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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

  • #82,541
  • Dec 15, 2010 9:32am Dec 15, 2010 9:32am
Quoting Kalbar
Hi Mike

Have just seen on the news over here(UK) that a warning about the state of the spanish economy has hit the Euro. Is that something you would(did) consider when taking the above trade or did you take it based only on the technicals? Just curious to know if you look at stuff like this when taking or planning a trade.

Kal
Hey Kal

I know nothing about fundamentals and if I pretend to ever I would be lying lol. So just charts for me. I think fundamentals and what not are important but I see most people can't put that together with technicals and shorter term and my beliefs are they are not necessary(of course I do not knock those that do use it, like most things if it works for you then it is worth using).

Best
Mike
  • #82,542
  • Dec 15, 2010 9:35am Dec 15, 2010 9:35am
G/U Upward channel break did its job.

Its target technically is the width of the channel represented by the red vertical line.

Will it continue down ? we don't know...

Os.
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Trade Smart
  • #82,543
  • Dec 15, 2010 9:39am Dec 15, 2010 9:39am
Quoting jarroo
Price hitting strong PPZ level . . .nice confluences.
expect the close price can be above 5650(the support line and 150ema).
lets c .
A chart helps those who can read it.
  • #82,544
  • Dec 15, 2010 9:53am Dec 15, 2010 9:53am
Quoting spookie94
or you could set an alarm when your price is triggered, or set it for an area to move your SL to BE. This way you can get a little sleep.
Alarm - good idea. Of course, if I could just get to the point of only taking 2 or 3 trades a month, I might not mind staying up to watch over them!

In the meantime, yes, an alarm AND I'm going to work on setting my exits a little closer, since we know that price does not always "obey" our expectations!

Oh, almost forgot to mention - I also took a pinbar on USD/DKK which did exactly what I expected of it; took about 27 pips off that one, so I'm still in the black for last night at least.

--Dave
  • #82,545
  • Dec 15, 2010 9:58am Dec 15, 2010 9:58am
Just an open question to anyone as to How they define "Price Action". So far, I considered bar patterns e.g BEOB, BUOB, Pin as Price action, but I guess that's only a mini part of it. Is Price action just collection of bar/candle patterns or more than that?
Trading is a test match not a Twenty20.
  • #82,546
  • Dec 15, 2010 10:16am Dec 15, 2010 10:16am
Quoting jarroo
Price hitting strong PPZ level . . .nice confluences.
so the next support lines are @ 5610,5580. however,GBP looks so weak.
just wait
A chart helps those who can read it.
  • #82,547
  • Dec 15, 2010 10:16am Dec 15, 2010 10:16am
Quoting decentchap
Just an open question to anyone as to How they define "Price Action". So far, I considered bar patterns e.g BEOB, BUOB, Pin as Price action, but I guess that's only a mini part of it. Is Price action just collection of bar/candle patterns or more than that?
actually u need something to analyse and mess the so called price action, this is waht patterns and candles etc are being used for...

dont know whether i could clarify a bit? : p
Hero calls followed by margin calls...
  • #82,548
  • Dec 15, 2010 10:19am Dec 15, 2010 10:19am
Quoting jarroo
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.

Its a good example of how the Weekly time frame can be a good starting point to start a story.

On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.

Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.

Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades,...
Jaroo Sir, I couldn't help noticed that the first bearish PB happened on Nov 26, whereas the weekly bar that closed below 1.600 ended on Nov 26. Do you suggest that one should wait for the breakout bar to close on higher TF before pulling the trigger -even if retest PA on lower TF has already broken?
Thank you
  • #82,549
  • Dec 15, 2010 10:19am Dec 15, 2010 10:19am
Quoting jarroo
Price hitting strong PPZ level . . .nice confluences.
so...... the next support lines are 5610,5580 . is it the bottom for the next few days? i am not sure . just wait .
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A chart helps those who can read it.
  • #82,550
  • Dec 15, 2010 10:32am Dec 15, 2010 10:32am
any ideas about this pinbar?
close wasn't very strong...
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meine augen sind die sterne
  • #82,551
  • Dec 15, 2010 10:34am Dec 15, 2010 10:34am
this one here looks better, imho.

