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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

  • #64,441
  • May 20, 2010 4:44pm May 20, 2010 4:44pm
Quoting bertie123
Suffered the failed pin on USCHF this week.......does PA work when markets are very volatile?
It could've been better if the wick had touched 1.5. It has stopped making new highs now with daily IBs forming at 1.5. Keeping an eye on it.
  • #64,442
  • May 20, 2010 4:58pm May 20, 2010 4:58pm
Quoting fxeturn
Thanks. Nice to know.

By the way, does anyone sees bottom here or is it only me? I don't want to miss the bus, but I don't want to get caught because of a cheese either... dilemma between trusting what i see and what i think. There could be a retrace for a 2nd chance to long, there could be no retrace and I miss the ride, there could be a fakey... Sigh~

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So I should have trusted what I see. I missed this 700 pips ride, oh well...
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  • #64,443
  • May 20, 2010 6:17pm May 20, 2010 6:17pm
Quoting james16
The chatroom.....
Excellent...
Exciting development..
  • #64,444
  • May 20, 2010 6:18pm May 20, 2010 6:18pm
Quoting av8r
Does anyone here who uses this know how to change the default settings? I do not have the MQ4 file, is it available?
....
contact the owner for help.
i believe the code is not available.
  • #64,445
  • May 20, 2010 6:19pm May 20, 2010 6:19pm
Quoting bluetrader
This looks tempting were it not for that FTA low. Nice way to get into the trend...
-- Danny
were u in on that 1st 3BL?
Lucky guy
  • #64,446
  • May 20, 2010 6:22pm May 20, 2010 6:22pm
Quoting Atc
Double pin close above 1.65 long for scalp in trafffic
Look where price went
Good observation Atc

now compare gbpchf with eurchf (& even eurgbp) on H4... & see the difference (gbp is weaker than eur)
  • #64,447
  • May 20, 2010 6:23pm May 20, 2010 6:23pm
What do you think...still demoing inside bars.

Looking for short...break of previous bar
Pro
Trade away from BRN
Divergence

Cons
Going against trend
would rather play break of consolidation with retrace to go short
FTA ---not much room to move lower without hitting 1st trouble area

So no trade
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  • #64,448
  • May 20, 2010 6:30pm May 20, 2010 6:30pm
Quoting supremeChaos
Good observation Atc

now compare gbpchf with eurchf (& even eurgbp) on H4... & see the difference (gbp is weaker than eur)
Welcome the feedback
  • #64,449
  • May 20, 2010 6:34pm May 20, 2010 6:34pm
Quoting bertie123
Suffered the failed pin on USCHF this week.......does PA work when markets are very volatile?
Hello bertie,
it has been mentioned here many times before:
we dont go on trading every PA setup there is.

PA form/shape/size, location & trend are important.
imho, the latter two are more important -- u cant ignore them when considering taking on setups.
when markets are volatile, we have to be more strict & picky when it comes to trade choice & management.
if we perceive the market is too whippy &/or unpredictable, as much as possible we stay out. in times like these, there are a lot of money to be made & at the same time a lot of money are lost/profits pulverized. the latter happens much much more often.

Hope this helps
  • #64,450
  • May 20, 2010 6:35pm May 20, 2010 6:35pm
Just Exited my USD/CAD Position.

I bought at the yellow arrow due to the break of the pin bar on daily. I exited at 1.07 which has been heavy resistance in the past.
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Dr. C
  • #64,451
  • May 20, 2010 6:36pm May 20, 2010 6:36pm
Quoting fxeturn
So I should have trusted what I see. I missed this 700 pips ride, oh well...
Hey fxeturn,
we talked about it, just yesterday/the other day, right?
seems like u missed the bus entirely.
just trying to cheer u up.

it happens.....A LOT. just be ready for the next trade
  • #64,452
  • May 20, 2010 6:39pm May 20, 2010 6:39pm
Quoting cvcamper
Just Exited my USD/CAD Position.
.
nice catch, Dr. C
  • #64,453
  • May 20, 2010 6:41pm May 20, 2010 6:41pm
Quoting cvcamper
Just Exited my USD/CAD Position.

