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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

  • #95,721
  • May 26, 2011 1:20pm May 26, 2011 1:20pm
Quoting P.Dean
Hi everyone,

I took this trade on a solid Pinbar and exited on a set tp (+50)...
to be honest I am not too happy with my exit... any suggestion in this scenario??

Thanks.
hi Dean,

would not consider this one a tradeable pb. it doesn't have a decent nose at all.

regards

http://www.forexfactory.com/showpost...postcount=3914
  • #95,722
  • May 26, 2011 2:17pm May 26, 2011 2:17pm
Quoting biDc
how do you scan for which charts to focus on in the stock market?
I scan daily through russell 1000 stocks + some european stocks and on weekends I scan through weekly russell 3000 stocks + some european stocks.

pat
  • #95,723
  • May 26, 2011 2:26pm May 26, 2011 2:26pm
Quoting plund
Worked out nicely.

Attachment
Interesting chart. I didn't see your post but would have passed on it cuz of the trouble areas that it could have halted at and congestion it was going up into. That's just me though. I'm real picky.

I had 7 stocks on my list to watch this morning and was trying to make charts for all of them to post before the open but ran out of time.

Here they are: (check out the daily charts)
ROST UTEK WBC LNT TRV ALGN NI

I took a loser last week, STZ. A nice BUOB close above resistance of a box so I went long over that bar/resistance. It fell back on the same day. I never do trades like that, don't know why I did. It just screamed at me to trade it. The only trading style that works for me is pullback to S/R with PA and room to move.
  • #95,724
  • May 26, 2011 2:38pm May 26, 2011 2:38pm
Hi Mike, Just wanted to say a big thank you for your comments yesterday and the USDCAD chart you replied to me with. Again much appreciated. Your charts make things much clearer.
Free speech is an oxymoron
  • #95,725
  • May 26, 2011 2:51pm May 26, 2011 2:51pm
Quoting mbqb11
Hey Bill

Since were just drifting lower I am not really interested in anything but trailing it out. Unless we get some massive capitulation down then I might look to take profit on it

For now I will see what prints and just look to move my stop logically

Good references are bar highs/lows closes and round numbers

Best
Mike
Mike,this might look like an after the fact thing,but I made this calculation on 5/24 after selling Eur/Chf.4hr
Tom

4/28 1.29604 Pin bar & break down bar on 4/29
5/9 1.24820 s/r 1.2500 RN
Difference .04820
5/11 1.27001 ralley to ppz s/r
subtract difference of .04820
obj or tgt 1.22181 todays low 1.22004

There is also another measurement down to 1.20997
So your bar by bar management could take the price down
to wherever
Conquer the beast with disciplined determination and intellegent control.
  • #95,726
  • May 26, 2011 3:52pm May 26, 2011 3:52pm
Quoting Pipzilla
Mike,this might look like an after the fact thing,but I made this calculation on 5/24 after selling Eur/Chf.4hr
Tom

4/28 1.29604 Pin bar & break down bar on 4/29
5/9 1.24820 s/r 1.2500 RN
Difference .04820
5/11 1.27001 ralley to ppz s/r
subtract difference of .04820
obj or tgt 1.22181 todays low 1.22004

There is also another measurement down to 1.20997
So your bar by bar management could take the price down
to wherever
go baby go

Mike
  • #95,727
  • May 26, 2011 5:14pm May 26, 2011 5:14pm
Quoting plund
I scan daily through russell 1000 stocks + some european stocks and on weekends I scan through weekly russell 3000 stocks + some european stocks.

pat
is there a particularly program you used to sort through all those stocks?
  • #95,728
  • May 26, 2011 6:37pm May 26, 2011 6:37pm
Quoting mbqb11
yep that is a beauty my friend. Classic James16



Mike
Guys I'm not trying to be a smart ass here. Just one quick question, is it possible that price will go north in these area (yellow lines)? I did not trade these setup, as our friend Kalbar said still sticking to higher TF. I guess if we have a nice PA bar we could be lenient for this kind of setup???
Attached Image
  • #95,729
  • May 26, 2011 7:20pm May 26, 2011 7:20pm
Quoting TransPorter
Guys I'm not trying to be a smart ass here. Just one quick question, is it possible that price will go north in these area (yellow lines)? I did not trade these setup, as our friend Kalbar said still sticking to higher TF. I guess if we have a nice PA bar we could be lenient for this kind of setup???
Hey TP

There is no such thing as being a smart ass by asking questions thats how you learn

Hope my chart helps explain things better


Best
Mike
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  • #95,730
  • May 26, 2011 8:10pm May 26, 2011 8:10pm
Quoting mbqb11
Hey TP

There is no such thing as being a smart ass by asking questions thats how you learn

Hope my chart helps explain things better


Best
Mike
Got you Mike!!! I know you did spend time making that chart, Thank you!!!
  • #95,731
  • May 26, 2011 9:16pm May 26, 2011 9:16pm
I just wanted to say thank you to everybody in this thread! Since adding PA confirmation to my trades, I am on an 8 trade win streak. This was the only thing I was missing from my trading: I pick great levels to trade from, I trade with trend, I have good money management, emotions are in check, the only thing I needed was that extra confirmation that I was making the right trade. I have to trade less positions because of larger stop losses but I will take that any day! Once again, thanks!

