This is just from my experience

Take care
Mike
  • #6,985
  • Oct 15, 2007 1:55am Oct 15, 2007 1:55am
Quoting mbqb11
I have been trading this pair quite a lot lately especially intraday. I see no reason to try to pick a bottom yet

Just zoom out, picking bottoms here can be dangerous on a pair like this(ie like the loonie also)
This phase reminds me of EURCAD a lot when it was doing a similiar dance =)

Some of those crosses channel really well. Only dilemma is being able to draw the tunnel in time to be able to trade it in turn

But I guess there was at least one bearish PB that woulda done swell on the red lower colgate line ;p
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Trust price. Know yourself.
  • #6,986
  • Oct 15, 2007 2:15am Oct 15, 2007 2:15am
Back to back USD/CHF pins about to be invalidated...As Mbqb11 said, first wasn't the best being in traffic. But I think there was nothing wrong with taking the second which showed a good deal of resistance to a push lower.

The pair broke up giving a decent probability that the move would continue higher...but unfortunately...not this time
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  • #6,987
  • Oct 15, 2007 2:17am Oct 15, 2007 2:17am
Quoting the_wizard
Back to back USD/CHF pins about to be invalidated...As Mbqb11 said, first wasn't the best being in traffic. But I think there was nothing wrong with taking the second which showed a good deal of resistance to a push lower.

The pair broke up giving a decent probability that the move would continue higher...but unfortunately...not this time

chop chop chop I took a loss on that one...no wonder I haven't traded that pair in awhile
  • #6,988
  • Oct 15, 2007 2:37am Oct 15, 2007 2:37am
Quoting the_wizard
Back to back USD/CHF

Lemme post some crazy wedges for a crazy pair ;p

Just a mess. I can't get any decent touches without being a bit creative and drawing TLs that some folks would call completely arbitrary ;p
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Trust price. Know yourself.
  • #6,989
  • Oct 15, 2007 2:41am Oct 15, 2007 2:41am
Not a lot more obedient here, either

It's really just been stuck in a really big range for hmm ever


Probably why it isn't blasting for the roof, TLs or not..
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  • #6,990
  • Oct 15, 2007 3:23am Oct 15, 2007 3:23am
With the 4h Pb forming slwoly on this pair - i tried to see where it might go, and i had put FE - it took me exactly to the level i determined last night for TP if i wont be anywhere around and as a general place to look for Pa in order to close the trade.
i also remembered that i didnt just put the TP there - i had put another FE the previous day - And it is kinda Comfluenced - isn't it?

your thoughts please.
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  • #6,991
  • Oct 15, 2007 3:36am Oct 15, 2007 3:36am
Quoting SeekingLight
It's really just been stuck in a really big range for hmm ever
Right there is only one thing for it then. Hold the cash long and short the March Future

And to think some people take losses...

  • #6,992
  • Oct 15, 2007 3:39am Oct 15, 2007 3:39am
Who is going to be first to tell everyone else not to do this...Mike...Seeking...it's going to be...
  • #6,993
  • Oct 15, 2007 4:57am Oct 15, 2007 4:57am
will play it if it closes under the previous high - fits my rules..


EDIT - It didnt - i am not in.
simple as that
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  • #6,994
  • Oct 15, 2007 5:38am Oct 15, 2007 5:38am
Quoting the_wizard
Who is going to be first to tell everyone else not to do this...Mike...Seeking...it's going to be...
I don't know what the point of this is. If you want me to say that holding on to losers and having 1000% gains in a few months is unrealistic and a way to blowup. Then sure I will be the first.

If you want me to tell someone what do with their money, then I certainly won't.

Again, I find it inappropriate for this thread, really doesn't have anything to do wtih learning to trade PA
  • #6,995
  • Oct 15, 2007 5:51am Oct 15, 2007 5:51am
Isn't there also some guidelines about how long the flag should last ???

Well hey... at least I got my 100 pips off last Thursdays more or less Pin... !!! A 100 pips is a 100 pips !!!
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  • #6,996
  • Oct 15, 2007 5:56am Oct 15, 2007 5:56am
Quoting Tiki Trader
Isn't there also some guidelines about how long the flag should last ???

Well hey... at least I got my 100 pips off last Thursdays more or less Pin... !!! A 100 pips is a 100 pips !!!
Tiki,

The general thinking goes that breakouts close to the apex are less likely to work for obvious reasons.

Wiz
  • #6,997
  • Oct 15, 2007 5:58am Oct 15, 2007 5:58am
Quoting mbqb11
I don't know what the point of this is. If you want me to say that holding on to losers and having 1000% gains in a few months is unrealistic and a way to blowup. Then sure I will be the first.

If you want me to tell someone what do with their money, then I certainly won't.

Again, I find it inappropriate for this thread, really doesn't have anything to do wtih learning to trade PA
Just a joke really - guess it didn't come across in that way
  • #6,998
  • Oct 15, 2007 6:02am Oct 15, 2007 6:02am
Quoting the_wizard
Just a joke really - guess it didn't come across in that way
apologies then wiz I just couldn't read that one out
  • #6,999
  • Oct 15, 2007 7:26am Oct 15, 2007 7:26am
Quoting mbqb11
yep so I search for longs now, as well as after corrections

Sometimes you see opportunities for corrections such as a beauty of a pinbar at the end of a long run. But from my experience when we have moves that are just never ending such as the CAD was. I never try to pick a top or bottom

This is just from my experience

Take care
Mike
You meen you never pick a T or B on your timeframe, right? I must comment further, who said anything about taking a T or B or even longing GBP/AUD? A correction is what we all look for if we are thinking of getting any PA at some PZ that will be our supposed blessed entry with the trend. Without any corrections, consolidations, market farts… whatever you call them, we don’t have PZ. Best trading to you.
  • #7,000
  • Oct 15, 2007 8:28am Oct 15, 2007 8:28am
Did anyone take the Pin Bar on the Daily GBPUSD?

I took it, and was up 50 pips. This is my first demo trade, so I could not decide if I should cash out at a 50 pip game, when my target still had another 30 pips to go. For now I am letting it ride.
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