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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

  • #106,901
  • Feb 5, 2012 5:59pm Feb 5, 2012 5:59pm
Hi guys, watching this 2 week bearish PB on EURCAD.

I like that it's with the bearish trend in that there's a strong move down and only one bullish bar before the 2 week PB.

IMO, the FTA is at ~1.296 (not marked) with the most recent LCS. This is about 80 pips away.

The older LCS is about 220 pips away.

I welcome comments!

/psd
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  • #106,902
  • Edited 4:06am Feb 6, 2012 3:53am | Edited 4:06am
This bar is still forming with 10mins left. But if it does close as a pin, would it be a good PA to trade.

I can see the market is in an uptrend and it coming off of a BRN and PPZ.

Thanks.
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  • #106,903
  • Feb 6, 2012 3:53am Feb 6, 2012 3:53am
Short sell order filled.

Analysis:

BEOC of a good shape, size, no traffic to the left at swing high.

Weekly shooting start as controlling candle.

All the resistance levels above are confirmed.

BEOC was formed at a good confluence of resistance levels and close below (see chart attached).

Monthly, weekly and direct trend lines up.

Enough room for the price to run until the first unconfirmed weekly support.
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  • #106,904
  • Feb 6, 2012 4:03am Feb 6, 2012 4:03am
Aussie getting interesting.

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  • #106,905
  • Feb 6, 2012 4:14am Feb 6, 2012 4:14am
Quoting Michael-SPA
Short sell order filled.

Analysis:

BEOC of a good shape, size, no traffic to the left at swing high.

Weekly shooting start as controlling candle.

All the resistance levels above are confirmed.

BEOC was formed at a good confluence of resistance levels and close below (see chart attached).

Monthly, weekly and direct trend lines up.

Enough room for the price to run until the first unconfirmed weekly support.

Nice setup Michael...just wondering, by how many pips will ur PA be broken before u enter a trade?

PS: I like your TP's PPZ...if am correct its lined up with Jarroo's daily LCS
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  • #106,906
  • Edited 4:45am Feb 6, 2012 4:24am | Edited 4:45am
Quoting Fxnumen
Nice setup Michael...just wondering, by how many pips will ur PA be broken before u enter a trade?

PS: I like your TP's PPZ...if am correct its lined up with Jarroo's daily LCS
It depends on the situation. Usually 1-3 points. If i am not wrong that is 10-30 pips. At the current trade then was 15 pips.

I did not check how the sup/res are identified here but I think is similar to mine. When I have time I will try to explain the process of doing that.
  • #106,907
  • Feb 6, 2012 4:59am Feb 6, 2012 4:59am
Quoting Michael-SPA
It depends on the situation. Usually 1-3 points. If i am not wrong that is 10-30 pips. At the current trade then was 15 pips.

I did not check how the sup/res are identified here but I think is similar to mine. When I have time I will try to explain the process of doing that.
Actually the fifth digit is 0.1pip , so you entered 1.5 pips after break .

EDIT : oh I just saw you are talking about GOLD , not forex . Sorry .
Not to post senseless I may add that imo a good break is 8-10% the size of the previous bar . For example 100 pips bar -> 8-10pips break
  • #106,908
  • Feb 6, 2012 5:21am Feb 6, 2012 5:21am
One situation I am watching closely .
Strong breakout with a BEOB will be nice . Pullback PA is also a possible entry.
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  • #106,909
  • Feb 6, 2012 5:58am Feb 6, 2012 5:58am
Quoting Rust
Actually the fifth digit is 0.1pip , so you entered 1.5 pips after break .

EDIT : oh I just saw you are talking about GOLD , not forex . Sorry .
Not to post senseless I may add that imo a good break is 8-10% the size of the previous bar . For example 100 pips bar -> 8-10pips break
That is a good approach on pending orders. However, a pending order of x pips on a bad setup will not save you. At a good setup a pending order anything higher than the spread will work.

I will keep this approach the 8-10% the size of previous bar.
  • #106,910
  • Feb 6, 2012 6:07am Feb 6, 2012 6:07am
Quoting Michael-SPA
That is a good approach on pending orders. However, a pending order of x pips on a bad setup will not save you. At a good setup a pending order anything higher than the spread will work.

