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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

  • #41,701
  • Aug 21, 2009 4:34am Aug 21, 2009 4:34am
Missed a few sitters today, was out at the beach fishing

I expect STO to be all over this...

G
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I believe . . .
  • #41,702
  • Aug 21, 2009 4:47am Aug 21, 2009 4:47am
Quoting regsklongshort
usdcad daily
Thanks regsk.


Quoting tradertt
No problem. I will be out for a while too. Talk when you are back.
I also need to understand what you mean by some bar break stops are better.
First let's look at the setup that datogio took.

2 Day PB or Inside Bar at a swing High and with the over all down trend. Off a strong PPZ level 1.1100.
The Break (of the 2 Day PB not the IB, important) is below a strong round number, 1.1000. Traffic is minimal between the trigger and the 1st TP.
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Indicators show the past. Price Action "Indicates" the future.
  • #41,703
  • Aug 21, 2009 4:47am Aug 21, 2009 4:47am
Quoting ghous
Missed a few sitters today, was out at the beach fishing

I expect STO to be all over this...

G
Ohhhh GOD missed them all each and every one of them
  • #41,704
  • Aug 21, 2009 4:50am Aug 21, 2009 4:50am
Quoting nasir.khan
Ohhhh GOD missed them all each and every one of them.
You don't need to hang around the IH anyways...

Keep it simple and keep it at the highers till you prove yourself, remember the J16 min requirements?

J16 Min Requirments

Cheers
Ghous.
I believe . . .
  • #41,705
  • Aug 21, 2009 4:52am Aug 21, 2009 4:52am
Quoting StoragePro
Oopsy - me and my weird need to sleep.

And I missed my entry... No chasing. Chasing is bad.

Darn Sleep. When will it ever end...


.
Still no cure for it????
  • #41,706
  • Aug 21, 2009 5:01am Aug 21, 2009 5:01am
Quoting ghous
You don't need to hang around the IH anyways...

Keep it simple and keep it at the highers till you prove yourself, remember the J16 min requirements?

J16 Min Requirments

Cheers
Ghous.
Thank's
I read that already.

But i missed so much sleep in this week and it all came up on me today with some FLU attached.

Problem was not with TF's but i hesitated with that combining the bars thing.

i saw entries at EJ, GJ and GU this morning But was not feeling well so i stayed away.
  • #41,707
  • Aug 21, 2009 5:01am Aug 21, 2009 5:01am
Quoting jarroo
Thanks regsk.




First let's look at the setup that datogio took.

2 Day PB or Inside Bar at a swing High and with the over all down trend. Off a strong PPZ level 1.1100.
The Break (of the 2 Day PB not the IB, important) is below a strong round number, 1.1000. Traffic is minimal between the trigger and the 1st TP.
The Bar that broke was . . what do you know . . . almost above the setup itself. Which is where a stop loss usually should be placed on a high quality PA setup.
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Indicators show the past. Price Action "Indicates" the future.
  • #41,708
  • Edited 5:45am Aug 21, 2009 5:28am | Edited 5:45am
Quoting jarroo
The Bar that broke was . . what do you know . . . almost above the setup itself. Which is where a stop loss usually should be placed on a high quality PA setup.

Instead of using the Break Bar or the top of the PA setup for the stop loss placement, why not use a tight stop loss just above the 1.1000 to see if this high momentum setup can break hard and hit the 1st TP.

Quoting datogio
hard break, lets see what is she willing to give
(30 min chart to show the hard break)

Once Price breaks hard, it tells me a couple of things. 1.) Vaildation of the setup. 2.) Confirmation that the setup is correct. Meaning, that there is more downward potential, even if there is a retrace or retest of the break.

Once Price hit the 1st TP, I can take some off the table and move to break even or leave my stop loss in place. Either way, my risk is reduced or eliminated.
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Indicators show the past. Price Action "Indicates" the future.
  • #41,709
  • Aug 21, 2009 6:09am Aug 21, 2009 6:09am
USDCHF 1hr

small buob but already back down there in last 5mins...

But really key level.. this level goes back to Dec2008 where weekly reject hard off twice...

Then back to May2008 where it killed a move up... and rejected off it..

One to watch! Watching the 4Hr and setting some alerts below this level because it really has very little below to stop..
The winner of the rat race is still a rat.
  • #41,710
  • Aug 21, 2009 6:44am Aug 21, 2009 6:44am
Quoting LittleLuca
USDCHF 1hr

small buob but already back down there in last 5mins...

But really key level.. this level goes back to Dec2008 where weekly reject hard off twice...

Then back to May2008 where it killed a move up... and rejected off it..

One to watch! Watching the 4Hr and setting some alerts below this level because it really has very little below to stop..
I wouldn't bother friend,

At this time of the trading week, messing around with the 1H can be dangerous,

Outside bars and to a great extent all our PA bars require "momentum" on their side to be able to work like we want them to...

