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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

  • #2,441
  • Feb 1, 2007 10:30am Feb 1, 2007 10:30am
Hi all,

I took a long on us-jy based on this chart.
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  • #2,442
  • Edited 11:30am Feb 1, 2007 11:15am | Edited 11:30am
Quoting parlenk
Hi all,

I took a long on us-jy based on this chart.
Very nice!

That's a beeeeewdiful pin you got there dude!

Ima in for a little action there too.

Edit: I see there's bearish divergence on the 4 hr chart. Might keep stops roooool tight here.
Bundy's status today: "Waiting..."
  • #2,443
  • Feb 1, 2007 12:35pm Feb 1, 2007 12:35pm
Quoting parlenk
Hi all,

I took a long on us-jy based on this chart.
Will history repeat itself?
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  • #2,444
  • Feb 1, 2007 12:41pm Feb 1, 2007 12:41pm
USDCAD made a PB off the 50% and nimbly nabbed my stop. I admit, it was in the worst place and at a classic "trick me out" price, but still, this is the reason I stopped bothering with USDCAD, about as predictable as a woman during high pregnancy...same applies to EURCHF for me. Oh well, live and learn. Need to get me a trailing stop broker...
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Trust price. Know yourself.
  • #2,445
  • Feb 1, 2007 1:15pm Feb 1, 2007 1:15pm
Quoting SeekingLight
USDCAD made a PB off the 50% and nimbly nabbed my stop. I admit, it was in the worst place and at a classic "trick me out" price, but still, this is the reason I stopped bothering with USDCAD, about as predictable as a woman during high pregnancy...same applies to EURCHF for me. Oh well, live and learn. Need to get me a trailing stop broker...
ya seeking I have tried to stay away from the USD/CAD lately. The only next trade i see is when we can break past that wall of resistance up at 845. Yest had a good 2bar pin on the hour, that i missed. Other then that it has been really choppy lately and those of you making pips on it i bow to you

Best,
Mike
  • #2,446
  • Feb 1, 2007 1:25pm Feb 1, 2007 1:25pm
So far GBP seems to be working its way across the channel, dancing the tango around the monthly pivot.
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Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #2,447
  • Feb 1, 2007 2:06pm Feb 1, 2007 2:06pm
5M, 15M, 30M, 1h, 4h, 2x 4h PB. Will we get a daily?
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Trust price. Know yourself.
  • #2,448
  • Feb 1, 2007 3:32pm Feb 1, 2007 3:32pm
Thanks to you guys for teaching me. I went long EURJPY H4 this morning based on these double bars. (North Finance broker)
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  • #2,449
  • Feb 1, 2007 3:48pm Feb 1, 2007 3:48pm
Quoting banzai
Thanks to you guys for teaching me. I went long EURJPY H4 this morning based on these double bars. (North Finance broker)

gj banzai let us know how it works out

here is a pin I am going to enter when it breaks, having a sellstop order in

AUD/NZD 4 hr pin off resistance 365 and 50% retrace worth a shot
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  • #2,450
  • Feb 1, 2007 4:06pm Feb 1, 2007 4:06pm
Quoting mbqb11
gj banzai let us know how it works out

here is a pin I am going to enter when it breaks, having a sellstop order in

AUD/NZD 4 hr pin off resistance 365 and 50% retrace worth a shot

Yea, looks nice, should eventually come back to 1.1200 from the looks of it. 1.1240 and lower will most likely struggle...

Currently looking at a GJ 4h PB that isn't exactly super-solid but was originally supposed to work really nice...let's see
Paulson is declaring the Yen blastout sale as we speak, so prolly won't be easy unless cable feels lonely enough to revisit 1.9500 soon...
Trust price. Know yourself.
  • #2,451
  • Feb 1, 2007 4:12pm Feb 1, 2007 4:12pm
hi mike, Just wondering for example with this aus/kiwi trade your about to enter, how many pips do you consider a break, do you place your entry like 3 pips below, or 1 pip below, i know this is a personal choice, but im just interested to see how different people chose that number.

