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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

  • #69,621
  • Jul 25, 2010 10:10am Jul 25, 2010 10:10am
Quite often moving SL below (or above) FTA gives better results than just moving to BE...
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Trading: the skill of avoiding trades
  • #69,622
  • Jul 25, 2010 10:23am Jul 25, 2010 10:23am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting eswap0
Quite often moving SL below (or above) FTA gives better results than just moving to BE...
sorry but what's FTA?
I have seen the enemy, and it is me.
  • #69,623
  • Jul 25, 2010 10:26am Jul 25, 2010 10:26am
I'm new here so still trying to figure things out...

Does this weekly usd/chf bar qualifies as a nice pin bar or it is too small compared to the previous bars?

Thanks
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  • #69,624
  • Jul 25, 2010 10:46am Jul 25, 2010 10:46am
Generally there are quite some traffic in all 3 pairs.

You already said it yourself abt NZCH hardly broke the weekly PPZ of 0.7650, so this is a pass for me.
GBCH's FTA seems a tad too close to the would-be-entry price rendering the trade not attractive in terms of R:R ratio. For example on my feed the GBPCHF has a weekly PPZ of around 1.626ish and compare to Friday's close of 1.6246, I would rather skip this too.
IMO, the best bet would be the AUDCHF where price is most likely to go to BRN 1.95 which I think is the FTA. There are abt 50pips distance between the break of the DBLHC and the BRN therefore I think it is worth a trade.

Of course, I could be wrong but given the charts, those at least are my viewpoint at this moment.

CY

Edit** Actually GBCH's bar is not exactly DBLHC since it's low and the low of the previous bar is too far apart**
Quoting cprao
AUDCHF:

pros:
1. Swing Low but not absolute
2. close is strong
3. Bar size is relatively good
4. With order flow
Cons:
1. No room - Almost same as AUDCHF
2. Did not brake weekly ppz .9450.. stopped right over there
3. Trading into consolidation zone
4. No room

=======================================
NZDCHF:
pros:
1. Swing Low
2. close is strong
3. Hardly broke the consolidation or weekly PPZ 0.7650
4. Bar size is relatively good
5. With order flow
Cons:
1. No room - worst than GBPCHF
2. Trading into consolidation zone

=========================================...
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  • #69,625
  • Jul 25, 2010 10:51am Jul 25, 2010 10:51am
Quoting Jey
sorry but what's FTA?
First Trouble Area, area where price is most likely to flip.
  • #69,626
  • Jul 25, 2010 10:58am Jul 25, 2010 10:58am
Quoting Jey
sorry but what's FTA?
something similar has been asked (& answered) just 5 days ago.

i mean no disrespect Jey... but just gonna use your post as a 'jumping board'.
justwanna say it's unhealthy to ask redundant questions (based simply on the volume of this thread, it's highly likely that question has been answered already, right?). it's unhealthy for the person asking & this thread.
it's unhealthy for the person asking because it sort of propagates dependence. i firmly believe we all should breed & 'breathe' self-reliance. (using the Search tool is productive & efficient)
it's unhealthy for this thread, because redundant questions makes this thread much much lengthier than it should be. im sure many, including myself got discouraged to read (or start reading/learning from) this thread from the onset due to the sheer volume. (in a way, discouraging new traders to learn from this amazing thread. i know, there is another side to this, but that's beyond this post's point)

i posted this to share/teach self-reliance, not to criticize. (no need to reply, Sir Jey)
  • #69,627
  • Jul 25, 2010 11:24am Jul 25, 2010 11:24am
What means FTA?

Thank's Suba
  • #69,628
  • Jul 25, 2010 11:31am Jul 25, 2010 11:31am
Quoting fx_heaven
Caution, that is against a pretty strong up trend you are trading against (although its a big H4 pin), and its late on a Friday (bit like Halloween) and strange things can happen....
Thx Fx, this one got closed at BE
  • #69,629
  • Jul 25, 2010 11:34am Jul 25, 2010 11:34am
Apologies if this is old ground.

Does anyone have suggestions for optimal settings and time-frame to use on a Keltner Trailing-Stop?
  • #69,630
  • Jul 25, 2010 12:40pm Jul 25, 2010 12:40pm
Quoting fx13new
I'm new here so still trying to figure things out...

Does this weekly usd/chf bar qualifies as a nice pin bar or it is too small compared to the previous bars?

Thanks
Hey fx13, based on the bar only, I'd say the bar is:

  1. Too small
  2. Doesn't protrude out from previous bars


I attached your chart and highlighted your bar (#2). A better bar is #1. Hope this makes sense.

- Danny

Attached Image
  • #69,631
  • Jul 25, 2010 1:21pm Jul 25, 2010 1:21pm
Hi Guys,

Does anyone have success in using ATR/ADR to set profit targets on Daily trades?
If so, what percentage of ATR/ADR do you use.
I would be interested to know.

