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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

  • #67,841
  • Jul 1, 2010 9:47am Jul 1, 2010 9:47am
Quoting ghous
Good going Johnny.

Love the way you read this thing to perfection.

g.
Thanks for the comment Ghous means a lot

Happy trading

J
  • #67,842
  • Jul 1, 2010 9:54am Jul 1, 2010 9:54am
Quoting aserbfx
simple trade on d1. "double low higher close"
already about 300 pips in profit. keep it simple and stupid!
Woot!

That chart is just pure soft gold there!

Nothing beats the simplicity of this stuff.

Amazing!

g.
I believe . . .
  • #67,843
  • Jul 1, 2010 10:12am Jul 1, 2010 10:12am
aud/jpy on h4. beob. entered a little late, but still worth about 200 pips.

what i would like to say is: guys, this stuff really works. and i hope to encourage anyone to try it out! post your charts!
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meine augen sind die sterne
  • #67,844
  • Jul 1, 2010 10:33am Jul 1, 2010 10:33am
Quoting proletary
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.
And herein lies the point about looking for a perfect pin - sometimes the not so perfect ones will work great if they are in great spots
  • #67,845
  • Edited 10:44am Jul 1, 2010 10:43am | Edited 10:44am
Quoting aserbfx
simple trade on d1. "double low higher close"
already about 300 pips in profit. keep it simple and stupid!
Hey aserbfx, I was away for 4 hrs and missed all the action since then but just to add my viewpoint of another dimension here.
Looking at how the BUOB did not close above the immediate PPZ (the blue rectangle on your chart), I would have stayed out.
Hey, but it works nevertheless. Good for you!
  • #67,846
  • Jul 1, 2010 10:47am Jul 1, 2010 10:47am
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
Hey Jonny,

The BUOB actually extends itself more than 50% of the most recent downswing and based on this, would have been a pass for me (had I seen this). But anyway it works in the end. Good for you !
  • #67,847
  • Jul 1, 2010 11:51am Jul 1, 2010 11:51am
Dear all,
I just wanted to share a my update on this pair, it broke through brn and a minor ppz. i am not quite sure it qualifies as ppz (still learning!). PA wise it was poor other than a minor retrace to 23% fib and divergence on indicator. to be honest I though my order would have taken a couple more days to get filled.

Good trading evry1
revstar
[quote=Revstar;3841484]This info is really useful to me, as am unsure weather to wait it out or get out...
I got in quite early, bounce of big round, PA was 4h pin and divergence from my indicator. but am getting out pending a retacement, then maybe re fuel..
ta
revstar
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  • #67,848
  • Jul 1, 2010 12:04pm Jul 1, 2010 12:04pm
Quoting ertorque
Hey Jonny,

The BUOB actually extends itself more than 50% of the most recent downswing and based on this, would have been a pass for me (had I seen this). But anyway it works in the end. Good for you !
Hey ertorque,

Thanks for the comment. I have to admit I don't consider fibs when I look for setups, I tend to keep it very simple and focus on PA around round numbers and PPZ's and this one looked solid to me,

I have closed the trade for a tiny profit, A lot of sellers above those highs it seems

J
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  • #67,849
  • Jul 1, 2010 1:03pm Jul 1, 2010 1:03pm
I was lookin at GBPUSD too, but thinking of going long.

Basically, on the Daily, you have a BUOB, which engulfs the last 3 bars. Price seems to have rejected the previous Daily Low Close, punched through the 1.5 BRN and then seems to have closed a little above the recent Resistance point.

There are two main cons that I see with this trade. First, Non-Farm Payroll is being released tomorrow. Which throws in an extra variable in attempting to determine price movement.

The second is that price retreated after clearing the previous Daily Resistance. But, and I might be totally wrong in my thinking here, the price retracement happened at the end of the day. So, maybe it was Bulls taking profit and not necessarily a large group of sell orders clustered around the Resistance point.

