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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

  • #53,001
  • Jan 27, 2010 3:03am Jan 27, 2010 3:03am
Quoting ghous
Hey Mike,

How would you rate such outside bars?? I mean these are not exactly at a swing high, they're not even at a pull back...they are right in the middle of a downtrend/uptrend...

what's your take on these??

g.
My two cents . . . . risky . . .for the reasons you said. But if the trend has turned over and now down (Gbp/Jpy) then PA with the trend . . . could work out nicely.
Indicators show the past. Price Action "Indicates" the future.
  • #53,002
  • Jan 27, 2010 3:03am Jan 27, 2010 3:03am
Quoting ghous
Hey Mike,

How would you rate such outside bars?? I mean these are not exactly at a swing high, they're not even at a pull back...they are right in the middle of a downtrend/uptrend...

what's your take on these??

g.
Hey G

These are what I call continuation bars. They are certainly playable just like other bars but more tricky. Basically when you play continuations you always have to worry about trading into a new low which are common reversal points. My favorite are BEOBs as continuations when you are getting a breakout with them(so a pattern that has almost a BEOB say as a tip off of the breakout). This one is actually nto that bad but I don't like the close(would want it below the prior bar), and then you have the low from 12/18 right there. Overall not the worst of beobs as continuations I have seen. They are more tricky but you can also catch some big runs if played right.

Best
Mike
  • #53,003
  • Jan 27, 2010 3:04am Jan 27, 2010 3:04am
Quoting mattfx
Hi Ghous,
What I see is not a BEOB on the GBPJPY I have reversal in the form of a 2 day pin bar...
Hey Matt that is a beob as it has a higher high then previous bar and a lower low


-Mike
  • #53,004
  • Jan 27, 2010 3:05am Jan 27, 2010 3:05am
Quoting ghous
Hey Mike,

How would you rate such outside bars?? I mean these are not exactly at a swing high, they're not even at a pull back...they are right in the middle of a downtrend/uptrend...

what's your take on these??

g.
I totally agree, although we are still in PA struggle here , I would take such trades risking only 0.5%, I tend to decrease my risk on such trades , but still , The bar is way tempting to get you in , I'm still reading through the whole thread , so I'm still new here for the trade rating
  • #53,005
  • Jan 27, 2010 3:06am Jan 27, 2010 3:06am
Quoting mattfx
Hi Ghous,
What I see is not a BEOB on the GBPJPY I have reversal in the form of a 2 day pin bar...
I am actually talking abt bars like these...
Attached Image
I believe . . .
  • #53,006
  • Edited 3:18am Jan 27, 2010 3:07am | Edited 3:18am
CHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up.

Now it's at the bottom of the range I'm seriously anticipating taking some off the table and moving my SL just above the 87 level. From here the market can do whatever it likes I don't care. But I'd be happy if it further drops (Momentum plus general atmosphere looking good).

If it clearly breaks the range I'd watch out next for the following PPZ, and thereafter anticipate a nice move to the RN 80 or even another wave.

Attached Image (click to enlarge)
Click to Enlarge Name: 2010-01-27_1011.png Size: 75 KB


Looks like my best trade of the year so far.
  • #53,007
  • Jan 27, 2010 3:09am Jan 27, 2010 3:09am
Quoting mbqb11
Hey G

These are what I call continuation bars....
I get it. Thnx Jim and Mike.

g.
I believe . . .
  • #53,008
  • Jan 27, 2010 3:11am Jan 27, 2010 3:11am
Quoting wh1zz0
CHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up.

Now it's at the bottom of the range I'm seriously anticipating taking some off the table and moving my SL just above the 87 level. From here the market can do whatever it likes I don't care. But I'd be happy if it further drops (Momentum plus general atmosphere looking good).

If it clearly breaks the range I'd watch out next for the following PPZ, and thereafter anticipate a nice move to the RN 80 or even another wave.


Attachment

Looks like my...
Super trade!!

Was that a touch trade or PA off lower tfs??

g.
I believe . . .
  • #53,009
  • Jan 27, 2010 3:16am Jan 27, 2010 3:16am
Quoting ghous
Super trade!!

