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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

  • #69,461
  • Jul 22, 2010 9:19am Jul 22, 2010 9:19am
Quoting asen
Thank's guys for the info about the Small Candle size pinbar.

So for the definition of big candle size, what size it will be for 1hr and 15m time frame.

Will this EJ 15m candle is big enough? HI LO is 27pips
Hey Asen

One thing to do is zoom your charts out. When they are this zoomed in a bar is going to look much more important then it is. Here was an example of what I call a very large bar that I took today. Also take note of the zoom on my charts, they let you SEE it compared to the previous bars as SC mentioned.

Best
Mike
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  • #69,462
  • Jul 22, 2010 9:20am Jul 22, 2010 9:20am
Quoting joelcf
First one to 5000 posts picks up the tab
hahaha
  • #69,463
  • Jul 22, 2010 9:23am Jul 22, 2010 9:23am
Quoting eswap0
The trigger.
Just trying to follow what Mike teaches...
There you go E, I was hoping for a stronger pullback or a larger tail on that bar, but you nailed it
  • #69,464
  • Jul 22, 2010 9:27am Jul 22, 2010 9:27am
Quoting Jey
That makes two of us as I'd always thought that a pinbar is called a pinbar coz it looked like a pin. Silly me

Thank god
thought I was loosing my mind
  • #69,465
  • Jul 22, 2010 9:39am Jul 22, 2010 9:39am
Quoting mbqb11
Hey Asen

One thing to do is zoom your charts out. When they are this zoomed in a bar is going to look much more important then it is. Here was an example of what I call a very large bar that I took today. Also take note of the zoom on my charts, they let you SEE it compared to the previous bars as SC mentioned.

Best
Mike
Nice trade Mike,

Can I ask what your profit target was on that one? Was it around 112.20 or 112.00?

111.90?
Anything can happen.
  • #69,466
  • Jul 22, 2010 9:40am Jul 22, 2010 9:40am
Been working on Mikes SPACE. It is very interesting and a skill that I need to work on to assist me with approximating the FTA.
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  • #69,467
  • Jul 22, 2010 9:49am Jul 22, 2010 9:49am
Quoting ddinnov
Nice trade Mike,

Can I ask what your profit target was on that one? Was it around 112.20 or 112.00?

111.90?
This was a tricky one in terms of mgmt cause you have to watch a bunch of areas and understand the break. I usually avoid doing this but the week is almost over.

First please note if you are a new trader reading this there are a lot of issues with this trade and it was my full analysis that allowed me into this. My exit was 112.35.

here were my posts from the PF

another bit tricky trade like gbp/usd that needs to be watched. The level off 110 is just so strong and was rejected so hard. IBFX gave a pin, I passed, then I took fxpro and the other feeds kept giving BUOBs. I have now closed this one out as I just can't give back this profit at this area.

yes this was a similar mindset to the gbp/usd definitely the more advanced of the trades I take in terms of what is going on. I forgot to mention(which is very important). The xxx/jpy got very bullish very quick, and all strong bullish signs. This was crucial along with the eur/xxx pairs showing strength too. Without that I would have NOT taken this trade.

That is as complicated as I get cross market analysis though

Mike
  • #69,468
  • Jul 22, 2010 9:50am Jul 22, 2010 9:50am
Quoting Pinbar
Been working on Mikes SPACE. It is very interesting and a skill that I need to work on to assist me with approximating the FTA.
yep space is a very important component, b/c essentially it is understanding S/R which is everything.
  • #69,469
  • Jul 22, 2010 9:51am Jul 22, 2010 9:51am
gbpchf really disappointing..
  • #69,470
  • Jul 22, 2010 9:55am Jul 22, 2010 9:55am
Thanks Mike,

I think it's PF for me next week - depending on how quick this invoice clears for my current gig.

Did you move to B/E at any stages and if so which ones?

I also find myself looking at relative strengths of other currencies now, it's not on my checklist but I'm just doing it every time I'm sizing up a setup
Anything can happen.
  • #69,471
  • Jul 22, 2010 9:57am Jul 22, 2010 9:57am
Quoting mbqb11
This was a tricky one in terms of mgmt cause you have to watch a bunch of areas and understand the break....
bah why not although please understand I consider this a more difficult trade then what we should be doing in here which is clean PA understanding FTAs This one has more moving parts along with my previous post.

