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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

  • #17,121
  • Dec 18, 2008 12:27am Dec 18, 2008 12:27am
thanks almfx and sertio...
I would never enter against the trend. But maybe we see some consolidation now. I'll be watching this

10:00 EUR http://www.forexfactory.com/images/m...mpact_high.gif German Ifo Business Climate

14:30 USD http://www.forexfactory.com/images/m...mpact_high.gif Unemployment Claims
  • #17,122
  • Dec 18, 2008 12:33am Dec 18, 2008 12:33am
Quoting jarroo
Very understandable Joe.

Have you tried the "free trade" approach? This is where you take half off once Price moves the amount you are risking. And then let the other half go. If it stops you out your net is zero pips.
Hi Jarroo,

I haven't tried it but am aware of it.... maybe it was through the DIBs method thread.... have tried it in demo on my DIBs demo trades and I like it..

Haven't decided whether to risk 1% or 2% (I usually risk 1%) when using this method, I guess thats why I haven't tried in a live trade yet...

Cheers,

Joe
  • #17,123
  • Dec 18, 2008 12:42am Dec 18, 2008 12:42am
Quoting GetSmart
Hi Jarroo,

I haven't tried it but am aware of it.... maybe it was through the DIBs method thread.... have tried it in demo on my DIBs demo trades and I like it..

Haven't decided whether to risk 1% or 2% (I usually risk 1%) when using this method, I guess thats why I haven't tried in a live trade yet...

Cheers,

Joe
Yes, just like the trade management of the DIBS method. Its a good way of preserving capital while giving a trade room to breathe for a longer term trade.
Indicators show the past. Price Action "Indicates" the future.
  • #17,124
  • Dec 18, 2008 2:25am Dec 18, 2008 2:25am
The EU has hit the Daily PPZ with a BUOVB on 4Hr tf, any thoughts?

ALM
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  • #17,125
  • Dec 18, 2008 3:10am Dec 18, 2008 3:10am
Quoting Almfx
The EU has hit the Daily PPZ with a BUOVB on 4Hr tf, any thoughts?

ALM
I noticed that, I will wait and enter if it retraces to the daily support (+38.2 fib), otherwise i'm out.
  • #17,126
  • Dec 18, 2008 3:11am Dec 18, 2008 3:11am
eur/usd
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  • #17,127
  • Dec 18, 2008 4:27am Dec 18, 2008 4:27am
Watching the dailies the past few days have been extremely boring. I have decided to concentrate on trading only daily charts before I go lower and have been successful for the past couple of months by taking only A+ setups. The problem is that I have not spotted any of these on the dailies for a long time. In my frustration I took a B trade and failed. It seems that the lower time frame is where all the action is at the moment because all the trades that you guys have been discussing for the past weeks have all been on the 4hr or 1hr. Time was a factor for me because of my work but I think I'm gonna have to rework my schedule and get my feet wet with trading lower time frames starting with the 4hr. We'll see how that works out for now and if I'm successful like the dailies then that is where I'll stay.
  • #17,128
  • Dec 18, 2008 4:32am Dec 18, 2008 4:32am
Quoting pipsja
Watching the dailies the past few days have been extremely boring. I have decided to concentrate on trading only daily charts before I go lower and have been successful for the past couple of months by taking only A+ setups. The problem is that I have not spotted any of these on the dailies for a long time. In my frustration I took a B trade and failed. It seems that the lower time frame is where all the action is at the moment because all the trades that you guys have been discussing for the past weeks have all been on the 4hr or 1hr. Time was...
Welcome to 4H tf(not very short though), It is fun..!! I myself still don't trade 1H or lower!

ALM
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  • #17,129
  • Dec 18, 2008 4:46am Dec 18, 2008 4:46am
Quoting pipsja
Watching the dailies the past few days have been extremely boring. I have decided to concentrate on trading only daily charts before I go lower and have been successful for the past couple of months by taking only A+ setups. The problem is that I have not spotted any of these on the dailies for a long time. In my frustration I took a B trade and failed. It seems that the lower time frame is where all the action is at the moment because all the trades that you guys have been discussing for the past weeks have all been on the 4hr or 1hr. Time was...
Hi pipsja

I hear you - bit boring at the mo. Just don't fall into my trap and take second rate trades because you're bored. Remember also that the market is winding down at this time of year, and so that might also be affecting the lack of setups. It has been a very turbulent year for FX, and i dare say a lot of people will be looking forward to a break over the Xmas period.


cheers

Simon
  • #17,130
  • Dec 18, 2008 4:49am Dec 18, 2008 4:49am
Quoting jarroo
Thanks Bundy (as always).

