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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

  • #95,041
  • May 7, 2011 8:15am May 7, 2011 8:15am
Quoting aserbfx
ok, let's start the weekend with this chart:
alk on weekly
breakout already happened on friday. last two daily close's were very strong with a close nearly at dayhigh. volume ok.
65 usd was the trigger. chart is now at all-time-high. strong uptrend since june 2009; in a sidewys market for about 5 months recently.
conservative traders may wait for a retest of the 65.00 usd; others enter with a market-order.
performed nicely. high was 69.33 usd. showed strength in relation to the overall market action.
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meine augen sind die sterne
  • #95,042
  • May 7, 2011 8:22am May 7, 2011 8:22am
Quoting aserbfx
i know what you are talking about.
well, a lot of people say that traders should eliminate their feelings while trading. i don't think this is possible. for me, it is not. :-)
so if your feelings cause you problems, why not set a tp and sl and just leave the screen. go for a walk into town or whatever. this puts you off from "revenge trades". :-)
i am still doing this sometimes. i don't want to talk you into something, just want to give you an advise.
Yep, this is exactly how I want to try this month. Let's see what happens
  • #95,043
  • May 7, 2011 8:52am May 7, 2011 8:52am
http://1.bp.blogspot.com/-ESSew81XK4...k%2B5-7-11.png
  • #95,044
  • May 7, 2011 9:30am May 7, 2011 9:30am
LNT on weekly. first close on weekly above the box. looks good for a further upmove.
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meine augen sind die sterne
  • #95,045
  • May 7, 2011 11:16am May 7, 2011 11:16am
i need a good chance on lower time frame .
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A chart helps those who can read it.
  • #95,046
  • May 7, 2011 12:02pm May 7, 2011 12:02pm
Quoting g_j_hook@yah
...now this i found funny...

http://www.youtube.com/watch?v=oVpht...layer_embedded
here's another one jon..hilarious..

http://www.youtube.com/watch?v=xlOIy6QEbes
  • #95,047
  • May 7, 2011 1:11pm May 7, 2011 1:11pm
Quoting AvanishDemo
here's another one jon..hilarious..

http://www.youtube.com/watch?v=xlOIy6QEbes

Love the way he struts back to his office! lol

jon
PATIENCE... DISCIPLINE
  • #95,048
  • May 7, 2011 4:26pm May 7, 2011 4:26pm
The thing about Futures is that they have a definate Life Expectancy
3rd Friday in June or 2nd Tuesday in September or whatever.
Tough to Trade a Weekly when the Contract has a Mature Life Expectancy of 12 Weeks. Continuous Charts are a bastardised compilation of Contracts Traded.

That fact alone makes Trading Futures Tougher than a Continuous Market like Forex.
Every 1/4, or in some cases every Month, The contracts are settled.
Why is that important?
That means that, at that time or just prior to it, The Volatility goes ape & so Can Price. If you are not Completly In Tune, 2 bad Trades could wipe you out.

Mind The Gap. For the Londoners out there.
This is where Gap Trading originated.
June Future of xyz closes Last Trading Day @ 1.000.
Meanwhile Sept Futures are Trading @ 1.0250
Remember that we are on the Paper Side but someone else is actually on the Phyisical Side. They NEED the OJ. {Minute Made} or the Wheat {Wonderbread}.
The Commercial Suppliers & Consumers are both very aware that the Previous 1/4 closed @ 1,000 & that Trades are possible @ 1,001 so what do the do?
They Close The Gap.

This is not a reality in Fx Trading.
Gaps occur in FX due to DataFeed Downtime.

Can I get you to think about that?

In May, if a June Future's Production was interfered with by Mother Nature on a Weekend While the Market was Closed {Frost in Florida}
OJ would Open @ Up a Gap from the Friday Close. & righly so.
Less Supply = More Demand.

So, in essence,I Forex No BIG News = No Gap

B
  • #95,049
  • May 7, 2011 9:27pm May 7, 2011 9:27pm
I like the look of this pair.
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  • #95,050
  • Edited 9:52pm May 7, 2011 9:41pm | Edited 9:52pm
Quoting Pinbar
I like the look of this pair.
hey,steve .

maybe the 50 fib @ 0.8700 is the key .

and on the long term ,price can not stand on 8930 ,the big 50fib,so the bearish on a long term maybe go on.in the long down trend ,0.8650 is a big support.
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A chart helps those who can read it.
  • #95,051
  • May 7, 2011 10:14pm May 7, 2011 10:14pm
Quoting geniusztc
hey,steve .

maybe the 50 fib @ 0.8700 is the key .

and on the long term ,price can not stand on 8930 ,the big 50fib,so the bearish on a long term maybe go on.in the long down trend ,0.8650 is a big support.

