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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

  • #87,201
  • Jan 27, 2011 9:43pm Jan 27, 2011 9:43pm
Quoting spookie94
Is this a good setup? VBRN, large BEOB. FTA is white line but a better target looks like the .9800 area. Is there too much traffic here?
Hey Spookie

You have your FTA correct, and knowing we are in a major box of consolidation, does it seem worth it to you?(there is not necessarily a right or wrong here).

Mike
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  • #87,202
  • Edited 9:45pm Jan 27, 2011 9:44pm | Edited 9:45pm
Hi there again.

It seems my location analysis on EURAUD was flawed.

On USDDKK, looking for bullish price action at the 5.4 to go long.

Thoughts?

DD
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  • #87,203
  • Jan 27, 2011 9:46pm Jan 27, 2011 9:46pm
Man, does it seem the markets this week have been choppy or is it me?

Even practicing sideways market action with some chump change, chicken feed, pennies, I have not seem much opportunity?

I think I'm getting sea sickness or veritgo

It's time to passout. It's wearing my patience thin.
  • #87,204
  • Jan 27, 2011 9:48pm Jan 27, 2011 9:48pm
Quoting spookie94
Is this a good setup? VBRN, large BEOB. FTA is white line but a better target looks like the .9800 area. Is there too much traffic here?
Hi Spookie,

I am not senior, but if I may...

This setup has caught my attention too, but I've decided to pass on this trade, reasons being:
- price is currently in consolidation between 0.9850 and 1.0
- the DBHLC or BeOB is not that strong, at my FxPro feed, price barely touched 1.0 and dropped, and the close is not very strong either.
- the PB few bars before (on Jan 19) was a much better setup in my eyes, yet it failed to break & close below 0.9850

If I were to take this setup, I will have my FTA @ 0.9850, which is a bit too tight for management.

BTW, like Chelski has mentioned 2 pages back (http://www.forexfactory.com/showpost...ostcount=87198), maybe a break out of consolidation and then pull back + PA would be a better idea?

Just my 2 cents, let's discuss and seniors pls also share your views too.

EDIT: Just saw Mike has replied your post, which has explained the whole thing better in fewer words...so you may well ignore my post...*blushed*
Dreams are hard to follow, but don't let anyone, tear them away...
  • #87,205
  • Jan 27, 2011 9:56pm Jan 27, 2011 9:56pm
Quoting Atc
Man, does it seem the markets this week have been choppy or is it me?

Even practicing sideways market action with some chump change, chicken feed, pennies, I have not seem much opportunity?

I think I'm getting sea sickness or veritgo

It's time to passout. It's wearing my patience thin.
Hi Atc,

I've been wondering the same this morning, there didn't seem to be many good setups this week (good as in those easily identified and more basic setups for newbies like me ), and the market seems to be consolidating as you said or moving slowly?

Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
  • #87,206
  • Jan 27, 2011 10:00pm Jan 27, 2011 10:00pm
Quoting s005606
Hi Spookie,

I am not senior, but if I may...

This setup has caught my attention too, but I've decided to pass on this trade, reasons being:
- price is currently in consolidation between 0.9850 and 1.0
- the DBHLC or BeOB is not that strong, at my FxPro feed, price barely touched 1.0 and dropped, and the close is not very strong either.
- the PB few bars before (on Jan 19) was a much better setup in my eyes, yet it failed to break & close below 0.9850

If I were to take this setup, I will have my FTA @ 0.9850, which is a bit too tight for management....

You made great points, and I agree very much I prefer to wait until we are outside that box. But I also never really trade in such a tight range(that is why I said there isn't a right or wrong answer).

Don't be shy that was a great post bud

Mike
  • #87,207
  • Jan 27, 2011 10:03pm Jan 27, 2011 10:03pm
Quoting mbqb11
You made great points, and I agree very much I prefer to wait until we are outside that box. But I also never really trade in such a tight range(that is why I said there isn't a right or wrong answer).

Don't be shy that was a great post bud

Mike
Thanks Mike for your encouragement. I learnt them all from you, James and all the great seniors like Jarroo, Ghous, SC, etc.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #87,208
  • Edited 11:17pm Jan 27, 2011 10:06pm | Edited 11:17pm
Quoting Crane80
Hi everyone,

I have been following the thread whenever I can spare some time from my demanding day job. I thank everyone for contributing to this wonderful thread that helped me alot.
Just a quick q now to jarroo if i may. Yesterday you mentioned the first retracement to a BRN being playable . Did you mean the very first 15-30 (green circle) min chart retracements or the retarecement on 4H (pink circle) that will take around 24 hours
Quoting jarroo
Hey Crane.

