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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

  • #86,961
  • Jan 25, 2011 8:04am Jan 25, 2011 8:04am
Quoting jarroo
Hey Ifmyante,

I just pop in for a quick scan but I got to go for now.

No way will you make a fool of yourself . .I wish more people would do what you have done here.

Later tonight or late this afternoon (EST) I'll do a complete run down of the "Blue Area" and your charts . . This is going to be GREAT!

Got to go for now . .





Jim
Thanks Jim. You've made my day, even more than my short on GBP/CHF
  • #86,962
  • Jan 25, 2011 8:56am Jan 25, 2011 8:56am
Quoting AvanishDemo
Hey Mike..is this a good BEOB for u??
actually,not much of consolidation and it looks swing high..but still need ur confirmation as I see bit of consolidation of previous bars!!

Good Trading!!
Hey Avanish

I am going to paste Kay's response(kayhan) from the PF as it is exactly what I would say

Quoting kayhan7070
hey benem

there is also divergence but what i did not like about that bar is :

1-i want to see a higher high (or a longer nose)

2-below that bar are a lot of trouble areas and they are very close

3- you are trading into a BRN,as mike says we want to trade away from them

4- the next bar did not break the BEOB yet
THe only thing I would add is also it is a small bar in relationship to the strong trending bullish 4hr market right now

Thanks kay
Mike
  • #86,963
  • Edited 1:28pm Jan 25, 2011 9:01am | Edited 1:28pm
I got myself ready to look for trading opportunities in the zone the next time price reached it.

I'm sorry, but there just aren't enough hours in the day to analyse them all!

And such respect for the lines drawn long ago Most trades are heading right to or right from the PPZ's!

On my first homework assignment I drew a black line on the weekly chart, not looking to the right at all. When I got to the chart below..... Well, the black line is still there!

I remember posting a chart lately, leaving out the PPZ's for clarity.

Jarroo responded simply, something to the effect of

'Big mistake, friend'

Understatement of the decade!
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  • #86,964
  • Jan 25, 2011 9:12am Jan 25, 2011 9:12am
Mike, do you still hold that Gold trade?
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  • #86,965
  • Jan 25, 2011 9:16am Jan 25, 2011 9:16am
Quoting Adilius07
Mike, do you still hold that Gold trade?
Hey Adi

Yes I have locked in some more profit earlier this morning

Best
Mike
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  • #86,966
  • Jan 25, 2011 9:22am Jan 25, 2011 9:22am
Quoting mbqb11
Hey Adi

Yes I have locked in some more profit earlier this morning

Best
Mike
This is one awesome trade!
Do you have any target level in mind or you will just trail it?

I'm trying to find a way to hold to a trade. 2-bar trail will not work in this case right, instead it would give a small loss. So I'm still thinking should I just exit at S/R, or should I trail, or have a set target...
  • #86,967
  • Jan 25, 2011 9:25am Jan 25, 2011 9:25am
Quoting Adilius07
This is one awesome trade!
Do you have any target level in mind or you will just trail it?

I'm trying to find a way to hold to a trade. 2-bar trail will not work in this case right, instead it would give a small loss. So I'm still thinking should I just exit at S/R, or should I trail, or have a set target...
Hey Adi

I don't have a final target in mine per se yet. I started using a 2bar trail then moved to s/r and also keeping in mind each of the major points on the trendline(which we have pretty much all hit). I am playing it by ear now since those were all hit in my eyes, and that is why i went in and locked in more this morning so if it reverses now I am ok with that.

Best
Mike
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  • #86,968
  • Jan 25, 2011 9:29am Jan 25, 2011 9:29am
Quoting mbqb11
Hey Adi

I don't have a final target in mine per se yet. I started using a 2bar trail then moved to s/r and also keeping in mind each of the major points on the trendline(which we have pretty much all hit). I am playing it by ear now since those were all hit in my eyes, and that is why i went in and locked in more this morning so if it reverses now I am ok with that.

Best
Mike
Hey Mike,

Is there a place that I can read and learn about your two bar stop? If you are ok with sharing it of course.

Thanks
  • #86,969
  • Jan 25, 2011 9:34am Jan 25, 2011 9:34am
Quoting Crane80
Hey Mike,

Is there a place that I can read and learn about your two bar stop? If you are ok with sharing it of course.

