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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

  • #101,481
  • Sep 12, 2011 9:54am Sep 12, 2011 9:54am
Quoting BigJay
Nice setup on eurusd on 4hr bullish engulfing pattern (or a pinbar/doji if we add both candles) after testing the 1.35. u can see that the fibo of the last move showed a confluence on the 1.39 level with the 61.8 could be a long term setup specially with the daily pinbar forming. this is my analysis any tips or advices?
Hey Jay

Be careful with these, I see the most people get hurt with these situations. Price has broken down very strongly. I agree that gap was likely to fill , but this is a very small 4hr bar(this is in addition to pinbars post too) in comparison to the large down move we had. I like the BRN area, but I want to see some good strength. These have to be quick take profits/or to b/e with such a small bar from my experiences

Best
Mike
  • #101,482
  • Sep 12, 2011 10:13am Sep 12, 2011 10:13am
Hey bigjy

My thoughts on this trade were what Mike actually said in his post!! I must be doing something right! Beware of the previous big move down here.....Its a learning process as its taken me time to recognise this.

Best wishes

kal
  • #101,483
  • Sep 12, 2011 10:43am Sep 12, 2011 10:43am
hi

anybody can help me about trade with method?

pdf or any site for learning this method.

is the bestttttt.


thaxxxxxxx
  • #101,484
  • Sep 12, 2011 11:07am Sep 12, 2011 11:07am
Quoting amir558
hi

anybody can help me about trade with method?

pdf or any site for learning this method.

is the bestttttt.


thaxxxxxxx
Refer to the first post of this thread. Everything is there!
  • #101,485
  • Sep 12, 2011 12:43pm Sep 12, 2011 12:43pm
anybody looking at the buob on eur/aud daily? very strong rejection of 1.300 and I love the price action, but I don't love the resistance directly above the candle. what do you guys think?

http://i54.tinypic.com/rbh74k.jpg
  • #101,486
  • Sep 12, 2011 12:54pm Sep 12, 2011 12:54pm
Quoting mbqb11
and there it is Greenhaze
updated eur/zar chart.
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  • #101,487
  • Sep 12, 2011 12:57pm Sep 12, 2011 12:57pm
adi did you hold this one for the break. Too many weeks went by for me, did it's thing though. Pretty simple classic j16 here
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  • #101,488
  • Sep 12, 2011 1:23pm Sep 12, 2011 1:23pm
Quoting tlindle
anybody looking at the buob on eur/aud daily? very strong rejection of 1.300 and I love the price action, but I don't love the resistance directly above the candle. what do you guys think?

http://i54.tinypic.com/rbh74k.jpg
Yes. A very nice looking outside bar at a previous support.
  • #101,489
  • Edited 1:49pm Sep 12, 2011 1:31pm | Edited 1:49pm
Hey all,

Just wanted to post up two trades that I took today. Hell, it has been a while since I have actually been in a trade, but these looked nice and had good confluence.

First USDCAD:
I have been looking at certain 4hr charts when the dailies are at nice areas and this was one of them. It was the 9AM (EST) on FXPro that caught my eye.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad 9-12-11 4hr.gif Size: 34 KB


Likes:
-Was a great looking pin.
-Bounced right off of parity with a nose that went nicely above to allow for a strong SL placement.
-Daily decending 365 EMA is going right through the wick of the pin bar.
-Some divergence on the MACD
-Strong and well respected PPZ.

Not so hot:
-Quite a bit of traffic below that makes TP choice a bit harder.
-A box of consolidation is right below the bar. At the moment the trade is having issues breaking through it.


I wish that the area below was not so strong and could offer more opportunities to have a strong TP placement. This was not the case so I found it neccessary to weigh this against the quality of the trade itself. The way I see the charts I see more weight being given to the downside. Only time will tell. The nice thing about the box being below is that if it can in fact break down then I believe that it will turn to resistance again. This in turn will offer the ability to move my stop to BE and see where we can get to. Will probably babysit this one a bit more than usual, but not that much more.

Entry: .99657
SL: 1.0030
Current TP: .9905
___________________________________________
Here is the other trade that I place and it just triggered.

EURGBP:
Daily (w/ weekly PPZ)
Attached Image (click to enlarge)
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4Hr
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 9-12-11 4hr.gif Size: 37 KB


Liked:
-Once again it is a nice pin.
-Retrace to the .86 RN
-Off of a weekly PPZ that is nicely respected.
-Nice down trend.
-Previous bar lows acting as resistance

Not so hot:
-Wish that there was a bit more confluence overall.
-Would have prefered to see us trade a bit further into the weekly PPZ
-A touch of the 365 EMA would have been nice as well.


I am just specualting, and this played very little into the overall though process, but the Euro is having my more dire issues than the Pound atm. Seems as though the market is pricing this into the chart presently. Have been bearish on most Euro pairs for a while. This does not mean that I am allowing it to influence my decisions, as I aim to read the charts with without bias. Just meant that I was more willing to enter trades short as it would be trading out of consolidation. Over all I liked the retrace and a break below the gap weekend gap seems as though it could offer resistance to configure stop movement.

Entry: .8586
SL: .8630
Current TP: .8543



Figured that I would just toss both of these up. If anyone has anything to add please do. Always look forward to feedback and alternate ways of thinking.

