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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

  • #16,081
  • Edited 6:58pm Dec 3, 2008 4:42pm | Edited 6:58pm
Quoting the_wizard
CHF/JPY

Weekly S/R pivot and 61 fib confluence of whole swing.

Daily double bottom with pin bar.

Thoughts?
Looks pretty tight but very doable with the confluences you have there.

I would look for some bullish PA above 78.00.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #16,082
  • Dec 3, 2008 4:51pm Dec 3, 2008 4:51pm
@Ryan

1- there was a message you sent about time that i re read a few times but it was not clrealy enough HOW you use time. If you for example avoid the open or closed of a session, etc. Could you please detail about time here?

2- there is a ryanm in the rank of the last Interbankfx contest. It was you?

@Mike

same question Mike. Do you take trades in any session? If there is times of the day that you don't take trades, wich are these, and it will afect trades in hour and bellow or even in 4h?

thanks in advance.

and as aways sorry for my bad english.
  • #16,083
  • Dec 3, 2008 4:55pm Dec 3, 2008 4:55pm
Quoting boomswitch
Descending triangle to watch on gbpjpy...
That's not technically a descending triangle. What actually formed yesterday was a diamond pattern which typically signals a continuation when it's where it's at right now... today was just a break out of that diamond with a pullback back to the formation...
Mr. Trend
  • #16,084
  • Dec 3, 2008 5:00pm Dec 3, 2008 5:00pm
Seeing some MACD divergence as well.
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  • #16,085
  • Dec 3, 2008 5:00pm Dec 3, 2008 5:00pm
Quoting giraia_br
@Mike

same question Mike. Do you take trades in any session? If there is times of the day that you don't take trades, wich are these, and it will afect trades in hour and bellow or even in 4h?

thanks in advance.

and as aways sorry for my bad english.
Hey Giraia,

Your English is better then mine

I will let me daily/weekly pending orders execute any day any time as long as the trade is still valid.

For my other trading(breakouts intraday), these a generally 4hr and under trades. I will 98% of the time execute Only during the European and US sessions. The other sessions are meaningless to me. Exceptions come in times like this when all sessions are active due to volatility across the board.

-Mike
  • #16,086
  • Dec 3, 2008 5:27pm Dec 3, 2008 5:27pm
Quoting mbqb11
I will 98% of the time execute Only during the European and US sessions. The other sessions are meaningless to me.


that was the answer i didn't want to rear but was what i was guessing

so, the trader that don't lives in London needs to be a Zombie
  • #16,087
  • Dec 3, 2008 5:34pm Dec 3, 2008 5:34pm
Quoting giraia_br


that was the answer i didn't want to rear but was what i was guessing

so, the trader that don't lives in London needs to be a Zombie
Well if you have other commitments just stick to the higher timeframes would be the best thing IMO.

Take care

mike
  • #16,088
  • Dec 3, 2008 6:07pm Dec 3, 2008 6:07pm
Quoting giraia_br
that was the answer i didn't want to rear but was what i was guessing

so, the trader that don't lives in London needs to be a Zombie
So?? ....I sleep during NY session. How's that?

It only sucks if you're wanting to catch EVERY market move. And you don't need to. (Or want to)

Living in Oz here it can be a pain , but there's nothing wrong with checking 4 hour charts.
I miss one bar in the middle of NY and don't bother with the next one. ( Which is often the top or bottom for the day and hits a take profit point while I'm asleep anyway!). Occasionally I don't get to see the 4 hour bar that closes @ NY open either. I still catch enough set ups to make a profit.

Watching daily and 4 hour charts sometimes leads into a decision to "stay up late" to wait for a good entry on a lower time frame during NY sesh. No biggy.

To sum it up, I check my charts 4 times a day...

Daily Close (GMT 0000)
4 hours Later (GMT 0400) ...nothing exciting most days. Can give clues for later on.
4 hours Later (GMT 0800)
NY Open (GMT 1200)

If at those times we are sitting near a PPZ or such I might look at lower time frames then too.

This week I've had to sit near my computer 3 times to enter trades on smaller time frames (and this is OPTIONAL anyway! Just improves profits a a little)
Our bodies can handle a little bit of interrupted sleep. Why would you need to be a zombie?
Bundy's status today: "Waiting..."
  • #16,089
  • Dec 3, 2008 6:37pm Dec 3, 2008 6:37pm
Hi Bundy,

Your post reminds me of this...

