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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

  • #104,341
  • Nov 14, 2011 1:54pm Nov 14, 2011 1:54pm
Quoting simpleguy
yes Mike,

i could not get it down loaded on chrome but it does work on Fire Fox

Simpleguy
weird I just did it on chrome

hmmm
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  • #104,342
  • Nov 14, 2011 2:07pm Nov 14, 2011 2:07pm
Mike
Hello

Is Snap gpb / usd considered "dbhlc"

Thank you
From a resident of the Holy Land

Sorry for bad English "google" translate it for me
  • #104,343
  • Nov 14, 2011 2:49pm Nov 14, 2011 2:49pm
I had nice setup on USDJPY 4H today... entered at 77.03 stp 76.75

Maybe it will work
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all is eternal - this is good news for people who loves bad news
  • #104,344
  • Nov 14, 2011 2:49pm Nov 14, 2011 2:49pm
Quoting mbqb11
Just a good friendly beginning of the week reminder. I know a lot of new people are reading this thread every day and may see a lot of lower timeframe and different stuff. The BEST thing you can do is follow James16 posts and specifically the outline in post 1 of the minimum requirements. It is a very crucial point.
  • #104,345
  • Nov 14, 2011 3:56pm Nov 14, 2011 3:56pm
Daily chart confirms.
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all is eternal - this is good news for people who loves bad news
  • #104,346
  • Nov 14, 2011 4:01pm Nov 14, 2011 4:01pm
Quoting Yehuda Sh
Mike
Hello

Is Snap gpb / usd considered "dbhlc"

Thank you
From a resident of the Holy Land

Sorry for bad English "google" translate it for me
Hey Yehuda sh

Not quite, it just closed now for me. We want the close for a DBHLC to close LOWER then the previous bars LOW

Let me know if you need clarification

Mike
  • #104,347
  • Nov 14, 2011 4:05pm Nov 14, 2011 4:05pm
Quoting mbqb11
Hey Yehuda sh

Not quite, it just closed now for me. We want the close for a DBHLC to close LOWER then the previous bars LOW

Let me know if you need clarification

Mike
Mike
Thanks for the answer
I'd love to be able to be more specific

Thanks in advance
  • #104,348
  • Nov 14, 2011 4:48pm Nov 14, 2011 4:48pm
Quoting Yehuda Sh
Mike
Thanks for the answer
I'd love to be able to be more specific

Thanks in advance
Hey Y

Here is a good reference chart pinbar put together

http://www.forexfactory.com/attachme...9&d=1302610910

Notice the CLOSE of the DBHLC/DBLHC


Hope that helps
Mike
  • #104,349
  • Nov 14, 2011 5:00pm Nov 14, 2011 5:00pm
Quoting mbqb11
usd/zar daily winding up real tight here on the BRN of 8.000.. great area to watch with the trend I would be more biased to the upside

Ha ha that is too funny. I just happened to notice this one today as well. As usual Mike is the first with breaking news.
  • #104,350
  • Edited 5:55pm Nov 14, 2011 5:39pm | Edited 5:55pm
Classic daily PA
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  • #104,351
  • Nov 14, 2011 6:09pm Nov 14, 2011 6:09pm
First chart post. I listed the reasons I want to go short on the break of the box of this. Please critique..
I understand that it may not break down, I just want to check my reasoning.
Thanks alot
Lee

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  • #104,352
  • Nov 14, 2011 6:21pm Nov 14, 2011 6:21pm
and cable will breakdown soon.. Big bearish outside candle on daily cuts through all range box above 1.5900. placed my entry right below it.
all is eternal - this is good news for people who loves bad news
  • #104,353
  • Nov 14, 2011 6:47pm Nov 14, 2011 6:47pm
Quoting meshka
and cable will breakdown soon.. Big bearish outside candle on daily cuts through all range box above 1.5900. placed my entry right below it.
Not quite convinced by this one Meshka. I somewhat prefer the look of EURJPY due to the close... but that's just me
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  • #104,354
  • Nov 14, 2011 7:01pm Nov 14, 2011 7:01pm
I am in it from 106.28 ... trailed stp to 105.70... my target is 100 as previous
all is eternal - this is good news for people who loves bad news
  • #104,355
  • Nov 14, 2011 7:06pm Nov 14, 2011 7:06pm
you guys are doing great , love reading all your posts

Things are heavy across the board. I am watching very similar to you guys. Still waiting for the tip off but fantastic areas to watch
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  • #104,356
  • Edited 10:46pm Nov 14, 2011 7:09pm | Edited 10:46pm
It would be nice to see some nice PA at gbp aud @ 1,55 level.

