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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

  • #105,121
  • Dec 12, 2011 8:22am Dec 12, 2011 8:22am
Quoting mbqb11
what a nice chart to watch
Hey Mike,

Hong Kong Dollar is pegged to US Dollar and is trading in tight 7.75-7.80 channel so basically you are looking at GbpUsd but with much wider spread.
  • #105,122
  • Dec 12, 2011 8:24am Dec 12, 2011 8:24am
Here I am :
H4 setup , breakout of this wedge .
Entered on H1 BUOB . Buy is a little higher , because 0.9300 is very respected zone in the past . Didn't want to buy into it .
Let's see how is going to progress .
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  • #105,123
  • Dec 12, 2011 8:29am Dec 12, 2011 8:29am
Hey Mike ,
what's your motive for entering this gbpnzd trade ?
The gap, maybe ?
  • #105,124
  • Dec 12, 2011 8:37am Dec 12, 2011 8:37am
Quoting Greenhaze
Hey Mike,

Hong Kong Dollar is pegged to US Dollar and is trading in tight 7.75-7.80 channel so basically you are looking at GbpUsd but with much wider spread.
But the gbp/usd chart doesn't look as pretty as this one. I am only interested in trading this chart when price gets out of the wedge. So the pattern is crucial to my trade execution. Spread compared to the ranges on this pair doesn't bother me, most pairs have a decent enough spread to trade(from the 4hr and above for the most part)

Thanks for the heads up though!

Mike
  • #105,125
  • Dec 12, 2011 8:38am Dec 12, 2011 8:38am
Quoting Rust
Hey Mike ,
what's your motive for entering this gbpnzd trade ?
The gap, maybe ?
Hey Rust

A gap is never enough for me to enter a trade. That would have to be a pure gap play which I just don't do much these days and that's a very different thing.

This was a momentum / price action / slightly more involved trade. This one is beyond the scope here. But don't worry about it. I just wanted to follow up with the aud/usd trade so people could see that we are sometimes right and still get nicked out, and sometimes we are right and we just get to hang in. It's part of the ebb and flow of being in the market. I try not to over think it

Best
Mike
  • #105,126
  • Dec 12, 2011 8:49am Dec 12, 2011 8:49am
Thanks man

I didn't mean it's a pure gap trade , but more like a trade you'd never get in if there was no gap ?

It's looks a bit different from what i see from you , that's why I am asking

I'm always interested in your thought processes .
  • #105,127
  • Dec 12, 2011 9:19am Dec 12, 2011 9:19am
Quoting Rust
Thanks man

I didn't mean it's a pure gap trade , but more like a trade you'd never get in if there was no gap ?

It's looks a bit different from what i see from you , that's why I am asking

I'm always interested in your thought processes .
Hey Rust

Nope this is still a normal trade. If you remember previously about our convo I said a gap might give me more of a bias but a trade still has to meet my criteria that it would meet without the gap. The gap may cause me to hold my trades longer(like this case or the aud/usd case). This was an 8hr DBLHC but the analysis is a bit more involved and heavy is why I said to ignore it. I wanted to show the process on how some things we can control and others we can't and we react logically.

Have a great week
Mike
  • #105,128
  • Dec 12, 2011 9:48am Dec 12, 2011 9:48am
Quoting AvanishDemo
GBPCHF is looking heavy at the moment...

my bias is bullish for CHF pairs..
if CA 1.4550..i will go long..


(something similar we have on EURCHF but i like GCHF more ).
n BOOM..

Price never dropped below the orange line..nice place to hide SL
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  • #105,129
  • Dec 12, 2011 9:48am Dec 12, 2011 9:48am
i'd like to see 8500 again for another short,

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Hero calls followed by margin calls...
  • #105,130
  • Dec 12, 2011 9:52am Dec 12, 2011 9:52am
Quoting PhAnTi'
i'd like to see 8500 again for another short,

Attachment
i love line charts

.... green dashed line will be target, sell limit 0.8500 , stops above circled pin...

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break & out n' retest trade
Hero calls followed by margin calls...
  • #105,131
  • Dec 12, 2011 9:55am Dec 12, 2011 9:55am
Quoting PhAnTi'
Attachment


major supply level combined with possible channel correction ( to form a another higher low around 2.0000) + BRN 2.1000 + MACD Divergence + RSX overbought mode.

no clear sign of reverse so far, staying patient

Comments/ heads-up appreciated
20 days later....

