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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

  • #90,361
  • Feb 28, 2011 6:45am Feb 28, 2011 6:45am
Quoting mbqb11
Hey Mak

I see you are new, welcome to the thread

Here were my thoughts on this one

http://www.forexfactory.com/showthre...61#post4433061

Let us know if you have more questions
Mike
Thank you Mike. I traded this PB in my demo account. I entered at 1.6165 and exited at 1.6240. due to this tight range. I know it is in 'traffic' as you mentioned in your movies in the guest section. Those movies are very good if anyone wants to learn (from all of you).

Thanks a lot. You people are great.
  • #90,362
  • Feb 28, 2011 7:04am Feb 28, 2011 7:04am
Hi folks

I am in a GBP-CHF breakout trade and saw an opportunity for a similar trade on the USD-CHF.

Firstly, are both these pairs correlated and secondly is it advisable to have two positions with the same counter currency/

Thanks

Anthony
  • #90,363
  • Feb 28, 2011 7:12am Feb 28, 2011 7:12am
Quoting antgal23
Hi folks

I am in a GBP-CHF breakout trade and saw an opportunity for a similar trade on the USD-CHF.

Firstly, are both these pairs correlated and secondly is it advisable to have two positions with the same counter currency/

Thanks

Anthony
Hi Anthony.. This may help with the correlation question
Attached Image (click to enlarge)
Click to Enlarge Name: currency-pairs-correlation-chart.jpg Size: 147 KB
  • #90,364
  • Feb 28, 2011 7:12am Feb 28, 2011 7:12am
Quoting mikeb
Hi everyone,
I haven't written anything in a long time, but have been reading all posts with great attention. I really liked (and I still do!) Jaroos charts, becouse I understood them and i felt like I really can draw these fantastic PPZ and that I understand the PBT&CB/CA techniqe. But it didn't work out in my trading. I just always wanted to touch trade, and no matter if I was right or wrong, I'd always loose. I've read so many times about buying/selling at the BRAKE of the bar, but i ALWAYS wanted to enter earlier and 90% of the time it was a...

Good stuff Mike, it's important to find what techniques will work best. Trial and error , and it becomes a bit easier over time. I am like you and like to wait for a break for confirmation, suits me better.

Take care
Mike
  • #90,365
  • Feb 28, 2011 7:13am Feb 28, 2011 7:13am
Quoting Mak
Thank you Mike. I traded this PB in my demo account. I entered at 1.6165 and exited at 1.6240. due to this tight range. I know it is in 'traffic' as you mentioned in your movies in the guest section. Those movies are very good if anyone wants to learn (from all of you).

Thanks a lot. You people are great.


Good stuff Mak

Mike
  • #90,366
  • Feb 28, 2011 7:16am Feb 28, 2011 7:16am
Quoting Sgrb1
Hi Anthony.. This may help with the correlation question
or check:
http://www.mataf.net/en/tools/01-01-correlation
meine augen sind die sterne
  • #90,367
  • Feb 28, 2011 7:18am Feb 28, 2011 7:18am
Thanks SgrB1!
  • #90,368
  • Feb 28, 2011 7:31am Feb 28, 2011 7:31am
Quoting mbqb11
Hey Danny

Yep that could be it. I have a different feed then you , but that is the general idea of what I look for in breakout and pullbacks. As long as that is not a sunday bar(can't tell)

Best
Mike
Thanks for clearing it up, Mike Yes it was a sunday bar on FX Sol -wasn't on my watchlist -just want to confirm an example of breakout +retest
  • #90,369
  • Feb 28, 2011 7:35am Feb 28, 2011 7:35am
Quoting mbqb11
Good stuff Mike, it's important to find what techniques will work best. Trial and error , and it becomes a bit easier over time. I am like you and like to wait for a break for confirmation, suits me better.

