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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

  • #104,701
  • Nov 23, 2011 4:40pm Nov 23, 2011 4:40pm
Quoting 5.25
Here's one that beat me...

GBPAUD D1 LCS TT. I ignored a very valid LCS PPZ. A good lesson in humility
Hello!!!

I just love those trades!!! see how price find support in the high 2 bars ago. I see it like a PBT&CA, price test previous resistance (added confluence with previous levels you pointed out) and this previous high act as support. Dont know how many times this happens (and how to set SL and TP), but I see it over and over again. I see it in breakout levels of consolidation, and in strong moves up/down.

Jarroos method rocks!!!

Anyone can please tell me if I am just dreaming?, or this really happens over and over?

Best wishes

Hector
  • #104,702
  • Nov 23, 2011 5:39pm Nov 23, 2011 5:39pm
Quoting meshka
I think we should wait for 0.7300 test ... big pinbar from there would be nice trade.
I think we should wait for the PA. LOL
0.73500 looks interesting.
  • #104,703
  • Edited 6:26pm Nov 23, 2011 5:55pm | Edited 6:26pm
Quoting PinWing
Hello!!!

I just love those trades!!! see how price find support in the high 2 bars ago. I see it like a PBT&CA, price test previous resistance (added confluence with previous levels you pointed out) and this previous high act as support. Dont know how many times this happens (and how to set SL and TP), but I see it over and over again. I see it in breakout levels of consolidation, and in strong moves up/down.

Jarroos method rocks!!!

Anyone can please tell me if I am just dreaming?, or this really happens over and over?
Best wishes...
You're right Hector, they happen over and over....you have to spend some time looking at what happened when they occurred in the past, and demo various SL and TP's.

Here's a short trade I entered Monday on the NU....first chart is a weekly TL that I've been watching and what I consider a very important HCR.

Second chart is daily amd shows where the daily PBT&CB the weekly level, TL and shows additional confluence of daily HCR/LCS. When PBT&CB daily HCR and daily LCS...it also closed below the BRN .7500 as well. Once we got below these levels I felt this was a strong probability of Support flipping to Resistance.

Third chart is 4H and shows my entry and initial stop placement....I felt it would retrace to the BRN so I set a sell order there and used the past Weekly HCR as my S/L (I use bigger s/l's than a lot of people who trade Jarroo's method).

Fourth chart shows current situation....about 60% of my risk is off the table. I considered locking in profit, but I'm still giving it room as I feel we could be in for a pretty decent move down. Looking at the weekly chart I see the broken TL as a neckline break of a Head and Shoulders pattern. Now I just have to see how it plays out....watching reactions at HCR/LCS and PPZ to decide how to let it play out.
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  • #104,704
  • Nov 23, 2011 7:34pm Nov 23, 2011 7:34pm
Nice one D.

Let's see what happens at the consolidation area.
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  • #104,705
  • Nov 23, 2011 7:50pm Nov 23, 2011 7:50pm
Quoting mbqb11
Hey FX

That bar triggered my order. I bought a new high just above where price got capped ahead of .0300. So 2 bars back from yours my order was above that high. Not a traditional type trade for me either but the pattern was so insanely strong and have been watching it for so long trying to time a good entry. Buying a new high made sense also based on the USD strength across the board at the same time. Things felt poised for this to me. But of course I could have been wrong too

Best
Mike
Thanks Mike. Makes sense since USD was strong across board. Just to clarify, when u said the pattern is so insanely strong, are u referring to Daily or H4 TF? Which part of the pattern made it so Exceptionally strong? Becos I only see a typical inverted H&S pattern on H4 TF. Guess my eyes are missing something here.

Btw, Are the figures in this chart which u posted where u place ur SL?
http://www.forexfactory.com/attachme...1&d=1322065294
  • #104,706
  • Nov 23, 2011 10:20pm Nov 23, 2011 10:20pm
Quoting Fx7877
Thanks Mike. Makes sense since USD was strong across board. Just to clarify, when u said the pattern is so insanely strong, are u referring to Daily or H4 TF? Which part of the pattern made it so Exceptionally strong? Becos I only see a typical inverted H&S pattern on H4 TF. Guess my eyes are missing something here.

