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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

  • #89,741
  • Feb 22, 2011 12:16am Feb 22, 2011 12:16am
How many investors were on the long NZD and AUD train... I would say a lot considering the interest rate direction. Now when earthquake hits New Zealand investors will escape and look for better place to put their money... I would bet on Oil and gold/silver commodities when everything will settle down and risk of higher inflation will kick in. Risk aversion is back and i was lucky enough not to leave any limit orders thru the night. It is good time to short N/J based mainly on the momentum imo.
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  • #89,742
  • Feb 22, 2011 12:23am Feb 22, 2011 12:23am
Quoting Greenhaze
How many investors were on the long NZD and AUD train... I would say a lot considering the interest rate direction. Now when earthquake hits New Zealand investors will escape and look for better place to put their money... I would bet on Oil and gold/silver commodities when everything will settle down and risk of higher inflation will kick in. Risk aversion is back and i was lucky enough not to leave any limit orders thru the night. It is good time to short N/J based mainly on the momentum imo.
Wow . . that's some good information to have as an added confluence with your PA . .GH.

I'm sure when your FA matches your TA its an added edge. But I wouldn't know about that . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #89,743
  • Feb 22, 2011 12:26am Feb 22, 2011 12:26am
Quoting jarroo
Its fun when these work out like they're suppose to.

Sorry forgot the target, which is based on the Weekly TF . .(Weekly BEOB in blue)
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Indicators show the past. Price Action "Indicates" the future.
  • #89,744
  • Feb 22, 2011 12:27am Feb 22, 2011 12:27am
breakout imminent if we get the BUOB and close above BRN

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  • #89,745
  • Feb 22, 2011 12:32am Feb 22, 2011 12:32am
Quoting Pipfire
Hi 4FXsake, my broker is Oanda and they only widen the spreads over the weekend(I think).
Hi Pifire!

I have an Oanda demo account and from memory they do widen their spreads at illiquid times. That may be at the weekend but also in the evenings running up to the Asian open. If one has a DMA/ECN account you will find this frequently.

I just wanted to pass on my experience and save others from being disappointed if they got stopped out and had not made allowance for this possibility, especially trading in minor pairs.

To clarify for those that haven't fallen asleep reading this, the attached chart shows an hourly high marked by the first blue arrow. The second blue arrow denotes another hourly bar and it's high is one pip below the high of the first marked bar.

Say you make the decision to put a stop on your short position 2 pips above the high of the first bar marked. You would naturally add the b/o spread which may normally be 3 pips. As the bid high of the first bar is 0.95381, your stop would be in our example, 0.95431

The price a couple of hours later moves back up to (bid) 0.95371. It never goes above the high of the first arrowed bar but you are stopped out! The spread widened to 6 pips.

Just a caveat.

The chart is just for illustrative purposes only. You may not get back the money you invested. Your investments can go down as well as plummet, etc.,etc.
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  • #89,746
  • Feb 22, 2011 12:50am Feb 22, 2011 12:50am
Quoting forex0908
I assume it was like a touch trade... putting a sell order @ 1.54 without waiting for PA anymore considering the beauty of the set-up on the weekly. Am I correct in my understanding?

0908
Yes that's correct.

g.
I believe . . .
  • #89,747
  • Feb 22, 2011 12:54am Feb 22, 2011 12:54am
Quoting ghous
Hey Avanish sorry for missing out on this,

As many others have already mentioned I also feel this one has potential. The best part is the close below 1.54. This should provide for some really good trade management, i.e we know the 1.54 once broken now has a good chance of holding as resistance should we see a pull back.

1.52 as the FTA looks good.

g.
I like that 1.52 target.

I would like to see a close below it and go for the 1.50 .

Great post g . .you nailed this one. . .right down to the retrace to the 1.54.
Indicators show the past. Price Action "Indicates" the future.
  • #89,748
  • Feb 22, 2011 12:59am Feb 22, 2011 12:59am
Quoting jarroo
That level was dead to right, Adlilus.

Notice how Price couldn't close above that PPZ level, .7645. . .it acted as Resistance. And I'll bet you a dollar to a donut that if Price would have closed above that level it would have acted as Support.

That was a great target in a consolidation trade.
Oh wow! what a free fall! Yes I am happy that I exited there
But unfortunately I didn't even see that level, compeletely missed it... and exited only because it was late friday.

I need to be more careful with my analysis.
  • #89,749
  • Feb 22, 2011 1:05am Feb 22, 2011 1:05am
Lots of love to our brothers and sisters in New Zealand. W'ere thinking of you
  • #89,750
  • Feb 22, 2011 1:07am Feb 22, 2011 1:07am
Quoting Adilius07
Oh wow! what a free fall! Yes I am happy that I exited there
But unfortunately I didn't even see that level, compeletely missed it... and exited only because it was late friday.

I need to be more careful with my analysis.

