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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

  • #34,241
  • Jun 22, 2009 3:26pm Jun 22, 2009 3:26pm
Quoting ghous
Hi Novice,

I can see what's troubling you. The first thing that you must do is to keep your eyes off anything less than the daily irrespective of your personal inclinations.

The Pb was off a good location but the small size was a significant factor. But even if you wanted to take the trade and would have gone abt it exactly how you should be doing it no way was that PB taking any money out of your pocket, why?

Did it break? I.e did the low get breached? No.

[u][b]retrace entries cannot be played untill the bar breaks,...for the simple...
Quoting ghous
You can enter on a pure break (i.e a few pips below the high/low of the pin bar) which is by far the most conservative and hence the safest way of playing these bars.

If you're on the aggressive side you could consider a retrace entry ONLY WHEN THE PIN BAR HAS BROKEN.

I personally don't play retrace entries at all. was doing it earlier but did not find it pleasing to my taste so reverted to the conventional "pure break" trades. I won't call them futile in any sense though...

Regards,
Ghous.
I couldn't have said it better ghous. Refer to this James16 post.

http://www.forexfactory.com/showpost...ostcount=29519
Indicators show the past. Price Action "Indicates" the future.
  • #34,242
  • Jun 22, 2009 3:30pm Jun 22, 2009 3:30pm
yes i thought the same thing.

just another example of how reliable this can be when you get good at it.

it was a 50 plus pip move to the bar highs and it reversed on cue.

had it closed above those bar highs then we know that they very well could hold as support.

not a location i would be comfortable with but everytime i see them do there thing i smile.

i saw this pin the day it closed and said to myslf.

"its going to around 7900 and it will probably have trouble there?

it was an easy 75 pips for those that are less conservative than me and understand your stop goes to breakeven at light speed.

jim

Quoting ghous
Agreed.

I was trying to point out at the action that the pin brought about and how it fell perfectly into place.

Sorry if the post got delineated as a potential A+ setup, it wasn't and I did mention it on the chart too...
  • #34,243
  • Jun 22, 2009 3:37pm Jun 22, 2009 3:37pm
AUD/USD still playing with us Mike I will say that not trading all day sure costs me a lot more gas money on the lake.
Keep taking CT trades, I need more money
  • #34,244
  • Jun 22, 2009 3:42pm Jun 22, 2009 3:42pm
welcome mag.

yes its very hard to know sometimes because many of our fine ladies pick a gender neutral name.

i know for a fact that there are a couple of "names" here that everyone thinks is a guy when that aint so. lol.

They get a kick out of it and so do i actually.

One of them all of you would fall right out of your chair if you knew.

all our ladies are treated with the respect.

respect and kindness are required here.

we are honored to have you join us.

jim




Quoting Maggioz
This is my first post on this thread, though have been a lurker for some time and also a member of the PF, but I hope to post more in the future as I feel we females are in short supply. Maybe there are more out there than I realise.

Has anyone taken the EUR/NZD? I took the daily PB long at 2.1840 and still in the trade at 2.1985.

Unfortunately having problems uploading a chart.

Maggi
  • #34,245
  • Jun 22, 2009 3:46pm Jun 22, 2009 3:46pm
Quoting Ryanmcd
AUD/USD still playing with us Mike I will say that not trading all day sure costs me a lot more gas money on the lake.
Every time that one gets back to break even I get itchy. But if I closed it and it dropped I'd be mad.

When those weekly inside bars break we're moving.
  • #34,246
  • Jun 22, 2009 3:48pm Jun 22, 2009 3:48pm
Quoting squeezy
well, imo ...the location for eurgbp is poor, hav resistance just above...
ive closed half for 11 pips or so.....moved other half to -20pips....shld be @ BE but im sure ill get taken out, want to give it some room....lets see how she plays....
gbpchf has room to move but also playing it tight....
dnt forget they are both not A trades......imo
trade mgt is the key....

Quoting squeezy
sweet hard break(jarroo style) on both especially gbpchf, now at be on both trades....
closed half on both for some profits, eventhough a bit early but its all good...
Very nice squeezy.
Indicators show the past. Price Action "Indicates" the future.
  • #34,247
  • Jun 22, 2009 3:50pm Jun 22, 2009 3:50pm
Quoting TiaForex
Every time that one gets back to break even I get itchy. But if I closed it and it dropped I'd be mad.

When those weekly inside bars break we're moving.

Get a boat and goto the lake, I forgot about the market. Only reason I am home now is bad storms
Keep taking CT trades, I need more money
  • #34,248
  • Jun 22, 2009 3:52pm Jun 22, 2009 3:52pm
Quoting james16

One of them all of you would fall right out of your chair if you knew.
It's Mike isn't it? I knew it.

(And btw, my screenname had people sending me flirty messages when I first started on here. Before they realised I was a man. It's actually an acronym of my first name and my business partner's first name.)

