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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

  • #106,981
  • Feb 7, 2012 1:39pm Feb 7, 2012 1:39pm
as expected...

(sell and buy prices are displayed in blue)
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  • #106,982
  • Feb 7, 2012 2:41pm Feb 7, 2012 2:41pm
Hello, I take G/J sell on dayli we have confluence of DTL, fibo 50, RN, PPZ also on weekly we have HCR, also I take this trade based on 4H TF pinbar (but small) if some senior will rate this il be glad
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Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #106,983
  • Feb 7, 2012 3:09pm Feb 7, 2012 3:09pm
Quoting goodtiding5
Daily USD/CHF, long term EMA (365), BRN 0.9200, PIN, going with current trend direction.

Hi good Tiding, I traded this yesterday for the reasons you mentioned above. I know it is in a box but my FTA was the bottom of the box and again as with my Gold trade yesterday I was positive that if my orders were filled it would reach my FTA. Again people will talk risk reward etc but I am more than happy with 50 pips.

I think I am finally finding a trading style i like and I believe people can talk you out of trades etc. I have attached my chart to show my exit and entry points. For me it was a safe 50 pips.

Hope you traded it too.
Hair
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  • #106,984
  • Feb 7, 2012 3:21pm Feb 7, 2012 3:21pm
Sorry I traded this today but set my order yesterday before bed!.
  • #106,985
  • Feb 7, 2012 3:52pm Feb 7, 2012 3:52pm
hi smozmo
i'am definitely not a pro, but i love gbpjpy, and i'am more than happy to talk about it.
I dont'have any recent pin on my h4 feed [pepperstone razor demo], but that's what my chart tells me.
After a HUGE downtrend [look at the angle of that thing] price is stll going down but in a more confortable way; for me the long trend price outlook is still bearish, i dont' see any sign of a possible reversal.
On the daily a little trendline has been broken recently and price is moving to test the 122.65 resistence, i'd love to see some bearish pa in that area.
my 2 $


Quoting smozmo
Hello, I take G/J sell on dayli we have confluence of DTL, fibo 50, RN, PPZ also on weekly we have HCR, also I take this trade based on 4H TF pinbar (but small) if some senior will rate this il be glad
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  • #106,986
  • Feb 7, 2012 3:54pm Feb 7, 2012 3:54pm
Quoting Yehuda Sh
Mike
Hello

How about H1 gold
He created pb

Sorry for my bad English
Hey Yehuda

This one actually didn't end up close as a pinbar. The close was not within the prior bar.

BUT even if it did the main issue here is look at the explosive bullish movement just prior. It's not uncommon for price to pause people to take profit/weak sellers etc. But that is fighting a very strong up move so that would be an easy pass for me.

here is a similar example which supreme chaos was nice enough to point out the same thing

http://www.forexfactory.com/showthre...83#post5361383

These happen all the time and we have to be careful with our locations and not be fooled by just the bar or the fact the pinbar has a "tail"

Hope that helps
MIke
  • #106,987
  • Feb 7, 2012 4:19pm Feb 7, 2012 4:19pm
Quoting smozmo
Hello, I take G/J sell on dayli we have confluence of DTL, fibo 50, RN, PPZ also on weekly we have HCR, also I take this trade based on 4H TF pinbar (but small) if some senior will rate this il be glad
i'm not a pro, but i don't see any pin bar on H4 and i think price will test 122.75 resistance. ok main trend is bearish but i don't see a good reason to sell there. not enought confluence and momentum.

just my 2 cents
  • #106,988
  • Edited 4:39pm Feb 7, 2012 4:22pm | Edited 4:39pm
Here's one I took where I felt the story overrode the consolidation box. Entry on retest of the 1.6346
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  • #106,989
  • Edited Feb 8, 2012 5:17am Feb 7, 2012 4:24pm | Edited Feb 8, 2012 5:17am
Quoting Pinbar
Might want to watch out for this area.

video . . .

Inserted Video
Indicators show the past. Price Action "Indicates" the future.
  • #106,990
  • Feb 7, 2012 4:25pm Feb 7, 2012 4:25pm
Quoting luca m.
hi smozmo
i'am definitely not a pro, but i love gbpjpy, and i'am more than happy to talk about it.
I dont'have any recent pin on my h4 feed [pepperstone razor demo], but that's what my chart tells me.
After a HUGE downtrend [look at the angle of that thing] price is stll going down but in a more confortable way; for me the long trend price outlook is still bearish, i dont' see any sign of a possible reversal.
On the daily a little trendline has been broken recently and price is moving to test the 122.65 resistence, i'd love to see some bearish pa...
Hey Luca, R3ta thanks for comment, I like your chart, this is my 4h TF chart, I know not an ideal pb but with a lot of confluence i thynk it will work
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Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #106,991
  • Feb 7, 2012 4:36pm Feb 7, 2012 4:36pm
Quoting jarroo
video . . .

http://www.youtube.com/watch?v=umKJyX2X6Ig
fantastic video, great job

i like your analysis and i love your "peeeeoh!" comment about price reaction.

  • #106,992
  • Feb 7, 2012 4:41pm Feb 7, 2012 4:41pm
Quoting R3ta
fantastic video, great job

i like your analysis and i love your "peeeeoh!" comment about price reaction.

Thanks R3ta . .

Woww. .I love that signature of yours . . . .that's a trading plan in and of itself . .nice.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #106,993
  • Feb 7, 2012 4:43pm Feb 7, 2012 4:43pm
Quoting smozmo
Hey Luca, R3ta thanks for comment, I like your chart, this is my 4h TF chart, I know not an ideal pb but with a lot of confluence i thynk it will work
your chart look way different from mine

however i hope it will work
  • #106,994
  • Edited 5:57pm Feb 7, 2012 5:55pm | Edited 5:57pm
Guys,

Please, check out the attached AUD/CHF chart.

