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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

  • #86,141
  • Jan 18, 2011 2:36am Jan 18, 2011 2:36am
Quoting jarroo
Hey Kal.


Its not a bad setup . .I would have liked the High of the BEOB to be the Highest high of the swing high . .say that three times fast. lol

Pinnish looking BEOB . .you got to love those. . .I know I do.

There's a FTA right infront (blue line) and entry below that level and a strong break would keep me in it. . . meaning I would consider this more that a scalp. . . and I like your .9550 target.
Good example of James16's "This is Critical":

Quoting james16
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.


jim
Let's see how it works out. . .or did it already work out . . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #86,142
  • Jan 18, 2011 2:45am Jan 18, 2011 2:45am
Quoting Greenhaze
What more do You want

Very strong and tight support/TL confluence , first touch. No drawdown and already 40 pips. I had pending limit order on demo with 15 pip SL but wast too late to enter live :/.

Very nice indeed . . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,143
  • Jan 18, 2011 3:25am Jan 18, 2011 3:25am
Guys I was wondering how an US holiday actually affects the FX market. Here are some of my thoughts:

- biggest currency market is London, not NYC... Most banks have operations worldwide anyways and there is quite a few hedge funds in the City. Since most FX trading is interdealer, the European session should still have regular validity

- I can see that maybe USD crossings won't get that much action because:

1) no hedging etc by non-financials (though they don't have a big share in FX anyways...)
2) no information from US bond and stocks

- Those things do not apply to non-USD crossings so their order flow (information mapping) should be relatively intact

The question is how much influence does the NYC session really exert? Sometimes I have the feeling that it just adds a bit power during the overlap with the European session and that this continues until 6-8 pm GMT and then dies off towards a more consolidating time. One could infere that it really is just traders in London staying at their desk till 8 and then go home for dinner and that NYC in itself does not exert so much influence. On the other hand the US stock and bonds are still active and have considerable power so maybe the above theory is just outright wrong...
  • #86,144
  • Jan 18, 2011 3:32am Jan 18, 2011 3:32am
Quoting jarroo
Should be good for a bounce . .
Forget about that bounce GH . .wow . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,145
  • Jan 18, 2011 3:38am Jan 18, 2011 3:38am
Quoting jarroo
Forget about that bounce GH . .wow . .
Wow indeed Managed to take loss on the half of position. Now what will EU do
  • #86,146
  • Jan 18, 2011 3:41am Jan 18, 2011 3:41am
Quoting Greenhaze
Wow indeed Managed to take loss on the half of position. Now what will EU do
EU at Resistance levels as well . .maybe turning into Support. You know me . .we'll see if we get a strong close above these levels.
Indicators show the past. Price Action "Indicates" the future.
  • #86,147
  • Jan 18, 2011 4:09am Jan 18, 2011 4:09am
Quoting xmzhang
I just took a longshot @ your PB on a demo (I don't like this choppy pair), entry on a 2 bar compounded PB, refined entry on the 30m-TF, a preemptive type of breakout trade of that PB .........
My preemptive breakout trade with C-J from yesterday is working out nicely, I entered on the 30m-TF via a 30m-BUOB. Price broke RNB @ 8600 which should act as support now. Ive already closed 1/2 of my position at FTA @ 8590 and locked in some juicy pips. C-J is closing in on that weekly PB, let's see if it's able to crack the high of that PB .............. if not then no worries, I already scored a bunch of pips. This is what I always try to achieve with these preemptive breakout trades, trying to position myself well before the actual break of a higher TF-PA.
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Pipcrawler
  • #86,148
  • Edited 4:58am Jan 18, 2011 4:34am | Edited 4:58am
Quoting xmzhang
My preemptive breakout trade with C-J from yesterday is working out nicely, I entered on the 30m-TF via a 30m-BUOB. Price broke RNB @ 8600 which should act as support now. Ive already closed 1/2 of my position at FTA @ 8590 and locked in some juicy pips. C-J is closing in on that weekly PB, let's see if it's able to crack the high of that PB .............. if not then no worries, I already scored a bunch of pips. This is what I always try to achieve with these preemptive breakout trades, trying to position myself well before the actual break of...

I like your style xmz. . . it can be very effective way of trading. .it reminds me of a guy that use to post here named NuckingFuts . .yeah I know funny name, a good guy . . You'll have to look up some of his post. basically trading higher TF PA off the Lower TFs like yourself.

Any way . . You may not know this but the left eye of a PB is usually a Support level of a bullish PB ( I say this only because you didn't mention it in your post). And you can clearly see on this Weekly C/J PB's left eye it is a PPZ level acting as Support. .. 85.60

Now notice this level on your 30min chart . .no surprises here how Price reacted to the 85.60 on the 30 min . work in some bullish PA at this level and your looking even better . .

Just some thoughts, xmz.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #86,149
  • Jan 18, 2011 4:35am Jan 18, 2011 4:35am
Quoting jarroo
Good old Resistance turning to Support once Price breaks through and closes above. Nice clear, mutli-bar Highs as Resistance on the Daily.

Nice ppfx . . ..
Thanks jarroo. Just a little something you taught me.

However i moved my stop just below previous highs and was stopped out yesterday with ~50 pips profit.

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  • #86,150
  • Jan 18, 2011 4:38am Jan 18, 2011 4:38am
Quoting ppfx
Thanks jarroo. Just a little something you taught me.

However i moved my stop just below previous highs and was stopped out yesterday with ~50 pips profit.

