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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

  • #96,561
  • Jun 14, 2011 10:19am Jun 14, 2011 10:19am
Quoting Mebius
Hi Everyone,
I've been studying this thread for a couple of months now and am really impressed with the quality of information, support and help everyone gives each other.
I'm a newbie trader from Toronto, Canada...
hello Mebius, hello Canada
looking forward to your posts! (& pictures of Toronto)
  • #96,562
  • Jun 14, 2011 10:23am Jun 14, 2011 10:23am
Do "3 Inside Bars in a Row" indicate a good setup? Attached is a chart of the GBPUSD on the 4HR with just such a setup. In hindsight it obviously would have been a good trade. This is what i saw:
1. 3 inside bars at a monthly low
2. space to move between the 61.8 and 50 fib level

Would you have taken this trade? Where would the possible entry points be - a break of the mother bar or simply enter above the bar high of the last inside bar?

/m
Attached Image (click to enlarge)
Click to Enlarge Name: 06132011_GBPUSD_4HR.jpg Size: 108 KB
  • #96,563
  • Jun 14, 2011 10:29am Jun 14, 2011 10:29am
Quoting supremeChaos
hello Mebius, hello Canada
looking forward to your posts! (& pictures of Toronto)
Hi supremeChaos. i don't think i have any pics from Toronto! I guess you don't need pics from the place where you live. it's a beautiful city though. cheers, /m
  • #96,564
  • Jun 14, 2011 11:15am Jun 14, 2011 11:15am
Looking at charts i like this potential Beob on Gbp/Usd.....some confluence....

-61% Fib
-Trend line
-Round Number 1.64

Enter below :1.6370.....(after the two matching closes on the left)
FTA :1.6350
Target: 1.63

Let's see how this bar in going to close.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gbp_1.png Size: 52 KB
Click to Enlarge Name: Gbp_2.png Size: 40 KB
Patience is essential
  • #96,565
  • Jun 14, 2011 12:08pm Jun 14, 2011 12:08pm
Quoting supremeChaos
hello Mebius, hello Canada
looking forward to your posts! (& pictures of Toronto)
I really like the phrase in your signature SC, it reminds me of some Napoleon Hill quotes from his think and grow rich book. I had read it a year ago, and just going through the audiobook this past week since I've been driving to Mississauga a lot lately.

"Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit."

This Napolean Hill quote reminds me of James16.
"Great achievement is usually born of great sacrifice, and is never the result of selfishness."

I've also gone through Daniel Goldmans Emotional Intelligence audiobook this past week. It is recommended by Ed Seykota, and I thoroughly enjoyed that one as well.

Best Regards,
Price is beautiful. A repetitive method is a competitive method.
  • #96,566
  • Jun 14, 2011 12:53pm Jun 14, 2011 12:53pm
Hi,
Just wanted to share one of my.. more successful trades on demo.
entered at 1.3644 off the beob and 150 ema. working out nicely so far, stop at be... fantastic!

Attached Image (click to enlarge)
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Free speech is an oxymoron
  • #96,567
  • Jun 14, 2011 1:23pm Jun 14, 2011 1:23pm
Strong close above 8850 could be nice. Don't know if there is enough confluence though. 50% ret and 8800 BRN, manybe a nice stronge close above the recent bar highs around 8845 would be nice
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP.gif Size: 24 KB
Anything can happen.
  • #96,568
  • Jun 14, 2011 1:28pm Jun 14, 2011 1:28pm
Quoting mbqb11
Hey KK

I got nicked out around 2260 using essentially the 2 bar trailing stop loss

Best
Mike

We know where price is going, and where it will stop. I exited my short on E/CHF @ 1.2020, today price has created the biggest bullish bar we have seen in a long time on this particular pair.

