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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

  • #7,821
  • Nov 26, 2007 6:11pm Nov 26, 2007 6:11pm
You should have left this to the bottom of the PB... it's a PB until it isn't !!!

Quoting mike w
Yep, I am out until I see a reason to get back into this, which I doubt will happen anytime soon.
  • #7,822
  • Nov 26, 2007 6:19pm Nov 26, 2007 6:19pm
Gosh... I think I followed all the rules so far !!! For a change... !! And I am leaving it where it is !!! I am not wavering (waivering?? )

There is a line of resistance there... and price has not passed through... I am sticking to my story !!!


Quoting SeekingLight
If I say "you people all need to demo more"(first spontaneous impression from reading up - don't mind me, I am/I was just as bad, I just get high and mighty when I'm actually making smart decisions for once for a few minutes Although I am actually considering expanding those minutes into a few decades currently...would be preferred, it's going so well.) am I going to get smacked silly for it?

Or maybe only look at the charts once every 24 hours - lord knows that would have saved me from a lot of stupidity myself very often.

As for the ponderings of intervention:
Don't manually intervene with a trade that you're sposed to leave up to the market to decide!

99% of the trades I close out 10% from their stop losses do something completely unexpected!

Okay, I lie, but seriously, the only thing worse than admitting defeat is to admit it when it turns out it really wasn't

Don't meddle in the affairs of market after having analysed, decided and placed the ORDERs. At least not randomly in between things.

Late for bed, stupid FX addiction and 24/5 market

N8
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  • #7,823
  • Nov 26, 2007 6:40pm Nov 26, 2007 6:40pm
interesting thing..TL and 4h 365 are holding this one from climbing up..would expect something to happen here..
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  • #7,824
  • Nov 26, 2007 7:48pm Nov 26, 2007 7:48pm
Upward wedge... fancy word... I go for a break up !!! 62 ema holding price down right now...

Quoting mamutot
interesting thing..TL and 4h 365 are holding this one from climbing up..would expect something to happen here..
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  • #7,825
  • Nov 26, 2007 7:59pm Nov 26, 2007 7:59pm
Quoting Tiki Trader
Upward wedge... fancy word... I go for a break up !!! 62 ema holding price down right now...


ascending triangle
  • #7,826
  • Nov 26, 2007 8:02pm Nov 26, 2007 8:02pm
OK

Quoting dimmi
ascending triangle
  • #7,827
  • Nov 26, 2007 8:04pm Nov 26, 2007 8:04pm
Quoting Tiki Trader
OK

Hey, are you having any evil thoughts about EURCHF.. something along the lines of.. 'oh good it's come up a bit, enough that I can close out with a lesser loss' hehe
  • #7,828
  • Nov 26, 2007 8:42pm Nov 26, 2007 8:42pm
Yes, I am having those thoughts... but as seeking said... I had my reasons for getting into the trade... so far those reasons have not changed... so I am sticking to it... it really does suck when you get out of a trade with a loss, just to see it work out in the end.... the times that has happened to me, is now countless... I have to be able to dig myself out of the holes if I dig them...

But if I see price bouncing back down at around 1.6240... I may decide to bail... that is the trend line...

Quoting dimmi
Hey, are you having any evil thoughts about EURCHF.. something along the lines of.. 'oh good it's come up a bit, enough that I can close out with a lesser loss' hehe
  • #7,829
  • Nov 26, 2007 9:39pm Nov 26, 2007 9:39pm
http://img.villagephotos.com/p/2007-...9/eur_aud1.gif
  • #7,830
  • Nov 27, 2007 1:06am Nov 27, 2007 1:06am
Quoting Tiki Trader
Yes, I am having those thoughts... but as seeking said... I had my reasons for getting into the trade... so far those reasons have not changed... so I am sticking to it... it really does suck when you get out of a trade with a loss, just to see it work out in the end.... the times that has happened to me, is now countless... I have to be able to dig myself out of the holes if I dig them...

But if I see price bouncing back down at around 1.6240... I may decide to bail... that is the trend line...
The eurchf trades in function of how the euro and swissy pairs function. Why not trade the real major thing?
  • #7,831
  • Nov 27, 2007 2:26am Nov 27, 2007 2:26am
Quoting dunningduke
The eurchf trades in function of how the euro and swissy pairs function. Why not trade the real major thing?

IMHO EURUSD is basically a way to trade and gauge the USD whereas USDCHF is, like USDJPY, a carry core and can be skewed(albeit less harshly than USDJPY) by "borrowing" for the carry trade. The resulting "difference" to the corresponding majors/pairs shows up in the crosses => EURCHF, GBPCHF, AUDCHF..

