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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

  • #30,101
  • May 14, 2009 7:15pm May 14, 2009 7:15pm
Quoting krue
jarroo
excited to see your comment on this setup. initially I went short at the break of low with 1/10 of my position to test, and in. then, I built confidence to put the rest at the 50% ret of the BEOB, that is 0.7600. now, I am in for the entire position. I did that coz I to be honest didn't have the judgement to the quality of this setup, totally a blind play. however, after seeing your below comment, I am more confident that there probably will be a good run to come in one day or so.

edit. stoploss always at the top of the setup for both...
I do see the Aud/Usd Daily BEOB as a high quailty PA setup krue. I'm sure you see why I like the setup with its location and supporting confluences, correct?

Interesting how you scaled into the trade. I like it . . how it minimizes your risk.
Confidence building in this method is very important. Just ask bakkos85 about his Nzd/Usd trade.

Sure, we pour over thousands of successful charts and failed charts.
But when we actually do the trade, make the entries, place the stops and see it unfold (or not) is when the real learning and experience begins. This is why we practise, this is why we demo.

No matter what the outcome of this trade may be, krue, you will gain so many different levels of experience from it that you may not realize it now. But you will.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #30,102
  • May 14, 2009 7:17pm May 14, 2009 7:17pm
Quoting Forex007
For charts you'd need one of these:

http://gizmodo.com/5253728/asuss-sup...still-gorgeous
lol I have a laptop
  • #30,103
  • May 14, 2009 7:24pm May 14, 2009 7:24pm
Quoting Gov
FXP

I have my stop a bit tighter than that, i used the high of thurs bar.
I definately like your thinking using the 7700 ppz.
At the moment I'm trying different stop scenario's.
More testing to be done for sure.

While I write I notice Aud's just tested the lows from bars prior to BEOB.

Cheers, Gov
Here's something undisciplined for you.
I set my initial stop loss at 7620, just the 5 pip spread above thurs bar high and only just got hit. Gov what about the extra 10 pips that's talked about so often!!!
Anyway not to say a 10 pip higher stop won't get taken out in the future.
More discipline and more testing required!

Gov
  • #30,104
  • May 14, 2009 7:27pm May 14, 2009 7:27pm
Quoting jarroo
.....And placing stop losses at common sense S/R levels within the PA setup itself. I believed that the previous bar Low (.7560) had a confluence of strentgh (150ema, 61.8 fib) and adjusted my position size according (65pips).

Placing a stop loss above this BEOB would be the correct placement. This is a high quailty PA setup imo and the true potential of this setup is far from over.

Are you looking to re-enter the setup at a retrace since it already broke?
Yes. If the 4 hour/Daily presents a clear high quality PA bearish setup...

I like these points. I must say however, that the basic 7970 projection on the weekly chart has me looking at any profitable short here as a quick hit and a gift.
  • #30,105
  • May 14, 2009 8:11pm May 14, 2009 8:11pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
after your enlightment, jarroo, i re-visited the chart and found your secret why you think it's a great location, i think.

the challenge for me is that i still feel blind to something simple but obvious. i am confident sooner or later this will become history. thanks for the help, jarroo.


Quoting jarroo
I do see the Aud/Usd Daily BEOB as a high quailty PA setup krue. I'm sure you see why I like the setup with its location and supporting confluences, correct?

Interesting how you scaled into the trade. I like it . . how it minimizes your risk.
Confidence building in this method is very important. Just ask bakkos85 about his Nzd/Usd trade.

Sure, we pour over thousands of successful charts and failed charts.
But when we actually do the trade, make the entries, place the stops and see it unfold (or not) is when the real learning and experience...
  • #30,106
  • May 14, 2009 8:44pm May 14, 2009 8:44pm
Greetings all....





krue,
u are not blind, no one is.
u are just temporarily unaware &/or temporarily overlook things.
U are correct... sometime soon this all will be clear to u. Just keep at it!
  • #30,107
  • May 14, 2009 8:57pm May 14, 2009 8:57pm
Quote
looks like you go home with the trophy supremechaos
page number 2000, mr singha a close second
congratulations to the winner supremechaos....
Quoting mattfx
Collect Your Trophy
if your trophy is not redeemed it will go to charity......
mattfx,
can i still redeem my trophy? Thanks
Let's not forget the subsequent milestone:
recent 30,000th post! courtesy of fxprocessor (i missed it by posting the 29999th post, & somehow forgot about it completely as i was busy looking at the charts )



marcelnyo, markmm, mbqb11,
by the way, "sweating bullets" could mean "to be anxious" or "to be very scared/frightened" & probably "to literally sweat, in drops the size of bullets"

Quote
hehe, you are definitely not American

mbqb11,
Hehe, is this somehow related to Megadeth (band) &/or "Tropical Heat" (US tv series?) ?
  • #30,108
  • May 14, 2009 9:13pm May 14, 2009 9:13pm
Quoting KissFan
Can anyone post a 2-day chart of GJ?
Thanks.
K.I.S.S.
Here ya go.
Attached Image
  • #30,109
  • May 14, 2009 9:14pm May 14, 2009 9:14pm
Quoting Fx_Genius
Here ya go.
You da man FXGenius! Thanks buddy!

