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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

  • #78,461
  • Oct 26, 2010 3:24am Oct 26, 2010 3:24am
hiya, more sharing, this one took my eye last night, not expecting great run, but maybe few pips.. Please ignore the buy order, this is coming out.

buovb through 127. pulls back then moves up... also on smaller time frame makes double bottom.

trade well
RS
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  • #78,462
  • Oct 26, 2010 3:44am Oct 26, 2010 3:44am
Quoting Atc
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  • #78,463
  • Oct 26, 2010 3:58am Oct 26, 2010 3:58am
Quoting jarroo
What's it showing you on the daily?
Quoting jarroo
. . .and the weekly?
An uptrend?!
Do you take any CT like these? Say, with more confluence (e.g. BRN, divergence, etc.)? Or would it also have to be a much bigger bar to consider it?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,464
  • Oct 26, 2010 4:06am Oct 26, 2010 4:06am
Quoting HanSolo
An uptrend?!
No wait, I see a downtrend on the weekly and a short term uptrend on daily.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,465
  • Oct 26, 2010 4:39am Oct 26, 2010 4:39am
Quoting HanSolo
Thanks for your answer, xmzhang. If I got you right on this post, in your opinion it would not make sense to look at divergence as long as the PB isn't a valid low as confirmed by the next bar closing higher. But it wouldn't make sense to me to look at divergence then, because the PB would already have worked or been taken out. So you would take divergence only into account after PA and high probability trades had already taken place. I'm confused.
You'll have to understand that divergence isn't some sort of wonderfull crystal ball like predictive indicator, it needs to be confirmed by price action just like most of the indicators. Refering to the posted E-C chart, at the moment when that "PB" closes you may only assume divergence, only when the next bar closes with a higher low and MACD also makes a higher low only then divergence is confirmed and does it add to the confluence of the PB-trade. Even the PB needs validation, it's only a PB when the next bar breaks it's high, until then you may only assume it's a PB. Hope this clears up.

May the force be with you.
Pipcrawler
  • #78,466
  • Oct 26, 2010 4:42am Oct 26, 2010 4:42am
I entered the spot silver trade too late and now it is in draw down. Live I would pull the plug or not even had taken it. Had I been on time it would have netted a small profit. LIve and learn. I will hold it becuase it is not near stop though.

How long do you hold trades? Thats something I havent seen come up. With such large stops I would guess some trades go for days. Does anyone use a time limt? If so what has worked out for you?
  • #78,467
  • Oct 26, 2010 5:02am Oct 26, 2010 5:02am
Quoting xmzhang
You'll have to understand that divergence isn't some sort of wonderfull crystal ball like predictive indicator, it needs to be confirmed by price action just like most of the indicators. Refering to the posted E-C chart, at the moment when that "PB" closes you may only assume divergence, only when the next bar closes with a higher low and MACD also makes a higher low only then divergence is confirmed and does it add to the confluence of the PB-trade. Even the PB needs validation, it's only a PB when the next bar breaks it's high, until then you...
I think we agree on this. Thanks for your answer.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,468
  • Oct 26, 2010 5:34am Oct 26, 2010 5:34am
Quoting jarroo
Interesting to see if that low of that little PB on the Cad will be taken out.

Here's a Higher time frame perspective, nasir.

The blue is your PB.
Hmmm got away with it.

How bout this one. Area was marked, price went near, checked for confluence, found fib and tl. Thats all.
.
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  • #78,469
  • Oct 26, 2010 5:49am Oct 26, 2010 5:49am
Quoting nasir.khan
Hmmm got away with it.

How bout this one. Area was marked, price went near, checked for confluence, found fib and tl. Thats all.
.
Ok whats next?

Now 1H candle will close in some 10 mins and I want a reaction that this area deserves, a PB would be ideal but does't seem like it anyway a poor close like close in half of its size would be enough to move my SL to high of the bar.

Have to reduce risk, that's what i concentrate after i enter the trades.
.
  • #78,470
  • Oct 26, 2010 6:16am Oct 26, 2010 6:16am
Quoting nasir.khan
Ok whats next?
Now 1H candle will close in some 10 mins and I want a reaction that this area deserves, a PB would be ideal but does't seem like it anyway a poor close like close in half of its size would be enough to move my SL to high of the bar.
interesting trade.
i just checked gbpjpy chart.
gbp has been strong today. gbpjpy displayed that strength too.

the H1 close was pretty strong. no good, quick reaction off that area.
i think price needs to make a strong move through 128.40-70 area.
so far price is stalling.
it's your call...manage it well,
Quote
Have to reduce risk, that's what i concentrate after i enter the trades.


Quoting ^eagle^
I entered..
How long do you hold trades? Thats something I havent seen come up. With such large stops I would guess some trades go for days. Does anyone use a time limit? If so what has worked out for you?
hold trades as long as u are comfortable holding.
hold trades basing on S/R-related decisions.

it's very personal. so everybody trades differently.
u have to find your own way... by reading through here.
  • #78,471
  • Oct 26, 2010 6:24am Oct 26, 2010 6:24am
Quoting HanSolo
No wait, I see a downtrend on the weekly and a short term uptrend on daily.

