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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

  • #73,861
  • Sep 3, 2010 8:22am Sep 3, 2010 8:22am
Quoting Jonnyislost
Yeah We have nice ones on the CAD crosses but I'm not brave enough to take them,
30 mins after the News and on a Friday heading towards a Holiday weekend
You mean you're smart enough to not take them
  • #73,862
  • Sep 3, 2010 8:31am Sep 3, 2010 8:31am
Quoting Jonnyislost
Yeah We have nice ones on the CAD crosses but I'm not brave enough to take them,
30 mins after the News and on a Friday heading towards a Holiday weekend
That is not about being brave or not, you just made a logical and sensible decision as a smart trader like you would do.http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #73,863
  • Sep 3, 2010 8:36am Sep 3, 2010 8:36am
Quoting jdl
Like everyone, when I see a possible setup I go through a checklist of items to validate the quality of the trade. One thing I like to know is "how have bars that look like this one done in the past?" For example, you might find that BEOBs that look like the current BEOB have historically done really well. Or you might find that pin bars that look like the current pin bar usually need to be much bigger to do well.

To help speed up that investigation process I created a script to flag all historical setups on a chart. You drag it on the chart,...

Cool jdl. Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #73,864
  • Sep 3, 2010 8:38am Sep 3, 2010 8:38am
Quoting ppfx
You mean you're smart enough to not take them

Quoting xmzhang
That is not about being brave or not, you just made a logical and sensible decision as a smart trader like you would do.http://cdn.forexfactory.com/images/icons/icon10.gif
Well, a more aggressive trader might be comfortable with taking them which is totally fine, but it doesn't fit with my trading style
  • #73,865
  • Sep 3, 2010 8:39am Sep 3, 2010 8:39am
Quoting jarroo
Nice chart, xmz. The E-G is wedging nicely on the Daily as it did on the 4 Hour. A break out to the upside may find Resistance at the .8400.

At current levels, the .8350ish confluence may provide some nice Bearish PA to continue its wedge formation.
Thanx Jarroo, E-G took one attempt yesterday which was rejected via a 4H-PB, price pulled back and found support at the RNB 8300, today another attempt. I think we are going to see a breakout soon as price has been making higher highs and higher lows in a steep fashion towards the down TL.

May the force be with you.
Pipcrawler
  • #73,866
  • Sep 3, 2010 8:45am Sep 3, 2010 8:45am
Quoting Adilius07
The worst would be to take this pin and quickly exit at FTA
Yeah it would be difficult to be satisfied with that win
  • #73,867
  • Sep 3, 2010 8:47am Sep 3, 2010 8:47am
Quoting Ace284
Thanks jarro! I like all the charts you're posting and the extra analysis your adding to my own. Keep it coming
Back at you, Ace.
Indicators show the past. Price Action "Indicates" the future.
  • #73,868
  • Sep 3, 2010 8:47am Sep 3, 2010 8:47am
Hey Jarroo, here is another break which I was observing. The E-Y also has been coiling up and broke out after the NFP. On the lower TF, the down TL seems to be holding as support now. I'll wait for the 1H-bar to finish for confirmation, I hope to see a bullish rejection bar.

May the force be with you.
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Pipcrawler
  • #73,869
  • Sep 3, 2010 9:01am Sep 3, 2010 9:01am
Quoting Pinbar
富士山 actually.

I have been here too long.


I prefer the view of the city at night and the fireworks at the weekends.

I get to see no less than 30 fireworks displays from my veranda in the summer.

Non tonight though. I will just have to settle for the beer.
Beautiful pictures, thank you !
Be like water.
  • #73,870
  • Edited 9:30am Sep 3, 2010 9:14am | Edited 9:30am
Quoting xmzhang
Hey Jarroo, here is another break which I was observing. The E-Y also has been coiling up and broke out after the NFP. On the lower TF, the down TL seems to be holding as support now. I'll wait for the 1H-bar to finish for confirmation, I hope to see a bullish rejection bar.

May the force be with you.
I'm still having internet problems, so bare with me . . (%#!*^%$)!!

Do you mean " . .holding as Resistance . ."

Trendlines can be a great confluencing tool. Meaning, if they do not line up with PPZ levels, BRNs or Sup/Res levels they mean nothing to me.

This trendline lines up nicely with proven Support which turned into proven Resistance on the higher time frames as well.


