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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

  • #89,341
  • Feb 17, 2011 10:36am Feb 17, 2011 10:36am
Quoting Greenhaze
Was eyeballing this one for a while. Imagine something like that on h4. Congrats Adi if you are still in
something like this on DAILY would be very nice...
  • #89,342
  • Feb 17, 2011 10:38am Feb 17, 2011 10:38am
Quoting mbqb11
a charts a chart

Mike

Great ... thx Mike.
Trade Smart
  • #89,343
  • Edited 11:21am Feb 17, 2011 10:54am | Edited 11:21am
Quoting Osman
Hey Ghous,

Im trying to learn a bit more on IPB and IB...., if you had the IPB on N/U and the close would have been 0.7510 would you pass on it as you had a ppz at 0.7550 ? would you use it as a FTA ?

Thx for your answer, everything perfectly explained
I would have passed on it.

The IPB being off the 7550 (as in body resting against it) and just below it are two very different things. The 'story' can actually be totally opposite.

If it had been off the 7550, we know the IPB is a result of support (buy orders) at the PPZ which is not a surprise. We therefore have a solid reason (backed by PA) showing us that the level is really holding and responding and hence becomes a valid long

If it had closed like you said at 7510 (like on the chart when you posted the potential IPB) the story changes entirely. The IPB then is just part of an the all so common 'supp turning into res' drama. Price breaks through a PPZ (7550) pulls back to it (IPB wick, so to say) and the level then holds as resistance (price closes near the open). So the 7550 which was previously acting as support is now acting as resistance. What is that indicative of? Yeah, a move down and away from the 7550. See why its so important to nail down your locations with every PA bar, the IPB specially?



g.
I believe . . .
  • #89,344
  • Feb 17, 2011 11:01am Feb 17, 2011 11:01am
Cadjpy...I like that today is the third straight test of 85.00BRN. A long way to go, but I wouldn't mind seeing a strong bearish close at 84.10 or lower. Or...wouldn't mind seeing the bulls gain control and a close above the BRN.
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  • #89,345
  • Feb 17, 2011 11:06am Feb 17, 2011 11:06am
Quoting cprao

I desperately need EA to Break-even and to take multiple profits.. Most of time, I don't monitor my trades.

Hi Cprao,

maybe the "Swiss Army EA" will do what you need.....
Google may point you to the right place.

Hope this helps.

Chris
  • #89,346
  • Feb 17, 2011 11:06am Feb 17, 2011 11:06am
Quoting AvanishDemo
Cool Stuff..i had the same thinking abt those IBs on those two pairs..so passed it
hey ghous..abt usdchf IB if u would hav traded this would u hav thought to close the trade in between when there was strong upmove or still holded on it?this was confusing to me..if i would hav traded this IB i would hav closed my trade @ 0.9650 when i saw dat strong upmove..this is difficult..n probably would hav hit Break even or SL by moving it @ FTA 0.9650 when off the screen..i think gotta learn mre abt trade management which u posted earlier,this won't go into...
Again any discretionary question is hard to answer because there is really no one right answer or direction of thinking.

Basically it all comes down to how you manage your trades in general. Some traders do better with handling draw downs than others. Some people are more aggressive than others.

Taking the IB on the break, we can see the route to 9650 was roughly a 0.5R move. What's the best action to take here? Take full profit. Take some profit. Move stop to BE. Reduce your stop. A combination of any of these. All perfectly acceptable scenarios depending on what you feel is the right way to go about it and yes it can and will differ from other traders.

There are times of course when price breaks through your FTA and shoots off, but there are also times when price does really bounce off the FTA which is why an action is necessary when price hits it. What you cannot let happen even under the most aggressive of trade management styles is allowing price to hit the FTA, bounce off it and then take you out for a full bar loss.

For me personally, I would have taken half off at the FTA and left the other at BE to see if we could get a push through, just hypothetically...

g.
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I believe . . .
  • #89,347
  • Feb 17, 2011 11:10am Feb 17, 2011 11:10am
Quoting Donkey
Cadjpy...I like that today is the third straight test of 85.00BRN. A long way to go, but I wouldn't mind seeing a strong bearish close at 84.10 or lower. Or...wouldn't mind seeing the bulls gain control and a close above the BRN.
took out an entire 11 pips on the hourly beob(divergence, BRN, triple failure, wedge). Still about .35% so will help make up for some of this gbp/aud loss I am close to taking LOL
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  • #89,348
  • Feb 17, 2011 1:09pm Feb 17, 2011 1:09pm
Quoting Osman
Microsoft daily setup

Nice Pb
Trend line confluence
Fib 61.8

FTA: Navy blue zone 27.35

Story: Comes from a previous resistance area converted into a support one (light blue area).

Os.
TP hit to the pip
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Trade Smart
  • #89,349
  • Feb 17, 2011 2:20pm Feb 17, 2011 2:20pm
Quoting Greenhaze
Something to watch. Will we get sustained break of 31.00 ?

