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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

  • #60,441
  • Apr 9, 2010 11:35am Apr 9, 2010 11:35am
Quoting ertorque
Hey Mike,

Is this what you call a touch trade whereby a buy limit is placed at the BRN upon the first break (accomplished by the green bar prior to the retrace).
I guess this is one since there is no PA to indicate that a long is due after the retrace. Is my line of thought correct?
If so, did u take this touch trade?
Thanks.

CY
Hey Cy

Yes this would be a touch trade if you did that. I did not take this. I was simply going through what I was talking about earlier in the morning/night about how you can both protect yourself from big losses on these bars, understanding what a true break is, and then what areas we can use to protect our stops. Another way to trade these is like you said as a touch trade and you can have a SUPER small stoploss. I just am not a touch trader as I haven't fully tested touch trading out(some day when I find some time and this is how I would do it).

Hope that helps
Mike
  • #60,442
  • Apr 9, 2010 11:36am Apr 9, 2010 11:36am
Quoting ppfx
i see thanks for enlightening me

i have another question. so the IPB i have marked below on the UC weekly would be a very good one? ( i shorted a little the upper nose, cause before it was quite long and it would clasify as a good ipb regarding of what you have stated before - i wanted to make it as a school example )

edit: forgot to add it on a chart the first trouble area would have been around 1.0500

Attachment
Probably the best of all IPB setups on higher time frames in recent times.

g.
I believe . . .
  • #60,443
  • Apr 9, 2010 11:40am Apr 9, 2010 11:40am
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..
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  • #60,444
  • Apr 9, 2010 11:52am Apr 9, 2010 11:52am
Couple of cherries.

g.
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I believe . . .
  • #60,445
  • Apr 9, 2010 11:53am Apr 9, 2010 11:53am
Quoting Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..

I love that thing!


don't forget about the intervention whipsaws that may leave you stopped out. Just know that! I love this pin though. gorgeous, we'll see how it forms at close!
Many choose unhappiness over uncertainty.
  • #60,446
  • Apr 9, 2010 11:53am Apr 9, 2010 11:53am
Quoting ghous
Probably the best of all IPB setups on higher time frames in recent times.

g.
thanks for the response ghous i just wanted to see if i have got it right
  • #60,447
  • Apr 9, 2010 11:54am Apr 9, 2010 11:54am
Quoting Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..
Mighty interesting I must say...

...
I believe . . .
  • #60,448
  • Apr 9, 2010 12:06pm Apr 9, 2010 12:06pm
Quoting Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..
i'd say that the nose is long enough , after all its off 2 BRNs 1.6500 and 1.6400
  • #60,449
  • Apr 9, 2010 12:07pm Apr 9, 2010 12:07pm
Quoting ghous
Hey Erotorque,

None of these come close to a tradeable IPB for me, by definition maybe they are IPBs but then we don't trade to trade. We trade to win.

Eur/Nzd was nothing but a small IB indicating halt. When going against a 7000 pip 2 year old down trend you want a much stronger signal.

Nzd/Chf was probably better than Eur/Nzd but again if you zoom out you would see what price has been looking to do the entire time, and you get a feeling today it was able to do just that. Notice how during the past few months your ppz has been tested. If...
Hey Ghous,
Now you got me confused .
While I agree with your diagnosis of the Eur/Nzd, for Nzd/Chf I don't understand what you meant by "level is strong price won't bother hanging around it for an extended period". The PPZ level we drew is respected 11 times as you said and therefore today I see no reason why it will not. The thing is the trade is not made based on feelings, it is based on the presence of the bearish IPB signalling that the short upswing may have lost its momentum. So coupled with the fact that it is loosing steam at the PPZ level ( perhaps the name Resistance would be more apt), I took the trade.
Could you please explain why this IPB is mediocre? It has got reasonable wick length, hasn't it?

Please understand that there is no offence intended here; purely for the sake of discussion and learning on my part

Thanks!

