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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

  • #94,081
  • Apr 19, 2011 10:50pm Apr 19, 2011 10:50pm
hello pin how are ya my friend?

it was the totallity of the entire set up. it was very unlikely that price was going to break trhose lows before it pushed to 9000.

the bar closed at 8955. the chances of the next bar breaking those lows before making a run at 9000 were slim to none and it played out pretty much dead on. i took profit at 9000 where i fully expected a stall. stop went to breakeven and of this post it looks pretty likely i will be stopped out on the remainder.

jim



Quoting Pinbar
J16

Just trying to get my mind around why you took this BUEOB with such a weak looking close that is below the daily consolidation box on the left and trading straight into the 0.9000 rn.
  • #94,082
  • Apr 19, 2011 11:05pm Apr 19, 2011 11:05pm
worth watching
I will pass this, no room to trade, something that I learned from Mike lately.

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  • #94,083
  • Apr 19, 2011 11:41pm Apr 19, 2011 11:41pm
Quoting james16
hello pin how are ya my friend?

it was the totallity of the entire set up. it was very unlikely that price was going to break trhose lows before it pushed to 9000.

the bar closed at 8955. the chances of the next bar breaking those lows before making a run at 9000 were slim to none and it played out pretty much dead on. i took profit at 9000 where i fully expected a stall. stop went to breakeven and of this post it looks pretty likely i will be stopped out on the remainder.

jim

Great exercise in showing us how to not get reamed in a situation like this Jim.

It also shows me that I am probably being a little too picky and this is something I am working on right now.

The knowledge of the FTA is next to S&R probably the most important think you have so unselfishly taught us.

I also realize you earned it with blood & guts.

Thanks Jim.
  • #94,084
  • Apr 20, 2011 12:16am Apr 20, 2011 12:16am
ive seen that same set up a thousand times and i know whats likely to happen but i dont trade many of them. what i liked about this was simply the odds of it hitting 9000 before breaking those lows. those odds were really high.

i watched it very closely. if it had turned south on me quickly plunging thru the 8950 area after i entered i prob would have gotten out with a 20/25 pip loss. i very very rarely take a loss equal to where i set it initially.

it either goes or it doesnt. yes i get burned doing that sometimes and some people do it differently.

which is fine if your way works long term.

jim

Quoting Pinbar
Great exercise in showing us how to not get reamed in a situation like this Jim.

It also shows me that I am probably being a little too picky and this is something I am working on right now.

The knowledge of the FTA is next to S&R probably the most important think you have so unselfishly taught us.

I also realize you earned it with blood & guts.

Thanks Jim.
  • #94,085
  • Apr 20, 2011 1:12am Apr 20, 2011 1:12am
Trading less the last months, less time.
Just take this trade, will see what happens.
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  • #94,086
  • Apr 20, 2011 1:24am Apr 20, 2011 1:24am
Quoting Thierry
Trading less the last months, less time.
Just take this trade, will see what happens.
Im just a beginner but I donīt think its a A+ trade because we got 2 fib levels just above the bar so a very short way to go..
Any thoughts about that?
http://imgur.com/yqKyn.gif
  • #94,087
  • Apr 20, 2011 1:29am Apr 20, 2011 1:29am
Quoting james16
ive seen that same set up a thousand times and i know whats likely to happen but i dont trade many of them. what i liked about this was simply the odds of it hitting 9000 before breaking those lows. those odds were really high.

i watched it very closely. if it had turned south on me quickly plunging thru the 8950 area after i entered i prob would have gotten out with a 20/25 pip loss. i very very rarely take a loss equal to where i set it initially.

it either goes or it doesnt. yes i get burned doing that sometimes and some people do it differently....

Thanks for clearing that up...

