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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

  • #24,181
  • Mar 19, 2009 3:30am Mar 19, 2009 3:30am
Quoting Santana55
Question to experts regarding trade management.

Say you're in a trade on the daily TF, can you manage it by looking at the smaller TF's like the 4H or 1H? Or should you only use the TF you entered trade on?

I have heard Trader Dante (think his name is Wizard here) say never look down a TF once in a trade, only up to see what's coming. Just wondering what the consensus is here.
IMO managing a higher tf trade on a lower tf has many advantages but is'nt everybody's piece of cake,

If you're fond of simplicity (just like Wizard and many others on board) the best thing for you is to obviously go with taking a trade say on the daily setting your stops and enjoying the luxury the higher tf provides you with.

OR...

You could set abt trying a different way of doing it i.e watching lower tfs to descry a spark which may turn into fire...

Since this is the discretionary part of your trading there is no one right or wrong way, what matters more is what works for you.

Regards,
Ghous.
I believe . . .
  • #24,182
  • Mar 19, 2009 3:36am Mar 19, 2009 3:36am
Quoting alter
Ghous, I can see PPZ at 85 level, whereas I have the top of the PIN bar at 84.67. Do you base some of your trades solely on fib ret. as in this case?
thank you
alter
i don't...

We had a nice ppz of 84.5 as well...

Regards,
Ghous.
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I believe . . .
  • #24,183
  • Mar 19, 2009 3:40am Mar 19, 2009 3:40am
yeah, is that not known as a "hanging man" ?

Quoting ghous
And here's that mysterious bar again,

I've watched abt 6 of these bars in live action and not one failed, they had to do a lot with solid location too just like any other PA bar. i am still in the process of figuring out though, but my guess (since I am still obviously not 100% sure till i can see through another 15 to 20 of these on different time frames) is a bullish Pin bar at a swing high has a bearish composition and a bearish Pin bar at a swing low has a bullish composition. Again a lot has to do with the location of the...
  • #24,184
  • Edited 3:55am Mar 19, 2009 3:45am | Edited 3:55am
Quoting ghous
And here's that mysterious bar again,

I've watched abt 6 of these bars in live action and not one failed, they had to do a lot with solid location too just like any other PA bar. i am still in the process of figuring out though, but my guess (since I am still obviously not 100% sure till i can see through another 15 to 20 of these on different time frames) is a bullish Pin bar at a swing high has a bearish composition and a bearish Pin bar at a swing low has a bullish composition. Again a lot has to do with the location of the...
hi ghous, what you have there un candle stick land is a hangin man(the bearish pin at a swing high) or a hammer,(at a swing low) and are indead recognized reversal candles. they are srongest if they gap above /below price
PATIENCE... DISCIPLINE
  • #24,185
  • Mar 19, 2009 3:54am Mar 19, 2009 3:54am
Quoting g_j_hook@yah
hi ghous, what you have there un candle stick land is a hangin man(the bearish pin at a swing high) or a hammer,(at a swing low) and are indead recognized reversal candles. they are srongest if they gap above /below price

and just to add to this - -the important factor is the bar afterwards - it can go higher (not too far) but it must make good ground against the pin looking bar. ie showing a reversal
  • #24,186
  • Mar 19, 2009 3:58am Mar 19, 2009 3:58am
Quoting simoncs
and just to add to this - -the important factor is the bar afterwards - it can go higher (not too far) but it must make good ground against the pin looking bar. ie showing a reversal
also it is quite important (more so than pin bars) to have the candle body the colour you want to trade it.i.e. a close above the open price for a better hammer.
EDIT: tried to post a file but cant??
PATIENCE... DISCIPLINE
  • #24,187
  • Mar 19, 2009 4:48am Mar 19, 2009 4:48am
Could be some room below for this pair after the all time high around 1.3000 mind you it may only amount to 100 pips with support at 1.2300 for the initial move
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Without women, money would have no meaning - Aristotle Onassis
  • #24,188
  • Mar 19, 2009 4:54am Mar 19, 2009 4:54am
Anyway I just paid for my winter holiday to NZ to be sure.....
Without women, money would have no meaning - Aristotle Onassis
  • #24,189
  • Mar 19, 2009 5:47am Mar 19, 2009 5:47am
This is USD/CAD 4h. I took a re-entry in this pair when the PA cross 1.25 pullback and then appears a BEOB confirming the resistence.
So if you missed the oportunity to entry in the weekly break of BEOB this would be the moment.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,190
  • Mar 19, 2009 5:56am Mar 19, 2009 5:56am
another example of how all feeds show the same signals :
there is a h4 pin on ibfx, right off this area + 365ema
i didn't take it because i entered a little earlier and got out at 1.25...
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  • #24,191
  • Mar 19, 2009 5:58am Mar 19, 2009 5:58am
Just wanted to add to the discussion on drawing the fibonacci sequence, often there is confusion about where to draw the fibs from ? and what constitutes the most recent high or low. What I use is the fractal. The fractal is basicaly a fancy word for finding two higher highs or lower lows ether side of the high/low on which to draw the fibs, I hope my chart can help explain.
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Without women, money would have no meaning - Aristotle Onassis
  • #24,192
  • Mar 19, 2009 6:10am Mar 19, 2009 6:10am
Incase anyone was thinking of opening a live account soon - ODL have an offer for $100 credit if u open an account by 29th March. Min deposit $500
I have had a demo account with them for a while and they sent me an email - but i guess the offer would be open to everyone.

