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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

  • #77,221
  • Edited 6:26am Oct 12, 2010 6:07am | Edited 6:26am
Quoting ghous
WOW...just...wow!

How many of you caught this?

Price did penetrate the low of the IPB but remained within 3 pips beyond the BRN. A logical stop should see through the pull back.

Decent stuff.

g.

The daily low of that BEOVB for EURGBP at 8712 back on 8 Oct is now providing support in what may still be considered an uptrend GIVEN A FEW DAYS SAY AT 8650
Without women, money would have no meaning - Aristotle Onassis
  • #77,222
  • Oct 12, 2010 6:18am Oct 12, 2010 6:18am
also, how would you guys see this PB in EURGBP?

although the nose isn't very long to get one all excited...but it happens at the 0.8700 level and trendline support so i would go long with the uptrend.
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  • #77,223
  • Edited 6:39am Oct 12, 2010 6:20am | Edited 6:39am
daily formations rule, waiting and anticipating,,,,,,
Without women, money would have no meaning - Aristotle Onassis
  • #77,224
  • Oct 12, 2010 6:45am Oct 12, 2010 6:45am
Quoting fascist
i don't know that "FTA" means but i assume you are asking about TP and SL level.

TP would be the near the 150 MA level and stop at the bottom of the pin.

i took this trade because i feel it is a strong support level as indicated in the screenshot.

pls feel free to opine and comment.
You feel it is a strong support ? Just a feel doesn't count here, facts count ! If you look at the higher TF you'll see this PB receives support from a support zone. But, would this be the only reason to buy ? What we're looking for are multiple significant reasons (ie. multiple confluence) to buy (or to sell), remember: THE MORE REASONS TRADERS HAVE TO SELL OR BUY INTO AN AREA, THE MORE LIKELY THEY ARE TO DO IT. So back to your PB, do you see any more reasons besides that support zone, is this support area significant enough, imho NO. Besides the FTA (first troubled area) is just above the PB, where you placed your buy order, so don't be surprised to see price stall right there, as it already has. This PB is also countertrend on the 4H-TF (draw a TL on the 4H-TF). So, all this considered this would be a no trade for me, hope this clears up.

May the force be with you.
Pipcrawler
  • #77,225
  • Oct 12, 2010 6:58am Oct 12, 2010 6:58am
So many oppertunities, this on the kiwi (which I didn't take), 4H-BUOB closed above daily PPZ/BRN @ 7500 confluence with fib, up-TL so many reasons why shouldn't you buy ? Target @ floor pivot R1.
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Pipcrawler
  • #77,226
  • Oct 12, 2010 7:06am Oct 12, 2010 7:06am
Quoting fascist
i don't know that "FTA" means but i assume you are asking about TP and SL level.

TP would be the near the 150 MA level and stop at the bottom of the pin.

i took this trade because i feel it is a strong support level as indicated in the screenshot.

pls feel free to opine and comment.

Fascist just an advice, as this is a public forum would recommend you to post only image of your charts as on the screen shots you´re showing your account number.

Charts picture on mt4 --> right click on the chart > save as picture > save chart (as is )

Hope this helps.

Tc
Trade Smart
  • #77,227
  • Oct 12, 2010 7:07am Oct 12, 2010 7:07am
Quoting mattfx
On the 4Hr, notice that small 4hr bar which held up the break of 1.4100 bank holiday ? Here we go again.....
Suddenly bullish LOL

Another chart
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Without women, money would have no meaning - Aristotle Onassis
  • #77,228
  • Oct 12, 2010 7:14am Oct 12, 2010 7:14am
Quoting Osman
Fascist just an advice, as this is a public forum would recommend you to post only image of your charts as on the screen shots you´re showing your account number.

Charts picture on mt4 --> right click on the chart > save as picture > save chart (as is )

Hope this helps.