Btw, Are the figures in this chart which u posted where u place ur SL?
http://www.forexfactory.com/attachme...1&d=1322065294
Hey FX

Yes it is an inverted H&S but look at where it formed and how it formed. The makeup and length of this pattern took a long time to develop and the build up ABOVE parity was wicked strong. Again this is not as clean as most entries I take or post. That's why I really think ignoring this is better. Yes those are my stop progressions in that picture.

Take care
Mike
  • #104,707
  • Nov 23, 2011 10:21pm Nov 23, 2011 10:21pm
I am a bit early here but just wishing eveyrone that celebrates a Happy thanksgiving! I have much to be thankful for and wish you all the best. I will be around a bit less the next few days but will try to get to all emails/posts in a timely manner too

Those that don't celebrate, I love you too

Mike
  • #104,708
  • Nov 24, 2011 1:11am Nov 24, 2011 1:11am
Quoting phenomenal
...
How many people here use pinbar method on counter-trend? For me, I like pinbars on pullbacks only. I hate counter-trend trades. But should I change my view if there is a really nice pinbar?
Hello Sir phenomenal,
u can use it anyway u want --- with trend or counter-trend.
initially, focus on trading what u know &/or are very familiar with.

Quoting mbqb11
I am a bit early here but just wishing eveyrone that celebrates a Happy thanksgiving! I have much to be thankful for and wish you all the best. I will be around a bit less the next few days but will try to get to all emails/posts in a timely manner too..
Happy thanksgiving to all u guys out there.
any plans to buy some trading-related stuff, like monitors, chairs, etc? i've read u are having a 1-week Sale there.
  • #104,709
  • Nov 24, 2011 2:04am Nov 24, 2011 2:04am
Quoting mbqb11
I am a bit early here but just wishing eveyrone that celebrates a Happy thanksgiving! I have much to be thankful for and wish you all the best. I will be around a bit less the next few days but will try to get to all emails/posts in a timely manner too

Those that don't celebrate, I love you too

Mike
Thanks Mike
happy thanksgiving and all the best to you , too !
  • #104,710
  • Nov 24, 2011 6:42am Nov 24, 2011 6:42am
I've been on this site for a while and I see everybody talking about setups and what they would have done on this trade or that trade. Why don't I ever see actual trades that people took? When you close a trade on the fxcm platform, your profit/loss can be displayed right on the chart (like on my attachment). Makes me think there are a lot of talkers on here and not a lot of traders.
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  • #104,711
  • Nov 24, 2011 8:02am Nov 24, 2011 8:02am
Quoting sniper012
I've been on this site for a while and I see everybody talking about setups and what they would have done on this trade or that trade. Why don't I ever see actual trades that people took? When you close a trade on the fxcm platform, your profit/loss can be displayed right on the chart (like on my attachment). Makes me think there are a lot of talkers on here and not a lot of traders.
A rather abrasive post.

I take it you won't be hanging around here.

Not everyone is using FXCM.
  • #104,712
  • Nov 24, 2011 8:25am Nov 24, 2011 8:25am
Hi all

First visit in a while as confidence was knocked in October when I had a poor month.
This was after 3 good months when I was in profit so hoping to end the year on a positive note.

Happy thanksgiving to all In the USA - hope y'all have a nice day!

Also while I am on a special mention for Pinbar who is doing a phenomenal amount of work with his posts +charts....hats off to you sir!

Best to all

Kal

ps - waiting patiently for my next good setup!
  • #104,713
  • Nov 24, 2011 8:48am Nov 24, 2011 8:48am
Hi guys, what is your opinion on this trade? It looks like previous resistance is going to take form as support and we are being presented with a little price action.

The only problem I have with this trade is that it is currently ranging sideways between the rounded numbers of 1.4325 and 1.4225.