Will still use Oanda for FX as they offer smaller size so that i can position size correctly, but will use ODL for commods,indexes,equities



(and no - I am not affiliated to them - free money is free money after all!!)
  • #24,193
  • Mar 19, 2009 6:22am Mar 19, 2009 6:22am
Just goes to show , they can give money away and still get it back, much like the supermarkets advertise their stuff, once you are in the shop they know you will spend more......just don't take your wife to the jewellers with such an offer....
Without women, money would have no meaning - Aristotle Onassis
  • #24,194
  • Mar 19, 2009 7:29am Mar 19, 2009 7:29am
this was a C setup. I took becuase the shape of the pinbar+fib+weekly support.
Take profits, where I expected that bars highs
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,195
  • Mar 19, 2009 7:52am Mar 19, 2009 7:52am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I am not fan of A,B,C type setup, coz I could not tell the difference among them yet. coincidentally, I am on your side this time. will spend sometime to better understand the discrimination of the A,B,Cs, ideally could see their statistical significance.

As for profit target, not sure if could hold it upto somewhere near around 139.00. we will see
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  • #24,196
  • Mar 19, 2009 7:58am Mar 19, 2009 7:58am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
EUR/CHF been in a narrow range for a while now...

First chart showing overall picture and the resistance and support areas for targets... these targets would coincide with the width of the box...


Magnus
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  • #24,197
  • Mar 19, 2009 8:37am Mar 19, 2009 8:37am
Quoting ghous
Usd/cad....
Hello Ghous,
Do you perfer to enter on the break of the first bar in the BEOB,as you showed here?If so can you give a small explanation why.Thanks
  • #24,198
  • Mar 19, 2009 8:56am Mar 19, 2009 8:56am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Anyone shorted EU? H1 has Pinbar, which is at swing extreme high.
I enterred the first pin, stopped out, re-enter at the second one.
Another pray now, hope could have comments from anyone of you. thank you
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  • #24,199
  • Mar 19, 2009 9:16am Mar 19, 2009 9:16am
Quoting krue
Anyone shorted EU? H1 has Pinbar, which is at swing extreme high.
I enterred the first pin, stopped out, re-enter at the second one.
Another pray now, hope could have comments from anyone of you. thank you
First one was NOT a pin bar (Did not close within high of the previous bar)

Why are you short on the second one and it's not even closed yet ? (At the time of me originally writing this it was not closed I had to go look at the other screens to check the PA ) It has not broke the bottem of the bar so it has not proven anything. Nose did not protrude from surrounding price at all at all.

1HR timeframe as well . . .

More reading of the thread needed methinks,

Regards,
Jig
  • #24,200
  • Mar 19, 2009 9:17am Mar 19, 2009 9:17am
Quoting krue
Anyone shorted EU? H1 has Pinbar, which is at swing extreme high.
I enterred the first pin, stopped out, re-enter at the second one.
Another pray now, hope could have comments from anyone of you. thank you
Hey Krue

Be careful here, the first bar isn't a pinabr as the open and close are not within the previous bar. The second bar now is a pin, but again you are on the 1hr chart, and the nose hardly protrudes(which would mean a very poor pin to me D grade). Remember it is the location of these bars and the 1hr charts are very difficult. Remember to follow James requirements in post 1 they are VERY VERY important.

Take care

Mike
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