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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

  • #102,961
  • Oct 12, 2011 5:42am Oct 12, 2011 5:42am
Hi Pinbar ,
on post 102978 you mentioned SH and SL Points,, what do these stand for in this instance.
mike
  • #102,962
  • Oct 12, 2011 5:48am Oct 12, 2011 5:48am
Quoting mmikemj
Hi Pinbar ,
on post 102978 you mentioned SH and SL Points,, what do these stand for in this instance.
mike
Hi

Just Swing High & Swing Low Points, the bigger ones.

Like these
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  • #102,963
  • Oct 12, 2011 5:50am Oct 12, 2011 5:50am
Quoting Pinbar
Looks like we have a downward channel on NZD/USD, whereas EU & EJ are in an upward channel.
area around 50 fib with the 0.8000 vbrn and ppz will be trickie level imho,

thanks for the chart
Hero calls followed by margin calls...
  • #102,964
  • Oct 12, 2011 5:52am Oct 12, 2011 5:52am
Quoting PhAnTi'
area around 50 fib with the 0.8000 vbrn and ppz will be trickie level imho,

thanks for the chart
Yep, that is why I mentioned it.

Being at the top of this downward channel is also dangerous.
Perfect area for sellers to jump in and push price down, with everyone looking at the Chanel the TL the BRN, the fibo & the Monthly PPZ. Could be one happy family of sellers. Which is stronger, the bulls with that weekly PB or the sellers waiting at this area? We shall have to wait and see.
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  • #102,965
  • Oct 12, 2011 5:58am Oct 12, 2011 5:58am
Quoting Pinbar
Yep, that is why I mentioned it.

Being at the top of this downward channel is also dangerous.
Perfect area for sellers to jump in a push price down, with everyone looking at the Chanel the TL the BRN & the fibo.
absolutely, + overall trend bearish

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Hero calls followed by margin calls...
  • #102,966
  • Oct 12, 2011 5:59am Oct 12, 2011 5:59am
Quoting Pinbar
Yep, that is why I mentioned it.

Being at the top of this downward channel is also dangerous.
Perfect area for sellers to jump in and push price down, with everyone looking at the Chanel the TL the BRN, the fibo & the Monthly PPZ. Could be one happy family of sellers. Which is stronger, the bulls with that weekly PB or the sellers waiting at this area? We shall have to wait and see.
and to trade
Hero calls followed by margin calls...
  • #102,967
  • Oct 12, 2011 6:15am Oct 12, 2011 6:15am
Hi Pinbar,
Thanks , makes sense.
mike
  • #102,968
  • Oct 12, 2011 6:19am Oct 12, 2011 6:19am
I'm tempted to tighten up my stop to 79 or just under. Which is a little swing low on the 15m chart. I know I mentioned about working on my stops and giving them room to run earlier, but I don't fancy giving back 60+ pips on the second part of my trade at this moment after the speed of the move up this morning. There has to be some sort of correction or pull back.
  • #102,969
  • Oct 12, 2011 6:28am Oct 12, 2011 6:28am
Quoting PhAnTi'
absolutely, + overall trend bearish

Attachment
A double top touch of that BRN area as well.
  • #102,970
  • Oct 12, 2011 6:34am Oct 12, 2011 6:34am
this baby will fly like a rocket if it gets beyond the supply zone.....which is a pretty pretty major one...

currently fighting with the 1.4 level.... euro driven pair ofc.


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imho supply should still be strong enough for another nice r:r setup to short this fucker...

lets c.
Hero calls followed by margin calls...
  • #102,971
  • Oct 12, 2011 6:46am Oct 12, 2011 6:46am
I've been reading the fourm for a while, this is my very first post though I have limited experience in forex and I'm really enjoying reading what everyone has to say. Quick question, does anyone else see the start of a pinbar in the 4 hour charts for USDCHF? Or is it too early to tell? I took a trade on it, and I have locked in profit so it can't turn into a losing trade at least.
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  • #102,972
  • Oct 12, 2011 7:01am Oct 12, 2011 7:01am
This pinbar forming at good resistance level 1.3800.
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  • #102,973
  • Oct 12, 2011 7:02am Oct 12, 2011 7:02am
GBPJPY looks like a nice BUEOB breaking thru 120.00. We'll see how it closes tomorrow, but assuming it closes something like this, we take a long at 121.12 targeting 122.00 and 123.00.

