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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

  • #44,321
  • Sep 22, 2009 5:04am Sep 22, 2009 5:04am
Quoting Que
Took a look at GU. It is going exactly where I expected in the short term. I am watching this for some PA to determine when I can add to my short. Any thoughts?

Also, I stopped out at BE on my EU.

Que

hey que
my charts r similar to urs but drew my fib from the swing high (est) lol
waiting also
lets see how it plays out
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Simplicity is the key to success
  • #44,322
  • Sep 22, 2009 5:07am Sep 22, 2009 5:07am
Quoting Jduester
However, it is best to look for these setups only at swing lows. Playing them near swing highs usually causes them to run straight into a resistance zone.
It did work this time, but you'll find that most seniors wouldn't have considered trading this setup, namely because of the location.
Personally, I woulda given this one a wide berth just because you are looking at a breakout from bars formed in a low volume session, so it isnt really the kind of flow *I* want to see. That's just me though, mainly because I am a complete wuss when it comes to breakout trades.

But hey, glad it worked out for you
When you have to shoot, shoot. Dont talk.
  • #44,323
  • Sep 22, 2009 5:16am Sep 22, 2009 5:16am
Quoting joelcf
Dear pinbars,

You are awesome.

Love,
Joel.

Attachment

Attachment

hehehehehe
indeed they r.... closed mine though at my blue box area
had to play this one tight though...had trouble just below
gotta love that pin size and the location....
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Simplicity is the key to success
  • #44,324
  • Sep 22, 2009 5:20am Sep 22, 2009 5:20am
Quoting squeezy
hehehehehe..
indeed they r.... closed mine though at my blue box area
had to play this one tight though...had trouble just below
gotta love that pin size and the location....
hehe..me too!!
wow ur chart looks jus like mine!! .. lol
im still in with my stop just above 1.07.
lets see how she blows??
PATIENCE... DISCIPLINE
  • #44,325
  • Sep 22, 2009 5:59am Sep 22, 2009 5:59am
Quoting g_j_hook@yah
hehe..me too!!
wow ur chart looks jus like mine!! .. lol
im still in with my stop just above 1.07.
lets see how she blows??

nice Jon
closed mine as u can see my tp was hit already
goodluck with that
happy r charts r similar, means we r seeing the same things
cheers
Simplicity is the key to success
  • #44,326
  • Sep 22, 2009 6:27am Sep 22, 2009 6:27am
Haha! I like it! Here's mine:

Dear bullish engulfing bars that look like pin bars at swing low that are showing trend continuation right at support,

You are my MVP.

Love,

K.I.S.S.

Quoting joelcf
Dear pinbars,

You are awesome.

Love,
Joel.

Attachment

Attachment
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  • #44,327
  • Sep 22, 2009 6:39am Sep 22, 2009 6:39am
20 min left on bar. If closes below 1.4791, I will initiate a sell.

Que
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Que
  • #44,328
  • Sep 22, 2009 6:44am Sep 22, 2009 6:44am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
it seems today is a very good day for many of you guys. here is one potential I am looking at, but, not very sure about the quality of this pin today, don't know the reason why, simply feel this pin seems rather weak, how do you guys think about it? maybe a retrace entry upon breakout serve better off of a strategy?
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  • #44,329
  • Sep 22, 2009 7:01am Sep 22, 2009 7:01am
Ok, based on my thoughts of the Daily EU believing a reversal on historical resistance; I am looking at the H4.

This pin gave me the PA to initiate a trade southbound.

1% trade
50 Pip stop

Good luck all, I am on travel for business at the moment. Should be back to the hotel in 3-4 hrs.

Que
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Que
  • #44,330
  • Sep 22, 2009 7:05am Sep 22, 2009 7:05am
Quoting Que
20 min left on bar. If closes below 1.4791, I will initiate a sell.

Que
hey Que
be careful with this one here
my thoughts are 1. size of the pin wrt previous bar
2. the bar highs to the left acting as support
3.strong uptrend
4. bar hasnt closed
and some others
anyways as i said those r my thoughts....illd rather sit this out and wait in the bushes for something better

edit: wow! just saw u entered aggresively on this...goodluck with this trade QUE
Simplicity is the key to success
  • #44,331
  • Sep 22, 2009 7:31am Sep 22, 2009 7:31am
Quoting Que
Ok, based on my thoughts of the Daily EU believing a reversal on historical resistance; I am looking at the H4.

This pin gave me the PA to initiate a trade southbound.

1% trade
50 Pip stop
Its a pretty looking pin, nice shape and extrusion at a swing high, and a deviant side to her... but she's damaged goods IMO. Size is way too small compared to the big bullish bar and the trend behind it, and running into big resistance at every step.

Not sayin it wont work out for ya, but too much drama for my tastes.

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When you have to shoot, shoot. Dont talk.
  • #44,332
  • Sep 22, 2009 8:31am Sep 22, 2009 8:31am
This has probably been brought up many times and I may have even asked in a webinar months ago, but I am a little frustrated witht this situation. Yesterday I had 2 pending trades for the GU and UJ 4hr bars, charts below. After the next 4 hr pin did not break my trade. I deleted the pending orders and sat on the sidelines. The trades obviously took off the both had nice round numbers bouncing off support and resistance and were huge bars.

My question and what I really want input on, if anyone can provide is when do you guys keep on trades ? Until the bar is invalidated or even after the enxt time frame does not trigger your order. My daily GU closed as a pin(not the best looking though, but good) on ibfx so maybe I should have left me GU order on.

