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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

  • #42,381
  • Aug 27, 2009 3:43pm Aug 27, 2009 3:43pm
I am a bit less concerned about traffic in these kind of trades as a result of my back-testing...but sill needed to be managed tightly.

Still demoing them..but cool to see they work (fell like a rock after the trouble area).

Ben

PS - what is this pair meaning anyway?! I don't care as long as it works
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  • #42,382
  • Aug 27, 2009 3:52pm Aug 27, 2009 3:52pm
Quoting StoragePro
GJ Breakout - that is my kind of Breakout. Nice Flat side. OB to bust out. Run Forrest, Run....

Ima try them slanty lines too... I do trade off them, adding a break might not be to difficult...
Hi SP,

I was thinking about it....I think horizontal breakout have more potential of a longer term move.

Breakouts work because of the orderflow that is build around these areas, but maybe it also works so good becuse basically after the break, there is no trafic in the way? That can be true for horizontal breakouts.

On the other hand, trending breakouts will always have kinda traffic in the way - horizontal traffic.

I have never thought about it before...I will find time to back test my charts on this and see if it really works better on horizontal patterns.

Thank you buddy, you are making me think

Ben
  • #42,383
  • Aug 27, 2009 3:52pm Aug 27, 2009 3:52pm
Quoting benji533
I am a bit less concerned about traffic in these kind of trades as a result of my back-testing...but sill needed to be managed tightly.

Still demoing them..but cool to see they work (fell like a rock after the trouble area).

Ben

PS - what is this pair meaning anyway?! I don't care as long as it works
Well done Ben.

Holding the short from 1.1004 still myself. I plan to wait and see if the PPZ and 50% level around 1.0835-40 area will hold support. Would like to see the market continue to drop towards 1.0770 and hit the rising TL. I have a relatively high probability signal that EURJPY and GBPUSD can break to the upside tomorrow and that would support a bearish USDCAD, but we'll see how things go tomorrow... GBPJPY and USDJPY still hanging heavy.
Always wait for the opportune moment… just be careful not to miss it.
  • #42,384
  • Aug 27, 2009 3:57pm Aug 27, 2009 3:57pm
There is a PB under formation on the daily TF.

Pros:
- Long nose
- Off 134 Weekly PPZ
- Off EMA 150
- Off the short term trend line
- With the Weekly trend

Cons:
- I can only see the traffic above its head.

Would you classify it as a A+ setup?
My strategy would be to have a TP at 135.5

Cheers
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  • #42,385
  • Aug 27, 2009 4:03pm Aug 27, 2009 4:03pm
Quoting fxvision
Well done Ben.

Holding the short from 1.1004 still myself. I plan to wait and see if the PPZ and 50% level around 1.0835-40 area will hold support. Would like to see the market continue to drop towards 1.0770 and hit the rising TL. I have a relatively high probability signal that EURJPY and GBPUSD can break to the upside tomorrow and that would support a bearish USDCAD, but we'll see how things go tomorrow... GBPJPY and USDJPY still hanging heavy.
Thanks fxvision. Usually when I take intraday trades I set targets and not plan to hold trades...unless they really have a good potential for a long run.
But that dosen't mean I manage them all the way to the target
By the way, I didn't find any 1.1004 on this pair. This is a weird pair called USDHRK...don't even know what it means. Maybe you are referring to an other pair?

Ben
  • #42,386
  • Edited 4:14pm Aug 27, 2009 4:03pm | Edited 4:14pm
Quoting joelcf
Shorted AUDUSD too. Feel like a traitor

Attachment
Love it when things work the way they should. 30 pips down, close on a stall at the ppz, 85 up, closed when it came back through my tl.

easy game.

(although I did expect it to stop and reverse at the pink ppz, nice suprise that it broke through and didnt come back to take out my trail )
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Quoting Lapin
There is a PB under formation on the daily TF.

Pros:
- Long nose
- Off 134 Weekly PPZ
- Off EMA 150
- Off the short term trend line
- With the Weekly trend

Cons:
- I can only see the traffic above its head.

Would you classify it as a A+ setup?
My strategy would be to have a TP at 135.5

Cheers
For my money, GBPJPY is the better pin on the yen crosses today, assuming it comes back to close properly. Nice protrustion into space, through a PPZ. EJ is in too much traffic to be A+ for me.