Ryan
  • #101,490
  • Sep 12, 2011 1:33pm Sep 12, 2011 1:33pm
Quoting vasmiza
USDCAD h4 doesn't get any better
hello vasmiza,
which MT4 broker is this?
IMHO, price is bullish so be careful/alert. although that BEOB is fair-sized.
i doubt it'll get below 0.99.
i think any downmove is fleeting, based on the current chart.

let's watch its development later/in a few days.

EDIT: Looks like it's FXPro based on gungriffin's chart. thanks Sir gungriffin!
Quoting tlindle
anybody looking at the buob on eur/aud daily? very strong rejection of 1.300 and I love the price action, but I don't love the resistance directly above the candle.
hello tindle,
yeah nice looking BUOB, watch out for PA (what it does) at that 1.3250 area. it might pause there before resuming upmove
  • #101,491
  • Sep 12, 2011 1:52pm Sep 12, 2011 1:52pm
Quoting supremeChaos
hello vasmiza,
which MT4 broker is this?
IMHO, price is bullish so be careful/alert. although that BEOB is fair-sized.
i doubt it'll get below 0.99.
i think any downmove is fleeting, based on the current chart.

let's watch its development later/in a few days.

EDIT: Looks like it's FXPro based on gungriffin's chart. thanks Sir gungriffin!

hello tindle,
yeah nice looking BUOB, watch out for PA (what it does) at that 1.3250 area. it might pause there before resuming upmove
I am with you on the thoughts that it likely will not be a spike down. Much like what you are saying I believe that it will not go much below .9900 esp with all of those bar highs. If it does make it through that I really do not believe that a move below ~.8825 (Middle of the box) will be possible.

Ryan
  • #101,492
  • Sep 12, 2011 2:03pm Sep 12, 2011 2:03pm
put nzd/sgd on your watchlist for a break of this triangle.
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meine augen sind die sterne
  • #101,493
  • Sep 12, 2011 2:04pm Sep 12, 2011 2:04pm
Quoting mbqb11
updated eur/zar chart.
hey mike

did you cut the trade?
  • #101,494
  • Sep 12, 2011 2:06pm Sep 12, 2011 2:06pm
Quoting mbqb11
Hey Jay

Be careful with these, I see the most people get hurt with these situations. Price has broken down very strongly. I agree that gap was likely to fill , but this is a very small 4hr bar(this is in addition to pinbars post too) in comparison to the large down move we had. I like the BRN area, but I want to see some good strength. These have to be quick take profits/or to b/e with such a small bar from my experiences

Best
Mike
Spot on. Took two quick profits on that pair today for 50 pips and happy.
  • #101,495
  • Sep 12, 2011 2:09pm Sep 12, 2011 2:09pm
Quoting BigJay
Nice setup on eurusd on 4hr bullish engulfing pattern (or a pinbar/doji if we add both candles) after testing the 1.35. u can see that the fibo of the last move showed a confluence on the 1.39 level with the 61.8 could be a long term setup specially with the daily pinbar forming. this is my analysis any tips or advices?

Hey there partner.

Two things that stick out to me.
1)First off is that this is the 4hr and I would STRONGLY recommend that you do not touch this without first working profitably on daily weekly for a while.
2)The other is that this may have been a bullish bar, but it is not a BUOB. We are working off of some strong down moves and quality PA would be needed for me to trade any reversal.

Not sure what your exit plan is, but this is one where a plan is KEY. These type of items are tradable, but only (and I stress only) with some plan laid out cleanly in your mind.

Ryan
  • #101,496
  • Sep 12, 2011 2:14pm Sep 12, 2011 2:14pm
Quoting thermobee
Yup! I played it as a touch trade just above parity and it created a pin so either way a great trading opportunity. Whats your initial TP? Call my biased ( I am canadian) but I might be looking for 0.95 (0.98 as minimum) unless a price action buy signal pops up.
I would be careful with that thinking. Do not blindly look for a price free fall. We have some very stong PPZs even before .98. See my post above for an explain of my thoughts. Just tossing out my free thoughs
  • #101,497
  • Sep 12, 2011 2:15pm Sep 12, 2011 2:15pm
Quoting kayhan7070
hey mike

did you cut the trade?
Hey Kay

Nope holding my touch and will add on if we close strong today as a normal daily trade

Best
Mike
  • #101,498
  • Sep 12, 2011 2:15pm Sep 12, 2011 2:15pm
Quoting tlindle
anybody looking at the buob on eur/aud daily? very strong rejection of 1.300 and I love the price action, but I don't love the resistance directly above the candle. what do you guys think?

http://i54.tinypic.com/rbh74k.jpg
hey tindle

this is just a BUOB with no story behind. the bar did not touch the 1.2927 so a pass for me..
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 23 KB
  • #101,499
  • Sep 12, 2011 2:16pm Sep 12, 2011 2:16pm
Quoting amir558
hi

anybody can help me about trade with method?

pdf or any site for learning this method.

is the bestttttt.


thaxxxxxxx
Welcome Amir.

1) Read the First Post.
2) Read all posts by James16 & MBQB11 at a minimum
3) Read posts by all other seniors. You will begin to recognize them as seniors as you are reading through the thread.
4)Read all other posts as you spend time practicing trading over the next few months/years.

Best of luck,
Ryan
  • #101,500
  • Sep 12, 2011 2:18pm Sep 12, 2011 2:18pm
Quoting mbqb11
Hey Kay

Nope holding my touch and will add on if we close strong today as a normal daily trade

Best
Mike
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