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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

  • #71,461
  • Aug 12, 2010 12:18pm Aug 12, 2010 12:18pm
I just finished reading short article about 4h Tunnel Momentum (by Vegas) applied all on my charts- looks very intersting!!! And it dawned on me that the Knife Method from PF should be a variation of this in J16 way???
Man, I need to join the PF !!!
  • #71,462
  • Aug 12, 2010 12:18pm Aug 12, 2010 12:18pm
Quoting Jey
So what do you count then?
percentages. That is all that matters

Would you rather win 10000 pips that = 1% increase

or 100 pips that = 5% increase.

pips only tell a fraction of the story

Best
Mike
  • #71,463
  • Aug 12, 2010 12:21pm Aug 12, 2010 12:21pm
Quoting ts63
UJ 4H
BUOB @ 85 BRN + new all time low
+bullish pin on daily

= fire at will TP 85.70
Trade's gone quite well, TP hit in 55 min.
Price action rocks.
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  • #71,464
  • Aug 12, 2010 12:23pm Aug 12, 2010 12:23pm
Quoting ts63
Trade's gone quite well, TP hit in 55 min.
Price action rocks.
well done ts! Isn't it nice when you know these areas. You don't feel like a blind man walking into traffic.

Mike
  • #71,465
  • Aug 12, 2010 1:06pm Aug 12, 2010 1:06pm
would this be classified as an ipb?
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meine augen sind die sterne
  • #71,466
  • Aug 12, 2010 1:19pm Aug 12, 2010 1:19pm
Quoting aserbfx
would this be classified as an ipb?
Yes it does.
I believe . . .
  • #71,467
  • Aug 12, 2010 1:54pm Aug 12, 2010 1:54pm
Quoting mbqb11
well done ts! Isn't it nice when you know these areas. You don't feel like a blind man walking into traffic.

Mike
Watching price action here. Any thoughts?
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  • #71,468
  • Aug 12, 2010 1:58pm Aug 12, 2010 1:58pm
Quoting Ace284
Watching price action here. Any thoughts?
crazy choppy pair but could be a retracement of the larger move down, 50% is not to far off from here. Lot of divergence on 4hr

Mike
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  • #71,469
  • Aug 12, 2010 2:20pm Aug 12, 2010 2:20pm
Quoting mbqb11
crazy choppy pair but could be a retracement of the larger move down, 50% is not to far off from here. Lot of divergence on 4hr

Mike
Another interesting setup
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  • #71,470
  • Aug 12, 2010 2:23pm Aug 12, 2010 2:23pm
Quoting Ace284
Another interesting setup
yep very nice ace. Many people I see took a 4hr beob off that double top + divg. Solid trade back to the 1.6200 area you have marked. Very clear area of former resistance.

Nice clean charts like em
  • #71,471
  • Aug 12, 2010 2:59pm Aug 12, 2010 2:59pm
Quoting mbqb11
Hey J

I caught this one off the 30 m this morning
sweet!
  • #71,472
  • Aug 12, 2010 3:02pm Aug 12, 2010 3:02pm
Quoting mbqb11
updated chart

Very nice Mike. Your analysis was spot on mate.
  • #71,473
  • Aug 12, 2010 3:14pm Aug 12, 2010 3:14pm
any thoughts about this buob?
too much traffic?
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meine augen sind die sterne
  • #71,474
  • Aug 12, 2010 3:21pm Aug 12, 2010 3:21pm
Could anyone please point me a working Vegas Currency Daily (from VWB part I) indicator?

I downloaded a few, read a support thread but it still would not apply to my MT4. Maybe anyone traded it and knows which one is working?

Thank you very much.
  • #71,475
  • Aug 12, 2010 3:34pm Aug 12, 2010 3:34pm
Quoting ppfx
I saw an interesting situation on the USDCAD. The price is at RN 1.0500 which it seems to be also the 61.8% fibo retracement.
On the daily you can see that the price is caught in a triangle.
On the 4h chart you can see that on the left is a nice space.
And on the 1h chart you can see that, at the moment, price is in consolidation.
So since i missed to go short at 1.05, im now waiting that the price breaks the consolidation area.

