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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

  • #67,821
  • Jul 1, 2010 3:35am Jul 1, 2010 3:35am
Quoting Jigsaw
The right eye does not matter, it's the left eye that the pin's close needs to close under (or above in the case of bullish setups )

Jig

Thanks for the info Jig.

For some reason I got the wrong impression that it was only the eyes of the bars each side of the PB that matter so, this is all new to me that both the open and close have to be inside the left eye.

Anyway, I am glad that Daneel doesn't have to wipe the egg off his face.

Hang on though, I do!!!!

Only joking, this is how we learn.

And, thanks to Daneel for pointing this out in the first place.
  • #67,822
  • Jul 1, 2010 3:47am Jul 1, 2010 3:47am
Quoting Pinbar
I was under the impression that as long as the close was within the eyes of the prior and next bar they were valid. This is not the case?

Are you saying the open and close the of the PB must both be within the left eye?
Hi Pb. I was actually discussing that trade with Mike yesterday. http://www.forexfactory.com/showpost...ostcount=67781

Apparently this was not a valid pinbar. That is also why I didn't enter the trade on GBP/USD. Just look at this confluence 2x fib ret + TL + 365 EMA.
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"Put your shoulder to the wheel!"
  • #67,823
  • Jul 1, 2010 4:04am Jul 1, 2010 4:04am
[quote=proletary;3843483]
Apparently this was not a valid pinbar. quote]

yes. just take a look at the close of the bar itself. it closes nearly in the middle. what does that mean? sure, some sellers showed up and drove the price down. a good pinbar has its close near the high, at least in the upper 2/3 of the bar.
meine augen sind die sterne
  • #67,824
  • Jul 1, 2010 4:36am Jul 1, 2010 4:36am
Quoting proletary
Hi Pb. I was actually discussing that trade with Mike yesterday. http://www.forexfactory.com/showpost...ostcount=67781

Apparently this was not a valid pinbar. That is also why I didn't enter the trade on GBP/USD. Just look at this confluence 2x fib ret + TL + 365 EMA.

Yes, I confused this issue.
Not sure why, maybe because I have been looking at the weekly TF and moved down to H4 and sort of went, yeah, here is a PB in my face.

I have a lot to learn.
  • #67,825
  • Jul 1, 2010 4:41am Jul 1, 2010 4:41am
Quote
....I have a lot to learn.
there is a lot of time for that.
"Learning time", imho, is time well spent.
  • #67,826
  • Jul 1, 2010 4:52am Jul 1, 2010 4:52am
Thought I'd post this IPB I took. The only chart I looked at last night and this caught my eye. Thanks Ghous! got 50pips on this one.

I call these "Ronco" trades "Just set it and forget it" LOL
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  • #67,827
  • Jul 1, 2010 5:44am Jul 1, 2010 5:44am
Hello everyone

I thought i would share couple of things i´ve found useful. Trading is hard psychologically and these simple things help me along basic trading psychology things

Beginners should start from longer timeframe and i like long timeframes anyway, so first picture is how i make myself not to even touch those smaller timeframes. Many can work great with multitimeframes (confirmation etc.) but for me it´s kind of disturbing.. I need to focus on one timeframe to keep this business simple

Then money is what inspires fear and other nasty feelings. I like to close that terminal in MT4

Oh man hope you understand, my english is pretty bad. Hope even one likes these small tips.

Have a great day everyone,
Nuc
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  • #67,828
  • Jul 1, 2010 6:00am Jul 1, 2010 6:00am
Quoting tubguy
Thought I'd post this IPB I took. The only chart I looked at last night and this caught my eye. Thanks Ghous! got 50pips on this one.

I call these "Ronco" trades "Just set it and forget it" LOL
Interesting.

Somebody here took the IPB on GBP/CAD which prompted me to compare your setup with this failed IPB,

This is important - very IMPORTANT!

g.
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I believe . . .
  • #67,829
  • Jul 1, 2010 6:02am Jul 1, 2010 6:02am
Quoting nuclear62
Hello everyone

I thought i would share couple of things i´ve found useful. Trading is hard psychologically and these simple things help me along basic trading psychology things

Beginners should start from longer timeframe and i like long timeframes anyway, so first picture is how i make myself not to even touch those smaller timeframes. Many can work great with multitimeframes (confirmation etc.) but for me it´s kind of disturbing.. I need to focus on one timeframe to keep this business simple...
lol.

