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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

  • #66,321
  • Jun 14, 2010 8:30pm Jun 14, 2010 8:30pm
Quoting spookie94
I saw Roundrocks chart on U/Cad. Here's my take on it.
Attachment
Sorry, took me forever to figure out how to send a chart with GFT, had to use attachment but needed more comment.

FTA at about 1.0400, lines up with 38 fib. 2nd TP at 1.0440ish at 50 fib and 150 ema. SL at 1.0290.
  • #66,322
  • Jun 14, 2010 8:31pm Jun 14, 2010 8:31pm
Quoting bundyraider
XPS file? Didn't think anyone used them. lol
Perfer to just show a chart but this is the best I could come up with on XP with GFT.
  • #66,323
  • Jun 14, 2010 8:33pm Jun 14, 2010 8:33pm
Quoting mbqb11
Hey Round

Just curious as to why you placed your stop so far below the pin?

Mike
hi mike, i put my SL at recent swing low before the pin bar low.
  • #66,324
  • Jun 14, 2010 8:38pm Jun 14, 2010 8:38pm
Quoting Noses&Sight
Everyone has recently been posting examples of either the USDCAD, AUDUSD, or NZDUSD. Correct me if I am wrong, but aren't all three of these pairs commodity pairs, and thus acting in a similar manner because they are all pushed by similar forces.

Let's assume these were better looking trades, less congestions, does the relationship of these pairs to one another change how you all approach the trades?

Thanks,
John
Hey John

When correlation is a factor which in this case for example aud/usd and nzd/usd would be (not as much as usd/cad for me), I tend to just start looking for the best of the bunch. Similar when every xxx/jpy shows the same signs I don't see a reason to get long/short all of them , instead I pick the best one maybe two.

Again that is just based on my personal methods

Mike
  • #66,325
  • Jun 14, 2010 8:40pm Jun 14, 2010 8:40pm
Quoting Pinbar
Nov,

Did you take that trade or are you just waiting for the retest?
I ask this as when you posted that chart I could not see any retest, just a single candle after the mini breakout.


I am looking at the breakout method and notice that the retest is happening right now.

Perhaps, we would like to see something like the lower chart candle formation for the breakout.
Hi PB,

As I was not very confident of the PA setup I did not take it. Usually I will go down to a one TF lower to check whether retrace / retest has taken place and then enter. This may not be the correct method, though it will give us an earlier entry.

Cheers
Novice 198
  • #66,326
  • Jun 14, 2010 9:20pm Jun 14, 2010 9:20pm
Quoting novice198
Hi PB,

As I was not very confident of the PA setup I did not take it. Usually I will go down to a one TF lower to check whether retrace / retest has taken place and then enter. This may not be the correct method, though it will give us an earlier entry.

Cheers
Novice 198
Thanks Nov....Want to make sure I also get the ranging breakout down, I feel this is where people make the bread and butter as, the market ranges 70% of the time.


I am just watching the NZD/USD setup and can gladly say it doesn't look so tempting recently. A month ago I would already have been in this trade SHORT and going
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  • #66,327
  • Jun 14, 2010 9:45pm Jun 14, 2010 9:45pm
Nicest formed one i can see:
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  • #66,328
  • Edited 10:32pm Jun 14, 2010 10:29pm | Edited 10:32pm
Of all the pairs I have seen, CADJPY looks little better. However I am not able to determine FTA's for this since it is heading into a traffic area.

Pros:
1. Along with the trend
2. Pin is off 68% fibo
3. pin is off Daily ppz
4. Formation of pin bar is not sure.. since the left bar is so small.. Don't know whether this is really considered as a pin bar or not technically.