Attachment Attachment
Attachment
I took this one, seems to be stuck though.
Sorry for the mess on my chart.
One of the bigger problems I face is keeping my chart as clean as possible without skipping to much important information.
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  • #71,476
  • Aug 12, 2010 4:03pm Aug 12, 2010 4:03pm
Quoting pippiee
I took this one, seems to be stuck though.
Sorry for the mess on my chart.
One of the bigger problems I face is keeping my chart as clean as possible without skipping to much important information.
Hey pippiee,

One of the things that helps me keep clean charts is taking the mentality that each object on the chart, whether its an arrow, trendline, or indicator, will give me a reason to 2nd guess my trade once I'm in it. You don't want that at this stage. Even after I draw up confluences like fibs, I remove them simply because of this reason. ( ex: "price is hitting the 38.2 fib, better get out now!").

Also, as a newbie (myself included), how do I know what "important" information is?

Just my thoughts.

-- Danny
  • #71,477
  • Aug 12, 2010 4:47pm Aug 12, 2010 4:47pm
Quoting aserbfx
any thoughts about this buob?
too much traffic?
Hi Aser, I wonder about the traffic level as well, but I really like the setup.

50% fib, BUOB, 80 rounder number and key level on the weekly going back to 2003/04. Also H4 PA looks nice and bullish - as in it's a very quick move north.

There was messy consolidation on H4 a couple of weeks ago at 82 and above - 1st FTA I think is around 82.50.

I would like to know others opinion on the chf/jpy daily setup too?
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  • #71,478
  • Aug 12, 2010 4:51pm Aug 12, 2010 4:51pm
Quoting bluetrader
Hey pippiee,

One of the things that helps me keep clean charts is taking the mentality that each object on the chart, whether its an arrow, trendline, or indicator, will give me a reason to 2nd guess my trade once I'm in it. You don't want that at this stage. Even after I draw up confluences like fibs, I remove them simply because of this reason. ( ex: "price is hitting the 38.2 fib, better get out now!").
Also, as a newbie (myself included), how do I know what "important" information is?

-- Danny
Hi Danny,

Yes, I agree somehow.
But I only put things on my chart from which I know they work for me or which I have seen them working by backtesting them visually.
This applies for TL,fibs (only 50.0),Floor Pivots (daily,weekly,monthly), Low/High of the last day/week/month),RN and the PPZ of course. I am not sure about the MAs, maybe I kick them.
So in order to stack the odds in my favor I have to watch all these things which is sometimes stressful if you have a full time job.
Hopefully some day I will be able to see some of them more clearly without having to draw them.
  • #71,479
  • Aug 12, 2010 5:23pm Aug 12, 2010 5:23pm
Nice looking BUOB but the location is not good. Price did not get low enough and the high of the setup (82.00) is a PPZ. I do not recommend trading long into resistance. Setups like this often go your way for 5 - 10 pips and then reverse.

Scott

Quoting Geofract
Hi Aser, I wonder about the traffic level as well, but I really like the setup.

50% fib, BUOB, 80 rounder number and key level on the weekly going back to 2003/04. Also H4 PA looks nice and bullish - as in it's a very quick move north.

There was messy consolidation on H4 a couple of weeks ago at 82 and above - 1st FTA I think is around 82.50.

I would like to know others opinion on the chf/jpy daily setup too?
  • #71,480
  • Aug 12, 2010 5:40pm Aug 12, 2010 5:40pm
Quoting pippiee
I took this one, seems to be stuck though.
Sorry for the mess on my chart.
One of the bigger problems I face is keeping my chart as clean as possible without skipping to much important information.
yeah i was expecting a strong break of the consolidation area, and beacuse it didnt happen i put my SL to BE...now its a free trade, will see what happens...
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