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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

  • #104,241
  • Edited 3:22pm Nov 10, 2011 12:40pm | Edited 3:22pm
Hey Mike ,
do you consider this 30m pin a tradable situation by your criteria ? In terms of a breakout and pullback .
I entered on a discount , and exited after the second bar after the pin at breakeven , because there was no momentum and this was keeping me very nervous .

Edit : here is BEOB on the hourly that occurred some minutes ago . I will not trade it , 'cause the time of the day , but is it any good if we don't count what time it is ?
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  • #104,242
  • Nov 10, 2011 12:59pm Nov 10, 2011 12:59pm
Quoting Pinbar
The bar you pointed out is not actually a PB & also we want to look for a bearish PB at a SH.


The nose of the bar is lower than the high of the previous bar and the tip exceeds the low of it.

The main point is, we were looking for bullish PA at this area because of the price flips at this ZONE. SO, we are not interested in taking a trade into the strong area, we want to take the path of least resistance that price has and in this case, it was up. I was pointing out the other small PB just from the perspective of it possibly taking us down...
Thank you A LOT Pinbar for your time, of course it helped me!!!

Wow, this is really fast!, like 10 pages to read

H.
  • #104,243
  • Nov 10, 2011 2:12pm Nov 10, 2011 2:12pm
Quoting Donkey
Awesome trade!!!! Nothing at all wrong with having a STOP loss hit for a 169 pip profit.
Thanks D! I was rubbing my eyes over and over when this started to pan out like it did.
  • #104,244
  • Nov 10, 2011 3:01pm Nov 10, 2011 3:01pm
Quoting 5.25
1.400 held through.

Price broke to the down side closing below the Daily LCS at 1.01551.
Entry at retest, arbitrary 30-40 stop loss, 1:2 RR profits already taken, stop loss at break even, lets see if we can get to 0.99874 (next Daily HCR). Money in the bank, free trade here onwards for a weekly bonus.




You're too modest... no YOU the man
Nice one T . . a stronger Close below the 1.0155 might have helped it along ..but a very valid setup in structure. .. nice bit of Space too.

Nice little Hourly Bearish PB to confirm the transition from Support to Resistance. . . .having agreeable PA after a TT is always sweet.
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Indicators show the past. Price Action "Indicates" the future.
  • #104,245
  • Edited 3:32pm Nov 10, 2011 3:15pm | Edited 3:32pm
Quoting dropkick-cat
Oh my, still in this one for the full position. Consecutively moved the SL up. Hell if I know what to do now. I was only thinking until the FTA @ 1.5650-1.5670. Probably have to do some math on what happens if I take partial profit at x etc...

Also,

Jarroo
Nice one dkc . . . My feed is a bit different then yours and I'm using IBFX to try and get close to yours. . .I prefer FxPro's 5:00 PM New York Close.

Once you have a setup, you have to have targets for profit taking and to manage the trade. Targets are previous bar Highs/Lows, BRNs, RNs, PPZ levels, HCR/LCS levels.

You can just follow those targets and place your stops along the way.

Don't know if this would have got you out at the 1.5800 RN . .probably not . .but you'll have to check the lower time frames and their Closes to be sure . . .or you could wait for the Daily Close as they relate to your targets and go from there. . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #104,246
  • Nov 10, 2011 3:28pm Nov 10, 2011 3:28pm
Quoting Fx7877
Thanks Jarroo. I was actually referring to the chart u posted here on H4 http://www.forexfactory.com/attachme...8&d=1320818288 when I talked abt the neutral bar. It seems u entered on hrly chart instead.
Hey Fx7877

Yea, that was the 4 Hour neutral or indecisionn bar. That was a Touch Trade that was taken at that level . .once a TT is taken, having ageeable or complimenting PA ( on different TFs) that is in your favor is always good confirmation that your entry is correct. But you can use just PA and Not a TT to enter this level.

Also there are many types of S/L approaches that could be used if there is no confirming PA . .like, a Hourly or 4 Hour Close above the entry would have got be out of the trade, fix S/L placements, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #104,247
  • Nov 10, 2011 3:59pm Nov 10, 2011 3:59pm
Quoting jarroo
Nice one dkc . . . My feed is a bit different then yours and I'm using IBFX to try and get close to yours. . .I prefer FxPro's 5:00 PM New York Close.

Once you have a setup, you have to have targets for profit taking and to manage the trade. Targets are previous bar Highs/Lows, BRNs, RNs, PPZ levels, HCR/LCS levels.
Hey Jim,

Thanks for your comments, greatly appreciated!

On my feed, it looks as if a case could have been made for below the 1.5760 area, if not the 1.57 RN. But this was the first three score pip win trade for me ever (=last 2 months, lol) so I'm happy (not lured into sleepy contentness though )

Your charts & explanations rock!
Alex
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  • #104,248
  • Nov 10, 2011 4:21pm Nov 10, 2011 4:21pm
Also, there is now this PB lookalike developing. But its current close is above the 50 fib and then there's this 1.5600-1.5620 area close by. Came within 25 pips of first time back to the 365 ema on the other hand.

Maybe this is one where it would be interesting to see if it closes below the 1.5600 on the H1 (if the current bar's close remains valid)? I don't do that yet, but you who do, what do you think?
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  • #104,249
  • Nov 10, 2011 8:14pm Nov 10, 2011 8:14pm
Quoting jarroo
Hey Fx7877

Yea, that was the 4 Hour neutral or indecisionn bar. That was a Touch Trade that was taken at that level . .once a TT is taken, having ageeable or complimenting PA ( on different TFs) that is in your favor is always good confirmation that your entry is correct. But you can use just PA and Not a TT to enter this level.