Yield differential and borrowing (USDCHF) vs more direct trade basket weight / USD equivalent(EURUSD) and a carry/yield generating trade(EURCHF) in turn.
Trust price. Know yourself.
  • #7,832
  • Nov 27, 2007 2:34am Nov 27, 2007 2:34am
Quoting mike w
hahaha I had the same outlook on it. I thought, "OOhhhhh Yay Hooray for me, I see a Pin bar!" and then it got me, the dreaded loss. lol
Hello Mike I was reading your Journal and saw your comment about looking inside the pinbar to see how it was made on the 4 hr charts. I dont know what im looking for ...can you paste an example of what was wrong with those bars on the euro and franc from the 4 hr view ...verses what a good one should look like on the 4hr ???? I really need this piece of info..... thanks... pipip........Jimdandy
  • #7,833
  • Nov 27, 2007 6:26am Nov 27, 2007 6:26am
I especially like the PBs that when looked at on smaller time frames, look like a head and shoulders forming... But I see that is not always the way PBs are made up...

Quoting JimDandy
Hello Mike I was reading your Journal and saw your comment about looking inside the pinbar to see how it was made on the 4 hr charts. I dont know what im looking for ...can you paste an example of what was wrong with those bars on the euro and franc from the 4 hr view ...verses what a good one should look like on the 4hr ???? I really need this piece of info..... thanks... pipip........Jimdandy
  • #7,834
  • Nov 27, 2007 9:05am Nov 27, 2007 9:05am
Do you guys also trade on break out? cos I see AUD/JPY in ranging.
I am setting :
Buy Stop 9660
Sell Stop 9250
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  • #7,835
  • Nov 27, 2007 9:15am Nov 27, 2007 9:15am
Quoting jatis
Do you guys also trade on break out? cos I see AUD/JPY in ranging.
I am setting :
Buy Stop 9660
Sell Stop 9250
The previous day was a BEOB(bearish outside bar). Which is indicating downward strength. The better breakout bars to play are inside bars, where price consolidates.

So a break below yesterdays low would indicate a continued downtrend, as we continue to make lower lows and higher lows


Mike
  • #7,836
  • Nov 27, 2007 9:20am Nov 27, 2007 9:20am
Here is a chart. We have a BEOB from yesterday, if that breaks we have a TBL, that would be the area to watch for a stall. If it breaks through that is a continuation of the downward play.

The purple line is a price pivot zone, of the flip of S/R. So we can see the BEOB is off resistance. This is all just showing continued strength of the yen pairs.


Mike
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  • #7,837
  • Nov 27, 2007 9:42am Nov 27, 2007 9:42am
Quoting mbqb11
The previous day was a BEOB(bearish outside bar). Which is indicating downward strength. The better breakout bars to play are inside bars, where price consolidates.

So a break below yesterdays low would indicate a continued downtrend, as we continue to make lower lows and higher lows


Mike
Hi Mike,

Let say that market is breaking upward.
Do you long or no position?
I don't see any near resistance, so that would be a good long for me.
  • #7,838
  • Nov 27, 2007 9:46am Nov 27, 2007 9:46am
Quoting jatis
Hi Mike,

Let say that market is breaking upward.
Do you long or no position?
I don't see any near resistance, so that would be a good long for me.
I would need some sort of reason to take a long. Such as PA, on support. Right now there is nothing I can see that would warrant a long position. I am a very conservative trader(or so I consider myself). A long situation would be a break off the high of the BEOB from yesterday. And then finding support on the 96.65 area, which is the PPZ. There I would look for PA, or look for a continuation of the trend.

Take care
Mike
  • #7,839
  • Nov 27, 2007 11:14am Nov 27, 2007 11:14am
Quoting SeekingLight
As for the ponderings of intervention:
Don't manually intervene with a trade that you're sposed to leave up to the market to decide!

99% of the trades I close out 10% from their stop losses do something completely unexpected!
Okay, I lie, but seriously, the only thing worse than admitting defeat is to admit it when it turns out it really wasn't

Don't meddle in the affairs of market after having analysed, decided and placed the ORDERs. At least not randomly in between things.

This is where Tiki finally gets his reward for sticking to his trade rules on EURCHF

Or at least here is the "get out of EURCHF jail free" card for anyone on board =)
Trust price. Know yourself.
  • #7,840
  • Nov 27, 2007 11:31am Nov 27, 2007 11:31am
Quoting SeekingLight
This is where Tiki finally gets his reward for sticking to his trade rules on EURCHF

Or at least here is the "get out of EURCHF jail free" card for anyone on board =)
we'll see, we'll ...see....
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