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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

  • #20,581
  • Feb 5, 2009 11:47am Feb 5, 2009 11:47am
Quoting Airmos
Well the 2d bar after the HUUUUGE one seemed promising

Anyone has thoughts about that Move ?
I dunno but based on my experience (though not much LOL), everytime we get HUGE bar like that, we mostly will get retracement on the huge bar. And it means price will move inside the range of the huge bar or move in opposite direction (retracement). But market is 50-50, anything can happens. I would prefer take profit and wait for next possible entry. JMHO.
  • #20,582
  • Feb 5, 2009 11:49am Feb 5, 2009 11:49am
Went back wayyyy back to 15Min, dont think a chart is necessary
simple....
  • #20,583
  • Feb 5, 2009 11:52am Feb 5, 2009 11:52am
dis is my trade plan for entries and exits, want to hear ur opinion
i strictly use ppz, tl and pa over these 2 ( sometimes i throw fibs in for confluence but dnt like crowding my charts)
pa is definately the biggest part of my trading

entries: i use the rules of chart patterns i.e. symmetrical, ascending, descending triangles, double top, double bottom, head and shoulders

dis is an example of one of todays trade using symmetrical triangle chart pattern....break of trendline

pls sorry for the too much questions, no more after this
by the way ,using dis methods have brought me 530 - 80 pips since friday
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Simplicity is the key to success
  • #20,584
  • Feb 5, 2009 11:52am Feb 5, 2009 11:52am
One question:

Has anyone tried using Fibo levels ? Not Retracements/Expansions.

Amis
simple....
  • #20,585
  • Feb 5, 2009 11:52am Feb 5, 2009 11:52am
Very nice, CT with div, nice pin bar, easy 8000 PT.

http://img13.imageshack.us/img13/9277/dowm5gq4.gif
  • #20,586
  • Feb 5, 2009 12:00pm Feb 5, 2009 12:00pm
Quoting squeezy
dis is my trade plan for entries and exits, want to hear ur opinion
i strictly use ppz, tl and pa over these 2 ( sometimes i throw fibs in for confluence but dnt like crowding my charts)
pa is definately the biggest part of my trading

entries: i use the rules of chart patterns i.e. symmetrical, ascending, descending triangles, double top, double bottom, head and shoulders

dis is an example of one of todays trade using symmetrical triangle chart pattern....break of trendline

pls sorry for the too much questions, no more after this
by...
Mike might have played some of these Gbp breakouts that were available today. wait for him to appear in a minute

I'll just recommend to you to go through all his videos on the pf's guest section atleast if you're not a member of the pf so you have an idea how the man does it, he is a real fan and a great expert playing such breakouts.

To me there was'nt any pullback after it broke the trendline, the only slight pull back was a tiny Ib on the 1H not sure if that was good enough...let's wait for Mike for further clarification...
I believe . . .
  • #20,587
  • Feb 5, 2009 12:02pm Feb 5, 2009 12:02pm
Quoting Airmos
One question:

Has anyone tried using Fibo levels ? Not Retracements/Expansions.

Amis
I don't use them personally but have been told that they work just as good as the retracments, for some reason they are extremely uncommon though...
I believe . . .
  • #20,588
  • Feb 5, 2009 12:03pm Feb 5, 2009 12:03pm
Quoting ghous
Mike might have played some of these Gbp breakouts that were available today. wait for him to appear in a minute

I'll just recommend to you to go through all his videos on the pf's guest section atleast if you're not a member of the pf so you have an idea how the man does it, he is a real fan and a great expert playing such breakouts.

To me there was'nt any pullback after it broke the trendline, the only slight pull back was a tiny Ib on the 1H not sure if that was good enough...let's wait for Mike for further clarification...

Hey Ghous

Yeah I didn't take them, because I wasn't a huge fan of the breakout pattern(for me to play a breakout I look for clear patterns). Secondly the area I was watching just didn't close above the area I was looking for to play in my intraday style. So overall things were close, but not exactly how I liked it so stuck to my rules and stayed out. Never the less missed a bunch of moves, but that is how the story goes. I know Jim(jaroo) caught a lot


Mike
  • #20,589
  • Feb 5, 2009 12:04pm Feb 5, 2009 12:04pm
Quoting Jankone
Very nice, CT with div, nice pin bar, easy 8000 PT.

http://img13.imageshack.us/img13/9277/dowm5gq4.gif
Nice stuff Buddy, where've ou been

a question...what's the "DJ9H"?
I believe . . .
  • #20,590
  • Feb 5, 2009 12:06pm Feb 5, 2009 12:06pm
Jaroo got like a million of Pips on those moves probably, looking forward for his posts.
simple....
  • #20,591
  • Feb 5, 2009 12:09pm Feb 5, 2009 12:09pm
Quoting mbqb11
Hey Ghous

Yeah I didn't take them, because I wasn't a huge fan of the breakout pattern(for me to play a breakout I look for clear patterns). Secondly the area I was watching just didn't close above the area I was looking for to play in my intraday style. So overall things were close, but not exactly how I liked it so stuck to my rules and stayed out. Never the less missed a bunch of moves, but that is how the story goes. I know Jim(jaroo) caught a lot


Mike
Would you consider a 1H pullback enough for a trade??

