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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

  • #11,521
  • Edited 8:52pm Jul 7, 2008 8:28pm | Edited 8:52pm
Quoting toyboy tramp
I'm building longs on this, 1.98350 is first target, second target 2.0.

Its looking pretty sweet position wise, does anybody disagree?
GBP/USD ends with hammer in the daily!!!
Bullish candle expected!!

sonic
  • #11,522
  • Jul 7, 2008 8:29pm Jul 7, 2008 8:29pm
Quoting g_j_hook@yah
ok thanx again.
well heres the situation now,i did demo a successful short (short term) but assuming i was still in the trade would you ride this till the res. you pointed out or how would you manage this trade if you were short??
trading the setups is imo the easy part,for me its the management of them where i make the most mistakes.
p.s.by the way i assume your pointing to the fact that this looks to be long term investors here not just momentum traders??
Wow, setups are the easy part. Good for you g_j_. Managing to me is the fun part, take some off the table and let ride.

Yes, I would ride it to the PZZ and then look for Price Action to see if it continues down.

It's nice when PA agrees on different time frames.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #11,523
  • Jul 7, 2008 10:37pm Jul 7, 2008 10:37pm
was wondering if i could get some feedback on a potential EURGBP set-up.
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"Believe nothing you hear and half of what you see." Proverb
  • #11,524
  • Jul 7, 2008 10:43pm Jul 7, 2008 10:43pm
i can't even read my notes on the chart. they are:

"is there too much resistance/traffic (check marks)

"potential entry after break at 7966"

"DBLHC = potential long trade"

"does this area support the DBLHC" (reference the blue box)
"Believe nothing you hear and half of what you see." Proverb
  • #11,525
  • Jul 7, 2008 10:59pm Jul 7, 2008 10:59pm
Quoting fxgrinder
was wondering if i could get some feedback on a potential EURGBP set-up.
Nice DBLHC but its in traffic. Yes, its off a support area so it has potential. But a better set-up would be off new Highs like the DBHLC in green.

Again, it has potential. Let's see what happens if it breaks the top.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #11,526
  • Jul 7, 2008 11:22pm Jul 7, 2008 11:22pm
Quoting jarroo
Nice DBLHC but its in traffic. Yes, its off a support area so it has potential. But a better set-up would be off new Highs like the DBHLC in green.

Again, it has potential. Let's see what happens if it breaks the top.

this helps a lot especially the better example.
"Believe nothing you hear and half of what you see." Proverb
  • #11,527
  • Jul 8, 2008 2:48am Jul 8, 2008 2:48am
hi guys can i have your thoughts on the possible pin setup on USD/CHF

thanks.
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  • #11,528
  • Jul 8, 2008 3:05am Jul 8, 2008 3:05am
Quoting Jordann
hi guys can i have your thoughts on the possible pin setup on USD/CHF

thanks.

Played it on the breakout ( there was even better entry on the h4 retracement (looks like H&S). Momentum is pretty good , my first tp is 1.0135
  • #11,529
  • Jul 8, 2008 3:31am Jul 8, 2008 3:31am
Quoting Jordann
hi guys can i have your thoughts on the possible pin setup on USD/CHF

thanks.
I wouldn't take that trade because it's against the engulfing bar that formed off of support. Combine that with the fact that my target would be that top channel...

Just my way to trade... you could still go short on that pin (it did bounce off of resistance) and just get it to BE quickly...
Mr. Trend
  • #11,530
  • Jul 8, 2008 3:42am Jul 8, 2008 3:42am
Hey Jordann,
This has been a common question which usually elicits the same answer.
The pin is in the heavy congestion of late June (for perspective look at that period on the 4 hr TF squeezed down to include April til July ). The top of the pin is butting up against a S/R point at apprx 1.0340 - 1.0350, I feel this is of much greater significance than a pin in traffic. This pin may very well work out, but it's not one Jim or most others would play because of that pesky traffic thing. Pins of the type most are looking for, are to be a turning point after a nice run up or down. If you don't want to read this massive thread click on James16's name on one of his posts and read them, then do the same with mbqb11, then Habeeb, then Seeking Light, then maybe for a later veiwpoint Jarroo. There are multiple others who's lives have been changed by taking this thread and running with it. They all did the reading and practicing it took to make it their own but I think they would all say it was well worth the effort. I truly don't mean this post to be rude, it is just that gifts are not always recognized for what they are.
Have a fruitful day,
Roy
  • #11,531
  • Jul 8, 2008 10:26am Jul 8, 2008 10:26am
Quoting Mr Trend
I wouldn't take that trade because it's against the engulfing bar that formed off of support.

