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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

  • #91,461
  • Mar 11, 2011 11:34am Mar 11, 2011 11:34am
Quoting Adilius07
Here's one. Can I say that a good setup would be the one that has all criteria for being a strong bar (close, size etc) and ALSO IF:

1. It is breaking of one of the following patterns.
2. Broke before and now retest forming a trigger bar.

Strong bar + these formations = A+ setup?

And last, would you trade back inside the triangle?
Sorry for so many qestions in one day really. That was the last one I promise! Thank you!!!!
As a general rule, maybe. It depends on the location and context of these patterns as well. A pattern is also just another concept to incorporate into the overall bag of concepts we can pull from to be flexible to the different types of markets.

At least for me

Mike
  • #91,462
  • Mar 11, 2011 11:40am Mar 11, 2011 11:40am
When we have 2 ppz close to eachother ,it is tricky !!! When first zone had a 4 hourly pin people jumped in only to see price broke thru decisively on the daily chart.

When we had a look at it with Jaroo, we said yess bearish PA will be a good sign, for those 4 H ly BEOB might have been , THAT s IT I GOT THE PA, only shortly after realize that right into the next PPZ zone just below , which is stronger anyways !!! ...

So WHAT now?

Well the answer is let the day go , have a look at the weekly and next week wait for a confirmation either way .. BIAS on the upside looks like but 5 hours two go

AGREED FOLKS ?

Bewdy

Vito
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  • #91,463
  • Mar 11, 2011 12:14pm Mar 11, 2011 12:14pm
Quoting taub
Hello, I just found out about this thread today, and I started trading the breakout of the double tops.

http://www.abload.de/img/what2bzm.png

This is the result on my demo account, i was trading 5m charts like a madman. I usually don't trade breakouts, but I have plenty of screentime, and usually i miss a limit order entry, and I KNOW it is going to head somewhere, these double tops really help me to profit from that.

Maybe it was all just a lucky day, maybe some magic I wont repeat for some time, but maybe I just unlocked the key...
LOL you can NOT thank james16. he did not teach the method you used .you have profit ,so am i .BUT , in my eyes ,we are really really really NEWBIES. just see your fund curve, I think professional traders should have a smooth and tip-tilted curve.
go ahead ,together.
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A chart helps those who can read it.
  • #91,464
  • Mar 11, 2011 12:39pm Mar 11, 2011 12:39pm
Quoting geniusztc
LOL you can NOT thank james16. he did not teach the method you used .you have profit ,so am i .BUT , in my eyes ,we are really really really NEWBIES. just see your fund curve, I think professional traders should have a smooth and tip-tilted curve.
go ahead ,together.
Maximal Drawdown 53%
  • #91,465
  • Mar 11, 2011 12:49pm Mar 11, 2011 12:49pm
Quoting geniusztc
LOL you can NOT thank james16. he did not teach the method you used .you have profit ,so am i .BUT , in my eyes ,we are really really really NEWBIES. just see your fund curve, I think professional traders should have a smooth and tip-tilted curve.
go ahead ,together.
This is from today only. 22 trades, my most active day and I came out on top, thats why I am so stunned. Again, probably just luck, also only demo.
  • #91,466
  • Mar 11, 2011 1:02pm Mar 11, 2011 1:02pm
Wait..One doubt..after the Japan earhtquake,how come Yen currency getting stronger?that wasn't the case with NZD which fell down after the earhtquake occured in NZ..just wanna know



P.S."my thoughts with Japanese people"
  • #91,467
  • Mar 11, 2011 1:05pm Mar 11, 2011 1:05pm
Quoting AvanishDemo
Wait..One doubt..after the Japan earhtquake,how come Yen currency getting stronger?that wasn't the case with NZD which fell down after the earhtquake occured..just wanna know



P.S."my thoughts with Japanese people"
maybe boj intervention, maybe speculating that japanese people will change their foreign currencies back to jpy. we will never know.
meine augen sind die sterne
  • #91,468
  • Mar 11, 2011 1:10pm Mar 11, 2011 1:10pm
Quoting AvanishDemo
Wait..One doubt..after the Japan earhtquake,how come Yen currency getting stronger?that wasn't the case with NZD which fell down after the earhtquake occured in NZ..just wanna know



P.S."my thoughts with Japanese people"
My suspicion .. they'll need to import a lot of 'stuff' from bricks to oil to aid, and that will put a lot of their currency out into the world effectively increasing the supply.

Then again you could say a million reasons for why it should lower, so there's always a gamble for which way something will go. At the end of the day the money went where it went, the chart was there to be read the whole time though!
  • #91,469
  • Mar 11, 2011 1:11pm Mar 11, 2011 1:11pm
Quoting AvanishDemo
Wait..One doubt..after the Japan earhtquake,how come Yen currency getting stronger?that wasn't the case with NZD which fell down after the earhtquake occured in NZ..just wanna know



P.S."my thoughts with Japanese people"
Yen is a low yielding currency. When risk aversion kicks in, it gets buyed - money are getting transfered back from hihgher yielding assets like aud/nzd/eur.... NZD on the other hand is high yield currency hence you got selloff in case off earthquake.

http://www.forexlive.com/172588/all/...appen-in-japan
  • #91,470
  • Mar 11, 2011 1:23pm Mar 11, 2011 1:23pm
I shorted EURJPY on the breakout of that cluster @ 115.00.