I love when this happens
Attached Image (click to enlarge)
Click to Enlarge Name: perfectexit.gif Size: 22 KB
Many choose unhappiness over uncertainty.
  • #96,569
  • Jun 14, 2011 1:38pm Jun 14, 2011 1:38pm
Quoting nwo-trader
I really like the phrase in your signature..,
thank you Sir.
i believe i have both books but havent completely read them yet.
  • #96,570
  • Jun 14, 2011 1:43pm Jun 14, 2011 1:43pm
Quoting jc.
hi guys!

intresting weekly ib!

i'm waiting for a pullback on the 4h
I played the break of the IB, still in with a profit. Nothing personal JC, I hope it doesn't pullback. I hate being tested!

Avanish, how did you manage this one? Did you take it?
  • #96,571
  • Jun 14, 2011 1:45pm Jun 14, 2011 1:45pm
Quoting Dan Gilbert
We know where price is going, and where it will stop. I exited my short on E/CHF @ 1.2020, today price has created the biggest bullish bar we have seen in a long time on this particular pair.

I love when this happens
You tempted to play it the other way now?

Nice trade Dan. Fully in control, I like it

Tomek
  • #96,572
  • Jun 14, 2011 2:00pm Jun 14, 2011 2:00pm
Chf is weak across the board today. 1.4600 might work as a strong resistance.
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  • #96,573
  • Jun 14, 2011 2:13pm Jun 14, 2011 2:13pm
Quoting Banzaisky
Hi,
Just wanted to share one of my.. more successful trades on demo.
entered at 1.3644 off the beob and 150 ema. working out nicely so far, stop at be... fantastic!

Attachment
very nice B

jon
PATIENCE... DISCIPLINE
  • #96,574
  • Jun 14, 2011 2:14pm Jun 14, 2011 2:14pm
this could be nice area for pinbar....what do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd.gif Size: 14 KB
  • #96,575
  • Jun 14, 2011 3:32pm Jun 14, 2011 3:32pm
This thread is going a long time, I remember when I was looking at getting into forex 4-5 years ago I came across this. Are many of you making consistent money from forex yet?
  • #96,576
  • Jun 14, 2011 3:38pm Jun 14, 2011 3:38pm
Quoting Mebius
Do "3 Inside Bars in a Row" indicate a good setup? Attached is a chart of the GBPUSD on the 4HR with just such a setup. In hindsight it obviously would have been a good trade. This is what i saw:
1. 3 inside bars at a monthly low
2. space to move between the 61.8 and 50 fib level

Would you have taken this trade? Where would the possible entry points be - a break of the mother bar or simply enter above the bar high of the last inside bar?

/m
Hey M

Technically only bars 1 and 3 are inside bars. Since bar 2 is not contained within the prior bar. But once we get to bar 3 we basically know that price is consolidating down.; Often with consecutive bars once price does break out it will "pop" I equate it to a tub off tooth paste. If you squeeze it all down and keep your finger on the top of the opening, eventually you squeeze enough it will "pop"

A break of the first bar or the 3rd all all appropriate in my eyes.

Best
Mike
  • #96,577
  • Jun 14, 2011 3:53pm Jun 14, 2011 3:53pm
Quoting pex
this could be nice area for pinbar....what do you think?
You called it....let's see how it's gonna close.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud1.png Size: 54 KB
Click to Enlarge Name: Aud2.png Size: 52 KB
Patience is essential
  • #96,578
  • Jun 14, 2011 4:18pm Jun 14, 2011 4:18pm
BEOB and close below 1.400 BRN. Possible down trend continuation?
  • #96,579
  • Jun 14, 2011 4:22pm Jun 14, 2011 4:22pm
Quoting 5.25
BEOB and close below 1.400 BRN. Possible down trend continuation?
Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: 44_eurcad d.jpg Size: 128 KB
  • #96,580
  • Jun 14, 2011 4:24pm Jun 14, 2011 4:24pm
short aud vs 3 currencies, long vs 1...

funky; forex is about aud! The new world currency
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