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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

  • #70,941
  • Aug 9, 2010 1:54am Aug 9, 2010 1:54am
Just responding to everyone who commented on my question. Thanks for the input. I think I will still hit my TP, but I wish I would have waited a bit longer for the bar to reach the top of the channel rather than entering in the middle... Silly mistake on my part. I simply got to carried away upon entering in on the trade because of the pinbar that I seen, and ultimately entered in on.

Also, it's currently testing my trend lines at the moment.
Keep it simple stupid
  • #70,942
  • Aug 9, 2010 1:56am Aug 9, 2010 1:56am
Quoting Spike
Novak

It's all yours, I'm out, I hit B/E

Spike

Nice Spike! A win win hopefully
Keep it simple stupid
  • #70,943
  • Aug 9, 2010 2:07am Aug 9, 2010 2:07am
Here's a quick update of what GBP/JPY is doing on a 4 hour time chart guys.


Attached Image (click to enlarge)
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I also should have followed my trend lines. The channel I had drawn appears to be holding true for the moment.

My TP is right above a PPZ. Old resistance levels from the previous swings are now becoming support as it appears. Do you guys think that is a good idea to take profit there?
Keep it simple stupid
  • #70,944
  • Aug 9, 2010 2:15am Aug 9, 2010 2:15am
Quoting Jliuuu
Thanks jarroo for the examples!

Just to confirm (from left to right of your chart):
1) dblhc reversal
2) beovb continuation
3) beovb continuation
4) buovb continuation (not too sure about this as a continuation of the last 2 bars or reversal of larger downtrend?)

Is this correct?

Yes that's correct. Remember the Location was the key . .

1) dblhc reversal . .at a swing Low off of a PPZ level (PPZ level not shown)
2) beovb continuation ( continuation off the 1.6000)
3) beovb continuation ( continuation Support turning into Resistance)
4) buovb continuation ( continuation . . more of a breakout of Resistance turning into Support)
Indicators show the past. Price Action "Indicates" the future.
  • #70,945
  • Aug 9, 2010 2:19am Aug 9, 2010 2:19am
J16 Sniper Rifle
Attached Image
  • #70,946
  • Aug 9, 2010 2:22am Aug 9, 2010 2:22am
Quoting Jliuuu
Thanks jarroo for the examples!


4) buovb continuation (not too sure about this as a continuation of the last 2 bars or reversal of larger downtrend?)
The main thing with this BUOB (#4) is that it hit its target, after that we make our decisions, mainly to protect ourselves from a loss.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #70,947
  • Aug 9, 2010 2:28am Aug 9, 2010 2:28am
As usual, no surprise where it ran into trouble / paused
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  • #70,948
  • Aug 9, 2010 3:16am Aug 9, 2010 3:16am
Quoting Novak
Here's a quick update of what GBP/JPY is doing on a 4 hour time chart guys.


I also should have followed my trend lines. The channel I had drawn appears to be holding true for the moment.

My TP is right above a PPZ. Old resistance levels from the previous swings are now becoming support as it appears. Do you guys think that is a good idea to take profit there?

The thing is about trading on the 4 hour time frame is that you have know what's going on on the Higher time frames to take full advantage.
Where are the PPZ levels on these Higher time frames . . Is there any High time frame PA that agrees or conflicts with the 4 hour?, etc.

We just had a breakout of a long term consolidation area on the Gbp/Jpy on the higher time frames. The breakout doesn't at the current time been that strong as Price is not running away from it right now. This may help your current 4 hour trade, meaning that it may continue to test this consolidation area or fall back into it.

But it appears that the top of this area, 136.00ish (Resistance) is turining into Support and may form another consolidation area northward. (Chart)

It sounds like your learning alot from this one, Novak.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #70,949
  • Aug 9, 2010 3:25am Aug 9, 2010 3:25am
Jarroo,


Thanks for all of the great advice!

_______

I'll be sure to check the higher timeframes next time as well.

