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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

  • #30,941
  • May 25, 2009 11:07am May 25, 2009 11:07am
Quoting albchr
WOW...lol. Maybe I should move to Thailand then. I need $6000 a month just to cover my bills here in the USA...LOL

Oh well. Have a GREAT day folks! I'm going to roll myself out on the deck and enjoy the beautiful weather we have today here in NE PA!
Maybe you should... ever since I got dirt broke from trading futures a year ago I've moved out from the high cost big cities to a low cost small town just to survive, then again, I've always wanted to live in the US, but I think I'll never had the courage to move out from this country.
  • #30,942
  • May 25, 2009 12:28pm May 25, 2009 12:28pm
Quote
I mean with allready a 500 bucks you live verry verry well in thailand

lddd,
depending on your lifestyle preference, i can slash that to just +/- $200-300+/month expenses, here in the Philippines.

lddd, albchr, marcelnyo,
if u are interested, check my post here related to the above topic


alkhatarey,
Since mike/mbqb11 already mentioned it,
his pinbar intro video is found in the guest area of the PF, here.
watch it several times & do save a copy of it along with all the FREE videos there.
  • #30,943
  • Edited 12:48pm May 25, 2009 12:34pm | Edited 12:48pm
USD/JPY 4HR Chart

This 12 hour pin bar off a round number, and a forming trend line. I have placed a sell order, will trail it, expecting it to go to 93.25 area the bottom of the channel.
Attached Image (click to enlarge)
Click to Enlarge Name: Markmm_ May. 25 18.31.jpg Size: 164 KB
Economists have forecast 9 out of the last 5 recessions
  • #30,944
  • May 25, 2009 12:39pm May 25, 2009 12:39pm
Quoting markmm
This 12 hour pin bar off a round number , if it wasnt a holiday weekend and its nose was bigger would be a good trade.
Sorry, did you mention the pair and TF anywhere?
Thank you!
Trading: the skill of avoiding trades
  • #30,945
  • May 25, 2009 12:43pm May 25, 2009 12:43pm
eswap0,
if i may... it's $jpy 4H.
  • #30,946
  • May 25, 2009 12:45pm May 25, 2009 12:45pm
Quoting supremeChaos
eswap0,
if i may... it's $jpy 4H.
Thanks, . I'm out of my desktop...
Trading: the skill of avoiding trades
  • #30,947
  • May 25, 2009 12:49pm May 25, 2009 12:49pm
Quoting eswap0
Thanks, . I'm out of my desktop...
Sorry guys, Ive fixed it now. I will start putting the pair and TF in the title as per Joshs advice.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,948
  • May 25, 2009 1:40pm May 25, 2009 1:40pm
Quoting markmm
USD/JPY 4HR Chart

This 12 hour pin bar off a round number, and a forming trend line. I have placed a sell order, will trail it, expecting it to go to 93.25 area the bottom of the channel.
It look like a good trade it at res. with a pin bar along with a DBHLC good luck on this one
  • #30,949
  • May 25, 2009 1:45pm May 25, 2009 1:45pm
Quoting row
It look like a good trade it at res. with a pin bar along with a DBHLC good luck on this one
Thanks, I see 94 as an area of support, so will be moving stop to BE if it stalls for a bit there.
Economists have forecast 9 out of the last 5 recessions
  • #30,950
  • May 25, 2009 1:58pm May 25, 2009 1:58pm
Looking for a good PA bar to short the euro, its hitting a round number and 76 fib line, and a the top of its channel, would love to short this bad boy.
Attached Image (click to enlarge)
Click to Enlarge Name: Markmm_ May. 25 19.53.jpg Size: 216 KB
Economists have forecast 9 out of the last 5 recessions
  • #30,951
  • May 25, 2009 2:05pm May 25, 2009 2:05pm
Quoting markmm
Looking for a good PA bar to short the euro, its hitting a round number and 76 fib line, and a the top of its channel, would love to short this bad boy.
Take a look at the weekly chart eur/usd...
  • #30,952
  • May 25, 2009 2:18pm May 25, 2009 2:18pm
Decision time for this pair, its being squeezed along a round number it has to break out you would think, lets hope it pulls back and gives a god bar!
Attached Image (click to enlarge)
Click to Enlarge Name: Markmm_ May. 25 20.15.jpg Size: 179 KB
Economists have forecast 9 out of the last 5 recessions
  • #30,953
  • May 25, 2009 2:32pm May 25, 2009 2:32pm
Quoting row
I appreciate your input tiaforex i though i saw a bullish outside bar on the weekly chart gbp/usd.......so i guess i should be looking for buy signal at a fib. ext. on a retracement seen that we are in a uptrend.
I am travelling so don't have charts to hand here. But bullish outside bars are typically looked for at swing lows to indicate reversals.