I realized that I totally missed your questions with my posts that followed this one. . .sorry about that.

I want to go over your post here again . .give me a few ..

Jim
Sorry again . . I didn't know that . ."give me a few' was going to be a few days.

Yes Crane, I believe this presented an opportunity once Price broke through and closed above the 1.3, PPZ level.

We can see the clear history back in Dec 2010, Price reacting to the 1.3.

So you can look at the 4 hour or even lower TFs to look for signs of Price finding this newly formed Support level . . . since Price broke through it and closed above on the Daily.

Taking a Touch Trade can be tricky. I would want additional conflunces at this level to help support a TT. . .Like a long term ema, fib ret., 50% ret., trendline, etc. My stop losses on TT are usually pretty tight . .25-30. .depending on the pair.

So the best additional confluence I would like to see . . . on say . .
the 4 Hour, Hourly, 30min . .would be a good size Bullish PA formation to confirm the Support level. . .which there were none.

Notice what is happening now since Price broke through and closed below the 1.3 on the Daily . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,209
  • Jan 27, 2011 10:06pm Jan 27, 2011 10:06pm
Quoting jarroo
I sure do remember Dan . . .its why we wait for the break . remember . .


What's also cool is looking on the Daily, at that Weekly PPZ level or left eye of the Weekly PB. . 85.60ish.

Notice how we couldn't get a close below it on the Daily . . .pretty cool . .wouldn't you say?
Just a quick one if I may Jarroo?

a) Would you have played the break of the pin bar on the weekly, or b) look for PA on the daily for confirmation?
  • #87,210
  • Jan 27, 2011 10:30pm Jan 27, 2011 10:30pm
Quoting 5.25
Just a quick one if I may Jarroo?

a) Would you have played the break of the pin bar on the weekly, or b) look for PA on the daily for confirmation?

I did like the market dynamic that was going on .. on the Chf/Jpy. Meaning how these consolidation areas (boxes) that Mike talks about all the time, was playing out very nicely.

I don't know if you read any of the discussion that I and xmzhang had awhile back on this pair . . Where has xmz been? I haven't seen him lately.

We were looking at the Weekly PB and consolidation area and looking for a lower time frame opportunity which was in agreement with Weekly PB, consolidation, etc. Which zmx caught on the 30min.

So to answer your question I would have been looking for a daily or 4 hour trigger with the expectation of the Weekly PB breaking.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,211
  • Jan 27, 2011 10:53pm Jan 27, 2011 10:53pm
Quoting jarroo
We'll just keep practising Pb . . .


I like your 1.3925 but I like even better the 1.3650 . .you see how the very lows line up.

Let's see , since Price broke through and closed above the 1.3650, will it now act as Support? . . .

1.3763 does look good on the Daily
Quoting jarroo
Yes, your getting it right. . .but (there's always "but" lol) Pb's level, the 1.3763, would be a serious target or FTA.

Also . .how would you rate the level of strength of this Support level? meaning is it at a BRN?, RN?, does it have muti-bar touches at the Lows and/or Closes, etc. These are things you have to consider.
Looks like I can remove the "?" from "Sup?" . .check the lower time frames if there were any bullish PA opportunities at the 1.3650 . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,212
  • Jan 27, 2011 10:58pm Jan 27, 2011 10:58pm
Quoting jarroo
I did like the market dynamic that was going on .. on the Chf/Jpy. Meaning how these consolidation areas (boxes) that Mike talks about all the time, was playing out very nicely.

.
It looks very familiar. I'll re-read.

It's quite a challenge keeping up with the posts, the market, multiple pairs, multiple time frames, multiple PA's... so many variables!
  • #87,213
  • Jan 27, 2011 11:05pm Jan 27, 2011 11:05pm
Quoting 5.25
It looks very familiar. I'll re-read.

It's quite a challenge keeping up with the posts, the market, multiple pairs, multiple time frames, multiple PA's... so many variables!

I know what you mean . .lol.

I don't know how long you've been veiwing the Thread or this material. but I would start out on one or two things like PPZ levels or a PA formation (PA , Outside Bar, etc.) and just get good at looking for them at swing Highs or Lows on the Weekly or Daily.

