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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

  • #28,141
  • Edited 7:33pm Apr 26, 2009 4:35pm | Edited 7:33pm
Quoting squeezy
the only problem i see is with the size of this pinbar (could have being much longer), can u guys see any other thing wrong.....
just wanted to have others opinion
cheers

Quoting PipGator
Squeezy,

I will be watching from the sidelines on this one because I am still trying to stick to daily time frames and higher until I reach the next level.

Looking at the EUR/USD chart, I have a feeling that price is about to drop.
I am curious to see what others have to say.
Quoting Jduester
What sticks out to me on this potential trade is when it formed... the last 8 hours of the week... less volume/liquidity...

Another aspect to consider when we all start intraday trading.

Josh

Edit: I should note that I'm long a small position on this yet (from 1.3050)...

Just some thoughts on the 8 Hour PB on the Euro.

Swing high, off a strong PPZ (133.00) 50% fib . . what's not to love about this setup? Your right . . . the size could be bigger.
But it's worth an entry to me, if it breaks. Also, Price maybe consolidating again as it did a few weeks ago (blue area).

Josh: I'm also in that Daily BUOB (1.3050) and here is what I mean about lower time frame PA fullfilling itself and not necessarily an indication to get out of your trade (if its a long term trade).
* Price may not break the 8 hour PB, so lets keep riding.
* Price breaks the 8 hour PB and "fullfills itself" at the green area and/or the 1.3125ish (PPZ) and then continues upward.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #28,142
  • Apr 26, 2009 4:37pm Apr 26, 2009 4:37pm
Quoting jarroo
Just some thoughts on the 8 Hour PB on the Euro.

Swing high, off a strong PPZ (133.00) 50% fib . . what's not to love about this setup? Your right...
Works for me on the Eur/Usd... stop at B/E
  • #28,143
  • Apr 26, 2009 4:52pm Apr 26, 2009 4:52pm
Quoting Jduester
Works for me on the Eur/Usd... stop at B/E
I am afraid my 8H chart doesn't look that nice. Line is above 1/3 of PB.
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Trading: the skill of avoiding trades
  • #28,144
  • Edited 5:06pm Apr 26, 2009 4:55pm | Edited 5:06pm
I been asked a few times about what is a "classic old school raczekfx trade". What I love about raeczek's (Mark) posts is that he is great at finding heavily confluenced areas (Location).

So for example, the Euro 8 Hour PB (the higher the time frame the better, isn't that always the case. lol)

He will see that the 133.00 is a strong PPZ, 50% fib, etc., and enter short with a tight s/l at the level. Then look for bearish PA to confirm his entry, i.e. the 8 hour PB.

I am sure there is more to it then this basic example. He will also throw in so voodoo stuff as well. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #28,145
  • Apr 26, 2009 4:58pm Apr 26, 2009 4:58pm
Quoting eswap0
I am afraid my 8H chart doesn't look that nice. Line is above 1/3 of PB.
If it does not look right to you, then do not trade it. Should be fun to watch.
Indicators show the past. Price Action "Indicates" the future.
  • #28,146
  • Edited 5:39pm Apr 26, 2009 5:09pm | Edited 5:39pm
Quoting jarroo
If it does not look right to you, then do not trade it. Should be fun to watch.
Just watching !:nerd:
Think first must touch TL or RL before going down.

PS: last daily bar closed above middle Bollinger Band. I know it is not the topic of this threat, but I also consider BB.
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Trading: the skill of avoiding trades
  • #28,147
  • Apr 26, 2009 5:17pm Apr 26, 2009 5:17pm
Quoting eswap0
Just watching !:nerd:
Think first must touch TL or SL before going down.

PS: last daily bar closed above middle Bollinger Band. I know it is not the topic of this threat, but I also consider BB.
That's the beauty of Price Action. It can be a great addition to anyone's favorite style or method.
Indicators show the past. Price Action "Indicates" the future.
  • #28,148
  • Apr 26, 2009 7:11pm Apr 26, 2009 7:11pm
Love your work. Good stuff.

Right there with you on this one by the way. should see similar moves accross the board early this week. (AUD, NZD, EUR).

MM.

Quoting jarroo
That's the beauty of Price Action. It can be a great addition to anyone's favorite style or method.
"If it bleeds ... we can kill it"
  • #28,149
  • Apr 26, 2009 7:25pm Apr 26, 2009 7:25pm
Quoting Ari Gold
Love your work. Good stuff.

Right there with you on this one by the way. should see similar moves accross the board early this week. (AUD, NZD, EUR).

MM.
Should be an interesting week.

