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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

  • #22,581
  • Feb 26, 2009 7:13am Feb 26, 2009 7:13am
Quoting fxsheep
Hi guys,

What do you think of this ChfJpy daily pin? The bar size is smaller than prev bars but it's a swing high with lots of space.

comments welcome!
thanks,
fxsheep
Another example of the benefits for waiting for the pin to break... Pin has now been invalidated (I like that word.).

G-Day all.

Josh
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  • #22,582
  • Feb 26, 2009 9:47am Feb 26, 2009 9:47am
Quoting Scot Pippin'
About 30 mins to go for this bar on my feed. Swing high, price flip area. What do you guys think?
About the 4 hour bar - It looks like we have a PPZ around 126 on daily.

Take a look at this 4 hour bar setup... This bar started 45 minutes ago. Might make you reconsider. Wait for your bar to close and break if you play it.


Josh

PS: Piproo, just a reminder to resize your charts before attaching them if necessary.
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  • #22,583
  • Feb 26, 2009 9:50am Feb 26, 2009 9:50am
If it wont close above 125.50 then a retrace to 122.45 should fallow. I still prefer a breakout of the range ( marked in blue ).

Amis
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simple....
  • #22,584
  • Feb 26, 2009 9:56am Feb 26, 2009 9:56am
After looking at this 4 hour chart for another minute, I came upon something that Seeking used to always point out (maybe still does in the PF).

Notice the stair climbing PA on this... Might have just made another step when it held 124.75... Some of this might also fit what Mike always says, to wait for a breakout and a retracement, proving the S/R holds... Or what Rac says about getting in right at the PPZ.

Finally, notice how all the S/R flips occur at round numbers! This is just crazy... can't wait to trade 4 hour charts someday! (JK, I know this stuff shows up on D/W charts too ).

Read through this thread all newbies - you pick up more than you can imagine.

Josh
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  • #22,585
  • Edited 10:27am Feb 26, 2009 10:10am | Edited 10:27am
It looks like USD/JPY is getting ready to take a fall....

Edit: Or at least a retrace, and no Im not calling, just discussing about the 99 zone it is approaching.
Dr. C
  • #22,586
  • Feb 26, 2009 10:19am Feb 26, 2009 10:19am
Wich Timeframe?

Can you show us a chart?
Are you forecasting? or trading?

In my charts itīs clearing the 98.00 PPZ, but of course some day it need a retractment......



Quoting cvcamper
It looks like USD/JPY is getting ready to take a fall....
  • #22,587
  • Feb 26, 2009 10:28am Feb 26, 2009 10:28am
Quoting malvarezdel
Wich Timeframe?

Can you show us a chart?
Are you forecasting? or trading?

In my charts itīs clearing the 98.00 PPZ, but of course some day it need a retractment......
Sorry, checked price on my phone.... I am just hoping I guess... "Prediciting" lol we see an exhaustion move up then a nice decline, but who knows. Im waiting for any PA of course...
Dr. C
  • #22,588
  • Feb 26, 2009 10:46am Feb 26, 2009 10:46am
Quoting cvcamper
It looks like USD/JPY is getting ready to take a fall....

Edit: Or at least a retrace, and no Im not calling, just discussing about the 99 zone it is approaching.
99 will be a 50% fib retrace from high of 110 8/08. possibly retrace back to 96 (38% fib)? have to wait & see what uncle pa says.
  • #22,589
  • Feb 26, 2009 11:07am Feb 26, 2009 11:07am
hi guys, lookin for some feed back on this setup i would have (probably)taken today if i had been at my screen. it looks good now but it always does when its a winner!!lol
its a us/cad 4hour beob but with a lot of traffic.great ppz though.i find this pair interesting at the mo as it is really winding up tight in a triangle formation which can be seen clearly on the daily chart.hence the post
hope you guys can add some light here for me??!!
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PATIENCE... DISCIPLINE
  • #22,590
  • Feb 26, 2009 11:11am Feb 26, 2009 11:11am
cvcamper, I donīt want to be rude, but looking at your last 20 posts I see youīre terrible short biased in the USD/JPY pair. I know "you think" this pair is overvaluated, and it seems a Bargain to sell it High and Buy later at a new fresh low. Because of that I did an excercise: if you had bought 1 minilot at 96.0, another at 97.50, an other 98 (instead of selling without any reason as you did), you would have 400 US$ in your pocket right now (and counting...). What Iīm trying to say is that you MUST no have any kind of bias in this bussiness, because bias and other feelings like fear and greed donīt let you see what the markets are really doing. Donīt try to "pick tops or bottoms", donīt chase the markets and ALWAYS trust and follow Price Action.

