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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

  • #72,621
  • Aug 24, 2010 4:06am Aug 24, 2010 4:06am
Quoting rafael
one hour pb forming. any takers?
This was my thought process on this one

Pros;
Valid Pinbar at 130.00 BRN
Wide open space
FTA a long way from the entry

Cons;
Catching a falling knife
Weak close (would be better to see a close near the top of the pin)
No Divergence
Lack of confluence in general

Verdict;
Pass

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  • #72,622
  • Aug 24, 2010 4:08am Aug 24, 2010 4:08am
Quoting The Lord
Not a bad one, since it would be off a round number. There should be few pips, but I think its very risky. The trend is so strongly down. Quickly moving to breakeven should be considered if this one is taken.


News.......!

I think on H1 news is not a good time to trade these.
May work out but as Lord said, that downtrend looks pretty solid.
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  • #72,623
  • Aug 24, 2010 4:12am Aug 24, 2010 4:12am
Hi Everybody, the USD/CAD looks like its in a nice place at the minute, seems to be a long standing PPZ in this area, also just unbder the BRN 1.0600.

Is this a BEOB on the attached chart? or does the main body of the candle need to engulf the main body of the previous.

If it is would this be a good place to trade the retrace of the bar, with a SL at around 1.061, and a 1st Tp at about 1.0520, above the prior resistance?

What does everyone think? does this make any sense, any comments much appreciated, cheers.
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Whether you think that you can, or that you can't, you are usually right.
  • #72,624
  • Aug 24, 2010 4:25am Aug 24, 2010 4:25am
Quoting Pinbar
Ghous....Is the 2 pip margin valid in a BEOB or does it invalidate this bar.
Because we are not talking about a DBLHC there is no point talking about 2 pip differences in the lows of 2 bars one of which is supposed to be a BEOB.

Technically speaking that's no trade for me even if we had a BEOB low 2 pips below the low of the previous bar. A close below the highlighted PPZ would have made it look much better IMHO.

g.
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I believe . . .
  • #72,625
  • Aug 24, 2010 4:27am Aug 24, 2010 4:27am
Quoting The Lord
Wow, nice pick. How many pips were your initial stop loss sir?
130 points.
I believe . . .
  • #72,626
  • Aug 24, 2010 4:30am Aug 24, 2010 4:30am
Quoting DTaylor
Hi Everybody, the USD/CAD looks like its in a nice place at the minute, seems to be a long standing PPZ in this area, also just unbder the BRN 1.0600.

Is this a BEOB on the attached chart? or does the main body of the candle need to engulf the main body of the previous.

If it is would this be a good place to trade the retrace of the bar, with a SL at around 1.061, and a 1st Tp at about 1.0520, above the prior resistance?

What does everyone think? does this make any sense, any comments much appreciated, cheers.
By definition that's a BEOB yes, but again a pretty poor shape, you gotta like the ones with a real long nose at one end protruding away from a decent sized body and a strong close at the other end of the bar.

g.
I believe . . .
  • #72,627
  • Aug 24, 2010 4:39am Aug 24, 2010 4:39am
Quoting Pinbar
Ghous....Is the 2 pip margin valid in a BEOB or does it invalidate this bar.
Just a comment on this ---I viewed this as a double pb on the 4H but into a wkly ppz...so no trade for me
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  • #72,628
  • Aug 24, 2010 5:12am Aug 24, 2010 5:12am
Quoting Jonnyislost
This was my thought process on this one

Pros;
Valid Pinbar at 130.00 BRN
Wide open space
FTA a long way from the entry

Cons;
Catching a falling knife
Weak close (would be better to see a close near the top of the pin)
No Divergence
Lack of confluence in general

Verdict;
Pass

Nice analysis Jonny easy pass on this one
  • #72,629
  • Aug 24, 2010 5:13am Aug 24, 2010 5:13am
Quoting ghous
By definition that's a BEOB yes, but again a pretty poor shape, you gotta like the ones with a real long nose at one end protruding away from a decent sized body and a strong close at the other end of the bar.

g.

Thanks Ghous, ill keep this in mind for the future.
Whether you think that you can, or that you can't, you are usually right.
  • #72,630
  • Aug 24, 2010 5:21am Aug 24, 2010 5:21am
Quoting Chelski
Nice set up here, Retrace capped at 50% and rejects 61%.
BEOB which could be arguesd in Engulfing to capping a rally.
8920 possible Traffic but Target 8880 and below. tHis is in the past but would appreciate comments
Hey C,
Have a look at the 1H-TF of the Ozzi, there you will see a perfect shaped BEOB (or DBHLC) with lots of confluence. This BEOB bounced of the 365 EMA, bounced of a 1H-PPZ at 8980-ish, bounched of the 61.8 fib level, what more confluence do you need. The only thing I didn't like was that it was trading right into a 1H-PPZ at the 8920-ish. In this case I would prefer trading the pullback towards previous bar highs/lows. My quess was that price might pullback to previous broken PPZ at the 8940-ish, usually I like to switch to a much lower TF to look for bearish PA at the level of interest. Target area's are 8900, 8880, 8860 and final target the previous swing low at the 8840. If you take a look at a much lower timeframe you'll notice nice S/R flips at these levels confirmed by PA. Would this be considered an A(+) trade, Jarroo ?http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
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Pipcrawler
  • #72,631
  • Aug 24, 2010 5:46am Aug 24, 2010 5:46am
Hello friends,

After a journey on several threads in the forex factory, I found on the PA a strong and clear system . I have studied for six months. I'm in forex for 2 years. Regarding many of you, I'm a baby .... I hope to learn with you, guys.
I´m sorry about the english, I´m brazilian.

