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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

  • #23,001
  • Mar 4, 2009 4:24pm Mar 4, 2009 4:24pm
So looks like a BEOB is forming on the USDCHF daily. Still moving atm.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchfdaily.gif Size: 27 KB
"Whether you think you can or can't, you're right." Henry Ford
  • #23,002
  • Mar 4, 2009 4:28pm Mar 4, 2009 4:28pm
Quoting datogio
Anybody planing to take this one?
yeah I did, and probably gonna close it after half an hour
  • #23,003
  • Mar 4, 2009 4:32pm Mar 4, 2009 4:32pm
Quoting hijackxx
yeah I did, and probably gonna close it after half an hour
hit BE
  • #23,004
  • Mar 4, 2009 4:36pm Mar 4, 2009 4:36pm
It seems that whenever I have second thoughts and close a trade early it always goes on to greatness. I'm so grateful that we get to learn on demo.
"Whether you think you can or can't, you're right." Henry Ford
  • #23,005
  • Mar 4, 2009 4:42pm Mar 4, 2009 4:42pm
Quoting Flem26
What do you guys think about this possible bullish outside bar? I've gotten a lot more conservative, so this is about the closest thing I've got to a setup on the daily in some time. If it closes like this and breaks up, I figure it may have trouble around 51.50 or definitely 52.00. Thoughts?
Flem26,
It did close above 0.50 (0.5050 on my feed). Here's what I see.

Pros
- Close well above prior bar high
- Tried to test/break TL and 0.4900 but failed.
- At a swing low, encompassing last 2 bars (and almost last 3)
- Can run to 0.52 for first TP (provided it gets through PPZ 'A', see below)
- Largest bar in the last 2-3 weeks.

Cons
- The most important question - "Why did this PA form?" "Why is it trying to get back into the Traffic/Congestion that it just broke out of?"... OR is it just coming back to get Grandma before resuming it's trend down... proving a new PPZ (Support turned Resistance), shown as 'A'.
-Countertrend so manage accordingly

Notice the pattern that formed a little more than a month ago... congestion, break lower, trendline test, rally through congestion... Could history repeat itself?

Haven't decided yet on it myself, but I'll be moving stops up early if I do trade it (since it is countertrend). Might wait for retest of 'A' after breaking through...

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 030409_day.GIF Size: 44 KB
  • #23,006
  • Mar 4, 2009 4:48pm Mar 4, 2009 4:48pm
Quoting Scot Pippin'
It seems that whenever I have second thoughts and close a trade early it always goes on to greatness. I'm so grateful that we get to learn on demo.
Why is that a bad thing?
  • #23,007
  • Mar 4, 2009 4:49pm Mar 4, 2009 4:49pm
The last two days we've had tons of PA... But only take the A+ trades guys... hmmm, now which ones are A+ ones. I never see DBLHC, so I'm posting it here... same bottom - 0.6285. Pretty choppy lately, with it not being at a defined swing low.

Not A+ in my grade card.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 030409_Day.GIF Size: 53 KB
  • #23,008
  • Mar 4, 2009 4:51pm Mar 4, 2009 4:51pm
Hi all,
i noticed i nice beob (i think) on usdchf. Attached there is the chart. There is a confluence of PPZ, and 2 Fibo ret; any comments? Will it go to test the trendline?

I think i will play it (demo) at the break of the bar..
Attached Image (click to enlarge)
Click to Enlarge Name: beob on usdchf.gif Size: 12 KB
  • #23,009
  • Mar 4, 2009 4:54pm Mar 4, 2009 4:54pm
Quoting Jduester
The last two days we've had tons of PA... But only take the A+ trades guys... hmmm, now which ones are A+ ones. I never see DBLHC, so I'm posting it here... same bottom - 0.6285. Pretty choppy lately, with it not being at a defined swing low.

Not A+ in my grade card.

Josh
Jduester,
i agree with you (again ). I will not take this trade, since i can't see any significative confluence, and i think it is quite in traffic (or not?)

I prefer the BEOB on usdchf, what do you think?
  • #23,010
  • Mar 4, 2009 5:02pm Mar 4, 2009 5:02pm
Quoting bakko85
Jduester,
i agree with you (again ). I will not take this trade, since i can't see any significative confluence, and i think it is quite in traffic (or not?)

