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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

  • #30,341
  • May 18, 2009 7:50pm May 18, 2009 7:50pm
morning,

This caught my eye. Huge outside bar straight off 61 fib from the last swing up. 74.37 may get in the way but if it breaks hard I'll be watching this one.
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  • #30,342
  • May 18, 2009 8:00pm May 18, 2009 8:00pm
Quoting jarroo
Break on the Daily BUOB on the Usd/Jpy. Tight stop about 25 pips. Let's see if see runs to 97.00.

I feel a retrace on this one Jim..

hence the short on gu..... short term for the breather..
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  • #30,343
  • May 18, 2009 8:11pm May 18, 2009 8:11pm
Quoting rustyjeff
I feel a retrace on this one Jim..

hence the short on gu..... short term for the breather..
Looks like it, jeff. The break of the BUOB Usd/Jpy is a good example of what is not suppose to happen when it breaks. I got out with -21 pip loss, small position. The hard break should be strong and steady or like a rocket.

I will look for a retrace back to the entry point or the high of the BUOB (in this case). Once the retrace to break didn't hold up, I usually will take a smaller loss of 10 to 15 pips.

Most of the time the breaks will give up a nice amount of pips, depending on the quality of the setup, which I catagorized this one to be.
Indicators show the past. Price Action "Indicates" the future.
  • #30,344
  • May 18, 2009 8:14pm May 18, 2009 8:14pm
Quoting bakko85
Another assault of the minor PPZ at 0,7615...
Not so confident with this setup as i was when i entered; BUT.."be patient bakko, be patient..be patient!" Lets see what happens.
I was in this one also bakko... I closed it out at BE +1 last night since it seems to have trouble getting below the lows at .7460. After the first few failed attempts to break lower I decided to move my stops up.
  • #30,345
  • May 18, 2009 8:21pm May 18, 2009 8:21pm
Quoting jarroo
Looks like it, jeff. The break of the BUOB Usd/Jpy is a good example of what is not suppose to happen when it breaks. I got out with -21 pip loss, small position. The hard break should be strong and steady or like a rocket.

I will look for a retrace back to the entry point or the high of the BUOB (in this case). Once the retrace to break...

i do have a small position playing the uj pa as a pure setup. it is in drawdown but with what happened today in india I think this is one of those things that will continue to move the market in todays direction.

democracy beating communism can move things, even artificialy for a while.
i'll be watching asia overnight....

5250 on gu is what i'm looking at
  • #30,346
  • Edited 8:49pm May 18, 2009 8:28pm | Edited 8:49pm
Quoting rustyjeff
i do have a small position playing the uj pa as a pure setup. it is in drawdown but with what happened today in india I think this is one of those things that will continue to move the market in todays direction.

democracy beating communism can move things, even artificialy for a while.
i'll be watching asia overnight....

5250 on gu is what i'm looking at

I agree. The 95.60-50 level looks like a good support level.
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Indicators show the past. Price Action "Indicates" the future.
  • #30,347
  • May 18, 2009 8:47pm May 18, 2009 8:47pm
This is startin to have the looks of a science project imho its going to range a bit b4 giving in still biased short
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  • #30,348
  • May 18, 2009 8:53pm May 18, 2009 8:53pm
thought i would give an example of how i play retraces.

after price closed at the end of the day,,est. the gu was the most obvious.

i sold 4 std lots & closed 3 at the first level. I have left the stop till I see what happens at the firsrt res (new).
I have a target but will watch closely & get out @ be if it goes past this first res.
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  • #30,349
  • May 18, 2009 9:07pm May 18, 2009 9:07pm
so far ,so good.
stop now at be...
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  • #30,350
  • May 18, 2009 9:13pm May 18, 2009 9:13pm
Hi Traders,

I can see a clear Bearish Gartley formation in AUD/USD daily chart.

Possible target would be 50% retracement which is 0.6980 any time soon.

Any thoughts ?.

-Jayandh
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  • #30,351
  • May 18, 2009 9:18pm May 18, 2009 9:18pm
Quoting r_jayandh
Hi Traders,

I can see a clear Bearish Gartley formation in AUD/USD daily chart.

Possible target would be 50% retracement which is 0.6980 any time soon.

Any thoughts ?.

-Jayandh
Hi I dont know much about a gartley maybe a harley but would enjoy 7300 to go long from
  • #30,352
  • May 18, 2009 9:23pm May 18, 2009 9:23pm
Don't know much about that Chart Pattern either, but I know their are quite a few traders here who would love to see it take a huge dive!!
  • #30,353
  • May 18, 2009 9:25pm May 18, 2009 9:25pm
Quoting r_jayandh
Hi Traders,

I can see a clear Bearish Gartley formation in AUD/USD daily chart.