That's a great advice nuclear, and your English isn't bad at all.

g.
I believe . . .
  • #67,830
  • Edited 6:10am Jul 1, 2010 6:07am | Edited 6:10am
My latest efforts;

-GBP/USD
-7 Hour chart
-BUOB
-1.5 BRN
-FTA 1.5125 Price flip,
-Continuation trade
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  • #67,831
  • Jul 1, 2010 6:07am Jul 1, 2010 6:07am
Quoting nuclear62
Hello everyone
I thought i would share couple of things i´ve found useful
...
your English is great nuclear62!
very good idea!
i know some people are already doing those.

Quoting ghous
Interesting.
This is important - very IMPORTANT!
yah, good post ghous.
eur$ is going up, up, imho.


Quoting Jonnyislost
My latest efforts;
..
Hello JonnyIsFound,
why 7-hour?
on FXDD Daily chart, it's less than 10pips away from forming a BUOB.
let's see what it does...
  • #67,832
  • Jul 1, 2010 6:22am Jul 1, 2010 6:22am
Quoting supremeChaos

Hello JonnyIsFound,
why 7-hour?
on FXDD Daily chart, it's less than 10pips away from forming a BUOB.
let's see what it does...
Hey SC

I saw a BUOB on one of my 4 hour feeds a while ago, but it closed just below the 1.5000, so = no trade,
But 3 hours later we have cut up nicely through that level and closed nicely above it, so 4 hours + 3 hours = a 7 hour chart, and the bar looks very strong imo,
Confirmation of the daily BUOB would be perfect, But I believe we have 7 hours to go before our FXDD bars close, lets see
  • #67,833
  • Jul 1, 2010 6:28am Jul 1, 2010 6:28am
Quoting ghous
Interesting.

Somebody here took the IPB on GBP/CAD which prompted me to compare your setup with this failed IPB,

This is important - very IMPORTANT!

g.
Heck Ghous, I didn't even see the divergence or the Head and Sholders.
All I saw was the support around 1.22 and that it closed above it.
Thanks for pointing those thing out. Gotta look more better next time. LOL
  • #67,834
  • Jul 1, 2010 6:43am Jul 1, 2010 6:43am
Quoting tubguy
Thought I'd post this IPB I took...
I call these "Ronco" trades "Just set it and forget it" LOL
Quoting tubguy
...I didn't even see the divergence or the Head and Shoulders.
All I saw was the support around 1.22 and that it closed above it..
that makes it an awesome-r Ronco trade
  • #67,835
  • Jul 1, 2010 7:13am Jul 1, 2010 7:13am
I finally entered that trade we were talking abt some hours ago when I saw the PA gaining momentum. Locked in first profit @ 1.5 and set the rest to BE. Makes you wish you played it wth real money...

Now I moved the S/L below the 38.2% ret of last big down move. Beacause we have nice PA I'm considering entering at retrace of the big bullish candle on 4H to add to my position.
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"Put your shoulder to the wheel!"
  • #67,836
  • Jul 1, 2010 7:29am Jul 1, 2010 7:29am
proletary,
awesome
  • #67,837
  • Jul 1, 2010 7:32am Jul 1, 2010 7:32am
Quoting Jonnyislost

-GBP/USD
-7 Hour chart
-BUOB
-1.5 BRN
-FTA 1.5125 Price flip,
-Continuation trade
First Target met and Stop moved to BE
Such a strong move up is likely to retrace at some point, but I won't let this one lose now
We have the Daily BUOB now but a break and close above the 1.5130 highs is what i'm hoping to see
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  • #67,838
  • Jul 1, 2010 7:40am Jul 1, 2010 7:40am
Quoting Jonnyislost
First Target met and Stop moved to BE
Such a strong move up is likely to retrace at some point, but I won't let this one lose now
We have the Daily BUOB now but a break and close above the 1.5130 highs is what i'm hoping to see
Good going Johnny.

Love the way you read this thing to perfection.

g.
I believe . . .
  • #67,839
  • Jul 1, 2010 7:45am Jul 1, 2010 7:45am
Quoting supremeChaos
proletary,
awesome
thanks Supreme! such trades are worth all the waiting. BTW I treat my demo account very seriously, because I know every consecutive profitable month on demo brings me one step closer to those concecutive profitable months with real money on the account. So If I screw up on demo my goal of investing real money moves further away.
Becuase of this mindset I had a tough decision time around 1.5. I was considering taking all the lots off the table. Finally I set the last one to BE and left it, mentally said good bye to it and closed the terminal to avoid second thoughts.

But boy was that hard... and it won't get easier with real money
"Put your shoulder to the wheel!"
  • #67,840
  • Jul 1, 2010 7:45am Jul 1, 2010 7:45am
simple trade on d1. "double low higher close"
already about 300 pips in profit. keep it simple and stupid!
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meine augen sind die sterne
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