Perhaps wait for solid PA or a breakout?
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  • #104,714
  • Nov 24, 2011 8:54am Nov 24, 2011 8:54am
Quoting sniper012
I've been on this site for a while and I see everybody talking about setups and what they would have done on this trade or that trade. Why don't I ever see actual trades that people took? When you close a trade on the fxcm platform, your profit/loss can be displayed right on the chart (like on my attachment). Makes me think there are a lot of talkers on here and not a lot of traders.
What you do with the information here and how you chose to interperate it is entirely up to you.

Nobody here needs to prove their credibility unless they are asking for money. If they are just massaging their ego with 'can be trades', I think it's pretty sad but that's not my problem. I'm doing alright from what I have learnt here in the real world.

Quoting Pinbar
Not everyone is using FXCM.
You got that right PB
  • #104,715
  • Nov 24, 2011 8:54am Nov 24, 2011 8:54am
Quoting Kalbar
Hi all

First visit in a while as confidence was knocked in October when I had a poor month.
This was after 3 good months when I was in profit so hoping to end the year on a positive note.

Happy thanksgiving to all In the USA - hope y'all have a nice day!

Also while I am on a special mention for Pinbar who is doing a phenomenal amount of work with his posts +charts....hats off to you sir!

Best to all

Kal

ps - waiting patiently for my next good setup!
keep it up bud.
  • #104,716
  • Nov 24, 2011 9:02am Nov 24, 2011 9:02am
Hey Mike

Thanks for the encouragement - much appreciated + hope you are certainly having a good thanksgiving because many of us here sure are thankful to you for your trading wisdom!!

Trying to get back on an even keel after a bad stretch but learning from it is the main thing.......not a case of the market beat me but I beat myself and thats where the answer lies.

Kal
  • #104,717
  • Nov 24, 2011 9:06am Nov 24, 2011 9:06am
Quoting 5.25
What you do with the information here and how you chose to interperate it is entirely up to you.

)
Thanks 5, we want this to be done. Prove this stuff to yourselves of course through demo

I wasn't going to address this but its about that month mark when it would come up anyway. So why not lol

This thread is a safe haven for newbies and always will be first and foremost. It was intended to share trade concepts and ideas and over time grew to much more. I for one do post a bit of everything here as you guys see but my main focus and many of us folks who have been on this thread for awhile will always be focused on drilling in the basics. I admit I post much much more about my trades in the PF. It's a more appropriate environment for that and those that know both would agree.

Time to do the family thing ! Love you guys happy turkey day!

Mike
  • #104,718
  • Nov 24, 2011 9:07am Nov 24, 2011 9:07am
Quoting Kalbar
Hey Mike

Thanks for the encouragement - much appreciated + hope you are certainly having a good thanksgiving because many of us here sure are thankful to you for your trading wisdom!!

Trying to get back on an even keel after a bad stretch but learning from it is the main thing.......not a case of the market beat me but I beat myself and thats where the answer lies.

Kal
Thanks Kal, excited too see family. Off to the hospital to visit my grandmother first and cheer her up!

Trading is a series of ups and downs. You just want your ups to outweigh those downs. A poor month is a good thing for you at this point. You need those emotions to come out and they are GOING to happen(at least for most of us humans). I try to not look at a bad month as a reflection of me if I approach my trades logically, but just part of the ebb and flow of a traders edge.

Take care too
Mike
  • #104,719
  • Nov 24, 2011 4:24pm Nov 24, 2011 4:24pm
I wanted to wish the James16'ers a Very Happy Thanksgiving to you and your Families! Blessings, Happiness, and Health to you all Friends!
t
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #104,720
  • Nov 24, 2011 4:34pm Nov 24, 2011 4:34pm
Short answer... an easy pass. A decent PPZ but there is nothing else working in its favor. In other words, no confluence. In fact, the confluence of the 38,2 fib and 150 EMA would work against a long position.

Take a look at the attached AUD/NZD 4 hour chart. 1.28 is prime for a PA setup. The S/R confluences are PPZ, 50 fib and 1.28 RN.

Scott

Quoting Tyoon
Hi guys, what is your opinion on this trade? It looks like previous resistance is going to take form as support and we are being presented with a little price action.

The only problem I have with this trade is that it is currently ranging sideways between the rounded numbers of 1.4325 and 1.4225.

Perhaps wait for solid PA or a breakout?
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