Unfortunately, my S/L on GBPJPY was taken out TO THE PIP before the continuing move down.... It was a free trade though, and I got out at B/E, I am getting tired of seeing my losing trades lose by one pip though.

I am in a free trade with E/J now, and plan on taking full profit @ 112.25
Many choose unhappiness over uncertainty.
  • #91,471
  • Mar 11, 2011 1:46pm Mar 11, 2011 1:46pm
Quoting Dan Gilbert
I shorted EURJPY on the breakout of that cluster @ 115.00.

Unfortunately, my S/L on GBPJPY was taken out TO THE PIP before the continuing move down.... It was a free trade though, and I got out at B/E, I am getting tired of seeing my losing trades lose by one pip though.

I am in a free trade with E/J now, and plan on taking full profit @ 112.25

Can I just point out the INSIDE BAR on weekly in the making !!!

I think it is worth while to think over , dont you ?
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  • #91,472
  • Mar 11, 2011 2:14pm Mar 11, 2011 2:14pm
Like this BEOB if it closes below 1.37

1. Bearish outside bar encompassing several bars
2. EMA 150 Confluence

Thoughts anyone?

Regards
Ganesh
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  • #91,473
  • Mar 11, 2011 2:29pm Mar 11, 2011 2:29pm
Quoting taub
This is from today only. 22 trades, my most active day and I came out on top, thats why I am so stunned. Again, probably just luck, also only demo.
Welcome Taub

That's is what it is all about. Learning and developing on demo

Thanks for sharing and enjoy your weekend

Mike
  • #91,474
  • Mar 11, 2011 3:22pm Mar 11, 2011 3:22pm
I only have a few questions about how would Mike or some one else rate those two setups and se if im corect lol

I like the 4H Eur/Usd PB beacause i see alot of corelation and i think it was maybe a B+ or eaven an A ... but didnt take it coz i dont open new trades on Friday .

And there is Daily Gpb/Usd ..wery nice PB+BRN and fibo corelation ... looking on daily i would say A+ setup ... but i dont like the space and that there is BEOB on weekly .... but it made a nice PB on 4H allso and the space looks good but again if you look from a distance it was trading inside a box stuck betwin 1.6000 and 1,6300.
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  • #91,475
  • Mar 11, 2011 4:37pm Mar 11, 2011 4:37pm
I passed on the EURUSD as well. Normally this would be an okay trade, but the fact it is a Friday mixed with the earthquake in Japan, I decided to just watch it go on by. Late Friday volume can be very low and the earthquake situation made today a real gamble.

I like the Daily GBPUSD set-up. I want to wait until Sunday evening to see how the pair opens. It would be nice to get in on a retrace entry at 1.6040 or so, and look for a 1st TP of 1.6110. But I would want to try to watch PA before taking a set-up based on a Friday bar.

I may go ahead and put my order in Sunday evening depending how this pair opens up.
  • #91,476
  • Mar 11, 2011 5:21pm Mar 11, 2011 5:21pm
Quoting Dan Gilbert
I am getting tired of seeing my losing trades lose by one pip though.
Stops being hunted, perhaps?

PS
Sincere condolences to all in Japan. Very glad to see you are ok, PB!
  • #91,477
  • Mar 11, 2011 5:41pm Mar 11, 2011 5:41pm
Same here will see what it does ... i dont like to open new position on Friday ... seen alot of crazy gaps on Australian open ...

Tough stil would like to hear how will Mike rate this two PBs .. not that i dont like your input we basicly had same toughts ... but i just love how Mike explains some aspects of the PA .

have a nice weekend every one
  • #91,478
  • Edited 8:55pm Mar 11, 2011 8:39pm | Edited 8:55pm
Just deleted the previous post with the same chart as I realized the errors on it.
This is the revised version which I think is correct.


Jarroo
I think this the way to get this into proper perspective, till I hear your opinion.

On this chart I have put only the Highest close of resistance above price, the lowest close of support below current price and, PBT&CA.

I think I had best leave it like this till I hear your opinion on it.

Thanks in advance.
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  • #91,479
  • Mar 11, 2011 8:57pm Mar 11, 2011 8:57pm
Quoting 4FXsake
Stops being hunted, perhaps?

PS
Sincere condolences to all in Japan. Very glad to see you are ok, PB!

Thanks FX.

Appreciate it.
  • #91,480
  • Mar 11, 2011 10:49pm Mar 11, 2011 10:49pm
Quoting Greenhaze
Maximal Drawdown 53%

LOL, I know .little account and newbie。
A chart helps those who can read it.
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