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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

  • #94,401
  • Apr 26, 2011 7:51am Apr 26, 2011 7:51am
Hey Guys,

Took today a GBP/NZD breakout trade

On the 4hr we can see we had a clear wedge with a minimum of 3 touches,

Strong downtrend so I'll take the breakout if its heading south.

Went to the 1hr tf to find a valid entry, we had a false breakout, candle found support and went up again, two candles after we had a BEOB (yellow arrow) which engulfed 5 bars and closed below the previous support and outside the wedge.

Closed half at 2.0475, due to wedge size we should have a move of 200 pips, rest already at BE.

Blue lines/areas are possible areas where price might find support.

Os.
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Trade Smart
  • #94,402
  • Apr 26, 2011 8:14am Apr 26, 2011 8:14am
Hi guys,
Let me use this opportunity to express my gratitude to Jim and the senior members of this thread. What i have learnt in the past few days going to weeks in this thread has simply nullified all that i seemed to know in terms of my innitial belief in EAS (i ve used countless eas which only depleted my account), using signal providers to believing that there is a shortcut to avoiding education.
After the fraustration before now, i decided to start afresh by going to Babypips.com to go get some education, on my graduation, i was reffered to meetpips.com which was like a forum too, that was when i was searching for good stuff on PA, it was the place someone told me 'bout james16, that was how i found myself here.
And ever since i came here, i know i have finally found a place where i ll develop to becoming that which i have always dreamed of... a professional trader.
i m particularly thrilled by the consistency of some senior members since 2005 (6 + years) here, i have a lot to learn from there.

Ok, enof of my boring stories and down to business..

what do you guys think of monthly PB ahead of the end of the month,if it closes below 85.700 which is a RNhttp://www.forexfactory.com/images/icons/icon12.gif, can i call it a good entry to going short? your contributions are always appreciated.
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  • #94,403
  • Apr 26, 2011 8:22am Apr 26, 2011 8:22am
Quoting yomex_y2
Hi guys,
Let me use this opportunity to express my gratitude to Jim and the senior members of this thread. What i have learnt in the past few days going to weeks in this thread has simply nullified all that i seemed to know in terms of my innitial belief in EAS (i ve used countless eas which only depleted my account), using signal providers to believing that there is a shortcut to avoiding education....
Hey Yomex

Glad to hear you are enjoying the thread and welcome

I threw some comments up on a chart.

Hope it helps!
Mike
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  • #94,404
  • Apr 26, 2011 8:25am Apr 26, 2011 8:25am
Quoting Suranga2500
Hi

This is a trade I am currently in (from Last week)

this is DBHLC conflunced with 200MA and 150MA. I am trying to follow 2bar exit as exit criteria. But it strugling to break 81.500 at the moment. Even when entering the trade I was looking this area as my initial target.It straightaway shoot to this traget and bounced back.

I would like any of our seniors to hv a look at this chart and give some comments.


Suranga
Hey Suranga

Be careful here , remember James teaches us to take DBHLC at swing high points where this is at a deep swing low and thus we have to be more cautious with them(I think they are trickier to play and to learn them at the traditional spot first). Essentially we are trading right back into where VERY strong strength closed.

Hope that helps

Mike
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  • #94,405
  • Apr 26, 2011 8:25am Apr 26, 2011 8:25am
Quoting the_wizard
Ghous,

You see the S&P is up into the 1333's (the spider) and you get the sell off in USD/CAD...that's why it pays to watch that correlation.

Tom
Hey Tom,

I enjoy your webinars and teachings bud.

Looking for correlation has never solved anything for me, I have tried watching for it more than once and only end up complicating things. Again that's just me and obviously I am not speaking against its use to those who find it useful in some way.

For me its all about the bar and what the particular pair is doing at the time. I am absolutely fine if price takes me out here for a BE for the remainder of the position. If it does that I'd call it a bounce off 9550 (nothing surprising) and some correlation guy would term it "the S&P 500 effect"

Different ways to skin the cat, pick the one that suits your A$$. (Sounding like that aussie guy at the firm eh? ) . . . geez! lol.

g.
I believe . . .
  • #94,406
  • Apr 26, 2011 8:26am Apr 26, 2011 8:26am
Quoting yomex_y2
Hi guys,
Let me use this opportunity to express my gratitude to Jim and the senior members of this thread. What i have learnt in the past few days going to weeks in this thread has simply nullified all that i seemed to know in terms of my innitial belief in EAS (i ve used countless eas which only depleted my account), using signal providers to believing that there is a shortcut to avoiding education....
Hey bro !

first of all thank you for your kind words.
Always pleased to help others.

Just to give you a heads up for cadjpy:

to set a swing trade position we first of all want to know what the overall trend is, bearish or bullish.
Swing trades that aim for large targets and use large stops need to be set in overall trend confirmation.
Since we got a bearish engulfment on the daily chart ( 4/12/2011 ) the overall trend is bearish again after the sick bullish upmove due japan tsunami crash.

unless we dont cross the marked box i dont gonna set any small positions on this pair.
85.700 is a small and unsignificant RN as well.

dont hesitate to criticize or ask any questions

kindest regards
Jonas


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1: break out
2: resistance turned support. check also daily candle that reacted pretty strong at demand zone. we got a strong support area here now.

