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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

  • #40,741
  • Aug 12, 2009 7:00am Aug 12, 2009 7:00am
Quoting jarroo
Very nice nick. They don't occur very often so many pairs need to be watched, just like the A+ trade.

As Dale has mentioned, strong PPZ levels and confluences need to be take into account. But trading them with the short term trend seems more important. Also the don't have to be at swing High or Lows.
yes, i think they might be even better if they occur somewhere in the middle of a move, not at a swing high/low, since they're mostly continuation, not reversal setups, as you said.
  • #40,742
  • Aug 12, 2009 7:16am Aug 12, 2009 7:16am
Quoting nonick
yes, i think they might be even better if they occur somewhere in the middle of a move, not at a swing high/low, since they're mostly continuation, not reversal setups, as you said.
Good point nick. I believe that's true as well. You gotta love their inherent low risk quality.
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Indicators show the past. Price Action "Indicates" the future.
  • #40,743
  • Aug 12, 2009 7:46am Aug 12, 2009 7:46am
Quoting jarroo
Yes, that's it Ben.
Thanks Jarroo.
  • #40,744
  • Aug 12, 2009 8:13am Aug 12, 2009 8:13am
Quoting benji533
I got up and saw 5 winners, one losser. Made me 502 pips over night

Ben

Ohh me stupid. I confused my TP with the price I closed one of the positions lol.

So I made 170 pips and not 502. Still good.

Ben
  • #40,745
  • Aug 12, 2009 9:08am Aug 12, 2009 9:08am
EURJPY H4

My bars look different from you guys, guess it is because of the timing of the H4 closing

Guys comments wanted for this setup. It is over and I did not take it.
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  • #40,746
  • Aug 12, 2009 9:10am Aug 12, 2009 9:10am
Quoting jarroo
Very nice nick. They don't occur very often so many pairs need to be watched, just like the A+ trade.

As Dale has mentioned, strong PPZ levels and confluences need to be take into account. But trading them with the short term trend seems more important. Also the don't have to be at swing High or Lows.
Hi Jarroo,

What is this Strong PPZ Levels and COnfluence that has to be taken into account?

The Double Inside Bar have to form near PPZs? Or it is meant for trade management?
  • #40,747
  • Aug 12, 2009 9:13am Aug 12, 2009 9:13am
Took 2 IPBs today based on GHOUS (did I spell your nick correctly) IPB

One ended in profit
The other ended in Breakeven - Think I moved my stop to breakeven too soon. Spooked by the PPZ that was just at my entry

Did I do it correctly?
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  • #40,748
  • Aug 12, 2009 9:30am Aug 12, 2009 9:30am
I can't remember who said it but it went something like this: losing is what traders do while they wait for the great A++ set-ups... oooh so true. nothing last week only for a hatful of points to come along this week... does a pin ever look better than this?
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  • #40,749
  • Aug 12, 2009 9:40am Aug 12, 2009 9:40am
Quoting salisa
I can't remember who said it but it went something like this: losing is what traders do while they wait for the great A++ set-ups... oooh so true. nothing last week only for a hatful of points to come along this week... does a pin ever look better than this?
This one is really great salisa,

I f price breaks that 136.55 line on your chart, it will act as strong support and we can smile. But I think high possibility it will make trouble and price will consolidate below it for a while.

Ben
  • #40,750
  • Aug 12, 2009 9:42am Aug 12, 2009 9:42am
Quoting joelcf
I'm on the long side of EJ. Up about 50 pips at the moment, but like the shape/location (potential daily pin, fingers crossed) so i think I am prepared to give this one some room to play.

Well spotted.

if we can break 136, there is a minor battle between 136.50-137.00...and after that, I'd be looking for this one to go to 138.00 - 138.25. And then come back down, prolly.


