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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

  • #74,901
  • Sep 15, 2010 8:07pm Sep 15, 2010 8:07pm
Just saw your photo in the PF.

What a kind and intelligent looking person.


I posted my mug up there so you know which dummy you have been helping.

I am kind of wasted in that photo.
  • #74,902
  • Sep 15, 2010 8:24pm Sep 15, 2010 8:24pm
Quoting Donkey
I was watching this one a bit as well. I personally would have liked to see it actually climb up closer to BRN .85 before getting in. The bar traded into what I see as a decent PPZ at .8325 - which I have marked.

That's my 2 pennies, but shoud be taken with a kernel of corn.
Friend, I am already into this trade. But my perspective with levels is a little different.

Same chart, different lines, lol.
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  • #74,903
  • Sep 15, 2010 8:32pm Sep 15, 2010 8:32pm
Quoting Pinbar
Just saw your photo in the PF.

What a kind and intelligent looking person.


I posted my mug up there so you know which dummy you have been helping.

I am kind of wasted in that photo.
Hey Pb, just read your couple of comments about PF in couple of threads. You are making me jealous of PF now!

Glad you joined it. At least, now I can ask you to secretly pass me some inside materials there on PF (without paying). YESS!
  • #74,904
  • Sep 15, 2010 8:35pm Sep 15, 2010 8:35pm
Quoting Adilius07
I never thought the city of Toronto was such a cool place!!!
What did you find there, Adi?
Don't tell me you found a trader.
  • #74,905
  • Sep 15, 2010 8:42pm Sep 15, 2010 8:42pm
Quoting geomink
Anyone in?
I look at these kind of setups like a trap.
Its at a swing low, heading straight into the trouble area and hasn't closed below the zone.

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  • #74,906
  • Sep 15, 2010 8:49pm Sep 15, 2010 8:49pm
AUD/CAD 4 hour. I will be entering at the break.
1. With the trend
2. Off the support
3. Pin closed above the zone.

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  • #74,907
  • Sep 15, 2010 8:52pm Sep 15, 2010 8:52pm
Quoting Adilius07
I never thought the city of Toronto was such a cool place!!!
got some pictures?
i believe Canada in general is an awesome country.

Quoting The Lord
Friend, I am already into this trade..
The Lord -- the FTA sniper
  • #74,908
  • Sep 15, 2010 9:07pm Sep 15, 2010 9:07pm
Quoting The Lord
AUD/CAD 4 hour. I will be entering at the break.
1. With the trend
2. Off the support
3. Pin closed above the zone.

Attachment
hi lord, where would you place the sl ? if i place at other end of the pin then i am getting less than 1 RRR.

thanks
  • #74,909
  • Sep 15, 2010 9:09pm Sep 15, 2010 9:09pm
Quoting The Lord
Hey Pb, just read your couple of comments about PF in couple of threads. You are making me jealous of PF now!

Glad you joined it. At least, now I can ask you to secretly pass me some inside materials there on PF (without paying). YESS!


Sorry, it is all copyrighted material.
  • #74,910
  • Sep 15, 2010 9:13pm Sep 15, 2010 9:13pm
Quoting roundrock
hi lord, where would you place the sl ? if i place at other end of the pin then i am getting less than 1 RRR.
...
u have a monetary focus.
imho u should focus more on the setup's S/R, PPZs than on RR.
(btw, if u dont like or arent comfortable with the setup, u can simply avoid it)

hmmmm... have u read the posts here?
  • #74,911
  • Sep 15, 2010 9:37pm Sep 15, 2010 9:37pm
Quoting roundrock
hi lord, where would you place the sl ? if i place at other end of the pin then i am getting less than 1 RRR.

thanks
Hey RR, RR is not at all important as long as I am getting 80% winners (like SC said).

In this particular trade, I will be placing 35 pip trailing SL. It differs from person to person though. I never put SL Behind the end of the pin personally. 50 pips is the maximum limit of SL.