I prefer the BEOB on usdchf, what do you think?
The problem I see with this BEOB is we have Weekly PPZ below it at round number of 1.1600. But it is 80ps from current price. Any comments?
  • #23,011
  • Mar 4, 2009 5:03pm Mar 4, 2009 5:03pm
Quoting bakko85
Hi all,
i noticed i nice beob (i think) on usdchf. Attached there is the chart. There is a confluence of PPZ, and 2 Fibo ret; any comments? Will it go to test the trendline?

I think i will play it (demo) at the break of the bar..
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
  • #23,012
  • Mar 4, 2009 5:07pm Mar 4, 2009 5:07pm
Quoting dwildes
Why is that a bad thing?
Because I get scared out of alot of trades that eventually go exactly where I initially thought they would. Has really hurt the bottom line % wise.
"Whether you think you can or can't, you're right." Henry Ford
  • #23,013
  • Mar 4, 2009 5:07pm Mar 4, 2009 5:07pm
Quoting bakko85
Hi all,
i noticed i nice beob (i think) on usdchf. Attached there is the chart. There is a confluence of PPZ, and 2 Fibo ret; any comments? Will it go to test the trendline?

I think i will play it (demo) at the break of the bar..
Bakko,

In my opinion this thing has been in a tight channel for the past few weeks. However, I could definitely see it going to the bottom of the channel... 1.1500.

Notice the diagonal PPZ... it's been touched so many times in the past few weeks, yet only violated (closed through) once, when it switched sides.

Fascinating! ... not sure if it has any trading value, but it might

In any case, make sure you are making your trading decisions 1)based on your plan and 2) NOT based on opinions from this thread. I am saying this because I caught myself doing this about a month ago. Not a good habit to get into.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF 030409_day.GIF Size: 51 KB
  • #23,014
  • Mar 4, 2009 5:09pm Mar 4, 2009 5:09pm
Every time I post live trades before my stop gets moved to be, it works against me....
oh well.... what the heck....
.
Attached Image
  • #23,015
  • Mar 4, 2009 5:11pm Mar 4, 2009 5:11pm
Quoting raczekfx
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
You mean like that! Didn't put anything on the chart because I never watch 1 hour.

(Josh, get off that 1 hour chart, you rookie. Just watching...)
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF 030409_1hour.GIF Size: 38 KB
  • #23,016
  • Mar 4, 2009 5:14pm Mar 4, 2009 5:14pm
Arcus,
i can't see clearly the weekly PPZ..can you post a chart pls?

Josh,
i still not have a plan I'm in the study and learning stage now, trying to understand if i'm able to recongnize good setup, and to learn how to manage trades.

I'm a university students, since i've no bills or anything else now..I'd like to catch some extra-money, simply.
  • #23,017
  • Mar 4, 2009 5:15pm Mar 4, 2009 5:15pm
Quoting Scot Pippin'
Because I get scared out of alot of trades that eventually go exactly where I initially thought they would. Has really hurt the bottom line % wise.
You are taking in profit though right? You push 'too' hard for a trade to make more & more and you risk a winner turning into a loser.

The only other option is to lower your per pip value. Sounds like your risk is took high. Try trading one day with 'half' your current per pip value.
  • #23,018
  • Mar 4, 2009 5:17pm Mar 4, 2009 5:17pm
Quoting Jduester
Flem26,
It did close above 0.50 (0.5050 on my feed)....
Good insight friend. Definitely will be demoing this one. Not good enough for the real account. Personally, I'm getting tired of all this chop. You hear me equities? Make your move already so we can get on with the currency show!
"Don't trade to trade . . . trade to win." - James16
  • #23,019
  • Mar 4, 2009 5:18pm Mar 4, 2009 5:18pm
Quoting raczekfx
Every time I post live trades before my stop gets moved to be, it works against me....
oh well.... what the heck....
.
The feed on IBFX looks nothing like that...why so different?
"Whether you think you can or can't, you're right." Henry Ford
  • #23,020
  • Mar 4, 2009 5:23pm Mar 4, 2009 5:23pm
Quoting Scot Pippin'
The feed on IBFX looks nothing like that...why so different?
Different broker feeds have different closure times on there bars.Therefore changing the bar formation.
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