Thank you
If I Change, the whole World changes!
  • #72,632
  • Aug 24, 2010 5:58am Aug 24, 2010 5:58am
Hi Guys

I took a long on EG on the 4 hr engulfing yesterday (8167)....we then had another one overnight (but not at the base)....

I took profit on the 1 hr engulifing (8200)...now seeing a nice 1 hr pinbar....do you think it still looks good for another long ??
  • #72,633
  • Aug 24, 2010 6:31am Aug 24, 2010 6:31am
  •  kk21
  • | Joined Sep 2009 | Status: ...the innocent bystander | 45 Posts
Quoting mbqb11
sure this is just part of trading. Times when price will just miss your stop too and move on. But those are easier to forget about

Usually if price comes real close especially in this case then I will just close out or at worst go to b/e.

It is an imperfect world in which we work with in the markets

Mike


tnx for the input mike.

i get ur point, but what is most disheartening is that the market keeps showing me its bad side without letup on the live account, on the other hand, everything(almost) is sweet and dandy on the demo side.

there are no differences between live/demo feeds and execution process, right? so prob must be from me then. got to find a way round this prob
  • #72,634
  • Aug 24, 2010 7:07am Aug 24, 2010 7:07am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
GJ had a good move to the south today, managed to ride the train when it broke the support and fell away;
http://i77.photobucket.com/albums/j57/fzavier/gj-1.gif
I have seen the enemy, and it is me.
  • #72,635
  • Aug 24, 2010 7:13am Aug 24, 2010 7:13am
Quoting Forex Girl
Hello friends,

After a journey on several threads in the forex factory, I found on the PA a strong and clear system . I have studied for six months. I'm in forex for 2 years. Regarding many of you, I'm a baby .... I hope to learn with you, guys.
I´m sorry about the english, I´m brazilian.

Thank you
Hi Fx girl,

Nice to have you with the group

g.
I believe . . .
  • #72,636
  • Aug 24, 2010 7:17am Aug 24, 2010 7:17am
Another thought crossed my mind today. If we learn to be SUPER PICKY. I mean like picky to the point we only take just one setup per month or so. The one that meets all our criteria.... then, why don't we trade say 5-7% of total account? Even if RR is 1:1 or little less, that trade would make a very, very nice monthly % growth. And knowing all we need is just 1 trade, it is easier to become and stay picky...

I mean, when we have a MM of 1% or 2% isn't it puts us into more pressure to trade more, so we can make "better income" and the result of overtrading is usually just the opposite.

Just a thought, maybe anyone has had any positive experience with a trade size being bigger than 1,2%???? Thanks
  • #72,637
  • Aug 24, 2010 7:18am Aug 24, 2010 7:18am
I wasn't expecting so many spectators for the video, my 2 GB bandwidth storage capacity is about filled up to the brim at screen cast, which means a few more views and the video cannot no longer be accessed.

I tried you tube but the uploaded video's quality sucks.

Anybody knows of a good video hosting website (free)?

g.
I believe . . .
  • #72,638
  • Aug 24, 2010 7:22am Aug 24, 2010 7:22am
Quoting Adilius07
Another thought crossed my mind today. If we learn to be SUPER PICKY. I mean like picky to the point we only take just one setup per month or so. The one that meets all our criteria.... then, why don't we trade say 5-7% of total account? Even if RR is 1:1 or little less, that trade would make a very, very nice monthly % growth. And knowing all we need is just 1 trade, it is easier to become and stay picky...

I mean, when we have a MM of 1% or 2% isn't it puts us into more pressure to trade more, so we can make "better income" and the result...
I have never gone beyond 2% but from what I know 5% is mentally stressful but then like you said if it's for 1 slam dunk (only on the higher tfs maybe) - the Benji/Mike setup - a month it could work out for you Ad,

MM is one area that has no boundaries, anything and everything that fits into your trading style and mentality should be fine. Of course you'll have to do your demoing and forward testing first before you go live with it

g.
I believe . . .
  • #72,639
  • Aug 24, 2010 7:29am Aug 24, 2010 7:29am
Quoting ghous
I wasn't expecting so many spectators for the video, my 2 GB bandwidth storage capacity is about filled up to the brim at screen cast, which means a few more views and the video cannot no longer be accessed.

I tried you tube but the uploaded video's quality sucks.

Anybody knows of a good video hosting website (free)?

g.
Try this Ghous

http://screenr.com/
  • #72,640
  • Aug 24, 2010 7:33am Aug 24, 2010 7:33am
Quoting ghous
I wasn't expecting so many spectators for the video, my 2 GB bandwidth storage capacity is about filled up to the brim at screen cast, which means a few more views and the video cannot no longer be accessed.

I tried you tube but the uploaded video's quality sucks.

Anybody knows of a good video hosting website (free)?

g.

Hi Ghous,

Sorry to interrupt yet I think you have produced some quality forex video material, and you may need to consider commercial applications...hate to say it, my friend...?
Without women, money would have no meaning - Aristotle Onassis
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