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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

  • #64,381
  • May 20, 2010 6:12am May 20, 2010 6:12am
I don't mean to trade hourly, this pin looks not large and no space too, but, its location really attracts my attention.
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  • #64,382
  • Edited 6:37am May 20, 2010 6:18am | Edited 6:37am
Comment on the previous post H1 EUR/GBP chart

I have just this minute been looking at Mike's video on the basics of pb's.
This looks like a breakout.

Price is in a zone between .85 and .86
It breaks out of this and then retraces.
The .86 which was resistance has turned support and the pb forms as bulls buy away from this support level.
Next candle is bullish.
  • #64,383
  • May 20, 2010 6:34am May 20, 2010 6:34am
Quoting six gun
I have just this minute been looking at Mike's video on the basics of pb's.
This looks like a breakout.

Price is in a zone between .85 and .86
It breaks out of this and then retraces.
The .86 which was resistance has turned support and the pb forms as bulls buy away from this support level.
Next candle is bullish.

Might help if you explained what pair you were talking about.
  • #64,384
  • May 20, 2010 6:39am May 20, 2010 6:39am
how stiput to close GBPCHF, look at this sharp move,but, also look at the hourly pin at retrace. to be honest, I have a little doult about the ability of pinbar in my experience, don't know what other people do, simply looks like not workable with me, what a pity !



Quoting jeurre
jarroo, I had been following it, but, changed mind when it reached 70.

I am looking at these two now

Gold & GBPCHF

GBPCHF seems having a little trouble, let's wait to see how it develops.
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  • #64,385
  • May 20, 2010 6:50am May 20, 2010 6:50am
UK retail sales just came out and are better than expected.
Price has stalled on the 5M chart at the 78.6% fib from the high at 07.00 GMT.
I took a few pips and then closed out.

There are lots of spinning tops and doji on the 5M and I figure price will go back down towards 0.86 again.
  • #64,386
  • May 20, 2010 7:07am May 20, 2010 7:07am
what are going to happen here ? let us watch carefully, if there is a big "if", then, good enough to get some long position, I guess
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  • #64,387
  • May 20, 2010 7:29am May 20, 2010 7:29am
this is something im watching, not strictly J16 method but my entry would be if it does what i want it to do??
can someyone do me the favour of posting a daily chart and drawing a TL from the 2/11/09 low and the 23/12 09 low (with ray option on) and zoomed out enough to see the preceding up trend??
at the 81-82 level we have a half decent PPZ (check weeklies) i would love a break down of this TL AND that PPZ then a retest with some PA...
this would be a classic if it happens imho. you know what they say bout the 4th touch of death!!??
a first target of bout 78, then if that breaks theres some real space there, could well be a runner we dont get that often??
ok its jus ifs n buts, but i just wanted to give the heads up.
i would also be happy if it doesnt break but retests the 86 level and gives us some decent PA there also. that would give plenty of room to take a safe trade also inho.

cheers

jon
PATIENCE... DISCIPLINE
  • #64,388
  • May 20, 2010 7:32am May 20, 2010 7:32am
sorry... thats the au/us pair !!!

i cant even edit my posts now. must be the move to ireland!!??

jon
PATIENCE... DISCIPLINE
  • #64,389
  • May 20, 2010 7:41am May 20, 2010 7:41am
here it is, don't know why, I always like to go against trend, someday, someday I have to change this totally. sighhhh, in the trade already



Quoting g_j_hook@yah
sorry... thats the au/us pair !!!

i cant even edit my posts now. must be the move to ireland!!??

jon
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  • #64,390
  • May 20, 2010 7:44am May 20, 2010 7:44am
Quoting six gun
Is this what you wanted?
cheers bro, but when u look at yours zoom out 1 more time and you can see the space im talkin bout

gotto rush
jon
PATIENCE... DISCIPLINE
  • #64,391
  • May 20, 2010 7:45am May 20, 2010 7:45am
Quoting jeurre
here it is, don't know why, I always like to go against trend, someday, someday I have to change this totally. sighhhh, in the trade already
thanx jeurre,
you have got to get used to zooming out before you look into any datail...