CY
  • #60,450
  • Apr 9, 2010 12:14pm Apr 9, 2010 12:14pm
Quoting ghous
Couple of cherries.

g.
Hi Ghous

you just saved my sanity!

im still in beginner mode , had spotted your cherries and saved the pics for the folder but was wondering why nobody had them mentioned here

what is your take on trading pbs not at a swh or swl?

cheers
Anthony
  • #60,451
  • Apr 9, 2010 12:24pm Apr 9, 2010 12:24pm
Looks like most of those pins yesterday worked out well. Took the USD/CHF only, as it looked like the best setup to me.
Cap
  • #60,452
  • Apr 9, 2010 12:30pm Apr 9, 2010 12:30pm
Quoting The Captain
Looks like most of those pins yesterday worked out well. Took the USD/CHF only, as it looked like the best setup to me.
so far, so good!
Many choose unhappiness over uncertainty.
  • #60,453
  • Edited 1:24pm Apr 9, 2010 12:40pm | Edited 1:24pm
Quoting Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..
now i like that one..mmmm

cheers

jon
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PATIENCE... DISCIPLINE
  • #60,454
  • Apr 9, 2010 1:06pm Apr 9, 2010 1:06pm
Quoting ghous
Couple of cherries.

g.
Hi

Passed on EU/USD because I thought bar lows/highs around 13400 might be a problem. Not sufficient to worry about I guess,

Thanks

J
Attached Image (click to enlarge)
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  • #60,455
  • Apr 9, 2010 1:18pm Apr 9, 2010 1:18pm
Quoting g_j_hook@yah
now i like that one..mmmm

cheers

jon
is there somebody who doesnt like it? lol..

Nawry@ seems you have found an excellent trading opportunity since everybody like it
  • #60,456
  • Apr 9, 2010 1:20pm Apr 9, 2010 1:20pm
Quoting jspeakman
Hi

Passed on EU/USD because I thought bar lows/highs around 13400 might be a problem. Not sufficient to worry about I guess,

Thanks

J
i was looking for it too link , but at the end i passed on it too... i thought it wouldnt break the 1.3400...
  • #60,457
  • Apr 9, 2010 1:25pm Apr 9, 2010 1:25pm
Quoting g_j_hook@yah
now i like that one..mmmm

cheers

jon
Taking it before the weekend?
Cap
  • #60,458
  • Apr 9, 2010 1:26pm Apr 9, 2010 1:26pm
Quoting Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?

+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?


- nose could be longer
- maybe someone can point some more, i can't..
yup, a keeper she is indeed
wold have loved for a longer nose though for better confidence & also to trigger my sell limit
anyways fta ( new one for me lol) is about 60 pips away
have a lovely weekend guys
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Simplicity is the key to success
  • #60,459
  • Apr 9, 2010 1:27pm Apr 9, 2010 1:27pm
The daily pin on USD/CHF I posted yesterday broke as expected. And It broke well. If you entered as James advocates (at the break) u r still in good pips. If u traded as seeking advocates (.618RET) though risky, u r in better pips.

Anyway I hope somebody caught this trade. I played the .618RET. Am 84pips up, moved SL to open of the day's bar. It probably will move further down. Maybe testing the 150ema.

Happy weekend to ya'll. Nothing beats PA. Thanks J16.
Attached Image (click to enlarge)
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SNR with Price Action...
BitCrossNG Return Today: na
  • #60,460
  • Apr 9, 2010 1:28pm Apr 9, 2010 1:28pm
Quoting ertorque
Hey Ghous,
Now you got me confused .
While I agree with your diagnosis of the Eur/Nzd, for Nzd/Chf I don't understand what you meant by "level is strong price won't bother hanging around it for an extended period". The PPZ level we drew is respected 11 times as you said and therefore today I see no reason why it will not. The thing is the trade is not made based on feelings, it is based on the presence of the bearish IPB signalling that the short upswing may have lost its momentum. So coupled with the fact that it is loosing steam at...
What did you do the first time you saw a flame burning? This was back when you were crawling on your knees with your fingers in a drooling mouth. You probably touched it burned your finger and learned that touching the glowing flame is bad because it leaves you with uncomfortable pain.

When price get's beaten up at a pivot zone (a BRN or another confluence zone) it likes to move away from it, mostly after a quick single retest of the level. When price "hangs" about an important pivot zone this is usually a good signal that the orders waiting at this level are not big enough to make price really move or rather the big players haven't (yet) shown interest in throwing in their large orders.

In this particular context the location of nzd/Chf was mediocre,

Regarding the shape look at the chart below...had the IPB been like this it probably would have overcome the first test of "bar shape" in my book.

g.
Attached Image (click to enlarge)
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I believe . . .
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