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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

  • #23,221
  • Mar 6, 2009 4:09am Mar 6, 2009 4:09am
Quoting Jduester
Exits all come down to a few things.
1. See above quote.
2. Test a bunch of different exit strategies and see which generate the best profit for least risk....
That's a great quote you Brought up Josh, thanks

and yeah thanks Jarroo

Nice trade BTW Josh,

97 looks a logical first target.

Regards,
Ghous.
I believe . . .
  • #23,222
  • Mar 6, 2009 4:31am Mar 6, 2009 4:31am
Who took USD/JPY, BEOB?
I bank some profits , rest breakeven.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,223
  • Mar 6, 2009 4:39am Mar 6, 2009 4:39am
Quoting ikki
Who took USD/JPY, BEOB?
I bank some profits , rest breakeven.
I did it, bank some profit & the rest at BE, like you.
  • #23,224
  • Mar 6, 2009 5:06am Mar 6, 2009 5:06am
Quoting Airmos
Dont get greedy, fallow your plan.

Amis
My plan was to get myself in a free trade at first resistance. I was caught up on wheather to book some profit or just set my stop to be. I booked 50% profit at 97.00 and set my stop to BE on the other half I've waited almost a month for this free trade
  • #23,225
  • Mar 6, 2009 5:14am Mar 6, 2009 5:14am
Gold is looking good for a short, 38fib, 4H proxy pin forming
  • #23,226
  • Mar 6, 2009 5:35am Mar 6, 2009 5:35am
Quoting enculée
Gold is looking good for a short, 38fib, 4H proxy pin forming
Can you post a chart? I don't get gold charts.
  • #23,227
  • Mar 6, 2009 5:40am Mar 6, 2009 5:40am
Quoting Jduester
Can you post a chart? I don't get gold charts.
Hey Josh,
Open a FXPRO demo that way you can check out Gold,Silver, Mini Dow charts. It's cool too see that down the road PA can work on these markets as well.
"Whether you think you can or can't, you're right." Henry Ford
  • #23,228
  • Edited 6:33am Mar 6, 2009 5:41am | Edited 6:33am
Fraid not, but NFP has come along and ruined the party


Still a good short but you're not going to get pretty candle patterns. Not one for the newbs.
  • #23,229
  • Mar 6, 2009 5:57am Mar 6, 2009 5:57am
Quoting saulynas
Does anyone watching this 4H EUR/CHF pinbar?
I am surprised there wasn't more love for this pinbar. I jumped on it as soon as I woke up this morning. My analysis had it bouncing right off a PPZ. It took it's time but looking good now.
"Whether you think you can or can't, you're right." Henry Ford
  • #23,230
  • Mar 6, 2009 6:15am Mar 6, 2009 6:15am
Quoting Jduester
Took USD/JPY BEOB short. Hit 1st TP at 97. Stop on remainder at B/E. Flat otherwise.

Josh
Stopped out at B/E on the remaining. A nice, quick, profitable trade. Good weekend everyone.

Josh
  • #23,231
  • Mar 6, 2009 6:30am Mar 6, 2009 6:30am
Quoting ghous
Note that the IB's high touches your yellow line by the pip, taking the break 10 pips above the high of the IB and any move in favor of the IB should also mean that this barrier get's broken, and once it breaks what role should you expect it to adopt?...support??

many thanks, so it's actually a ppz break IB. make sense
  • #23,232
  • Mar 6, 2009 7:46am Mar 6, 2009 7:46am
Quoting scott087
I forgot to mention that it seems like the USD index is showing a double top. Maybe we will be seeing some dollar weakness soon...
the more times price rejects/bounces off of a ppz, does it mean it is less likely or more likely to break thru on the next approach?
& are there any j16 continuation signals? it seems whenever price is approaching a ppz we look for reversal signals (pin, ob, etc.). what pa signals tell us that price will break thru the ppz & old resistance will become new support (& vice versa)?
my only guess would be that we dont get a j16 reversal signal & that we just keep watching price. then if it breaks thru resistance & then comes back to support, then what kind of pa do we look for to go long at "the old resistance/new support"?
  • #23,233
  • Mar 6, 2009 7:51am Mar 6, 2009 7:51am
Quoting dkmb92
the more times price rejects/bounces off of a ppz, does it mean it is less likely or more likely to break thru on the next approach?
& are there any j16 continuation signals? it seems whenever price is approaching a ppz we look for reversal signals (pin, ob, etc.). what pa signals tell us that price will break thru the ppz & old resistance will become new support (& vice versa)?
my only guess would be that we dont get a j16 reversal signal & that we just keep watching price. then if it breaks thru resistance & then comes back to support, then what...
Hey DK,

Generally(and remember there is no one way), the more price knocks on a PPZ the likelihood for some kind of break in that direction is more likely. So If price just keeps knocking at the same point over and over, it has a good chance of breaking through. When price is approaching from far away the PZZ could have a stronger chance of holding. But again, it depends on every scenario, I could show you a million both ways, and a million against what I just said.

As for signals, J16 PA can work as continuation signals also. I use them both ways. I just believe they are harder to play that way in the beginning. The easiest is to look for them as reversals and a lot of power that way.

Take care

Mike
  • #23,234
  • Mar 6, 2009 7:52am Mar 6, 2009 7:52am
Mark,
Sometimes, you take trades without PA in minor S/R in 4h...
But when you take in monthly and weekly PPZ or S/R your probabilities of succeed increase dramatically
Am I right?
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,235
  • Mar 6, 2009 7:55am Mar 6, 2009 7:55am
Quoting ikki
Mark,
Sometimes, you take trades without PA in minor S/R in 4h...
But when you take in monthly and weekly PPZ or S/R your probabilities of succeed increase dramatically
Am I right?
Absolutely...
  • #23,236
  • Mar 6, 2009 7:56am Mar 6, 2009 7:56am
6530 , seems like a magic number, will see....
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,237
  • Mar 6, 2009 7:59am Mar 6, 2009 7:59am
Quoting Turtle
Does anyone have any recommendations on Metatrader links that carry more than 12 pairs??? My InterbankFX Trader only carries 12 pairs and with J16, I want to be able to see more pairs.
be careful about ibfx, they have really high spreads on all crosses & anything over the majors. g/j is 9, g/chf is 12.

Quoting Scot Pippin'
Hey Josh, open a FXPRO demo that way you can check out Gold, Silver, Mini Dow charts. It's cool too see that down the road PA can work on these markets as well.
i suggest lite-forex.org, you get all the indice's plus the lfx's as well. the lfx's are like indices for each different currency. you should still get fxpro just to have that feed. i think most here follow it & take pa bar signals from it.
  • #23,238
  • Mar 6, 2009 8:06am Mar 6, 2009 8:06am
http://www.forexfactory.com/showpost...ostcount=23198

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  • #23,239
  • Mar 6, 2009 8:14am Mar 6, 2009 8:14am
Quoting dkmb92
be careful about ibfx, they have really high spreads on all crosses & anything over the majors. g/j is 9, g/chf is 12.



i suggest lite-forex.org, you get all the indice's plus the lfx's as well. the lfx's are like indices for each different currency. you should still get fxpro just to have that feed. i think most here follow it & take pa bar signals from it.
OR we could just post a chart to better illustrate what we are talking about...
  • #23,240
  • Mar 6, 2009 8:42am Mar 6, 2009 8:42am
Quoting Chris P
http://www.forexfactory.com/showpost...ostcount=23198


Nice example Chris! That is the ideal chart, breaking support, testing it and it holding (forming resistance) and now a PPZ. I'll be saving that one.
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