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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

  • #13,741
  • Sep 18, 2008 3:52pm Sep 18, 2008 3:52pm
Quoting rustyjeff
dont forget the daily
Don't forget the Euro Weekly. (Sorry I can't post a chart, not at home.)

Big fat Pin Bar that has already broken the top.
Indicators show the past. Price Action "Indicates" the future.
  • #13,742
  • Sep 18, 2008 4:01pm Sep 18, 2008 4:01pm
Quoting Poocher
Ryanmcd I'm surprised you don't see Rustyjeff's trade here as the trade of the day using your set up.
http://www.forexfactory.com/showpost...ostcount=13717



I'm kicking myself for missing it cuz I'm trying to learn your set ups.

The PB touches the 5min middle bb line and breaks down below the 50ema for an easy 20pips or more.

Thanks for your posts and thanks too to all the James16 pro's.

I am going to let some of this news crap die down before I trade again, I dont like playing these big swings at all too exciting I like it slow and steady.
Keep taking CT trades, I need more money
  • #13,743
  • Sep 18, 2008 4:16pm Sep 18, 2008 4:16pm
Quoting rustyjeff
dont forget the daily
Although that PB is with the trend. Looking for the break of the bottom.
Should be fun to watch and trade.
Indicators show the past. Price Action "Indicates" the future.
  • #13,744
  • Sep 18, 2008 4:27pm Sep 18, 2008 4:27pm
This should be fun to watch....
The us govt are meeting as we speak. according to cnbc there will be an anouncement late tonight or early tomorrow.
  • #13,745
  • Sep 18, 2008 5:31pm Sep 18, 2008 5:31pm
Quoting Poocher
Ya Rusty I noticed the 30 min. and got back in 143.50 1/2pips(mbt pipettes!).

I'm just practicing using $1pips and holding out for 143.

Your trade earlier that I posted was super..just the kind I wanna look for.

Hope you held past 1.4300. it gave a small bounce but now down to 1.4230
...
  • #13,746
  • Sep 18, 2008 5:57pm Sep 18, 2008 5:57pm
Maybe another entry coming.
after breakout of 1.4277. see if pa forms or if it goes back up
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  • #13,747
  • Sep 18, 2008 6:03pm Sep 18, 2008 6:03pm
Quoting jarroo
Although that PB is with the trend. Looking for the break of the bottom.
Should be fun to watch and trade.
Took the short at the break at 1.4270. 1st target the 1.4070ish Support level.

Price Action (with the Trend) RULES.
Indicators show the past. Price Action "Indicates" the future.
  • #13,748
  • Sep 18, 2008 6:25pm Sep 18, 2008 6:25pm
Quoting rustyjeff
dont forget the daily
This Daily Pin Bar is a great example of a high probabilty trade. And I'm sure Ryanmcd would agree(he has been trying to drive this point home to us on the 5min chart.) Price Action with the trend just makes sense on so many levels.

Another good sign is that Price broke hard and fast on the next Bar. This is a good sign with any PA set-up.
Indicators show the past. Price Action "Indicates" the future.
  • #13,749
  • Sep 18, 2008 6:33pm Sep 18, 2008 6:33pm
This should help the EU daily pin.

Bad news for the weekly one.
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  • #13,750
  • Sep 18, 2008 7:06pm Sep 18, 2008 7:06pm
Quoting jarroo
Took the short at the break at 1.4270. 1st target the 1.4070ish Support level.

Price Action (with the Trend) RULES.

If you like money it does, if you want to brag you need to CT trade so you can tell your friends how good you are but still have a job
Keep taking CT trades, I need more money
  • #13,751
  • Sep 18, 2008 7:08pm Sep 18, 2008 7:08pm
Quoting Ryanmcd
I am going to let some of this news crap die down before I trade again, I dont like playing these big swings at all too exciting I like it slow and steady.