The 4 PB and the confluences you mentioned are very good. PB (imo)is just to small compared to the largeness of the recent down move. This past year has shown that even on the Daily time frame, PBs have failed after such a large move.

You were right jarroo, price past botton of the PB, so It touches my s/l

At least I learnt something new on this one.

Thank you....
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  • #17,131
  • Dec 18, 2008 4:52am Dec 18, 2008 4:52am
Quoting jarroo
Yes, start your analysis on the Daily and Weekly charts.

I would look for 1st profit target at the previous lows on the 4 hour. But again, I don't like the size of this PB so I would pass on this one.

(watch it go to the moon. lol)

Jim
I went to bed before reading this one. Maybe I could exit in profits if I see this messange firt.
  • #17,132
  • Dec 18, 2008 5:29am Dec 18, 2008 5:29am
I see lots of people looking out for Pins and posting on here. So when a pin forms a greater number of market participants enter on that trade.

Does anyone know what % of Pins pointed out on here are successful ?
  • #17,133
  • Dec 18, 2008 6:13am Dec 18, 2008 6:13am
Quoting advfntrader
I see lots of people looking out for Pins and posting on here. So when a pin forms a greater number of market participants enter on that trade.

Does anyone know what % of Pins pointed out on here are successful ?
Pins taken on 'CORRECT LOCATION' with 'CONFLUENCE' are 99.99% successful on higher timeframes

ALM
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  • #17,134
  • Dec 18, 2008 6:30am Dec 18, 2008 6:30am
Quoting ghous
i don't think i'll be closing a 400 pip trade if i see a pin bar on the 5M or 15M tf if i see one on the 4H it might signal something...
Amen brother, you're on your way to riches....

When I read some posts here by inexperienced, new traders, It's a sad feeling, because we know, where they headed long term......
Oh well, only 5% will will somehow make it, but within that 5, only .01% will strike it big. Many of the new faces came from different threads here to learn something new and they keep making same mistakes over and over.
Anyhow, Have a Merry Christmas, Happy Hanukkah and a great New 2009. Hope there will be enough pips for everybody. I'm closing shop for 2008...
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  • #17,135
  • Dec 18, 2008 6:41am Dec 18, 2008 6:41am
Quoting boomswitch
I noticed that, I will wait and enter if it retraces to the daily support (+38.2 fib), otherwise i'm out.
Ok it's done and i'm now long on eur/usd.
I have waited like 3 days for a good entry on that big bullish rally so I will probably cry if the support breaks
  • #17,136
  • Dec 18, 2008 6:59am Dec 18, 2008 6:59am
Long time to go, but what a PB this would be!
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  • #17,137
  • Dec 18, 2008 7:28am Dec 18, 2008 7:28am
Quoting Interceptor
Long time to go, but what a PB this would be!
Could be a nice Pin with PPZ and 61.2ret.
Still got 7hr for the bar to close and could take longer for the Pin to break (that may not even happen)

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #17,138
  • Dec 18, 2008 7:34am Dec 18, 2008 7:34am
Quoting ghous
Nice cute little trade was it Jeff?

One can never be sure what's round the corner, it's killing support and resistance like...like...like flies...SWAT!!!

Yeah, and it keeps getting cuter..
If we close the week somewhere near where we are or a bit lower it makes for a great weekly beob @ a ppz & fib. looking fwd to see how it continues.
of course it may go straight back up.
  • #17,139
  • Dec 18, 2008 7:36am Dec 18, 2008 7:36am
30mins to go
unfortunately as it is at all time low we have no supporting data apart from the calculated S2 line.

GBP has to make a come back though as i have to buy my euro's tomorrow for holiday.
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  • #17,140
  • Dec 18, 2008 7:39am Dec 18, 2008 7:39am
Jeff, Bundy,

you´re watching this, too?

RM
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