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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

  • #31,901
  • Jun 2, 2009 6:58am Jun 2, 2009 6:58am
Quoting islandtrader
I'll take profits at 1.5500 area now
So have I....

Momentum is a bitt slow ...

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  • #31,902
  • Jun 2, 2009 7:12am Jun 2, 2009 7:12am
Market is too predictable...it now sells after I take some profits...makes me feel like a market maker lol

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  • #31,903
  • Jun 2, 2009 7:13am Jun 2, 2009 7:13am
Quoting Shermenator
Market is too predictable...it now sells after I take some profits...makes me feel like a market maker

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lol I like your modesty
  • #31,904
  • Jun 2, 2009 7:15am Jun 2, 2009 7:15am
Quoting islandtrader
lol I like your modesty

I like your pictures lol
  • #31,905
  • Jun 2, 2009 8:04am Jun 2, 2009 8:04am
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 So this can beg the question ....one that I wonder about....when does old resistance become outdated?
Unfortunately there's no easy answer to this. It really is more of a 'feel' thing. You can often see price respecting S/R levels from 10 years ago, not because it's magical, but it's because what a lot of traders are looking at.

A round number or SR level isn't a brick wall it's merely another piece of confluence for your picture. When these confluences line up we have a high probability trade. And even those fail.

After a while of practicing you keep seeing the same setups again and again and you develop an instinct. There really is no substitute for practice.
  • #31,906
  • Jun 2, 2009 9:03am Jun 2, 2009 9:03am
I have taken half profits off the table to set this up with a 100pip s/l and still b/e if I am taken out.Its now a freetrade and if U/J goes and tanks this month Ill look 4 another position at a major s/r level.It would be ashame to just b/e on a 100pip run but the potential reward is worth the risk 4 me
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  • #31,907
  • Jun 2, 2009 9:03am Jun 2, 2009 9:03am
I have now reduced my risk once again...I only have 25 percent of the trade running...

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  • #31,908
  • Jun 2, 2009 9:09am Jun 2, 2009 9:09am
Quoting Shermenator
I have currently long this puppy...

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Thats really textbook intraday trading nice pin at 61.8 fib, profit at s/r level looks real smooth
  • #31,909
  • Jun 2, 2009 9:13am Jun 2, 2009 9:13am
buvb just broke on the 1 hr
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  • #31,910
  • Jun 2, 2009 9:34am Jun 2, 2009 9:34am
Here is something to not miss...I am preety sure the market will donate money to your account if you focuse on seeking price action around the upcoming area of resistance (Please pay attention to this area ) rememeber support or resistance is not an exact price but an area of intrest to investors.

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  • #31,911
  • Jun 2, 2009 9:40am Jun 2, 2009 9:40am
Alright I have now taken another 15 percent of my remaider 25 percent in the trade. Total trade left is 10 percent and total pips up is 150...I have also reduced my risk in the last 10 percent

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  • #31,912
  • Jun 2, 2009 9:58am Jun 2, 2009 9:58am
I found this trade yesterday on

USDCAN daily PB

Is this a tradeable trade or was i mistaken to take the trade.

Till now I am on a losing street, don't know what I have done wrong?

appreciate your comments

thanks
mea
  • #31,913
  • Jun 2, 2009 10:03am Jun 2, 2009 10:03am
Quoting mea
I found this trade yesterday on

USDCAN daily PB

Is this a tradeable trade or was i mistaken to take the trade.

Till now I am on a losing street, don't know what I have done wrong?

appreciate your comments

thanks
mea
Hey Mea

I put my thoughts up yesterday here
http://www.forexfactory.com/showthre...54#post2771054

http://www.forexfactory.com/showthre...81#post2771081
  • #31,914
  • Jun 2, 2009 10:05am Jun 2, 2009 10:05am
Quoting mea
I found this trade yesterday on

USDCAN daily PB

Is this a tradeable trade or was i mistaken to take the trade.

Till now I am on a losing street, don't know what I have done wrong?

appreciate your comments

thanks
mea
a chart would be good....lets see
Simplicity is the key to success
  • #31,915
  • Jun 2, 2009 10:07am Jun 2, 2009 10:07am
Quoting mbqb11
Hey Mea

I put my thoughts up yesterday here
http://www.forexfactory.com/showthre...54#post2771054

http://www.forexfactory.com/showthre...81#post2771081

Thank you Mike
seemingly this is the case here!
mea
  • #31,916
  • Jun 2, 2009 10:08am Jun 2, 2009 10:08am
Quoting mea
I found this trade yesterday on

USDCAN daily PB

Is this a tradeable trade or was i mistaken to take the trade.

Till now I am on a losing street, don't know what I have done wrong?

appreciate your comments

thanks
mea

Here is my go at it...well if you see in the weekly chart we just broke a major trendline showing us that huge amount of selling orders would get triggered...

Then the other thing I see is trying to stop a train with a little candle showing me more off a pause then a true reversal. Concetrate on the pair and wait for the retest of the breakout and that should be pretty neat as a trade...
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  • #31,917
  • Jun 2, 2009 10:26am Jun 2, 2009 10:26am
Target 1.4443
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  • #31,918
  • Jun 2, 2009 10:30am Jun 2, 2009 10:30am
Target 1.6760
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  • #31,919
  • Jun 2, 2009 10:35am Jun 2, 2009 10:35am
Target is 1.0559.
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  • #31,920
  • Jun 2, 2009 10:41am Jun 2, 2009 10:41am
Quoting mea
I found this trade yesterday on

USDCAN daily PB

Is this a tradeable trade or was i mistaken to take the trade.

Till now I am on a losing street, don't know what I have done wrong?

appreciate your comments

thanks
mea
It is better to take PINs with the trend or in the range. CT PINs doesn't work if they are not big enough. Maybe it would be good idea to take opposite trade.
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