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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

  • #90,961
  • Mar 7, 2011 8:33am Mar 7, 2011 8:33am
Quoting Be Cool
I got burned taking this daily pin. PB off weekly PPZ and RN 115, at swing high with divergence. A bit of traffic but should make it to First target 114.0
I don't know what is wrong with this setup apart from the weekly BUOB that stopped right at 115.0

Now almost stop me out. Jarroo, what did i do wrong?
Hi Be Cool

Jaroo is in a better position to answer your question but this pair was discussed extensively. Have a look here & here & here & here.

The general consensus was to pass, a similar conclusion was reached with the other yen pairs.

Regards,
  • #90,962
  • Mar 7, 2011 9:03am Mar 7, 2011 9:03am
Quoting Pinbar
I'd like to hear Mike's opinion about this EJ PB also.
This is a very easy pass for me since price could not close below the BRN of 115, which is the top of our major box we are in

Best
Mike
  • #90,963
  • Mar 7, 2011 9:23am Mar 7, 2011 9:23am
Good example of S/R going back years.

Pearson (FTSE100 stock) now broken through and up again today. I will wait for a re-test to see what happens.
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  • #90,964
  • Mar 7, 2011 9:28am Mar 7, 2011 9:28am
Quoting 4FXsake
Good example of S/R going back years.

Pearson (FTSE100 stock) now broken through and up again today. I will wait for a re-test to see what happens.
yummy yummy yum

which charting software (or broker) is this?

and please psot more of this stuff. i highly appreciate it.
meine augen sind die sterne
  • #90,965
  • Mar 7, 2011 9:43am Mar 7, 2011 9:43am
Quoting aserbfx
yummy yummy yum

which charting software (or broker) is this?

and please psot more of this stuff. i highly appreciate it.
Hi aser,

Sharescope.

www.sharescope.co.uk

If you pm me I can get you two months free! I do not work for them and have no association other than being a long time happy subscriber.

Bit worried about posting more stocks as this is a forex site!!

Mods will tell us no doubt, but it is relevant to J16 imho.
  • #90,966
  • Mar 7, 2011 10:28am Mar 7, 2011 10:28am
Quoting vasmiza
Hi Be Cool

Jaroo is in a better position to answer your question but this pair was discussed extensively. Have a look here & here & here & here.

The general consensus was to pass, a similar conclusion was reached with the...
Thanks Vaz - too bad i didn't see those posts before hand. Good analysis by Jarroo as always - however, in my current learning stage i am unable to reproduce similar analysis the next time around. This is because the bar highs (or HCR as Jarroo called it) are close to each other, 115.0 and 114.90 (more like an area - mine is at 114.75) so my eyes are accustomed to rounding them to the nearest RN : 115.0 This is how i always draw PPZ - rounding them to the nearest RN. So in my eyes the really important level to watch was 115.0 although i knew 114.75 could give me trouble. Hence the entry below 114.75. But i was wrong - price triggered my entry and moved up.

Jarroo, how could i prevent this same mistake next time? How do you know which level is important? I am afraid if i start drawing every small PPZ my chart will look like a birdcage again and i go into paralysis mode again.

Please advise - that loss wiped out my gains from last week
  • #90,967
  • Mar 7, 2011 11:05am Mar 7, 2011 11:05am
First live trade this month....

half shut down at 133.00

trailing manually over daily highs as we go.
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Many choose unhappiness over uncertainty.
  • #90,968
  • Mar 7, 2011 11:46am Mar 7, 2011 11:46am
nzd/sgd on daily and weekly. showing a touch trade possibility. price may form an inside day which indicate indifference between buyers and sellers.
any comments appreciated...
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meine augen sind die sterne
  • #90,969
  • Mar 7, 2011 12:04pm Mar 7, 2011 12:04pm
Quoting aserbfx
nzd/sgd on daily and weekly. showing a touch trade possibility. price may form an inside day which indicate indifference between buyers and sellers.
any comments appreciated...
Certainly a former support area and the most major one. Real strong downtrend on the daily so FTA is a must watch if ones gonna fight that. I prefer to see what happens when this support(IF it) gives and then how price reacts on a retest

Best
Mike
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  • #90,970
  • Mar 7, 2011 12:34pm Mar 7, 2011 12:34pm
Quoting Be Cool
I got burned taking this daily pin. PB off weekly PPZ and RN 115, at swing high with divergence. A bit of traffic but should make it to First target 114.0
I don't know what is wrong with this setup apart from the weekly BUOB that stopped right at 115.0