Both have decent PPZ zones right overhead though.

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When you have to shoot, shoot. Dont talk.
  • #42,387
  • Aug 27, 2009 4:08pm Aug 27, 2009 4:08pm
Those fancy slanted breakouts just look trickier to me. I have not worked through them, so it is an unscientific impression. Much like thinking the world is flat, because it seems that way...

I DO like playing trend lines though.. Something newer to the arsenal.

Quoting benji533
Hi SP,

I was thinking about it....I think horizontal breakout have more potential of a longer term move.

Breakouts work because of the orderflow that is build around these areas, but maybe it also works so good becuse basically after the break, there is no trafic in the way? That can be true for horizontal breakouts.

On the other hand, trending breakouts will always have kinda traffic in the way - horizontal traffic.

I have never thought about it before...I will find time to back test my charts on this and see if it really works better...
I'm pretty much done with all this ...
  • #42,388
  • Aug 27, 2009 4:17pm Aug 27, 2009 4:17pm
First stop 1.2320
  • #42,389
  • Aug 27, 2009 4:46pm Aug 27, 2009 4:46pm
Quoting Bryan
First stop 1.2320
Nice!

I stopped trading this pair because it was too choppy for me, and just gave me headaches (and a bunch of losses). Beat some pips out of it for me

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When you have to shoot, shoot. Dont talk.
  • #42,390
  • Aug 27, 2009 5:25pm Aug 27, 2009 5:25pm
Quoting Bryan
First stop 1.2320
Ruh Roh

BEOB on the 4 hr reversed today's gain. My chart closes the day in 6 hrs, and Sydney gets rocking in soon... err, as much as Sydney rocks...

4hr Chart tells the story. Mind your back side!

Daily chart is interesting, because the area we are on top of is an old consolidation zone. (Sep, Dec, Jan, March) It is not unusual for these old zones to become the new zones again.


BTW - the bounce came off the lows of 1.2240-ish....

...
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I'm pretty much done with all this ...
  • #42,391
  • Aug 27, 2009 5:53pm Aug 27, 2009 5:53pm
Hello, guys I am on post 1k something, so pardon me if I am not up to speed, but I am demo trading Pin Bar setups to get more experience, and here is what I have witnessed today on 4H chart. Surprised no one has brought it up yet.
In this chart what is circled, is two Pin Bars - or at least that what I consider to be one.
I took the long trade on first bar break, thinking it was a valid bar and also occurring at swing low, but as you can see next it followed by another somewhat pin bar looking candle, which only reassured me to stay long, only to get stopped out on the next bar, as I placed my S/L just below the first pin bar low.
What did I do wrong, please advise? I taught out of all stupid trades that I make, this one was a true winner.
Otherwise this is a really strong strike, where it hurts.
Correct me where I am wrong.
All criticism appreciated.
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  • #42,392
  • Aug 27, 2009 5:56pm Aug 27, 2009 5:56pm
Quoting Lapin
There is a PB under formation on the daily TF.

Pros:
- Long nose
- Off 134 Weekly PPZ
- Off EMA 150
- Off the short term trend line
- With the Weekly trend

Cons:
- I can only see the traffic above its head.

Would you classify it as a A+ setup?
My strategy would be to have a TP at 135.5

Cheers
I would not classify it as an A+ setup, but I could see it sweep at the very least 135.
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  • #42,393
  • Aug 27, 2009 6:57pm Aug 27, 2009 6:57pm
Quoting Lapin
There is a PB under formation on the daily TF.

Pros:
- Long nose
- Off 134 Weekly PPZ
- Off EMA 150
- Off the short term trend line
- With the Weekly trend

Cons:
- I can only see the traffic above its head.

Would you classify it as a A+ setup?
My strategy would be to have a TP at 135.5

Cheers

I agree with Joel and Hipster, this is no where near an "A" catagory setup let alone an A+.

Too much traffic. Why? Because its not at a swing Low.
The size too small compared to the previous bars.
134.00 maybe a PPZ but the 135.00 is much more definable and clearer level.