It isnt a big deal because I didnt take a loss and there will be plenty of other trades but I defintiely dont want to miss out on great moves like these from these great bars due to lack of market movement late in the day. Any comments would as alwasy be appreciated.

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  • #44,333
  • Sep 22, 2009 8:38am Sep 22, 2009 8:38am
Quoting dmc
when do you guys keep on trades ? Until the bar is invalidated or even after the enxt time frame does not trigger your order.
If the next bar doesnt break it for me, I kill the trade. It's all about momentum, and if the next bar doesnt follow through then I would rather avoid the hassle.

I completely stole this approach from Mike, so cant take credit.

On the other hand, some of the top traders around here wait until a setup has been invalidated and consider it a live trade until proven otherwise.

It seems to be a personal preference thing... which probably isnt the definitive answer you would like
When you have to shoot, shoot. Dont talk.
  • #44,334
  • Sep 22, 2009 8:45am Sep 22, 2009 8:45am
Unfortunately there is never a definitive answer! Gotta relly on your own experience for that particular answer. I think the problem is many new guys look for something that works all the time cause they afraid to take a loss or not sure of their trading yet.
  • #44,335
  • Sep 22, 2009 8:47am Sep 22, 2009 8:47am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
oops, time proves it's indeed a weak pin, wish I am lucky with this blind entry, given round nr, 61 fib and ppz serving as strong support. is it a strong support? my wish says yes, but, who knows, wait time to prove it again it's a strong support.
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  • #44,336
  • Sep 22, 2009 8:53am Sep 22, 2009 8:53am
Thanks guys. Yea I knew it would come down to personal preference like most things lol. I guess the safe bet would be to kill it. Momnetum especially in the intraday seems very important and has been for me in my short trading career. I jus thate seeing moves liek that after killing the trades.



Quoting joelcf
If the next bar doesnt break it for me, I kill the trade. It's all about momentum, and if the next bar doesnt follow through then I would rather avoid the hassle.

I completely stole this approach from Mike, so cant take credit.

On the other hand, some of the top traders around here wait until a setup has been invalidated and consider it a live trade until proven otherwise.

It seems to be a personal preference thing... which probably isnt the definitive answer you would like
  • #44,337
  • Edited 9:33am Sep 22, 2009 9:12am | Edited 9:33am
Quoting g_j_hook@yah
hi Jaroo,here goes one of them breaks you like!! lol
i agree wid this. im on the side lines but only cos im in other trades. i think it could go a long way,
great location, certainly 1.65 may be on the cards??

Gotta love the hard break g_j_.

Why? Because it acts as a confirmation that the setup is correct, for me.
And then if it retrace or retest the break and continues onward, it is another confirmation. (Shown on the 4 Hour and more clearly on the Hourly chart)


1.6500 is confluencing with the 61.8 Fib and the 1.6450ish is confluencing with the 365 ema (black) and 50% retracement level. Both are at PPZ levels, let's see who wins. More confluences with the 1.6450ish level
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Indicators show the past. Price Action "Indicates" the future.
  • #44,338
  • Sep 22, 2009 9:18am Sep 22, 2009 9:18am
Quoting Que
Took a look at GU. It is going exactly where I expected in the short term. I am watching this for some PA to determine when I can add to my short. Any thoughts?

Also, I stopped out at BE on my EU.

Que
Possible shorting opportunities at the 1.6450ish level or the 1.6500. These levels have strong confluences with other tools, i.e. Fib levels, round numbers, PPZs, MAs, etc.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,339
  • Sep 22, 2009 9:29am Sep 22, 2009 9:29am
Quoting squeezy
nice Jon
closed mine as u can see my tp was hit already
goodluck with that
happy r charts r similar, means we r seeing the same things
cheers
well stopped out for about 1.5:1 so not bad over all.

Quote
Haha! I like it! Here's mine:

Dear bullish engulfing bars that look like pin bars at swing low that are showing trend continuation right at support,

You are my MVP.

Love,

K.I.S.S.
nice trade KISS, that was the bar i was wishing id caught!! lol it actually closed a DBLHC on my feed.
p.s. wot does MVP mean??

Quote
dmc...
This has probably been brought up many times and I may have even asked in a webinar months ago, but I am a little frustrated witht this situation. Yesterday I had 2 pending trades for the GU and UJ 4hr bars, charts below. After the next 4 hr pin did not break my trade. I deleted the pending orders and sat on the sidelines. The trades obviously took off the both had nice round numbers bouncing off support and resistance and were huge bars.
for what its worth, i personally dont discard the set up solely because it didnt break on the next bar,for me the setup can be valid for a few bars after depending on the situation. Aftewr all a good location wid pa and confluence is... a good location wid pa and confluence! and i like to give it a bar or two to see how it developes. sometimes momentum also takes a little while to build and get eveyone on board??
What i dont like to see though is the following bar to close high/low into the trigger bar, this to me is a sign of the level weakening? this is jus me though.
jon
PATIENCE... DISCIPLINE
  • #44,340
  • Sep 22, 2009 9:31am Sep 22, 2009 9:31am
Quoting g_j_hook@yah
well stopped out for about 1.5:1 so not bad over all.


nice trade KISS, that was the bar i was wishing id caught!! lol it actually closed a DBLHC on my feed.
p.s. wot does MVP mean??

Most Valuable Player.

Those were great Joel and KissFan.
Indicators show the past. Price Action "Indicates" the future.
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