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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

  • #73,421
  • Aug 31, 2010 7:04am Aug 31, 2010 7:04am
Quoting roundrock
i dont see any IB there. did you mean outside bar ?
it's the small bar prior that OB.
the setup looks like a DBLHC too.
  • #73,422
  • Aug 31, 2010 7:09am Aug 31, 2010 7:09am
A nice clasic breakout trade which Mike would love to see. On the 1H-TF G-U you'll notice multiple touches at the 15450 level, price broke out via a big BEOB. If you missed this break you got a second chance 3 hours later when price retested the breakout level and failed. You will have a clearer view of this rejection when switching to a lower TF.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
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Pipcrawler
  • #73,423
  • Aug 31, 2010 7:13am Aug 31, 2010 7:13am
Short EUR/AUD
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Don't give up
  • #73,424
  • Aug 31, 2010 7:21am Aug 31, 2010 7:21am
not sure how many of you trade the J16 breakpullback entry method. here is one on AU i took today. price broke a round number (nice support break if you look historically) entry on the pullback with tiny stop loss..
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  • #73,425
  • Aug 31, 2010 7:27am Aug 31, 2010 7:27am
Quoting ghous
Here's a trade I took on Gu this morning recorded this too for all the good souls here
Nice trade sir.

Just a question.. Did you take the consideration of the 3-day pinbar as well? I mean, you might have that in your mind while you were in the lower timeframe.

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  • #73,426
  • Aug 31, 2010 7:30am Aug 31, 2010 7:30am
Quoting xmzhang
A nice clasic breakout trade which Mike would love to see. On the 1H-TF G-U you'll notice multiple touches at the 15450 level, price broke out via a big BEOB....
are u referring to the 7th bar from the right?
if so, that is not strictly a BEOB as that red bar did nt completely engulf the prior bar.
be careful as newer traders are reading up on this thread.


Quoting geomink
Short EUR/AUD
Hello geomink,
short via retracement of a small BEOB? what price?
price is at a swing low.
plus, imho, the downside has been exhausted.... upside move is more likely (on its way actually), at least in the near term.

careful with that trade... just my view
  • #73,427
  • Aug 31, 2010 7:40am Aug 31, 2010 7:40am
Quoting Bollocks
not sure how many of you trade the J16 breakpullback entry method. here is one on AU i took today. price broke a round number (nice support break if you look historically) entry on the pullback with tiny stop loss..
It seems be in a nice fib level as well..
  • #73,428
  • Aug 31, 2010 7:40am Aug 31, 2010 7:40am
Quoting ghous
Here's a trade I took on Gu this morning recorded this too for all the good souls here

(don't forget to hit the 730p HD button)

http://www.youtube.com/watch?v=VoEXmuTvK5U
Thanks Ghous for making this video. It is very helpful for me in understanding your thought process to take the trade. Looking forward to see more videos from you in the future. Good trade btw.
  • #73,429
  • Aug 31, 2010 7:40am Aug 31, 2010 7:40am
Quoting supremeChaos
how do u want us to comment?
nice IB trade!

Thanks SC, Just trying to build confidence in my trade selections and that others confirm the setup and FTA's
  • #73,430
  • Aug 31, 2010 7:42am Aug 31, 2010 7:42am
Quoting supremeChaos
are u referring to the 7th bar from the right?
if so, that is not strictly a BEOB as that red bar did nt completely engulf the prior bar.
be careful as newer traders are reading up on this thread.



Hello geomink,
short via retracement of a small BEOB? what price?
price is at a swing low.
plus, imho, the downside has been exhausted.... upside move is more likely (on its way actually), at least in the near term.

careful with that trade... just my view
The highs only differ 0.6 pip so if you insist putting a label on this pattern then the label DBHLC would be more suitable. What is more important is the PA and not the label in this case, what I wanted to emphasize was the break of those clearly visible multiple lows by a high momentum bearish bar. http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
Pipcrawler
  • #73,431
  • Aug 31, 2010 7:59am Aug 31, 2010 7:59am
Quoting The Lord
Nice trade sir.

Just a question.. Did you take the consideration of the 3-day pinbar as well? I mean, you might have that in your mind while you were in the lower timeframe.

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Hey Lord,

No I didn't take that 3 day pin bar into consideration, in fact it wasn't a pin bar at all.

What a whole lot of people forget to do is to also group the bars prior to the one in consideration. So in this case if you're grouping those three bars to form a pin bar, then you also need to go back and group the other 3 bars which would form the bar before our pin bar on the 3 day chart.

As I see it you're then just talking about a 3 day inside bar that broke to the down side...but like I said I didn't look at that consolidation box as anything other then just that.

g.
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I believe . . .
  • #73,432
  • Aug 31, 2010 8:04am Aug 31, 2010 8:04am
This is going to get interesting

- Confluence: Fib+PPZ
- Waiting for Price Action to give me a sign

I will watch it for at least one more hour until I make my decision.
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  • #73,433
  • Aug 31, 2010 8:15am Aug 31, 2010 8:15am
Quoting ghous
Hey Lord,

No I didn't take that 3 day pin bar into consideration, in fact it wasn't a pin bar at all.
Thanks for explaining sir.

Hmm.. I completely misread the bars. Good insight for future trades.
  • #73,434
  • Aug 31, 2010 8:30am Aug 31, 2010 8:30am
Quoting Imphilomath
Do you guys use any particular way/software to maintain your journal?
Hey Imphilomath,

Don't know if you got an answer to this question. A journal is very important to me and I played around with many different formats. The best format is one that you can go back to review your trades effectively. Excel is great for aggregating data points and calculations, but not so good at layouts of charts. Word is great at layouts, but not so good at calculations.

Based on what would help me the most at this stage, I settled on giving priority to the layout of charts with my journal. This makes it easier for me to visually see a chart and my thoughts about the trade. I keep a trade log in Excel to tabulate data, but nothing else.

Hope this helps.

-- Danny
  • #73,435
  • Aug 31, 2010 8:40am Aug 31, 2010 8:40am
Quoting xmzhang
The kiwi generated a rejection bar off the 7000 VBRN, time to go short along with the downtrend. The ADR of the kiwi is about 100 pips, price already moved 70 pips today, so we could grabe some pips.

May the force be with you.
First position closed at pivot S2 for 29 pip profit, second position stopped out at BE.
Pipcrawler
  • #73,436
  • Aug 31, 2010 9:04am Aug 31, 2010 9:04am
Quoting ghous
Here's a trade I took on Gu this morning recorded this too for all the good souls here

(don't forget to hit the 730p HD button)

http://www.youtube.com/watch?v=VoEXmuTvK5U
Thanks for the video! Good stuff, really hits home on the basics.
  • #73,437
  • Aug 31, 2010 9:17am Aug 31, 2010 9:17am
will apply the fib strike method and see what happens
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  • #73,438
  • Aug 31, 2010 9:18am Aug 31, 2010 9:18am
Just finishing off the evening with reviewing the USD/CHF video of James16.

Does Jim really trade with his charts zoomed in this much or is this just to make it clearer in the videos?

On one hand it seems less distracting, on the other hand, it probably means more moving the chart around? Just wondered if anyone knew?
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  • #73,439
  • Aug 31, 2010 10:03am Aug 31, 2010 10:03am
A big pinbar with divergance but thats about it,
Would need a BRN or some additional confluence to make it tradeable in my book
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  • #73,440
  • Aug 31, 2010 10:07am Aug 31, 2010 10:07am
nice location, big nose, bearish close, free space to left

TP at 1.8010 around BRN and minor ppa
SL at bar high
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