These are wacky times...I wish I'd become as careful a trader as you.
  • #13,752
  • Sep 18, 2008 7:10pm Sep 18, 2008 7:10pm
Quoting rustyjeff
Hope you held past 1.4300. it gave a small bounce but now down to 1.4230
...
I got out at 1.4300 exactly cuz I had to leave for a couple hours and was happy with my 50 pip trade...but there was a bunch more.
  • #13,753
  • Sep 18, 2008 7:28pm Sep 18, 2008 7:28pm
usdchf also has a nice pinbar on the daily, up looks like a good setup.
  • #13,754
  • Sep 18, 2008 8:08pm Sep 18, 2008 8:08pm
Quoting Ryanmcd
I am going to let some of this news crap die down before I trade again, I dont like playing these big swings at all too exciting I like it slow and steady.
I agree with you Ryan.
I think I should point out here that any trades (except the daily) that i've posted here recently are all done on a demo acc. I'm trying to get a feel for this pa on lower tf's before implamenting it to my live trades.
I'm still fwd testing this for a while & thats what i'll do till comfotable.
So far the results are good. But its not been long enough for me yet to use in live trading.
Like you, I trade for a living so this will added to my method or not in time.
I also agree with you that the pa is the same, once you get used to seeing it on any tf.
If I continue with the current results I will deffinately use this application of pa. I am finding, so far that I am obtaining a finer understanding of price action during these times of major events. I hope to continue this study during times that are considered normal.
so far so good....
  • #13,755
  • Sep 18, 2008 9:29pm Sep 18, 2008 9:29pm
Quoting Ryanmcd
If you like money it does, if you want to brag you need to CT trade so you can tell your friends how good you are but still have a job
No bragging here, brother. We are just learning how to put the puzzle pieces of a Price Action set-up together for a high probability trade.
Indicators show the past. Price Action "Indicates" the future.
  • #13,756
  • Sep 18, 2008 11:13pm Sep 18, 2008 11:13pm
EUR long just taken.

It's based on 2 factors:

1. Long term monthly high @ 1.4160 area; and
2. 30 minute PIN

You can also play the 4HR pin, too.
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  • #13,757
  • Sep 19, 2008 12:54am Sep 19, 2008 12:54am
How to move the Stop after the BEOB under the arrow?
The BEOB broke down, activated his own high, the next bar went up, broke the BEOB low with 7-8 pips. Does it activated its own high as new SL?
Opinions?
NL
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  • #13,758
  • Sep 19, 2008 1:01am Sep 19, 2008 1:01am
Quoting lacika
How to move the Stop?
Taking profit and adjusting stops is discretionary. Some use previous lows/highs to adjust the stop, others may use risk:reward or price action, others may trail the stop.

I personally take anywhere from 1/2 to 2/3's of the trade off the table at least at the 1:1 area to get into the free trade mode (like DIBS) and try hold the trade as long as possible. I generally use price action in the other direction to exit.
  • #13,759
  • Sep 19, 2008 1:12am Sep 19, 2008 1:12am
Quoting lacika
How to move the Stop after the BEOB under the arrow?
The BEOB broke down, activated his own high, the next bar went up, broke the BEOB low with 7-8 pips. Does it activated its own high as new SL?
Opinions?
NL
For the outside bar (which I did not trade myself), I would have exited after the pinbar formed 3 days later as it was right on monthly support.

The reason I did not trade this is because the monthly support TL was very close below it and the risk:reward was not great.
  • #13,760
  • Sep 19, 2008 1:13am Sep 19, 2008 1:13am
Quoting lacika
How to move the Stop after the BEOB under the arrow?
The BEOB broke down, activated his own high, the next bar went up, broke the BEOB low with 7-8 pips. Does it activated its own high as new SL?
Opinions?
NL
Hey,

according to jim BEOB are best played at swing highs and BUOB are best played at swing lows. You entered at an extreme low and though this can definitely work out, it's not a high probability setup in my opinion.

Then there was this PB after your BEOB formed. This could be used to move the stop on top of it because the PB signalled a reversal.

Chris
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