Why did i chickened out on daily BUOB
Now that is something.
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  • #89,350
  • Feb 17, 2011 2:26pm Feb 17, 2011 2:26pm
Anyone knows an metatrader 4 broker which offers Dax30 ?

And how is it working with BRNs on stock charts?
Are 10,00$ 11,00$ 12,00$... BRN s ?
  • #89,351
  • Feb 17, 2011 2:31pm Feb 17, 2011 2:31pm
Quoting john225
Anyone knows an metatrader 4 broker which offers Dax30 ?

And how is it working with BRNs on stock charts?
Are 10,00$ 11,00$ 12,00$... BRN s ?
yes, i use gci (only for charting). they have many german stocks and the dax-future.
i think you see the psychology behind the brn. therefore they exist in stocks as well. 10$ would be a vbrn, 11 a brn, imho. hth
meine augen sind die sterne
  • #89,352
  • Edited 2:53pm Feb 17, 2011 2:34pm | Edited 2:53pm
Hey Ghous, thx to your explanations im slowly understanding better IPB and IB.. ill post the next one i see... and if you have time I would appreciate your thoughts.

Thx !
Os.

Quoting ghous
I would have passed on it.

The IPB being off the 7550 (as in body resting against it) and just below it are two very different things. The 'story' can actually be totally opposite.

If it had been off the 7550, we know the IPB is a result of support (buy orders) at the PPZ which is not a surprise. We therefore have a solid reason (backed by PA) showing us that the level is really holding and responding and hence becomes a valid long

If it had closed like you said at 7510 (like on the chart when you posted the potential IPB) the story changes...
Trade Smart
  • #89,353
  • Feb 17, 2011 2:36pm Feb 17, 2011 2:36pm
Quoting aserbfx
yes, i use gci (only for charting). they have many german stocks and the dax-future.
i think you see the psychology behind the brn. therefore they exist in stocks as well. 10$ would be a vbrn, 11 a brn, imho. hth
yes thank you very much
  • #89,354
  • Feb 17, 2011 2:39pm Feb 17, 2011 2:39pm
Quoting Ifmyante
Decided to experiment yesterday with a TT on the daily PBT&CB.
I had been kicking myself lately for wussing out of a number of such trades which would have worked out beautifully.
It didn't work out as I would have liked, but was an excellent result for aiding future trades.
Lesson learned: 'This is Critical' is critical!

Michael
Nice job Michael.

TTs can be tough. I usually have to have an addtional confluence to go with the PBT&CAorB story at that level. Meaning a fib level, 50% ret. level, EMA, trendline, etc., . . lining up with the level of S or R.


I'm sure you didn't ignore the 30min PB that was at this level . ..

I would have liked to have seen the PB's nose taking out the previous Highs . .that would have made it much better.

Also, using a stop loss when Price closed above the 1.0 . .is not a bad way to go.

Proper trade managent is "Critical" .. .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #89,355
  • Feb 17, 2011 2:42pm Feb 17, 2011 2:42pm
chf/jpy daily approaching resistance area. drop down to lower timeframes for entry.
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meine augen sind die sterne
  • #89,356
  • Feb 17, 2011 2:45pm Feb 17, 2011 2:45pm
Quoting jarroo

Proper trade managent is "Critical" .. .

Jim
Thanks Jim.

Lesson well learned!
  • #89,357
  • Feb 17, 2011 2:56pm Feb 17, 2011 2:56pm
Quoting Greenhaze
Now that is something.

I have found that Silver has been (as of late, anyway) a very easy pair . .I mean . .metal to trade. It respects the S/Rs very well.

I didn't but the PBT&CAorB on the chart . .I'm sure you can see them, GH.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #89,358
  • Edited 3:14pm Feb 17, 2011 3:04pm | Edited 3:14pm
Quoting Ifmyante
Thanks Jim.

Lesson well learned!

Too bad you didnt test the TT on the 30 min chart with the Usd/Jpy from its Monthly PBT&CB.

The recent move missed the 84.00 by 3 pips . . that's a hit in my book.


Keep at it, brother . .
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Indicators show the past. Price Action "Indicates" the future.
  • #89,359
  • Feb 17, 2011 3:23pm Feb 17, 2011 3:23pm
Quoting Osman
Hi Gladiator,

I really dont trade pinbar by proxy as I really dont believe in them, I just see them as en excuse for taking a non valid PB, I would wait for a correct PB to appear.

The pb i took was the ones with an arrow below, maybe the line wasnt correct but i was talking about the ones with the arror below, let me know if its correct .

If you have any question, let us know.

Os.

Nice work there Osman . . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,360
  • Feb 17, 2011 3:30pm Feb 17, 2011 3:30pm
Quoting john225
Anyone knows an metatrader 4 broker which offers Dax30 ?

And how is it working with BRNs on stock charts?
Are 10,00$ 11,00$ 12,00$... BRN s ?
Alpari offers dax30 as a cfd...
If you think you can or cannot do it you are correct
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