(area 51!!!! )
Hero calls followed by margin calls...
  • #94,407
  • Apr 26, 2011 8:30am Apr 26, 2011 8:30am
Quoting Osman
Hey Guys,

Took today a GBP/NZD breakout trade

On the 4hr we can see we had a clear wedge with a minimum of 3 touches,

Strong downtrend so I'll take the breakout if its heading south.

Went to the 1hr tf to find a valid entry, we had a false breakout, candle found support and went up again, two candles after we had a BEOB (yellow arrow) which engulfed 5 bars and closed below the previous support and outside the wedge.

Closed half at 2.0475, due to wedge size we should have a move of 200 pips, rest already at BE.

Blue lines/areas are possible...
Not a BEOB actually (technically speaking) but the story was spot on Os.

Watch it pound, Os is on a roll!

lol.

g.
I believe . . .
  • #94,408
  • Apr 26, 2011 8:32am Apr 26, 2011 8:32am
Quoting mbqb11
Hey Yomex

Glad to hear you are enjoying the thread and welcome

I threw some comments up on a chart.

Hope it helps!
Mike

Thanks mike, i m always glad to read your posts and other senior members. With you guys around, the sky is the limit.
  • #94,409
  • Apr 26, 2011 8:34am Apr 26, 2011 8:34am
Quoting mbqb11
Hey Yomex

Glad to hear you are enjoying the thread and welcome

I threw some comments up on a chart.

Hope it helps!
Mike
mike,

how do u add those bubbles? any tool?

must have !

tell me !

kind regards
Jonas
Hero calls followed by margin calls...
  • #94,410
  • Apr 26, 2011 8:37am Apr 26, 2011 8:37am
Quoting yomex_y2
Thanks mike, i m always glad to read your posts and other senior members. With you guys around, the sky is the limit.
Nice of you too say bud, were just sharing our experiences

Hope you hang around often

Mike
  • #94,411
  • Apr 26, 2011 8:37am Apr 26, 2011 8:37am
Quoting PhAnTi'
mike,

how do u add those bubbles? any tool?

must have !

tell me !

kind regards
Jonas
Hey Jonas

I purchased Snag-it

They offer a free trial though too

Mike
  • #94,412
  • Apr 26, 2011 8:41am Apr 26, 2011 8:41am
Quoting mbqb11
Hey Jonas

I purchased Snag-it

They offer a free trial though too

Mike
thanks for info !

all the best

Jonas
Hero calls followed by margin calls...
  • #94,413
  • Apr 26, 2011 8:43am Apr 26, 2011 8:43am
Quoting PhAnTi'
Hey bro !

first of all thank you for your kind words.
Always pleased to help others.

Just to give you a heads up for cadjpy:

to set a swing trade position we first of all want to know what the overall trend is, bearish or bullish.
Swing trades that aim for large targets and use large stops need to be set in overall trend confirmation.
Since we got a bearish engulfment on the daily chart ( 4/12/2011 ) the overall trend is bearish again after the sick bullish upmove due japan tsunami crash.

unless we dont cross the marked box...
many thanks PhAnTi
  • #94,414
  • Apr 26, 2011 8:52am Apr 26, 2011 8:52am
Quoting yomex_y2
many thanks PhAnTi
you are welcome.
as mike said, i dont like to set shorts here cause we have a lot of major support levels.

Jonas.
Hero calls followed by margin calls...
  • #94,415
  • Apr 26, 2011 9:01am Apr 26, 2011 9:01am
visa just broke out. this is a 2 hour chart; was best to show. i am already long since 77.60 usd 20 min ago. currently 78.30 usd.
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meine augen sind die sterne
  • #94,416
  • Apr 26, 2011 9:03am Apr 26, 2011 9:03am
Quoting aserbfx
visa just broke out. this is a 2 hour chart; was best to show. i am already long since 77.60 usd 20 min ago. currently 78.30 usd.
braggert

nono bro, nice one !
Hero calls followed by margin calls...
  • #94,417
  • Apr 26, 2011 9:04am Apr 26, 2011 9:04am
Quote
higher TF+Confluence+PPZ is a winning trade

Amen to that!!
I'm gonna make a sticker and glue it on top of my screen!!
How bad do you want it? That's the attitude!
  • #94,418
  • Apr 26, 2011 9:14am Apr 26, 2011 9:14am
Quoting soavesoave
Amen to that!!
I'm gonna make a sticker and glue it on top of my screen!!
Hero calls followed by margin calls...
  • #94,419
  • Apr 26, 2011 9:16am Apr 26, 2011 9:16am
Quoting PhAnTi'
Hey bro !

first of all thank you for your kind words.
Always pleased to help others.

Just to give you a heads up for cadjpy:

to set a swing trade position we first of all want to know what the overall trend is, bearish or bullish.
Swing trades that aim for large targets and use large stops need to be set in overall trend confirmation.
Since we got a bearish engulfment on the daily chart ( 4/12/2011 ) the overall trend is bearish again after the sick bullish upmove due japan tsunami crash.

unless we dont cross the marked box...
How do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.
  • #94,420
  • Apr 26, 2011 9:33am Apr 26, 2011 9:33am
Quoting aserbfx
visa just broke out. this is a 2 hour chart; was best to show. i am already long since 77.60 usd 20 min ago. currently 78.30 usd.
good god, this is crazy.
i took 1/3 off the table at 78.77 usd. +1.5% in less than 1 hour...
stop moved to break even.
a plastic bag full of bucks...
meine augen sind die sterne
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