Did we have any doubt on this one (8 Hour PB Euro)?
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Indicators show the past. Price Action "Indicates" the future.
  • #28,150
  • Apr 26, 2009 7:36pm Apr 26, 2009 7:36pm
Quoting jarroo
Should be an interesting week.

Did we have any doubt on this one (8 Hour PB Euro)?
nice
  • #28,151
  • Apr 26, 2009 8:56pm Apr 26, 2009 8:56pm
Quoting jarroo
I been asked a few times about what is a "classic old school raczekfx trade". What I love about raeczek's (Mark) posts is that he is great at finding heavily confluenced areas (Location).

So for example, the Euro 8 Hour PB (the higher the time frame the better, isn't that always the case. lol)

He will see that the 133.00 is a strong PPZ, 50% fib, etc., and enter short with a tight s/l at the level. Then look for bearish PA to confirm his entry, i.e. the 8 hour PB.

I am sure there is more to it then this basic example. He...
Thanks Jim for your kind words, but I do screw up from time to time.
.... We all make mistakes, luck of patience being the most common, but the important thing is to learn from them and try to avoid them next time.

e.g.
Yes, I took that GU trade on Friday - fair size short at 1.4760, without even blinking, since I knew that this was a very good probability trade (from my past experience given good confl area).

The problem is that I also took two bad trades. I havent removed my short limit orders (1.4740 and 1.4780) when I saw cable reversing. It wasn't pleasant seeing cable marching higher after you expect it to hit 1.43 eh.. lol.
I feel confident about where cable is heading in the next few days and I'm laughing now with nice profit, but what I should've done, is to close my trades quickly instead of just watching them and disbelieve..(like a hypnotized rac..)

Never chase a trade no matter how good it looks. I have violated that rule on Friday....
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  • #28,152
  • Apr 26, 2009 9:20pm Apr 26, 2009 9:20pm
Quoting raczekfx
. . . luck of patience being the most common, . . .
.
Thanks Mark for the info.

Gotta like that line . . . "the luck of patience. ." Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #28,153
  • Apr 26, 2009 9:25pm Apr 26, 2009 9:25pm
Target hit for me for 57 pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #28,154
  • Apr 26, 2009 9:28pm Apr 26, 2009 9:28pm
rac - when u say u chased the trade - where did u chase it, ie what was your entry and how far did it pullback ?

Sorry, just trying to understand more - as chasing is something i'm trying to eradicate from my trading, and we learn more from our mistakes ..

thx
  • #28,155
  • Apr 26, 2009 9:53pm Apr 26, 2009 9:53pm
Quoting jarroo
Target hit for me for 57 pips.
Jaroo, How are you playing this one. Did you sell when your target was hit or just move to BE. I'm in the same trade. and was thinking of takin half off and moving to BE.
"Luck favors the prepared mind"
  • #28,156
  • Apr 26, 2009 9:55pm Apr 26, 2009 9:55pm
Quoting jpa0827
Jaroo, How are you playing this one. Did you sell when your target was hit or just move to BE. I'm in the same trade. and was thinking of takin half off and moving to BE.
Yes. (sorry) 1st half off at 57 pips, 2nd half at B/E.
Indicators show the past. Price Action "Indicates" the future.
  • #28,157
  • Apr 26, 2009 9:58pm Apr 26, 2009 9:58pm
Quoting jarroo
Yes. (sorry) 1st half off at 57 pips, 2nd half at B/E.
ok thanks
"Luck favors the prepared mind"
  • #28,158
  • Apr 26, 2009 10:02pm Apr 26, 2009 10:02pm
Quoting jpa0827
ok thanks
Which is always the case, once I take some off the table in will drop another 50 pips. lol.
Indicators show the past. Price Action "Indicates" the future.
  • #28,159
  • Apr 26, 2009 10:03pm Apr 26, 2009 10:03pm
I am in the same move. Good luck.
  • #28,160
  • Apr 26, 2009 10:07pm Apr 26, 2009 10:07pm
Quoting ghous
not sure exactly which bar you're referring to Matt, I assume you're talking of the one where you had your cursor,

Personally I would not even bother watching it, so far I've only been observing them at good key locations, at decent swing highs and lows or at major pullbacks/retracments (near or on the 50 or the 61.8 fibo) and at trebd lines and horizontal support and resistance levels...

Looking at your bar I don't see anything it was not at a swing high, in fact it occurred "AFTER" price showed it's reluctance to break 1.3 once again.

Here...
Hello Ghous, Mike and experienced traders,

Could you please specify me if it is the IPB from USDCAD? and it is in the continuation term?
I have been somewhat in learning curve within the thread, this great and to honestly, i am still in trouble to realize PA of continuation term.
Thank you very much for your help of teaching
forexngo
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