Now almost stop me out. Jarroo, what did i do wrong?
I'm not giving up on Eur/Jpy just yet. Depending on the close, there is a solid chance price reaches 114.20 area. The question is when? I'm holding fast.
"Don't trade to trade . . . trade to win." - James16
  • #90,971
  • Mar 7, 2011 12:45pm Mar 7, 2011 12:45pm
4hr and monthly
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  • #90,972
  • Mar 7, 2011 1:16pm Mar 7, 2011 1:16pm
BE COOL

Regarding the EUR JPY:

I trade similar to the methods talked about here but am very picky and manage the trades quite differently, but

Three things about the EUR JPY that I see are:

1. It just broke out to the upside and has been in an uptrend so going short is going against this momentum.

2. Look at the size of that pin compared to the recent size of bars. It's smaller, probabilities are better with large bars

3. If your stop was above the nose of the pin, the trade isn't over yet

Just my perspective.
  • #90,973
  • Mar 7, 2011 1:24pm Mar 7, 2011 1:24pm
I am going to post something here that looks a bit unconventional but I can't help but think that it is highly possible cable could give very little to the downside if this daily closes as a BEOB. I have been watching the hrly TF's over the past week or so on this pair and have been taken back as to the volatile nature of it. Overall, I see the USD getting very strong soon, but I believe that 1.6350 is very much in the works before any meaningful downside on GBPUSD.

K.I.S.S.
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  • #90,974
  • Mar 7, 2011 2:28pm Mar 7, 2011 2:28pm
Hi guys
After reading all the points of view on the Yen pairs Yesterday I decided that I still liked the look of the GBP/JPY pin bar but there was too many doubts to trade it off the daily pin. I ended up trading a 4hr BEOB. The red line on the 4hr chart is the bottom of the daily pin + 10 pip buffer so would have been my entry point had I traded straight off of the daily. My entry was the break of the 4hr beob so my risk was considerably reduced and I took full Profit at the BRN which was my FTA
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  • #90,975
  • Mar 7, 2011 2:51pm Mar 7, 2011 2:51pm
Quoting aserbfx
cnu on weekly.
technically not a pinbar because open is not inside the previous.
seems to be good for a retrace to the 5 usd.

shorted cnu at 5.39 usd. took 1/3 off with a profit about 4% (!) at 5.19 usd.
never been a single cent in drawdown. this is crazy...
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meine augen sind die sterne
  • #90,976
  • Mar 7, 2011 3:05pm Mar 7, 2011 3:05pm
Quoting haircut
Hi guys
After reading all the points of view on the Yen pairs Yesterday I decided that I still liked the look of the GBP/JPY pin bar but there was too many doubts to trade it off the daily pin. I ended up trading a 4hr BEOB. The red line on the 4hr chart is the bottom of the daily pin + 10 pip buffer so would have been my entry point had I traded straight off of the daily. My entry was the break of the 4hr beob so my risk was considerably reduced and I took full Profit at the BRN which was my FTA
Good job.
"Don't trade to trade . . . trade to win." - James16
  • #90,977
  • Mar 7, 2011 3:28pm Mar 7, 2011 3:28pm
Quoting Pinbar
Hey, any new people that have taken a few bad demo trades recently?

Don't feel too bad about it, here is one, I would probably have jumped into thinking it was the best thing since they invented beer, six months ago.

I am actually still laughing at how I would without doubt have already been into this trade, short and wondering why price wasn't going down. LoL

This is honesty folks, so don't feel bad if you have taken any not so good setups recently.
http://www.youtube.com/watch?v=fCZhiR3bETM
Basically what your video says is that there was a PPZ at about 82.00 and selling the pinbar would effectively be trading into that RN,am I correct?
But with good tight trade management you could have set a TP at 82.00 and still had a successful trade.
  • #90,978
  • Mar 7, 2011 3:35pm Mar 7, 2011 3:35pm
Fresenius looks nice what you guys think about it?
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  • #90,979
  • Mar 7, 2011 3:55pm Mar 7, 2011 3:55pm
Evening all

Anyone looking at GBP/NZD? I might be about to close below BRN 2.2000 with only the 365 between that and a possible nice run down to 2.1800:
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Anything can happen.
  • #90,980
  • Mar 7, 2011 3:58pm Mar 7, 2011 3:58pm
Hey Traders,
Any1 liking this IB in yellow?
0.68RN,greenish area FTA..but confluence is there,i like the way previous Bearish Bar got popped off 0.68.
TP..umm..either 0.69 or 0.70(more i feel 0.69..bit confused)..Reason H4 chart..
Weekly chart shown:yellowish area(0.68)..couldn't show it on Daily..
I'm going for this!
Thoughts appreciated!
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