Also there are many types of S/L approaches that could be used if there is no confirming PA . .like, a Hourly or 4 Hour Close above the entry would have got be out of the trade, fix S/L placements, etc.
Thanks Jarroo, that clears up my head ...but also opens up more questions, haha!

Q&A with Jarroo:
-you mentioned that once a TT is taken, having ageeable or complimenting PA ( on different TFs) that is in your favor is always good confirmation that your entry is correct. What do u do if after taking TT, you get unfavourable PA? Do you close out prematurely? Keep tighter SL?? etc

-When u do a TT, do u take the trade right at the dot? E.g. PBT&CB LCS which is drawn at 1.2345. At retrace,

a) U take the TT at 1.2345 OR
b)U take the TT at slightly higher (to make sure its not fake out) say +5pips at 1.2350 OR
c) when price nears 1.2345 (yet to touch it) and u-turn back down

If your option is b) or c), I'd like to know how much allowance u give within the line drawn e.g. +/- 5 pips ,+/- 10pips to enter the TT

I refer to the chart you posted above http://www.forexfactory.com/attachme...0&d=1320958726 on daily AUDUSD. When PBT&CA, you indicated 2 opportunities for entry.
Q1) Does the 1st entry i.e. FTB to the HCR usually carry better chance than 2nd or subsequent entries? At which pt do we say OK, this HCR or LCS has been tested enough and won't work e.g Why wouldnt the 4th bar (big red bar) after 2nd entry bar be another possible entry since it also hit the HCR line drawn?

Q2) When PBT&CA/B, do u have a certain rule that says if valid setup doesn't come in next Xth bar, then to forget abt keeping in watchlist?

Your answer to these questions will sure add more clarity for me, thks!
  • #104,250
  • Nov 11, 2011 5:00am Nov 11, 2011 5:00am
What's your opinion about this set up??
I like it because of

61Fib
Round number
Daily Trend line
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Patience is essential
  • #104,251
  • Nov 11, 2011 5:09am Nov 11, 2011 5:09am
Looks like a strong PPZ to me.
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  • #104,252
  • Nov 11, 2011 5:23am Nov 11, 2011 5:23am
Is there a holiday in the US today? It says in FF calendar that it is a bank holiday, so will NYSE be trading?
  • #104,253
  • Nov 11, 2011 5:37am Nov 11, 2011 5:37am
Quoting fascist
Is there a holiday in the US today? It says in FF calendar that it is a bank holiday, so will NYSE be trading?
Yep, its veterans day which is federal so most US banks are closed
Always Learning
  • #104,254
  • Nov 11, 2011 5:38am Nov 11, 2011 5:38am
Quoting JayTrader
Yep, its veterans day which is federal so most banks are closed
ic..no wonder some of the pairs are just consolidating.. expecially GBPUSD.
  • #104,255
  • Nov 11, 2011 7:45am Nov 11, 2011 7:45am
Quoting benem
What's your opinion about this set up??
I like it because of

61Fib
Round number
Daily Trend line
That wouldn't be my piece of cake. Look for hints on the chart and add to them the fact that you're trading near the end of a dead Friday (U.S bank holiday)

g.
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I believe . . .
  • #104,256
  • Nov 11, 2011 8:03am Nov 11, 2011 8:03am
Quoting Rust
Hey Mike ,
do you consider this 30m pin a tradable situation by your criteria ? In terms of a breakout and pullback .
I entered on a discount , and exited after the second bar after the pin at breakeven , because there was no momentum and this was keeping me very nervous .

Edit : here is BEOB on the hourly that occurred some minutes ago . I will not trade it , 'cause the time of the day , but is it any good if we don't count what time it is ?
Hey Rust

This is where I get very nervous about these lower timeframes so I have to say that just because I get nervous , so be sure to stick to the daily/weekly if you are getting your feet grounded

as for the pin, notice its up at a very high swing high which puts it into traffic. We want to see this pin at a nice swing low where it is just "hanging" there

What might help you understand this a bit clearer is checking out my two videos in the guest section. The first I would watch is pinbar introduction, then I would watch the space vs traffic video. We can see this one is right in traffic and creating the beginning of consolidation or a box. THis changes the dynamics of a trade/area

Let me know if that makes sense after checking out the videos
Mike
  • #104,257
  • Nov 11, 2011 8:05am Nov 11, 2011 8:05am
Quoting JayTrader
Yep, its veterans day which is federal so most US banks are closed
yep want to extend my thank you to all the veterans out there. This is a super important holiday to remember those that fought and those that gave the biggest sacrifice ever so I can sit here behind my computer and walk around my beautiful city in peace

Thank you

Mike
  • #104,258
  • Nov 11, 2011 8:11am Nov 11, 2011 8:11am
Roger that, in a big way!! Thank you Veterans and your families too!!
  • #104,259
  • Nov 11, 2011 8:59am Nov 11, 2011 8:59am
Quoting mbqb11
Hey Rust

This is where I get very nervous about these lower timeframes so I have to say that just because I get nervous , so be sure to stick to the daily/weekly if you are getting your feet grounded

as for the pin, notice its up at a very high swing high which puts it into traffic. We want to see this pin at a nice swing low where it is just "hanging" there

What might help you understand this a bit clearer is checking out my two videos in the guest section. The first I would watch is pinbar introduction, then I would watch the space vs traffic...
Thanks Mike , I understand what you mean . But I am asking in terms of a breakout and pullback concept , not pure price action .
Here is a bigger picture of that same setup my question was :
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  • #104,260
  • Edited 2:11pm Nov 11, 2011 11:32am | Edited 2:11pm
I was looking for a possible touch trade here , after we had such a strong close below this "zone" and there were so many bar lows above that had failed i thought we might see a nice move when it came first time back. Given the size of the bar that closed below and the smaller bar yesterday any pointers would be appreciated.
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