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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

  • #90,141
  • Feb 25, 2011 6:35am Feb 25, 2011 6:35am
Quoting Ifmyante
I hope I wasn't putting words in Mike's mouth!
Sorry Mike if I misrepresented you.

Either way, gold is off my radar for the moment
I am sure Mike made some good money shorting that thing from the top. All i am saying is i wouldnt feel comfortable having a long term short position. While there are money to be made on both sides, i think we still might see some fat BRNs being hit on the upside this year.
  • #90,142
  • Feb 25, 2011 7:10am Feb 25, 2011 7:10am
Quoting Greenhaze
I am sure Mike made some good money shorting that thing from the top. All i am saying is i wouldnt feel comfortable having a long term short position. While there are money to be made on both sides, i think we still might see some fat BRNs being hit on the upside this year.
I should think Mike is well beyond the stage of predictions.
I wish I could always just trade what I see like that
  • #90,143
  • Feb 25, 2011 7:37am Feb 25, 2011 7:37am
Eur/GBP in interesting location..
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Trading is a test match not a Twenty20.
  • #90,144
  • Feb 25, 2011 8:30am Feb 25, 2011 8:30am
Quoting cprao
Thank you Mike. Sorry for the late response.

So you took a long off 02/15 bar.. which broke multiple highs. I was thinking you were talking about short based on 02/22 bar, which is off from 135.

So you didn't wait for the daily bar to close for this trade, right ? As you said it is pure break-out trade not a PA trade on retracement.
Hey C

Yes I bought when price broke those bars marked with the arrows. ALA 2BH(2 bar high) continuation as James shows. I use multiple highs and simply place a buy stop above those areas in this case

Best
Mike
  • #90,145
  • Feb 25, 2011 8:33am Feb 25, 2011 8:33am
Quoting Ifmyante
I hope I wasn't putting words in Mike's mouth!
Sorry Mike if I misrepresented you.

Either way, gold is off my radar for the moment
Hey IMA

I really referred to gold rounding off in the first portion of that down move. Now that we are back up testing the highs I am both open to price falling again, or breaking through and using that area as support

Best
Mike
  • #90,146
  • Feb 25, 2011 8:36am Feb 25, 2011 8:36am
Quoting Greenhaze
I am sure Mike made some good money shorting that thing from the top. All i am saying is i wouldnt feel comfortable having a long term short position. While there are money to be made on both sides, i think we still might see some fat BRNs being hit on the upside this year.

Here was my gold short

http://www.forexfactory.com/showthre...76#post4313176

The bull market took a heavy breather and I was just in for some of that consolidation and retracement. Long term yeah gold 3k LOL but as a trader we get that beautiful flexibility to play all sides so this was just another "trade"

I look forward to whatever happens

Mike
  • #90,147
  • Feb 25, 2011 8:36am Feb 25, 2011 8:36am
Quoting Ifmyante
I should think Mike is well beyond the stage of predictions.
I wish I could always just trade what I see like that
I couldn't predict my way out of shoebox

seriously

MIke
  • #90,148
  • Feb 25, 2011 8:47am Feb 25, 2011 8:47am
Quoting mbqb11
Hey C

Yes I bought when price broke those bars marked with the arrows. ALA 2BH(2 bar high) continuation as James shows. I use multiple highs and simply place a buy stop above those areas in this case

Best
Mike
Thank you Mike for the clarification. Now it makes sense to me.
  • #90,149
  • Feb 25, 2011 8:48am Feb 25, 2011 8:48am
Quoting cprao
Thank you Mike for the clarification. Now it makes sense to me.
It is based on this

http://www.forexfactory.com/showpost...08&postcount=2
  • #90,150
  • Feb 25, 2011 9:05am Feb 25, 2011 9:05am
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
Hey Mike.. so u mean the breakout trade u played over here is without any PA..just a breakout itself right by placing orders above the multi bar highs..
Actually yet to play any breakout trades..so wana be confirmed if im right with my facts!
Good Trading!!
  • #90,151
  • Feb 25, 2011 9:07am Feb 25, 2011 9:07am
Quoting AvanishDemo
Hey Mike.. so u mean the breakout trade u played over here is without any PA..just a breakout itself right by placing orders above the multi bar highs..
Actually yet to play any breakout trades..so wana be confirmed if im right with my facts!
Good Trading!!
Hey Avanish

Yes the PA is the multi bar highs though

more examples

http://www.forexfactory.com/showpost...ostcount=67621
  • #90,152
  • Feb 25, 2011 9:10am Feb 25, 2011 9:10am
very nice round bottom forming on usd/chf.
has further upward potential.
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meine augen sind die sterne
  • #90,153
  • Feb 25, 2011 9:22am Feb 25, 2011 9:22am
Quoting aserbfx
oracle has been strong in the last days (compared to the downmove in stocks).
yesterday closed with a pinbar. looks good, imho.
oh lord...
up + 2%.
went long at the opening at 32.29 usd.
took 1/2 off at 32.93 usd. stopp at break even.
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meine augen sind die sterne
  • #90,154
  • Feb 25, 2011 9:29am Feb 25, 2011 9:29am
aud/usd with a break of the triangle.
rising volume supports upmove.
break in direction of the overall uptrend.
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meine augen sind die sterne
  • #90,155
  • Feb 25, 2011 9:44am Feb 25, 2011 9:44am
Quoting aserbfx
oh lord...
up + 2%.
went long at the opening at 32.29 usd.
took 1/2 off at 32.93 usd. stopp at break even.
  • #90,156
  • Feb 25, 2011 9:50am Feb 25, 2011 9:50am
Quoting aserbfx
oh lord...
up + 2%.
went long at the opening at 32.29 usd.
took 1/2 off at 32.93 usd. stopp at break even.
Spankin mate! Spankin
  • #90,157
  • Feb 25, 2011 10:04am Feb 25, 2011 10:04am
Quoting aserbfx
very nice round bottom forming on usd/chf.
has further upward potential.
You made me start looking at stocks, i only look for PB's on weekly, I took this one on the retrace of the pin, what do you think?

Regards.
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  • #90,158
  • Feb 25, 2011 10:05am Feb 25, 2011 10:05am
Quoting mbqb11
It is based on this

http://www.forexfactory.com/showpost...08&postcount=2

Thank you Mike. I did see this chart when I read most of them threads.. but never realized or understood clearly when to play.

In the trade you played, it was a 5 bar ( 3 + 2) high. But all 5 bars are not together. Does it make any differrence in playing such a setup ?
  • #90,159
  • Feb 25, 2011 10:09am Feb 25, 2011 10:09am
Quoting cprao
Thank you Mike. I did see this chart when I read most of them threads.. but never realized or understood clearly when to play.

In the trade you played, it was a 5 bar ( 3 + 2) high. But all 5 bars are not together. Does it make any differrence in playing such a setup ?
Hey C

For me I just like them to be very close pip wise they can be spread out(but would need at least a couple in the short term ) If you look a few posts under for some more examples

It can be very great for a "burst out" on a breakout , which is how I play them


Best
Mike
  • #90,160
  • Feb 25, 2011 10:13am Feb 25, 2011 10:13am
Quoting Patrick.
You made me start looking at stocks, i only look for PB's on weekly, I took this one on the retrace of the pin, what do you think?

Regards.
I would be very careful at that 39 area of the former breakout area. That can be a strong support level now. But if it can break right through and hold as resistance that would be what we want. If you nailed that retrace the 39 level is a great level to cover or get to b/e in my eyes. Strong uptrend on this equity(and great coffee)

Best
Mike
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