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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

  • #97,601
  • Jun 29, 2011 3:29pm Jun 29, 2011 3:29pm
Quoting Adilius07
Sometimes it happens that these true beauties appear, and it always happens that I miss them

Hope someone traded it!
Hey there Adilius,

Don't stress friend... Just not worth it. Not sure if you were joking in your first statement, but here is my .02 if you weren't. I avoid even making statements like that in my head and on this thread. My main reason is that there will ALWAYS be more to trade. This is what I try to focus on. If you feel duress about missing trades then it will show through into your trading. At this stage in my trading I would prefer to miss trades and have my account intact to trade another day.


Here are a few charts that I have been watching for about 3 weeks now waiting for something on and guess what? I was unable to trade them as well. Oh well. No big. Does it stink? yeah, a bit, but there are more to keep me interested. So here are the two charts both would have been good examples of breakout and retests:

AUDJPY:
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CADJPY:
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One other item that this reminded me of again is to be sure to rid myself of my bias for which direction I believe that the market is headed. I was mainly looking for a move down. Being counter trend I would not have kept either of these as a long term trade, but instead have looked to take profits at a point of significance in the recent past. Both of these trades broke and gave a signal bar while I was work. Oh well. They were not for me this time...
  • #97,602
  • Jun 29, 2011 3:40pm Jun 29, 2011 3:40pm
Quoting Adilius07
Ok, now is a BUOB with strong close and divergence and just triggered
Hey Adi..jst my thoughts buddy..not trying to deter u..
on my feed its not a BUOB..also i wuld not call it DBLHC..this pair is already at all time swing low...
but had it been BUOB/DBLHC..then my thoughts on chart..:
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  • #97,603
  • Jun 29, 2011 3:41pm Jun 29, 2011 3:41pm
Quoting Mebius
I took this PB yesterday on the USDCHF. It was at an all time low and bouncing off BRN of .8300. I know there was very little space up to the trend line but i was willing to watch it closely. PA was weak through most of the Asian session and I ended up moving my stop up very tight after the 2nd candle expired. I got stopped out but as you can see, price broke through this morning. What would have been a better way to play this? Place entry on a break of the Trend Line?

Thanks.
Especially on lower time frames one item that helped me over the long term was to keep a trade pending for only the next bar. I also only take trades once there has been a break of the signal bar. If it does not break in the next bar then I remove it and move on with my day. If the trade does not have momentum it is not really one that I am desiring to be in. Just may be something to think about.
  • #97,604
  • Jun 29, 2011 3:41pm Jun 29, 2011 3:41pm
Quoting gungriffin
Hey there Adilius,

Don't stress friend... Just not worth it. Not sure if you were joking in your first statement, but here is my .02 if you weren't. I avoid even making statements like that in my head and on this thread. My main reason is that there will ALWAYS be more to trade. This is what I try to focus on. If you feel duress about missing trades then it will show through into your trading. At this stage in my trading I would prefer to miss trades and have my account intact to trade another day.


Here are a few charts that I have been watching...
Hi G, thanks for the post and charts. When I see a setup and in doubt I'm ok to skip them, and really don't care if it goes where it suppose to or not. But yeah I get mad a lil sometimes when I was just not there and really missed a perfect opportunity. Especially those that are withinin my "trading time" and were missed because of some phone call, or something urgency to do or whatever... I get mad yeah as I feel like someone stold a trade from me

But just like you say there always be the other one, so ok yes. Waiting for another like that could take days though, but what else can we do...just wait
  • #97,605
  • Jun 29, 2011 3:43pm Jun 29, 2011 3:43pm
Quoting supremeChaos
more ideas:
some remove their entry orders once the subsequent bar doesnt trigger their orders.
some avoid trading the quiet sessions like late NY & Asian sessions (which u did trade in this case).

ultimately, u will have to decide what suits u.
hope that helps
ha ha. That is exactly what I was saying. If the bar is really good (In this case it would not have been for me) then I do not mind trading times that may be lower in volume. The only time that will really stop me from placing a trade is later in the NY session on Fridays.
  • #97,606
  • Jun 29, 2011 3:46pm Jun 29, 2011 3:46pm
Quoting AvanishDemo
Hey Adi..jst my thoughts buddy..not trying to deter u..
on my feed its not a BUOB..also i wuld not call it DBLHC..this pair is already at all time swing low...
but had it been BUOB/DBLHC..then my thoughts on chart..:
Hi Avanish. Yes, I was thinking about it for sometime and something just doesn't feel right about it. I liked it at first as some other pairs show GBP strength too. But some kind of doubt about it, so I will skip it. It will probably still hit the BRN, but ok without me, will sleep better if I skip it!
  • #97,607
  • Jun 29, 2011 3:47pm Jun 29, 2011 3:47pm
Quoting mbqb11
Hey Human

Try going to your user control panel, you must have subscribed to the thread at some point. From there you can unsubscribe to any threads you have

Best
Mike
If he has the autosubscribe when posting feature enabled then he has two choices as well. Turn off autosubscibe or change the e-mail alert on this thread to No E-mail.
  • #97,608
  • Jun 29, 2011 3:53pm Jun 29, 2011 3:53pm
Quoting Adilius07
Hi G, thanks for the post and charts. When I see a setup and in doubt I'm ok to skip them, and really don't care if it goes where it suppose to or not. But yeah I get mad a lil sometimes when I was just not there and really missed a perfect opportunity. Especially those that are withinin my "trading time" and were missed because of some phone call, or something urgency to do or whatever... I get mad yeah as I feel like someone stold a trade from me

But just like you say there always be the other one, so ok yes. Waiting for another like that...
Well said. I agree with you that it can be a bit frustrating for a moment. I am prone to that still , but I just release the frustration and move on.

