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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

  • #29,361
  • May 7, 2009 9:00am May 7, 2009 9:00am
Quoting Schneeule
strange.. lets sell gold?
btw check 365 sma there
  • #29,362
  • May 7, 2009 9:05am May 7, 2009 9:05am
And one more suggestion to watch.. gbpjp h8 .. u decide what to do
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  • #29,363
  • Edited 9:11am May 7, 2009 9:06am | Edited 9:11am
I agree...I take interest rate days and NFP days as well earned days off...albeit I do often sit in front of the screen watching the PA and holding back the trigger finger!!...however with current volatility across the globe it is not worth the risk trading these days unless one substantially reduces the risk per trade to at most 25% of what one would currently do.

The pin on the 4hr below certainly looked tempting...but sticking to my rules!
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  • #29,364
  • May 7, 2009 9:07am May 7, 2009 9:07am
I need to learn to type faster...beaten to the gpy/jpy.
  • #29,365
  • May 7, 2009 9:13am May 7, 2009 9:13am
Quoting raczekfx
Ok. I'll be taking some time off from posting on public forums.
I've always appreciated your counsel, Rac. Hope all is well, and come back soon.
  • #29,366
  • May 7, 2009 9:20am May 7, 2009 9:20am
Looks like there have been some decent 4 hour pin bar setups on AUDCHF and CADCHF.

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  • #29,367
  • May 7, 2009 9:46am May 7, 2009 9:46am
picking up divergence across many of the aussie pairs: (daily, using MACD)
aud/jpy
eur/aud
aud/chf

weakening aussie?? let PA decide.

good luck to all, will def see everyone tonight to see how some of these daily's close!!!
  • #29,368
  • May 7, 2009 9:57am May 7, 2009 9:57am
Quoting KissFan
Mea- I'll tell you how I traded this set-up for profit. I took two short positions at the break of the pin. (7364) My take profit on the first position was 7344 for 20 pips. Then I moved my second position to break even. I was stopped out at my second position for 0 pips. Net profit 20 pips. Not much, but not a loss either. I hope this can give you some food for thought.

K.I.S.S.
ty, like i said profit never hurts! well done
  • #29,369
  • May 7, 2009 10:02am May 7, 2009 10:02am
Quoting g_j_hook@yah
weekly BUOB shaping up nicely...wonder what the news will bring??

Yes...I agree...this started with a daily pin on a supportive weekly chart...successfully tested a daily fibo but now has an obstacle to overcome.
  • #29,370
  • May 7, 2009 10:11am May 7, 2009 10:11am
Quoting egkid
Everyone say eur/usd going down!! am i the only one says UP!!
It might go down not much and maybe deep down on 7 or 8 May but fasting will pullback and shooting high that my view.I think that because that what i read from my chart and analysis on long TF not because have long position!!


Anyone sharing my view??
Close half position 120 ++
  • #29,371
  • May 7, 2009 10:21am May 7, 2009 10:21am
These are the days we have to be patient for.

Big pin
Big Round number
Clear divergence
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  • #29,372
  • May 7, 2009 10:26am May 7, 2009 10:26am
Quoting Mr Trend
SELL SELL SELL SELL SELL SELL SELLLLLLLLLLLLL!! Sell your house, your dog, your grandma!!!!! CHAOS REIGNS!!!!


Actually I'm buying both right now... buying CAD, shorting yen... shorting cable.. and buying gbpjpy... (nice little hedge huh, didn't even notice it until I was looking over my positions)

Next few days should be fun.
Hey Mr.T! Good to see you again. I have really appreciated your insight over the past couple of years.

K.I.S.S.
  • #29,373
  • May 7, 2009 10:39am May 7, 2009 10:39am
Funny you mention this pair Josh.

I had a BUOB on my feed for the day before at swing low so I decided to take this opportunity. Unfortunately price broke through and reversed to hit my tight stop. I'm gravitating more towards these Jaroo type stops ....but you can see what happened today to NZD/CAD... it shot through all barriers.

I realize that there was congestion up so maybe this wasn't a great trade...I guess I just wanted to point out that this BUOB could have worked easily for someone with a larger stop.

The hardest part for me as of late has been sticking with one exit strategy. Of course the moment you switch...the other exit strategy starts working better.

Quoting Jduester
It sure seems like it's been slim pickin's on finding great trades using PA on the daily and weekly charts recently....
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  • #29,374
  • May 7, 2009 10:49am May 7, 2009 10:49am
Mbqb11
I see what you are saying about this opportunity, but do you enter at the break below that pin, or do you enter off lower time frames to try to catch more pips?
Thanks
  • #29,375
  • May 7, 2009 10:50am May 7, 2009 10:50am
If I would have had that price feed, oh boy. It would have got me in the trade at a better and earlier stage than on my Alpari UK feed where I got the 8hr pinbar.

Quoting mbqb11
These are the days we have to be patient for.

Big pin
Big Round number
Clear divergence
  • #29,376
  • May 7, 2009 10:51am May 7, 2009 10:51am
Quoting mbqb11
These are the days we have to be patient for.

Big pin
Big Round number
Clear divergence
Haha! I took a MBQ11 trade! Maybe I'm getting it now. LOL!! Pips in da bank!

K.I.S.S.
  • #29,377
  • May 7, 2009 10:51am May 7, 2009 10:51am
Mike,

Thanks so much for the feedback!

On a side note, didn't you spend some time in a "forex" internship per se with DarkStarr a few years back? What ever happened to that guy?
  • #29,378
  • May 7, 2009 11:00am May 7, 2009 11:00am
Hi Kiss, on which price feed did you enter the trade? And what's the SL policy?

Quoting KissFan
Haha! I took a MBQ11 trade! Maybe I'm getting it now. LOL!! Pips in da bank!

K.I.S.S.
  • #29,379
  • May 7, 2009 11:01am May 7, 2009 11:01am
Quoting mbqb11
These are the days we have to be patient for.

Big pin
Big Round number
Clear divergence
and its shaping out to be a nice pin on the daily with 150 ema, 149.5 ppz confluence
also has plenty of room to move before next support area around 147 area imo
nice on Mike
cheers
Simplicity is the key to success
  • #29,380
  • May 7, 2009 11:04am May 7, 2009 11:04am
AusChf looking interesting on the Daily, Let's see how it develops.

Steve
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