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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

  • #90,021
  • Feb 24, 2011 3:14am Feb 24, 2011 3:14am
Quoting jarroo
Thanks Steve, for that higher time frame perspective.

When we have a clear level of Support and PBT&CB, that level of Support will usually turn into Resistance (and vice versa).

So my feed may not show your PA formation ( which were ..to be honest . .not that strong in size or structure). But the main point is that we don't want to be trading into these levels once these levels are established.

Does this make sense ?
Yes, it makes sense but, I thought you were talking about the Sep 8th PB, at which stage the consolidation had not yet formed.
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  • #90,022
  • Feb 24, 2011 3:17am Feb 24, 2011 3:17am
EUR/GBP 4h BUOB

Continuation buob close above 0.8500 BRN. confluence ema 365 (?)
Is this a good change, of more like a b or c trade?
Wait for a pullback tot BRN 0.85 or play a break?

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  • #90,023
  • Feb 24, 2011 3:19am Feb 24, 2011 3:19am
Quoting Pinbar
Yes, it makes sense but, I thought you were talking about the Sep 8th PB, at which stage the consolidation had not yet formed.
Yes, your right, Pb. . . .looks that small PB hit its target . .and then hit the upper resistance level
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Indicators show the past. Price Action "Indicates" the future.
  • #90,024
  • Feb 24, 2011 3:23am Feb 24, 2011 3:23am
Quoting Thierry
EUR/GBP 4h BUOB

Continuation buob close above 0.8500 BRN. confluence ema 365 (?)
Is this a good change, of more like a b or c trade?
Wait for a pullback tot BRN 0.85 or play a break?

Be carefull...0.8530 on weekly/daily might cap those longs.
  • #90,025
  • Feb 24, 2011 3:25am Feb 24, 2011 3:25am
Quoting AvanishDemo
Hi Mike
is this a good BEOB..yes its at swing high n engulfing prev. bar...but body of BEOB was way down in my view..so had a doubt abt this..so is it ok to trade this way irrespective of the location of body..thanks

Good Trading!!
Did you see John225's post and the ones that followed?



Quoting john225
MY USDCHF Trade
Closed today full position because Price reached the bottom of the sideways market ;-)
Indicators show the past. Price Action "Indicates" the future.
  • #90,026
  • Feb 24, 2011 3:26am Feb 24, 2011 3:26am
Something for exotic pairs, monthly timeframe freaks

Very strong support + impulse bullish move.
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  • #90,027
  • Feb 24, 2011 3:27am Feb 24, 2011 3:27am
Quoting jarroo
Did you see John225's post and the ones that followed?
Oh yeah rite..sorry
had some stupid doubts in my mind..

EDIT:deleted that post..
  • #90,028
  • Feb 24, 2011 3:29am Feb 24, 2011 3:29am
Quoting Greenhaze
Something for exotic pairs, monthly timeframe freaks

Very strong support + impulse bullish move.
Is there any other time frame, besides maybe the weekly, to play those exotic pairs . .
Indicators show the past. Price Action "Indicates" the future.
  • #90,029
  • Feb 24, 2011 3:30am Feb 24, 2011 3:30am
Quoting AvanishDemo
Oh yeah rite..sorry
had some stupid doubts in my mind..

Mike had some comments on it.
Indicators show the past. Price Action "Indicates" the future.
  • #90,030
  • Feb 24, 2011 3:36am Feb 24, 2011 3:36am
Quoting jarroo
I agree, g. I want to see a Weekly close below the 1.5. Maybe this time it will hold and turn into Resistance . . it didn't happen the last couple of times . .three times a charm . .
This is one sweet trade. Congrats to all that managed to get on board!

Jarroo, just a quick one. Do you consider the odds still in your favour for this trade given the obvious level of previous good support coming up, confluenced with the 61.8? Or are you looking to have a go through this level because you are already in the trade and want to give it a chance to run further? Just trying to understand the psychology of how you might justify to yourself staying in this given the hurdles up ahead..

If I hadn't had been out at the 1.5 I know I'd be looking to exit around 1.49 now and maybe looking for a re-entry depending on where we close the week.. but I think I tend to close things early.

SG
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  • #90,031
  • Edited 4:01am Feb 24, 2011 3:36am | Edited 4:01am
Quoting ghous
I decided to not go with a literal stop X pips above 1.52. Wanted to actually see a daily close above 1.52 for a confirmation of support at the level.