Fib extensions are best left aside for now. They can be used for targets but most people here use support/resistance levels for that. Use fib retracements for confluence if you like, and make sure you're drawing them correctly. Plenty of examples in this thread and also a good free introduction to this and all other basics on www.babypips.com

And please please please do this on demo for a few months first. It's very nuanced and delicate stuff and takes a little practice to get to grips with the basics. I am super cautious so have spent a very long time on demo learning. I may sound like a broken record, but as James says, if you do not follow his minimum requirements you have no one but yourself to blame when you blow out an account.

I'd also look into money management techniques to make sure you have your position sizing correct, and also follow this thread to know where your stops are best placed (usually at the other end of the bar). There's so much to get under your belt at the start which is why demo is crucial. You don't want to be one of the 95% and by following the material here diligently there's no reason why you should be.
  • #30,954
  • May 25, 2009 2:39pm May 25, 2009 2:39pm
Quoting row
Take a look at the weekly chart eur/usd...

Yeah a big BUOB move up but at a swing high, and it closed right on 1.4, not really above it, I can see a retrace to 1.3750, before it moved north again. I know this would be counter trend so stops have to be tighter.
Economists have forecast 9 out of the last 5 recessions
  • #30,955
  • Edited 6:11pm May 25, 2009 5:59pm | Edited 6:11pm
Quoting row
Take a look at the weekly chart eur/usd...

Wonderful to see this type of perspective displayed on the forum...everyone is waiting for 1.38 again. That means is probably won't happen!

For you classic chartists out there, the targets on A/D and E/D are considerably higher following the recent flags, despite the overbought status.
  • #30,956
  • May 25, 2009 6:17pm May 25, 2009 6:17pm
Quoting Alexandra
Wonderful to see this perspective displayed on the forum...
evreyone is waiting for 1.38 again. That means is probably won't happen!
I've noticed over time that either one of two things happen in such cases.

Either, you're right and since everyone's is waiting for it, it never comes.
Atleast until something else dramatic happens and so everyone forgets about it....
and then it goes there a day or two later after you went flat.

Or,

It blows clear past the number and captures prisoners going the other way,
far beyond the original target, setting off stops as it goes, maybe a couple 200 pips beyond.

138 could turn into 136... after all, somebody has to take the otherside of all those buy orders at 13800.
As a dealer, would you accept massive volume at 138 if you thought that was a hard bottom ?
Not unless you thought you could push it even lower.

Otherwise, they'd never take it there in the first place. Too obvious.

Just some thoughts and observations.
  • #30,957
  • May 25, 2009 6:44pm May 25, 2009 6:44pm
Quoting row
Take a look at the weekly chart eur/usd...
I would be trading the 4hr, so for me my trades will be based on that TF only.
Economists have forecast 9 out of the last 5 recessions
  • #30,958
  • May 25, 2009 6:54pm May 25, 2009 6:54pm
Just rolled in from the river summers already here in AZ, checkin the charts for those short look at that monthly candle sweet eh!
  • #30,959
  • Edited 7:52pm May 25, 2009 7:00pm | Edited 7:52pm
Quoting markmm
I would be trading the 4hr, so for me my trades will be based on that TF only.

uh oh

Toshi - Indeed, well noted. The weekly/daily construction makes me believe we may linger a while up here. Will time catch up with price? or will price move back to catch time? LOL - Time will tell. Scratch that - price will tell.
  • #30,960
  • May 25, 2009 7:03pm May 25, 2009 7:03pm
Quoting markmm
Sorry guys, Ive fixed it now. I will start putting the pair and TF in the title as per Joshs advice.

Mark

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