. .look at it now . . no surprise there . . .Price reacting to this Resistance level. Just need some quality PA for confrimation to take the trade, like the 4 Hour BEOB earlier this week.
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Indicators show the past. Price Action "Indicates" the future.
  • #73,871
  • Sep 3, 2010 9:20am Sep 3, 2010 9:20am
Quoting jarroo


I love them charts too, Rac. Its good to see them every now and again.

.
Fine, you asked for them..

I was in both these trades plus gbp/chf since 11PM last night.

Yes before NFP. After doing some DD, I decided that probability of them to go up is much grater than to go down (never mind the reason).
I exited from all my positions once resistance was hit and posted these charts to the group. They're self explanatory ...

Cheers....
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  • #73,872
  • Edited 9:42am Sep 3, 2010 9:26am | Edited 9:42am
Quote

I exited from all my positions once resistance was hit and posted these charts to the group. They're self explanatory,

....
and the aftermath....

Enjoy your weekend!
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  • #73,873
  • Sep 3, 2010 9:33am Sep 3, 2010 9:33am
Not a poodle But not at the swing high so no trading for me, but still..

Have a nice weekend!

Nuc
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  • #73,874
  • Sep 3, 2010 9:33am Sep 3, 2010 9:33am
Quoting jarroo
I'm still having internet problems, so bare with me . . (%#!*^%$)!!

Do you mean " . .holding as Resistance . ."

Trendlines can be a great confluencing tool. Meaning, if they do not line up with PPZ levels, BRNs or Sup/Res levels they mean nothing to me.

This trendline lines up nicely with proven Support which turned into proven Resistance on the higher time frames as well.


. .look at it now . . no surprise there . . .Price reacting to this Resistance level. Just need some quality PA for confrimation to take the trade, like...
I agree completely, the dotted blue line on my chart is a higher TF-PPZ. Holy crap did you just notice the high momentum bearish bar on the 1H. I think we just see a false breakout on the 4H-TF.
Pipcrawler
  • #73,875
  • Sep 3, 2010 9:38am Sep 3, 2010 9:38am
Quoting raczekfx
and the aftermath....

Enjoy your weekend!

buddy it seems you are an old fashioned guy with this charts ......

glad to see you are posting often lately

just pure ART my friend

all the best!!
  • #73,876
  • Sep 3, 2010 9:39am Sep 3, 2010 9:39am
Quoting jdl
.

I wrote a second script to remove all the flags created by the first script. See the attached text file for instructions. I hope this gives you one more tool is assessing setups.
Thanks to you I will play around with this ....appreciate your sharing!

Bill
  • #73,877
  • Sep 3, 2010 9:42am Sep 3, 2010 9:42am
Quoting raczekfx
and the aftermath....

Enjoy your weekend!

If your charts don't prove the important fact that Support turns into Resistance (and vice versa) as a key factor in one's trading (regardless of news) I don't know what will . . . throw in some additional confluences . . . and some good PA . . . and get out of the way.


Thanks Rac.
Indicators show the past. Price Action "Indicates" the future.
  • #73,878
  • Sep 3, 2010 9:59am Sep 3, 2010 9:59am
Quoting xmzhang
I agree completely, the dotted blue line on my chart is a higher TF-PPZ. Holy crap did you just notice the high momentum bearish bar on the 1H. I think we just see a false breakout on the 4H-TF.

Is just that you said, "the down TL seems to be holding as resistance now".

If you would have said, "the down TL and the dotted blue line of previous support seems to be holding as resistance now", it would have made more sense to me.

Do you agree?
Indicators show the past. Price Action "Indicates" the future.
  • #73,879
  • Edited 10:05am Sep 3, 2010 10:03am | Edited 10:05am
Quoting Jonnyislost
The yen pairs are getting very wound up, some of them on Big Round Numbers.

Notebly CAD/JPY, there is an I4B/BRN combo on the daily

NFP could be explosive

Have a good weekend everyone

Triggered my buy stop but at a level 30pips away from my set price (which means dilution in profit).
IBFX regularly sends reminder about how volatile price movement can be during NFP days but this is the first time I was entered at a price so far away in a pending order.
Speaking of explosive.......what a blast it was.
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  • #73,880
  • Sep 3, 2010 10:03am Sep 3, 2010 10:03am
Quoting triger88990
buddy it seems you are an old fashioned guy with this charts ......

glad to see you are posting often lately

just pure ART my friend

all the best!!
Couldnt have said it better. Rac's charts are really amazing.

And how are you doing? I didnt see you posting in this thread for a while?
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