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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

  • #68,441
  • Jul 12, 2010 10:14am Jul 12, 2010 10:14am
Target met and price reacted strongly to that PPZ clearly seen on the 1 hour chart, so I closed the trade

No surprises though. Rule 1 for me is never let anything surprise you

Shame the trade had to be closed though as the Daily is setting up nicely for the continuation long.
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  • #68,442
  • Jul 12, 2010 10:15am Jul 12, 2010 10:15am
Quoting cprao
Out of all 4 possible opportunities on my broker feed, I went with USDCHF
....
Now USDCHF, hit the first FTA. 1/2 postion is off the table and rest is on BE.
Nice one. How did you determine the FTAs? Was it simply the S&R of the chart?

This might be a dumb question, but the other blue bars - they're not further FTAs are they? If so, I marvel at your foresight :-)
  • #68,443
  • Jul 12, 2010 10:37am Jul 12, 2010 10:37am
Quoting Adilius07
Hello Atc, may I ask what was the reason for you to enter long on this?
Was it based on 4HR DLHC bar on 07/09 ??

I deleted part of Cprao quote...it was his trade...you would have to see his previous post(s)
  • #68,444
  • Edited 11:46am Jul 12, 2010 10:41am | Edited 11:46am
I took a ret entry on this dblhc.

Entered just above 1.5 round number on the retrace. Half of my usual risk as it's a retrace entry.

Price is trying to push through the 1.5 number as I type this and has moved against me some. Lets see how it goes

edit. this is also a retrace of the big buob from 1/7/2010 and with the trend
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  • #68,445
  • Jul 12, 2010 10:57am Jul 12, 2010 10:57am
ym on m30. pinbar.
let's see how this will turn out...
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meine augen sind die sterne
  • #68,446
  • Jul 12, 2010 11:20am Jul 12, 2010 11:20am
A quick look at GBPUSD 4hr
Bullish Outside Bar off the BRN of 1.5
Long on the break. Moved to BE plus a little at the FTA.
Now stopped out for a small gain. Trade was not a loss.

Oops looks like several beat me to this one. Good to know I am in good company.
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  • #68,447
  • Jul 12, 2010 11:35am Jul 12, 2010 11:35am
Quoting idempotent
Ghous, I second a previous comment - thanks for this.

"trading into traffic" means approaching areas of support / resistance, and or round numbers, right? Is "lack of space" any different?

Thanks
Trading into traffic refers to trading straight into close by short term or long terms proven S/R flips and no, lack of space isn't any different to traffic.

g.
I believe . . .
  • #68,448
  • Jul 12, 2010 1:58pm Jul 12, 2010 1:58pm
Still learning here, all comments welcome. I was wondering if people would consider this a good ?? beob to go short off resistance above? Cheers
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  • #68,449
  • Jul 12, 2010 2:00pm Jul 12, 2010 2:00pm
Quoting Sjr
Still learning here, all comments welcome. I was wondering if people would consider this a good ?? beob to go short off resistance above? Cheers
Hey SJ

Notice that first pin is at a deep swing low. We want bearish pins at swing highs. That pin was trading right off into divergence at a swing low. Then this beob now is stuck in heavy traffic. Both are tricky and not ideal spots for our bearish bars. Find those bearish bars at swing highs in space and you will find it much easier in the beginning

Best
Mike
  • #68,450
  • Jul 12, 2010 2:08pm Jul 12, 2010 2:08pm
Thx Mike, question for ya. When you say divergence, are you referring to something like a MACD or RSI etc ?
  • #68,451
  • Jul 12, 2010 2:14pm Jul 12, 2010 2:14pm
Hi,fx_heaven

the short was triggerred before the pinbar, I was in the money, should have managed it tight,unfortunately not baby sitting this. according to your analysis, it seems a good buy setup, fully agree. thanks


jeurre

Quoting fx_heaven
Hello jeurre,

My H4 shows a pin bar @ the BRN 9000 which is a PPZ and has confluence with support and previous R (resistance) => (becoming) S (support) - this could be a BUY not SELL area

There is news @ 3PM GMT and just behind the pin bars are some smaller PPZ on the H4 so I am waiting to see what happens after the news release but it may run before then
  • #68,452
  • Jul 12, 2010 2:16pm Jul 12, 2010 2:16pm
Quoting Sjr
Thx Mike, question for ya. When you say divergence, are you referring to something like a MACD or RSI etc ?
Yes I use MACD