Hi Hansolo

monthly, weekly and daily are all up on the eur cad

the 1.4250 is a major ppz and so thats why price has been near it since last week

personally I would pass based on the ppzs strength but would like it to be broken , wait for pa to confirm entry (support then resistance)

Anthony
  • #78,472
  • Edited 6:58am Oct 26, 2010 6:37am | Edited 6:58am
Quoting supremeChaos
interesting trade.
i just checked gbpjpy chart.
gbp has been strong today. gbpjpy displayed that strength too.

the H1 close was pretty strong. no good, quick reaction off that area.
i think price needs to make a strong move through 128.40-70 area.
so far price is stalling.
it's your call...manage it well,

Haha its the way it is.

But reducing risk can be painful if u dont use your brain much and be fearful of loosing money. lol

Look at that trade it dint closed well and i dint even waited to let it take out my stop loss which was just 18 pips below. I cut it and it blew up for some 130 pips now.
.
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  • #78,473
  • Oct 26, 2010 6:42am Oct 26, 2010 6:42am
Posting this chart as I saw the trade. Check out the 4 Hr lows all around the 8860 area, in fact there is only a 3 pip spread over the last 4 X 4 Hr lows
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Without women, money would have no meaning - Aristotle Onassis
  • #78,474
  • Oct 26, 2010 6:53am Oct 26, 2010 6:53am
Quoting nasir.khan
Haha its the way it is.
But reducing risk can be painful if u dont use your brain much and be fearful of loosing money. lol
Look at that trade it dint closed well and i dint even waited to let it take out my stop loss which was just 18 pips below. I cut it and it blew up for some 130 pips now.
.
haha, we all experience that.
for gbpusd, dont worry, i got a good chunk of it for u

btw eurusd looks terrible now. i can now see possibility of move towards 1.3700 area.

we just keep learning, practicing, studyinghttp://www.forexfactory.com/images/s...im/whew%21.gif
  • #78,475
  • Oct 26, 2010 7:02am Oct 26, 2010 7:02am
Quoting supremeChaos
haha, we all experience that.
for gbpusd, dont worry, i got a good chunk of it for u

btw eurusd looks terrible now. i can now see possibility of move towards 1.3700 area.

we just keep learning, practicing, studyinghttp://www.forexfactory.com/images/s...im/whew%21.gif

My eyes are giving this pair a good drilling and, I hate to say it yet, "I think" you may have something there supreme .....thru the weekly at 3900 and low of 10/25
Without women, money would have no meaning - Aristotle Onassis
  • #78,476
  • Oct 26, 2010 7:06am Oct 26, 2010 7:06am
Quoting supremeChaos
haha, we all experience that.
for gbpusd, dont worry, i got a good chunk of it for u

btw eurusd looks terrible now. i can now see possibility of move towards 1.3700 area.

we just keep learning, practicing, studyinghttp://www.forexfactory.com/images/s...im/whew%21.gif
You cant ignore 3858 that's my TP atm BUT with gold hovering near 1328 any thing could happen now.
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  • #78,477
  • Oct 26, 2010 7:15am Oct 26, 2010 7:15am
Quoting mattfx
My eyes are giving this pair a good drilling and, I hate to say it yet, "I think" you may have something there supreme .....thru the weekly at 3900 and low of 10/25
u mean possible support in those areas? yes, im aware Sir.
possibly more wood chopping to go.
currently, im still a eur-bull regardless if we go down there (sub-1.3900).

Quoting nasir.khan
You cant ignore 3858 that's my TP atm BUT with gold hovering near 1328 any thing could happen now.
1.3858, Friday's low? for sure.
yes, anything can happen.
just exploring more possibilities/scenarios.
  • #78,478
  • Oct 26, 2010 7:22am Oct 26, 2010 7:22am
My friend Habeeb has written this MT4 calculator to plot pivot areas, I find it indispensable, let me know if it helps or otherwise, yet let's keep the theme going, with the sharing that is...
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Without women, money would have no meaning - Aristotle Onassis
  • #78,479
  • Oct 26, 2010 7:34am Oct 26, 2010 7:34am
Quoting supremeChaos
u mean possible support in those areas? yes, im aware Sir.
possibly more wood chopping to go.
currently, im still a eur-bull regardless if we go down there (sub-1.3900).


1.3858, Friday's low? for sure.
yes, anything can happen.
just exploring more possibilities/scenarios.
yes through that troublesome 3900 area, for sure, and now for greed...some sound council always required.....lol
Without women, money would have no meaning - Aristotle Onassis
  • #78,480
  • Oct 26, 2010 7:35am Oct 26, 2010 7:35am
Quoting supremeChaos
haha, we all experience that.
for gbpusd, dont worry, i got a good chunk of it for u

btw eurusd looks terrible now. i can now see possibility of move towards 1.3700 area.

we just keep learning, practicing, studyinghttp://www.forexfactory.com/images/s...im/whew%21.gif
hey Supreme,
did u reverse ur initial long .......
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