Thanks
Hey Crane

The basics are just counting back two bars(from the most recent closed bar) and placing your stop above the highest high of those 3 bars(including the closed one. I am told it is similar to a Gann exit, but I never knew this when I did my research and used it , pretty simple thing to use and it is only a small part of all my exits
  • #86,970
  • Jan 25, 2011 9:41am Jan 25, 2011 9:41am
Quoting mbqb11
Hey Crane

The basics are just counting back two bars(from the most recent closed bar) and placing your stop above the highest high of those 3 bars(including the closed one. I am told it is similar to a Gann exit, but I never knew this when I did my research and used it , pretty simple thing to use and it is only a small part of all my exits
Excellent way to keep the brain from interfering with a potentially great trade. Thanks for sharing
  • #86,971
  • Jan 25, 2011 10:45am Jan 25, 2011 10:45am
any comments about this puppy (deutsche telekom)?
broke through the 10 eur and collapsed...
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meine augen sind die sterne
  • #86,972
  • Jan 25, 2011 10:54am Jan 25, 2011 10:54am
Quoting aserbfx
any comments about this puppy (deutsche telekom)?
broke through the 10 eur and collapsed...
Yes i saw this one too looks good but i pass it because it is going against the BUOB on the Weekly

Sorry for that small pic ;-)
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  • #86,973
  • Jan 25, 2011 11:00am Jan 25, 2011 11:00am
Quoting aserbfx
any comments about this puppy (deutsche telekom)?
broke through the 10 eur and collapsed...
Nice Touch Trade short. It's on a PPZ now with another not far away. Smaller tf's for exit signs. Sorry, haven't got the chart up.
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  • #86,974
  • Jan 25, 2011 11:12am Jan 25, 2011 11:12am
Can a retouch get any better than this?
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  • #86,975
  • Jan 25, 2011 3:27pm Jan 25, 2011 3:27pm
Quoting Ifmyante
Can a retouch get any better than this?

That was a lovely trade man, well spotted! Brakeout, pullback and continue down. Classic!

kal
  • #86,976
  • Jan 25, 2011 3:35pm Jan 25, 2011 3:35pm
Quoting Ifmyante
Can a retouch get any better than this?
Hi mate,

I took that trade but mine was a different and as a matter of fact I would really like a senior's opinion about it. Especially the profit taking part.

I entered on the break of the 4h BEOB on Alpari feed. ( I watch 4 different mt4 in different time zones. Thank you Mike )

The trend was down. DAily broke 0,9660 and close below it. The price retraced back to the PPZ and gave a nice BEOB at the close of the 08:00 bar (My favourite hour for outside bars.)

Took the first half at 0,9565 ( My first FTA)and the other half at 0,9510 ( 0,9500). But the price keeps going down and I am frowning.

Any comments on any part of the trade are quite welcome. But a trailing stop idea that will keep me in trades like that would be highly appreciated

Thanks.
C80
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  • #86,977
  • Jan 25, 2011 3:54pm Jan 25, 2011 3:54pm
Anyone looking at gold, nice pin is developing + it bounced off some critical levels.
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  • #86,978
  • Jan 25, 2011 4:01pm Jan 25, 2011 4:01pm
Quoting Crane80
I would really like a senior's opinion about it. Especially the profit taking part.


Any comments on any part of the trade are quite welcome. But a trailing stop idea that will keep me in trades like that would be highly appreciated

Thanks.
C80
Hi C.

I'm absolutely no senior, but as there are none around at the moment (I think) I'd like to ask you how you'd feel about price retesting .95 or last H4 low of .9520?

Would you be happy to leave trade 2 open in loss hoping it's rejected at that level?

Do you know Jim's 'This is Critical' post?
Mbqb11's two bar trailing stop?

Best of luck with it mate

Michael
  • #86,979
  • Jan 25, 2011 4:11pm Jan 25, 2011 4:11pm
Quoting Ifmyante
Hi C.

I'm absolutely no senior, but as there are none around at the moment (I think) I'd like to ask you how you'd feel about price retesting .95 or last H4 low of .9520?

Would you be happy to leave trade 2 open in loss hoping it's rejected at that level?

Do you know Jim's 'This is Critical' post?
Mbqb11's two bar trailing stop?

Best of luck with it mate

Michael
Hi Ifmyante,

I hear you, and agree with you mate.'' This is critical'' was the reason of my second TP being at 0,9510.

But I am trying to find a middle ground around trailing and profit taking for optimisation. But I think that is also discretional like many of the other key points.

Thanks
C80
  • #86,980
  • Jan 25, 2011 4:11pm Jan 25, 2011 4:11pm
Quoting DBallerz
Anyone looking at gold, nice pin is developing + it bounced off some critical levels.
Hi D
Nice level with 150 ema confluence
But the bar just doesn't look too convincing yet
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