And this basic element can become scarce late on a Friday,

You would be hoping against hope to see some bulls fire off this time of the trading week...of caorse that's not impossible but it all comes down to the very basic qs....are you ready to bet your money on an event like this to occur? I for one would answer this with a big bold NO

Ghous.
I believe . . .
  • #41,711
  • Aug 21, 2009 6:59am Aug 21, 2009 6:59am
Edited
  • #41,712
  • Aug 21, 2009 7:02am Aug 21, 2009 7:02am
I agree but we do have news which can push things around a little... and I must imagine there would be a lot of stops below 1.0550.

I would have been looking for the second hr to do something substantial... if it was going to reject..

I was thinking more about a break below. Also looking back Fridays seem to have good volume moves on this pair... not sure if this is relevant but..
The winner of the rat race is still a rat.
  • #41,713
  • Aug 21, 2009 7:24am Aug 21, 2009 7:24am
Quoting benji533
Hi Mike master of breakouts I need your advice.

I have been looking for some breakout patterns today and found this lovely exotic pair EURSEK. It was squeezing during the last month, and it is with the trend. In addition, there are no special trouble areas in the way, so it can catch a good run.

My only concern is that divergence. Do you skip good setups when you have that kind of divergence at extreme low? looking scary to me

By the way, boring day for me....no good enough trade opportunities...patient, discipline, patient, discipline...

Ben...
Man! where is my lovely pullback now? Come back!!

LOL

By the way, anyone took the GBPJPY 1H BUOB? usually I trade only pin bars...but now I have started demoing the outside bars as well I'm still in.

Ben
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  • #41,714
  • Edited 8:12am Aug 21, 2009 7:40am | Edited 8:12am
Quoting benji533
Man! where is my lovely pullback now? Come back!!

LOL

By the way, anyone took the GBPJPY 1H BUOB? usually I trade only pin bars...but now I have started demoing the outside bars as well I'm still in.

Ben
GY long looking good on 4hr if it can hold...Sorry, wrong chart....I meant UJ...

GregB
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  • #41,715
  • Aug 21, 2009 7:48am Aug 21, 2009 7:48am
Here is another rant from me :-)
Before two nights ago I hadnt taken a trade in about a month, I was on vacation for about 2 weeks and the other 2 weeks were just no trades for me.

I took the EUR CAd Daily pin the other night, It may not have been an A+ because it was in a bit of traffic. But nice pin, round number, with trend, BANG ! for me anyway. My plan was to use a bar break stop when it dropeped about 30 pips. I did which reduced my risk. But before I went to bed last night I dropped down to the 4 hr and ot scared becasue there were pins facing the opposoite direction and I didnt want to lose. SO I moved to BE, whiich was agaisnt my trading plan. Well on my commute to work I got stopped out BE to the pip. and then the thing exxploded for about 100 pips.

The Moral of this story for me is. Follwo my plan, first and foremost. And number 2 do not drop down to other time frames to manage a trade very early on. If you take a daily manage it on the daily if you rtake a 4hr do it on the 4hr. Right now I would be at .7R which is great in my book esepcially on a B trade.

Sorry just wanted to share and vent I am more calm now.


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  • #41,716
  • Aug 21, 2009 7:51am Aug 21, 2009 7:51am
Quoting batesmotel
GY long looking good on 4hr if it can hold...Sorry, wrong chart....I meant UJ...

GregB
WOW UJ is really shooting up like mad! didn't see it...anyway I prefer not taking more that one JPY pair at the same time cause they are too much the same. Lets see what I can get out of the GY

Ben
  • #41,717
  • Aug 21, 2009 7:52am Aug 21, 2009 7:52am
Time to make the kill.
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  • #41,718
  • Aug 21, 2009 7:53am Aug 21, 2009 7:53am
I'm liking GU 4hr short also...i'm not sure about trouble ppz....any experts please jump in on analysis.
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  • #41,719
  • Aug 21, 2009 7:56am Aug 21, 2009 7:56am
eu 1hr is a beob (is this? seems like a beob with big wick... not sure how to refer to this)

GU is the same... bearish 4hrs...

And UsdChf 1hr looks a like another buob but not quite a full twezzer on 4hr..!

Also oil looks like one hell of a 4hr PB off highest level this year (i think )

How should the eu/gu 4hr be refered to ? is it a PB or a Beob??
The winner of the rat race is still a rat.
  • #41,720
  • Aug 21, 2009 8:01am Aug 21, 2009 8:01am
Quoting LittleLuca
eu 1hr is a beob (is this? seems like a beob with big wick... not sure how to refer to this)

GU is the same... bearish 4hrs...

And UsdChf 1hr looks a like another buob but not quite a full twezzer on 4hr..!

Also oil looks like one hell of a 4hr PB off highest level this year (i think )

How should the eu/gu 4hr be refered to ? is it a PB or a Beob??
A beob.
I believe . . .
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