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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

  • #35,481
  • Jun 30, 2009 3:16am Jun 30, 2009 3:16am
Quoting g5ricky
what do you guys think about the 4 hour bearish outside bar on eu?
hi, could you post a chart, i dont get a BEOB on my feeds.
theres still a couple of hours to go untill the bar closes for me also.
jon
PATIENCE... DISCIPLINE
  • #35,482
  • Edited 3:33am Jun 30, 2009 3:22am | Edited 3:33am
anyone else interested in this last 1h pin on chf/yen??
after a couple of days consolodating price broke out of a dodgy looking triangle formation to test the 8900 round number.
it has now retraced back to test the break of those daily IBs, which is also the 50% fib retrace.
different views more than welcome
cheers
jon
EDIT: no trade, pin invalidated.
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PATIENCE... DISCIPLINE
  • #35,483
  • Jun 30, 2009 3:24am Jun 30, 2009 3:24am
Quoting g_j_hook@yah
hi, could you post a chart, i dont get a BEOB on my feeds.
theres still a couple of hours to go untill the bar closes for me also.
jon

here you go...
Attached Image (click to enlarge)
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  • #35,484
  • Jun 30, 2009 3:49am Jun 30, 2009 3:49am
I'd call my euro 4hr a pinbar on ODL mt4.
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There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,485
  • Jun 30, 2009 3:49am Jun 30, 2009 3:49am
Will be looking to buy if the market falls..

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  • #35,486
  • Jun 30, 2009 3:58am Jun 30, 2009 3:58am
Don't be fooled by the apparent 4H pin here. 6600 has been Strong resistance and I think it will ow be good support.

I'm long and at BE+ now
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Ghost Rider - WWTBMD?
  • #35,487
  • Jun 30, 2009 4:02am Jun 30, 2009 4:02am
Quoting g5ricky
here you go...
yeah interesting i dont get this on either of my feeds as they close later.
from looking at your chart it looks more like a pinbar and quite a nice one. the BEOB bars need to close BELOW the close of the preceding bar and preferably below its low,or at least 2/3rds of the way down( to quote the pdf file). i think Mike only takes these if they close below the previous bars low?( please correct me if im wrong Mike).
my feed is showing a BEOB atm and if it closes like this i may well take the short.?
i have attached the pdf for anyone interested.
jon
Attached Image (click to enlarge)
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Attached File(s)
File Type: pdf price action.pdf   45 KB | 1,301 downloads
PATIENCE... DISCIPLINE
  • #35,488
  • Jun 30, 2009 4:08am Jun 30, 2009 4:08am
Quoting albchr
Don'y be fooled by the apparent 4H pin here. 6600 has been Strong resistance and I think it will ow be good support.

I'm long and at BE+ now
hi albchr, dont you like the fact that if it breaks, it breaks the round no. also?? would appreciate your views? i think it is a strong level also and has held up even with the bad numbers?
jon
PATIENCE... DISCIPLINE
  • #35,489
  • Jun 30, 2009 4:32am Jun 30, 2009 4:32am
Quoting g_j_hook@yah
hi albchr, dont you like the fact that if it breaks, it breaks the round no. also?? would appreciate your views? i think it is a strong level also and has held up even with the bad numbers?
jon
"If" it breaks then yes. I've been playing this pair's range (6200 - 6600) for the last 2 weeks both up and down and making a killing. I've actually been expecting this to break above 6600 because if you look at the past 2 weeks, every retreat from a high has happened pretty quickly. On open this week there was a small retreat and then back up. This "indicates" to me the sellers are loosing interest. I expect a retest of 6600ish and will let PA tell me from there.

Of course all of this is only my opinion and I play a fairly dangerous game due to my situation. I enter with 3 lots. I'm at BE 5 pips in. On this one I took 1 lot at +22 and had BE+ 10 set. Obviously as I typed this I got stopped out for 10 on the other 2 lots but I have reentered again and again, I'm at BE right now.
Ghost Rider - WWTBMD?
  • #35,490
  • Jun 30, 2009 4:37am Jun 30, 2009 4:37am
Please visit this http://www.forexfactory.com/showthre...61#post2838661 to evaluate your profit factor target. Sorry for those not interested.
  • #35,491
  • Jun 30, 2009 4:54am Jun 30, 2009 4:54am
Quote
Don't be fooled by the apparent 4H pin here. 6600 has been Strong resistance and I think it will ow be good support.

albchr,
this is your view because u have been long this pair. hehe

what is the MT4 broker used here by the way?
1.6600 may or may not hold..
if u look at your 2 charts, the H4 PB has formed in just 3hours. the long nose says a lot about the (initial) rejection above.

another alternative view is that this "range breakout" above 1.66 could possibly be a false one, & may take price immediately back in the range (to +/- 1.65) or perhaps even (break) below the range.
  • #35,492
  • Jun 30, 2009 4:56am Jun 30, 2009 4:56am
Quoting mbqb11
nice supreme a good "summary" of what we do
Mike
mbqb11,
Glad i made a correct/good summary Sir.