Traveling in a fried-out combie
On a hippie trail, head full of zombie
I met a strange lady, she made me nervous
She took me in and gave me breakfast
And she said,

Do you come from a land down under?
Where women glow and men plunder?
Cant you hear, cant you hear the thunder?
You better run, you better take cover.

Buying bread from a man in brussels
He was six foot four and full of muscles
I said, do you speak-a my language?
He just smiled and gave me a vegemite sandwich
And he said....

Joe (also from downunder...)

ps. Thanks Ghous I'll try to post more often with more meaningful insightful trading posts...if I have them !
  • #16,090
  • Dec 3, 2008 6:49pm Dec 3, 2008 6:49pm

Well, I live in the same country as Giraia and it's really not necessary to be a zombie to catch very good trades unless you want to take every market move.

I don't go lower than 1h, even 1h it's hard, cause I don't trade for a living. So I basically analyse the markets at GMT 00:00 and I try to check up the GMT 12:00, 16:00, and 20:00.

If I see any good PA setup I put my pending order and go away.

  • #16,091
  • Dec 3, 2008 10:25pm Dec 3, 2008 10:25pm
Quoting jarroo
Looks pretty tight but very doable with the confluences you have there.

I would look for some bullish PA above 78.00.
Perhaps above ~78.80 range taking PPZ at 78.77 into account
just my 2 cents
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #16,092
  • Dec 4, 2008 12:26am Dec 4, 2008 12:26am
EUR/USD 1.2606 seem aim-able...

Sonic
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  • #16,093
  • Dec 4, 2008 3:07am Dec 4, 2008 3:07am
Quoting sonicdeejay
EUR/USD 1.2606 seem aim-able...

Sonic

http://www.forexfactory.com/attachme...1&d=1228371960
TP hit...

Sonic
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  • #16,094
  • Dec 4, 2008 3:40am Dec 4, 2008 3:40am
Quoting sonicdeejay
TP hit...

Sonic
Nicely done Dj...

Your entry trigger was that IB??
I believe . . .
  • #16,095
  • Dec 4, 2008 3:47am Dec 4, 2008 3:47am
Here is a long i took on the Usd/Cad on Monday. Friday close of last week was showing signs of further correction and retracment into the trend but this week continued on with the bull run, once we saw the break of the confluence zone (1.24 ppz and the 23.6 retracment fib) there was little dought that it would now serve as support.

The BUOB on the close of the Monday bar was the entry trigger with the stop just below the confluence zone.

Profit targets are 1.27 and 1.3.
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I believe . . .
  • #16,096
  • Edited 4:19am Dec 4, 2008 4:14am | Edited 4:19am
there's a good looking pin bar on 1h e/u..
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  • #16,097
  • Dec 4, 2008 4:31am Dec 4, 2008 4:31am
Quoting Pipsi cola
there's a good looking pin bar on 1h e/u..
I'm new and was looking at that, but I'm concerned the ECB rate cut is going to be announced today.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,098
  • Dec 4, 2008 4:43am Dec 4, 2008 4:43am
Quoting drj6564
Hi Bundy,

Your post reminds me of this...

Traveling in a fried-out combie
On a hippie trail, head full of zombie
I met a strange lady, she made me nervous
She took me in and gave me breakfast
And she said,

Do you come from a land down under?
Where women glow and men plunder?
Cant you hear, cant you hear the thunder?
You better run, you better take cover.

Buying bread from a man in brussels
He was six foot four and full of muscles
I said, do you speak-a my language?
He just smiled and gave me a vegemite sandwich
And he said.......
Hell DRJ that takes me back! "Think it was men at work" and I was ski-ing in Italy and much younger. It became the theme song of the Week. got very drunk and chased italian girls, can,t remember in what order. thanks for the memory

Gaia
  • #16,099
  • Dec 4, 2008 4:46am Dec 4, 2008 4:46am
Quoting LasVahGoose
I'm new and was looking at that, but I'm concerned the ECB rate cut is going to be announced today.
i'm new as well. still waiting on that for a shorter term TF to give me a long signal according to my rules. i'm not worried about the news yet. it's still a couple of hours away. will probably be out of the market by the time of release depending of how things develop.
  • #16,100
  • Dec 4, 2008 4:56am Dec 4, 2008 4:56am
Quoting ghous
Nicely done Dj...

Your entry trigger was that IB??
my entry was at t low of IB...


Sonic

http://www.forexfactory.com/attachme...1&d=1228381618
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