I will keep this approach the 8-10% the size of previous bar.
I think just the opposite . The buffer could save you from a lot of bad setups , and will keep you in all of the good ones

What is behind the idea of buffer is more important imo . Forex is not centralized market , you know . So bars open and close differently on different brokers . Buffer adds to the conservative side . It's additional assurance more people will have a break on their chart.

It's a matter of style in the end
  • #106,911
  • Feb 6, 2012 6:18am Feb 6, 2012 6:18am
Quoting Rust
I think just the opposite . The buffer could save you from a lot of bad setups , and will keep you in all of the good ones

What is behind the idea of buffer is more important imo . Forex is not centralized market , you know . So bars open and close differently on different brokers . Buffer adds to the conservative side . It's additional assurance more people will have a break on their chart.

It's a matter of style in the end
Yes, your are right on the conservative aspect of the buffer. The point of my statement has to do with the validity of the setup meaning "real" or "fake" footprint of the market maker or smart money. They know where the retail traders place their stops as well as their pending orders.
  • #106,912
  • Feb 6, 2012 6:25am Feb 6, 2012 6:25am
Lower my stop 2 points above monthly and weekly resistance @ 1747 minimizing risk exposure.
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  • #106,913
  • Feb 6, 2012 6:34am Feb 6, 2012 6:34am
Quoting mbqb11
Hey V

You are actually dead on with your observations

MACD is nothing more (as is any indicator really) a calculation of price. So we can see that in price. I just sent an email out to the group this past week about this exact thing. It's not about getting rid of MACD(I rarely use it anymore simply cause I can see it on my chart), but it's about understanding the tools you use. Same goes for a pinbar, or a PPZ, or a round number. It's about diving in and understanding the concept. I don't ignore divergence, and just cause I might not use MACD,...
Thank you Mike.

Quoting jarroo
Divergence is just an added confluencing tool to the many confluences or reasons when we decide to take a given trade.
Thank you Jim.
  • #106,914
  • Feb 6, 2012 7:21am Feb 6, 2012 7:21am
I like this W&D HCR
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  • #106,915
  • Edited 8:20am Feb 6, 2012 8:04am | Edited 8:20am
This was kind of a disappointing weekly deep SP.

Perhaps price will move down to the monthly LCS at 81.906 and then give us some bearish PA here on the retest. Or the Daily PPZ
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  • #106,916
  • Feb 6, 2012 8:12am Feb 6, 2012 8:12am
Quoting mbqb11
Hey V

You are actually dead on with your observations
Mike,

Now I LIVE ON!!!!!! LOL

WOW!!!!!!! THINGS ARE EVEN MORE SUBTLE than i could ever possibly imagine LOL!!!!!!!!!
  • #106,917
  • Feb 6, 2012 8:35am Feb 6, 2012 8:35am
Quoting Rust
One situation I am watching closely .
Strong breakout with a BEOB will be nice . Pullback PA is also a possible entry.
Nice one Rust.... been playing this channel a bit myself waiting for some decent signals.... divergence is there, now we just need some nice PA.... We are at good swing high right now.
  • #106,918
  • Feb 6, 2012 8:43am Feb 6, 2012 8:43am
Hello everyone!
Silver D1, interesting ppz.
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  • #106,919
  • Feb 6, 2012 10:35am Feb 6, 2012 10:35am
Hi all

There is a very very interesting situation on the AUD/CAD.
10730 is a key level.
Charts
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  • #106,920
  • Feb 6, 2012 11:54am Feb 6, 2012 11:54am
Quoting mbqb11
Hey AD


Good weekend to you too bud

And yes that BUOB is a great place to watch for trouble too(why I quote Js post and not yours).

So for me the FTA remains higher. We can see the possible confluence with the rising TL. Just want to point that out cause with our trouble areas we have to remember those zones too. 1700 is the major though


Best
Mike
here is that updated chart. No surprises why it stalled, now it's a matter if it wants to test lower. But knowing these trouble areas are key to planning around a good trade. That is powerful stuff James has shown us


Congrats to the Giants fans out there

Mike
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