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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

  • #92,461
  • Mar 30, 2011 1:13am Mar 30, 2011 1:13am
USD/CAD has just broken a major support with very nice bearish price action (4H BEOB).
Let's now see how low this baby will go.
Have a nice day.
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  • #92,462
  • Mar 30, 2011 1:46am Mar 30, 2011 1:46am
Hi All,

Can anyone say if the pin I have indicated in the chart is a A+ setup. if no why? for me it is in swing high and has long wick and it closed below the left eye. I see that FTA is near. Will anyone take a trade after that candle closed. This is AUDUSD daily chart. Thanks for ur help.
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  • #92,463
  • Mar 30, 2011 1:58am Mar 30, 2011 1:58am
Quoting gladiator123
Hi All,

Can anyone say if the pin I have indicated in the chart is a A+ setup. if no why? for me it is in swing high and has long wick and it closed below the left eye. I see that FTA is near. Will anyone take a trade after that candle closed. This is AUDUSD daily chart. Thanks for ur help.
Hi Gladiator, if I may. That was a really tiny bar, not a setup bar for me at all. I don't see which broker is your feed, so I analyzed my Alpari.
As you see even this BAD bar reached it's target though, but that doesn't mean we have to take such a low quality setups. All aspects that we watch for are weak here: size, close, tail, confluences (weak to none)..imo
Attached Image (click to enlarge)
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  • #92,464
  • Mar 30, 2011 2:02am Mar 30, 2011 2:02am
Quoting Panthera
Maybe good place to wach?
This one broke nicely. Unfortunately I was sleeping when it happened.

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  • #92,465
  • Mar 30, 2011 2:07am Mar 30, 2011 2:07am
thanks adilius.... my broker is IBFX....you explanations helps. thanks a lot

Quoting Adilius07
Hi Gladiator, if I may. That was a really tiny bar, not a setup bar for me at all. I don't see which broker is your feed, so I analyzed my Alpari.
As you see even this BAD bar reached it's target though, but that doesn't mean we have to take such a low quality setups. All aspects that we watch for are weak here: size, close, tail, confluences (weak to none)..imo
  • #92,466
  • Mar 30, 2011 2:09am Mar 30, 2011 2:09am
So did I, missed it too.....next time....
  • #92,467
  • Mar 30, 2011 2:14am Mar 30, 2011 2:14am
Quoting gladiator123
thanks adilius.... my broker is IBFX....you explanations helps. thanks a lot
On IBFX tail sticks out above previous bar, but we really want it protrude above all recent price, like if price tried to take new highs and failed miserably so we can then short those failed expectations of bullish traders that got caught.

Btw, on IBFX it looks more as a BEOB, but also very very weak one, we want it to close lower and stronger. And last, of course FTA is too close, Price reached it almost to the pip and bounced hard. So, here I think, again we can use those words that "Even weak setups often times work as expected"
  • #92,468
  • Mar 30, 2011 2:16am Mar 30, 2011 2:16am
Quoting Adilius07
Hi Gladiator, if I may. That was a really tiny bar, not a setup bar for me at all. I don't see which broker is your feed, so I analyzed my Alpari.
As you see even this BAD bar reached it's target though, but that doesn't mean we have to take such a low quality setups. All aspects that we watch for are weak here: size, close, tail, confluences (weak to none)..imo
yes, 1st very near to the next trouble area and 2nd doesn't protrude a lot into fresh ground before it collapsed.
meine augen sind die sterne
  • #92,469
  • Mar 30, 2011 3:32am Mar 30, 2011 3:32am
Quoting ts63
USD/CAD has just broken a major support with very nice bearish price action (4H BEOB).
Let's now see how low this baby will go.
Have a nice day.
For me it is pretty close to the lows from the beginning of March. I prefer to look for longs in this zone.
  • #92,470
  • Mar 30, 2011 3:47am Mar 30, 2011 3:47am
Quoting jarroo
Still watching and waiting on the Gbp/Aud.
BUOB,double bottom at 1.55.Target=1.58(RN).
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Nothing personal,just business
  • #92,471
  • Mar 30, 2011 4:10am Mar 30, 2011 4:10am
Here is one again.

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pat
  • #92,472
  • Mar 30, 2011 4:22am Mar 30, 2011 4:22am
Quoting mbqb11
Hey X

You are close we want to use the top of price. But there is divergence there

Best
Mike
Looking at this, would we look at bottom of price as we are bottom half of MACD or still top of price. Are these lines long enough to consider a divergence factor?

Thanks,

X.

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  • #92,473
  • Edited 5:01am Mar 30, 2011 4:35am | Edited 5:01am
Quoting fx_rookie
For me it is pretty close to the lows from the beginning of March. I prefer to look for longs in this zone.
I'm now out with +15 pips mostly because this is moving much too slow.
Attached Image
  • #92,474
  • Mar 30, 2011 4:53am Mar 30, 2011 4:53am
good resistance zone
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  • #92,475
  • Mar 30, 2011 4:58am Mar 30, 2011 4:58am
Quoting plund
Here is one again.

Attachment

pat
also on M30.....
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  • #92,476
  • Mar 30, 2011 5:04am Mar 30, 2011 5:04am
Quoting trader3000
good resistance zone
Mine chart is almost the same : ) BEOB + div in the same zone
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  • #92,477
  • Mar 30, 2011 5:06am Mar 30, 2011 5:06am
Hi James16 and all seniors

I'm a newbie trader and am currently following this thread to learn and it has definitely been very fruitful. I'm currently still learning and testing though.

I have attached 2 pictures of USD/CHF, 1 broad view, and the other zoomed in.

Based on the charts that I have attached, these are my views:

- USD/CHF is downtrending
- Recently, there was a pullback from a low of the prices
- There was a BEOB on 28 Mar
- Current day, a pin might be forming
- Prices are below the R line I have drawn ( which I'm not sure if I'm correct to have drawn it there) and below 150 EMA

In this case, am I right that if the pin bar forms properly, I can observe to look for a Sell?

Thanks
NS
Attached Image(s) (click to enlarge)
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  • #92,478
  • Mar 30, 2011 5:15am Mar 30, 2011 5:15am
Quoting fx_rookie
Mine chart is almost the same : ) BEOB + div in the same zone
you are right. candle closed as beob.
  • #92,479
  • Mar 30, 2011 5:27am Mar 30, 2011 5:27am
This is my view on the usd/chf. The location is good and there is divergence too.

But the size of the bar is not really convincing to me. And if you look closely, you'll find some support at the .9190 zone. I'd rather have good PA in the 50-61.8fib area.
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  • #92,480
  • Mar 30, 2011 5:31am Mar 30, 2011 5:31am
Since so much interest in this pair, if I may comment also...
I think this is a weak setup. Especially due to bad location.
This is shorting a BEOB into the 1) major PPZ, 2) round number and 3)against trend.

Of course price can go only up or down, but I think the odds to the upside are higher (due to confluence of PPZ, Trend, RN)
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