Quoting cvcamper
Sorry, checked price on my phone.... I am just hoping I guess... "Prediciting" lol we see an exhaustion move up then a nice decline, but who knows. Im waiting for any PA of course...
  • #22,591
  • Feb 26, 2009 11:28am Feb 26, 2009 11:28am
Quoting g_j_hook@yah
hi guys, lookin for some feed back on this setup i would have (probably)taken today if i had been at my screen. it looks good now but it always does when its a winner!!lol
its a us/cad 4hour beob but with a lot of traffic.great ppz though.i find this pair interesting at the mo as it is really winding up tight in a triangle formation which can be seen clearly on the daily chart.hence the post
hope you guys can add some light here for me??!!
To me the bearish outside bar is to small, and the area it is in also is to insignificant. Also there is traffic approaching that can reverse the trade fast. The R:R doesn't seem all that great either, especially taken into account I haven't found a broker that offers a good spread on this pair. Not personally a trade I would take, but maybe you have a better reason.
Looking at it again, does not look that bad, but I would probably would of considered taking pips about 40 pips from your entry.
  • #22,592
  • Feb 26, 2009 11:36am Feb 26, 2009 11:36am
Anybody watching this one?
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  • #22,593
  • Feb 26, 2009 11:38am Feb 26, 2009 11:38am
Quoting malvarezdel
cvcamper, I donīt want to be rude, but looking at your last 20 posts I see youīre terrible short biased in the USD/JPY pair. I know "you think" this pair is overvaluated, and it seems a Bargain to sell it High and Buy later at a new fresh low. Because of that I did an excercise: if you had bought 1 minilot at 96.0, another at 97.50, an other 98 (instead of selling without any reason as you did), you would have 400 US$ in your pocket right now (and counting...). What Iīm trying to say is that you MUST no have any kind of bias in this bussiness,...
Words of wisdom, friend Im used to having control in life... I need to clear that out of my head right this instance. Instead of me telling the market what it will or will not do, I need to get it in my head to just follow what the charts say, now what goes through my head.

Thank you for the words!
Dr. C
  • #22,594
  • Feb 26, 2009 11:42am Feb 26, 2009 11:42am
Quoting g_j_hook@yah
hi guys, lookin for some feed back on this setup i would have (probably)taken today if i had been at my screen. it looks good now but it always does when its a winner!!lol
its a us/cad 4hour beob but with a lot of traffic.great ppz though.i find this pair interesting at the mo as it is really winding up tight in a triangle formation which can be seen clearly on the daily chart.hence the post
hope you guys can add some light here for me??!!
It really could have been only a matter of a few pips, the result might have been totally different (may even have been opposite) had the BEOB not closed below 1.253, once it did the next stations were fairly clear, the 1.247 and the 1.24 round number

Did'nt take this one (was'nt around) but this BEOB IMO was perfectly tradable, simply because it was off a nice location and despite occuring in a ranging market had some space for a viable trade entry.

