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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

  • #106,221
  • Jan 23, 2012 5:25pm Jan 23, 2012 5:25pm
Quoting jc.
hi guys!! i've not written so much but i read all your posts.

i was wondering on this h4 pin bar. the location and the size seem good to me. i don't like the close so much. it seems to be quite weak. and this is the third touch on this support level and every touch has less power than the previous one. so i'd pass this one..

what do you think?
Hey JC

I am with you, I think the story is lacking and the dynamics of the area make it more just a bar without a story. We just broke out of this wedge and now we are stuck b/w the previous wedge area and parity just below us. Sort of no mans land to me and a lot of trouble areas.
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  • #106,222
  • Jan 23, 2012 5:52pm Jan 23, 2012 5:52pm
Quoting mbqb11
Hey JC

I am with you, I think the story is lacking and the dynamics of the area make it more just a bar without a story. We just broke out of this wedge and now we are stuck b/w the previous wedge area and parity just below us. Sort of no mans land to me and a lot of trouble areas.
thank you for the answer mike!
  • #106,223
  • Jan 23, 2012 6:00pm Jan 23, 2012 6:00pm
Quoting jc.
thank you for the answer mike!
you answered it first

Best
Mike
  • #106,224
  • Jan 23, 2012 6:09pm Jan 23, 2012 6:09pm
Quoting mbqb11
I am with you, I think the story is lacking and the dynamics of the area make it more just a bar without a story. We just broke out of this wedge and now we are stuck b/w the previous wedge area and parity just below us. Sort of no mans land to me and a lot of trouble areas.
I've been in on this thread for less than a week, but this post got me excited because I was thinking along the same lines. I know if there's anything in my own thought process that matches yours, I'm moving in the right direction.
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
  • #106,225
  • Jan 23, 2012 6:15pm Jan 23, 2012 6:15pm
Quoting DropThumb
I've been in on this thread for less than a week, but this post got me excited because I was thinking along the same lines. I know if there's anything in my own thought process that matches yours, I'm moving in the right direction.
Awesome DT, just always try to keep things simple like James teaches and you will continue to progress

Best
Mike
  • #106,226
  • Jan 23, 2012 6:23pm Jan 23, 2012 6:23pm
Alright, so I'm long on the EURUSD (on demo of course per Jim's rules.) My Daily bar just closed in a nice BUOB (compared to Friday's bar) and above the 23.6 Fib on the move down from 10/27.

I know there's some traffic just above on the daily chart that could pose problems, but there's also some traffic just below that I expect to offer support just south. I have a perfect DBLHC on the weekly, and today's PA has given me the confidence that we're headed north.

I would love to hear feedback.
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
  • #106,227
  • Jan 23, 2012 6:47pm Jan 23, 2012 6:47pm
Quoting mbqb11
Awesome DT, just always try to keep things simple like James teaches and you will continue to progress

Best
Mike
Thanks Mike, that's definitely the hardest part; keeping it simple. The great thing about this place is that there's so many voices, but it can also be a curse. You get enough voices in your head and before too long it's impossible to do anything without going against someone else's idea.

What I love about this thread, and the methodology is not only it's simplicity, but that it allows such great freedom within that simplicity to express your own unique trading style. I think expression is a great part of what we're all after in this endeavor, and this thread has already been a pretty powerful awakening for me in that regard. There's no expression in blindly following indicators.
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
  • #106,228
  • Jan 23, 2012 7:02pm Jan 23, 2012 7:02pm
Quoting Pinbar
This is interesting but, I am going to wait for a daily close.
We got the daily close below this area.

Have to go out and will probably miss the LO, Damn.
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  • #106,229
  • Jan 23, 2012 7:13pm Jan 23, 2012 7:13pm
DAMN, missing a ton of setups here, but the good part of it is, I am realizing what it is I am missing.
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  • #106,230
  • Jan 23, 2012 7:32pm Jan 23, 2012 7:32pm
Quoting PinWing
Hello Jarroo

Weekly (and daily) wedge broken with beob on daily.
Sorry i didnt put the chart, was in a hurry at work

This is the chart, i am not that convinced about it, but i have been waiting for it for a week or so, and now i just dont like it that much. Opinions are very welcomed.

Best wishes

Hector
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  • #106,231
  • Jan 23, 2012 7:40pm Jan 23, 2012 7:40pm
Interesting possible scenario building up.
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  • #106,232
  • Jan 23, 2012 7:59pm Jan 23, 2012 7:59pm
Quoting PinWing
Sorry i didnt put the chart, was in a hurry at work

This is the chart, i am not that convinced about it, but i have been waiting for it for a week or so, and now i just dont like it that much. Opinions are very welcomed.

Best wishes

Hector
Cons: number 1, that big pinbar on 4Hr pointed out a few post back, the more i see it, the more i dislike this thing, up nor down, no clear sign to where this %$^*#@ wants to go.

