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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

  • #21,961
  • Edited 11:32pm Feb 19, 2009 3:34pm | Edited 11:32pm
Quoting jlmac27
what you think of this pin if we break threw the 134.00 level?
4HR Chart: You have resistance at an old GAP (left Purple area) close to the 78.6 Fibo and your round numbers. The longer term trend is down, but I see the short term trend as up (RED trendline). Me personally, I'm a nooob by the way, would play this as a retrace play before moving North again.

Waiting for the break of the 134.00 is not a bad idea. This just my perspective, I'm really not an experienced trader, YET.

DailyChart: You can see the longer term trend.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,962
  • Edited 4:19pm Feb 19, 2009 3:42pm | Edited 4:19pm
Quoting ghous
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ at 7500 Mark, eh?

Uh!! interesting....watching and taking notes....
  • #21,963
  • Feb 19, 2009 3:47pm Feb 19, 2009 3:47pm
Quoting Jduester
Sounds good and understood. LOL - yes always R&D... keeps us progressing, refining, enhancing...

Watch out below. Just ruined the TBL on daily ESH9... ah well, now we might have a BEOB (just watching)

Josh

Brain freeze....what's R&D?
  • #21,964
  • Feb 19, 2009 3:50pm Feb 19, 2009 3:50pm
the research and development part of our trading business.


Quoting jlmac27
Brain freeze....what's R&D?
  • #21,965
  • Feb 19, 2009 3:50pm Feb 19, 2009 3:50pm
Quoting raczekfx
Beovb are best to be taken when they occur at swing high and vice versa. We want to see buovb at swing low...
Beovb at swing low might be a costly one.
.

Guess I was thinking of a possible BEOB on the ESH9 as a continuation pattern (similar to a breakout TBL). Maybe a spot to add to a position, and move stops down. In any case, thanks for the reminder though. I sometimes get them mixed up still.

Josh
  • #21,966
  • Feb 19, 2009 3:50pm Feb 19, 2009 3:50pm
chart
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  • #21,967
  • Feb 19, 2009 3:53pm Feb 19, 2009 3:53pm
Quoting james16
chart
That pin bar sure helped my account. Now if I could just discipline myself to only take those types of trades I'd be doing well...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,968
  • Feb 19, 2009 4:05pm Feb 19, 2009 4:05pm
Quoting Jduester
For me, a newbie, I will wait for a convincing breakout, followed by a retracement with it proving to turn R into S... See chart.

I don't know how realistically this will play out on a daily chart though.

For the time being (Ie, until I get some good experience), I think playing the retrace after a breakout will be how I play them...

Josh
So is this what we're looking for? Got an IB that held the PPZ as support.
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  • #21,969
  • Feb 19, 2009 4:09pm Feb 19, 2009 4:09pm
Quoting james16
chart
This trade was one that called out for me to trade it. Thanks for teaching this stuff.

Respect.

FXP
  • #21,970
  • Feb 19, 2009 4:14pm Feb 19, 2009 4:14pm
Hi guys,

what do you think of this daily pin on NzdUsd? the shape is good but it's not at swing high. also has very little room to drop before hitting daily resistance level at 0.5050

question is would you trade at the break of the daily support at 0.5050?

thanks!
fxsheep
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  • #21,971
  • Feb 19, 2009 4:16pm Feb 19, 2009 4:16pm
Quoting fxsheep
Hi guys,

what do you think of this daily pin on NzdUsd? the shape is good but it's not at swing high. also has very little room to drop before hitting daily resistance level at 0.5050

question is would you trade at the break of the daily support at 0.5050?

thanks!
fxsheep

I think you answered your own question
  • #21,972
  • Feb 19, 2009 4:17pm Feb 19, 2009 4:17pm
not valid my friend
  • #21,973
  • Feb 19, 2009 4:17pm Feb 19, 2009 4:17pm
Anybody planing to trade this one, it looks very good to me
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  • #21,974
  • Feb 19, 2009 4:25pm Feb 19, 2009 4:25pm
Quoting ghous
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ at 7500 Mark, eh?

What do you base your entry (apart from DJ, S/R...)?
Do you jump on it or wait for PA?
Do you risk the same % as you risk base on J16?

Great one boss...keep going
  • #21,975
  • Feb 19, 2009 4:27pm Feb 19, 2009 4:27pm
Quoting datogio
Anybody planing to trade this one, it looks very good to me
I was just looking at this when you posted it.

Pros:
- minor swing high (3 bars of higher highs)
- hit the PPZ of 1.6950 today
- valid Pinbar
- Just missed hitting 50% FIB

Cons:
- No longer than previous bars (read: nothing special for length)
- Will be running into traffic that it just got out of.

So not enough for me to take it. This traffic deal is hurting a lot of trades for me recently. Patience, Josh, Patience....

EDIT: Potential trades that is... it's kept me out of a bunch of trades, some of which have worked.
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  • #21,976
  • Feb 19, 2009 4:31pm Feb 19, 2009 4:31pm
Quoting Jduester
I was just looking at this when you posted it.

Pros:
- minor swing high (3 bars of higher highs)
- hit the PPZ of 1.6950 today
- valid Pinbar
- Just missed hitting 50% FIB

Cons:
- No longer than previous bars (read: nothing special for length)
- Will be running into traffic that it just got out of.

So not enough for me to take it. This traffic deal is hurting a lot of trades for me recently. Patience, Josh, Patience....
Yup, the traffic makes me to think negatively about this one.
  • #21,977
  • Feb 19, 2009 4:36pm Feb 19, 2009 4:36pm
Quoting james16
chart
That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.

At what point did you realize that Price was going to possibly reach that level of expectance? Or was there a point after the break of the Pin Bar that told you that Price was going hit that level?

My thoughts are that we would manage our trade with the expectation that those levels would be reached, if not, our trade is protected.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #21,978
  • Feb 19, 2009 4:37pm Feb 19, 2009 4:37pm
I suppose the daily pin bar on usd/cad is a sign enough to hold and let the position run, witch I opened on H4 pin bar basis :nerd:
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  • #21,979
  • Feb 19, 2009 4:40pm Feb 19, 2009 4:40pm
THANKS FX AND THANKS FOR YOUR HELP IN THIS THREAD.

JIM

Quoting fxprocessor
This trade was one that called out for me to trade it. Thanks for teaching this stuff.

Respect.

FXP
  • #21,980
  • Feb 19, 2009 4:42pm Feb 19, 2009 4:42pm
Quoting datogio
Yup, the traffic makes me to think negatively about this one.
Another trick I've started to use, which I got from somewhere earlier in this thread - Ask this question for pinbars:

"Why did this pinbar form?"

Answers:
1. We are ready for a change in direction, on a swing high.
2. We have just had a huge rally and we are taking a temporary pause/breather before resuming up trend.
3. We hit a big PPZ, RN, FIB, etc. and bounce off it hard.
4. We just broke out of a congestion zone and are sad we did, so we're temporarily coming back to say Goodbye before running away from the zone.

The reason can be more than one of these of course and there are other reasons I haven't written. But by thinking through these theories, I have been better able to weed out the poor pinbar opportunities that don't run far.

Just 2 cents from a rookie in PA...

Night all,

Josh
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