With regards to waiting I am with you. I look at being a trader now as finding reasons to not takes trades oddly enough. Eventually the ones come along where this justification cannot be made and then I know that it is a trade I want to place.
  • #97,609
  • Jun 29, 2011 4:19pm Jun 29, 2011 4:19pm
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Really wish that we could have had a stronger close on this one, but oh well. I see the previous bar lows marked as the FTA. Would be at BE at that point, but believe that a retrace may be possible back to the BRN. Ultimately the bar just does not give me the confidence to trade it so I will step back and watch from the sidelines.

Oh well off to work. Good luck on the charts everyone,
Ryan
  • #97,610
  • Jun 29, 2011 4:40pm Jun 29, 2011 4:40pm
Eur/gbp
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Yay! Pips for everyone!
  • #97,611
  • Jun 29, 2011 4:55pm Jun 29, 2011 4:55pm
Quoting Pipsforall
Eur/gbp
Listen to Mike, not me but, perhaps a Nice Day Trade. Probably Will Drop but not far enough to warrant risking cargo.

Sorry... 0.9140 before running @ 0.93xx again
just my tuppence worth.

B
Oh. more apologies.
Here's why I think that.
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No intent to injure...
Don't play Me! Play You!
  • #97,612
  • Jun 29, 2011 4:58pm Jun 29, 2011 4:58pm
Quoting Pipsforall
Eur/gbp
I'd be careful with that one. I see a pin with a fairly weak close that would be trading back into previous resistance that may now be a support area. Also the descending trendline has been broken and could act as support also. First chart.

The EG chart and the second chart I'm also posting show something that I see occurring sometimes on weaker (poodle) pin bars . They sometimes seem to be followed by an engulfing bar that invalidated the pin - likely taking out stops for many that played the original bar (especially on retrace).

When I see a small pin in a good location, most of the time I'm hoping to see a big outside bar printed next. I would love to see EG print another outside bar tomorrow like the one April.
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  • #97,613
  • Jun 29, 2011 5:05pm Jun 29, 2011 5:05pm
Thanks for the responses, appreciate it.
Yay! Pips for everyone!
  • #97,614
  • Jun 29, 2011 6:44pm Jun 29, 2011 6:44pm
Quoting gungriffin
Attachment

Really wish that we could have had a stronger close on this one, but oh well. I see the previous bar lows marked as the FTA. Would be at BE at that point, but believe that a retrace may be possible back to the BRN. Ultimately the bar just does not give me the confidence to trade it so I will step back and watch from the sidelines.

Oh well off to work. Good luck on the charts everyone,
Ryan
I'm short since 96.7, exploiting bits of the range; weird enough, already positive(expected to take longer). The blow through 96.5 is suspect and very "un-yen" like. I expect to make my money in the end, but it could take a while.

that being said, according to 2008 clues, you have zones at 96.5 and 98.5. It's a lot of room up and very little down before you hit a possible floor. Also, guessing intermediate levels on smaller timeframes is very hard(you're in a rather uncharted zone, the spread is big, the moves are small and data is very old to hold relevance on H1 or H4).
  • #97,615
  • Jun 29, 2011 8:21pm Jun 29, 2011 8:21pm
Quoting mbqb11
Yep certainly quite choppy here.

It is a BUOB at a swing low but were trading back up into the 130 area which has recently broken down with a bigger BEOB as well. So these you have to be smart with and to me that is not getting fancy if you choose to play them. Stops get moved up quick. I personally will not trade back into a BRN that is so close in this case

Best
Mike
right to the 130
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  • #97,616
  • Jun 29, 2011 8:39pm Jun 29, 2011 8:39pm
Quoting mbqb11
right to the 130
That was a surprise, eh? Looks to me like a retrace of the continuation BEOB that is still valid. I bet there are some ballsy retrace players that got their shorts filled around 130.
  • #97,617
  • Jun 29, 2011 9:04pm Jun 29, 2011 9:04pm
Quoting Donkey
That was a surprise, eh? Looks to me like a retrace of the continuation BEOB that is still valid. I bet there are some ballsy retrace players that got their shorts filled around 130.
right at the PPZ and Jims favorite Fib
  • #97,618
  • Jun 29, 2011 10:20pm Jun 29, 2011 10:20pm
Quoting Donkey
Nothing at all wrong with waiting...EURO is pretty much sideways for the most part I'm personally hoping to see the 1.4500 area reached in the next day or so.
It took more than a day...or so is actually 10 days. I like the confluence on EURO right now. Waiting for PA
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  • #97,619
  • Jun 30, 2011 12:44am Jun 30, 2011 12:44am
Quoting mrhb30jr
Updated of EUCHF on the WK TF almost reach the target 1.1790 area (161.8 ext fibo )....
Hi Mike

Updated of EUCHF .... pull back from the major support 1.1790 area now waiting for next confirmation movement,

Hi mike,
Would you please advise any possibility that PA to be going back to 1.24xx?? or going back to the major support ???

on 240 M TF PA close at the minor resistance state IB and PB look nice to re testing the support, would you please advise Mike??

Thanks and Regards,
Maxy
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  • #97,620
  • Jun 30, 2011 1:52am Jun 30, 2011 1:52am
Maxy, great charts

Those little blue/red S/R lines are they drawn on a typical candle? Thanks.
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