I personally didn't even look twice at that one myself...

here was a good one, IMO:

james16 textbook
Attached Image
Many choose unhappiness over uncertainty.
  • #94,088
  • Apr 20, 2011 1:47am Apr 20, 2011 1:47am
Quoting bjorken
Im just a beginner but I donīt think its a A+ trade because we got 2 fib levels just above the bar so a very short way to go..
Any thoughts about that?
Hi Bjorken,

I feel my self still a newbie (after more than a year).
Fibs are for me one of the confluence factors. If i draw it from the low at 1.24 to the high at 1.3250 i see the double low i trade at 61.8 fib. Good point in my opinion.
The 38.2 could give some resistance, but for me thats not a problem. If there were 2 or 3 possible resistance factors, i will pass.
  • #94,089
  • Apr 20, 2011 1:49am Apr 20, 2011 1:49am
hi guys, i quite like the eu/chf today also, i cant post a chart right now but im lookin at it like a 2D pin with a decent size and shape.( i dont have a BUOB on the chart im lookin at) i dont see much to trouble it till 1.30 ??

jon
PATIENCE... DISCIPLINE
  • #94,090
  • Apr 20, 2011 1:49am Apr 20, 2011 1:49am
Quoting Thierry
Trading less the last months, less time.
Just take this trade, will see what happens.
It looks very interesting. This thing is going straight up from the bottom, hopefully i will get my retrace entry.
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  • #94,091
  • Apr 20, 2011 1:54am Apr 20, 2011 1:54am
Quoting g_j_hook@yah
hi guys, i quite like the eu/chf today also, i cant post a chart right now but im lookin at it like a 2D pin with a decent size and shape.( i dont have a BUOB on the chart im lookin at) i dont see much to trouble it till 1.30 ??

jon
seems about right.
Many choose unhappiness over uncertainty.
  • #94,092
  • Apr 20, 2011 2:02am Apr 20, 2011 2:02am
Quoting Dan Gilbert
seems about right.
hey Dan, im thinkin we will see a eu/us bullish day today also. cant see that 1.45 lasting long??

will be interesting to watch

jon
PATIENCE... DISCIPLINE
  • #94,093
  • Apr 20, 2011 2:21am Apr 20, 2011 2:21am
Price broke the box,let's see if we get a nice support at 1.0580...,I know Mike wouldn't take this because of the RN but this pair is in no man's land so I might get a chance to a few pips...
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  • #94,094
  • Apr 20, 2011 2:40am Apr 20, 2011 2:40am
Swedish central bank just raised interest rates to 1.75% from 1.50% as expected. It is a prime example of buy the rumour, sell the news. Price is heading higher while speculators are taking profits from the strong down move and 9.000 looks like a no brainer area for shorts + we have strong weekly BEOB.
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  • #94,095
  • Apr 20, 2011 3:55am Apr 20, 2011 3:55am
No-brainer
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  • #94,096
  • Apr 20, 2011 3:59am Apr 20, 2011 3:59am
Quoting Ifmyante
No-brainer
nice chart.
a pull back and some PA would be a good call

jon
PATIENCE... DISCIPLINE
  • #94,097
  • Apr 20, 2011 4:09am Apr 20, 2011 4:09am
Quoting mbqb11
Hey Atemi

Your fibs are off here, I corrected it on my chart

Also if you have to zoom that far in to price to make the pinbar look "big" it's probably a very small one. A good idea is to keep your charts at a fair zoom so it makes the overall picture easier to see

Let me know if my chart helps

Mike

Thanks again Mike your crystal clear explanations and charts help me a lot.

Atemi
  • #94,098
  • Apr 20, 2011 4:38am Apr 20, 2011 4:38am
Quoting Thierry
Trading less the last months, less time.
Just take this trade, will see what happens.
FTA hit.
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  • #94,099
  • Apr 20, 2011 4:57am Apr 20, 2011 4:57am
Quoting madboy
Price broke the box,let's see if we get a nice support at 1.0580...,I know Mike wouldn't take this because of the RN but this pair is in no man's land so I might get a chance to a few pips...
That's good enough for me,I'll now wait for a pullback!!!
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  • #94,100
  • Apr 20, 2011 5:34am Apr 20, 2011 5:34am
I am in same trade as Thierry on EUR/CHF but I am still in and have some questions.

The SL below the BUOB would be very huge. Would like to hear other opinions.

My first TP is just below 1.30. When would we pull the SL to BE?

Thanks for your thought
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