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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

  • #1,821
  • Jan 3, 2007 5:05pm Jan 3, 2007 5:05pm
Quoting CFII
Thanks for the explanation. Sounds similar to the way some people trade pin bars.

regards,

CFII
exactly! I play them both ways, depending on the situation and where the bars are located/timeframe etc:. All these price bars can be played different ways.

Good luck!
Mike
  • #1,822
  • Jan 3, 2007 5:09pm Jan 3, 2007 5:09pm
Quoting CFII
Thanks for the explanation. Sounds similar to the way some people trade pin bars.

regards,

CFII
You'll find a lot of people playing retracements fullstop.

It's so much more satisfying getting in when the price is beginning a new squirt in your prefered direction , rather than having your heart rate go beserk when you short right at the bottom of a dip. (or go long right at the top of a peak!)

And as the boys have already mentioned, your stops are closer to boot!
Bundy's status today: "Waiting..."
  • #1,823
  • Jan 3, 2007 5:56pm Jan 3, 2007 5:56pm
Quoting habeeb
On the Daily I've got support at 1.9465 (11 dec low). Price is however making higher lows (bottom trendline). If price closes below, we might see new lows. A close above, and we could see price go test the top trendline.
Hey,
Also I see 78.6% fib...

A
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  • #1,824
  • Jan 3, 2007 9:49pm Jan 3, 2007 9:49pm
Hi all! First time posting here but I have been reading sometime. Very educational and fascinating. I have a question for Seeklight comment about USD/JPY. I see the pinbar from his chart so I set the entry for that as line1 for short. Now I see other way pinbar coming up.... So I set the entry for that as line2 for long. I am hoping trade1 will happen so that I can cancel the trade2 becuase the pinbar size is bigger on trade1. Is that make sence? or I shouldn't play both ways? please comment.

Saw
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  • #1,825
  • Jan 4, 2007 1:04am Jan 4, 2007 1:04am
Went long fiber with this 15min pin. Stop is below yesterday's low.
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Keeping it Simple
  • #1,826
  • Jan 4, 2007 1:12am Jan 4, 2007 1:12am
aud/usd 1 hr a lot of support on this pin
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  • #1,827
  • Jan 4, 2007 1:18am Jan 4, 2007 1:18am
Quoting AlexFX
Hey,
Also I see 78.6% fib...

A
Well spotted Alex.
Don't forget that we now have a BeOB on the Daily. I'm long cable too, until 1.9600. If that breaks, then I'll add to my longs.

Take Care
Habeeb
Keeping it Simple
  • #1,828
  • Jan 4, 2007 1:39am Jan 4, 2007 1:39am
Quoting sch305ny
Hi all! First time posting here but I have been reading sometime. Very educational and fascinating. I have a question for Seeklight comment about USD/JPY. I see the pinbar from his chart so I set the entry for that as line1 for short. Now I see other way pinbar coming up.... So I set the entry for that as line2 for long. I am hoping trade1 will happen so that I can cancel the trade2 becuase the pinbar size is bigger on trade1. Is that make sence? or I shouldn't play both ways? please comment.

Saw
Hi Saw,
I'd go with the big one. It's off a previous high (119.65), giving a nice resistance. It'd probably be safer to enter on the break of the nose of the 2nd one, as it's low is today's Daily Pivot point.

Take Care
Habeeb
Keeping it Simple
  • #1,829
  • Jan 4, 2007 1:49am Jan 4, 2007 1:49am
Quoting habeeb
Went long fiber with this 15min pin. Stop is below yesterday's low.
Looking good so far. Nice trade!
  • #1,830
  • Jan 4, 2007 2:08am Jan 4, 2007 2:08am
Sold cable. Hoping for a double day down and break lower of the BEOB.
Don't think this can just splurge down like this and break trendlines and IBs without going a bit....we'll see.

GBPJPY is also lower than it's BEOB and AUDUSD's 1h pin (which didn't close with eyes level and inside the last bar btw) already gave way lower...
Gold is still risky because it's clinging to a rising trendline for dear life, but once that goes, too, I want to see my 1.9350 and 1.9220.

