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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

  • #72,841
  • Aug 25, 2010 8:54pm Aug 25, 2010 8:54pm
Quoting mbqb11
Hey Imp

Certainly no guru here just someone who has been doing things a certain way.

Mike
See that humility again :-)

Quoting mbqb11
Hey Imp

For me what makes a good bar can change depending on the situation. using the cad/chf to me this bar is simply not one I want to catch the bottom on. I think of it like this. If you drop a knife point down from above your head and put your other hand palm out as low as you can hold your other hand it is going to HURT(ps don't try this at home lol). Now if you place a knife and drop it where your hands are very close together it is not going to hurt much.
Mike
Great example !! I appreciate you explaining in simple terms. Helps me understand the concept.

I understand I will have to hear and learn from what you and other gurus here manage their trading and see how that fits in with my personality. e.g. I used to think R:2R+ was critical to take any trade, but now after reading this thread, I feel more comfortable in moving stop to BE at first FTA ( even if that means I may be stopped out and miss out on a great move). For my personality, preserving capital is more important than getting high returns.

As I see more and more charts, I will get 'feel' of the PA. You might see some stupid questions from me :-) , always appreciate your advice.

cheers
  • #72,842
  • Aug 25, 2010 8:55pm Aug 25, 2010 8:55pm
Quoting Imphilomath

As I see more and more charts, I will get 'feel' of the PA. You might see some stupid questions from me :-) , always appreciate your advice.

cheers
there are no stupid questions my friend, only the one not asked.

Anything you are thinking trust me others are, or have thought before


So ask away

Mike
  • #72,843
  • Aug 25, 2010 9:10pm Aug 25, 2010 9:10pm
Quoting Kika
Best set up for the chf
Just thought I'ld show 8H BUOB with divergence conincides with the Daily PB that formed
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  • #72,844
  • Aug 25, 2010 9:27pm Aug 25, 2010 9:27pm
I am a watching....to the moon Alice!
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  • #72,845
  • Aug 25, 2010 9:29pm Aug 25, 2010 9:29pm
Quoting Bollocks
i am relieved i am not alone then it just seems the forum keeps ticking by with charts and trades yet my world is a rather different place.
We should start our own group, the 1 a month club
  • #72,846
  • Aug 25, 2010 9:37pm Aug 25, 2010 9:37pm
Quoting spookie94
We should start our own group, the 1 a month club

You've heard of "high frequency trading"----How about we call it

"Low Frequency Picky Traders"
  • #72,847
  • Aug 25, 2010 9:38pm Aug 25, 2010 9:38pm
Quoting Forex Girl
Sure.... These are all indicators that I use !

Thank you for the indicators!


fxtsun
___________________________________

"And, in the end, the love you take is equal to the love you make." The Beatles
  • #72,848
  • Aug 25, 2010 9:44pm Aug 25, 2010 9:44pm
CAD/JPY may be setting up for a nice weekly PB off of the 61.8.

A close above the weekly PPZ and 50 fibo around 82.05 would be nice.
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  • #72,849
  • Aug 25, 2010 9:45pm Aug 25, 2010 9:45pm
Ok guys tell me what you think
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  • #72,850
  • Aug 25, 2010 9:53pm Aug 25, 2010 9:53pm
http://www.nydailynews.com/ny_local/...#ixzz0xcaSNfyW
  • #72,851
  • Aug 25, 2010 9:59pm Aug 25, 2010 9:59pm
Quoting spookie94
Ok guys tell me what you think
Hey spook... I actually liked that pin bar. Nice location and decent size. The FTA was a killer for me. Too bad it didn't close above .9150

-- Danny
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  • #72,852
  • Aug 25, 2010 10:01pm Aug 25, 2010 10:01pm
any one looking at the IBs on GBP/USD and USD/JPY?
  • #72,853
  • Aug 25, 2010 10:02pm Aug 25, 2010 10:02pm
Quoting spookie94
Ok guys tell me what you think
Newbie here, but I'll chime in. Personally, I would be concerned about the ppz around .9175 - .9200. I would have also liked to have seen a little stronger test of the .9000 BRN and a close that was closer to the bar high.

I drew my fibs a little differently and do see some confluence with the 78.6 fib.

This one would require close management IMO.
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  • #72,854
  • Aug 25, 2010 10:04pm Aug 25, 2010 10:04pm
Quoting bluetrader
Hey spook... I actually liked that pin bar. Nice location and decent size. The FTA was a killer for me. Too bad it didn't close above .9150

-- Danny
The reason I asked is I was having trouble determining the FTA.
  • #72,855
  • Aug 25, 2010 11:24pm Aug 25, 2010 11:24pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Anyone else enjoying this trade? It's running into some resistance now at BRN 1.600. But SL moved to BE, so a free trade. Gotta love it when it works as planned.
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  • #72,856
  • Aug 26, 2010 12:05am Aug 26, 2010 12:05am
Quoting jdl
Anyone else enjoying this trade? It's running into some resistance now at BRN 1.600. But SL moved to BE, so a free trade. Gotta love it when it works as planned.

YES! It is a great trade. I got out at around 1.60000, it looked like a good place to take a profit.
Looks like the CADCHF is slowly rising.




fxtsun
___________________________________

"And, in the end, the love you take is equal to the love you make." The Beatles
  • #72,857
  • Edited 3:25am Aug 26, 2010 12:26am | Edited 3:25am
Quoting aserbfx
the nose doesn't prottrude much. but i like the fact that it fell below the 10k, came back and closed above it (and above the 61 fib).
I like this one . .Location: at the 10000 BRN and at a swing Low. The size could be bigger.

Here's another reason . . .on the Weekly we have a BEOB that worked out very nicely . . so nice in fact, that it hit its target the 10000.

Now what does Price usually do when it hits its main target? By "main target", I mean not just a FTA but a strong PPZ level or BRN or both. It ususlly reacts to it or reverses from it. Or it can smash right through which would show a strong down trend.

Its something to think about. Does the Daily PB have enough (location, size, higher time frame PA hitting its target, etc) to have a reaction so if it breaks we can cover our risk and/or move to break even and see if it goes to the moon? I think it does but I would also be looking for a retrace to the 10000 before and after it breaks.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,858
  • Aug 26, 2010 12:39am Aug 26, 2010 12:39am
Awesome! thanks.


Quoting Forex Girl
Sure.... These are all indicators that I use !
  • #72,859
  • Aug 26, 2010 12:39am Aug 26, 2010 12:39am
Quoting aserbfx
gbp/chf daily.
not the biggest pb, but one which comes from strong support.
good space till 1.61.
closed 1/2. BE-trade now. target is 1.62.
meine augen sind die sterne
  • #72,860
  • Aug 26, 2010 12:45am Aug 26, 2010 12:45am
On the recurring theme of learning to be picky and only go for quality setups, could you gurus please tell me a short list of signs of detecting a quality range breakout setup?

I am expecially interested (because there are so many, so I can practice a lot) both in those horizontal channels that at a certain time retrace and break upwards and at those W formations after consolidation that also retrace and go up (the kinda that start a new Elliot Wave cycle).

I always wait for the retracement but half of the time it's flat or retraces halfway inside the channel and then returns ranging (and of course I get bars showing it's flat or wrong after I enter a trade!).

What signs should I "feel" in order to be more confident on a retracement? I noticed that the last bar of the PA I try to see is the one that skyrockets to the upward pivot so that trade is basically voided.
I'd love to see something KISS that even I can understand, like a check list.
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