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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

  • #17,821
  • Jan 5, 2009 9:23am Jan 5, 2009 9:23am
Hi guys, this is a trade I entered on dec. 31 2008 and exit today (more than +300 pips).
i would like you guys with much more experience than me, analize it and tell me if I got lucky or im starting to "feel it"

Check my chart, I entered on an confluence of IB and support; my entry was @1.0676, inicial s/[email protected], TP1 (50%) around support line (1.0793), TP2 (50%) around 1.1050 (took profit @1.1022 because i missed that price).

Problably it continues its north path, but I just planned my trade and executed it as well.

Im in a learning process so any kind of comments are welcome.
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  • #17,822
  • Jan 5, 2009 9:24am Jan 5, 2009 9:24am
2009 is the year when I concentrate on these methods and try to turn my trading around.

I've started using the MT4 Pinbar and Inside bar indicator script - seems to work well, anyone else use this ? is the 60/40 settings the best ?
  • #17,823
  • Jan 5, 2009 9:26am Jan 5, 2009 9:26am
The chart speaks for itself :-)

I am waiting for any possible PA on the 50% return.

Ken
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  • #17,824
  • Jan 5, 2009 9:55am Jan 5, 2009 9:55am
Not all PIN's are equal. That's why James has been constantly telling us to watch where it is.

Let's look at the daily first.
(1) We had a rising wedge (bearish) and then a reversal at a major PPZ.
(2) Price then broke another mild PPZ @ 1.5075.
(3) It will test this PPZ @ 1.5075 and usually the first time will fail.

Can it go high? I don't know. There is a wedge forming in 4HR chart. It may continue the downward movement from here if it breaks the lower rishing trend line. I would much prefer to trade a PIN telling me to go short than long because I don't want to fight with the major trend.

Ken
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  • #17,825
  • Jan 5, 2009 9:57am Jan 5, 2009 9:57am
Hello Trujillo.
I wouldnt take that IB as it was heading to 1.0700, which is the top of PPZ on my chart. Just my opinion.

alter
  • #17,826
  • Jan 5, 2009 10:14am Jan 5, 2009 10:14am
Looks like the turbulence on the Gbp/Chf is clearing up rapidly
Patience + Humility + Study = Success
  • #17,827
  • Jan 5, 2009 10:22am Jan 5, 2009 10:22am
Quoting raczekfx
g/chf
Price hit turbulence area, (where some could take nice profit) and will probably stay there for some time, unless cable decides to shoot up....
Some could expect for price to move back to 5810/5910 area before marching higher. We shall see... I'm very happy with overnight move...!

eu/cad
so far, so good. Price stopped 100ps shy of tp1 from my previous posts..
Nice move since short setup triggered.... exactly 900ps

I think that's it from me for today... my older son wants to see pianos...
Nice as usual Rac,

I am approaching my "TP 1" on most of my trades too...

Looks like a good start to the year and this new trading environment. Thanks for everything.

Regards,
Ghous.
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I believe . . .
  • #17,828
  • Jan 5, 2009 10:28am Jan 5, 2009 10:28am
Quoting rustyjeff
well back to work. hollidays are over.

Wish everyone a prosperous new year. time to go get some
Welcome back Jeff,
I believe . . .
  • #17,829
  • Jan 5, 2009 10:39am Jan 5, 2009 10:39am
Quoting ghous
Nice as usual Rac,

I am approaching my "TP 1" on most of my trades too...

Looks like a good start to the year and this new trading environment. Thanks for everything.

Regards,
Ghous.
Great work ghous and Rac!!
Ghous - Are you on the PF?

Your account must be huge to be able to take on all those trades at once...
  • #17,830
  • Jan 5, 2009 11:08am Jan 5, 2009 11:08am
Nice going guys...I'm considering on joining the group
I wish I had found this a year ago..
  • #17,831
  • Jan 5, 2009 11:17am Jan 5, 2009 11:17am
Yep, you are not the only one (about PF and founding this already year ago)

Quoting xcov
Nice going guys...I'm considering on joining the group
I wish I had found this a year ago..
  • #17,832
  • Jan 5, 2009 11:22am Jan 5, 2009 11:22am
I wonder if anybody could help me with a quick fibs query?
On the daily USD/CHF chart(below) I originally drew my fib lines(yellow) from the swing high to the first swing low. Price then made a significant rise, followed by a drop to a new, slightly lower swing low. Did I draw the fibs correctly, or should I have redrawn using either the 'new' lower swing high or slightly lower low, or both?
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  • #17,833
  • Jan 5, 2009 11:22am Jan 5, 2009 11:22am
Quoting ghous
Welcome back Jeff,