150 ema, short term trendline and with the weekly trend are all good confluences. But when they do not line up at a swing Low and PPZ level at the PA formation, they lose their strength considerably.

As I write this, it looks like it may go to the 135.00 as Hipster said. But this does not take away what we define as an A+ setup. Price Action is a powerful thing. I don't know why anyone would trade without some assemblage of it.
Indicators show the past. Price Action "Indicates" the future.
  • #42,394
  • Edited 7:43pm Aug 27, 2009 7:28pm | Edited 7:43pm
Its always good to refocus again on seeing what an A+ trade looks like. I have a folder of many (if not all) of James16 charts that I still review all the time. Its amazing as you progress with this material, then look back at charts and see them in a clearer light.


Oh yeah . . . . this is what I'm looking for . . .

Charts:

http://www.forexfactory.com/showpost...ostcount=28665

http://www.forexfactory.com/showpost...ostcount=23703

http://www.forexfactory.com/showpost...ostcount=19599

http://www.forexfactory.com/showpost...ostcount=18852

http://www.forexfactory.com/showpost...ostcount=18186
Indicators show the past. Price Action "Indicates" the future.
  • #42,395
  • Edited 7:52pm Aug 27, 2009 7:38pm | Edited 7:52pm
USDCAD made a nice 2d pin at close. Big PPZ sittin on a round number below it, but it is with the overall trend, and in general fits the direction I want to get into this trade (ie, bullish on resources and hockey).

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I hate entering these on a Friday though. And my new trading assistant isnt offering any useful advice!

Attached Image


(It's Daffodil Day - go out and support your local cancer charity, aussies)
When you have to shoot, shoot. Dont talk.
  • #42,396
  • Aug 27, 2009 7:59pm Aug 27, 2009 7:59pm
Quoting jarroo
I have a folder of many (if not all) of James16 charts that I still review all the time.
I have 3 folders and sub folders of Mike's charts and text. Its a growing library. lol
Indicators show the past. Price Action "Indicates" the future.
  • #42,397
  • Aug 27, 2009 10:08pm Aug 27, 2009 10:08pm
Hi - and welcome to posting here. I'm impressed you've read so much. Lots of material. Make sure you pay special attention to the first post. It wsa updated recently.

OK - the Pins.

The first did not fail, but did exactly what you'd expect - ran smack into that wall of resistance just above it and rejected hard. Just not a great place for it and not very big.

The second - that PB is pretty small. Sickly.

The location looks good for both of these - at first blush - but upon examination on where it will go... Not so nice. You look for 'room'

Post some more - you are on the right track

- Old Mike

Quoting eternal_wndr
Hello, guys I am on post 1k something, so pardon me if I am not up to speed, but I am demo trading Pin Bar setups to get more experience, and here is what I have witnessed today on 4H chart. Surprised no one has brought it up yet.
In this chart what is circled, is two Pin Bars - or at least that what I consider to be one.
I took the long trade on first bar break, thinking it was a valid bar and also occurring at swing low, but as you can see next it followed by another somewhat pin bar looking candle, which only reassured me to stay long, only...
I'm pretty much done with all this ...
  • #42,398
  • Aug 27, 2009 10:12pm Aug 27, 2009 10:12pm
lol.

thats great joe.

Quoting joelcf
USDCAD made a nice 2d pin at close. Big PPZ sittin on a round number below it, but it is with the overall trend, and in general fits the direction I want to get into this trade (ie, bullish on resources and hockey).

Attachment

I hate entering these on a Friday though. And my new trading assistant isnt offering any useful advice!

Attachment

(It's Daffodil Day - go out and support your local cancer charity, aussies)
  • #42,399
  • Aug 27, 2009 10:14pm Aug 27, 2009 10:14pm
im very glad to see superman taking a couple of hours off.

he deserves it after the drubbing my rangers put on his yanks 2 games out of 3.

  • #42,400
  • Aug 27, 2009 10:19pm Aug 27, 2009 10:19pm
Quoting james16
im very glad to see superman taking a couple of hours off.

he deserves it after the drubbing my rangers put on his yanks 2 games out of 3.

That does my heart GOOD! Sent them my gratitude.
I'm pretty much done with all this ...
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