Sorry bit busy watching my trades atm
Trust price. Know yourself.
  • #1,831
  • Jan 4, 2007 2:22am Jan 4, 2007 2:22am
Here's the trade big picture for targets. Waiting to see the "real" 38.2% correction, let's see if we can't make it to there...personally I hope we can go low enough before the news spike it all to hell....as you can see there's both a mouteki / TDM trendline break as well as a FE projection that lines up with lower targets, question is how smooth this will go.
Bit reluctant so far.
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Trust price. Know yourself.
  • #1,832
  • Jan 4, 2007 2:23am Jan 4, 2007 2:23am
GBPJPY is more riskier to short and has worse spread, I stayed out, but here's the pic for it.
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Trust price. Know yourself.
  • #1,833
  • Jan 4, 2007 2:28am Jan 4, 2007 2:28am
Found us a valid short reason for cable on the 15M after some searching...phew!
Was right near 1.9535 s/r (this much isn't curve fitting) and there was a 15M DBHLC (also true!) and that meant sell! Hah! Found one

Just wasn't awake at 5:45 so I had to take a lower price...yea, that's it!
Phew...
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Trust price. Know yourself.
  • #1,834
  • Jan 4, 2007 2:49am Jan 4, 2007 2:49am
Quoting Goozman
Looking good so far. Nice trade!
Not so good anymore. Stopped out.
Keeping it Simple
  • #1,835
  • Jan 4, 2007 2:57am Jan 4, 2007 2:57am
Quoting SeekingLight
Sold cable. Hoping for a double day down and break lower of the BEOB.
Don't think this can just splurge down like this and break trendlines and IBs without going a bit....we'll see.

Sorry bit busy watching my trades atm
Great going SeekingLight.
1.9410 is support.
Keeping it Simple
  • #1,836
  • Jan 4, 2007 3:05am Jan 4, 2007 3:05am
Quoting habeeb
Well spotted Alex.
Don't forget that we now have a BeOB on the Daily. I'm long cable too, until 1.9600. If that breaks, then I'll add to my longs.

Take Care
Habeeb
Not much of a retracement today. Guess the bears are really pumped up.
Lets see if this cross-road is gonna hold.
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Keeping it Simple
  • #1,837
  • Jan 4, 2007 3:14am Jan 4, 2007 3:14am
Quoting habeeb
Great going SeekingLight.
1.9410 is support.

Thanks
I bailed my EJ short too soon, it is now over 65 pips down, I closed at 25...ach well, better safe than sorry
But cable I am keeping, I don't see any signs of reversal at 1.9408 just yet and I don't think the bears are full yet after being so hungry yesterday.
I will take partial profit if we hang around too long however.
Nice to see the TL line up with the support lines I got here, was wondering why it was in the middle of seemingly nowhere price was pausing
Did you take the BEOB on GJ or cable?
Trust price. Know yourself.
  • #1,838
  • Jan 4, 2007 3:30am Jan 4, 2007 3:30am
Quoting habeeb
Not so good anymore. Stopped out.
Booked enough profit and reversed.

Keep them coming, they're helpful!
  • #1,839
  • Jan 4, 2007 3:39am Jan 4, 2007 3:39am
Quoting SeekingLight
Thanks
I bailed my EJ short too soon, it is now over 65 pips down, I closed at 25...ach well, better safe than sorry
But cable I am keeping, I don't see any signs of reversal at 1.9408 just yet and I don't think the bears are full yet after being so hungry yesterday.
I will take partial profit if we hang around too long however.
Nice to see the TL line up with the support lines I got here, was wondering why it was in the middle of seemingly nowhere price was pausing
Did you take the BEOB on GJ or cable?
Cable. I don't trade the "funny pairs" anymore. Only the majors.
Keeping it Simple
  • #1,840
  • Jan 4, 2007 8:03am Jan 4, 2007 8:03am
Thank you for the advice for usd/jpy habeeb. I ended up stay out the trade both ways. Wasn't too sure about either ways. By the way, I see PB on 1hr cable. I know it is not the swing low pinbar, but would you concider trade that too?

Saw
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