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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

  • #97,041
  • Jun 22, 2011 1:55am Jun 22, 2011 1:55am
Quoting Knight Rider
That was a clever trade. Respect.
May I ask: what was the exact price you got in at and what price was your break even?

Thanks,
KR
  • #97,042
  • Jun 22, 2011 1:57am Jun 22, 2011 1:57am
Quoting Dan Gilbert
Only trade initiated this month so far.... Price got below the PPZ @8450, so I find it safe to move the S/L to break even.

Waiting for final target.
Was this based more on a touch trade? I can see clear rejection of 8500 and with trend but no PA bars, but good S/R levels.
  • #97,043
  • Jun 22, 2011 2:31am Jun 22, 2011 2:31am
Quoting Pinbar
If you were in a store looking for a vase, you find there are three left on the shelves...
This is great PB Did you pick up this analogy during your stay in China?
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  • #97,044
  • Jun 22, 2011 2:50am Jun 22, 2011 2:50am
This was one of my set it and forget it trade. Placed a sell stop below all those failed bars that attempted to close above the PPZ I had marked. Another thing that gives the confidence for this trade is the BUOB preceding the failed bars at the PPZ. This let's me know if sellers take over there will be at least some kind of move one way or another, and it did so now my stop is at BE+10 with TP#1 @ 0.9691
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  • #97,045
  • Jun 22, 2011 2:53am Jun 22, 2011 2:53am
Quoting biDc
This was one of my set it and forget it trade. Placed a sell stop below all those failed bars that attempted to close above the PPZ I had marked. Another thing that gives the confidence for this trade is the BUOB preceding the failed bars at the PPZ. This let's me know if sellers take over there will be at least some kind of move one way or another, and it did so now my stop is at BE+10 with TP#1 @ 0.9691
Damn it. I missed that one.
  • #97,046
  • Jun 22, 2011 2:56am Jun 22, 2011 2:56am
Watching this level up here
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  • #97,047
  • Jun 22, 2011 3:04am Jun 22, 2011 3:04am
Same here
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  • #97,048
  • Jun 22, 2011 3:08am Jun 22, 2011 3:08am
Quoting biDc
Watching this level up here
Yes, well done. They are the best trades when can just "set and forget" with very limited risk and great potential.

I realise now why this is such a great thread. The unselfish people in here sharing their experience with others. Often, it these people who get the greatest rewards than those who don't.

KR
  • #97,049
  • Jun 22, 2011 3:18am Jun 22, 2011 3:18am
Quoting baco75
Hi, I have seen that, too, but I would not feel too comfortable at selling at a BRN (1.36). Isn't it better to place a sell stop at 1.3590 or wait for a breakout and a retest of 1.3600? I am new here, so maybe I am wrong.... Also looking at the monthly chart price is at an all time low, which means it has never been this low since 1990 (if you ignore that strange huge pin bar)! Also watch out for MACD divergence (price ranging, MACD going up), more evident on 4H chart....Hope it helps. Thanks for posting your chart. Cheers. Matt
been watching this one also. the way i see it (please comment as i'm only newbie!) is i look for it to break below support at 1.3620 area and then enter on a retest of this area. is this a valid/good setup? i am watching on the 4 hour and daily charts. any seniors care to comment on this please? also i am not sure what level to target for profit.
  • #97,050
  • Jun 22, 2011 4:04am Jun 22, 2011 4:04am
Quoting baco75
Hi, I have seen that, too, but I would not feel too comfortable at selling at a BRN (1.36). Isn't it better to place a sell stop at 1.3590 or wait for a breakout and a retest of 1.3600? I am new here, so maybe I am wrong.... Also looking at the monthly chart price is at an all time low, which means it has never been this low since 1990 (if you ignore that strange huge pin bar)! Also watch out for MACD divergence (price ranging, MACD going up), more evident on 4H chart....Hope it helps. Thanks for posting your chart. Cheers. Matt
Hey there Matt. This is definitely not what I would view as a 101 trade. Been practicing the J16 method for quite a while now and look at this as something that is not as easily done as pins and outside bars at swing highs.

Here is my thought process on this one:
- 1.36 is a round number, but not a BRN
- found a chart that has been in a decline for a while. As such it is trading with the trend.
- 1.35 is a BRN and as such I believe that it will provide a point of support on the chart. With that in mind it is important for me to be out of the trade once it hits that point.
- The drive down was just hitting a point of resistance at 1.3630-1.3615 and began to form a bearish pattern that was driving into the low at 1.3614.

