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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

  • #18,121
  • Jan 8, 2009 12:25pm Jan 8, 2009 12:25pm
Quoting forexarmy
Currently I am looking to sell at the same confluence level. Any criticisms or advice are greatly appreciated, thanks!
Hey Forexarmy,
It was good that you noticed the bar formation, DBLHC, and the resistance area at 1.3800. When many of us trade these formations, our stop is usually below the DBLHC, and we look for these at strong ppz areas with room to run and give us a good reward for our risk. There is nothing wrong with finding your own way of trading, and if having a stop loss a few pips under the high has worked for you, then maybe you are on to something. I personally prefer a little more "room" for price to run before it runs into orders against me. I would also prefer to see this formation as a DBHLC, “double high with low close”, right off of 1.3800 for a short. We would have the added advantage of it being with the trend as well as off strong ppz and even with those fibs you mentioned. Our stop loss would be much more safe and covered by other’s money if it was above 1.3800.
  • #18,122
  • Jan 8, 2009 1:52pm Jan 8, 2009 1:52pm
Still early, but anyone else eyeing this one?
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"Don't trade to trade . . . trade to win." - James16
  • #18,123
  • Jan 8, 2009 2:00pm Jan 8, 2009 2:00pm
Quoting Flem26
Still early, but anyone else eyeing this one?
I am. I think the location is great - Monthly PPZ and confluence with Fib, swing low and has space. But I do believe that it will go up only for retracement. My TP would be around ~0.9300.
  • #18,124
  • Jan 8, 2009 2:02pm Jan 8, 2009 2:02pm
Quoting Flem26
Still early, but anyone else eyeing this one?
I am based on the PB on 4hr. No trade off the 4hr as the PB stamped fits my criteria for "in traffic". So far the daily PB forming potentially has uh....potential. I'll seriously consider an entry strategy on the daily tf at the close of the daily candle. Thanks!
  • #18,125
  • Jan 8, 2009 2:32pm Jan 8, 2009 2:32pm
eu
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  • #18,126
  • Jan 8, 2009 2:34pm Jan 8, 2009 2:34pm
ecad
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  • #18,127
  • Jan 8, 2009 2:48pm Jan 8, 2009 2:48pm
uscad
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  • #18,128
  • Jan 8, 2009 2:58pm Jan 8, 2009 2:58pm
Quoting raczekfx
uscad
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Raczek, if I may ask you. What made you entered on this one? (Not the initial entry, but the sell stop.) If I guess, break of PPZ (weekly and monthly PPZ)? Thanks!
  • #18,129
  • Jan 8, 2009 3:15pm Jan 8, 2009 3:15pm
Quoting arcus
Raczek, if I may ask you. What made you entered on this one? (Not the initial entry, but the sell stop.) If I guess, break of PPZ (weekly and monthly PPZ)? Thanks!
I cannot speak for anyone but myself but it also looks like a bearish outside bar on the daily will be forming. Although the low is maybe one pip below the low of the previous bar, it still is a bearish sign.
  • #18,130
  • Jan 8, 2009 3:38pm Jan 8, 2009 3:38pm
Just signing on. Big E
  • #18,131
  • Jan 8, 2009 3:49pm Jan 8, 2009 3:49pm
Quoting arcus
Raczek, if I may ask you. What made you entered on this one? (Not the initial entry, but the sell stop.) If I guess, break of PPZ (weekly and monthly PPZ)? Thanks!
Break of TDBL (three daily bar low)
  • #18,132
  • Jan 8, 2009 4:00pm Jan 8, 2009 4:00pm
Quoting raczekfx
eu
added
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Bearish divergence on H1. I personally wanted to see price go up to 1.3820-50 region and enter with PA there...
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #18,133
  • Jan 8, 2009 4:34pm Jan 8, 2009 4:34pm
Hi again guys...
I just want to ask whether the way I'm drawing multiple fibs is correct or not..
And is this a good pb setup?

I don't think it will go far up but it might went to test the previous resistance..

Aud/Usd Daily
I noticed that risk reward might not be good enough to enter..
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  • #18,134
  • Jan 8, 2009 4:36pm Jan 8, 2009 4:36pm
looks like a good buy here with some confirmation, not exactly a pinbar, looks like indecision, but still looks like a good setup

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  • #18,135
  • Jan 8, 2009 5:05pm Jan 8, 2009 5:05pm
Consider this trade. Entry at the break of PB approx 1.7896 TP1 - 1.7812 and TP 2 at 1.7773. (Yellow lines are daily PPZ and green are 4hr PPZ)
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  • #18,136
  • Jan 8, 2009 5:08pm Jan 8, 2009 5:08pm
The aud/usd one is really nice, A+ set up imho.
  • #18,137
  • Jan 8, 2009 5:13pm Jan 8, 2009 5:13pm
Quoting raczekfx
eu
added
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you will sell a pulback of this ppz with sl at the top of the pb?

thanks in advance.
  • #18,138
  • Jan 8, 2009 5:58pm Jan 8, 2009 5:58pm
Quoting boomswitch
The aud/usd one is really nice, A+ set up imho.
It looks nice but i'd prefer to see it close above 0.73.
That would mean a clear breakout of the last 3 months range since october.

Any comments on this PB guys?
  • #18,139
  • Jan 8, 2009 6:02pm Jan 8, 2009 6:02pm
Quoting jicjoc
It looks nice but i'd prefer to see it close above 0.73.
That would mean a clear breakout of the last 3 months range since october.

Any comments on this PB guys?
I posted this one inside the PF. This is what I consider a breakout + pullback play. We have major PPZ forming around the .7000 big round number. Price broke out stalled at the high around .7250 and we even got a TBH. Price then pulled back and pinned off the .7000 mark which I love(sure through a fib in there if you want). This was heavy resistance turning into support. I am looking for us to break up and if we can breakthrough and even close above this TBH area it shoudl be off to the races until we hit the next area of Resistance marked off with a blue box.
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  • #18,140
  • Jan 8, 2009 6:16pm Jan 8, 2009 6:16pm
Hey racz,

If you dont mind me asking you this question as I am also in the E/U trade.

What do you think about an eventual reversal during London session as it happens all the time contrary to the Asian one. I have a take profit @ 1.3555
which is the 50 fib and some H4 ppz zone.

I know I sound like scared money, but I am really not convinced that the bull move has ended just yet.

Any other contributor is more than welcome to chip in. Thank you in advance
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
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