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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

  • #86,481
  • Jan 20, 2011 10:26am Jan 20, 2011 10:26am
Quoting mbqb11
let's see what kind of wings this one has
Hi Mike,

I took also a short on Gold based on this PB on the 4hr tf, 3rd trade of 2011.

Took it based on:

 

  1. Nice PB
  2. Divergence
  3. 61.8 of previous down move
  4. Rejection of a nice PPZ/Flip area confluence with FIB
  5. 365 ema above

Took half at 1350, SL moved to BE.

Let see if 1350 acts as resistance now

Os.

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Trade Smart
  • #86,482
  • Jan 20, 2011 10:27am Jan 20, 2011 10:27am
Hi Jarroo
After getting stopped out on a failed 4 Hour chart PB a few days ago, i took another PB -this time on the daily. Weekly PB hasn't break - reckon i take smaller risk with this daily PB.
PB rejected off two weekly PPZ, off 61.8% fib ret of the weekly PB and third TL touch. Entry below 1365.0 with stop above the high, took first profit at 1361.50, and closed second position at 1355 - the low of weekly PB and there was triple bottom with divergence on the 4 Hour. But price keeps on falling and now the weekly PB breaks as well. Should have wait for the bar close on 4 Hour (Jarroo kindly taught me this) and trail my stop. But i am new to this so taking profits early is good enough for the time being -help builds confidence.
Manage to grab 135 points.

However, i am a bit concern with my recent loss -that failed PB cost me 300 points on three positions. I wonder how i could have avoid a full bar loss like that. It wiped out my total profits from last week (I took three trades all made profits -a total of 300 pips). I heard Mike or you often talk about avoiding a full bar loss -but never understood how you do it. Please advise.
Thanks a lot
Daniel
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  • #86,483
  • Jan 20, 2011 10:33am Jan 20, 2011 10:33am
I can't imagine I'm the only one who got nabbed here.

had my stop 15 pips above the left eye, trade went ~50 pips into profit, and retraced HARD (I had my manager set to move stop to B/E after 60 pips....)

note: I sold on the close, not on the break
Attached Image
Many choose unhappiness over uncertainty.
  • #86,484
  • Jan 20, 2011 10:41am Jan 20, 2011 10:41am
Quoting Osman
Hi Mike,

I took also a short on Gold based on this PB on the 4hr tf, 3rd trade of 2011.

Took it based on:

 

  1. Nice PB
  2. Divergence
  3. 61.8 of previous down move
  4. Rejection of a nice PPZ/Flip area confluence with FIB
  5. 365 ema above

Took half at 1350, SL moved to BE.

Let see if 1350 acts as resistance now

Os.

WOW you took half at 1350 and still have a position going? This thing is sky diving, man !! Really cool
  • #86,485
  • Jan 20, 2011 10:47am Jan 20, 2011 10:47am
Quoting Dan Gilbert
I...
note: I sold on the close, not on the break
hey Dan,
just stopping by.. & curious..

on FXPro,
what is the pinbar's high ,close & low?
what is today's low?
did u monitor this trade from start to finish? or was there only minor trade management (being a daily trade)?
did u have a bias? downside bias?

just trying to analyze & dissect your trade.
Thanks Sir!
  • #86,486
  • Jan 20, 2011 10:48am Jan 20, 2011 10:48am
Quoting Dan Gilbert
I can't imagine I'm the only one who got nabbed here.

had my stop 15 pips above the left eye, trade went ~50 pips into profit, and retraced HARD (I had my manager set to move stop to B/E after 60 pips....)

note: I sold on the close, not on the break
Dan, I would like to quote your signature in this case.

"All trades where a plan was followed, go in the winner column. +/- is irrelevant."
Trading is a test match not a Twenty20.
  • #86,487
  • Jan 20, 2011 11:14am Jan 20, 2011 11:14am
Any news on Aceforex guys?!

That guy came in with a bang and vanished in thin air.

Looking at Osman's Gold 4H trade strongly reminds me of his sweet "Areas of Interest"

g.
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I believe . . .
  • #86,488
  • Jan 20, 2011 11:15am Jan 20, 2011 11:15am
Hey guys, I was just wondering if any of you look at the USD charts to get an idea of USD strength/weakness.

If so, what broker do you use to view the chart and what is the symbol?

Thank you!

T.J.
  • #86,489
  • Jan 20, 2011 11:19am Jan 20, 2011 11:19am
Quoting unlv_tj
Hey guys, I was just wondering if any of you look at the USD charts to get an idea of USD strength/weakness.

