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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

  • #49,121
  • Dec 3, 2009 5:44am Dec 3, 2009 5:44am
Quoting fxlan
Hey guys what do you do if you are caught in this sideways action?

tnx
sit and wait!
meine augen sind die sterne
  • #49,122
  • Dec 3, 2009 5:47am Dec 3, 2009 5:47am
Mattfx...picture it as a daily chart what would you do? Sit and wait like aserbfx is suggesting or anything else?

tnx for the reply aserbfx
  • #49,123
  • Dec 3, 2009 5:48am Dec 3, 2009 5:48am
Quoting fxlan
Hey guys what do you do if you are caught in this sideways action?

tnx
I think I'd move my stop to just below the recent low point at 10460.
As MattFX said - there's a bearish trend on the daily although we're currently in a triangle and price has the possibility to explode in either direction so tighten stops to lock in a bit of profit and then... wait...
  • #49,124
  • Dec 3, 2009 5:53am Dec 3, 2009 5:53am
Is anyone currently in AUD/CAD and if so, what was your entry point?
  • #49,125
  • Dec 3, 2009 5:56am Dec 3, 2009 5:56am
Thanks Matt....I think waiting......retrace then break, or just plain break down into the $US weakness and trend continuation...yet what is to the left, ahhh I see 1.0200 and then consolidation ?
Without women, money would have no meaning - Aristotle Onassis
  • #49,126
  • Dec 3, 2009 6:01am Dec 3, 2009 6:01am
Quoting fxlan
Hey guys what do you do if you are caught in this sideways action?

tnx
Draw a box around it and wait for PA or simple Breakout+Retrace to develop on the edges i like did in GBPCHF trade. When you are about take a trade see if you are not inside a range by checking higher TF.
  • #49,127
  • Dec 3, 2009 6:10am Dec 3, 2009 6:10am
Just a chart
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Without women, money would have no meaning - Aristotle Onassis
  • #49,128
  • Dec 3, 2009 6:12am Dec 3, 2009 6:12am
I'm trying to figure out why the EURCAD 4H PB failed. Fortunately I had my sell order under the round number and it never triggered, but here's what I saw on the 4H chart:

1) diverge on the rsi
2) fib confuence
3) nice looking shape on the fib
4) with the trend on the daily

HOWEVER, I also saw

1) above a round number (1.5800) / strong support
2) against a a decent looking counter PB on the daily chart resting on the EMA.

My inclination is that as expected, the daily was more powerful (as that PB broke exactly as it should have)

Comments?
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  • #49,129
  • Dec 3, 2009 6:21am Dec 3, 2009 6:21am
Looking at USD CAD 4 hourly
A break through the last 4 highs (equal to the pip) would mean a break through 61 retrace and continuation upwards.

Any input on this?
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  • #49,130
  • Dec 3, 2009 6:33am Dec 3, 2009 6:33am
Just checked out you 4 hr chart, the daily did win out as it formed on the daily at 1.6000 and moved down 100 pips odd, after the break below , yet not a lot of the seniors would have traded this PB as it was not at a swing high
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Without women, money would have no meaning - Aristotle Onassis
  • #49,131
  • Dec 3, 2009 6:36am Dec 3, 2009 6:36am
Quoting mattfx
Just checked out you 4 hr chart, the daily did win out as it formed on the daily at 1.6000 and moved down 100 pips , yet not a lot of the seniors would have traded this PB as it was not at a swing high
Thanks Matt!
  • #49,132
  • Dec 3, 2009 6:37am Dec 3, 2009 6:37am
Quoting PeterPan
Looking at USD CAD 4 hourly
A break through the last 4 highs (equal to the pip) would mean a break through 61 retrace and continuation upwards.

Any input on this?
On the daily it would also be a break of an inside bar off the 1.04 PPZ.
The downside to this is, as discussed in the last few posts, you're going long into the middle of a triangle formed from the weekly bearish trend and minor daily ascending lows. So I guess if you were to take it manage it tight and keep in mind that it's likely to see early resistance. It is quite likely that USD will continue to weaken causing a break downwards.
  • #49,133
  • Dec 3, 2009 7:13am Dec 3, 2009 7:13am
Nice spot

For those of you who want to go short but didn't get in yet, a nice BEOB on the 50fib.

Quoting nasir.khan
TL breakout + retrace + PB
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  • #49,134
  • Dec 3, 2009 7:32am Dec 3, 2009 7:32am
Quoting artov
Nice spot

For those of you who want to go short but didn't get in yet, a nice BEOB on the 50fib.
Thanks artov,

btw no BEOB on IBFX.
  • #49,135
  • Dec 3, 2009 7:43am Dec 3, 2009 7:43am
50p TP reached for my short GBPUSD trade (PB,PPZ,LT Trend), who's next ?
  • #49,136
  • Dec 3, 2009 7:45am Dec 3, 2009 7:45am
A touch trade or wait for PA.
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  • #49,137
  • Dec 3, 2009 7:51am Dec 3, 2009 7:51am
Well something for a start.......
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  • #49,138
  • Dec 3, 2009 8:02am Dec 3, 2009 8:02am
Another one..
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  • #49,139
  • Dec 3, 2009 8:09am Dec 3, 2009 8:09am
Quoting mbqb11
Hey Count

It could be a potential sign of weakness finally showing up. We have that first pin that barely triggered, and then that second semi looking pin. This could be a sign that we are finally going to get some kind of retrace here.

Best
Mike
Hi Mike, thanks for taking your time to reply. When you said the first pin that barely triggered, did you mean that the price did not drop significantly after the pin? Perhaps something like this first picture? Besides that, do you mind to explain what you meant by a "semi looking pin"? It looks like a pin to me, with long nose and small body.

Looking at the weekly chart, I think the first two blue boxes can be considered as one bearish outer bar? While the third is a beob.

Thanks.
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  • #49,140
  • Dec 3, 2009 8:15am Dec 3, 2009 8:15am
PA+RETRACE
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