Possible target would be 50% retracement which is 0.6980 any time soon.

Any thoughts ?.

-Jayandh
Hello r_jayandh. I noticed that you are new to FF and Forex. On this thread we discuss price action. I for one like to use the dynamic fibs like you are using as confluence only. There are some threads on FF in which the harmonics/zup is the focus of the discussion. They are easy enough to find. I'm just not sure you are going to get much of a response here to your post. Please don't take offense. I am just trying to help you find your way around. If you are interested in Price Action trading with support/resisitance, you are in the right thread for sure. Good trading to you bro!

K.I.S.S.
  • #30,354
  • May 18, 2009 9:32pm May 18, 2009 9:32pm
Quoting r_jayandh
Hi Traders,

I can see a clear Bearish Gartley formation in AUD/USD daily chart.

Possible target would be 50% retracement which is 0.6980 any time soon.

Any thoughts ?.

-Jayandh
Hi this thread is worth your time honestly 7300 nice s/r level to look for price action, plenty of tools here to help almost anyone become a better trader!
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  • #30,355
  • May 18, 2009 9:52pm May 18, 2009 9:52pm
hello

thanks for your replies regarding invalid pin bars. It really helps me be more confident about "writing off" a bar.

I read someone posting about exit strategies - in my own backtesting I've found that although taking 1:1 off the table at 1/2 and letting the rest run is easier psychologically, pips-wise its better to move SL to BE when there's a good break... and then take profit when there's a loss of momentum, or when the 2bar trailing stop is breached. Usually a good PB breaks hard and fast, and you hardly ever get stopped at BE.

This is a great thread!
  • #30,356
  • May 18, 2009 10:05pm May 18, 2009 10:05pm
As I am not done reading the entire thread, perhaps this has already been addressed, but what is the reasonable number of pips needed to consider a pinbar or other price action as "broken?"

Thanks!
  • #30,357
  • May 18, 2009 10:18pm May 18, 2009 10:18pm
Quoting frankm7
As I am not done reading the entire thread, perhaps this has already been addressed, but what is the reasonable number of pips needed to consider a pinbar or other price action as "broken?"

Thanks!

there is no SET price.

you need to work that out for yourself..

I will change my settings according to the pa before it.
but as a vague guide on daily euro is about 10-15 pips. & gj can be 10 -20 pips, but it really comes down to the pa before the setup.

you have to try the stuff for yourself to get a feel for it.

if you dont ,you will never have the confidence you are seeking
  • #30,358
  • May 18, 2009 10:19pm May 18, 2009 10:19pm
Quoting rustyjeff
thought i would give an example of how i play retraces.

after price closed at the end of the day,,est. the gu was the most obvious.

i sold 4 std lots & closed 3 at the first level. I have left the stop till I see what happens at the firsrt res (new).
I have a target but will watch closely & get out @ be if it goes past this first res.
50ps move on these 4std is a very nice daily 'scalp' income...
I've been doing it for almost a year now regardless of the trend.
In before market closes, out within first hour of tokyo open or at least move st to BE....
You're very observant Jeff... lol....very nice, very nice...
Market always rewards those, who think independently of the crowd...

p.s. should fiber hit 1.3580 intraday, I'd be in it as well via limit order (now canceled). Waiting for another opportunity elsewhere ....
  • #30,359
  • May 18, 2009 10:29pm May 18, 2009 10:29pm
Quoting raczekfx
50ps move on these 4std is a very nice daily 'scalp' income...
I've been doing it for almost a year now regardless of the trend.
In before market closes, out within first hour of tokyo open or at least move st to BE....
You're very observant Jeff... lol....very nice, very nice...
Market always rewards those, who think independently of the crowd...

p.s. should fiber hit 1.3580 intraday, I'd be in it as well via limit order (now canceled). Waiting for another opportunity elsewhere ....

Mark....
I learnt a lot from you my friend..
What I wanted to try & get across here is that this stuff is best when the individual uses it to create their own method/system.
When one starts to understand how price moves, not why, all becomes easier.
just wait for what you want & trade it.
  • #30,360
  • May 18, 2009 10:31pm May 18, 2009 10:31pm
Quoting raczekfx
50ps move on these 4std is a very nice daily 'scalp' income...
....

gotta pay for the wife's shoes somehow.....
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