Mike, can you please tell us why you think the wedge can break to the upside?

Best wishes

Hector
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  • #106,233
  • Jan 23, 2012 8:01pm Jan 23, 2012 8:01pm
Quoting PinWing
Cons: number 1, that big pinbar on 4Hr pointed out a few post back, the more i see it, the more i dislike this thing, up nor down, no clear sign to where this %$^*#@ wants to go.

Mike, can you please tell us why you think the wedge can break to the upside?

Best wishes

Hector
Hey Hector

I have no idea if it will break to the upside or if that TL will be relevant. I spoke about this pattern in my webinar this past week and basically my evaluation was to only look for a breakout long(pre the breakout down). This is because with the parity level just below(1.0) and the wedge above us. It puts us in a very choppy and tight market. This handcuffs me and the way I trade so instead my rule was too look for longs and if it breaks short to more than likely let it go.

Hope that clears it up a bit
Mike
  • #106,234
  • Jan 23, 2012 8:03pm Jan 23, 2012 8:03pm
Quoting PinWing
Cons: number 1, that big pinbar on 4Hr pointed out a few post back, the more i see it, the more i dislike this thing, up nor down, no clear sign to where this %$^*#@ wants to go.

Mike, can you please tell us why you think the wedge can break to the upside?

Best wishes

Hector
But there is also another boundary on daily that has to be broken to see lower rates (i see a level, like the video, no this is not, yes, but i see a level, lol, everytime i remember it, i cant stop laughing).

Best wishes

Hector
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  • #106,235
  • Jan 23, 2012 8:15pm Jan 23, 2012 8:15pm
Quoting mbqb11
Hey Hector

I have no idea if it will break to the upside or if that TL will be relevant. I spoke about this pattern in my webinar this past week and basically my evaluation was to only look for a breakout long(pre the breakout down). This is because with the parity level just below(1.0) and the wedge above us. It puts us in a very choppy and tight market. This handcuffs me and the way I trade so instead my rule was too look for longs and if it breaks short to more than likely let it go.

Hope that clears it up a bit
Mike
Thank you Mike

Makes a lot of sense, always trade away from round numbers. And i've been looking to short this thing for a week, or so. Of course a short trade, trailing on 4Hr, the tf i like the most. When i have to get up in the middle of the night to move the sl is not that good, but anyway, it is the only thing that seems to be working for me.

Thank you and best wishes

Hector
  • #106,236
  • Jan 23, 2012 8:27pm Jan 23, 2012 8:27pm
Quoting Pinbar
We got the daily close below this area.

Have to go out and will probably miss the LO, Damn.
Interesting level on the Aud/Usd indeed, Pinbar.

Looking at the Monthly we may have a big moving coming . . . . .will it be the 1000 pip move like before (chart 2 ) . .hard to say . . .

. . . but it should be interesting to watch, indeed . . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #106,237
  • Jan 23, 2012 8:44pm Jan 23, 2012 8:44pm
Quoting jarroo
Interesting level on the Aud/Usd indeed, Pinbar.

Looking at the Monthly we may have a big moving coming . . . . .will it be the 1000 pip move like before (chart 2 ) . .hard to say . . .

. . . but it should be interesting to watch, indeed . . .


Jim
Hi, Jim

Yes, here comes the test of the wlcs in that block of consolidation, would not be surprised if we see a reaction here.
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  • #106,238
  • Jan 23, 2012 9:10pm Jan 23, 2012 9:10pm
Quoting Pinbar
Hi, Jim

Yes, here comes the test of the wlcs in that block of consolidation, would not be surprised if we see a reaction here.

Yeah . .good eye, Pinbar . .but that level maybe "washed out" due to the traffic involved . .(A bit of The Wizard lingo there) . . ..

Monthly levels have Monthly targets . .Monthly Highs and Lows on the Monthly (in blue) . .. so these targets on the Monthly line up pretty well with some Weekly targets as well. . .can't ingore the 1.0500 BRN either.
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Indicators show the past. Price Action "Indicates" the future.
  • #106,239
  • Jan 23, 2012 9:24pm Jan 23, 2012 9:24pm
Quoting jarroo
The Weekly levels have been great on the Gbp/Jpy . .

This is a great example of how you can take these Weekly levels down to a lower TF and trade them.

Looking at the Weekly levels on the Daily TF, we can see how effective trading PBT&CAorB on the Daily with a touch trade can be.

I'll let you figure out what the maximun draw down was on these trades and what potential gains were offered . .

Also, you could go down to say the 4 Hour or Hourly at these Weekly levels and see if there were any agreeable PA . .meaning, bearish or bullish...
Still no Close Above on the Daily at this Weekly level(s) . .

A big old, pitbull Daily Bearish PB at this level would have been nice . .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,240
  • Jan 23, 2012 11:04pm Jan 23, 2012 11:04pm
Hello friends!
My Take profits...

detail and nice
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