jon
PATIENCE... DISCIPLINE
  • #64,392
  • May 20, 2010 7:48am May 20, 2010 7:48am
will do

Quoting g_j_hook@yah
thanx jeurre,
you have got to get used to zooming out before you look into any datail...

jon
  • #64,393
  • May 20, 2010 7:50am May 20, 2010 7:50am
OK zoomed out some more
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  • #64,394
  • May 20, 2010 8:09am May 20, 2010 8:09am
can this pin make my day today?
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  • #64,395
  • May 20, 2010 8:25am May 20, 2010 8:25am
Quoting jeurre
here it is, don't know why, I always like to go against trend, someday, someday I have to change this totally. sighhhh, in the trade already
what is your basis for entering here?
why do u like going against a trend?
if u are in doubt of that trade, then exit quickly.

Quoting jeurre
can this pin make my day today?
all depends on how you manage it.
if u manage it well, then
if managed poorly....
  • #64,396
  • May 20, 2010 8:44am May 20, 2010 8:44am
Quoting supremeChaos
Hello skinfx,
most likely Sir jarroo is asleep now...
so, if i may....

are u referring to chart #2 & #3 in this post?
if so, that bar is in a range.
i can alternatively view that bar to be in a lower swing high.
but to be strict, it is not at a swing high or ideal swing high.

an ideal swing high/low has enormous amount of space on the left side of price.
the first chart (gbpchf H4) shows a good swing high (IPB followed by a huge BEOB @1.6900)

Hope this helps...
Hi SC, yes that is wat i am referring to. Thanks.
  • #64,397
  • May 20, 2010 9:06am May 20, 2010 9:06am
to be honest, I don't know why enterred there except seeing the trendline and the magnitude of drop today, thought it's cheap to buy, geeee,what a mess ...... luckly I got 60 pips in profit and set stop to BE, the bad news is the stop was hit just now, so, no gain no loss. I consider this as impulse trade, forget about it.

you are absolutely right, there must be more reasons to justify an entry. I am learning this the hard way




[quote=supremeChaos;3741758]what is your basis for entering here?
why do u like going against a trend?
if u are in doubt of that trade, then exit quickly.
  • #64,398
  • May 20, 2010 9:10am May 20, 2010 9:10am
Quoting jeurre
I killed GBPCHF with a slight pip profit, simply don't like the way it retraces. Rule #1, preservation of capital

Mine was to perserve capital as well. I just perserved it alot sooner.

34 pips on the 1st half, 75 pips on the 2nd half. I could have held on to it longer but that wasn't my plan. (2nd target was 1.6507, I always low ball my tragets.)

Its a great way to trade.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,399
  • May 20, 2010 9:14am May 20, 2010 9:14am
hi, jarroo, brother, how are you today ! thanks for letting me think the same way as you are
Edit: I meant capital preservation

Quoting jarroo
Mine was to perserve capital as well. I just perserved it alot sooner.

34 pips on the 1st half, 75 pips on the 2nd half. I could have held on to it longer but that wasn't my plan. (2nd target was 1.6507, I always low ball my tragets.)

Its a great way to trade.
  • #64,400
  • May 20, 2010 9:14am May 20, 2010 9:14am
Quoting jeurre
to be honest, I don't know why enterred there except seeing the trendline and the magnitude of drop today, thought it's cheap to buy, geeee,what a mess ...... luckly I got 60 pips in profit and set stop to BE, the bad news is the stop was hit just now, so, no gain no loss. I consider this as impulse trade, forget about it.

you are absolutely right, there must be more reasons to justify an entry. I am learning this the hard way



Quoting supremeChaos
what is your basis for entering here?
why do u like going against...
something that is completely falling off a cliff like this, you are better to close your eyes and sell than to find some analysis to go long. congrats on getting out at B/E, that is honestly an amazing accomplishment given the situation.
Many choose unhappiness over uncertainty.
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