If so, what broker do you use to view the chart and what is the symbol?

Thank you!

T.J.
Look at Liteforex Tj,

It has some currency indexes including the USDLFX which is a USD index chart.

g.
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I believe . . .
  • #86,490
  • Jan 20, 2011 11:25am Jan 20, 2011 11:25am
Quoting supremeChaos
hey Dan,
just stopping by.. & curious..

on FXPro,
what is the pinbar's high ,close & low?
what is today's low?
did u monitor this trade from start to finish? or was there only minor trade management (being a daily trade)?
did u have a bias? downside bias?

just trying to analyze & dissect your trade.
Thanks Sir!
high was 1.29965... that is the most important. 3.5 points away from BRN is near perfect.

todays low, 1.2812. Missed round number 1.28 by 12 points (where I was going to move stop to B/E.

missed the technical FTA by about ~41 pips.

Actually price just now broke high of the bearish pin.

I think decentchap worded it the best:

Quoting decentchap
Dan, I would like to quote your signature in this case.

"All trades where a plan was followed, go in the winner column. +/- is irrelevant."
Attached Image
Many choose unhappiness over uncertainty.
  • #86,491
  • Jan 20, 2011 11:25am Jan 20, 2011 11:25am
Quoting ghous
Any news on Aceforex guys?!

That guy came in with a bang and vanished in thin air.
it's quite sad that he doesn't show up anymore. i really loved his posts.
meine augen sind die sterne
  • #86,492
  • Jan 20, 2011 11:28am Jan 20, 2011 11:28am
Quoting ghous
Any news on Aceforex guys?!

That guy came in with a bang and vanished in thin air.

Looking at Osman's Gold 4H trade strongly reminds me of his sweet "Areas of Interest"

g.
Hey Ghous,

How r u doing ?

I was checking the other day Aceforex videos on youtube, really like them, its a pitty he is not around on FF anymore, his last post was around September i think.

Os.
Trade Smart
  • #86,493
  • Jan 20, 2011 11:29am Jan 20, 2011 11:29am
Quoting aserbfx
small pin on uj.
con: doesn't protrude a lot (under 82.00).
pro: but closing above the rn 82.00 and the 61.8% fib. cluster to the left.
fta is quite near at 82.35.
comments appreciated.
even some small pins can result in good financial wins...
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meine augen sind die sterne
  • #86,494
  • Jan 20, 2011 11:30am Jan 20, 2011 11:30am
USD/CAD nice PB coming off parity ..

Would like to hear your thoughts..


Thx.
Os.
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Trade Smart
  • #86,495
  • Jan 20, 2011 11:43am Jan 20, 2011 11:43am
W formation on U/CAD ?
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Trade Smart
  • #86,496
  • Jan 20, 2011 11:45am Jan 20, 2011 11:45am
Quoting aserbfx
even some small pins can result in good financial wins...
Hey Aser,

Did you take this trade?
I believe . . .
  • #86,497
  • Jan 20, 2011 11:45am Jan 20, 2011 11:45am
Quoting Osman
W formation on U/CAD ?
Yes I will pass on this one personally. Maybe better for a quick hitter(if I had to take it).

Of course just my view

Mike
  • #86,498
  • Jan 20, 2011 11:48am Jan 20, 2011 11:48am
Quoting Osman
USD/CAD nice PB coming off parity ..

Would like to hear your thoughts..


Thx.
Os.
What I really like about this (aside from the good things you have pointed out already) is that price is currently sitting at the PPZ region (marked on chart) with 15 minutes still to go. The 'close' on this one will sum up the situation pretty nicely.

g.
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I believe . . .
  • #86,499
  • Jan 20, 2011 11:48am Jan 20, 2011 11:48am
Quoting Dan Gilbert
I can't imagine I'm the only one who got nabbed here.

had my stop 15 pips above the left eye, trade went ~50 pips into profit, and retraced HARD (I had my manager set to move stop to B/E after 60 pips....)

note: I sold on the close, not on the break

Yeah, took a full loss on this one. Guess that 1.28 was just to much today.
Plotted that dashed green line for a reason I guess...
  • #86,500
  • Jan 20, 2011 11:53am Jan 20, 2011 11:53am
Quoting Caesar
Yeah, took a full loss on this one. Guess that 1.28 was just to much today.
Plotted that dashed green line for a reason I guess...
If price would have got to 1.28 I would have been good
Many choose unhappiness over uncertainty.
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