Ok so here is the full breakdown

Key points was a close above those first lows(small blue box), price was able to close just fine above it which at that point my stop was reduced to just under 111. Next important was the 112.50 PPZ which is also into all those bar highs and that previous block of consolidation basically 113. You could have tried to move to b/e and potentially catch a larger move or trail under say each bar low (either 4hr or 1hr). I just did not feel it was worth being a hero. If this closes up higher we are going to have more opportunities.

Mike
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  • #69,472
  • Jul 22, 2010 9:59am Jul 22, 2010 9:59am
Quoting mistersimple
gbpchf really disappointing..
I set a buy stop for GBP/NZD today - glad it didn't get triggered!

I saw PINs on GBP/NZD and GBP/AUD. I looked at AUD/NZD and took GBP vs the stronger of the 2 (doh!)

As in the above post I did the checking for relative strngth and traded against the stronger pair for some reason. I think the setup looked better on the GBP/NZD but can't remember for sure without looking at the charts.

Oh well - didn't get triggered anyway and I've cancelled the order now that today has sunk lower than the wick of yesterday's PIN.
Anything can happen.
  • #69,473
  • Jul 22, 2010 10:02am Jul 22, 2010 10:02am
Quoting ddinnov
Thanks Mike,

I think it's PF for me next week - depending on how quick this invoice clears for my current gig.

Did you move to B/E at any stages and if so which ones?

I also find myself looking at relative strengths of other currencies now, it's not on my checklist but I'm just doing it every time I'm sizing up a setup
I actually never officially moved to b/e but my post under this should answer the rest of your questions.

Best
Mike
  • #69,474
  • Jul 22, 2010 10:02am Jul 22, 2010 10:02am
Quoting mbqb11
bah why not although please understand I consider this a more difficult trade then what we should be doing in here which is clean PA understanding FTAs...
Thanks Mike - you'll always be my hero
Anything can happen.
  • #69,475
  • Jul 22, 2010 10:05am Jul 22, 2010 10:05am
Quoting ddinnov
Thanks Mike - you'll always be my hero
lol I spit my coffee up. Strive much higher then me my friend LOL
  • #69,476
  • Jul 22, 2010 10:06am Jul 22, 2010 10:06am
Quoting mbqb11
I actually never officially moved to b/e but my post under this should answer the rest of your questions.

Best
Mike
Yes it does - thanks!
Anything can happen.
  • #69,477
  • Jul 22, 2010 10:09am Jul 22, 2010 10:09am
Quoting mbqb11
lol I spit my coffee up. Strive much higher then me my friend LOL
hehe

Hope you didn't burn yourself!

I'm working in a posh hotel in central London this week at a big conference and a few doors down in another suite there's a course on "Ultimate Forex sercrets"... I can tell without even popping my head round the door that there are no heroes in there..
Anything can happen.
  • #69,478
  • Jul 22, 2010 10:16am Jul 22, 2010 10:16am
Quoting ddinnov
hehe

Hope you didn't burn yourself!

I'm working in a posh hotel in central London this week at a big conference and a few doors down in another suite there's a course on "Ultimate Forex sercrets"... I can tell without even popping my head round the door that there are no heroes in there..
not a hero, just someone who has been around long enough, we have a lot of those people around. That is all anyone can do with the markets.

You should stand outside that suite and tell them all to go to the bar instead with their money

PS I only drink iced coffee
  • #69,479
  • Jul 22, 2010 10:57am Jul 22, 2010 10:57am
Hey Guys,

I don't mean to start a flame war about Politics and Taxes, but I think you all might be intrested in this.

http://thehill.com/blogs/congress-blog/economy-a-budget/109869-currency-tax-a-way-to-invest-in-our-future-rep-stark


"Today, I introduced H.R. 5783, the Investing in Our Future Act. My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money raised would be put toward investments in children, global health and climate change mitigation."
To see what is in front of one's nose needs a constant struggle.
  • #69,480
  • Jul 22, 2010 11:00am Jul 22, 2010 11:00am
I wanted to share one of my best trades to date, happened last night!

USD/JPY. On support, there was a GLORIOUS pin bar on 1 hr with no resistance in the way. Rode it up to trend line test, which happened to the pip.
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Dr. C
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