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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

  • #105,041
  • Dec 8, 2011 10:51am Dec 8, 2011 10:51am
mbqb11, aren't you concerned by FTA created by the range price action just behind. It can act as a strong resistance.
  • #105,042
  • Dec 8, 2011 10:54am Dec 8, 2011 10:54am
Quoting Walcott
mbqb11, aren't you concerned by FTA created by the range price action just behind. It can act as a strong resistance.
Hey Walcott

If you look I marked 2 blue boxes, these are both the very FTA top blue line, and the lower is the bottom of the "box". Do they concern me, well yes and no. In this case Price has turned across the board. This setup is a BIG clear A+ for me. But that doesn't mean I don't use that information. For now I have used that information to help me reduce my risk(to just above the round number). BUT when a setup warrants it that doesn't mean I will just close out etc. Now I want to see if price can break this support level. Then we can see if that support can turn to resistance. There are still a lot of 'gaps' to fill.

The bigger the story the more I like to let my setups work. The smaller the story and more trouble the more I tend to take quick profits or get to b/e

Hope that makes sense

Mike
  • #105,043
  • Dec 8, 2011 10:55am Dec 8, 2011 10:55am
Quoting mbqb11
nice strong big BEOB swing high, divergence, round number, strong close, false break of a "box", PPZ.

Classic James16
Hero calls followed by margin calls...
  • #105,044
  • Dec 8, 2011 11:13am Dec 8, 2011 11:13am
Quoting mbqb11
nice strong big BEOB swing high, divergence, round number, strong close, false break of a "box", PPZ.

Classic James16
And a GAP
  • #105,045
  • Dec 8, 2011 12:29pm Dec 8, 2011 12:29pm
Quoting mbqb11
nice strong big BEOB swing high, divergence, round number, strong close, false break of a "box", PPZ.

Classic James16
updated chart

Hit and cut through FTA, now at the more major trouble area bottom of box. I have reduced my risk to above the round number area.
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  • #105,046
  • Dec 8, 2011 12:46pm Dec 8, 2011 12:46pm
after days of indecision on resistance. we get our answer
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  • #105,047
  • Dec 8, 2011 1:11pm Dec 8, 2011 1:11pm
Quoting mbqb11
updated chart

Hit and cut through FTA, now at the more major trouble area bottom of box. I have reduced my risk to above the round number area.
Mike,

My feed is from FXCM. Look at the difference between your BEOB and mine. Mine is just another bar...how can there be this much difference in feeds?

Thx! (oh, belated HBD!)
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  • #105,048
  • Dec 8, 2011 1:16pm Dec 8, 2011 1:16pm
Quoting chaze52
Mike,

My feed is from FXCM. Look at the difference between your BEOB and mine. Mine is just another bar...how can there be this much difference in feeds?

Thx! (oh, belated HBD!)
Hey C

Thanks bud

The charts are simply an aggregation of price. So since it is a 4hr hour time frame that means we can have 4 different variations. So price is still price its just the aggregation of price. This is why the story/confluence/location is the most important piece. The price bars very very important but are just a piece themselves.

I watch 4 different feeds so I can get a different "view" of things

Best
Mike
  • #105,049
  • Dec 8, 2011 1:36pm Dec 8, 2011 1:36pm
Quoting mbqb11
Hey C

Thanks bud

The charts are simply an aggregation of price. So since it is a 4hr hour time frame that means we can have 4 different variations. So price is still price its just the aggregation of price. This is why the story/confluence/location is the most important piece. The price bars very very important but are just a piece themselves.

I watch 4 different feeds so I can get a different "view" of things

Best
Mike
Thanks Mike.

I get that the big story is told by the confluence of price action at key levels (s/r, rn, brn, trend, etc.).

The bars, for me, serve as an early heads up. If I see a candle close with any of the various characteristics we look for, then I go in search of the supporting 'story'. I did not take note of this particular situation on my feed. Would I need to set up accounts elsewhere to compare feeds? Also, when you see a possible candle set up on one of your feeds that doesn't exist on the others I suppose you use that as a signal to go in search of confluence to support the the price action the candle is indicating, is that right?

Thx again man!
  • #105,050
  • Dec 8, 2011 2:11pm Dec 8, 2011 2:11pm
Quoting chaze52
Thanks Mike.

I get that the big story is told by the confluence of price action at key levels (s/r, rn, brn, trend, etc.).

The bars, for me, serve as an early heads up. If I see a candle close with any of the various characteristics we look for, then I go in search of the supporting 'story'. I did not take note of this particular situation on my feed. Would I need to set up accounts elsewhere to compare feeds? Also, when you see a possible candle set up on one of your feeds that doesn't exist on the others I suppose you use that as a signal...
Hey C

All you would need is the brokers that have different timezones for their start/close times. I currently use Oanda, Fxpro, ITFX, and IBFX. But there are a lot of different ones you can use just gotta search around a bit for them.

