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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

This looks like a very sexy setup on Copper if you've got the minerals to short metals: Bearish outside bar/ "PPZ"/ Round Number (4.500)/RSI divergence.
Unfortunately I don't have a live account which offers it.
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took a half bar earlier on the use/sek breakout

But here was just a classic simple as it gets j16 play. Big pin at a nice swing low and BRN
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Question:

Is there a best time to check the daily charts? For example, I believe MB Trading posts its new day at midnight Eastern time.

Should I be checking the charts at 12:01 a.m. to take my position?

Or does that not matter?

Thank you,
Mark
Quoting vbmark
Question:

Is there a best time to check the daily charts? For example, I believe MB Trading posts its new day at midnight Eastern time.

Should I be checking the charts at 12:01 a.m. to take my position?

Or does that not matter?

Thank you,
Mark
Hey Mark

This is really up to you. Just cause your broker closes their daily charts at a certain time doesn't mean you are restricted to that time. Most of my brokers close at the time you stated above, but I use a different closing time. I use a 5pm est closing time. Since price is still price all I do is transfer my orders to the brokers I trade with irregardless of when they physically close. All that is , is an aggregation of past price.

Hope that makes sense
Mike
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.
charts
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more charts
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Quoting 5.25
Get yourself onto Parallels. It's the shizzle

Edit: Oh, and a rather personal look on how I view my charts.
Dear 5.25,
Thanks for the chart - am I right in assuming that "get myself into parallels" means viewing charts in parallel ie at the same time and as your template shows?. Just so I am clear (good idea btw)

Also are the annotations on the individual charts (FTB PBT&CB) yours by hand or an indicator?
Thanks
Nigel
Quoting mbqb11
took a half bar earlier on the use/sek breakout

But here was just a classic simple as it gets j16 play. Big pin at a nice swing low and BRN
Hi Mike,

Congratulations for the trade. I have a question : at what price did you enter (blue arrow?)? I saw the big pinbar with a strong close, I saw the good location but the first FTA seemed very/too much close...

Thank you in advance for your answer.

Driss
Quoting dede777
Hi Mike,

Congratulations for the trade. I have a question : at what price did you enter (blue arrow?)? I saw the big pinbar with a strong close, I saw the good location but the first FTA seemed very/too much close...

Thank you in advance for your answer.

Driss
Hey Driss

Yep I always enter on a break of the bar, so just above the high of the pinbar. Very big bar so I was willing to see how it breaks and then use that FTA to help me manage the trade.

Best
Mike
Quoting mbqb11
Hey Driss

Yep I always enter on a break of the bar, so just above the high of the pinbar. Very big bar so I was willing to see how it breaks and then use that FTA to help me manage the trade.

Best
Mike
Thank you for your answer Mike. If I understand well, you took the trade due to the shape and the location but you were ready to have some troubles at the FTA (and maybe close the position if it didn't go in your direction?)
KR,
Driss
Quoting dede777
Thank you for your answer Mike. If I understand well, you took the trade due to the shape and the location but you were ready to have some troubles at the FTA (and maybe close the position if it didn't go in your direction?)
KR,
Driss

hey Driss

Sort of yes. To give you an idea I reduced my risk 1/2 way right when price broke. I like to use these areas to help manage my risk in that manner.


Hope that helps
Mike
Quoting mbqb11
hey Driss

Sort of yes. To give you an idea I reduced my risk 1/2 way right when price broke. I like to use these areas to help manage my risk in that manner.


Hope that helps
Mike
Thank you
Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails..
that's great, Sir
Quoting james16
more charts
Reply to ur 2nd Chart AUDCAD:
since u ask,so i answer heeheehee

my answer..
none of them..

1st BUOB:
Trading into CHOPPY areas despite confluence(1.02BRN)...Mike always make people aware of setup trading right into consolidation.

2nd BUOB:
at swing high..facing 1.05BRN..n HCR @ 1.0510..it was trading right into 'previous' huge swing...

so my answer is NO to both.

others may have different perspective.
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Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.
Wheeehhh... Could you take a moment to change your shorts?

LOL
Best o' awa a hiv.


B
Quoting AvanishDemo
Reply to ur 2nd Chart AUDCAD:
since u ask,so i answer heeheehee

my answer..
none of them..

1st BUOB:
Trading into CHOPPY areas despite confluence(1.02BRN)...Mike always make people aware of setup trading right into consolidation.

2nd BUOB:
at swing high..facing 1.05BRN..n HCR @ 1.0510..it was trading right into 'previous' huge swing...

so my answer is NO to both.

others may have different perspective.

hey AV

You are not wrong to say pass, I would have passed too. But not b/c it isn't tradeable, but it just doesn't fit into all my criteria. That does not mean this is not a perfectly good trade(the part that trips people up). I would not tell someone who took this it was a bad or good trade. It's about HOW you handle the trade. Most only get to step 1. They see a bar that fits a bar name and they say I will buy or sell. Not how to integrate those pieces from start to finish(that is the most important part).

What is more important is understanding what you would do with it and all the different moving pieces. I added a bit more info to the chart so people could see what I mean.

Best
Mike
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Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.
Great to see you back Jim . .You have been on alot of people's minds . .now I can reply to my PM's about you . .

Great charts btw . .clear, simply, easy to read, obvious . .is there really any other way? . .I don't think so . .

Jim
Indicators show the past. Price Action "Indicates" the future.
Anyone take or watch this Monthly PB on the Usd/Cad?

I understand that its not at a swing High, probably why it went into a bit of a draw down once it broke. . Still, its fun to see these PBs hit there target(s) before they hit there S/L level no matter what the TF . .(S/L would have been above this Bearish PB . .above the nose. Target would be the previous bar Highs and Lows . .Lows in this case)
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Indicators show the past. Price Action "Indicates" the future.
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  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting james16
Feeling much better and thanks to everyone for the nice pm,s and emails.

got some charts for you.
Glad to hear...wishing you always the best
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