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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

  • #97,961
  • Jul 6, 2011 11:12am Jul 6, 2011 11:12am
Quoting thermobee
Wait for the pullback to be over. Look for a price action signal on the daily off of support. At least thats my plan for this one.
Agreed, fib ret, sitting right on a BRN. I will be looking for a PA trigger on the daily for this one myself.
  • #97,962
  • Jul 6, 2011 11:14am Jul 6, 2011 11:14am
Quoting Mr Trend
I reviewed it on my chart. The 4H is looking mightly nice. I'd definitely play it.
you are right sir. 4H pin looks even better than 1H. however i was not able to control my emotions and wait for an hour for the close of 4H bar. already in 5 pips below the 1H pin.
.
  • #97,963
  • Jul 6, 2011 11:14am Jul 6, 2011 11:14am
Quoting J.W. Holmes
Agreed, fib ret, sitting right on a BRN. I will be looking for a PA trigger on the daily for this one myself.
Sup Homes
  • #97,964
  • Jul 6, 2011 11:25am Jul 6, 2011 11:25am
Not too much...What's sup with u.
  • #97,965
  • Jul 6, 2011 11:25am Jul 6, 2011 11:25am
Quoting Mr Trend
I reviewed it on my chart. The 4H is looking mightly nice. I'd definitely play it.
My take on the pin bar:
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  • #97,966
  • Jul 6, 2011 11:25am Jul 6, 2011 11:25am
Quoting Pinbar
Don't worry about look at my weekly BUEOB trade I entered at the pullback to the previous bar high. LOL
There is no order on this screenshot as I am on my other computer but, my SL is just below the BRN.
nice pin on the h4 chart. yet there are some resistance levels to overcome.

regards,
david
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  • #97,967
  • Jul 6, 2011 11:37am Jul 6, 2011 11:37am
Quoting trader3000
nice pin on the h4 chart. yet there are some resistance levels to overcome.

regards,
david
If it closes above the 1.2020. I am in. Also take a look at the Aud/Chf, very similar. I actually like that set up better, since the monthly actually bounced off of a previous support. That one needs to close above 0.8960.
  • #97,968
  • Jul 6, 2011 12:08pm Jul 6, 2011 12:08pm
EU pin on 4H. Could be a stronger close above the 61.8 and vs those bearish bars.. Not quite ready to buy EUR quite yet..
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Anything can happen.
  • #97,969
  • Jul 6, 2011 12:13pm Jul 6, 2011 12:13pm
Quoting ddinnov
EU pin on 4H. Could be a stronger close above the 61.8 and vs those bearish bars.. Not quite ready to buy EUR quite yet..
yes, you have to be strong to take this. remember that location is important. here we got a sideways market, no swing. that said that this bar could not be profitable, but i rate it as a C (from A-D).
meine augen sind die sterne
  • #97,970
  • Jul 6, 2011 12:25pm Jul 6, 2011 12:25pm
Quoting aserbfx
still 30 min to go, but disney seems to return in the rectangle. stock is in a big uptrend since feb 09. a close above 40 usd is very bullish and may result in a further rise.

EDIT: closed below 40 usd and nearly in the middle of the daily candle. dis had 4 positive days in a row. maybe a little to much for now. a very conservative entry will be with a limit of about 39 usd (strong support at 38.80 usd).
yes, this was right. dis today so far -1.5%, floating at 39.30 usd.
meine augen sind die sterne
  • #97,971
  • Jul 6, 2011 12:48pm Jul 6, 2011 12:48pm
I need someones advice quickly.

I currently have open a trade on eurjpy short at +152 pips

Now i have to go to work in 10 mins, I only have one tony lot left in, so i cant take any more partial profits from it.

My SL is at BE.

