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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

  • #59,701
  • Mar 31, 2010 10:59am Mar 31, 2010 10:59am
Quoting jarroo
I understand, you thought the momentum of the setup (due to its size, 365 and 125.00 BRN confluence) would cut through that "minor" traffic. But the traffic on the setup is equally important.
Thanks for the great explanation, i did wonder what was wrong, and your explanation put everything in place.
  • #59,702
  • Mar 31, 2010 11:04am Mar 31, 2010 11:04am
EUR/USD H1 chart. evening star after a series of bullish bars, and at PPZ area and a BNR. waiting to ho short below 1.3500
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  • #59,703
  • Mar 31, 2010 11:04am Mar 31, 2010 11:04am
Quoting neutro
You dont' have to be sorry for being right.

That M30 pin hit its FTA an then went down hard...
You're telling me. Had to retrace and send for reinforcements to have another go at the wall. It's funny how I look at the market as a war, but it works.

I've noticed A LOT that the 4 hour just heads up to the first minimal trouble spot and then retraces back inwards to gain more interest. Years of charts have shown this, it's not just something to say...price goes back to the 50% of the pin so much it's ridiculous.

After I noticed in Raczek's posting about the 50%, I went to work on it and I'll be damned if he's not a genius. It's made me a lot more profit-wise and confidence wise ever since. On lower timeframes, it looks like all hell is breaking lose but moving higher, it's just a relaxed justified movement.

It's really just the same deal with S/R just on a smaller scale on the lower timeframes rather than the larger more timed out scale.
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I dream, therefore I become.
  • #59,704
  • Mar 31, 2010 11:09am Mar 31, 2010 11:09am
usdchf

surely this is head and shoulders formation?
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Searching for a cure...:nerd:
  • #59,705
  • Mar 31, 2010 11:15am Mar 31, 2010 11:15am
Trying to learn touch trade from racz, nasir and trigger. I've spend this few days reading some of their older posts, but still not quite get the idea. Anyway this is the area I am watching, any comment would be appreciated. Thank you
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  • #59,706
  • Mar 31, 2010 11:33am Mar 31, 2010 11:33am
Quote:
Starting salary for our finance grads is almost $80k

I hope you're right! I graduate in a few months.
  • #59,707
  • Mar 31, 2010 11:55am Mar 31, 2010 11:55am
Well, this one has been mentioned a few times lately. I'm long since that bullish pin and at present I have my full TP just below 127.00.

I decided to take a look at the monthly chart and I could find a possible 2 months pin forming at an interesting location.

Anyway, just some thoughts about what we could be facing next (not guessing ).

Nos
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  • #59,708
  • Mar 31, 2010 11:57am Mar 31, 2010 11:57am
Quoting jarroo
I understand, you thought the momentum of the setup (due to its size, 365 and 125.00 BRN confluence) would cut through that "minor" traffic. But the traffic on the setup is equally important.

Don't get me wrong, these setups will work at times, but I have found that it they don't break hard and continuous . . . let them go and cut it quick.

Or the best approach is to pass on them altogether. A wait for one that meets every criteria.
Also to add to this if I may. That pinbar although by proxy shows very weak momentum for the bears. A strong close is very crucial IMO and why I never play proxy pins(IMO tougher to play). A strong close off this area could hav given a much stronger signal that the bears were acrtually wanting to shor thtis market. Instead price only bumnped up on the round number and stalled rather then sold off. This is crucial. It is not uncommon for price to ever stall at any round number like this, but the key is to decipher if it is TRUE selling vs just profit taking, or weaker selling. Notice how the pin doesn't close within the prior bar and also how it sits low. Meaning the high of the proxy pin is only barely coming over a prior high that is 6 bars back. At the same time all the other xxx/jpy pairs were simply stalling out minimally also rather then any true sign of weakness.

Just my thoughts
Mike
  • #59,709
  • Mar 31, 2010 12:00pm Mar 31, 2010 12:00pm
I just found my reason to get into the weekly I4B on the nzd/usd. It was too piled up to get in on it IMO before this just printed out. (on a break of course, we still have the hourly mashup to contend with and the break/close above will put us past it.
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I dream, therefore I become.
  • #59,710
  • Mar 31, 2010 12:20pm Mar 31, 2010 12:20pm
Quoting NosferatuMan
Well, this one has been mentioned a few times lately. I'm long since that bullish pin and at present I have my full TP just below 127.00.