Thanks Ghous,
A few days off doing other stuff really clears the head.
looks like you have had a nice start to the year..
  • #17,834
  • Jan 5, 2009 11:45am Jan 5, 2009 11:45am
Quoting Interceptor
I wonder if anybody could help me with a quick fibs query?
On the daily USD/CHF chart(below) I originally drew my fib lines(yellow) from the swing high to the first swing low. Price then made a significant rise, followed by a drop to a new, slightly lower swing low. Did I draw the fibs correctly, or should I have redrawn using either the 'new' lower swing high or slightly lower low, or both?
Hey Interceptor,

You would want to take the highest point here, and then move it to that next lowest point.

here is a chart


Best
Mike
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  • #17,835
  • Jan 5, 2009 11:57am Jan 5, 2009 11:57am
Quoting alter
Hello Trujillo.
I wouldnt take that IB as it was heading to 1.0700, which is the top of PPZ on my chart. Just my opinion.

alter
Hi alter, thanks for the replay, I noticed too, but I consider TP 1 (acting as s/r line several times ), more powerfull place for price to go.

anyone has something to comment?
mbqb11, ghous, raczekfx, jarroo or any other experienced traders here?

Thanks in advance....
  • #17,836
  • Jan 5, 2009 11:59am Jan 5, 2009 11:59am
Quoting mbqb11
Hey Interceptor,

You would want to take the highest point here, and then move it to that next lowest point.

here is a chart


Best
Mike
Brilliant!
Thanks for that.
  • #17,837
  • Jan 5, 2009 12:04pm Jan 5, 2009 12:04pm
Quoting trujillo1980
Hi alter, thanks for the replay, I noticed too, but I consider TP 1 (acting as s/r line several times ), more powerfull place for price to go.

anyone has something to comment?
mbqb11, ghous, raczekfx, jarroo or any other experienced traders here?

Thanks in advance....
Hey Trujillo,

That was a nice looking trade. Insidebars can be extremely tricky to play. I usually only play them when they are sitting on very clear heavy support or pushing up against resistance.

Your zones are marked off very will too. Keep it up and enjoy those pips

Best
Mike
  • #17,838
  • Jan 5, 2009 12:09pm Jan 5, 2009 12:09pm
Quoting mbqb11
Hey Trujillo,

That was a nice looking trade. Insidebars can be extremely tricky to play. I usually only play them when they are sitting on very clear heavy support or pushing up against resistance.

Your zones are marked off very will too. Keep it up and enjoy those pips

Best
Mike
I second that...

Since I Also take into consideration the open and close of the PA Bar this was a highly appealing one for me, the bar before it and the Ib itself tell a lot more then just the fact that an Ib has formed at a swing low...

Enjoy the ride...

Regards,
Ghous.
I believe . . .
  • #17,839
  • Jan 5, 2009 12:14pm Jan 5, 2009 12:14pm
Quoting goodtiding5
Not all PIN's are equal....
The major trend is up for now, you can say the overall trend is down, but looking at the way the uptrend has formed on the higher tfs I don't really feel it's all that much of a risk, given the nice location and shape of the pin bar

Up to you ofcaorse though...

Regards,
Ghous.
I believe . . .
  • #17,840
  • Jan 5, 2009 12:23pm Jan 5, 2009 12:23pm
Quoting jicjoc
Great work ghous and Rac!!
Ghous - Are you on the PF?

Your account must be huge to be able to take on all those trades at once...
Thanks jicjoc,

I am not on the pf since I am believe I am still learning, I'll do that once I am ready to help other traders around there more then myself, umm expect that to happen in a few years time though lol!

Sorry if that sounds a bit wierd, but i feel the info here is good enough to give me the direction I want (for which I can't thank James16 and the rest of the senior pros here enough)...I choose to walk on it alone till i reach a significant milestone, the rest is just helping others do the same

Abt my account size, It is by no means large but since I have been taking some holders for a while most of these end up with the risk gradually decreasing on each trade as it progresses, in simple words a trade that has gone +300 is less likely to end up going negitive than say one which is sitting at +30...

Regards,
Ghous.
I believe . . .
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