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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

  • #80,581
  • Nov 22, 2010 6:52am Nov 22, 2010 6:52am
Did anyone take this? TT, 50fib trendline with trend and div.
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  • #80,582
  • Nov 22, 2010 7:00am Nov 22, 2010 7:00am
Quoting Atc
Did anyone take this? TT, 50fib trendline with trend and div.

hey atc

i am waiting the bar close
  • #80,583
  • Nov 22, 2010 7:12am Nov 22, 2010 7:12am
Here's a trade I took....Gap last night entered on gap last night confluence of trend 50fib trendline and ppz with daily PB showing with 2 tgts....the gap close and then free trade to ppz below pb 1.3500 ....almost forgot to mention 150ema

Thanks to this thread to James and all the seniors !
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  • #80,584
  • Nov 22, 2010 8:13am Nov 22, 2010 8:13am
Quoting Atc
Did anyone take this? TT, 50fib trendline with trend and div.
Hi Atc,

I like the BEOB taking out 4 bars but IMO there is too much traffic below it..
chart attached.

Btw, very nice E/CHF trade !!
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Trade Smart
  • #80,585
  • Nov 22, 2010 8:37am Nov 22, 2010 8:37am
Hi e/body

whats ur thoughts on this?

Cheers

Anthony
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  • #80,586
  • Nov 22, 2010 8:53am Nov 22, 2010 8:53am
This seems to be ready to go...
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  • #80,587
  • Nov 22, 2010 8:57am Nov 22, 2010 8:57am
Quoting Osman
Hi Atc,

I like the BEOB taking out 4 bars but IMO there is too much traffic below it..
chart attached.

Btw, very nice E/CHF trade !!
Agreed Osman

This thing is stuck dead sideways and those can be brutally tough markets to trade(like a large majority of pairs are stuck in now). I think those that take these expecting a lot usually get bit, but a tight mgmt if you can get a hard break can make sense

Best
Mike
  • #80,588
  • Nov 22, 2010 9:00am Nov 22, 2010 9:00am
Quoting Adilius07
This seems to be ready to go...
looks good Adi,

Glad to see you identify good areas which is most important. It is also off the 11000. B/c of the lack of action I think a good tight mgmt as you have makes the most sense in my eyes too

Best
Mike
  • #80,589
  • Nov 22, 2010 9:07am Nov 22, 2010 9:07am
Quoting mbqb11
looks good Adi,

Glad to see you identify good areas which is most important. It is also off the 11000. B/c of the lack of action I think a good tight mgmt as you have makes the most sense in my eyes too

Best
Mike
Thanks Mike, I only try to follow your advice as good as I possibly can. This one has a great space too! I don't make trades intraday, just practicing to identify setups. Let's see if this one will work out.
  • #80,590
  • Nov 22, 2010 9:31am Nov 22, 2010 9:31am
Quoting Adilius07
Thanks Mike, I only try to follow your advice as good as I possibly can. This one has a great space too! I don't make trades intraday, just practicing to identify setups. Let's see if this one will work out.
This is why we wait for the break Confirm these intraday bars

Still liked your level and a break I would have been very surprised if it didn't meet the upper box Adi.

Mike
  • #80,591
  • Nov 22, 2010 9:33am Nov 22, 2010 9:33am
Quoting Adilius07
Cool But see it still continued up as many times it does!
If we only learn to hold...
Then we wont be able to short it for some extra pips when it retraces (joke).

Seriously now, in 90% of trades im also not able to hold long usually i say to myself to close 1/2 after about 30-40 pips (it depends from trade to trade of course) and move stops to BE and then let it go. But its much easier said than done. The best thing to do is to close 1/2 at FTA and move stops to BE) and then close the platform and stay away from the computer. It worked for me a few times.
  • #80,592
  • Nov 22, 2010 9:37am Nov 22, 2010 9:37am
Quoting mbqb11
This is why we wait for the break Confirm these intraday bars

Still liked your level and a break I would have been very surprised if it didn't meet the upper box Adi.

Mike
Yes that was fast. When I was doing my backtests I saw many pins which didn't break and price reversed like that. So this is just invalid pin, no trade. Happens... I was hoping though it could shoot through the roof... ok will wait for the next one.
  • #80,593
  • Nov 22, 2010 9:41am Nov 22, 2010 9:41am
Quoting Adilius07
This seems to be ready to go...
was about to tell u to check the higher timeframe for the story it was telling. the higher the tf the more powerful/stronger the rxn to s/r levels.
fta on that pin was a bit to close and tight mgt as Mike said would have been reqd ..... good thing to always wait for the break
just wanted to pitch in
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Simplicity is the key to success
  • #80,594
  • Nov 22, 2010 9:42am Nov 22, 2010 9:42am
Quoting ppfx
Then we wont be able to short it for some extra pips when it retraces (joke).