Nice 38 fib level confluence with recent swing high and swing low, plus BRN.

Lets have it on the radar, i surely will.

Best

Hector

EDIT: Watching other posts, sorry i repeated this (old news lol), but some additional confirmation
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  • #104,357
  • Nov 14, 2011 7:10pm Nov 14, 2011 7:10pm
Hit TP2 to the pip.

Took 75% of the remaining position off the table and will see how the FTB to the EMA does.
We now have a daily close below the 1.0226, which I suspected we may get and was the real motive for taking the M15 setup.

I realize that, this may encourage people to trade a lower TF and that was not the intention of the original post. New people should do as Mike suggested and stick to the weekly and daily setups.
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  • #104,358
  • Nov 14, 2011 7:25pm Nov 14, 2011 7:25pm
1.3987?
http://1.aseo.hostzi.com/upload.php
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  • #104,359
  • Nov 14, 2011 8:34pm Nov 14, 2011 8:34pm
Jarroo, thanks for your taking time to answer this very long list of questions. It sure made things clearer for me. I have a few follow up questions in green below. Thanks again!

Quoting jarroo
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?No. Keep tighter SL?? etc. [color=blue]If I don't get confirming PA I would use the the Close of Price to get me out of the trade . . . .meaning if Price Closes above my short entry on the Hourly or 4 Hour this would take me out of the...
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?No. Keep tighter SL?? etc. If I don't get confirming PA I would use the the Close of Price to get me out of the trade . . . .meaning if Price Closes above my short entry on the Hourly or 4 Hour this would take me out of the trade. Confirming PA is not an "end all be all", its just nice to get that additional confirmation. Ok, got it, thks!

-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 will usually use a buffer of 3 to 5 pips depending on the time frame and pair, the could be smaller or larger . . . so in your example it would be short at 1.2340-42.

Jarroo, as this e.g is quite complicated and to be sure I don't trip myself over it, I take this to mean that u will choose option (c), so for TT, price not necessary have to TOUCH the line, but as long as its close enough within bufffer its ok.


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? This depends on the strength of the level . .meaning is it a BRN at a HCR level with confluences, etc. 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? Again it depends on the Strength of the level and that 4th bar (big red bar) didn't Close below the HCR so yes that level was still acting as Support.
I think u misunderstood my question for the latter. Yes, I agree that the 4th bar (big red bar) after 2nd entry bar didn't Close below the HCR, however, cld it be a TT for a 3rd entry (to trade to the upside)? If no, why not?

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? I have to say this again but it depends on the Strength of the level. I do like the immediate retest or retrace to confirm the transition but Price may leave the level for some time only to return and work out with a nice bounce.

On a separate note, if there are 2 lines drawn very closely to each other like in the AUDUSD example (2 green lines around 1.03) and PBT&CA in BETWEEN the 2 lines, does it have to close above BOTH the 2 lines before we consider it valid?

Your answer to these questions will sure add more clarity for me, thks

Jim
  • #104,360
  • Edited 8:59pm Nov 14, 2011 8:34pm | Edited 8:59pm
Quoting gol_chin88
1.3987?
http://1.aseo.hostzi.com/upload.php

Probably better to take note of what is going on, on the higher time frames.
Especially the bar highs lining up with bar lows, this is what creates the PPZ and act as either support or resistance. Also, note the boxes of consolidation, where price has been stuck in for quite a while.
Also, if you are looking for a long setup, you need to draw the fibo from the bottom to the top of a SL to a SH.

Hope this helps.

Edit: Possibly, you could try zooming out on H4 and the Daily and it will show you what is going on much more clearly.
As they say, if in doubt, Zoom Out.

And Last but not least, as Mike says, New people should be looking at the weekly & daily time frames, to get a feel for S&R and how PPZ and Price Action work together. Looking at the lower time frames and zoomed in too much, are what really did me a great disfavor personally, when I first started learning price action.
I know how weekly and daily stops are much wider but, at this stage we should only be using a demo account, to work this out and practice trading and making mistakes, that we can learn from, in a safe and mentally secure environment.

Think of it like this, a trapeze artist does not start out walking a high wire without a safety net.
If they do and make a mistake, they will not live to learn from their mistakes.
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