I see a beautiful PB/BEOB heading down.
The upside points are:
(i) Nice PA formation.
(ii) Clear rejection of last resistance at ~0.9889 in D1, top of a rectangle.
(iii) MACD Divergence.

Downside:
(a) TREND: heading clearly up.
(b) FTA: When trading countertrend I realize FTA's are stronger, because price wants to head, in this example, higher, not lower. I see an FTA at 0.9800, RN.

I've been trading since 2009, and have gone through typical newbie trader phases: I've traded m1, m5, m15, h1, bearing losses.
Rereading J16 tips I have become extremely picky about trades, trading only D1.

I have traded 7 times since november/2011, and had 100% success on those trades (2 b/e, 5 wins). That's around 2 trades / months.
However, I have passed out on a serious number of trades posted on this topic, which I had also noticed, just for the sake of being COUNTERTREND.

Mike, Jarroo, and Pinbar, You are the top traders I listen to in this topic (BTW, congrats, Pinbar. I've been following your way up since last year. Congrats on the 10v+). However, on the few posts I've written (almost all of them on J16 thread) I didn't have a single answer. I'd really appreciate if you could answer this.

My question is:
How do you manage countertrend trades? I have noticed you guys do take 'em!
IMHO, just the fact of being countertrend annihilates every single upside of a PA.

Thank you, so much, for your help.

Cheers.
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Chasing Livermore...
  • #106,995
  • Feb 7, 2012 6:07pm Feb 7, 2012 6:07pm
Quoting osyrius
Guys,

Please, check out the attached AUD/CHF chart.

I see a beautiful PB/BEOB heading down.
The upside points are:
(i) Nice PA formation.
(ii) Clear rejection of last resistance at ~0.9889 in D1, top of a rectangle.
(iii) MACD Divergence.

Downside:
(a) TREND: heading clearly up.
(b) FTA: When trading countertrend I realize FTA's are stronger, because price wants to head, in this example, higher, not lower. I see an FTA at 0.9800, RN.

I've been trading since 2009, and have gone through typical newbie trader phases: I've traded m1,...
Hey Osyirus,

Sorry your questions were missed last time, this thing moves quick

I manage counter trend the same as with the trend. That is , for me it is situational.

In this case I actually talked about this one today in my webinar pretty extensively and that's cause these are often tricky.

For me the biggest cons and why it is an easy pass is
HUGE uptrend
small bar
price is consolidated
the BRN and much better area to watch is right above us so it is not abnormal for weak selling to come in prior to the BRNs being tested. I would much rather watch parity when we get there(check the last top on the weekly chart)

BUT your chart is perfect and I agree with your FTA

That one middle blue line says everything and more about this bar. It tells us where price is going, it lets us decide if it is worth it for us, and it flat out is the key to a bar like this if you choose to play it.

In this case if I was forced to play it I would watch that middle area like a hawk, move my stops to b/e VERY quick and/or take profit very quick.

Now if that was a huge bar running through 1.00 I would consider trying to trail out and be less cautious at FTA. So it always depends for me the look of things

The last thing you wrote I attached my usd/chf weekly pinbar. HUGE counter trend trade. But doesn't it scream why this is worth longing? And the massive difference b/w the two. That doesn't mean every counter trend has to be like this usd/chf. That is just an A+++ extreme example.

Hope that helps
Mike
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  • #106,996
  • Feb 7, 2012 6:19pm Feb 7, 2012 6:19pm
Quoting jarroo
video . . .

http://www.youtube.com/watch?v=umKJyX2X6Ig

Great video Jim, I am sure it will help a lot of people grasp your methodology.

It actually clears up a point I was going to ask about the setup TF and the targets. Great stuff! Thanks Jim.
  • #106,997
  • Feb 7, 2012 9:08pm Feb 7, 2012 9:08pm
Anyone looking at EURAUD BUOB PB at the base of consolidation box? Any comments are welcome

Mike, how wld u rate this setup? I thought the location was pretty gd and the size of the bar ok though if it is bigger will be better. WLd u have placed the TP to be mid of the box or top of the box?
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  • #106,998
  • Feb 7, 2012 9:24pm Feb 7, 2012 9:24pm
Quoting Fx7877
Anyone looking at EURAUD BUOB PB at the base of consolidation box? Any comments are welcome

Mike, how wld u rate this setup? I thought the location was pretty gd and the size of the bar ok though if it is bigger will be better. WLd u have placed the TP to be mid of the box or top of the box?
strong downtrend with a BEOB only 2 bars before, easy pass here for me, i actually made money on the small down move on the BEOB i posted couple pages back my setup and thoughts with result
  • #106,999
  • Feb 7, 2012 9:31pm Feb 7, 2012 9:31pm
Quoting jarroo
video . . .

http://www.youtube.com/watch?v=umKJyX2X6Ig
Jarroo,
Thanks for sharing this video, awesome!
  • #107,000
  • Feb 7, 2012 9:31pm Feb 7, 2012 9:31pm
Quoting Fx7877
Anyone looking at EURAUD BUOB PB at the base of consolidation box? Any comments are welcome

Mike, how wld u rate this setup? I thought the location was pretty gd and the size of the bar ok though if it is bigger will be better. WLd u have placed the TP to be mid of the box or top of the box?
If it turns out as a weekly BUOB with the close above 1.25 and the consolidation box, then it would be a good trade to take next week. Then the TP would be 1.3.
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