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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

  • #77,521
  • Oct 15, 2010 8:09am Oct 15, 2010 8:09am
i tell you, with that neutral bar near the top there and now the (BEOB) im leaning towards down for the rest of the day. i would be surprised (and wrong) if it moves higher today.
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  • #77,522
  • Edited 8:15am Oct 15, 2010 8:09am | Edited 8:15am
Quoting fascist
are you guys entering on the pin bars?
I kinda like the AUD/USD and AUD/CAD off parity but they are both trading right into trouble, so nope
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  • #77,523
  • Oct 15, 2010 8:12am Oct 15, 2010 8:12am
USDCAD, a nice pin bar? I am new to this , please correct me.
Thanks
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  • #77,524
  • Oct 15, 2010 8:18am Oct 15, 2010 8:18am
Quoting DaveI
USDCAD, a nice pin bar? I am new to this , please correct me.
Thanks
Hey Dave

Technically that is a pinbar, although my issues are the body of the bar and the length of the nose are close to equal which gives it a funny look in my book. I would also caution its size vs the recent down move. Picking that bottom can be tricky, and for me bar size becomes a huge factor(been bit too many times). Nice level at parity to watch though I have my eye on it.

Best
Mike
  • #77,525
  • Oct 15, 2010 8:20am Oct 15, 2010 8:20am
nice pin there...EURUSD

1 HR and 4 HR
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  • #77,526
  • Oct 15, 2010 8:21am Oct 15, 2010 8:21am
Would just like to share a trade that went my way.

Was eyeing a rebound off a 'respectable' TL and it came with somewhat also a reasonable PA at lower TF.
Blue rectangle is my TP area.

All in all one of my better week.
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  • #77,527
  • Oct 15, 2010 8:23am Oct 15, 2010 8:23am
Quoting Jonnyislost
I kinda like the AUD/USD and AUD/CAD off parity but they are both trading right into trouble, so nope
I'm with ya too bud, Maybe one more push higher before the fall
  • #77,528
  • Oct 15, 2010 8:36am Oct 15, 2010 8:36am
nobody in the chat room ?

http://www.james16group.us/Guests/guestchat.html
  • #77,529
  • Oct 15, 2010 8:47am Oct 15, 2010 8:47am
Just took a shot at the G-U for a short. A nice PB-shaped BEOB on the 1H-TF, entry on a touch and pullback @ minor 1H-PPZ @ 16060.
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Pipcrawler
  • #77,530
  • Oct 15, 2010 8:59am Oct 15, 2010 8:59am
Quoting xmzhang
Just took a shot at the G-U for a short. A nice PB-shaped BEOB on the 1H-TF, entry on a touch and pullback @ minor 1H-PPZ @ 16060.
Closed 1/2 position for a 22 pip profit let the other 1/2 go all the way to BRN @ 16000
Pipcrawler
  • #77,531
  • Oct 15, 2010 9:02am Oct 15, 2010 9:02am
Quoting Atc
The power of the daily ...retrace for continuation long off RN and S which was once R

I have been on this thread since approx Jan/Feb 2010...my learning and trading have come along very well...for those who are just popping in or struggling ---hang in there and spend some time here ----there is great opportunity and some fantastic people to help you ...like you have read ...it just takes time, patience and discipline.

Learn the basics and build from there. It has all been said before but to reiterate find one or two things that work for you...
Well said. I am realizing the same.. identify one or two setups that you feel like it will work for you.. Fne tune them to match your personality.
  • #77,532
  • Oct 15, 2010 9:12am Oct 15, 2010 9:12am
Quoting xmzhang
Closed 1/2 position for a 22 pip profit let the other 1/2 go all the way to BRN @ 16000
Closed the other 1/2 as well, for another 21 pip profit, price is hesitating moving up and down around the low of the 1H-BEOB which makes me nervous. Price came within 12 pips of my final target, don't want price to go any further against me.
Pipcrawler
  • #77,533
  • Oct 15, 2010 9:12am Oct 15, 2010 9:12am
Quoting jarroo
I agree Mike . . .well planned out. Nothing wrong with move to B/E quick, in my book . .