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i just failed placing the right angle to the arrows
Hero calls followed by margin calls...
  • #105,132
  • Dec 12, 2011 10:00am Dec 12, 2011 10:00am
wanna see a clear and strong break of the makred supply level to buy a possible retest on the weekly for swing with 1.000 target.

So staying patient

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Hero calls followed by margin calls...
  • #105,133
  • Dec 12, 2011 10:07am Dec 12, 2011 10:07am
Long way to swim..but i see it coming..


most probably my next hunt will be @ 0.94..

lets see if we reach that coast!
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  • #105,134
  • Dec 12, 2011 10:50am Dec 12, 2011 10:50am
Quoting PhAnTi'
i love line charts

.... green dashed line will be target, sell limit 0.8500 , stops above circled pin...

Attachment

Attachment

break & out n' retest trade
Was thinking about the same trade here, waiting for tomorrow's retest @ 0.85 to enter short. Lets see what happens

Best wishes

Hector
  • #105,135
  • Dec 12, 2011 10:58am Dec 12, 2011 10:58am
Quoting PhAnTi'
wanna see a clear and strong break of the makred supply level to buy a possible retest on the weekly for swing with 1.000 target.

So staying patient

Attachment

We are in syncro mode, lol

Was watching this for a long time, waiting for a daily break and to enter on a retest of the break level too

Best wishes

Hector
  • #105,136
  • Dec 12, 2011 11:03am Dec 12, 2011 11:03am
Quoting jarroo
Hey Hector,

You can see that it is the Location of the PB . .not the PB itself . .that caused Price to do what it did. That is why it is very important to look for that great location first and foremost . . then wait for PA to present itself.

The Weekly PPZ level (PPZ levels being where Support and Resistance levels meet or where Highs and Lows meet) was pretty broad in size.(green area). I like when there is no gap between them, . . meaning almost a single line but they are mostly "Zones".

The Daily PB formed as an after effect (for lack...
Your right Jim,

Just had an idea about what could be done on that pair, but its not the standar method, always wait for a break.

The weekly pinbar looks better than the daily small one, pierced deeply levels os resistance and way much bigger in size. This is the kind of pattern we have to look for in this kind of locations.

Thank you for your feedback, its always really really appreciated, and always read carefully to fully understand the message

Best wishes

Hector
  • #105,137
  • Dec 12, 2011 11:23am Dec 12, 2011 11:23am
Quoting mbqb11
Hey Rust

Nope this is still a normal trade. If you remember previously about our convo I said a gap might give me more of a bias but a trade still has to meet my criteria that it would meet without the gap. The gap may cause me to hold my trades longer(like this case or the aud/usd case). This was an 8hr DBLHC but the analysis is a bit more involved and heavy is why I said to ignore it. I wanted to show the process on how some things we can control and others we can't and we react logically.

Have a great week
Mike

Yes , of course I remember

It sounds much clearer now , thanks for explanation Mike !
  • #105,138
  • Dec 12, 2011 11:55am Dec 12, 2011 11:55am
Quoting PhAnTi'
wanna see a clear and strong break of the makred supply level to buy a possible retest on the weekly for swing with 1.000 target.

So staying patient

Attachment
Hi PhAnti

How do you handle the expected breakout (which has now happened) and the bearish divergence on the chart you put up? Just wanting to know. I also believe we will get to 1.0000 even but with the multitude of signals plus the overbought nature it is all to full on and confusing.

Olu
If you think you can or cannot do it you are correct
  • #105,139
  • Dec 12, 2011 12:13pm Dec 12, 2011 12:13pm
Quoting Olu
Hi PhAnti

How do you handle the expected breakout (which has now happened) and the bearish divergence on the chart you put up? Just wanting to know. I also believe we will get to 1.0000 even but with the multitude of signals plus the overbought nature it is all to full on and confusing.

Olu
Is it possible for any of the traders here to answer the above question?

Olu
If you think you can or cannot do it you are correct
  • #105,140
  • Dec 12, 2011 12:20pm Dec 12, 2011 12:20pm
Quoting Olu
Is it possible for any of the traders here to answer the above question?

Olu
Hey Olu

I always look for divergence via price, the oscillator is just secondary in my eyes to confirm it. What I mean is I want to visually see price lose its momentum via price itself. The divergence that is now beginning to show on the MACD, could last for a long time. In other words divergence is a "heads up" for me rather then something I can't trade against etc. It's a piece to a puzzle, but if the other pieces don't line up then it's just something to keep an eye on.

Let me know if that makes sense
Mike
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