Seriously now, in 90% of trades im also not able to hold long usually i say to myself to close 1/2 after about 30-40 pips (it depends from trade to trade of course) and move stops to BE and then let it go. But its much easier said than done. The best thing to do is to close 1/2 at FTA and move stops to BE) and then close the platform and stay away from the computer. It worked for me a few times.
I also think about this a lot. I think maybe I will let them run (without any partial profit just at BE) but only for those setups I see on high TF's like weekly or maybe better monthly. You know, as a long term (profitable) investment... something like this.

I tried to take half of at FTA, but didn't like it that much, as I saw that most of my wins were only of 1/2... and waiting for the runner to happen on the remaining 1/2 is hard for me... I would rather declare it from the start to be either a runner or BE at worst...

But I still work on this... not sure yet.
  • #80,595
  • Nov 22, 2010 9:46am Nov 22, 2010 9:46am
Quoting squeezy
was about to tell u to check the higher timeframe for the story it was telling. the higher the tf the more powerful/stronger the rxn to s/r levels.
fta on that pin was a bit to close and tight mgt as Mike said would have been reqd ..... good thing to always wait for the break
just wanted to pitch in
Yes look really bearish. I still have hard time going to higher TF. Because many times I just don't know what do I want/need to see there. For now I only check it for opposing signals (like opposing BEOB, PB)...
  • #80,596
  • Nov 22, 2010 9:48am Nov 22, 2010 9:48am
A nice setup on oil today, PB @ daily PPZ 8270-ish. Also notice this 4H-PB closed as a 1H-BEOB on the 1H-TF. I like to watch price reaction at keylevels on the lower TF, as long as previous support reverses to resistance I'll be staying in the trade, if at a given moment previous resistance reverses to support or if price has moved an ADR then I'll close my trade.
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Pipcrawler
  • #80,597
  • Nov 22, 2010 9:49am Nov 22, 2010 9:49am
The markets have been very choppy the last week or so. Not worth getting involved for my style. I am a lazy guy that likes lazy easy setups. So just be careful out there short week too, but maybe we will see something nice. Keep it simple no matter your approach always works the best

Here was one I had a pending order on but pulled because the next bar did not break.

Breakout of a former wedge, price tested the BRN, stalled on a small bar, then attempted another time higher and rejected strong by a big beob which would also be breaking a trendline, and the lack of momentum obviously gave us divergence.

My rule set keeps me out but its a bearish look. So I go back to waiting instead of trying to trade every small movement which is what so many new traders try to do.
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  • #80,598
  • Nov 22, 2010 10:01am Nov 22, 2010 10:01am
Quoting mbqb11
...
Here was one I had a pending order on but pulled because the next bar did not break.

Breakout of a former wedge, price tested the BRN, stalled on a small bar, then attempted another time higher and rejected strong by a big beob which would also be breaking a trendline, and the lack of momentum obviously gave us divergence.
...
Hi Mike, since it's quiet I have a question.

Does the fact that you passed on this setup (stalling momentum) have any influence on your decision to take a daily setup on the same pair? For instance, NZD/JPY is forming a BEOB on the daily, but on the 4 hour, the bar may have just been a huge BEOB followed by a bunch of chop.

I keep my timeframes separate, but it's hard to forget about what happened intraday while shuffling through the daily charts.

Thanks,

-- Danny
  • #80,599
  • Nov 22, 2010 10:14am Nov 22, 2010 10:14am
Very nice setup, BRN+div+beob...its a pitty it didnt had the momentum in the next bar.


Quoting mbqb11
The markets have been very choppy the last week or so....
Trade Smart
  • #80,600
  • Nov 22, 2010 10:24am Nov 22, 2010 10:24am
This EURCCK was a real test for my patience.. I closed my position a little bit too early but I´m satisfied Stress-free pair!

Lol sorry this little offtopic but I have a big english exam coming and I´m more than thankful if anyone could give some tips or maybe some good structures which are used a lot in America/the UK? It would be so nice to have some phrases/structures that are much cooler than what I can write with my "skills".

Have a great week,
Nuc
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