On a side note . .

Something I observed about Outside Bars that don't immediately retrace to their previous bar, before or after they break.

One thing is the obvious why they don't retrace, that they have a lot of momentum, like all quality PA setups, and they just break hard and never look back. But if they don't retrace to their previous bar High/Low, that level tends to be a strong area to watch.

For example, the big BUOB just prior to...
Jarroo, Thank you for this post. I have been paying more attention to BUOB/BEOB's and their retracement at swing low/swing High locations.

I had the same question in my mind, does they retrace all the time to the previous bar high/low or any other valid retracemet pont within that BUOB/BEOB.
I did see some that won't retrace and
if they retace after some time, then I see lot of choppy action between BUOB/BEOB and the retracememet bar. I don't know whether such setup is still valid or not ?

I missded couple of setup since they didn't retrace on the next bar but retraced after a few bars..
  • #77,534
  • Oct 15, 2010 9:26am Oct 15, 2010 9:26am
ok so stocks and EU are both moving down. which one is correcting, which one is heading down?
  • #77,535
  • Oct 15, 2010 9:30am Oct 15, 2010 9:30am
What a BUMMER, look what price just did after I closed my remaining position, RIGHT, it dropped like a rock and hit my target a few pips above BRN @ 16000, @#!$**&!!#. I tell you guys, fear and greed are two human emotions that are very difficult to control. If I had just ignored my fear that price would go further against me than I would have banked about 81 pip instead of 43 pip. I quess this has to do with experience and self-confidence or maybe I am just being chicken.

May the force be with you.
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Pipcrawler
  • #77,536
  • Oct 15, 2010 9:51am Oct 15, 2010 9:51am
Quoting xmzhang
What a BUMMER, look what price just did after I closed my remaining position, RIGHT, it dropped like a rock and hit my target a few pips above BRN @ 16000, @#!$**&!!#. I tell you guys, fear and greed are two human emotions that are very difficult to control. If I had just ignored my fear that price would go further against me than I would have banked about 81 pip instead of 43 pip. I quess this has to do with experience and self-confidence or maybe I am just being chicken.

May the force be with you.
43 Pips are better than NO pips! It was a great trade


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #77,537
  • Oct 15, 2010 10:43am Oct 15, 2010 10:43am
Quoting xmzhang
What a BUMMER, look what price just did after I closed my remaining position, RIGHT, it dropped like a rock and hit my target a few pips above BRN @ 16000, @#!$**&!!#. I tell you guys, fear and greed are two human emotions that are very difficult to control. If I had just ignored my fear that price would go further against me than I would have banked about 81 pip instead of 43 pip. I quess this has to do with experience and self-confidence or maybe I am just being chicken.

May the force be with you.
i struggle with those emotions everyday.
  • #77,538
  • Oct 15, 2010 11:03am Oct 15, 2010 11:03am
How long has the rule in IBFX/ (MT4) of "price must me 30 pips away from your order" been in effect? It normally doesnt throw an wrench in my trading. But I was trying to place na order las tnight and it wouldnt let me because of this rule.

Is this just an IBFX thing or and MT4 thing all around.

I actually think Mike has had issue with that rule in his live trade vids.

Seriously considering switiching to OANDA in 2011 if this is an MT4 issue. It really seems like a limitiation.

EDIT:I think it used to be 3 pips coem to think of it. maybe twhen they switched to 5 decimals they made an error.
  • #77,539
  • Oct 15, 2010 11:06am Oct 15, 2010 11:06am
Quoting fascist
i struggle with those emotions everyday.
many do.
we all face these emotions regularly.
we just have to live with them.. manage ourselves.. take control
..or these emotions will manage/control us.
  • #77,540
  • Oct 15, 2010 11:09am Oct 15, 2010 11:09am
Quoting 4X=0
i tell you, with that neutral bar near the top there and now the (BEOB) im leaning towards down for the rest of the day. i would be surprised (and wrong) if it moves higher today.
its alll good.

stocks down too which confuses me
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