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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

  • #83,301
  • Dec 21, 2010 2:44pm Dec 21, 2010 2:44pm
Quoting torontobboy2
does this look like its developing into double bar higher close?
i am thinking of taking trade at the break of this. please comment.
Really sideways market, gotta be real careful in these b/c price can bounce around like crazy. If it breaks it should see the multiple bar highs around the round number(remember price isn't always going to go right to that last high, to me the multi highs become more significant)

Best
Mike
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  • #83,302
  • Dec 21, 2010 2:46pm Dec 21, 2010 2:46pm
Quoting grahamec
Hi Are beob's best played on the retracement or the break ?
Cheers
Grahame
Hey G

That is a loaded question b/c the best way is what works best for you. They both have advantages and disadvantages. Here are some

Playing on a break
-Bar is confirmed( a bar is not considered valid until its low/high are taken out)
-Smaller position size

Playing on a retracement
-Getting a better price thus a larger position size(aka smaller stop)
-Potentially trading an unconfirmed bar


Again these are a few on the things that just make them different. Most people are attracted to one style over there other for the most part

Best
Mike
  • #83,303
  • Dec 21, 2010 2:55pm Dec 21, 2010 2:55pm
Quoting 4X=0
oh cool i didnt know www.freestockcharts.com had forex data
yeah it's nice. A little uncomfortable to go through multi instruments. But still one of the best free services imho.
  • #83,304
  • Dec 21, 2010 2:57pm Dec 21, 2010 2:57pm
Quoting mbqb11

Playing on a retracement
-Getting a better price thus a larger position size(aka smaller stop)
-Potentially trading an unconfirmed bar


Again these are a few on the things that just make them different. Most people are attracted to one style over there other for the most part

Best
Mike
I will argue that you are exactly trading an unconfirmed bar, not potentially. However I agree 110% with the rest of that post.
  • #83,305
  • Dec 21, 2010 2:57pm Dec 21, 2010 2:57pm
Quoting 4X=0
I will argue that you are exactly trading an unconfirmed bar, not potentially. However I agree 110% with the rest of that post.
make that 160%
  • #83,306
  • Dec 21, 2010 2:59pm Dec 21, 2010 2:59pm
Quoting mbqb11
Hey G

That is a loaded question b/c the best way is what works best for you....
Thats great Mike, so a bar that closes as a beob isn't a beob until its low is broken ?
  • #83,307
  • Dec 21, 2010 3:00pm Dec 21, 2010 3:00pm
Quoting grahamec
Thats great Mike, so a bar that closes as a beob isn't a beob until its low is broken ?
No. When the bar is broken it means its working
  • #83,308
  • Dec 21, 2010 3:01pm Dec 21, 2010 3:01pm
Quoting 4X=0
No. When the bar is broken it means its working
So a beob is a beob but when its low is broken its a working beob
  • #83,309
  • Dec 21, 2010 3:02pm Dec 21, 2010 3:02pm
Quoting grahamec
So a beob is a beob but when its low is broken its a working beob
ya got that right
  • #83,310
  • Dec 21, 2010 3:03pm Dec 21, 2010 3:03pm
Quoting grahamec
So a beob is a beob but when its low is broken its a working beob
I need to make a note of this. Super
  • #83,311
  • Dec 21, 2010 3:03pm Dec 21, 2010 3:03pm
Quoting 4X=0
ya got that right
Cheers 4X
  • #83,312
  • Dec 21, 2010 3:06pm Dec 21, 2010 3:06pm
Quoting 4X=0
ya got that right
Hey 4X
So if I am having the weekend off I may still be a beob (big english old bloke ) just not a working beob
  • #83,313
  • Dec 21, 2010 3:12pm Dec 21, 2010 3:12pm
Quoting grahamec
Hey 4X
So if I am having the weekend off I may still be a beob (big english old bloke ) just not a working beob
yes but too bad there is no trading on the weekends
  • #83,314
  • Dec 21, 2010 3:14pm Dec 21, 2010 3:14pm
Quoting grahamec
Hey 4X
So if I am having the weekend off I may still be a beob (big english old bloke ) just not a working beob
I think you'll be just a sunday bar beob, which we usually ignore
  • #83,315
  • Dec 21, 2010 3:24pm Dec 21, 2010 3:24pm
Quoting james16
To My Liberal Friends:

Please accept with no obligation, implied or implicit, my best wishes for an environmentally conscious, socially responsible, low-stress, non-addictive, gender-neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all. I also wish you a fiscally successful,...
As an atheist, I find this very offensive....












I have done another demo trade recently that came out at B/E... on a roll baby. I am so happy about how I have been MAKING DECISIONS, and not letting the damn price movements end my trades far too late. I honestly have been so stupid in the past, thinking "oh, well momentum should take off soon, I'm going to put my stop here, because that is the 'textbook' method" and even though in my head I'm like, wow that is a horrible place to leave my stop right now, I would do it anyway.

not anymore. Stops are in LOGICAL locations based on the MOMENTUM that the trade is based upon to begin with.

I'm DONE with overlooking my own intelligence by praying that something will work when I already know it won't.

Thank you all. seriously.



anyway, decided I'm bored today and would post my demo trade I am in currently. It's an I4B that formed at a previous resistance, and appeared to turn into support, some trouble areas close by, but enough room to play it.


Initial S/L @ 86.66
first target @ rectangle with check mark next to it (stop moved to B/E)
T/P @ second rectangle with "X" mark next to it
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Many choose unhappiness over uncertainty.
  • #83,316
  • Dec 21, 2010 3:27pm Dec 21, 2010 3:27pm
Quoting grahamec
Thats great Mike, so a bar that closes as a beob isn't a beob until its low is broken ?
Hey G

We will still call it a BEOB, but technically it is not validated. So when you look back on your chart we would still say oh here is a BEOB but it never broke. You will often hear us refer to it like that.

Take care
Mike
  • #83,317
  • Dec 21, 2010 3:28pm Dec 21, 2010 3:28pm
Quoting Dan Gilbert
As an atheist, I find this very offensive....












I have done another demo trade recently that came out at B/E... on a roll baby....
nice Dan
  • #83,318
  • Dec 21, 2010 3:32pm Dec 21, 2010 3:32pm
Quoting mbqb11
Congrats Dave slow and steady. Very happy to hear your finding success with this stuff. It is eye opening

Have a great end of the year and holidays

Mike
And you, Mike! I hope you get some time away from the screen...

--Dave
  • #83,319
  • Dec 21, 2010 6:33pm Dec 21, 2010 6:33pm
Quoting Adilius07
I was playing with this new resource suggested by Dmc. I really love it, look this is 3 Day chart. Can you see some really easy and beautiful setups? I think in real time I will not miss them if I see them... I begin to believe that there are huge hidden opportunities in those combined TF's
Great. Do you know what is their close time for daily candles ?
  • #83,320
  • Edited 7:05pm Dec 21, 2010 6:43pm | Edited 7:05pm
Took two thirds off and moved the SL so that I am break even even though, I am not at the point of entry yet. I forget what we call that.
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