There is always something new to learn!!
Find an Edge. Only way to succeed in this business.
  • #11,532
  • Jul 8, 2008 11:35am Jul 8, 2008 11:35am
Hello everybody, its been long time as i posted in this beautifull thread of j16. So im posting a "textbook" like trade i took on euroyen. At the swing high right below the utl we had a beautifull ib, i entered a little earlier not at the break of it but it broke as i was expecting short. So i rode it down to the ltl of the triangle seen on 1hr chart im posting as well. The ib at the top was also rejected by dm4 midpivot so it gave me a little more confidence with the trade. exited the trade at the ltl, in profit of 95 points

Lovely trade. Hope you guys caught this one as well

Cheers!
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  • #11,533
  • Jul 8, 2008 11:37am Jul 8, 2008 11:37am
Hi Guys i am new here, reading already a while in this very interesting Thread and i am very impressed from james and you all what great work here is done, Congrats.
I am rather new in Trading and i am not comming around to ask sometimes a question where here maybe everybody thinks "he should know that if heīs a trader" but as i said my experience is now something like one year.

I am wondering how you count those candles when a pinochio bar appears. I would interprete jimīs wordīs like this. the nose is the second bar of this pattern, left side from it should be logicly bar one and right from it bar three. So, i am right now (if not please correct me), i would like to ask you how shal i interprete theese wordīs: " if the Third bar caīt take out the first bar by a tick or two". What does that exactly mean? If the third barīs closing price is not higher by a tick or two than the first barīs closing price? And how it would be when the pattern appears inverted on a downtrend?
Is it that what Jim is saying here? I am not native speakler and have so my little problems sometimes and maybe sometimes i need a little longer than otherīs .

Thanks in advance for an answer.

greetings, tickticker

Quoting james16
New Chart
Better being out wishing to be in, than being in wishing to be out....
  • #11,534
  • Jul 8, 2008 11:39am Jul 8, 2008 11:39am
Quoting belekas
Hello everybody, its been long time as i posted in this beautifull thread of j16. So im posting a "textbook" like trade i took on euroyen. At the swing high right below the utl we had a beautifull ib, i entered a little earlier not at the break of it but it broke as i was expecting short. So i rode it down to the ltl of the triangle seen on 1hr chart im posting as well. The ib at the top was also rejected by dm4 midpivot so it gave me a little more confidence with the trade. exited the trade at the ltl, in profit of 95 points

Lovely trade. Hope you guys caught this one as well

Cheers!
Nice trade and thank you for the chart.
  • #11,535
  • Jul 8, 2008 11:49am Jul 8, 2008 11:49am
I tried to send the image but dont know but when you click here you come to the image what i was talking about.

thanks
Quoting james16
New Chart
Better being out wishing to be in, than being in wishing to be out....
  • #11,536
  • Jul 8, 2008 12:09pm Jul 8, 2008 12:09pm
Quoting KissFan
Nice trade and thank you for the chart.
Thanks buddy, always a pleasure We got a 4hr pinbar on euroyen right now, its in traffic, the highs aint holding the bottom is only, so its just a matter of time when we see a full breakout short. Im talking short because on weekly we have a rising wedge that we know is a reversal pattern.

Whats your take on euroyen KissFan?
  • #11,537
  • Jul 8, 2008 12:28pm Jul 8, 2008 12:28pm
Quoting belekas
Thanks buddy, always a pleasure We got a 4hr pinbar on euroyen right now, its in traffic, the highs aint holding the bottom is only, so its just a matter of time when we see a full breakout short. Im talking short because on weekly we have a rising wedge that we know is a reversal pattern.

Whats your take on euroyen KissFan?
Belekas, I am really sorry to disappoint you here, but I'm still trying to learn all the ropes on trading. I've been fortunate to hold my own so far but I can't tell you anyting about ascending or descending wedges. Just trying to be honest and not a bullshitter. I can comprehend the chart that you posted earlier based on what PA I understand. My take on EY is going to be limited to the following: We have a nice PB at swing high from two weeks back followed by a doji last week. From my perspective, I'm certainly not going long on this pair anytime soon. I would consider a short from 166.73 depending on how the dailies play out at that time. I assume the wedges that you are referring to will be formed by trendlines. Is that correct?
  • #11,538
  • Jul 8, 2008 12:40pm Jul 8, 2008 12:40pm
Yes, heres a chart for you. The rising wedge (reversal) is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.
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  • #11,539
  • Jul 8, 2008 12:58pm Jul 8, 2008 12:58pm
Quoting belekas
Yes, heres a chart for you. The rising wedge (reversal) is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.
Once again my friend, thanks for taking the time for the tutorial. This is a simple concept as far as I can see. Just wait for the break of the lower TL and we should run short as long as the price action confirms and we are not at key support. Am I missing anything? Another tool in the box as they say. I'll be watching and posting.
  • #11,540
  • Jul 8, 2008 4:46pm Jul 8, 2008 4:46pm
Anyone seeing any setups today?
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