I bought at the yellow arrow due to the break of the pin bar on daily. I exited at 1.07 which has been heavy resistance in the past.
Nice work ---- cvcamper
  • #64,454
  • May 20, 2010 6:46pm May 20, 2010 6:46pm
Quoting supremeChaos
Hello bertie,


PA form/shape/size, location & trend are important.
imho, the latter two are more important -- u cant ignore them when considering taking on setups.
.

Hope this helps
I must say this is so important ___Location, Trend, are so Important___the Candles/Bars IMO are triggers/signals___Divergences,Fibs,etc. are the supporting evidence that adds to your arguement.

Thx SC
  • #64,455
  • May 20, 2010 6:52pm May 20, 2010 6:52pm
Quoting supremeChaos
were u in on that 1st 3BL?
Lucky guy
Hey SC. No, I wish.

The 3BL went exactly where we thought it would though.

-- Danny
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  • #64,456
  • May 20, 2010 7:01pm May 20, 2010 7:01pm
This is another one on my radar.... 61.8, ppz confluence. Maybe get there for the London open?

-- Danny
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  • #64,457
  • May 20, 2010 7:40pm May 20, 2010 7:40pm
Quoting cvcamper
GJ looking VERY ugly guys, over the last day it broke the last major support between it and 118.... eek.... Once it gets back to 130 (If it does)... the selling is ON!
Did not enter short... there were 3 bullish 4 hour candles... dont want to stand in the way of what PA is telling me
Dr. C
  • #64,458
  • May 20, 2010 9:18pm May 20, 2010 9:18pm
Phew......Got my head back on in a semi straight direction after Once Again, Chasing the illusive PPZ indicator.

I don't know what is going on, maybe lack of confidence in my PPZ even though Jarroo and others have been incredibly supportive and encouraging.

More than likely, it is a lack of confidence in myself which I could possibly be making a subconscious excuse that the problem is my PPZ, then I run off all over the web looking for the holy grail indicator, even though I know full well, PPZ can not be drawn effectively by an indicator because of the nature of PPZ, sometimes they act as S&R sometimes PA plows right through them.

Anyway, I treated myself by watching all the J16 videos, and managed to get my charts back to simply round numbers so I can see what price is doing then manually draw in hot spots at or around confluence with fibos and RN.

Phew.....Sorry to keep harking on this subject folks but I think possibly I seriously underestimated the psychological side of things.

At this stage, it is amazing that my account is still in profit, I am also wondering if a small loss at this stage would be better than a reasonably large win.

It is Friday so, I will not be trading live today but, I still want to keep my eye on things and try to get the better of not the market but Myself.
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  • #64,459
  • Edited 9:52pm May 20, 2010 9:24pm | Edited 9:52pm
Quoting skinfx
Hi jim, may i know wat setup you look for on this trade u took. Izzit the PB? Cos i am thinking the left eye is too near to the nose, so not sure if it is still a vaild pin.

Sorry I forgot to mention the formation, it was from my ealier posts. Its a Double Inside Bar, darn close to a Triple Inside Bar.

Quoting jarroo
Double Inside bar on the 4 hour Gbp/Chf. Heading back to the 1.65 . .if we can get pass this bump in the road. Free trade at the 1st target in green ( the bump in the road).
Quoting jarroo
I like the 1.65 because it lines up nicely with the 50% ret level, could be due for a ret after such a strong move upward. My risk is covered (free trade) so I'm not worried about it.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,460
  • Edited 10:01pm May 20, 2010 9:42pm | Edited 10:01pm
Quoting Mauzzz
Thanks for the example, Jim. The GBP/JPY trade didn't work out.
Cheer up buddy. They may not of worked out pip-wise but they did work out on the experience you gained from them. Which I can tell you is worth 10,000 pips!

So the next time you see a strong move over a course of a few days and a relative small size PB is presented, you'll know what to do. Pass. . . its that simple. Even if it works out and goes to the moon.

But it you do decide to trade it, you'll know that weight of the move is going against you. That a tight and/or small stop loss, a move to break even quickly or quick target then I'm out, etc., . . it a good option to take.

But the picky traders know what to do right away because they know better setups are right around the corner . . "easy pass for me".
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Indicators show the past. Price Action "Indicates" the future.
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