Was that a touch trade or PA off lower tfs??

g.
No buddy, that was PA off daily (the pin that appeared at the top of the CHF/JPY range on the 11th of Jan).
  • #53,010
  • Jan 27, 2010 3:18am Jan 27, 2010 3:18am
Quoting wh1zz0
No buddy, that was PA off daily (the pin that appeared at the top of the CHF/JPY range on the 11th of Jan).
My goodness me...

The best trade I've seen in a long long time...

That ran for you like an obedient puppy!

Nice.

g.
I believe . . .
  • #53,011
  • Jan 27, 2010 3:21am Jan 27, 2010 3:21am
Quoting ghous
My goodness me...

The best trade I've seen in a long long time...

That ran for you like an obedient puppy!

Nice.

g.

Thanks to you guys I have learned A LOT OF PATIENCE & DISCIPLINE.
  • #53,012
  • Jan 27, 2010 3:26am Jan 27, 2010 3:26am
Quoting wh1zz0
No buddy, that was PA off daily (the pin that appeared at the top of the CHF/JPY range on the 11th of Jan).
Edit: Yeah buddy, with PA off daily I meant to say.
  • #53,013
  • Edited 4:45am Jan 27, 2010 3:26am | Edited 4:45am
Quoting ghous
Super trade!!

Was that a touch trade or PA off lower tfs??

g.
I think it might be this one... I was out of town on an errand when it breaks.

Super trade it is!! we're living for moments like this!! to think that he could let it run to the bottom is awesome
http://content.screencast.com/users/...9%20CHFJPY.png

EDIT : ah, whizz beat me to it
  • #53,014
  • Jan 27, 2010 3:27am Jan 27, 2010 3:27am
Quoting wh1zz0
No buddy, that was PA off daily (the pin that appeared at the top of the CHF/JPY range on the 11th of Jan).

You can say that again ghous.


Nice work wh1zz0. The power of consolidation.

Nice BEOB on 10-26-09.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy.gif Size: 28 KB
Indicators show the past. Price Action "Indicates" the future.
  • #53,015
  • Jan 27, 2010 3:30am Jan 27, 2010 3:30am
Quoting mbqb11
Hey Matt that is a beob as it has a higher high then previous bar and a lower low


-Mike
Well I guess that's even more reasons for the short, a BEOB and a 2 Day PB, ok money management is the most important part of this game, I see it has fairly high probability, if it doesn,t work out then MM will take care of it. I see more opportunities to short as it retraces back up ?
Without women, money would have no meaning - Aristotle Onassis
  • #53,016
  • Jan 27, 2010 3:31am Jan 27, 2010 3:31am
If this thing breaks out.. Oh boy it would be one hell of a trade.

It is indeed true that more money is made waiting than trading. As I speak I am still even short NZD/USD from December monthly pin.
  • #53,017
  • Jan 27, 2010 3:37am Jan 27, 2010 3:37am
Quoting wh1zz0
Thanks to you guys I have learned A LOT OF PATIENCE & DISCIPLINE.
You are my hero, a lot of pips to You, waiting for another chart in February
  • #53,018
  • Jan 27, 2010 3:39am Jan 27, 2010 3:39am
I fear it is another one of Raczekfx's silver service platters "that many see, yet so few get to eat from" ?
Without women, money would have no meaning - Aristotle Onassis
  • #53,019
  • Jan 27, 2010 4:20am Jan 27, 2010 4:20am
Another one i just took.

Short at 1.0450
SL above pin at 1.0505

PT or possible move to BE at first blue box aprox 1.0420
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF - Pinbar.jpg Size: 62 KB
  • #53,020
  • Jan 27, 2010 4:20am Jan 27, 2010 4:20am
Quoting mbqb11
.. This one is actually not that bad but I don't like the close(would want it below the prior bar)..
Hey Mike, I run Fxsol Demo and my data feed shows a 10 pip difference between the close of the prior bar and the one we're talking about..
How far apart do u think in your opinion generally a close of the BEOB should be to the prior bar if it was at such location (continuation bars) ?
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