Take care
Mike
I think it is an important part of trading to learn on mistakes (demo account!). I had to take a great number of trades to realize that. And it still isn't easy. I've found several nice setups today. Six of them are in profit, and one is a looser. Six where taken on a break, one was taken as a touch trade

Thanks for Your reply
  • #90,370
  • Feb 28, 2011 7:55am Feb 28, 2011 7:55am
Quoting decentchap
hi all,

eur/gbp looks like is going to close as a pin...going to take it.

will move stop to b/e at 0.8500 and let it ride to 0.8475 take half off and than look to get to 0.84
Set to B/E enjoying the free ride now
Trading is a test match not a Twenty20.
  • #90,371
  • Feb 28, 2011 8:07am Feb 28, 2011 8:07am
One of my trades: eur/aud

http://img263.imageshack.us/img263/5816/euraudk.gif

1. Nice 1H pinbar
2. 50% retrace
3. Strong PPZ on the daily
4. After that 1H pinbar where was a 4H pinbar which made me more confident
  • #90,372
  • Feb 28, 2011 9:46am Feb 28, 2011 9:46am
Probably my dumbest or unlucky trade in last few months
Today i open a trade at gpb/usd based on few corelation with fibo and bla bla bla and coz of the pin bar on daily and wery nice pin bar on 4h .
But had to run some where and didnt take time to decide where to put my ST so i left it at 30 pis some where in the midle of the 4h pinbar wick .
Got back home and saw huge move up and said nice +150 pips since firtst TP was set exactly under reseistance . But my ST loss was taken out by a pin bar on 5m time frame for like 1 pip ... see the charts red line show exatly where it closed and reversed
Attached Image(s) (click to enlarge)
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  • #90,373
  • Feb 28, 2011 10:08am Feb 28, 2011 10:08am
Quoting mikeb
One of my trades: eur/aud

http://img263.imageshack.us/img263/5816/euraudk.gif

1. Nice 1H pinbar
2. 50% retrace
3. Strong PPZ on the daily
4. After that 1H pinbar where was a 4H pinbar which made me more confident
Nice trade mike Are you mbqb11 with an new account? xD
  • #90,374
  • Feb 28, 2011 10:28am Feb 28, 2011 10:28am
Here's one I wasn't watching, but will be looking for a pullback.
Such a tidy pair, this
Attached Image(s) (click to enlarge)
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  • #90,375
  • Feb 28, 2011 10:31am Feb 28, 2011 10:31am
Quoting john225
Nice trade mike Are you mbqb11 with an new account? xD
lol Mike B for sure

Very nice trade Mike

Best
Mike
  • #90,376
  • Feb 28, 2011 10:32am Feb 28, 2011 10:32am
Quoting FxPrelude
Probably my dumbest or unlucky trade in last few months
Today i open a trade at gpb/usd based on few corelation with fibo and bla bla bla and coz of the pin bar on daily and wery nice pin bar on 4h .
But had to run some where and didnt take time to decide where to put my ST so i left it at 30 pis some where in the midle of the 4h pinbar wick .
Got back home and saw huge move up and said nice +150 pips since firtst TP was set exactly under reseistance . But my ST loss was taken out by a pin bar on 5m time frame for like 1 pip ... see the...
ouch it hurts, but it happens both ways. We just tend to remember these times much more vividly

On to the next one

Mike
  • #90,377
  • Feb 28, 2011 11:02am Feb 28, 2011 11:02am
Quoting forex0908
I think this is a good set-up. GJ DBHLC on the Weekly. Top of the consolidation area. Off the BRN 135.00.

A difference of 5 pips should be ok on the weekly TF.

0908

Attachment
This one retraced back to the previous bar low. DBH 1 hr and 4hr. May take an entry at around 132.50ish.
Attached Image (click to enlarge)
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  • #90,378
  • Feb 28, 2011 11:10am Feb 28, 2011 11:10am
Quoting Be Cool
Hi everyone
Mike (mbqb11), this is what i asked you the other day. Does this what a breakout +retest supposed to look like? Price breakout of a wedge, the next bar retest the break and formed a bullish PB.
Thanks - Danny
The problem I have with these setups is the horizontal resistance we see to the left of our trendline breakout.

I've ran into this in the past, and it was painful to see price breakout of the trendline, then hit the horizontal resistance to the left and completely reverse in doing so.

see my yellow horizontal lines in the attached picture to see what I mean.
Attached Image
Many choose unhappiness over uncertainty.
  • #90,379
  • Feb 28, 2011 11:24am Feb 28, 2011 11:24am
Here is the retest of that breakout level...
Attached Image(s) (click to enlarge)
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  • #90,380
  • Feb 28, 2011 11:29am Feb 28, 2011 11:29am
nzd/cad at possible retracement-zone.
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meine augen sind die sterne
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