Aaron
  • #34,249
  • Jun 22, 2009 3:52pm Jun 22, 2009 3:52pm
Quoting supremeChaos
(Bulbrokers STS MT4)

$cad H1 DBLHC which formed 8hrs ago started the upmove.
(correct me if i'm off...) on the daily chart, it was also a TBH (two-bar high) breakout above 1.1361. it's a non-strict Four bar high breakout (daily chart; 9-14-pip difference) if u consider the june15 & 16 bars/candles & disregard the june17 bar.

on eur$, price has almost reversed to the pip (but broke some other minor ppz) of my plotted minor ppz @ 1.3825. H1 is forming a non-strict buob/dblhc (3pip difference from lows) but still has 40minutes for bar to...
A chart could show this a lot clearer sChoas. Gottta a chart?
Indicators show the past. Price Action "Indicates" the future.
  • #34,250
  • Jun 22, 2009 3:57pm Jun 22, 2009 3:57pm
4 hr USD/CAD is showing divergence and is acting tentative just below the 365. Daily chart shows that the 365 has been touched and both are just under resistance.

K.I.S.S.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdcad.gif Size: 60 KB
  • #34,251
  • Jun 22, 2009 4:00pm Jun 22, 2009 4:00pm
Quoting Ryanmcd
Get a boat and goto the lake, I forgot about the market. Only reason I am home now is bad storms
Which lake is that Ryan?

K.I.S.S.
  • #34,252
  • Jun 22, 2009 4:03pm Jun 22, 2009 4:03pm
Quoting Jduester
Final TP hit today.

Josh
Wow, pretty gutsy for non-A+ trade. Good for you.
Indicators show the past. Price Action "Indicates" the future.
  • #34,253
  • Edited 4:42pm Jun 22, 2009 4:25pm | Edited 4:42pm
Quoting clockwork71
I call shenanigans on this one. Why would you take this trade? The R/R is ridiculous. If you took that pin, you better be aiming for 1.94. Otherwise - you are wasting your time.

CW

Sorry, just that trades like this are dangerous, especially for newbies.
I agree that they're dangerous but are tradable when managed carefully. I can see using R:R, stop loss above/below the setup, using 2-3%, etc. if the setup was A+. But this setup would not qualify for those parameters.
Indicators show the past. Price Action "Indicates" the future.
  • #34,254
  • Jun 22, 2009 4:25pm Jun 22, 2009 4:25pm
Quoting KissFan
Which lake is that Ryan?

K.I.S.S.

Small lake by my home, about 15min away.
Keep taking CT trades, I need more money
  • #34,255
  • Jun 22, 2009 4:26pm Jun 22, 2009 4:26pm
Quoting jarroo
Wow, pretty gutsy for non-A+ trade. Good for you.
For good or bad, I trade the same strategy [almost] every time...makes it much less gutsy... maybe just unwise to take non-A+ trades...

Josh
  • #34,256
  • Jun 22, 2009 4:41pm Jun 22, 2009 4:41pm
Quoting Jduester
For good or bad, I trade the same strategy [almost] every time...makes it much less gutsy... maybe just unwise to take non-A+ trades...

Josh
I wouldn't say it is unwise to take a non-A+, it was definitely in the "A" catorgory. I believe the A+ trades and non-A+ trades are managed differently.

Sorry I maybe wrong and your eye saw this as an A+ setup. Which infact, as it turns out, it was. Very nice Josh.
Indicators show the past. Price Action "Indicates" the future.
  • #34,257
  • Jun 22, 2009 4:48pm Jun 22, 2009 4:48pm
Quoting ghous
Jeez. lol!

I was referring to the "price action" as textbook stuff. Was going through my daily charts when I saw the beautiful price action...thought I would share it...I should have specified it clearly...
This is textbook J16 trade ghous. It just in a different section of the book.

Is this a textbook Mike trade? I would say, "no". Managing this trade in the traditional sense would not apply.
Indicators show the past. Price Action "Indicates" the future.
  • #34,258
  • Jun 22, 2009 5:07pm Jun 22, 2009 5:07pm
Quoting jarroo
Very nice squeezy.

thnx jarroo
when is a pa setup no more valid, cant post charts, dnt kno y
i hav a buob on my eurjpyh4 chart 8hrs ago, the next 4hr formed an inside bar, and now on the next 4hr ....
is dis momentum building, not sure
not sure whether i shld pull my order out
btw the eurjpyh4 buob is on my fxdd feed

also dblhc on chfjpy h4, same scenario
Simplicity is the key to success
  • #34,259
  • Jun 22, 2009 5:07pm Jun 22, 2009 5:07pm
Quoting TiaForex
There are so many ways to play basic price action. Ghous is right to point out that price reversed exactly where expected, and if you took the daily GBPCHF trade you can't have been surprised that it did that.

Clock is also right that if you took that trade near a swing high looking for that small RR then it's an awful lot to risk for a small RR. But there are many ways to look at this.

You could be a "stop to break even quick" kind of trader. And so as the trade broke hard you moved your stop to BE looking for a longer move. You got stopped...
Great Post as always Tia. I believe you will come to realize that you can have many styles of trading in your arsenal. Knowing when to apply them with certain setups comes with time and practise.
Indicators show the past. Price Action "Indicates" the future.
  • #34,260
  • Jun 22, 2009 5:14pm Jun 22, 2009 5:14pm
Quoting TiaForex
It's Mike isn't it? I knew it.

(And btw, my screenname had people sending me flirty messages when I first started on here. Before they realised I was a man. It's actually an acronym of my first name and my business partner's first name.)

Aaron
Yes it is, I just use a voice changer for the webinars/videos

But in all seriousness, many of our female members I speak with through PMs and emails only and they turn out to be the best, and most level headed for trading, then us egotistical males that have to battle ourselves. Glad to see more female posters here too

Mike
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