I decided to take a look at the monthly chart and I could find a possible 2 months pin forming at an interesting location.

Anyway, just some thoughts about what we could be facing next (not guessing ).

Nos

Hi NosferatuMan,

how did you plot the m15, h1, and h4 on your daily chart ?
can you share the indicator with us, please ?
  • #59,711
  • Mar 31, 2010 12:36pm Mar 31, 2010 12:36pm
Quoting Lyra
Trying to learn touch trade from racz, nasir and trigger. I've spend this few days reading some of their older posts, but still not quite get the idea. Anyway this is the area I am watching, any comment would be appreciated. Thank you
hey lyra

if you may me to chime in with some thoughts

First of all you spot it right the setup,thats what we look for.I look at this kind of setups like a breakout pullback pattern.And when on the way down price is aligned at strong confluence zones thats a good sign.

But I go a step further with my entry point and try to nail down a better price so I can keep it tight. On eurgbp for example I'll look at .8835 to see how price will react at it. why .8835? it is because here in the past we did have a great imbalance between supply and demand, it is a good pivot point.
But if you are more conservative (which is good) I'll wait for a price action near this zone, doing this you will add odds even more in your favor,is just an advice.

hope it helps!!

  • #59,712
  • Mar 31, 2010 12:37pm Mar 31, 2010 12:37pm
Quoting NosferatuMan
Well, this one has been mentioned a few times lately. I'm long since that bullish pin and at present I have my full TP just below 127.00.

I decided to take a look at the monthly chart and I could find a possible 2 months pin forming at an interesting location.

Anyway, just some thoughts about what we could be facing next (not guessing ).

Nos
very nice sir this is what I try to do Then you just react
  • #59,713
  • Mar 31, 2010 12:50pm Mar 31, 2010 12:50pm
Mine got triggered with two pips........

Quoting Dan Gilbert
uh oh... so close to getting triggered here. about to delete order. thank god for good buffers!
  • #59,714
  • Mar 31, 2010 1:13pm Mar 31, 2010 1:13pm
Quoting HannesW.
Hi NosferatuMan,

how did you plot the m15, h1, and h4 on your daily chart ?
can you share the indicator with us, please ?
Hi there,

It is teh Stratman mini chart indicator that you can find in this thread: http://www.forexfactory.com/showthread.php?t=198729

Let me know if you need any help.

Nos
  • #59,715
  • Mar 31, 2010 1:18pm Mar 31, 2010 1:18pm
Quoting mbqb11
very nice sir this is what I try to do Then you just react
Thank you

That "chart/way of thinking" is a result of a lot of reading of your posts (and other seniors, of course).
  • #59,716
  • Mar 31, 2010 1:20pm Mar 31, 2010 1:20pm
Just a heads up on the monthlies front. GBP/USD should close with a pin and 62 fib confluence.

A break above 1.5400 and it looks like 300 pips of space. I'll look at the dailies/weeklies for PA on this.

-- Danny
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  • #59,717
  • Mar 31, 2010 1:36pm Mar 31, 2010 1:36pm
if you were long GBP/USD from the weekly pin a few weeks back then you shouldn't have been stopped out as the low didn't break. I'm still long and will add if monthly breaks
  • #59,718
  • Mar 31, 2010 1:48pm Mar 31, 2010 1:48pm
Quoting advfntrader
if you were long GBP/USD from the weekly pin a few weeks back then you shouldn't have been stopped out as the low didn't break. I'm still long and will add if monthly breaks
Nice management advfntrader . I did take the weekly pin, but got out at break even once it hit the first area of traffic. It's looking good now if it can break 1.5400.

-- Danny
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  • #59,719
  • Mar 31, 2010 2:08pm Mar 31, 2010 2:08pm
Quoting PrincoPrinco
Mine got triggered with two pips........

that really sucks man..... that was an A+++++ setup in my opinion... I cannot believe how it acted!
Many choose unhappiness over uncertainty.
  • #59,720
  • Mar 31, 2010 2:22pm Mar 31, 2010 2:22pm
Quoting Dan Gilbert
that really sucks man..... that was an A+++++ setup in my opinion... I cannot believe how it acted!

just look at USDX chart and see why,and pull a TL betwen the close lows from around 74

it may be 180 degree turn around tomorrow, but we are on the NFP week so anything can happen

all the best!!
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