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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

  • #31,881
  • Jun 2, 2009 4:22am Jun 2, 2009 4:22am
Its test time 4 those waiting for a spot to go long from
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  • #31,882
  • Jun 2, 2009 4:26am Jun 2, 2009 4:26am
Quoting Shermenator
Do you have space right below?
Not particularly - but as its counter-trend anyway, i have my stop at BE quite quickly...
  • #31,883
  • Jun 2, 2009 4:27am Jun 2, 2009 4:27am
Quoting 4fun
Its test time 4 those waiting for a spot to go long from
Yep just look at your majors.....when you start to see that the gbpusd is starting to hit support start looking to buy pounds across the crosses....
  • #31,884
  • Jun 2, 2009 4:29am Jun 2, 2009 4:29am
Quoting pipmyride
Not particularly - but as its counter-trend anyway, i have my stop at BE quite quickly...
Well if you like those types of risks then thats ok aslong as you fallow your plan...I only take trades that offer me a good reward even if they are counter trend or trend trades if not I just make trading harder on myself . Every trade has the same importance, its like saying you would buy a car that seems like it could break down ( you probably would not ) in this case its buying dollars.
  • #31,885
  • Jun 2, 2009 4:33am Jun 2, 2009 4:33am
Not going to let it bite me just testin the waters,darn support is holding up atm
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  • #31,886
  • Jun 2, 2009 4:36am Jun 2, 2009 4:36am
Quoting 4fun
Not going to let it bite me just testin the waters,darn support is holding up atm

Let me ask you a question are you going to loose this trade when the market does not know in what direction to go?
  • #31,887
  • Jun 2, 2009 4:36am Jun 2, 2009 4:36am
Gj playing out just as i expected. Inside bar breaking on the 4hr chart. i dnt trade based on 4hr price action.


Quoting ephisi
closed remaining half of my GJ long for 653pips. Its a very long daily candle, i feel it needs to breathe, so i expect a retracement to start here, asia may take us to 160though. But between here and 160/161 we have a lot of axe to grind. Based on my system all timeframes from 15mins to daily are overbought, i have seen dis happen over andd over again. Not comfortable with the long anymore. Now its back to the drawing board to construct a new trade

fell more just as i was posting
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  • #31,888
  • Jun 2, 2009 4:41am Jun 2, 2009 4:41am
Quoting Shermenator
Let me ask you a question are you going to loose this trade when the market does not know in what direction to go?
Not when I Hit close
  • #31,889
  • Jun 2, 2009 5:10am Jun 2, 2009 5:10am
long at 1.6393

edit: it should should say GBP/USD
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  • #31,890
  • Jun 2, 2009 5:10am Jun 2, 2009 5:10am
I have currently long this puppy...

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  • #31,891
  • Jun 2, 2009 5:20am Jun 2, 2009 5:20am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Lou, how are you doing? it seems the failure of previous round numbers increasing the likelihood of later ones, it's probability game, am I right? no sure thing in this business, I agree with you, but, this one, I think it's worthwhile to test the risk. let's see how it lay out. if failed, then, look into a second opportunity. the good point of this play is that we have seen it cut cross so many old resistant levels, I feel the odd going long seems high. just my 2 cents, if you don't mind.

always delighted to see your comments here, a lot insight to learn from

Quoting Lou
I pulled up the U/CAD daily on the big O (oanda) and notice that although price was in a hurry to get to the basement, there were some pullbacks and stalling in zones near these levels... 2200, 2000, 1500, 1100 and now around 0800. For all of the previous 00 levels, price broke through and went to the next. So this can beg the question ....one that I wonder about....when does old resistance become outdated?
  • #31,892
  • Jun 2, 2009 5:40am Jun 2, 2009 5:40am
Support is breaking down atm, see what the 50 can do
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  • #31,893
  • Jun 2, 2009 5:45am Jun 2, 2009 5:45am
little TL hit, moved stop to BE, let's see where it wants to go, hopefully following the euro
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  • #31,894
  • Jun 2, 2009 5:48am Jun 2, 2009 5:48am
Quoting islandtrader
little TL hit, moved stop to BE, let's see where it wants to go, hopefully following the euro

Same here mate I have now moved my stop to break even...

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  • #31,895
  • Jun 2, 2009 5:51am Jun 2, 2009 5:51am
Alright I have now taken 50 percent profits off the table

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  • #31,896
  • Jun 2, 2009 5:51am Jun 2, 2009 5:51am
50% tp
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  • #31,897
  • Jun 2, 2009 5:54am Jun 2, 2009 5:54am
Quoting islandtrader
50% tp

Hey bud can your pic get a little smaller lol...
  • #31,898
  • Jun 2, 2009 5:57am Jun 2, 2009 5:57am
Quoting Shermenator
Hey bud can your pic get a little smaller lol...
LOL
Economists have forecast 9 out of the last 5 recessions
  • #31,899
  • Jun 2, 2009 6:49am Jun 2, 2009 6:49am
Alright I have now started to secure some profits in my remaider position....

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  • #31,900
  • Jun 2, 2009 6:57am Jun 2, 2009 6:57am
I'll take profits at 1.5500 area now
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