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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

  • #90,061
  • Feb 24, 2011 8:48am Feb 24, 2011 8:48am
Quoting mbqb11
Yess I am watching this one close once we get out of the wedge

I don't play well within the wedge LOL
Mike, you also don't play on just a pure break-out, right. You will wait for a pullback to form a PA on the broken trend line, right ?
  • #90,062
  • Feb 24, 2011 8:53am Feb 24, 2011 8:53am
Quoting cprao
Mike, you also don't play on just a pure break-out, right. You will wait for a pullback to form a PA on the broken trend line, right ?
Hey C

The times I play a pure break are on multi bar highs/lows(here is an example I played). This is the 2 bar high/2bar low James speaks about that often gets passed. I just take it to a more extreme with multi highs/lows

I will also play breakouts that have a bar that has tipped off which way. Sometimes they stick out far(nzd/jpy) other times they are not quite out of the pattern yet. I call these pre-emptive.

And of course pullbacks

Best
Mike
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  • #90,063
  • Feb 24, 2011 8:55am Feb 24, 2011 8:55am
Quoting mbqb11
Yess I am watching this one close once we get out of the wedge

I don't play well within the wedge LOL
i don't want to sound as a smart-ass , but i think this is a triangle, not a wedge.
anyway, it looks good for a breakout-play. given the recent upmove, this will be best played as a breakout in northern direction.
meine augen sind die sterne
  • #90,064
  • Feb 24, 2011 8:57am Feb 24, 2011 8:57am
Quoting aserbfx
i don't want to sound as a smart-ass , but i think this is a triangle, not a wedge.
anyway, it looks good for a breakout-play. given the recent upmove, this will be best played as a breakout in northern direction.

LOL, don't worry Al, I call them wedges, and horizontal breakouts when sideways. That's about it. I don't have any TA book over here just my head

Mike
  • #90,065
  • Feb 24, 2011 9:40am Feb 24, 2011 9:40am
Hey G,

Would this one be in play for you? The 1st IPB worked well, whats the chances of the 2nd?
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  • #90,066
  • Feb 24, 2011 9:44am Feb 24, 2011 9:44am
Quoting spookie94
Hey G,

Would this one be in play for you? The 1st IPB worked well, whats the chances of the 2nd?
it's going down.
  • #90,067
  • Feb 24, 2011 9:51am Feb 24, 2011 9:51am
Quoting DBallerz
it's going down.
kind of takes it out of play don't it
  • #90,068
  • Feb 24, 2011 9:53am Feb 24, 2011 9:53am
Quoting spookie94
kind of takes it out of play don't it
well you can short it :-). The area got rejected not once, but twice after such a strong move.
  • #90,069
  • Feb 24, 2011 9:54am Feb 24, 2011 9:54am
Quoting mbqb11
Hey C

The times I play a pure break are on multi bar highs/lows(here is an example I played). This is the 2 bar high/2bar low James speaks about that often gets passed. I just take it to a more extreme with multi highs/lows

I will also play breakouts that have a bar that has tipped off which way. Sometimes they stick out far(nzd/jpy) other times they are not quite out of the pattern yet. I call these pre-emptive.

And of course pullbacks

Best
Mike
Mike,

On GJ, you played short, right ? A DBHLC (Green arrow on the pic) engulfing multiple bars and also off from BRN 135. Do you consider this as a break-out trade or DBHLC PA trade or both are same ?
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  • #90,070
  • Feb 24, 2011 9:56am Feb 24, 2011 9:56am
Area to watch out...

Pros
Nice ppz below
50% Fib
Divergence

Cons
FTA zone quite near (red arrow)
Against trend, so don't expect a big move

Let see how candle closes tonight.

Os.
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Trade Smart
  • #90,071
  • Feb 24, 2011 9:58am Feb 24, 2011 9:58am
Quoting cprao
Mike,

On GJ, you played short, right ? A DBHLC (Green arrow on the pic) engulfing multiple bars and also off from BRN 135. Do you consider this as a break-out trade or DBHLC PA trade or both are same ?
Hey C

The chart I posted was in reference to your breakout question. I played a pure break of the multi bar highs(marked with down arrows) to just short of 135

I had a pending order short from the BEOB, but it did not trigger on the next bar so I canceled my order. This would not be a breakout trade but just a price action setup with confluence

Hope that clears it up
Mike
  • #90,072
  • Feb 24, 2011 10:07am Feb 24, 2011 10:07am
Quoting mbqb11
Hey C

The chart I posted was in reference to your breakout question. I played a pure break of the multi bar highs(marked with down arrows) to just short of 135

I had a pending order short from the BEOB, but it did not trigger on the next bar so I canceled my order. This would not be a breakout trade but just a price action setup with confluence

Hope that clears it up
Mike
Thank you Mike.

