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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

  • #90,261
  • Feb 26, 2011 10:47pm Feb 26, 2011 10:47pm
Quoting james16
for you new people all i have done here is

1. do my best to find a set up that would give me a decent profit initially with some good momentum.
2. Use my understanding of support and resistance to try and stay in the trade for a larger move.
3. not allow a winner to turn into a loser ESPECIALLY AFTER WATCHING PRICE HIT AN INITIAL AREA OF S/R.

thats it.

sometimes your right and sometimes your not but you use your chart time and demo to get good at these simple points

ITS REALLY NOT THAT HARD ON A DAILY CHART WHEN YOU GET GOOD AT...
Profound. I've been at this for 3 years and just had a Eureka moment. Now, it's time to put this to practice.
"Don't trade to trade . . . trade to win." - James16
  • #90,262
  • Edited Feb 27, 2011 12:01am Feb 26, 2011 11:50pm | Edited Feb 27, 2011 12:01am
Quoting jarroo
Deja vu . .I've seen this post before . .just kidding, mug.

Have you seen my previous post on this?


Price has reached its target(s) on that PB . .Price may continue up or retest the Support level again.

Have you read James16's "This is Crirital"?
lol srry about the double post... i was listed as a jr member so i thought it was still "marked for moderation"

but ya i have read that, very useful info. only problem is i was away from my computer and realized the fib confluence with previous bar high after the fact, so i was trying to get an idea of how to best manage it at this point

it seems like my best bet is to exit since im right around b/e and then maybe renter if price breaks though and comes back to retest the level as support.... does that seem reasonable?

thanks
  • #90,263
  • Feb 27, 2011 12:04am Feb 27, 2011 12:04am
Quoting mugged
So I need some advice...

I got into the aud/jpy trade off the pinbar that formed on the daily...
Thanks for posting your trade!! I am new to currencies, but not trading. I would stick to making decisions whether to exit or not based on the timeframe you entered the trade. Remember, yoh can be short one timeframe and long another.....and still be right.
  • #90,264
  • Edited 1:32am Feb 27, 2011 1:08am | Edited 1:32am
Quoting mugged
lol srry about the double post... i was listed as a jr member so i thought it was still "marked for moderation"

but ya i have read that, very useful info. only problem is i was away from my computer and realized the fib confluence with previous bar high after the fact, so i was trying to get an idea of how to best manage it at this point

it seems like my best bet is to exit since im right around b/e and then maybe renter if price breaks though and comes back to retest the level as support.... does that seem reasonable?

thanks
Yeah that may not be a bad way to go . .exit at b/e and see if Price retests the 82.50 with a Daily close above.

Or see if the 83.00 will hold as support like its doing on the 4 Hour. . meaning place your stop just below b/e. . say under the 82.93. and see if Price can get above (and close) over the Highs in blue. Just remember, this can be a crazy cross . .notice the long spikes or wicks that arise often.

I do like your multi confluence of Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,265
  • Feb 27, 2011 3:54am Feb 27, 2011 3:54am
this is a nice setup. tgi on weekly.
retrace at the resistance area, 23% fib.
friday close was at dayhigh on good volume. minor fta at 92 usd. target will be 100 usd.
comments appreciated.
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meine augen sind die sterne
  • #90,266
  • Feb 27, 2011 4:10am Feb 27, 2011 4:10am
Quoting jarroo
First with the Gbp/Chf Daily IB . .Price is trapped right now between the 1.5 BRN and a strong PPZ level, 1.49. . . forming an IB.

The questions are . .will the strong move down continue and break through the 1.49, PPZ level that is acting as strong Support. Or will the 1.49 PPZ (Support level) be strong enough to stop the strong move down and reverse Price up through the 1.5 BRN and start heading up.

I would like to see Price contiune its momentum down through the 1.49 and turn it into Resistance . .but I will let Price show me where...
ok Jarroo..heres the look...the PB relatively small compared to size of BUOB..having said that..PB is now acting as a support on 1.51..jus CA it..but i like 1.5065 more than 1.51...more price reaction over there..
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  • #90,267
  • Feb 27, 2011 7:42am Feb 27, 2011 7:42am
Quoting AvanishDemo
ok Jarroo..heres the look...the PB relatively small compared to size of BUOB..having said that..PB is now acting as a support on 1.51..jus CA it..but i like 1.5065 more than 1.51...more price reaction over there..
I have also had my eye on this area, looks like a potentially good area for some PA.

We can't really call that a PB though.
It is an IB because the nose is small and not outside the eye of the previous bar. Also note the VBRN just above it.
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  • #90,268
  • Feb 27, 2011 7:52am Feb 27, 2011 7:52am
Quoting Pinbar
I have also had my eye on this area, looks like a potentially good area for some PA.