I sometimes go off the beaten path and forget the true focus of this thread . .sorry about that.
Indicators show the past. Price Action "Indicates" the future.
  • #87,214
  • Jan 27, 2011 11:28pm Jan 27, 2011 11:28pm
gis on daily. we had a false break to the upside recently. now price fell below the triangle. i would wait for a break of the 35 usd to short.
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meine augen sind die sterne
  • #87,215
  • Jan 27, 2011 11:47pm Jan 27, 2011 11:47pm
Quoting jarroo
I know what you mean . .lol.

I don't know how long you've been veiwing the Thread or this material. but I would start out on one or two things like PPZ levels or a PA formation (PA , Outside Bar, etc.) and just get good at looking for them at swing Highs or Lows on the Weekly or Daily.

I sometimes go off the beaten path and forget the true focus of this thread . .sorry about that.
I like to see it as 'evolution' as opposed to 'deviation'.

From no knowledge of the FX market I have had:

- 8 months of screen time
- Maybe 3 months of Price Action reading (from other sources)
- 2 weeks of James 16 methodology and this thread

I can tell you now, and I'm sure I speak for others, my knowledge of the markets has significantly improved since coming across this forum. It's as if the bulb in my head is starting to spark... although it does tend to fizzle from all the 'wattage' out there!

On the down side, the ratio of my research to execution feels very top heavy given that I'm only actioning PB's. I'm sure I'm not the first one to say it.

There's an interesting psychology that comes with trading
  • #87,216
  • Jan 28, 2011 12:12am Jan 28, 2011 12:12am
Quoting 5.25
I like to see it as 'evolution' as opposed to 'deviation'.

From no knowledge of the FX market I have had:

- 8 months of screen time
- Maybe 3 months of Price Action reading (from other sources)
- 2 weeks of James 16 methodology and this thread

I can tell you now, and I'm sure I speak for others, my knowledge of the markets has significantly improved since coming across this forum. It's as if the bulb in my head is starting to spark... although it does tend to fizzle from all the 'wattage' out there!

On the down side, the ratio of my...

Yes, I agree. . . it is a evolving process.


I like this line in Cyrus's post . ."for the newer folk, learn as much as you can, then simplify as much as you can."

It does take some time to find your own style of doing things.


Quoting Cyrus
Post summaries by the seniors. If there's anyone you think should be in that I missed out, let me know please. I don't track this great thread page by page anymore so I'm abit dated in who else posts good stuff.

If I may give my 2cents (I'm gonna give it anyway. LOL), for the newer folk, learn as much as you can, then simplify as much as you can. Then, ensure that you are trading your OWN style/expression of what James/Mike/Jarroo/Kiss etc are showing you. Stay within this material until you "get it" before venturing too far out lest...
Indicators show the past. Price Action "Indicates" the future.
  • #87,217
  • Jan 28, 2011 12:20am Jan 28, 2011 12:20am
nsm. crossed the 15 usd on good volume. candle closing nearly at dayhigh. further upmove likely.
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meine augen sind die sterne
  • #87,218
  • Jan 28, 2011 12:21am Jan 28, 2011 12:21am
Quoting Ifmyante
Before I go away and study all you've said, Jarroo, let me just do an exercise to see what's sunk in so far. Sorry Jim, but I'm going to put some questions to you in there. If my analysis sucks, I'm sure your comments will still make the post worthwhile

I open up a 4H chart at random. AUD/CHF. Damn, two countries about as unrelated as you can get! (I won't get into watching AUD/USD/CHF in this post, but it's in the back of my mind It looks a mess. Let's try to make sense of it anyway.

I see
Good support on the .95 level and 50% fib from some...

I'm glad Mike answered this one. You had to pick the Aud/Chf, I've never made a trade on this pair.

Remember simple is good.
Indicators show the past. Price Action "Indicates" the future.
  • #87,219
  • Jan 28, 2011 12:22am Jan 28, 2011 12:22am
Quoting ghous
Maybe you should consider writing a book yourself jarroo. At least you would grab your due credits before the 'invisibles' cash in on the $$$

lol

Indicators show the past. Price Action "Indicates" the future.
  • #87,220
  • Jan 28, 2011 12:24am Jan 28, 2011 12:24am
Quoting mbqb11
Hey Adi

Nope I got nicked out yesterday unfortunately. Too bad that thing is really rocking now.

Best
Mike
there is one more here.
good?
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meine augen sind die sterne
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