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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

  • #69,541
  • Jul 23, 2010 3:47am Jul 23, 2010 3:47am
Quoting Jonnyislost
There are usually 1 or 2 of these every day, I try to find them all, even if I don't trade them
Trade of the day;

EUR/CAD
2 Hour chart
1.31 small round number,
Large engulfing BUOB
Ideally the close could have been stronger (further up the bar)

Target hit
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  • #69,542
  • Jul 23, 2010 3:50am Jul 23, 2010 3:50am
Quoting Jonnyislost
Trade of the day;

EUR/CAD
2 Hour chart
1.31 small round number,
Large engulfing BUOB
Ideally the close could have been stronger (further up the bar)

Target hit
Is this your first target, or you're out completely?
I believe . . .
  • #69,543
  • Jul 23, 2010 3:53am Jul 23, 2010 3:53am
Quoting eswap0
Hope to close today this trade just below 0.9 PPZ, and enjoy the weekend.
Nice! Always good to have some PIPs in the bank before the weekend, even better to have profits as well :-).

I've still got the second half of my GBP/CAD trade now moving back up nicely after its recent swing with some nice pips in the bag also.
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In retrospect we learn. In perspective we earn.
  • #69,544
  • Jul 23, 2010 3:59am Jul 23, 2010 3:59am
Thnx for the supporting me n bostup my confidenc ..


Muhammad

Quoting ghous
Amazing trade.

You read that one to perfection.

g.
FxHome
  • #69,545
  • Jul 23, 2010 4:02am Jul 23, 2010 4:02am
Quoting ghous
Is this your first target, or you're out completely?
It's just my first target g once it makes my initial target on the chart I am totally satisfied. I would move my stop to breakeven at this point,
Over 50% of the time price comes back and takes me out, but I'm waiting for the runners, especially on continuation trades like this one

Again, I'm not actually trading these ones, all my live trades are based off of BRN's, just demonstrating the "Where is price going" game in case anyone is interested

J
  • #69,546
  • Jul 23, 2010 4:05am Jul 23, 2010 4:05am
Quoting Jonnyislost
Trade of the day;
...
Quoting ghous
Is this your first target, or you're out completely?
feels like it has a chance to move up further, right
  • #69,547
  • Jul 23, 2010 4:20am Jul 23, 2010 4:20am
Quoting supremeChaos
feels like it has a chance to move up further, right
Probably and I hope it does for anyone who took it. But really, if a trade makes it to my inital target (usually the FTA) then I consider it a success
  • #69,548
  • Jul 23, 2010 5:12am Jul 23, 2010 5:12am
GBP/CAD
2 Hour chart
Pin bar
1.6 BRN

Looks like friday is gonna be the most interesting day of this week
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  • #69,549
  • Jul 23, 2010 5:14am Jul 23, 2010 5:14am
i liked the red ascending trendline, nice

is trendline a major part of your method, by the way?

jeurre


Quoting fx_heaven
Nice! Always good to have some PIPs in the bank before the weekend, even better to have profits as well :-).

I've still got the second half of my GBP/CAD trade now moving back up nicely after its recent swing with some nice pips in the bag also.
  • #69,550
  • Jul 23, 2010 5:20am Jul 23, 2010 5:20am
seems like pre us taking profit
  • #69,551
  • Jul 23, 2010 5:35am Jul 23, 2010 5:35am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
WHere do you guys get 2 hour and 8 hour charts from? Just curious.
I have seen the enemy, and it is me.
  • #69,552
  • Jul 23, 2010 5:39am Jul 23, 2010 5:39am
Quoting Jey
WHere do you guys get 2 hour and 8 hour charts from? Just curious.
I use the MT4 period converter found here http://codebase.mql4.com/277
But MT5 has more options in terms of customized timeframes, if you prefer to use that.
  • #69,553
  • Jul 23, 2010 5:40am Jul 23, 2010 5:40am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Thanks Jonny.
I have seen the enemy, and it is me.
  • #69,554
  • Jul 23, 2010 5:42am Jul 23, 2010 5:42am
Quoting jeurre
i liked the red ascending trendline, nice

is trendline a major part of your method, by the way?

jeurre
Hi jeurre,

Its just another confluence factor really. As this was a pretty obvious TL running for 4 months with multiple contact points and it aligned nicely with the PPZ, the RN and the 50% FIB it gave me extra confidence about the strength of that area to hold price for the swing.