comments appreciated.
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meine augen sind die sterne
  • #82,552
  • Dec 15, 2010 10:37am Dec 15, 2010 10:37am
Quoting aserbfx
wow, gbp/chf fell more then 400 pips in two days. forex never stopps to surprise me.
let's see if g/c manages to close above the 1.5000....
There is apparently large capital flows being processed by the European Monetary Union and other international body selling a large amount of GBP at the moment. These kind of transactions can routinely move the market many handles in one direction but it's no doubt having a larger impact given the time of year and liquidity slowly evaporating into the Christmas break.
  • #82,553
  • Dec 15, 2010 10:38am Dec 15, 2010 10:38am
Quoting decentchap
Just an open question to anyone as to How they define "Price Action". So far, I considered bar patterns e.g BEOB, BUOB, Pin as Price action, but I guess that's only a mini part of it. Is Price action just collection of bar/candle patterns or more than that?
Price Action analysis covers a variety of topics. To me most of what we do falls under them like a tree diagram

Some of these are

Price Bar analysis(which then can be broken down much further to things like, size,shape, closes, location
Momentum (such as divergence, how price is "breaking")
Market environment (trending/ranging/boxing)
Support and resistance(broken down further PPZ, causes of S/R(broken down round numbers, option barriers, historical highs/lows, recent highs/lows etc etc etc)
Confluence
Market Patterns

And the list could go on and on. It is a very large topic so it is easier to say price action

Best
Mike
  • #82,554
  • Dec 15, 2010 10:39am Dec 15, 2010 10:39am
dang I just realized this thread hit 10million views! That is crazy. Way to go Jim, I bet the day you hit submit ten million views would have seemed the furthest thing on your mind. Another milestone for this amazing thread

See you all at 20 million

Mike
  • #82,555
  • Dec 15, 2010 10:42am Dec 15, 2010 10:42am
Quoting Osman
Anyone managed to take a position on GU breaking (funnel) upward channel on the retest ?

Ive just woke up and seen this... Ive gotta wake up earlier next year
i was lucky enough to get a couple of nice entries not strictly J16 stuff but all the frame work is, i used 15 min pinish bars to time my entries.
im not using the channel formation personally it doesnt satisfy me technicaly,the only valid TL i have is the one on my chart, low of 8th and 13th
plan to keep the second on a tight leash and give my first entry a little room and see what happens. (no surprise whats stopping price right now!)

caught a nice price on gold also...

jon
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PATIENCE... DISCIPLINE
  • #82,556
  • Dec 15, 2010 10:46am Dec 15, 2010 10:46am
Quoting Osman
GM guys,

Anybody took this ? I personally missed it

Very nice 4hr setup on G/CHF
Big strong BEOB engulfing 10 bars, close below 1.55
365 ema above.
50% of previous down move

Os.
Hi Os
Just curious, what made you disregard the small flip right under the BEOB that may acted as support? Maybe i went into paralysis mode, but it spooked me out from taking the trade.
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  • #82,557
  • Dec 15, 2010 10:53am Dec 15, 2010 10:53am
Quoting mbqb11
Price Action analysis covers a variety of topics....
Thanks Mike. I am trying to determine the learning path, so this kind of break down helps. and Congrats to you and Jim and all contributing members on success of this thread..
Trading is a test match not a Twenty20.
  • #82,558
  • Edited 11:06am Dec 15, 2010 10:53am | Edited 11:06am
Quoting mbqb11
and another hopefully one last xmas gift
oh no im trading against Mike!!! lol, well not really.

it just shows how differently we can interpret things. would have loved to have caught the BUOB i marked on my chart though...
jon

EDIT: i should explain this was a touch trade from the 3rd touch of TL
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PATIENCE... DISCIPLINE
  • #82,559
  • Dec 15, 2010 10:57am Dec 15, 2010 10:57am
Quoting g_j_hook@yah
oh no im trading against Mike!!! lol, well not really.

it just shows how differently we can interpret things. would have loved to have caught the BUOB i marked on my chart though...
jon
Hey Jon

I personally wouldn't take such a tiny buob trading into the BRN. I go for a lot of the eye sores

Best
Mike
  • #82,560
  • Dec 15, 2010 10:58am Dec 15, 2010 10:58am
Quoting mbqb11
dang I just realized this thread hit 10million views! That is crazy. Way to go Jim, I bet the day you hit submit ten million views would have seemed the furthest thing on your mind. Another milestone for this amazing thread

See you all at 20 million

Mike
zeeeez!! i wonder just how much money this thread is responsible for taking OUT of the markets!!?? We could all become like a J16 CB or something!! hehe
...:.Lads,girls, i wanna run the stops above 1.56 everybody BUY BUY BUY!!!" lol
PATIENCE... DISCIPLINE
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