That was wasn't to hard to see. . . maybe practice a bit more finding PPZ levels. .. that's all.

You can see now why these target are important in your trade management . . .what makes it easier is when they break through your target(s) and close above (or below) them ..
Indicators show the past. Price Action "Indicates" the future.
  • #89,751
  • Feb 22, 2011 1:09am Feb 22, 2011 1:09am
Quoting jarroo
That was wasn't to hard to see. . . maybe practice a bit more finding PPZ levels. .. that's all.

You can see now why these target are important in your trade management . . .what makes it easier is when they break through your target(s) and close above (or below) them ..
So, if I learn to spot them correctly I can have open, mental targets and if price could not close above it I will exit, if PBT&CA I can hold for more.... this looks interesting yes
  • #89,752
  • Feb 22, 2011 1:14am Feb 22, 2011 1:14am
Quoting Adilius07
So, if I learn to spot them correctly I can have open, mental targets and if price could not close above it I will exit, if PBT&CA I can hold for more.... this looks interesting yes
That is one solid way to manage your trades Adilius, and a smart one too. Price action doesn't only help us to enter trades it can help us exit timely as well

g.
I believe . . .
  • #89,753
  • Feb 22, 2011 1:15am Feb 22, 2011 1:15am
Quoting Adilius07
So, if I learn to spot them correctly I can have open, mental targets and if price could not close above it I will exit, if PBT&CA I can hold for more.... this looks interesting yes

Yes, that's correct. You can either take full profit or place your stop loss below (or above) the target once it PBT&CA (or B) and see if she runs.

Now take another look at that Nov. 2007 Usd/ Cad Weekly PB and see if you could manage it to the top. . . .But most importantly if you do this on that Cad PB . .don't look at the pip amount , just the chart . . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,754
  • Feb 22, 2011 1:16am Feb 22, 2011 1:16am
Quoting ghous
That is one solid way to manage your trades Adilius, and a smart one too. Price action doesn't only help us to enter trades it can help us exit timely as well

g.
Hi Ghous, yes still working on my plan to improve my management.
Need to think about this one! Thanks!
  • #89,755
  • Feb 22, 2011 1:19am Feb 22, 2011 1:19am
A great example of a Head and Shoulders formation.
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  • #89,756
  • Feb 22, 2011 1:22am Feb 22, 2011 1:22am
Quoting jarroo
Yes, that's correct. You can either take full profit or place your stop loss below (or above) the target once it PBT&CA (or B) and see if she runs.

Now take another look at that Nov. 2007 Usd/ Cad Weekly PB and see if you could manage it to the top. . . .But most importantly if you do this on that Cad PB . .don't look at the pip amount , just the chart . . .

This is interesting way to hold! Will test my charts for this approach! Thanks!

For the USD/CAD I'm afraid I would have been very worried when Price hit that blue FTA and formed BEOB right above 1.00 BRN. So maybe I would have placed my SL below that BEOB and BRN... I think.. So yeah, no way I could have caught that move to top.. I think.

EDIT: Unless I have Free trade approach. The above I mean for the full position management as I do now.
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  • #89,757
  • Feb 22, 2011 1:23am Feb 22, 2011 1:23am
Quoting Adilius07
This is interesting way to hold! Will test my charts for this approach! Thanks!

For the USD/CAD I'm afraid I would have been very worried when Price hit that blue FTA and formed BEOB right above 1.00 BRN. So maybe I would have placed my SL below that BEOB and BRN... I think.. So yeah, no way I could have caught that move to top.. I think.
That BEOB at the 1.0 had a target too . . .stop loss below its target.
Indicators show the past. Price Action "Indicates" the future.
  • #89,758
  • Feb 22, 2011 1:31am Feb 22, 2011 1:31am
Quoting jarroo
That BEOB at the 1.0 had a target too . . .stop loss below its target.
Ohhh like this
Never thought of it this way. So that red line would be BEOB's target maybe.

Hmm
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  • #89,759
  • Feb 22, 2011 1:33am Feb 22, 2011 1:33am
Quoting jarroo
Sorry forgot the target, which is based on the Weekly TF . .(Weekly BEOB in blue)
So I guess with weekly BEOB's:

1. Trigger and initial stop is based on Daily PA.
2. Daily PA signals should occur at the initial retracement after Weekly PA (preferably back to the 50-61.8 retrace of the weekly PA).
3. First target is based on weekly ppz.

... hope I got this example correct ...
WARNING: Don't follow me as I'm just learning
  • #89,760
  • Edited 12:30pm Feb 22, 2011 1:34am | Edited 12:30pm
Quoting Adilius07
Ohhh like this
Never thought of it this way. So that red line would be BEOB's target maybe.

Hmm

Yes, thats it . .but it then comes down and hits that level . .that's where it always gets me . .
Indicators show the past. Price Action "Indicates" the future.
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