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I don't see a daily divergence, but I see a weekly divergence.

Anybody watching this pair? What are your views?
  • #102,974
  • Oct 12, 2011 7:53am Oct 12, 2011 7:53am
Quoting featurelion
This pinbar forming at good resistance level 1.3800.
Looks rather small.
Also there is no PB on my feed.
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  • #102,975
  • Oct 12, 2011 8:00am Oct 12, 2011 8:00am
Just closed out the EJ trade for 272 pips.

It was getting to a very tough area, where a retrace is almost certain.
If it is going to be a runner, we will get another chance to get in.
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  • #102,976
  • Oct 12, 2011 8:29am Oct 12, 2011 8:29am
Quoting awesomeoman
I've been reading the fourm for a while, this is my very first post though I have limited experience in forex and I'm really enjoying reading what everyone has to say. Quick question, does anyone else see the start of a pinbar in the 4 hour charts for USDCHF? Or is it too early to tell? I took a trade on it, and I have locked in profit so it can't turn into a losing trade at least.
Hey Awesomeman,

That trade for a pin bar setup is very risky.

My thoughts are on the chart and they outline just some of the very obvious points that make this pin bar a lot less than an A+ trade.

To further add salt on the bruise, you threw yourself in, BEFORE THE BAR HAD EVEN CLOSED? Gee...that's a serious NO NO!

g.
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I believe . . .
  • #102,977
  • Oct 12, 2011 8:33am Oct 12, 2011 8:33am
Quoting Pinbar
Looks rather small.
Also there is no PB on my feed.
I have been out of the scene and damn I have missed stuff.

Somebody's been makin' a killing



Nice work Steve.

g.
I believe . . .
  • #102,978
  • Oct 12, 2011 8:39am Oct 12, 2011 8:39am
Quoting ghous
I have been out of the scene and damn I have missed stuff.

Somebody's been makin' a killing



Nice work Steve.

g.

Hey Ghous

You busy with university still?
Hope all is going as well academically as your trading skills, in which case, take 10 years off. LOL

Thanks, but all the credit goes to Jarroo for finally opening my eyes to what I was totally missing & indeed to the other great people in this thread and the PF.
  • #102,979
  • Oct 12, 2011 8:47am Oct 12, 2011 8:47am
Quoting awesomeoman
I've been reading the fourm for a while, this is my very first post though I have limited experience in forex and I'm really enjoying reading what everyone has to say. Quick question, does anyone else see the start of a pinbar in the 4 hour charts for USDCHF? Or is it too early to tell? I took a trade on it, and I have locked in profit so it can't turn into a losing trade at least.
Hey awesomeoman

Welcome to the thread

Yes price was starting to form a pinbar, but remember a bar is not valid till it is fully closed and finished. We don't want to take these bars till they are formed and confirmed. It is very easy to get burnt that way.

Also please don't forget to read post #1 and specifically the Minimum Requirements james lays out there on post 1. It's super important to build a strong foundation and part of this is demoing and also sticking to the daily/weekly timeframes. This will help build good habits.

Again welcome
Mike
  • #102,980
  • Oct 12, 2011 8:49am Oct 12, 2011 8:49am
Quoting ghous
Hey Awesomeman,

That trade for a pin bar setup is very risky.

My thoughts are on the chart and they outline just some of the very obvious points that make this pin bar a lot less than an A+ trade.

To further add salt on the bruise, you threw yourself in, BEFORE THE BAR HAD EVEN CLOSED? Gee...that's a serious NO NO!

g.
Welcome back bro !

Hope you are well ?!

..... regarding your chart,

Yes , but ! 8920 area still in play as support in my opinion,

whats your opinion about this area?
what would be your line if i'd made you placing a trade on swiss until end of this week?

;-p

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kindly regards,
Jonas
Hero calls followed by margin calls...
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