Thanks

westie
  • #2,452
  • Feb 1, 2007 4:27pm Feb 1, 2007 4:27pm
Quoting Westie
hi mike, Just wondering for example with this aus/kiwi trade your about to enter, how many pips do you consider a break, do you place your entry like 3 pips below, or 1 pip below, i know this is a personal choice, but im just interested to see how different people chose that number.

Thanks

westie
depending on the timeframe, but for the 4hr i like 7-10. My entry is at 1.1324 for this trade. For the less volatile pairs I will use 5-7 pips.

Take care,
Mike
  • #2,453
  • Feb 1, 2007 4:43pm Feb 1, 2007 4:43pm
Quoting mbqb11
depending on the timeframe, but for the 4hr i like 7-10. My entry is at 1.1324 for this trade. For the less volatile pairs I will use 5-7 pips.

Take care,
Mike
does that include the spread?

i have been using 2-3 pips not including the spread. since i use a bid chart, i enter long when the bid price is 2-3 pips above the pin bar. if the spread is 4 pips, my actual entry price is ends up being 6-7 pips above the pin bar.

im also curious how many pips other traders put their stops above or below a pin bar. once again, i normally place it 2-3 pips (not including the spread)above/below it.

regards,

CFII
Attitude + Power = Performance
  • #2,454
  • Feb 1, 2007 4:57pm Feb 1, 2007 4:57pm
Quoting CFII
does that include the spread?

i have been using 2-3 pips not including the spread. since i use a bid chart, i enter long when the bid price is 2-3 pips above the pin bar. if the spread is 4 pips, my actual entry price is ends up being 6-7 pips above the pin bar.

im also curious how many pips other traders put their stops above or below a pin bar. once again, i normally place it 2-3 pips (not including the spread)above/below it.

regards,

CFII
i use bid also, so for my short it is 7-10 pips but for my long if its a 4 pt spread its 11-14

stops vary on the bar, and s/r around it but if it was just a pin its 5-7 pips above
  • #2,455
  • Feb 1, 2007 5:06pm Feb 1, 2007 5:06pm
Hmm this is weird, i know the charts will slightly differ between brokers but here's the aud/nzd chart and its nothing like yours Mike?? This is a North Finance Demo account...
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  • #2,456
  • Feb 1, 2007 5:10pm Feb 1, 2007 5:10pm
Quoting MIG
Hmm this is weird, i know the charts will slightly differ between brokers but here's the aud/nzd chart and its nothing like yours Mike?? This is a North Finance Demo account...
ya it depends on the data feed, i am using interbankFX
  • #2,457
  • Feb 1, 2007 5:18pm Feb 1, 2007 5:18pm
Mike, looks like your in, good luck.
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #2,458
  • Feb 1, 2007 5:18pm Feb 1, 2007 5:18pm
Quoting SeekingLight
USDCAD made a PB off the 50% and nimbly nabbed my stop. I admit, it was in the worst place and at a classic "trick me out" price, but still, this is the reason I stopped bothering with USDCAD, about as predictable as a woman during high pregnancy...same applies to EURCHF for me. Oh well, live and learn. Need to get me a trailing stop broker...
Another angle...

That pin is of the first fib expansion line. It looks like there's a pip or so gap till the line, but it's just the way it's drawn. Creating a horizontontal line to find it's value indicates the same value as the low of the reversal bar.

I was holding ,but I got out when it triggered a buy on one of James' systems.

Stop was at last months highs, and would still be held. I would rather wait for a better trade somewhere else though! :

Also out of ParlenKs Yen trade.

Grabbed profit at the first Fib ret point. Don't like the bearish divergence. I was in late too. So, once again for me, better trades will happen than this one.

,B
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Bundy's status today: "Waiting..."
  • #2,459
  • Feb 1, 2007 5:20pm Feb 1, 2007 5:20pm
Just never thought the feeds would have been so different. gave same entry though as price broke the inside bar so its short from 1.1330 for me!!

Mike
  • #2,460
  • Feb 1, 2007 7:22pm Feb 1, 2007 7:22pm
No breakout of inside bar as yet. With NFP coming up things should get interesting. I like to be "light" on positions going into the NFP (noted for its big bouncey bars) then look for quality setups once the market has digested the report.
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Stay calm, be brave, wait for the signs - Jasper Friendly Bear
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