- Lord
  • #74,912
  • Sep 15, 2010 9:42pm Sep 15, 2010 9:42pm
Quoting Pinbar
Sorry, it is all copyrighted material.
Just joking, friend!
BTW, all those copyrighted material are openly shared by seniors here though!
  • #74,913
  • Sep 15, 2010 9:46pm Sep 15, 2010 9:46pm
Quoting roundrock
hi lord, where would you place the sl ? if i place at other end of the pin then i am getting less than 1 RRR.
Much like in Law & Order, your stop has two seperate but equally important purposes:

1) Keep a trade open while a setup remains viable
2) Close a failed trade for a minimum loss

Your goal is to balance the two - give your setup the right amount of space to play out, but make sure the stop is tight enough that you arent giving pips away when a setup has failed.

Putting your stop some arbitary distance from the nose of the pin doesn't achieve either of those goals.

Note that risk, reward, money, pips, % return and Elvis dont come into the equation. Nor should they. Well, maybe you can play Jailhouse Rock in the background. But leave the R:R out.
When you have to shoot, shoot. Dont talk.
  • #74,914
  • Sep 15, 2010 9:52pm Sep 15, 2010 9:52pm
Quoting ekling
Am i the only one in on this one? Not the strongest BUOB but i like the location and the massive confluence. I also like that the bar closed above brn. Im aware of the trouble areas and im gonna try to move my stop if price stall there. If i can i will try to hold this one for a while, i like the fact that we're now in an uptrend and i belive price just formed its first major swing low in this uptrend.
Jumped on this one too. Had to go to work and unable to watch it. Moved SL to close and got stopped at +25 pips Tried to impliment too many variations of money managment at the same time . I guess its better to learn a lesson like this on a win
  • #74,915
  • Sep 15, 2010 9:54pm Sep 15, 2010 9:54pm
Quoting The Lord
AUD/CAD 4 hour. I will be entering at the break.
1. With the trend
2. Off the support
3. Pin closed above the zone.
Took a loss on the pin 3 bars prior... I'll be long on this one too if it breaks. The Lord is now on my side, so the odds of this one working have greatly improved.

-- Danny
  • #74,916
  • Sep 15, 2010 9:56pm Sep 15, 2010 9:56pm
Quoting jarroo
You made a good decision aser with the reasons you gave. So-so setups will do this from time to time. But don't lose that pickiness, because the next time you see a similar setup like this . .trust me, there will be another one like this one . . you my take it thinking it may re-act like this one. But only to fall flat for a loss.

One way that I have found to trade these type of setup is to see if they break hard and use a tight stop loss. Make sure your in the London and /or New York sessions. If they don't break hard to cover your risk then...
Hi Jarroo,

I was looking at your H1 charts and am kinda confused on how you would enter this trade if you wait for a hard break. Do you enter the trade once the bar that has broken 129.40 has formed entirely?

Sorry i'm pretty new to looking at lower time frames.
  • #74,917
  • Sep 15, 2010 9:59pm Sep 15, 2010 9:59pm
Hey Dan USD/CHF IB, VBRN, Major PPZ. What do you think????
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  • #74,918
  • Sep 15, 2010 10:13pm Sep 15, 2010 10:13pm
Quoting bluetrader
Took a loss on the pin 3 bars prior... I'll be long on this one too if it breaks. The Lord is now on my side, so the odds of this one working have greatly improved.

-- Danny
Haha, nice sense of humor.

Yes, the prior pin was also nice. Had I seen it, I would have also taken it. Lets see if this one breaks..
  • #74,919
  • Sep 15, 2010 10:28pm Sep 15, 2010 10:28pm
Quoting spookie94
Hey Dan USD/CHF IB, VBRN, Major PPZ. What do you think????

You've got some pretty nice divergence going on in that pair as well. Definitely a good spot to watch for some PA.
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  • #74,920
  • Sep 15, 2010 10:47pm Sep 15, 2010 10:47pm
Hello Donkey,
in the context of his post, the PA setup is actually the IB.
they either buy above or sell below the IB.
i havent examined the chart well, but imho, price should break the trouble areas (1.0050 or 0.9930) with momentum. that would be the key.
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