But shall i leave it and see how it is when i come home, close the trade, move stop loss, trailing stop, what do you guys suggest?
  • #97,972
  • Jul 6, 2011 1:20pm Jul 6, 2011 1:20pm
And you see here why I dont normally take 4H pin bars and only look for daily and up. Usd/Cad, Eur/Usd, Eur/Chf, Aud/Chf, Gbp/Usd all had pinbars on the 4H and all of them are going the wrong way. I am not saying that they wont turn around and head up, but you have to be careful with those and always wait till the action actually goes your way before entering.
  • #97,973
  • Jul 6, 2011 1:28pm Jul 6, 2011 1:28pm
Quoting thermobee
And you see here why I dont normally take 4H pin bars and only look for daily and up. Usd/Cad, Eur/Usd, Eur/Chf, Aud/Chf, Gbp/Usd all had pinbars on the 4H and all of them are going the wrong way. I am not saying that they wont turn around and head up, but you have to be careful with those and always wait till the action actually goes your way before entering.
eur/usd pb was crap, gbp/usd: pb in a sideways market, eur/chf weak close. le'ts see how usd cad develops....
  • #97,974
  • Jul 6, 2011 1:29pm Jul 6, 2011 1:29pm
An other nice PB, just against a very stong downtrend...
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  • #97,975
  • Jul 6, 2011 1:39pm Jul 6, 2011 1:39pm
Quoting deankenny21
I need someones advice quickly.

I currently have open a trade on eurjpy short at +152 pips

Now i have to go to work in 10 mins, I only have one tony lot left in, so i cant take any more partial profits from it.

My SL is at BE.

But shall i leave it and see how it is when i come home, close the trade, move stop loss, trailing stop, what do you guys suggest?
you could give the guys here a little more time to answer
depends f.e. on where your TP is.
could slide your SL to just above the last little retracement (~116,10)
or to last rectangle breakout 116.70
  • #97,976
  • Jul 6, 2011 1:50pm Jul 6, 2011 1:50pm
will closely watch utx tomorrow. stock is in a strong uptrend and near an all-time-high. also a strong day on a weak nyse-day. smells like the 100 usd to come.
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meine augen sind die sterne
  • #97,977
  • Jul 6, 2011 2:13pm Jul 6, 2011 2:13pm
I read a quote today which reminded specifically of Mike, but I also related it to the spirit and nature of this thread. I remember reading before where Pinbar was encouraged to help new members out, as it was suggested that he learned more or "faster" by helping others understand the material.

"If you want to learn something, read about it.
If you want to understand something, write about it.
If you want to master something, teach it."

Have a great day everyone.
Price is beautiful. A repetitive method is a competitive method.
  • #97,978
  • Edited 2:45pm Jul 6, 2011 2:19pm | Edited 2:45pm
all H4 PBs were Late NY session Bars...'only' strong reason to skip it.these Pbs were just acting as slight retracement to the huge down move..not sure if u people agree..but atleast that is wat i feel!
  • #97,979
  • Jul 6, 2011 3:07pm Jul 6, 2011 3:07pm
Found this one in another thread a while back and figured that I would throw it up here for those that may not have read it before. It is The 5 Steps to Becoming a Trader. Most of the people who have been trading successfully on here for a while will chuckle as the remember each of these 5 distinct steps and what stood out the most to them at each of them. I know that I did. I am not yet consistantly on the final step yet, but am working on getting there. To anyone on here, especially those who are struggling, take a look at where you are on the 5 steps. Remember to be honest with yourself as it really doesn't matter which step you are on. What really matters is your dedication to the journey of reaching step 5. It will come more quickly for some people than it will for others, but it is not a contest. Everyone enters the journey to become a trader at different points in there life, and anyone who is willing to go the distance can attain the ability to be a successful trader. I cannot tell you how many times I have read and reread this mainly because it is just so spot on with how it really is. While I can easily relate to just about everything in this PDF, there is one part that sticks out to me:

Remember that only 5% will actually make it - but the reason for that isn’t ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.



The losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers (I believe the author meant blinders) so they couldn’t see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.


I’m happy to tell you that the reason i started trading was because of the 'get rich quick' mindset. Just that now i see it as 'get rich slow'




Best of luck to everyone on here,
Ryan
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  • #97,980
  • Jul 6, 2011 3:42pm Jul 6, 2011 3:42pm
Is anyone else who uses FxPro having issues updating certain charts, or is it just me? If it is just me has anyone had an issue with this before? I have tried reloading the graph and also refreshing the graph, but neither have worked so far... Any help would be appreciated.

Ryan

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