Still in on this and looking for 1.5.

g.

I'm sure you were glad to see . .as was I . .to see that this bullish IPB fail.

Swing Low, at a newly formed Support level, RN 1.5100

We have seen these work before, right g. . . . . .lol

I guess it tells us on the strength of the down move.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,032
  • Feb 24, 2011 3:42am Feb 24, 2011 3:42am
Quoting jarroo
Is there any other time frame, besides maybe the weekly, to play those exotic pairs . .
I like those little cuddly exotic pairs but wouldnt touch them with stick below daily tf.
  • #90,033
  • Feb 24, 2011 3:43am Feb 24, 2011 3:43am
TT long ...PPZ .....RN ....61.8.. first time back...one of my favorites on the menu

missed entry by 3 pips....there will be more
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  • #90,034
  • Feb 24, 2011 3:45am Feb 24, 2011 3:45am
Quoting jarroo
Hey Ifmy.

Using PBT&CAorB as a TT can be tough. The key to their success is a very strong level, i.e. BRNs, RNs, mutliple Highs-Lows -Closes . .forming , building a strong level of Support or Resistance. On the Chf/Jpy, that's tough to find, to say the least .. lol
Thanks Jim.

TBH I'm not so used to the non US crosses.
But my trigger finger is getting itchy. That's why I set myself a punishment for taking poorly planned trades
  • #90,035
  • Feb 24, 2011 3:47am Feb 24, 2011 3:47am
Looks like we got our pullback but, it is a bit of mess in there.
Hardly any space, even if it ends up as a bullish daily PB.
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  • #90,036
  • Feb 24, 2011 3:50am Feb 24, 2011 3:50am
Quoting Atc
TT long ...PPZ .....RN ....61.8.. first time back...one of my favorites on the menu

missed entry by 3 pips....there will be more
Had it on my radar aswell. 1.2700 looked like a good entry area but decided to skip that becouse of very strong CHF at the moment. Strong H4 PB with close above the 1.2780 might change this view
  • #90,037
  • Feb 24, 2011 3:51am Feb 24, 2011 3:51am
Quoting Sgrb1
This is one sweet trade. Congrats to all that managed to get on board!

Jarroo, just a quick one. Do you consider the odds still in your favour for this trade given the obvious level of previous good support coming up, confluenced with the 61.8? Or are you looking to have a go through this level because you are already in the trade and want to give it a chance to run further? Just trying to understand the psychology of how you might justify to yourself staying in this given the hurdles up ahead..

If I hadn't had been out at the 1.5 I know I'd...

Getting out a the 1.5 was not a bad decision Sgr. Its a BRN PPZ level. There is going to some reaction at this level. (If not, look out below)

As James16 and Mike teaches . .we know that Price will tend to consolidate and box up more often then trending. Since Price has been trending, we now look for levels where this consolidation may occurr and hide are stops above (or below) them.

So if consolidation happens (chart), we place are stop accordingly and see it continues in our direction. Think of the Nov 2007 Usd/Cad Weekly PB and how to trade it to the top.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,038
  • Feb 24, 2011 4:02am Feb 24, 2011 4:02am
Quoting jarroo
Getting out a the 1.5 was not a bad decision Sgr. Its a BRN PPZ level. There is going to some reaction at this level. (If not, look out below)

As James16 and Mike teaches . .we know that Price will tend to consolidate and box up more often then trending. Since Price has been trending, we now look for levels where this consolidation may occurr and hide are stops above or below them.

So if consolidation happens (chart), we place are stop accordingly and see it continues in our direction. Think of the Nov 2007 Usd/Cad Weekly PB and how to trade...
Got it. And thanks for the chart, always explains all. I'll take a look back at that cad post again aswell. Cheers
  • #90,039
  • Feb 24, 2011 4:02am Feb 24, 2011 4:02am
Quoting Atc
TT long ...PPZ .....RN ....61.8.. first time back...one of my favorites on the menu

missed entry by 3 pips....there will be more

Still nice to see, Atc . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #90,040
  • Feb 24, 2011 4:06am Feb 24, 2011 4:06am
Quoting Sgrb1
Got it. And thanks for the chart, always explains all. I'll take a look back at that cad post again aswell. Cheers

Take a look at it . .but most importantly . .don't think of the pip amounts . .think only of what the chart is telling you.
Indicators show the past. Price Action "Indicates" the future.
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