We can't really call that a PB though.
It is an IB because the nose is small and not outside the eye of the previous bar. Also note the VBRN just above it.
Hey bro !
mind to share the indicator in your indie window ?

would be awesome !

kindest regards
Jonas.-
Hero calls followed by margin calls...
  • #90,269
  • Feb 27, 2011 7:55am Feb 27, 2011 7:55am
Quoting PhAnTi'
Hey bro !
mind to share the indicator in your indie window ?

would be awesome !

kindest regards
Jonas.-

Sure, they are all in the zip file in this post.

http://www.forexfactory.com/showpost...ostcount=78041
  • #90,270
  • Feb 27, 2011 7:58am Feb 27, 2011 7:58am
Quoting Pinbar
Sure, they are all in the zip file in this post.

http://www.forexfactory.com/showpost...ostcount=78041
wooo very nice !

thank you so much.
Hero calls followed by margin calls...
  • #90,271
  • Feb 27, 2011 8:42am Feb 27, 2011 8:42am
weekly psb. this can breakout next week. strong close on friday at the high of the day.
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meine augen sind die sterne
  • #90,272
  • Feb 27, 2011 8:54am Feb 27, 2011 8:54am
Quoting Pinbar
I have also had my eye on this area, looks like a potentially good area for some PA.

We can't really call that a PB though.
It is an IB because the nose is small and not outside the eye of the previous bar. Also note the VBRN just above it.
Hey PB..Jarros talking abt the Pinbar in Yellow marked in my chart..yeah thats on IB wch got closed on friday

Good Trading!
  • #90,273
  • Feb 27, 2011 8:57am Feb 27, 2011 8:57am
Quoting AvanishDemo
Hey PB..Jarros talking abt the Pinbar in Yellow marked in my chart..yeah thats on IB wch got closed on friday

Good Trading!

Oh, I see.

I thought you were talking about that tiny thing on your chart. LoL
  • #90,274
  • Feb 27, 2011 9:36am Feb 27, 2011 9:36am
Quoting mbqb11
Welcome TJ

I am SO glad to see you hop back to demo and treat this like a business. When someone new to the thread is willing to do that, and post they are doing that others that are lurking and strongly will be more likely to treat this very serious business serious in the same way. So welcome to the thread

As for chfjpy

Weekly - this is actually a neutral bar(often mistaken for a pinbar). This bar indicates indecision in the market place.

Daily- notice the "box" of consolidation. This has recently broke out so we have to be careful...

Thx for the reply welcomes and info. As for the demoing etc, I used to look at it as 'whats the point of doing it if i'am not making any real money!' however reading thru whats gone before I can see that its the only way now, infact I suspect that my trades will be 90% demo and 10% cash even after 3-6 months or years come to that matter. I look at it this way now, how much time do top pro sports men and women, golfers and top athlets spend training, sharpening their skills etc (demoing) and how much time do they spend compeating (trading) you wouldnt walk onto a football pitch with no training you would be killed and just left standing about watching all the trained players running around you and playing their setups and formations to a tee while you run around like a headless chicken trying to get on the end of a pass that will either never reach you of I you do get it your instantly tackled and the ball is taken from you, infact you wouldnt even be picked for the 'B' team waterboy if you havn't trained and shown your worth.

I also have been guilty in the past to overtrade and be in the mindset of if theres no money on the table then I am loosing out as I watch the big 100 odd point daily ups and downs but never seem able to get in before the moves. Hopefully demoing will help me thru this stage and allow me to see and to cherry pick the top trades for use only with my cash account! The rest can be demo trades if I have the real urge to pull the trigger!

Hopefully if there are ppl in a similar position to mine this will make sence to them too. Its all about knowlage and preserving your stash. Play smart and dont give your hard earned cash away to anyone till you can prove to yourself time over time over time that you can win consistantly. Demoing is the ONLY way if your not doing this just for a bit of fun and a gamble.

Woops sorry ranted on a bit! Back to the charts!!

Hope you all have a good week!!

Tim.
  • #90,275
  • Feb 27, 2011 2:00pm Feb 27, 2011 2:00pm
do you guys know any alert services? I need something that would text or email price when a currency hits a certain price! any ideas?
  • #90,276
  • Feb 27, 2011 2:06pm Feb 27, 2011 2:06pm
Does anyone think this as a worthwhile watch for tomorrow? Would love to hear others' opinions on this.
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  • #90,277
  • Feb 27, 2011 2:10pm Feb 27, 2011 2:10pm
Quoting DBallerz
do you guys know any alert services? I need something that would text or email price when a currency hits a certain price! any ideas?
there are several indicators sending u an alert at certain pricelevels ....check forum search
Hero calls followed by margin calls...
  • #90,278
  • Feb 27, 2011 2:15pm Feb 27, 2011 2:15pm
Quoting ksganesh100
Does anyone think this as a worthwhile watch for tomorrow? Would love to hear others' opinions on this.
Yes I am looking for a long entry if I can get some PA here to get me in the trade
  • #90,279
  • Feb 27, 2011 2:48pm Feb 27, 2011 2:48pm
Just a quick question. If the next bar following a PA bar does not confirm do we ignore the PA bar, if that makes sence! i.e. on the chart below NZD/JPY the bar following the pin bar doesn't break the pin high, (although it equals it so i guess it in its self is classed as a PA bar DTLC if I am correct?) does this invalidate the pin or can we look at the next bar for a break? And would you take trading day into account, ie was the friday bar which, (assuming trading is thinner on Friday?) didnt have the momentum to break the pin high. Sorry for what may be a newbie question but I am still fairly new to this :-) Thanks
Tim.
  • #90,280
  • Feb 27, 2011 2:57pm Feb 27, 2011 2:57pm
Quoting PhAnTi'
there are several indicators sending u an alert at certain pricelevels ....check forum search
im not looking for an indicator since my pc isn't on all the time
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