Regards,
Ghous.
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I believe . . .
  • #22,595
  • Feb 26, 2009 11:43am Feb 26, 2009 11:43am
Quoting Jlr
To me the bearish outside bar is to small, and the area it is in also is to insignificant. Also there is traffic approaching that can reverse the trade fast. The R:R doesn't seem all that great either, especially taken into account I haven't found a broker that offers a good spread on this pair. Not personally a trade I would take, but maybe you have a better reason.
Looking at it again, does not look that bad, but I would probably would of considered taking pips about 40 pips from your entry.
Hi jlr,thanx for your responce.makes sence,Your right i would also have taken profits fast(around 30 initially,68% of the little raleigh and a bit history at the same price range)and then the last lows,which it did reach.but you right,the more i look the more im thinking it was luck rather than a good trade.
thanx bro
PATIENCE... DISCIPLINE
  • #22,596
  • Feb 26, 2009 11:49am Feb 26, 2009 11:49am
Quoting ghous
It really could have been only a matter of a few pips, the result might have been totally different (may even have been opposite) had the BEOB not closed below 1.253, once it did the next stations were fairly clear, the 1.247 and the 1.24 round number

Did'nt take this one (was'nt around) but this BEOB IMO was perfectly tradable, simply because it was off a nice location and despite occuring in a ranging market had some space for a viable trade entry.

Regards,
Ghous.
thanx ghous, i was concerned about the traffic, the first res. area was very close for the risk,on my feed bout a 65 pips stop for a possible 30-40 pips.can i ask how sure were you that the price would reach its... DESTINATION!!!!hehe??(for me 1.2415 + spread.
seems i have some to learn yet!!
thanx mate
PATIENCE... DISCIPLINE
  • #22,597
  • Feb 26, 2009 12:02pm Feb 26, 2009 12:02pm
Quoting g_j_hook@yah
thanx ghous, i was concerned about the traffic, the first res. area was very close for the risk,on my feed bout a 65 pips stop for a possible 30-40 pips.can i ask how sure were you that the price would reach its... DESTINATION!!!!hehe??(for me 1.2415 + spread.
seems i have some to learn yet!!
thanx mate
It wont work like this Bro,

Stay right beside your decision with a puffed out chest . You found the trade worrying due to those closely located support levels created by the ranging market, you stayed out (or let's say you would have stayed out, would you?) and that's absolutely fine. As a smart trader you need to think hard before you take or do not take a trade, the smart part then is being indifferent relative to the result of the trade.

Your concerns are legitimate, and often are the biggest hurdles to a trade in a ranging market. As I mentioned above the BEOB was tradable IMO, but for many ppl the fact that it is'nt A+ (Mike would be a likely candidate ) due to the sideways action must have proven to be too strong a current to go against, they would'nt have been any less smart than those who took the trade and managed it well, for good traders wether aggressive or conservative it all balances out in the end

Regards,
Ghous.
I believe . . .
  • #22,598
  • Feb 26, 2009 12:11pm Feb 26, 2009 12:11pm
its closed a nice pin on my demo feed!! i like this one. looks like a nice break of the wedge with a retest...and a nice pin to get you in there.MMMMMmm
89.15 ish looks good for an entry with the daily pivot ppz and a fib confluence
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PATIENCE... DISCIPLINE
  • #22,599
  • Feb 26, 2009 12:11pm Feb 26, 2009 12:11pm
hey guys
sorry havnt posted much,reading for my exams
pls comments on dis pin, if it ends up as a pin
it lacks space to move down cos of the traffic (sideways movement to the left), right
therefore it is not a good pin
jst wanted to find out if im right.....
thnx guys
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Simplicity is the key to success
  • #22,600
  • Edited 2:17pm Feb 26, 2009 12:15pm | Edited 2:17pm
Quoting hijackxx
Good post jim, very good thinking. Btw i spotted this BUOB as well on the 4hour, took it and I'm setting my SL and TP with the ratio 1:1 there. I've highlighted how I do it and I think this is going well. ohh while typing this post it shot up Comment please
1.4150 is a Daily and Weekly Support level.
1.4300 is a Daily PPZ level.

1.4305 entry. Next bar break that was hard and fast.
Clear 1st target (blue area)

(4.) was the option I took for 63 pips on the 1st half, stopped out at break even on the 2nd half.
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Indicators show the past. Price Action "Indicates" the future.
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