Cons:
1. Heading into traffic (shaded area in peach color)
2. First FTA is very close by (Blue rectangle)
3. Also heading into 50 (blue) and 200 EMA (Red)
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  • #66,329
  • Jun 14, 2010 11:05pm Jun 14, 2010 11:05pm
I did like the BUOB of the bottom of a channel on the usdcad H4 but now most of the majors are treading water I've lost confidence in the setup. Price is now making it's 2nd IB so I've moved my stop up to under the 1st bar rather than exiting trade. I now have a small downside risk with a potential 1:1 before 1.04, will see what happens.
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  • #66,330
  • Jun 14, 2010 11:05pm Jun 14, 2010 11:05pm
Quoting cprao
Of all the pairs I have seen, CADJPY looks little better. However I am not able to determine FTA's for this since it is heading into a traffic area.

Pros:
1. Along with the trend
2. Pin is off 68% fibo
3. pin is off Daily ppz
4. Formation of pin bar is not sure.. since the left bar is so small.. Don't know whether this is really considered as a pin bar or not technically.

Cons:
1. Heading into traffic (shaded area in peach color)
2. First FTA is very close by (Blue rectangle)
3. Also heading into 50 (blue) and 200 EMA (Red)
The left bar is the Sunday Bar so your good there. FTA looks good.
Let's see how she breaks .
Indicators show the past. Price Action "Indicates" the future.
  • #66,331
  • Jun 14, 2010 11:33pm Jun 14, 2010 11:33pm
Thats how i like em
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  • #66,332
  • Jun 14, 2010 11:36pm Jun 14, 2010 11:36pm
Quoting pipmyride
Thats how i like em
Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #66,333
  • Jun 14, 2010 11:36pm Jun 14, 2010 11:36pm
Quoting pipmyride
Thats how i like em
  • #66,334
  • Jun 14, 2010 11:36pm Jun 14, 2010 11:36pm
Noticed now no one had posted N/J. Anyone mind telling me if there was something obviously wrong with this trade I had missed? I thought the FTA was much further out then A/J. Could be way off though. Anyway, flat now, all worked nicely.
  • #66,335
  • Jun 14, 2010 11:39pm Jun 14, 2010 11:39pm
Quoting Jlr
Noticed now no one had posted N/J. Anyone mind telling me if there was something obviously wrong with this trade I had missed? I thought the FTA was much further out then A/J. Could be way off though. Anyway, flat now, all worked nicely.
What feed is that? Gotta chart?
Indicators show the past. Price Action "Indicates" the future.
  • #66,336
  • Jun 14, 2010 11:48pm Jun 14, 2010 11:48pm
Quoting jarroo
What feed is that? Gotta chart?
Thanks for responding. Here it is:

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Attached Image (click to enlarge)
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Felt like the n/j was offering the free ones. What do you think?
  • #66,337
  • Jun 14, 2010 11:54pm Jun 14, 2010 11:54pm
Quoting Jlr
Thanks for responding. Here it is:


Felt like the n/j was offering the free ones. What do you think?
Not a bad setup but, as you have shown, its running into a lot of traffic. An entry just below the 78.00 (those bar Highs) would have been a good entry. But still not that much space to run. An easy pass for many even though they will work out at times.
Indicators show the past. Price Action "Indicates" the future.
  • #66,338
  • Jun 14, 2010 11:59pm Jun 14, 2010 11:59pm
Quoting Jlr
Thanks for responding. Here it is:

Felt like the n/j was offering the free ones. What do you think?
I will trade these at times but they require tight management and a hard break like these did. Anything less I cut them quick.
Indicators show the past. Price Action "Indicates" the future.
  • #66,339
  • Jun 15, 2010 12:14am Jun 15, 2010 12:14am
Quoting jarroo
I will trade these at times but they require tight management and a hard break like these did. Anything less I cut them quick.
Thanks J. What target would you have looked for on A/J had you played the break of 78? I felt like n/j had a further out FTA, but I thought a/j had more space beyond the FTA. I thought the a/j's FTA was in fact the 78 level, and didn't consider playing a break beyond there. Phew, confusing, sorry
  • #66,340
  • Jun 15, 2010 12:17am Jun 15, 2010 12:17am
Quoting jarroo
I will trade these at times but they require tight management and a hard break like these did. Anything less I cut them quick.

Beyond 78, 77 I suppose? I think I am missing some traffic in here:

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