So you can see the divergence forming. So if you have a bearish pin at a deep swing low you can be trading into potential buyers coming in as the selling may be running dry

Here was a trade many members took today. BUOB + divg + swing low. Then it is trading right into the 1.6, so you have your trade + your trouble area.
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  • #68,453
  • Jul 12, 2010 2:34pm Jul 12, 2010 2:34pm
Hi, Mike

My base was the way it responded to the resistance near 0.9080, so, I thought it might start a down trend, and this seemed to me confirmed by the two bar pin. also I liked the large bearish bar, gave me a lot momentum.

well accepted your 9000 BRN, thanks . meanwhile, when you said ppz, do you mean by the price flip here on my chart and gave some conflu, or just this 9000 BRN itself? otherwise, I can not see this ppz other than a trend channel line.


jeurre

Quoting mbqb11
Hey J

My question is what were you using as your basis to sell here.

This one can be solved very simple in my book. Plot the 9000 mark. This is a major ppz, and you sold right into it. One of my first things is never sell/buy into a PPZ, too likely to bounce around and give issues. And this pair is choppy as heck

Mike
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  • #68,454
  • Jul 12, 2010 2:38pm Jul 12, 2010 2:38pm
Quoting mbqb11
Yes I use MACD

So you can see the divergence forming. So if you have a bearish pin at a deep swing low you can be trading into potential buyers coming in as the selling may be running dry

Here was a trade many members took today. BUOB + divg + swing low. Then it is trading right into the 1.6, so you have your trade + your trouble area.
Thx Mike, I see what you mean, it changes the whole picture really. Would you advise/recommend using MACD from the start for a Newbie like me, or stick to regular price charts, and bring in the MACD at a later time?
  • #68,455
  • Jul 12, 2010 2:42pm Jul 12, 2010 2:42pm
Quoting jeurre
Hi, Mike

My base was the way it responded to the resistance near 0.9080, so, I thought it might start a down trend, and this seemed to me confirmed by the two bar pin. also I liked the large bearish bar, gave me a lot momentum.

well accepted your 9000 BRN, thanks . meanwhile, when you said ppz, do you mean by the price flip here on my chart and gave some conflu, or just this 9000 BRN itself? otherwise, I can not see this ppz other than a trend channel line.


jeurre
Hey J

I drew the PPZ on my last post. You can see the flipping occurring around the 9000 level(blue box + arrows). This PPZ(remb it is a zone) you were trading into and price again find it an area to flip and bounce.

Best
Mike
  • #68,456
  • Jul 12, 2010 2:43pm Jul 12, 2010 2:43pm
Quoting Sjr
Thx Mike, I see what you mean, it changes the whole picture really. Would you advise/recommend using MACD from the start for a Newbie like me, or stick to regular price charts, and bring in the MACD at a later time?
Hey SJ

I think adding it is simple enough. I only use it for a heads up for divergence and divergence is simply part of the story. It becomes second nature to notice when we have it or don't.

Mike
  • #68,457
  • Jul 12, 2010 2:47pm Jul 12, 2010 2:47pm
my bad, didn't see it thanks, Mike

Jeurre

Quoting mbqb11
Hey J

I drew the PPZ on my last post. You can see the flipping occurring around the 9000 level(blue box + arrows). This PPZ(remb it is a zone) you were trading into and price again find it an area to flip and bounce.

Best
Mike
  • #68,458
  • Jul 12, 2010 2:51pm Jul 12, 2010 2:51pm
Quoting aserbfx
ym on m30. pinbar.
let's see how this will turn out...
turned out good! every bar is there for a reason...
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meine augen sind die sterne
  • #68,459
  • Jul 12, 2010 2:55pm Jul 12, 2010 2:55pm
Quoting mbqb11
Yes I use MACD.
Speaking of MACD: does anyone know how to set up the same MACD as in MT4 in Dealbook 360?
  • #68,460
  • Jul 12, 2010 3:57pm Jul 12, 2010 3:57pm
anyone tried this as an additional fact? http://www.mataf.net/en/forex-charts/c-index (Advanced, .. trendline breakout...)
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