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Joel my man

I took the eur/jpy 4hr pin, and took full profit shy of 136.50 which is going to be tough to motor right through easy.
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  • #40,751
  • Aug 12, 2009 9:43am Aug 12, 2009 9:43am
I totally agree - lets see what happens....
  • #40,752
  • Aug 12, 2009 9:43am Aug 12, 2009 9:43am
Quoting tradertt
Hi Jarroo,
What is this Strong PPZ Levels and COnfluence that has to be taken into account?
The Double Inside Bar have to form near PPZs? Or it is meant for trade management?
it's meant for trade management. confluences & specially strong PPZ levels are important, whatever the PA setups we are looking at.


on the IPB tades u took, i think u did well.
i believe entry is on the IPB close, target is the IPB high/low (which u "almost" did) & or nearby S/R or PPZ or MA.
u may have closed them prematurely but u see personal preference also comes into play. 2 wins (profit & BE) is 2 wins.
I think ghous will be proud..
  • #40,753
  • Aug 12, 2009 9:43am Aug 12, 2009 9:43am
Was in on the gbp-yen trade with you guys. Got in at 157.47 with stop at the end of the pin and target at 158.90

After going +30 up I moved to BE. Sure enough, it retraced to 157.49, took my stop and went off like a rocket! Same thing happened yesterday on CAD-CHF Weekly pin(will post later) and I know we count Break evens as a win, but its kinda of annoying to see your winners hit their targets... with you out of the trade that is!

So, my question is, how to you guys handle going to break even? Whens a good point to move it up to BE? I was going by if it moved 30/40 pips in my direction and stalls to move to BE or to T/P at that level.

Any advice experts?

Thanks
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  • #40,754
  • Aug 12, 2009 9:45am Aug 12, 2009 9:45am
Quoting salisa
... does a pin ever look better than this?
The answer? No they don't.

Did I trade Monday? Nope. did I trade tuesday? Nope. It's a waiting game. B/c the taking candy from babies bars COME.
  • #40,755
  • Aug 12, 2009 9:50am Aug 12, 2009 9:50am
Quoting mbqb11
This was definitely a test of patience for you guys that got in on that retrace. Here is the first clear trouble area(I had watched this for the 4hr pin that occurred late on the IBFX feed)

Mike

updated chart.
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  • #40,756
  • Aug 12, 2009 9:52am Aug 12, 2009 9:52am
Wow! Positive Canadian Trade balance shocked the markets....may be time to reverse after todays close....I made some profit...but greed got the best of me....Greed managed to robb me of 1/3 of my profits....not too bad I guess...better than a kick in the ass with a frozen boot.

GregB
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  • #40,757
  • Aug 12, 2009 10:00am Aug 12, 2009 10:00am
Quoting supremeChaos
it's meant for trade management. confluences & specially strong PPZ levels are important, whatever the PA setups we are looking at.


on the IPB tades u took, i think u did well.
i believe entry is on the IPB close, target is the IPB high/low (which u "almost" did) & or nearby S/R or PPZ or MA.
u may have closed them prematurely but u see personal preference also comes into play. 2 wins (profit & BE) is 2 wins.
I think ghous will be proud..
Yeah maybe I was too "afraid" to let it run so I usually put TP slightly below the high/low
  • #40,758
  • Aug 12, 2009 10:03am Aug 12, 2009 10:03am
Warning - not a price action trade

took this as a Jacko-style "trade with the trend" long on EURUSD, saw a dip below 1.4100 and set a buy stop with a 50 pip SL per his style, off the daily chart...

Woke up to nice move and noticed this pinbar on the 4H.... anyone here in on this one??

Casey
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  • #40,759
  • Aug 12, 2009 10:06am Aug 12, 2009 10:06am
Quoting mbqb11
The answer? No they don't.

Did I trade Monday? Nope. did I trade tuesday? Nope. It's a waiting game. B/c the taking candy from babies bars COME.
Mike, reading these kind of posts from someone like you make me smile. It's like something inside me is stressing that the way to financial freedom everyone looks for, is real, and it is one step away. We have here something so many others are dreaming to have.

Thank you.

Ben
  • #40,760
  • Edited 10:24am Aug 12, 2009 10:07am | Edited 10:24am
Hey all!!

Lots of Yen talk so I thought I would throw in the Euro. Apologies if already posted.

Aqua blue lines are my take profit. 2/3 off already and stop trailing on the last 1/3 aiming for the top Aqua line around 1.4270.

Great work on the setups caught today.

Letitride

Thought there was a reason I don't post much took forever for me to get it up and someone beat me to it albeit on the 4hr.hehe well done
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