Attachment
A high probability trade in my book . .nice PA confirmation and trade management . . .the next one will go to the moon, my friend. ..
Indicators show the past. Price Action "Indicates" the future.
  • #86,151
  • Jan 18, 2011 4:43am Jan 18, 2011 4:43am
Quoting xmzhang
My preemptive breakout trade with C-J from yesterday is working out nicely, I entered on the 30m-TF via a 30m-BUOB. Price broke RNB @ 8600 which should act as support now. Ive already closed 1/2 of my position at FTA @ 8590 and locked in some juicy pips. C-J is closing in on that weekly PB, let's see if it's able to crack the high of that PB .............. if not then no worries, I already scored a bunch of pips. This is what I always try to achieve with these preemptive breakout trades, trying to position myself well before the actual break of...

The 86.00 couldn't hold as Support . .like you said, its a choppy pair.
Indicators show the past. Price Action "Indicates" the future.
  • #86,152
  • Jan 18, 2011 4:46am Jan 18, 2011 4:46am
Quoting jarroo
I like your style xmz. . . it can be very effective way of trading. .it reminds me of a guy that use to post here named NuckingFuts . .yeah I know funny name, a good guy . . You'll have to look up some of his post. basically trading higher TF PA off the Lower TFs like yourself.

Any way . . You may not know this but the left eye of a PB is usually a Support level of a bullish PB ( I say this only because you didn't mention it in your post). And you can clearly see on this Weekly C/J PB it is a PPZ level acting as Support. .. 85.60

Now notice...
Thanx for the quick feedback Jim and for reminding me to look at the weekly TF first for S/R ......... I nearly always forget to look at those higher TF's first
Pipcrawler
  • #86,153
  • Edited 5:17am Jan 18, 2011 4:47am | Edited 5:17am
Let's see if the 1.6 on the GU will hold as Support on the Hourly . .just watching, no trading here . . remember we watch the "closes".
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Indicators show the past. Price Action "Indicates" the future.
  • #86,154
  • Jan 18, 2011 4:50am Jan 18, 2011 4:50am
Quoting xmzhang
Thanx for the quick feedback Jim and for reminding me to look at the weekly TF first for S/R ......... I nearly always forget to look at those higher TF's first
Oh Yeah . ..if you're bring the PA from the Higher TFs down to the lower TFs . . you got to bring the Levels too and the Targets, FTAs, etc., . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,155
  • Jan 18, 2011 4:51am Jan 18, 2011 4:51am
Quoting jarroo
The 86.00 couldn't hold as Support . .like you said, its a choppy pair.
Bummer, that's why I don't like to trade this pair, price stopped me out on my remaining position for +35, making my total profit 76 pips though.
Pipcrawler
  • #86,156
  • Jan 18, 2011 4:54am Jan 18, 2011 4:54am
Quoting xmzhang
Bummer, that's why I don't like to trade this pair, price stopped me out on my remaining position for +35, making my total profit 76 pips though.

The crosses can be a bit messy . . its like they color outside the lines at times . . .USD pairs rule more often. . .they color inside the lines . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,157
  • Jan 18, 2011 5:00am Jan 18, 2011 5:00am
Quoting jarroo
EU at Resistance levels as well . .maybe turning into Support. You know me . .we'll see if we get a strong close above these levels.
Good Morning Sir,

This may have been cover extensively so you can kindly direct me or give me brief explanation on strong close, I would really appreciate it.

e.g Are we looking at just the momentum on lower tf or the number of pips it exceeded the ppz level by?

Thank you in advance,

DC
Trading is a test match not a Twenty20.
  • #86,158
  • Jan 18, 2011 5:06am Jan 18, 2011 5:06am
Quoting decentchap
Good Morning Sir,

This may have been cover extensively so you can kindly direct me or give me brief explanation on strong close, I would really appreciate it.

e.g Are we looking at just the momentum on lower tf or the number of pips it exceeded the ppz level by?

Thank you in advance,

DC

Its more so on the Higher time frames, decentchap. A strong close above/below on the Weekly and Daily tells me that the level maybe tuning over from Sup to Res or vice cersa. The amount of pips can vary with the pair . .general rule . .the more the amount, the better.
Indicators show the past. Price Action "Indicates" the future.
  • #86,159
  • Edited 5:52am Jan 18, 2011 5:09am | Edited 5:52am
Well also stopped out on my other trade which I posted on another thread yesterday, also trying to preempt a possible break of a daily BUOB. My first attempt via a 4H-PB got invalidated, got a second chance with another 4H-PB, refined my entry on the 30m-TF via a 30m-PB which triggered. Closed 1/2 position @ high of that BUOB and moved stop just below floorpivot @ R1 which gave support just before, price reversed and stopped me out @ +36, +65 on my first position making +101 in total.
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Pipcrawler
  • #86,160
  • Jan 18, 2011 5:28am Jan 18, 2011 5:28am
Quoting xmzhang
Well also stopped out on my other trade which I posted on another thread yesterday, also trying to preempt a possible break of a weekly BUOB. My first attempt via a 4H-PB got invalidated, got a second chance with another 4H-PB, refined my entry on the 30m-TF via a 30m-PB which triggered. Closed 1/2 position @ high of that BUOB and moved stop just below floorpivot @ R1 which gave support just before, price reversed and stopped me out @ +36, +65 on my first position making +101 in total.
My view about oil is that we are in consolidation between 87.28 and 92.55. In case if it breaks the 92.55 we could easily see 100 imho. charts
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