Tc
thanks Osman! deleted that post. will take note in the future.
  • #77,229
  • Oct 12, 2010 7:17am Oct 12, 2010 7:17am
Quoting xmzhang
You feel it is a strong support ? Just a feel doesn't count here, facts count ! If you look at the higher TF you'll see this PB receives support from a support zone. But, would this be the only reason to buy ? What we're looking for are multiple significant reasons (ie. multiple confluence) to buy (or to sell), remember: THE MORE REASONS TRADERS HAVE TO SELL OR BUY INTO AN AREA, THE MORE LIKELY THEY ARE TO DO IT. So back to your PB, do you see any more reasons besides that support zone, is this support area significant enough, imho NO. Besides the...
thanks.
  • #77,230
  • Oct 12, 2010 7:56am Oct 12, 2010 7:56am
Sorry all..... not much time at work to talk about location and confluences....but here are 3 charts all 8H with some signal bars...hopefully you can make something out of them in terms of justification for trading...looks like some nice RN's for support

Bill
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  • #77,231
  • Oct 12, 2010 8:58am Oct 12, 2010 8:58am
Quoting xmzhang
You feel it is a strong support ? Just a feel doesn't count here, facts count ! If you look at the higher TF you'll see this PB receives support from a support zone. But, would this be the only reason to buy ? What we're looking for are multiple significant reasons (ie. multiple confluence) to buy (or to sell), remember: THE MORE REASONS TRADERS HAVE TO SELL OR BUY INTO AN AREA, THE MORE LIKELY THEY ARE TO DO IT. So back to your PB, do you see any more reasons besides that support zone, is this support area significant enough, imho NO. Besides the...
Yes i wouldn´t take this trade too because off the FTA is to near and it is a down trend.
And because i don´t trade H4 charts

But i have found another confluences for the PinBar
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  • #77,232
  • Oct 12, 2010 9:22am Oct 12, 2010 9:22am
I'am looking to sell the Dow Jones Index, big 1H-DBHLC at BRN @ 11000. Will look for some bearish PA at 4H-PPZ @ 10970-ish on the lower TF to preempt the break of the DBHLC.
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Pipcrawler
  • #77,233
  • Oct 12, 2010 9:24am Oct 12, 2010 9:24am
What is your charting software zhang?
  • #77,234
  • Oct 12, 2010 9:54am Oct 12, 2010 9:54am
Couple of charts. I like the location. SL is 112.65. TP is 116.55.

K.I.S.S.
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  • #77,235
  • Oct 12, 2010 10:05am Oct 12, 2010 10:05am
Quoting Pinbar
All you could ask for and Much, Much More.

I am sure you will love it.
Make sure to start a journal over there and don't be shy to ask ANY questions.

Back from London, a fellow Brit?
Hi Pinbar

I am indeed, from the West Midlands

Joining up as we speak over at James16
Pip Goes The Weasel
  • #77,236
  • Oct 12, 2010 10:22am Oct 12, 2010 10:22am
Will be watching a break to the down side.
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Trading: the skill of avoiding trades
  • #77,237
  • Oct 12, 2010 10:26am Oct 12, 2010 10:26am
Quoting KissFan
Couple of charts. I like the location. SL is 112.65. TP is 116.55.

K.I.S.S.
Thinking of jumping in, but Im a bit unsure due to the FTA...

Comments are welcomed.
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Trade Smart
  • #77,238
  • Oct 12, 2010 10:42am Oct 12, 2010 10:42am
Hi All,

Need some feedback. I have been reading this thread for around 2 weeks now. Took a trade in demo this week.

1. There was a Pin Bar on GBPUSD.
2. To me it seemed like it was at a swing high.
3. Bouncing off a PPZ level - somewhere around 1.5980.
4. It retraced to a level between 61.8 and 78.6 of the Pin Bar.
5. It also touched the trendline.
6. Had entered at 50% retracement of the Pin Bar formed. Entry: 1.5920; SL: 1.6017 (High of the Pin Bar).

This trade went quite positive. Did anyone trade GU on similar logic - even remotely close to the one mentioned above?

Was the logic correct or was it only luck to make 100+ pips?
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  • #77,239
  • Oct 12, 2010 10:43am Oct 12, 2010 10:43am
Hey Os,

All I'd say is that's really not the greatest bar - quite small, doesn't protrude much etc.

In my view the FTA is right on top of it as well. Personally, one I'd avoid.
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  • #77,240
  • Oct 12, 2010 10:43am Oct 12, 2010 10:43am
Quoting Osman
Thinking of jumping in, but Im a bit unsure due to the FTA...

Comments are welcomed.
"Trouble areas" are a good place to bank a little on the way up or down. You have them mapped well in my estimation. The bar is not all that great that is for sure but location is a good one. You might buy cheaper later but I feel good about the TP target as there are many reasons for price to head there.

K.I.S.S.
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