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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

  • #72,101
  • Aug 18, 2010 4:32pm Aug 18, 2010 4:32pm
aserbfx the possible pinbar itself does look good so far. But I'd stay away from this one due to those S/R areas above the potential PB (actually the first two are the most important but the first one is really close). In the few recent trades I placed I was reminded that S/R areas should not be overlooked and since then I try to be very aware of them (maybe I'm overreacting but I think it's still better to miss a good trade than to place a bad one).

Just my 2 cents :nerd:

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  • #72,102
  • Aug 18, 2010 4:45pm Aug 18, 2010 4:45pm
Not something I have experience with but there seems to be a daily I4B on a BRN on the EUR/JPY

I hear they can be somewhat lucrative



EDIT: Also on AUD/USD
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  • #72,103
  • Aug 18, 2010 4:57pm Aug 18, 2010 4:57pm
Fellow traders,
I like the PB on the kiwi daily (under the restriction that it indeed closes like a PB). Today price was rejected right at the low (7191-ish) of the weekly bar no. 31 (ie. the week before last week). If price is able to break below the PPZ at the 7100 tomorrow, then I will be going short on the kiwi expecting 7100 to act as resistance afterwards, FTA is than PPZ at the 7050. If price manages to close below the 7050 (and acting as resistance afterwards) then my final target will be the PPZ at the BRN 7000. Lets see how this plays out.

May the force be with you,
Pipcrawler
  • #72,104
  • Aug 18, 2010 4:58pm Aug 18, 2010 4:58pm
Sorry, I forgot to attach the price chart.
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Pipcrawler
  • #72,105
  • Aug 18, 2010 7:17pm Aug 18, 2010 7:17pm
Quoting packhorse
Hi Pocrel,

I have my eye on the NZD/USD Short.

1. With the trend
2 With the weekly trend
3 Bounce off the monthly pivot - these are great for daily set ups IMO.
3. Bit of space about.
4. Target 0.7000
5 Order at 0.7090.

Pin needs to hold it's shape until close, however.
packhorse, I don't think that qualifies as a pinbar, although I'm new to this thread so I might be wrong...
  • #72,106
  • Aug 18, 2010 7:20pm Aug 18, 2010 7:20pm
It looks like eurjpy and audusd made inside I4B bars today so I took the break with a stop loss above the last bar's high. EJ however is showing convergence in this case. Does this look like a good trade?
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  • #72,107
  • Aug 18, 2010 7:27pm Aug 18, 2010 7:27pm
Quoting Pipologist99
It looks like eurjpy and audusd made inside I4B bars today so I took the break with a stop loss above the last bar's high. EJ however is showing convergence in this case. Does this look like a good trade?
I4Bs at BRN are very interesting. When they break it can often be violent. I would say top side has more room for the FTA, but often times these break so hard cutting out so quick is sort of backwards with the type of breakout play you might want.

Best
Mike
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  • #72,108
  • Aug 18, 2010 7:31pm Aug 18, 2010 7:31pm
Quoting Pipologist99
packhorse, I don't think that qualifies as a pinbar, although I'm new to this thread so I might be wrong...
technically speaking it is a pin if it can close within the previous bar. But it is in a lot of traffic and we really want them to make a clear swing high away from price like James teaches us. So it would have to be played with that in mind(if one still feels it is worth it)


I feel like pasting this b/c I was looking for some charts from Jim on pinbars but this is the first link I clicked. It is the truth in my eyes.


Quoting james16
The key here is the phrase "i am very picky about my trades".

it might be the single most important factor for success in this business.

if your not picky about your trades you aint got a prayer in this business.

hope that doesnt sound condescending but its a rock solid fact.
  • #72,109
  • Aug 18, 2010 7:33pm Aug 18, 2010 7:33pm
Quoting mbqb11
but often times these break so hard cutting out so quick is sort of backwards with the type of breakout play you might want.

Best
Mike
Mike I don't quite understand what you mean by that..?
  • #72,110
  • Aug 18, 2010 7:39pm Aug 18, 2010 7:39pm
Quoting Pipologist99
Mike I don't quite understand what you mean by that..?
Hey Pip

What I mean is that sometimes the best way to play these really small inside bars at these strong locations is just let them break and see if you can catch a runner. So if you are afraid of a close FTA maybe just play it to the side with the further FTA that way you can give more room for the runner(IF you are conservative and like to get to b/e quick). Remember playing a break of an inside bar is just playing a break of a range, the smaller the ranges decrease we make the assumption that price is going to want to breakout of that range and it can break hard and fast when it does.