Sorry for the follow-up questions.

if I understand correctly, it has two potential trades, right ?
1) Break-out trade off the multi bar highs (marked with down arrows)
2. BEOB or DBHLC also off from 135 and engulfed multiple bars around 135 area

If the above statement is correct, you cancelled the 2nd setup since the next day bar did not break BEOB/DBHLC.

How about the first one ? Did you play the 1st one on daily TF, right ?
What would be your entry and SL for this break-out trade, if you don't mid sharing it ?
  • #90,073
  • Feb 24, 2011 10:10am Feb 24, 2011 10:10am
Quoting cprao
Thank you Mike.

Sorry for the follow-up questions.

if I understand correctly, it has two potential trades, right ?
1) Break-out trade off the multi bar highs (marked with down arrows)
2. BEOB or DBHLC also off from 135 and engulfed multiple bars around 135 area

If the above statement is correct, you cancelled the 2nd setup since the next day bar did not break BEOB/DBHLC.

How about the first one ? Did you play the 1st one on daily TF, right ?
What would be your entry and SL for this break-out trade, if you don't mid sharing it ?

Yep that's correct C,

The breakout trade had and entry right above those highs, a stop loss at 133 and my Take profit was at 134.8

I play it straight from the daily as a pure breakout

Best
Mike
  • #90,074
  • Feb 24, 2011 10:20am Feb 24, 2011 10:20am
Quoting DBallerz
well you can short it :-). The area got rejected not once, but twice after such a strong move.
yes, possible. But I would want to wait to see if that level now acts as R.
  • #90,075
  • Edited 10:55am Feb 24, 2011 10:24am | Edited 10:55am
Quoting Osman
Area to watch out...

Pros
Nice ppz below
50% Fib
Divergence

Cons
FTA zone quite near (red arrow)
Against trend, so don't expect a big move

Let see how candle closes tonight.

Os.
A daily close in there would be very tradeable I think.
Three clear TA's. Two RN's and 1.3050 area
Then again, a close below gives great shorting opportunities
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  • #90,076
  • Feb 24, 2011 10:45am Feb 24, 2011 10:45am
just an FYI for you guys, Oanda now allows live accounts on MT4. Let's hope the execution time is the same!
  • #90,077
  • Feb 24, 2011 10:53am Feb 24, 2011 10:53am
Quoting spookie94
Hey G,

Would this one be in play for you? The 1st IPB worked well, whats the chances of the 2nd?
Hey Spookie,

This obviously didn't close as an IPB but this was a no trade for me even if it had closed as an IPB.

I don't see it off of anything significant really except an ascending trend line which is only a supporting confluence factor for me. Besides we like our bullish IPBs to be at swing lows and this one is pretty close to a swing high.

The first IPB would have been a pass based on similar justifications.

g.
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I believe . . .
  • #90,078
  • Feb 24, 2011 11:01am Feb 24, 2011 11:01am
Quoting jarroo
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.
Wow. I didn't even see it. I was probably too engaged with the 1.52 and my weekly short. lol

Looks more like a part of 'PBT&CB + pull back' drama.

g.
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I believe . . .
  • #90,079
  • Feb 24, 2011 11:02am Feb 24, 2011 11:02am
Let see how U/J reacts when it reaches the trendline..
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  • #90,080
  • Feb 24, 2011 11:37am Feb 24, 2011 11:37am
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?

I took the daily BUOB at .8489 first target of .8535 hit took of half. Stop at BE with the rest running. Looking for close above .8550 tonight. I wouldn't call this an A trade probably more like a B- but if managed properly can make pips.

My suggestion is to play trades like this on a demo account and see how best to manage them, you will learn so much. I could say this is a good level or watch for this or that but unless you try it you won't get a feel for the dynamics of the trade and market. Hope that makes sense?

SR2
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