As for the second question, many times I have my story forming well before any PA bar and the PA bar becomes a trigger. Other times a bar could show up that creates a story that I may not have specifically been watching. In the case of the aud/usd I was watching this area and consolidation and once that bar popped on my radar it was all set.

Take care
Mike
  • #105,051
  • Dec 8, 2011 2:31pm Dec 8, 2011 2:31pm
Quoting mbqb11
Hey C

All you would need is the brokers that have different timezones for their start/close times. I currently use Oanda, Fxpro, ITFX, and IBFX. But there are a lot of different ones you can use just gotta search around a bit for them.

As for the second question, many times I have my story forming well before any PA bar and the PA bar becomes a trigger. Other times a bar could show up that creates a story that I may not have specifically been watching. In the case of the aud/usd I was watching this area and consolidation and once that bar...
Thank you sir!
  • #105,052
  • Dec 8, 2011 3:40pm Dec 8, 2011 3:40pm
nice one on USDJPY Daily... will jump again. entered at 77.50 which became support now and is rejected by todays pin. stop below 76.90

NZDUSD&AUDUSD printed big BEOB's on Daily also. will look for entry higher.
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all is eternal - this is good news for people who loves bad news
  • #105,053
  • Dec 8, 2011 4:02pm Dec 8, 2011 4:02pm
Me like it :
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  • #105,054
  • Dec 8, 2011 4:51pm Dec 8, 2011 4:51pm
My very first order in demo after tons of pages, but iam not finish yet. By the arrow it is a dblhc.

1. i am with the trend.
2. i have a pinbar
3. both fib over 23.6
4. my stoploss under ppz for protections
5. The price has bounced on my ema?
6. tp just under 7.0000?

i guess this is a confluence

how does it look? are thankful for tips
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  • #105,055
  • Dec 8, 2011 4:56pm Dec 8, 2011 4:56pm
Quoting d0MiN077
My very first order in demo after tons of pages, but iam not finish yet. By the arrow it is a dblhc.

1. i am with the trend.
2. i have a pinbar
3. both fib over 23.6
4. my stoploss under ppz for protections
5. The price has bounced on my ema?
6. tp just under 7.0000?

i guess this is a confluence

how does it look? are thankful for tips


Looks good Domino, can you also see where some trouble areas prior to 7.0 would be. 7.0 certainly the most major area to watch, but there is a FTA to watch as well. See if you can spot it

Best
Mike
  • #105,056
  • Dec 8, 2011 5:18pm Dec 8, 2011 5:18pm
Quoting mbqb11
Looks good Domino, can you also see where some trouble areas prior to 7.0 would be. 7.0 certainly the most major area to watch, but there is a FTA to watch as well. See if you can spot it

Best
Mike

can it be that i missed a resistance level at 6.9500?


thank you for the help
  • #105,057
  • Dec 8, 2011 5:27pm Dec 8, 2011 5:27pm
Quoting d0MiN077
can it be that i missed a resistance level at 6.9500?


thank you for the help
Here are the trouble areas I would mark up. first one is the very FTA

second is once the "space" runs out(see video called space vs traffic in the guest side for clarification).

The last is yours and clear the most major area.


For me in terms of trading I prefer to wait and watch what happens at 7.00 for a breakout up or maybe another break down. I love those types of areas

Hope this helps
Mike
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  • #105,058
  • Dec 8, 2011 7:12pm Dec 8, 2011 7:12pm
Quoting jarroo
Hey Hector . .nice charts . .

That sure is a strong zone on the Cad/Jpy . .I like looking at Weekly TF on these "crazy crosses" (and also Usd pairs too) it helps bring a bit more clarity to the levels and "zones".
Thank you Jim

Really appreciate your feedback, yesterday was too tired and didnt understood well what you meant. Today I re-read your post and watched what happened, and guess what, it made me kick my self ;-).

Yesterday I also was wondering if the small movement after the buob meant anything, now it seems it meant something too. You described the reason of the small movement really well.

That could have been a 30ish pip stop loss trade for a daily pinbar, what a bargain.

Many pips of knowledge on the bag, thanks a lot!!!

Best wishes

Hector
  • #105,059
  • Dec 8, 2011 7:31pm Dec 8, 2011 7:31pm
EURAUD formed a bullish signal bar right above 300 days support
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  • #105,060
  • Dec 8, 2011 7:59pm Dec 8, 2011 7:59pm
Quoting mbqb11
updated chart

Hit and cut through FTA, now at the more major trouble area bottom of box. I have reduced my risk to above the round number area.
Mike,
As usual, good trade! Looking at this chart, I was just wondering if u can help to point out why it wld be NOT advisable to trade a BO to the upside when it occurred? (of course we know by now its a false break) Thanks again for sharing your trading process here.
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