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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

  • #45,061
  • Oct 1, 2009 1:44pm Oct 1, 2009 1:44pm
Quoting raczekfx
Price's falling, falling, falling...,
1. 50, check,
2. 61, check....
3. TL, check......
4. ppz confluence, check, check, check - BINGO
5. Reload.
6. Fire....----------->

7. PB on 1hr. Great.
8. Stop moved to 10ps below the pb..
9. 10 hrs later another TP hit.

10. Going back to waiting mode...

Next big one on loonie..
.
Hi Mark

Did you have the buy limit setup at that daily PPZ before the highlighted PB developed? Or was that buy limit set after the PB formed to get in on a little retrace?
  • #45,062
  • Oct 1, 2009 1:48pm Oct 1, 2009 1:48pm
Quoting raczekfx
...


Next big one on loonie..
.
go loonie, go....
.
Attached Image
  • #45,063
  • Oct 1, 2009 1:51pm Oct 1, 2009 1:51pm
Quoting FinnTrader
EURCAD 4H buob. I took it. How do you like it?
Seems to be working like I expected. +50 pips now and stop at BE. I love this stuff.
  • #45,064
  • Oct 1, 2009 1:51pm Oct 1, 2009 1:51pm
Quoting raczekfx

Next big one on loonie..
.
You better get that big loonie pretty soon, or you are going to bust!
I'm pretty much done with all this ...
  • #45,065
  • Oct 1, 2009 1:55pm Oct 1, 2009 1:55pm
Quoting pmn100
Hi Mark

Did you have the buy limit setup at that daily PPZ before the highlighted PB developed? Or was that buy limit set after the PB formed to get in on a little retrace?
No, it was manual execution.

I was watching price move down to 61 in mid day, it then retraced back up some 40pips and started falling again. When it reached and broke 61 few hours later, I was glued to the screen waiting for a sign of sellers' exhaustion. When I thought this was it, I simply bought. Few minutes later price formed a PB. When it broke to the upside, I moved stops to just below it and went to bed. Set alert to call my cell whenever price goes back to 1.0430 (20ps below previous high).
... and this was it...
  • #45,066
  • Oct 1, 2009 1:59pm Oct 1, 2009 1:59pm
Quoting StoragePro
You better get that big loonie pretty soon, or you are going to bust!
I'm watching oil for hints today and it's telling me a lot...
Oil's up, loone's up...
That should tell you enough...
Is the spring already wound up....?

not much is happening here lately. It was more fun when this thread didn't belong to comms forums group. ...... closing the door, left


p.s. nonf tomorrow.
I can see at least dozen crosses that will depreciate by at least 50-80ps in the next 12hrs..
  • #45,067
  • Oct 1, 2009 2:05pm Oct 1, 2009 2:05pm
Double bottom on H4 EURUSD.

Trend continuation possible?

Que
Que
  • #45,068
  • Oct 1, 2009 2:05pm Oct 1, 2009 2:05pm
Quoting raczekfx
No, it was manual execution.

I was watching price move down to 61 in mid day, it then retraced back up some 40pips and started falling again. When it reached and broke 61 few hours later, I was glued to the screen waiting for a sign of sellers' exhaustion. When I thought this was it, I simply bought. Few minutes later price formed a PB. When it broke to the upside, I moved stops to just below it and went to bed. Set alert to call my cell whenever price goes back to 1.0430 (20ps below previous high).
... and this was it...
Thanks Mark

So you have your strong daily PPZs marked out, you wait for price to reach them after a 50/61 retrace of a swing across the PPZ, wait for signs of price respecting the PPZ, and then enter. So somewhere between touch trading and waiting for PA?

Could I ask what it is that says to you, sellers are exhausted now, I'm going to buy? Or is that delving too deep?
  • #45,069
  • Oct 1, 2009 2:09pm Oct 1, 2009 2:09pm
Quote
So you have your strong daily PPZs marked out
always,
Quote
you wait for price to reach them after a 50/61 retrace of a swing across the PPZ, wait for signs of price respecting the PPZ, and then enter
sometimes.

Quote
Could I ask what it is that says to you, sellers are exhausted now
I dont want to say experience, but its 70% true,

left for today
  • #45,070
  • Oct 1, 2009 2:12pm Oct 1, 2009 2:12pm
Also looking at EURGBP H4.

Pin off EMA 62. Also off 0.9100. Trend is Long.

Thus the trade I am looking at potentially pulling the trigger on is;

Buy Stop at 0.9125
Stop Loss at 0.9075
Take Profit at 0.9295
Que
  • #45,071
  • Oct 1, 2009 2:18pm Oct 1, 2009 2:18pm
Quoting Que
Double bottom on H4 EURUSD.

Trend continuation possible?

Que

Dunno - but I have noticed that the past can and does repeat itself. Old chop has become the new chop. I just do not know if the chop is just starting or just ending...

BTW - Love the skull.

..
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I'm pretty much done with all this ...
  • #45,072
  • Oct 1, 2009 2:25pm Oct 1, 2009 2:25pm
Quoting raczekfx
always, sometimes.

I dont want to say experience, but its 70% true,

left for today
I suspected that. Thanks for your time. Much appreciated.
  • #45,073
  • Oct 1, 2009 2:42pm Oct 1, 2009 2:42pm
Excellent spot to get trading this pair, imho. BUOB.
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  • #45,074
  • Oct 1, 2009 2:59pm Oct 1, 2009 2:59pm
be careful and take note of all the zones - especially the one with confluence with a big round number.

Some of these are major, and some of them minor, but I would expect some kind of reaction at each.

But we are definitely at a place where we'd watch for PA!

..
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I'm pretty much done with all this ...
  • #45,075
  • Oct 1, 2009 3:21pm Oct 1, 2009 3:21pm
CADJPY daily beob with some decent space below. Potential trend continuation?
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  • #45,076
  • Oct 1, 2009 3:59pm Oct 1, 2009 3:59pm
Quoting FinnTrader
CADJPY daily beob with some decent space below. Potential trend continuation?
Hi there Finn. I saw that beob too but I would not take it because I think that we will have problem with the lows on the left which are too close to our entry. My opinion
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  • #45,077
  • Oct 1, 2009 4:35pm Oct 1, 2009 4:35pm
never...

Quoting ikki
Dear Mark,
Where did you read about SNB intervention?

thanks,
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #45,078
  • Oct 1, 2009 4:41pm Oct 1, 2009 4:41pm
Quoting bobblong
Excellent spot to get trading this pair, imho. BUOB.
Why?
Probability Professor
  • #45,079
  • Oct 1, 2009 4:54pm Oct 1, 2009 4:54pm
Quoting FinnTrader
CADJPY daily beob with some decent space below. Potential trend continuation?
CL looks overbought to me. if it comes to Cad/Jpy it is worth looking at oil chart as a confirmation- when i zoom out on daily i see a nice break out of a channel and a retest of a trendline... que sera sera
  • #45,080
  • Edited 10:30pm Oct 1, 2009 4:58pm | Edited 10:30pm
Quoting atton
I am pretty sure that there are guys in this thread that understand the stuff as good as Mike but the way how Mike explains it is AWESOME

I totally agree.

His explanations is how I started and its why I'm still trading profitable today.

Although I may drift to my own style of trading now and again (lol) but Mike's teachings and examples are the best foundation to learn and understand what we do here.

His posts are a must read. (All Of Them)

Jim
Indicators show the past. Price Action "Indicates" the future.
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