Mav
  • #95,732
  • May 26, 2011 10:56pm May 26, 2011 10:56pm
CAD/CHF

It would be interesting to see PA development in the 0.8700 area in the daily chart next week! What do you guys think? Could be a counter-trend or a breakout trade pending upon the PA?
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  • #95,733
  • May 26, 2011 11:00pm May 26, 2011 11:00pm
BTW what's the consensus on playing this BEOB? It would be with the trend. Entry can be off the current retracement or break below BEOB. FTA is the bottom of the wick of the pinbar at 1.3225 and beyond that there really is no support for a while...the way I see it anyway. Thoughts?
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  • #95,734
  • May 27, 2011 12:07am May 27, 2011 12:07am
Quoting Kalbar
dEANO

Looks like you took profit at previous bar lows/highs so as per the J16 methodology you took profit at the FTA so it seems like you did the right thing here. Of course people may take half, move 2nd half to break even and let it run. |Different ways to do it but IMHO you did well there so give yourself a pat on the back!

Kal
thanks Kalbar...
  • #95,735
  • May 27, 2011 12:18am May 27, 2011 12:18am
Quoting biDc
is there a particularly program you used to sort through all those stocks?
freestockcharts.com and pro real time

pat
  • #95,736
  • May 27, 2011 12:29am May 27, 2011 12:29am
Quoting crusen
Interesting chart. I didn't see your post but would have passed on it cuz of the trouble areas that it could have halted at...

Thanks.

Liked especially LNT and the support it was coming off. Would have entered on a retrace on 40,02 if I had seen it

Pat
  • #95,737
  • May 27, 2011 3:49am May 27, 2011 3:49am
Quoting mbqb11
Hey TP

There is no such thing as being a smart ass by asking questions thats how you learn

Hope my chart helps explain things better


Best
Mike
Hey Mike

Would just like to add my name to the chorus of thanks for this excellent chart. I hope to train my brain to think like yours.......someday! You explain it so well that I am sure you could make serious money teaching Forex!!

Thanks,

Kal
  • #95,738
  • May 27, 2011 5:58am May 27, 2011 5:58am
Quoting Maverick69
I just wanted to say thank you to everybody in this thread! Since adding PA confirmation to my trades, I am on an 8 trade win streak. This was the only thing I was missing from my trading: I pick great levels to trade from, I trade with trend, I have good money management, emotions are in check, the only thing I needed was that extra confirmation that I was making the right trade. I have to trade less positions because of larger stop losses but I will take that any day! Once again, thanks!

Mav



Hey Mav
Just some words of encouragement and wisdom, there are great well managed statagies that your thinking of with low risk /high prob ways out there. You need to just enter way out on the extremes a little more. Away from equalibrim were everybody the common person trades, your emotions will be tested but turns out you;ll be really rewarded.
Just in other threads they contain different material too @ F factory's because its one hell of a huge place, just combine the good things {TEST/DEMO} you find & turn into your own. The time factor might get to some wanting get rich quick scheme . j16 's great for PA & things too!!

I found my trading method and still tweeking bits too,from combining the differences in threads.l'm a lurker but everyone differs. One small mistake l learnt was l spent too long waiting for the answers just from one thread here!! l still see people around that are holding on !! sad but true.. lifes to short spice it up fellow traders. everyone here has "never say die" which l love ... YOU'LL FIND IF YOU LOOK HARD ENOUGH, ..

happy trading ..










..
  • #95,739
  • May 27, 2011 6:11am May 27, 2011 6:11am
Well this pair finally blew...Mikey you in?
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  • #95,740
  • May 27, 2011 7:08am May 27, 2011 7:08am
Quoting greendiesel
Hey Mav
Just some words of encouragement and wisdom, there are great well managed...
Hey green

Thats a nice and encouraging post. Like you say we all have to find our own way here in the world of trading. As for FF there is no doubt that J16 is one of the top forums with some great people. However as the likes of Mike(mbq11) will tell you its all about making the stuff work for YOU and if this means combining it with other stuff then thats great. There are other great threads too but must admit J16 is the main one for me!

Happy trading

Kal
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