For instance here's one on the Gbp/Chf today, I kow it's not one of your types but if everything went right abt this one would you have entered on the up break of the IB? I thought and thought and though and eventually did'nt take it....DAMN, that would have been a trade... lol!
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I believe . . .
  • #20,592
  • Feb 5, 2009 12:10pm Feb 5, 2009 12:10pm
MBQB11"To answer your first question. I have a plan and stick to it. Yes it is that simple for me. I have my entry plan, and have my exit plan. Sure it varies from trade to trade. But I follow it. I never hope for anything. I just execute my plan, and the rest is up to the market for me. If a trade goes against me from the start I don't panic and get out if nothing happened to execute my exit strategy. My stop loss is in place because and that point the trade becomes invalid."

Question 2, is I always wait for PA. Entering blindly on divergence can destroy you fast in a trending market. So many trades all the time, might as well wait for some solid confirmation. Some people are more aggressive traders and enter blindly in certain spots, but I think especially if you are new to just stick to solid PA at solid locations.
Baba
  • #20,593
  • Feb 5, 2009 12:10pm Feb 5, 2009 12:10pm
Quoting ghous
Mike might have played some of these Gbp breakouts that were available today. wait for him to appear in a minute

I'll just recommend to you to go through all his videos on the pf's guest section atleast if you're not a member of the pf so you have an idea how the man does it, he is a real fan and a great expert playing such breakouts.

To me there was'nt any pullback after it broke the trendline, the only slight pull back was a tiny Ib on the 1H not sure if that was good enough...let's wait for Mike for further clarification...

thnx ghous,
really appreciate it
ur help since my day one here, is wat is making me to grow steadily
amongst others help that is
thnx everyone
wow, did u guys see dat 400 pips + on gj.....incredible, dat is a beast
lol
Simplicity is the key to success
  • #20,594
  • Feb 5, 2009 12:12pm Feb 5, 2009 12:12pm
There's no room for hesitation
simple....
  • #20,595
  • Feb 5, 2009 12:13pm Feb 5, 2009 12:13pm
I don't know if this is legitimate, but if you look at the 4h, its a nice cup and handle. I don't think it was a terribly unreasonable trade to take, and when the news came too, IMO I think it validated the pattern?
  • #20,596
  • Feb 5, 2009 12:19pm Feb 5, 2009 12:19pm
Quoting Jlr
I don't know if this is legitimate, but if you look at the 4h, its a nice cup and handle. I don't think it was a terribly unreasonable trade to take, and when the news came too, IMO I think it validated the pattern?
Correct me if I am wrong a cup and handle is a bullish pattern right? Do you actually believe in it? Has it been working for you consistently? I've heard of this one before and there's I think a butterfly too and a Monkey or was it some other animal?
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I believe . . .
  • #20,597
  • Feb 5, 2009 12:20pm Feb 5, 2009 12:20pm
Quoting simoncs
seems to be a lot of gbp strenght appearing before the decision which is interesting

i will be keeping an eye on gbpjpy for poss break of the right angle triangle
gbpjpy really took off today!!!

waited for the pullback on the 1hr and got an IB
took some off at 132 and then closed at 133 as PPZ with 61fib.
it did go on another 200, but at least i got some.
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  • #20,598
  • Feb 5, 2009 12:22pm Feb 5, 2009 12:22pm
Quoting simoncs
gbpjpy really took off today!!!

waited for the pullback on the 1hr and got an IB
took some off at 132 and then closed at 133 as PPZ with 61fib.
it did go on another 200, but at least i got some.
Wow nice trade Simon...

Nicely done

Regards
Ghous.
I believe . . .
  • #20,599
  • Feb 5, 2009 12:24pm Feb 5, 2009 12:24pm
Quoting Airmos
What's up with Japan ? It's being rap** on all currency pairs, cant find any info about it.

Someone?

Amis
Watch the BOJ as they do not prefer a strong yen. When they intervene in a serious way, you could easily see 200 pip moves in a matter of seconds or minutes. Of course, trading daily would keep you from loosing your shirt if this were to happen.
BOJ
  • #20,600
  • Feb 5, 2009 12:24pm Feb 5, 2009 12:24pm
LOL never heard of those, but sound cool, will check them out. They work pretty good, the rounder the button the better, but on a 4h chart I wouldn't expect the bottom to be as round. I've honestly only traded them a few times, and when I have, I usually look for other reasons to enter the trade also. I'd check them out and test them of course if you plan to trade them, I personally like them because they make for a good spot to enter a trade, where you can set a tight stop/loss, and feel ok if it hits usually.
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