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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

  • #94,961
  • May 5, 2011 11:49pm May 5, 2011 11:49pm
what do you people think of this setup? I am placing a stop buy waiting for breakout the BUOB high at swing low ( please, people, it is not at the swing high )
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  • #94,962
  • May 6, 2011 12:30am May 6, 2011 12:30am
Quoting jeurre
what do you people think of this setup? I am placing a stop buy waiting for breakout the BUOB high at swing low ( please, people, it is not at the swing high )
It's not at the swing high, but its not a BUOB neither
  • #94,963
  • May 6, 2011 12:54am May 6, 2011 12:54am
This daily Pin closed with some strength above 0.9000. It's NFP today and there's CAD red flag news out today... Looks like a beauty though..
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Anything can happen.
  • #94,964
  • May 6, 2011 1:08am May 6, 2011 1:08am
Quoting ddinnov
This daily Pin closed with some strength above 0.9000. It's NFP today and there's CAD red flag news out today... Looks like a beauty though..
hey ddinnov, the setup has been discussed on the last pages.
maybe you like to take a look there.
meine augen sind die sterne
  • #94,965
  • Edited 2:36am May 6, 2011 2:18am | Edited 2:36am
Here are some key levels I'll be watching for some price action:

1.05732 was market out before. Note that price moved below the PPZ, but failed to close beneath it.

Any thoughts?

Edit: Daily looks interesting too.
Edit, edit: 1.06850 is acting rather strong too
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  • #94,966
  • May 6, 2011 2:35am May 6, 2011 2:35am
Quoting mbqb11
As for when to go "big"... I have been one to build slowly over the years. I wasn't born with 500k under my bed sheets to go big with. So for me it's about being smart...

Don't be in a rush to get to that finish line is all I can say. I'm walking this marathon

Best
Mike
Thanks for this Mike, your marathon metaphor sums it up well.

I too wasn't born with 500k under my sheets, quite the opposite actually (Well, not literally but you get the idea). I'm trading live but with 'coffee money'. If I make a profit, I drink, if I lose, I don't. For a coffee addict like myself it's enough of an incentive. As you say, I'm trying to be smart here and start small.

I don't think I will add anything new and I'm sure you've gotten these questions many times before, so I'll leave it as that and see how I get on.

Got to go...

T
  • #94,967
  • May 6, 2011 3:57am May 6, 2011 3:57am
With good numbers on nfp today we might get a breakout on cvs.

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  • #94,968
  • May 6, 2011 4:21am May 6, 2011 4:21am
if you don't mind......

the trend seems not strong enough, so, be careful of false breakout


jeurre

Quoting plund
With good numbers on nfp today we might get a breakout on cvs.

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  • #94,969
  • May 6, 2011 4:23am May 6, 2011 4:23am
Quoting mbqb11
Here is one a bunch of us are in, this was as A+ as it gets for me
Mike

Just a quick question about this(A+) setup : I dont have the BEOB on any of my feeds - the PA bars look different so I would not have taken this setup because the PA was not on my chart - are all the brokers different.?
In the UK and using Alpari and FXCM.

Thanks Mike

Kal
  • #94,970
  • May 6, 2011 4:29am May 6, 2011 4:29am
I think this is a fine counter-trend setup..DBLHC..
chances were less to hit my 50% entry so had to close the order..
(do correct me if its not a convincing counter-trend setup which 'big guy' talks about)
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  • #94,971
  • May 6, 2011 4:30am May 6, 2011 4:30am
Quoting plund
With good numbers on nfp today we might get a breakout on cvs.

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thanks!
how do you scan the markets?
do you just go chart by chart?
meine augen sind die sterne
  • #94,972
  • May 6, 2011 4:30am May 6, 2011 4:30am
currently in this trade, watching patiently
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  • #94,973
  • May 6, 2011 4:43am May 6, 2011 4:43am
Quoting aserbfx
thanks!
how do you scan the markets?
do you just go chart by chart?
Yep, I go chart by chart. Scanning daily through russel 1000 + some european stocks and weekly russel 3000 + some european stocks. I'm taking mostly weekly setups though but now and then throw in a daily setup. It is good for me to keep being busy, I'm not good at sitting on my hands.

pat
  • #94,974
  • May 6, 2011 4:50am May 6, 2011 4:50am
Quoting Kalbar
Mike

Just a quick question about this(A+) setup : I dont have the BEOB on any of my feeds - the PA bars look different so I would not have taken this setup because the PA was not on my chart - are all the brokers different.?
In the UK and using Alpari and FXCM.

Thanks Mike

Kal

This has been covered so many times. Different brokers have their servers in different places around the world - in different timezones, and also may manually set their close. Therefore the feed will differ between brokers, and consequently the bars may look slightly different (different closes).

It's been suggested before to either just go with the bars your feed gives you, or have multiple terminals with different timezone feeds, it's up to you.

SG
  • #94,975
  • May 6, 2011 7:43am May 6, 2011 7:43am
Quoting Sgrb1
This has been covered so many times. Different brokers have their servers in different places around the world - in different timezones, and also may manually set their close. Therefore the feed will differ between brokers, and consequently the bars may look slightly different (different closes).

It's been suggested before to either just go with the bars your feed gives you, or have multiple terminals with different timezone feeds, it's up to you.

SG
Thanks SG

Mike
  • #94,976
  • May 6, 2011 7:45am May 6, 2011 7:45am
Quoting mbqb11
Here is one a bunch of us are in, this was as A+ as it gets for me
Here is the final close out of the trade my trailing stop hit last night
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  • #94,977
  • May 6, 2011 8:00am May 6, 2011 8:00am
Quote
Hi soave...not a senior, but thought i'd drop my 2 pips. The bar tested important level of BRN 80, but there isn't much other confluence.

I don't like the close of that bar. It's not actually a pin bar because close is lower than previous bars low. I see the setup as trading into strong resistance - bottom of current consolidation. I would prefer to see a close close in that box before going long. My feed is a little different due to close time.

The setup may work out, but it doesn't scream "trade me" when I look at it.


Thanks Donkey,

I kinda felt weird about that one too, buy order was never triggered anyways...

Soave
How bad do you want it? That's the attitude!
  • #94,978
  • May 6, 2011 8:23am May 6, 2011 8:23am
LOL, the same scenario as on the last month during NFP release.
Enter, SL hit, price continuing in my way.
I will put a note on my monitor:
"During NFP friday, sit on your hands!"

Hope you are in profit guys.

EDIT: I said I'm an idiot, my wife said she doesn't mind.
Good to know.
Follow my trading on Twitter and FB: @pumlitch
  • #94,979
  • May 6, 2011 8:41am May 6, 2011 8:41am
Quoting Pumlitch

EDIT: I said I'm an idiot, my wife said she doesn't mind.
Good to know.

haha that cracked me up man!
  • #94,980
  • May 6, 2011 8:49am May 6, 2011 8:49am
Quoting mbqb11
Here is the final close out of the trade my trailing stop hit last night
Nice and clear trade Sir.

Good to see something worth learning. I allways think that one of the most important part of trading is the ability to prevent onself from shooting from the hip. As an evidence I can see my statement - it shows the damage done by thinking over and over again how much could that very imidiate next move add to the ballance. Instead, it adds nothing. on the contrary, only trading rarely te selected few set ups and waiting long payed so far.

EDIT: So if I am so wise ho come I do not get my own wisdom? Suggestion?
Kind Regards zol
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