Yes, indeed Gen, I also like the 8650 area where we may see some decent bullish PA because this is the FTB to the TL, the PPZ, & the 150 EMA.

Now we just wait and watch till price tips it's hand.
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  • #95,052
  • May 8, 2011 12:24am May 8, 2011 12:24am
Quoting Bemac
The thing about Futures is that they have a definate Life Expectancy
3rd Friday in June or 2nd Tuesday in September or whatever.
Tough to Trade a Weekly when the Contract has a Mature Life Expectancy of 12 Weeks. Continuous Charts are a bastardised compilation of Contracts Traded.

That fact alone makes Trading Futures Tougher than a Continuous Market like Forex.
Every 1/4, or in some cases every Month, The contracts are settled.
Why is that important?
That means that, at that time or just prior to it, The Volatility goes ape & so Can Price....
thank for that Bemac, interesting.
its strange ,after all my time looking at fx, to think of an actual recipient of the instrument and all that that entails.
cheers

jon
PATIENCE... DISCIPLINE
  • #95,053
  • May 8, 2011 2:26am May 8, 2011 2:26am
hi guys!
Who may advise me how trade by pinbar successfully? what I need know at first?
  • #95,054
  • May 8, 2011 3:04am May 8, 2011 3:04am
Quoting Topman
hi guys!
Who may advise me how trade by pinbar successfully? what I need know at first?
the very basics......go to www.babypips.com

then go here : step 2

then read the whole thread
Hero calls followed by margin calls...
  • #95,055
  • May 8, 2011 3:06am May 8, 2011 3:06am
Quoting Topman
hi guys!
Who may advise me how trade by pinbar successfully? what I need know at first?
Have you finished carefully reading Post #1?

Then I would suggest downloading ALL James16 and Mike attachments to your PC. Study those charts for a weekend. AND download videos from James16 website (guest materials).

You will be amazed how much more you understand, you could then start posting your own charts with your own findings very soon!

Hope this helps.
  • #95,056
  • May 8, 2011 4:08am May 8, 2011 4:08am
Thanks for the chart, AvanishDemo and thanks to Mike for his reply.

James mentioned in his free videos that he usually sets a 30 pips SL on D1.
I'm not sure if 30 pips is a bit too tight for trades placed on W1.
For this EURGBP trade on W1 if SL is placed outside the BEOB and profit target is 1,8650 we get an unattractive RR.

If we play this setup on the weekly what would be your SL?


Thanks for your advice
Andreas






Quoting AvanishDemo
hey Mike,nice video man..
jst need ur thoughts abt this..EURGBP Weekly BEOB looks scary to me..
given the size of BEOB..1.8650 looks a good target...
but i dont know wat to do..
given the strong(well,really strong) selling done this week...is it still feasible to go for this?
bit confused here..
  • #95,057
  • May 8, 2011 4:11am May 8, 2011 4:11am
Quoting Greenhaze
http://www.reuters.com/article/2011/...74614Y20110507

+

Chart

Will we get large gap up on the sunday open??
Interesting indeed. That is how we can understand what HAPPENED to the market that then accelerated the fall down.

But if we want to know BEFORE fact we can wait for J16 PA, just like that BEOB that STARTED this whole move.
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  • #95,058
  • May 8, 2011 4:45am May 8, 2011 4:45am
Quoting Greenhaze
First , you read without understanding and then you make this big word statements. I am really tired of your ignorance Adi.

Did you read the news?
Did that gave you any idea about possible market open?
Did you notice failed pb just before the greece news appeared?
Does the tail wave its dog?

I dont want to start TA vs FA debate but ask yourself if Greece argument is no longer valid then where are we now?
okay boys!! lets keep it civilized eh!? iv just been over to the eu/us forum and jeeez what a mess! we dont want that crap in our thread.
a disscusion is to be discussed, name calling is for the children out there. if you clain his ignorance maybe you could be kind enough to explain it??

jon

EDIT: i might point out that it was denied at the time and price still fell a big chunk of pips after...
PATIENCE... DISCIPLINE
  • #95,059
  • May 8, 2011 4:52am May 8, 2011 4:52am
Quoting Greenhaze
First , you read without understanding and then you make this big word statements. I am really tired of your ignorance Adi.

Did you read the news?
Did that gave you any idea about possible market open?
Did you notice failed pb just before the greece news appeared?
Does the tail wave its dog?

I dont want to start TA vs FA debate but ask yourself if Greece argument is no longer valid then where are we now?
You are very smart GH, sorry that you have to cope with my ignorance.

You have to understand that not everyone is as brilliant as you are, so please be patient with little people like myself
  • #95,060
  • May 8, 2011 5:06am May 8, 2011 5:06am
Everyone get quiet!!!! Dammit!!!
GREENHAZE is broadcasting some WISDOM for you here!!!
Quiet!!!
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