Goodnight for now guys.
Keep it simple stupid
  • #70,950
  • Aug 9, 2010 3:29am Aug 9, 2010 3:29am
Quoting Novak
Jarroo,


Thanks for all of the great advice!

_______

I'll be sure to check the higher timeframes next time as well.

Goodnight for now guys.
Cool Novak . . .now don't forget the other basics of a great PA setup . .Size . . .Location . .Space (no traffic) . . Swing High/Low . . .etc.

___________


I'm right behind you . .
Indicators show the past. Price Action "Indicates" the future.
  • #70,951
  • Aug 9, 2010 4:30am Aug 9, 2010 4:30am
Quoting jarroo
Yes that's correct. Remember the Location was the key . .

1) dblhc reversal . .at a swing Low off of a PPZ level (PPZ level not shown)
2) beovb continuation ( continuation off the 1.6000)
3) beovb continuation ( continuation Support turning into Resistance)
4) buovb continuation ( continuation . . more of a breakout of Resistance turning into Support)
Much thanks for the clarification and greatly appreciated!
"Instead of hoping he must fear; instead of fearing he must hope."
  • #70,952
  • Aug 9, 2010 4:40am Aug 9, 2010 4:40am
Quoting Novak
Jarroo,


Thanks for all of the great advice!

_______

I'll be sure to check the higher timeframes next time as well.

Goodnight for now guys.

Hey Novak

Welcome to the thread.

I am sure you are as I am, extremely glad you found it.

You seem to be a quick learner, good for you.
  • #70,953
  • Aug 9, 2010 4:50am Aug 9, 2010 4:50am
I just started my trading journal.
Here: http://www.forexfactory.com/showthre...29#post3929229
Will post and analyze if I would do any good using this method trading stocks. Would be more than happy to hear any questions, suggestions or criticism
  • #70,954
  • Aug 9, 2010 4:57am Aug 9, 2010 4:57am
Quoting Adilius07
I just started my trading journal.
Here: http://www.forexfactory.com/showthre...29#post3929229
Will post and analyze if I would do any good using this method trading stocks. Would be more than happy to hear any questions, suggestions or criticism
subscribed!
good luck and hope to see some interesting stock charts...
meine augen sind die sterne
  • #70,955
  • Aug 9, 2010 4:57am Aug 9, 2010 4:57am
Quoting Swami S
Looks good, have to watch.....
nice to see u post here, Sir
  • #70,956
  • Aug 9, 2010 4:58am Aug 9, 2010 4:58am
Quoting aserbfx
subscribed!
good luck and hope to see some interesting stock charts...
Thanks Aser!
I will try to post 1 trade idea every weekend.
  • #70,957
  • Aug 9, 2010 6:05am Aug 9, 2010 6:05am
Hi guys just like to say thanks to all the seniors and newbies alike, I am very shy so I tend to just quietly follow the thread, the charts you post is really good learning whilst demoing. I have been trying to trade for the past 6 months without success, getting caught up with all the indicators and EAs, I think im starting to see a little light and hope. Once again thanks for all the Q & As. Besides, you guys are a funny bunch too! Puts ya good mood whilst waiting ...

Kim
  • #70,958
  • Aug 9, 2010 6:24am Aug 9, 2010 6:24am
Hello Kim,
u will benefit more if u post your personal questions.

trading is a mission that is possible!
Keep it up!
  • #70,959
  • Aug 9, 2010 8:08am Aug 9, 2010 8:08am
EURGBP beob. The first trouble area is the purple line in my chart. Am I right?
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  • #70,960
  • Aug 9, 2010 8:11am Aug 9, 2010 8:11am
Quoting Hitchhiker
Anyone think this pair with be worth a few pips today?

Converging nicely into a tight bottleneck and support holding.

How do you post charts?
If you use MT4: Go to File, click save as picture, click on Active Chart (I reduced mine to 600x400 so it would fit). Then Save the chart where ever you like. To post it here, click Attachments from tool bar above. Hit browse to find your chart, click on chart, then click Upload. Hope this helps.
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