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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

  • #87,261
  • Jan 28, 2011 10:02am Jan 28, 2011 10:02am
Quoting cprao
Can you please explain little bit more here ? Where you would like to see a third touch ? I see that trend line is touched 3 times(marked in green) but on the third time price did not move up enough.. Are you talking about this one ?
Hey C

Yes exactly. It simply touched and formed that very tiny pinbar. I want to see price move away or really confirm that even in the short term this is holding(even if it is not for the longest time). Again when a line like that breaks it often does indicate a change in direction. But I am looking for very clear areas/patterns/lines to trade off. This often means I want to look for a pullback to this area. It becomes easier the more I understand and believe in the pattern/line I am looking at it. Part of those rules for me are just as I have rules for the individual bars themselves. This is just one of those rules.

Check out my recent gold trade and how well respected that trendline was. Obvious is always easier to trade in my eyes.

Best
Mike
  • #87,262
  • Jan 28, 2011 10:12am Jan 28, 2011 10:12am
Quoting mbqb11
The only person you have control over is yourself....
Great post! Thank you very much Mike. Yes, I'm working on this aspect too.
And emotions too I will have to improve that aspect also.
  • #87,263
  • Jan 28, 2011 10:13am Jan 28, 2011 10:13am
Quoting Adilius07
Great post! Thank you very much Mike. Yes, I'm working on this aspect too.
And emotions too I will have to improve that aspect also.
As James says it is You vs Your Ego(and not just in trading). I think it is a life long battle. I look forward to it .

Take care
Mike
  • #87,264
  • Jan 28, 2011 10:22am Jan 28, 2011 10:22am
Quoting Greenhaze
Simple touch trade from very tight ppz zone with 60 pips sl. This week didnt offer much opportunities imo but this one is a nobrainer for me. First touch / momentum decreasing / setup visible even on monthly&weekly tfs. Now its free trade , some profits are banked and i would like to see break of 1.3600 area.
G.

The EuroCads like it when you touch them in the right spot
  • #87,265
  • Jan 28, 2011 10:29am Jan 28, 2011 10:29am
Quoting jarroo
I like to see Price get to the 1.38 . .good Weekly PPZ level there.

I'll expect a brearish trend when we see some nice Big bearish PA . .(Bearish BEOB I drew on my Daily chart is actual size . .lol . .)
You very well may get your wish
  • #87,266
  • Jan 28, 2011 10:32am Jan 28, 2011 10:32am
Quoting Atc
You very well may get your wish

Yeah maybe . . I still think its a just a Friday "sigh" to the 1.3600. Up trend resumes on Monday. . .who knows.
Indicators show the past. Price Action "Indicates" the future.
  • #87,267
  • Jan 28, 2011 10:50am Jan 28, 2011 10:50am
Hey Aser, this was one awesome trade you took!

Originally Posted by aserbfx http://www.forexfactory.com/images/buttons/viewpost.gif
cpwr with a big weekly beob. last daily close was at daylow.
wair for a break of the 11.50 usd with stop loss at ~12.40 usd.


Quoting Adilius07
To me looks so as this thing is going to collapse the following weeks!
Very nice setup, I think.

EDIT: This is also a 2-week BEOB. So I think it makes it even stronger..

I don't play stocks for now, but I think this would look realistic for this setup..
With tight TM of course...
http://www.forexfactory.com/attachme...1&d=1295718710
Attached Image
  • #87,268
  • Jan 28, 2011 11:00am Jan 28, 2011 11:00am
Quoting Adilius07
Hey Aser, this was one awesome trade you took!

Originally Posted by aserbfx http://www.forexfactory.com/images/buttons/viewpost.gif
cpwr with a big weekly beob. last daily close was at daylow.
wair for a break of the 11.50 usd with stop loss at ~12.40 usd.



well, let's say the setup was great. the trade would be, too. but honestly, i was too shy because of the big uptrend in the stock markets....
meine augen sind die sterne
  • #87,269
  • Jan 28, 2011 11:07am Jan 28, 2011 11:07am
Quoting aserbfx
well, let's say the setup was great. the trade would be, too. but honestly, i was too shy because of the big uptrend in the stock markets....
Yes I understand. well if I had to choose to trade it or not with real money I might have also skipped it.

Not only overall market but this previous bullish move in this stock is scary too...
  • #87,270
  • Jan 28, 2011 11:16am Jan 28, 2011 11:16am
I liked this on 1h, trend line black, (daily levels) being respected, Divergence on 1h (and 30m) Weak pin then nice BEOB and day high.
We still have the tight range issue between 1 and 9850ish but tight stop and managed. 9955 entry and 9990 stop.
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  • #87,271
  • Jan 28, 2011 12:19pm Jan 28, 2011 12:19pm
Jim, Mike, Ghous, SC, and all other contributors,thanks for all the great help and lessons this week. I really learned alot

Have a great weekend all


Michael
  • #87,272
  • Jan 28, 2011 12:40pm Jan 28, 2011 12:40pm
Have a good weekend Guys ;]

Inserted Video
  • #87,273
  • Jan 28, 2011 12:43pm Jan 28, 2011 12:43pm
Quoting Ifmyante
Jim, Mike, Ghous, SC, and all other contributors,thanks for all the great help and lessons this week. I really learned alot

Have a great weekend all


Michael
you too bud
  • #87,274
  • Jan 28, 2011 1:16pm Jan 28, 2011 1:16pm
Quoting jarroo
Update. . .it never ceases to amaze me.
Hey Jarroo..
I think it will fall down ATLEAST till 1.27 as there has been a breakout from 1.27..
wats ur say?
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  • #87,275
  • Jan 28, 2011 1:53pm Jan 28, 2011 1:53pm
Quoting jarroo
Update. . .it never ceases to amaze me.
Niceeee....

Thanks a bunch mate.

C80
  • #87,276
  • Jan 28, 2011 2:56pm Jan 28, 2011 2:56pm
Quoting mbqb11
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
I passed on it because of that area. If it had a higher high and a lower low past that area it might have been a different story. It sure makes it easier to see those areas when you put a box around it. Thanks.
  • #87,277
  • Jan 28, 2011 3:00pm Jan 28, 2011 3:00pm
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...
You bring more to the table than you think. Thanks for your response.
  • #87,278
  • Jan 28, 2011 3:39pm Jan 28, 2011 3:39pm
Interesting location for Dow I think but the size is questionable...
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  • #87,279
  • Jan 28, 2011 4:17pm Jan 28, 2011 4:17pm
Quoting Greenhaze
Have a good weekend Guys ;]

http://www.youtube.com/watch?v=WIoHSu5v1Mo
Alright, the Specials! Haven't listened to them in forever.
  • #87,280
  • Jan 28, 2011 7:08pm Jan 28, 2011 7:08pm
Quoting mbqb11
Hey Avanish

I have no idea is the real answer. Are we nearing resistance? Yes. Is price getting top heavy? Yes. But does that mean we will see bearish "trend" next week? I could not tell you without more info. It's something to watch now for further signals that give logical entry points. I think you are right with what you are seeing but that doesn't really mean I will just jump in, it's something I will look for solid confirming PA and story.

Hope that makes sense
Mike

When I first joined this thread, I used to make similar posts, Mike or Jarroo, Ghous , SC or others, would reply like Mike did. I would read it and not really understand why they couldn't see the great setup, I posted about.

Now, I read it and I understand perfectly what they are saying.

It's just a phase we have to go through, I suppose.
But one thing is for sure, it is better to make the post and have the big guns explain it to us than, just shy away from posting about it. Many will learn from the original post and Mike's reply.
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