Best
Mike
  • #72,111
  • Aug 18, 2010 7:58pm Aug 18, 2010 7:58pm
anyone taking that pinbar on the NZDUSD? I got a limit sell in, see how it goes.
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  • #72,112
  • Aug 18, 2010 8:05pm Aug 18, 2010 8:05pm
Quoting mbqb11
...But it is in a lot of traffic ....
Mike, I have been following you closely and yours is one of the highly impacting learning curves I have quietly studied. Thank you so much for helping generously. I have a request to make of you today - you have always made reference to this "traffic" concept pls kindly shed more light on it briefly for me today, I need to get it. Thank you!
  • #72,113
  • Aug 18, 2010 8:06pm Aug 18, 2010 8:06pm
Quoting Consilium
anyone taking that pinbar on the NZDUSD? I got a limit sell in, see how it goes.
On my FXDD, 1) the PIN is NOT closed below 7100.
Hence It is a pass for me.
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  • #72,114
  • Aug 18, 2010 8:06pm Aug 18, 2010 8:06pm
Quoting mbqb11
Hey Pip

What I mean is that sometimes the best way to play these really small inside bars at these strong locations is just let them break and see if you can catch a runner. So if you are afraid of a close FTA maybe just play it to the side with the further FTA that way you can give more room for the runner(IF you are conservative and like to get to b/e quick). Remember playing a break of an inside bar is just playing a break of a range, the smaller the ranges decrease we make the assumption that price is going to want to breakout of that range...
Thats what Im doin now and s/l is above todays high.
  • #72,115
  • Aug 18, 2010 8:10pm Aug 18, 2010 8:10pm
Quoting jeffokes
Mike, I have been following you closely and yours is one of the highly impacting learning curves I have quietly studied. Thank you so much for helping generously. I have a request to make of you today - you have always made reference to this "traffic" concept pls kindly shed more light on it briefly for me today, I need to get it. Thank you!
You will find a Mike's Video on traffic in this post.
http://www.forexfactory.com/showpost...ostcount=64143
  • #72,116
  • Aug 18, 2010 8:11pm Aug 18, 2010 8:11pm
Quoting cprao
On my FXDD, 1) the PIN is NOT closed below 7100.
Hence It is a pass for me.
Its not an A+ setup like they call them around here but its a pinbar off resistance and a trade with the trend. But its good to be picky with your trades.

Best of luck
Sincerely
Consilium.
  • #72,117
  • Aug 18, 2010 8:12pm Aug 18, 2010 8:12pm
Quoting cprao
You will find a Mike's Video on traffic in this post.
http://www.forexfactory.com/showpost...ostcount=64143

Cool thanks for digging that up C,

Hope that helps Jeff!

Mike
  • #72,118
  • Aug 18, 2010 8:13pm Aug 18, 2010 8:13pm
Also a pending sell on NZDUSD at today's pin break. price broke thru 7200, went back to test and got smacked down. Also a ppz at 7200. So seems like a go for me...


Also is there an indicator that will plot horizontal lines at RNs and BRNs, I'd appreciate it thanks.
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  • #72,119
  • Aug 18, 2010 8:21pm Aug 18, 2010 8:21pm
Quoting Pipologist99
Also a pending sell on NZDUSD at today's pin break. price broke thru 7200, went back to test and got smacked down. Also a ppz at 7200. So seems like a go for me...


Also is there an indicator that will plot horizontal lines at RNs and BRNs, I'd appreciate it thanks.

PIPO
Give the indicator I modified a try.

You don't need lines all over the chart, it confuses us when we also draw PPZ.
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  • #72,120
  • Aug 18, 2010 8:22pm Aug 18, 2010 8:22pm
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Somebody please show me my mistake with this. I took this yesterday right off the BRN, a nice support and a good length pinbar. I couldn't move to break even since it was too early (not much pips). I am really not finding any mistake to learn from. I must figure out my mistake or I will repeat it next time.
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