Anyway, that is my opinion on the matter. If anyone would like to show me my mistakes, then please do.

Thanks,
John
To see what is in front of one's nose needs a constant struggle.
  • #67,850
  • Edited 1:48pm Jul 1, 2010 1:30pm | Edited 1:48pm
AUD/USD daily looks nice if it closes as a PIN. Shame it's NFP Friday tomorrow..
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Anything can happen.
  • #67,851
  • Jul 1, 2010 3:21pm Jul 1, 2010 3:21pm
large buob in an uptrend. not sure if this is a good setup.
if you place your sl under the low of the daily bar and tp at the next trouble area and brn 1.55, this results in a bad r:r.
for me a no-trade. any opinions appreciate...
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meine augen sind die sterne
  • #67,852
  • Jul 1, 2010 3:27pm Jul 1, 2010 3:27pm
same goes for the pin on a/u. way to small pin and running into ppz and rn (0.85 and 0.86)....
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meine augen sind die sterne
  • #67,853
  • Jul 1, 2010 3:33pm Jul 1, 2010 3:33pm
Quoting ddinnov
AUD/USD daily looks nice if it closes as a PIN. Shame it's NFP Friday tomorrow..
Oh itīs NFP But iīm in this one, IMO size is good, space is enough, good confluence, hidden rsi diverge. It should do itīs work to where we expect price coming.. Hmm letīs see, not very proud of this one, very true aserbfx

Happy forthcoming weekend everyone, iīm getting ready for marathon.. Itīs my first one. My goal is to step over the finish line

Nuc
  • #67,854
  • Jul 1, 2010 3:37pm Jul 1, 2010 3:37pm
Quoting aserbfx
large buob in an uptrend. not sure if this is a good setup.
if you place your sl under the low of the daily bar and tp at the next trouble area and brn 1.55, this results in a bad r:r.
for me a no-trade. any opinions appreciate...
I'm not an expert for continuation trades, but that 1.53 ppz that you have not marked could also be of some trouble. I would probably call that the first trouble area, not the 1.55 although we could easily end up there.

P
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  • #67,855
  • Jul 1, 2010 3:48pm Jul 1, 2010 3:48pm
Quoting ddinnov
AUD/USD daily looks nice if it closes as a PIN. Shame it's NFP Friday tomorrow..
shame? I would label it as a pre-cursor to how the market is going to react to NFP tommorow.
Many choose unhappiness over uncertainty.
  • #67,856
  • Jul 1, 2010 4:13pm Jul 1, 2010 4:13pm
Quoting aserbfx
large buob in an uptrend. not sure if this is a good setup.
if you place your sl under the low of the daily bar and tp at the next trouble area and brn 1.55, this results in a bad r:r.
for me a no-trade. any opinions appreciate...
Can somebody please tell me what "brn" stands for? This is such a long thread and I did not come across this before
  • #67,857
  • Jul 1, 2010 4:16pm Jul 1, 2010 4:16pm
Quoting knn9413
Can somebody please tell me what "brn" stands for? This is such a long thread and I did not come across this before

Big Round Number
  • #67,858
  • Jul 1, 2010 4:19pm Jul 1, 2010 4:19pm
Quoting knn9413
Can somebody please tell me what "brn" stands for? This is such a long thread and I did not come across this before
Here's a link that mike posted for me recently when I asked the same question... Will probably answer a few more acronym type questions you will have too. Enjoy!

http://www.forexfactory.com/showpost...ostcount=56751
  • #67,859
  • Jul 1, 2010 4:21pm Jul 1, 2010 4:21pm
Quoting Atc
Big Round Number
Right, and if you need more, here is a nice post by Mike, the BRN expert.

http://www.forexfactory.com/showpost...ostcount=56751

P

Edit: OK, you win.
  • #67,860
  • Jul 1, 2010 4:21pm Jul 1, 2010 4:21pm
Watching this one for Break Long...needs to break ppz ...and retest to go jump in ....Buob,div., and room to move
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