Once price moved beyond that pin then the second part of the trade would have been exited, for now I am still holding.

I use sloping Trend Lines as another factor combined with others to asses an area, never just by itself. Once they have been used (in this case for the swing) I will remove them as they are useless and revert back to PPZ, FIB, RN etc. until I have a situation that I think would benefit from them.

I'm just trying to stack the odds where possible and when your holding a 400 PIP retracement, although it was already profitable its nice to know that your "idea" or "plan" of how you would like to see things play out is based on some sound analysis (lots of factors), even if it does go against you, you know you did everything you could.
In retrospect we learn. In perspective we earn.
  • #69,555
  • Jul 23, 2010 5:48am Jul 23, 2010 5:48am
Quoting aserbfx
something big forming on gbp/chf...

unfortunately i got stopped at BE with this trade, but see how this developed...
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meine augen sind die sterne
  • #69,556
  • Jul 23, 2010 6:06am Jul 23, 2010 6:06am
Quoting aserbfx
unfortunately i got stopped at BE with this trade, but see how this developed...
That is a real bummer aserbfx. I had a nasty level drawn in at 15940 and when the first H4 candle closed over that level (which also coincided with a H1 BUOB off that level) it would have been a good place / time to enter.

It was tricky as there was a big retracement afterwards, so if you had used the BUOB on the H1 as your trigger and blended it with the H4 close and the previous H4 Pin Bars you would have been onto a nice winner, selling the first half @ 15990 and leaving the second to run.

I was already exposed with GBP/CAD so did not take the GBP/CHF trade.
In retrospect we learn. In perspective we earn.
  • #69,557
  • Jul 23, 2010 6:40am Jul 23, 2010 6:40am
euraud and eurcad critical levels... or it falls or we recover next week

eurusd
  • #69,558
  • Jul 23, 2010 6:50am Jul 23, 2010 6:50am
do u use line charts for fibs and trendlines.. i noticed it gives a better (different) overall image (in terms of waves..) .less false impressions like bars/candlesticks..
?

ie gbpjpy chart hard to read with bars //
  • #69,559
  • Jul 23, 2010 7:01am Jul 23, 2010 7:01am
Quoting mistersimple
do u use line charts for fibs and trendlines.. i noticed it gives a better (different) overall image (in terms of waves..) .less false impressions like bars/candlesticks..
?

ie gbpjpy chart hard to read with bars //
I'd rather just stay away from a chart which makes reading it difficult by virtue of bars let alone draw fibs or TLs for any kind of analysis.
I believe . . .
  • #69,560
  • Jul 23, 2010 7:13am Jul 23, 2010 7:13am
Quoting spookie94
I'm sure a few of you noticed the nice PB on GBP/CHF daily. For those of you that are considering this trade, any idea what the FTA may be? 1.6000?
This one really went off like a rocket and I know you are either kicking yourself for not taking it, or very happy. I am glad if you did catch that move but I want to show you a few things cause it is very important. First here is my same chart yesterday but on the 1hr with our marked FTA we discussed. . Obviously if you are very conservative you are getting stopped out at b/e and if you are more of a trailing type person like myself you probably caught this.

But this is the other post I want to reference b/c this is exactly what this bar taking off like this reminded me of.
http://www.forexfactory.com/showpost...ostcount=69391

Quoting mbqb11
the worst thing I see happen to new traders

They catch a big move with a small bar.

Asen, we for sure are not picking on you b/c trust me there will be a bunch of people to learn a ton from just these set of posts. Small bars = potential to reverse at every single trouble area most of the time. Now a small bar at a super confluence location could be a different story but lets keep it basic for now

SC for some reason I scanned most of your post but caught the word chocolate and now I am hungry again

Mike
but boy did that thing take off likea rocket hahah, cut through some ridiculous strong areas like butter.
Mike
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