K.I.S.S.
  • #30,110
  • May 14, 2009 9:24pm May 14, 2009 9:24pm
Anyone know of some good New York close charting softwares I can Demo? I've been using fxlite, but they don't show some of the pairs.

Thanks,

Jim

preferably metatrader
"Luck favors the prepared mind"
  • #30,111
  • May 14, 2009 9:26pm May 14, 2009 9:26pm
Quoting jpa0827
Anyone know of some good New York close charting softwares I can Demo? I've been using fxlite, but they don't show some of the pairs.

Thanks,

Jim

preferably metatrader
fxpro
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #30,112
  • May 14, 2009 9:31pm May 14, 2009 9:31pm
Thanks djamb,

I'll check it out
"Luck favors the prepared mind"
  • #30,113
  • May 14, 2009 10:06pm May 14, 2009 10:06pm
hi all. although i have been following the thread for a while this is my first post here. as most of you i saw the aus/usd beob yesterday but
after digging on the charts i saw 7500 as weekly ppz and by trading the
beob you are trading into the ppz and hoping it will break. as you noticed
price penetrated the 7500 and bounced back, i believe we should trade
away from the ppz and if that beob had closed below 7500 i would have
jumped the train myself. i still consider shorting this pair after a close below 7500 and revisit of the level .

this is only my view of the trade and not necessarily correct.
all comments wellcome.

sean
  • #30,114
  • May 14, 2009 10:35pm May 14, 2009 10:35pm
Quoting Encino1
after digging on the charts i saw 7500 as weekly ppz and by trading the
beob you are trading into the ppz and hoping it will break. as you noticed
price penetrated the 7500 and bounced back, i believe we should trade
away from the ppz and if that beob had closed below 7500 i would have
jumped the train myself. i still consider shorting this pair after a close below 7500 and revisit of the level .

this is only my view of the trade and not necessarily correct.
all comments wellcome.

sean
Ya, I'm seeing much the same thing here. Alexandra I think is looking at this much the same also - current trend is up. I would look at a dive to the 7400 level as a nice opportunity to get long. I was wondering Alexandra, where do you get the 7970 number from? Could you post a chart?
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  • #30,115
  • May 14, 2009 11:00pm May 14, 2009 11:00pm
Quoting KissFan
You da man FXGenius! Thanks buddy!

K.I.S.S.
You can always do it yourself, too, with a little practice, it will be just as simple as pulling kleenex out of its box, lol

http://www.forexfactory.com/showpost...3&postcount=11
  • #30,116
  • May 15, 2009 2:07am May 15, 2009 2:07am
Head and shoulders on EU 4HR?
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"The more I practice, the luckier I get." (Gary Player)
  • #30,117
  • May 15, 2009 2:10am May 15, 2009 2:10am
Quoting mbqb11
yum yum gbp/chf
I wonder which way it will go? (When we have finished firing our government)
Gone to a better place
  • #30,118
  • May 15, 2009 2:32am May 15, 2009 2:32am
Anyone playing the H&S? The target looks even bettern on a line chart.
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Economists have forecast 9 out of the last 5 recessions
  • #30,119
  • May 15, 2009 2:55am May 15, 2009 2:55am
Quoting markmm
Anyone playing the H&S? The target looks even bettern on a line chart.
On demo Mark.
The 4HR 3 bar rejection of 96.00 caught my eye and got in on break of the 2nd bar and T/L.
Took one third off at 95.13.
Targeting the 61.8% fib at 92.60 for another third and then let the remainder run.

Steve.
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"The more I practice, the luckier I get." (Gary Player)
  • #30,120
  • May 15, 2009 3:59am May 15, 2009 3:59am
Quoting Encino1
hi all....
your points are valid ones which were also discussed here at the time if i remember rightly. i think most of us who took the trade waited for a break below 7500 as on my feed at least ,the close of the BEOB was only a few pips above and it would have been nesesary to let the bar break by a few pips, 5-15 is about the norm,to confirm the break as valid.
hope this helps
cheers
jon
PATIENCE... DISCIPLINE
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