This is just what I am seeing. As such I was just looking to put in my $.02. With any luck the markets will be seeing everything the same as me
  • #97,051
  • Jun 22, 2011 4:18am Jun 22, 2011 4:18am
Quoting gungriffin
Hello to all that are on here today. Just had a quick question directed at people who play more continuation/breakout style plays with their accounts. I am looking at the GBPCHF chart right now and it is getting a bit more interesting. I have a trade plan in place for this one, but I was wondering if others were watching. If so what are your thoughts on this one? ..
hello gungriffin,
depends on the type of trader u are (aggressive/conservative), so ultimately it will be your decision that will matter in the end.

your entry point is 10pips away from 1.36 RN. (as baco75 stated)
a logical stop, i think would be at/above 1.3750 area (place a horizontal line there to see why).

currently, price is possibly testing 1.36. look for it to act as resistance.
this can go either way (break back above 1.36 & continue up, break above 1.36 before the move down, or continue down sub-1.36 with momentum), so watch PA for hints.
Quoting baco75
Hi, I have seen that, too, but I would not feel too comfortable at selling at a BRN (1.36). Isn't it better to place a sell stop at 1.3590 or wait for a breakout and a retest of 1.3600?...t
hello Matt,
placing a sell stop may or may not be the best choice. a breakout retest might be better/safer. (again, depends on how u prefer to trade)
the MACD divergence u mentioned is something to watch too.

Quoting human2
been watching this one also. the way i see it (please comment as i'm only newbie!) is i look for it to break below support at 1.3620 area and then enter on a retest of this area. is this a valid/good setup? i am watching on the 4 hour and daily charts. any seniors care to comment on this please? also i am not sure what level to target for profit.
a retest of 1.3620 area is possible too before the drop continues.
for targets, use round numbers (.xx50, .xx00) & use PA as a guide (in this case, if price forms a bullish pinbar etc... or price starts to consolidate, etc)

hope this helps u all
Quoting Matski
Hey James16,
...
Hello Matt,
welcome & keep posting Sir!
  • #97,052
  • Jun 22, 2011 4:27am Jun 22, 2011 4:27am
huge BEOVB on GBP/USD, and on daily its producing one, both starting from weekly/daily pivot. What do i have to think about this? Is this a valid entry signal to get us to previous lows? Thanks
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  • #97,053
  • Jun 22, 2011 4:41am Jun 22, 2011 4:41am
hey guys the replies to gbpchf were all really helpful & i will keep watching it. another i am watching is the nikkei. pb formed on the 4hour. my charts are not great & only go back the last month. would any of you consider this trade? sorry don't seem to be able to post a chart, .png file but telling me its invalid.
  • #97,054
  • Jun 22, 2011 5:02am Jun 22, 2011 5:02am
Quoting huskyboy
huge BEOVB on GBP/USD, and on daily its producing one, both starting from weekly/daily pivot. What do i have to think about this? Is this a valid entry signal to get us to previous lows? Thanks
huge BEOB... a possible high momentum setup.
watch those lows (1.6070 - 1.6120 area), they can stall price. this area can be your FTA.
let's see
  • #97,055
  • Jun 22, 2011 5:12am Jun 22, 2011 5:12am
Quoting human2
hey guys the replies to gbpchf were all really helpful & i will keep watching it. another i am watching is the nikkei. pb formed on the 4hour. my charts are not great & only go back the last month. would any of you consider this trade? sorry don't seem to be able to post a chart, .png file but telling me its invalid.
try resizing the image. or give us a link...
  • #97,056
  • Jun 22, 2011 5:22am Jun 22, 2011 5:22am
Quoting supremeChaos


hope this helps u all
Hello Matt,
welcome & keep posting Sir!
Hey thanks Supreme and will do. Just took me a while to learn a few little things and build some confidence about what I said and will have to say going forward.

Hey the Eur/USD is sooo looking like a really good A Trade buy right now at 1.43550

Matt
  • #97,057
  • Jun 22, 2011 5:24am Jun 22, 2011 5:24am
Quoting huskyboy
huge BEOVB on GBP/USD, and on daily its producing one, both starting from weekly/daily pivot. What do i have to think about this? Is this a valid entry signal to get us to previous lows? Thanks
If you are thinking of selling, I wouldnt. You are correct that its a huge outside bar but look what its going into. A very strong support that was tested quite a few times. If anything I would be looking for a price signal to buy it.
  • #97,058
  • Jun 22, 2011 5:31am Jun 22, 2011 5:31am
hi supreme chaos. not sure what this will come out like but it is all i can do for now. will try figure out a better way to post charts.
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  • #97,059
  • Jun 22, 2011 6:11am Jun 22, 2011 6:11am
Quoting human2
hi supreme chaos. not sure what this will come out like but it is all i can do for now. will try figure out a better way to post charts.
ok, i need :nerd:. (try resizing it later for others to see)
i havent traded outside FX but... check the 2 bar highs 3-4 bars back, i think it's the 9550 area.... that is your potential first trouble/target area or FTA (if price breaks downward).... then 9500, 9420-50area.
  • #97,060
  • Jun 22, 2011 6:13am Jun 22, 2011 6:13am
Ok Supreme Chaos. Think I have it now. This should be better. As I said my chart only goes back a month so not great for putting in s/r areas. What do you think? Would it be a valid setup?
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