kk007,
i have come across this topic before.
Thanks for sharing & creating a thread on it.
  • #35,493
  • Jun 30, 2009 5:00am Jun 30, 2009 5:00am
Quoting supremeChaos
mbqb11,
Glad i made a correct/good summary Sir.




kk007,
i have come across this topic before.
Thanks for sharing & creating a thread on it.
Thanks supremeChaos,

What do you think a maximum achievable profit factor for a professional trader? Is 3 achievable?

cheers,
  • #35,494
  • Edited 5:25am Jun 30, 2009 5:01am | Edited 5:25am
this looks good. 4h BEOB on th gb/cad. for me great location and plenty of space.
jon
Attached Image(s) (click to enlarge)
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PATIENCE... DISCIPLINE
  • #35,495
  • Jun 30, 2009 5:04am Jun 30, 2009 5:04am
Quote
Not blind entries this time. Support becomes resistence with a good pinbar or gravestone doji in 15 min. Also my principal entry was the defective hanging man+second candle.

Quote
Some of em'.

ikki, ghous,
it seems to me u have been trading like the pros/Smart Money. lol
I'm running behind.... way behind u two as a raczekfx apprentice-contender.
  • #35,496
  • Jun 30, 2009 5:07am Jun 30, 2009 5:07am
Quoting albchr
"If" it breaks then yes. I've been playing this pair's range (6200 - 6600) for the last 2 weeks both up and down and making a killing. I've actually been expecting this to break above 6600 because if you look at the past 2 weeks, every retreat from a high has happened pretty quickly. On open this week there was a small retreat and then back up. This "indicates" to me the sellers are loosing interest. I expect a retest of 6600ish and will let PA tell me from there.

Of course all of this is only my opinion and I play a fairly dangerous game...
thanx albchr, i have been doing just the same with the recent range.it has provided some decent trades....BE @ +5!! thats tight mate!!
lets see what the pa brings?? i have to agree with SChaos on this though, its lookin like a false break.it broke out of its range during the asian session and whipped straight back in when the eu/gb market opened.maybe its just those bad GDP numbers etc holding it back??
jon
PATIENCE... DISCIPLINE
  • #35,497
  • Jun 30, 2009 5:10am Jun 30, 2009 5:10am
Quoting supremeChaos
albchr,
this is your view because u have been long this pair. hehe

what is the MT4 broker used here by the way?
1.6600 may or may not hold..
if u look at your 2 charts, the H4 PB has formed in just 3hours. the long nose says a lot about the (initial) rejection above.

another alternative view is that this "range breakout" above 1.66 could possibly be a false one, & may take price immediately back in the range (to +/- 1.65) or perhaps even (break) below the range.
hehe...I've been BOTH long and short...LOL Matters not to me. What you say could be true about it coming back into the range. If it does, so be it. It won't take any of my money doing so and will provide me another nice short if PA tells me so. I made a killing off GU yesterday with nothing but shorts off the top of the range.
Ghost Rider - WWTBMD?
  • #35,498
  • Jun 30, 2009 5:10am Jun 30, 2009 5:10am
Is this pin a fake break of the upper congestion area ?
I like it ... but my stop will be BE quickly i would think in this chop ..
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  • #35,499
  • Jun 30, 2009 5:18am Jun 30, 2009 5:18am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
I'll like to ask about this current BEOB formed in GU H4

1.6600 PPZ had been strong resistance over the pass week. Price break off that lvl earlier today, and how in 4H, a BEOB formed, confluence with the 1.6600 PPZ.

Question is, will this mean that the breakout had failed, and price will come back down to the ranging zone? Or will it be indecision, where we're unsure of whether the PPZ will provide a new support for price.

LSs
Attached Image (click to enlarge)
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  • #35,500
  • Jun 30, 2009 5:20am Jun 30, 2009 5:20am
Quote
Thanks supremeChaos,
What do you think a maximum achievable Profit Factor for a professional trader? Is 3 achievable?
cheers,

kk007,
why not a PF of 3? of course it's achievable.
Like many/several here, my take would beanything is possible or Nothing is impossible.
& it goes without saying that u/we have to work hard (& smart) for whatever we want to achieve.
I think it's fair to say a PF of 3-5 is achieved by successful traders, probably some even more. since successful traders avoid/minimize risk as much as possible, i can't see why a PF of 3-5 is impossible & insurpassable.

I'm not the best person to answer this Q, but thanks for asking, anyway.



Quote
this looks good. 4h BEOB on th gb/cad. for me great location ans pleny of space.

g_j_hook@yah,
that's not space. that's SPACE. lol
have not taken those crosses yet (due to spreads & limited experience with them), but if u are going to, just be careful as gbp has been bashing its way around & CAD has been weak as evidenced in your chart (& other CAD crosses).
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