Thanks.
"Fail to prepare, prepare to fail."
  • #69,632
  • Jul 25, 2010 1:43pm Jul 25, 2010 1:43pm
Quoting packhorse
...
Does anyone have success in using ATR/ADR to set profit targets on Daily trades?
If so, what percentage of ATR/ADR do you use.
....
what do u mean?
base exits on ADR (Average Daily range)?
what do u mean by percentage used?
well, if i understd u correctly, of course, try & target 100% ADR (ADR depends on the pair). note that price reaches +/-100% of the ADR.
i hope u are aware that this thread is more about S/R's, & not into ADRs. (check Igrok's thread for ADR-related trading)


Quoting FibbinArchie
....
Does anyone have suggestions for optimal settings and time-frame to use on a Keltner Trailing-Stop?
so far, from the posts that i've seen since last year, i have not seen anyone use it.
better to PM the trader who used that(based on the post u saw it from).
Kindly let us know for any updates.


it's 2.42AM
  • #69,633
  • Jul 25, 2010 1:50pm Jul 25, 2010 1:50pm
Quoting eswap0
Will be watching the breakout of this area.
i'll be definitely watching this pair Just look at the 2 month pin forming. I know that it doesnt have a long nose compared to the massive BEOB before, but if its gonna end above the 113.00 i believe it has potential And looking at the weekly, FTA should be at around 120.00 ...


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  • #69,634
  • Jul 25, 2010 1:57pm Jul 25, 2010 1:57pm
Quoting supremeChaos
...

it's 2.42AM
and its time to go to sleep and have a nice dream

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  • #69,635
  • Jul 25, 2010 3:03pm Jul 25, 2010 3:03pm
Quoting ertorque
Edit** Actually GBCH's bar is not exactly DBLHC since it's low and the low of the previous bar is too far apart**
Yes. you are right. the lows are not at the same level. they are atleast 20 pips differrence. I guess, as per the rules, only 2 pips differrence is acceptable.

Hence trading this pair is ruled out.. Thank you for the correction.

On AUDCHF, on my chart (IBFX), I like the way it is closed. it very strong close.. no wic at all on the top. But it is closed right on weekly PPZ-.9450.

The first FTA on my chart is - .9570. But it also has a possibility to retrace until 9250 (07/04 Weekly high).. Hence the SL should be(at least) underneath this area.

However, the conventional Sl should be .9050.. 410 pips from the entry point..
  • #69,636
  • Jul 25, 2010 3:09pm Jul 25, 2010 3:09pm
Quoting bluetrader
Hey fx13, based on the bar only, I'd say the bar is:

  1. Too small
  2. Doesn't protrude out from previous bars


I attached your chart and highlighted your bar (#2). A better bar is #1. Hope this makes sense.

- Danny


Thanks, Danny!!! there is a lot of difference for sure.
  • #69,637
  • Jul 25, 2010 4:13pm Jul 25, 2010 4:13pm
Would this example from last week's Cable fulfil the requisite criteria for a grade A Pinocchio set-up? Fib level confluence, in the direction of the mid-term trend, 4 hourly bars... There is a 4 pip difference between the high of the first and third bar in the formation.
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  • #69,638
  • Jul 25, 2010 4:15pm Jul 25, 2010 4:15pm
Quoting six gun
Not clear why you say EUR/AUD will explode upwards.

We are yet to see if the markets get indigestion from the phoney bank stress tests. The reading appears unconvincing and this is generally punished.
So likely this will give EUR a kicking for telling stories about its banking system.

From a chartist point of view the swing low hit the 127% fib to the pip.
An almost 7000 pip move and it hit the fib line - crazy.

We have two inside bars - however the outside bar is 1500 pips end to end - not a congestive candle even by monthly standards.
The most...
well its my own opinion..the month is not over yet.. just preparing the ammo..
lets see what will happen
  • #69,639
  • Jul 25, 2010 4:19pm Jul 25, 2010 4:19pm
Quoting mistersimple
well its my own opinion..the month is not over yet.. just preparing the ammo..
lets see what will happen
Granted - but I wondered why you had formed that opinion.
  • #69,640
  • Jul 25, 2010 4:25pm Jul 25, 2010 4:25pm
Quoting FibbinArchie
Would this example from last week's Cable fulfil the requisite criteria for a grade A Pinocchio set-up? Fib level confluence, in the direction of the mid-term trend, 4 hourly bars... There is a 4 pip difference between the high of the first and third bar in the formation.
Hey Fib

No this is technically not a pin b/c it has a low lower then the previous bar low. A bearish pin we want at a better swing high. That bar is near a swing low thus placing it in a lot of traffic(congestion)

Here are a couple pins and the look we are looking for

http://www.forexfactory.com/showpost...ostcount=14627
http://www.forexfactory.com/showpost...ostcount=59055
http://www.forexfactory.com/showpost...ostcount=59050
http://www.forexfactory.com/showpost...ostcount=55914
http://www.forexfactory.com/showpost...ostcount=53885

Best
Mike
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