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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

  • #107,001
  • Feb 7, 2012 9:32pm Feb 7, 2012 9:32pm
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?
Hey FX

Someone actually emailed me about this here was my response with a relevant chart

Hey Nick

I actually think your charts are exactly how I would draw them. The key for me is the bar closing above the channel. This for me has to kind of be ABOVE the local round number of 1.2300 to be good. That would be a very strong sign that price will get to the top of the box. So you are actually really doing well here and keeping it simple. Now this buob probably won't close that high, which doesn't make it wrong but it does mean we have to watch the 1.2300 level closer as that becomes our FTA. We could also use the 1.23 for trade mgmt but also the low around 1.2230 from the way this one is closing. So the overall setup is really close and for me if it did close above 1.2300 I would almost definitely take it but because of that I would rather wait for something better. Those are the little things that I am particular about but I don't want to deter you from trading it cause your charts are very good

Best
Mike
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  • #107,002
  • Feb 7, 2012 9:51pm Feb 7, 2012 9:51pm
Quoting deankenny21
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
Quoting cprao
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.
Quoting mbqb11
Hey FX

Someone actually emailed me about this here was my response with a relevant chart

Hey Nick

I actually think your charts are exactly how I would draw them. The key for me is the bar closing above the channel. This for me has to kind of be ABOVE the local round number of 1.2300 to be good. That would be a very strong sign that price will get to the top of the box. So you are actually really doing well here and keeping it simple. Now this buob probably won't close that high, which doesn't make it wrong but it does mean we have to watch...
Thanks guys for your input
  • #107,003
  • Feb 7, 2012 11:37pm Feb 7, 2012 11:37pm
update on the audjpy trade i took, im currently 160 pips in the profit in this one

i took it based on the BUOB highlighted in blue rectangle, with closing above the PPV and bouncing off the 365 EMA with nice current uptrend (if you remember earlier i look for minimum of 3 confluences to go with it before i pull trigger)
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  • #107,004
  • Feb 8, 2012 1:56am Feb 8, 2012 1:56am
Nice area of confluence from the round number and PPZ.

Trend is down but playing this potential double-bottom-ish pinbar with bullish divergence. The idea is to play the retracement of the previous down move.
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  • #107,005
  • Feb 8, 2012 2:32am Feb 8, 2012 2:32am
Quoting biDc
Nice area of confluence from the round number and PPZ.

Trend is down but playing this potential double-bottom-ish pinbar with bullish divergence. The idea is to play the retracement of the previous down move.

It looks really nice , doesn't it? If we manage to break those highs then 0.9160 would look good as a first target. I'm playing it the same exact way. Good luck to us
  • #107,006
  • Feb 8, 2012 2:47am Feb 8, 2012 2:47am
Quoting R3ta
your chart look way different from mine

however i hope it will work
Thanks
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #107,007
  • Feb 8, 2012 2:52am Feb 8, 2012 2:52am
Quoting jarroo
video . . .

http://www.youtube.com/watch?v=umKJyX2X6Ig
Brilliant video Jim! Thanks for the share. Good to put a voice to the name!
  • #107,008
  • Feb 8, 2012 3:17am Feb 8, 2012 3:17am
Quoting Sgrb1
Brilliant video Jim! Thanks for the share. Good to put a voice to the name!
I'll agree wholeheartedly with that... it's excellent stuff Jim, thank you.
  • #107,009
  • Feb 8, 2012 3:54am Feb 8, 2012 3:54am
Quoting Greenhaze
It looks really nice , doesn't it? If we manage to break those highs then 0.9160 would look good as a first target. I'm playing it the same exact way. Good luck to us
Don't wanna be too critical but as Mike would say this is an easy pass for me - It's a 50:50 trade and you are looking at the H1 chart - have you looked at the daily. The last two bars are both bearish!. Yeah I know the st trend is up, but the lt is down.

Now I posted this you watch it shoot up LOL.

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  • #107,010
  • Feb 8, 2012 3:59am Feb 8, 2012 3:59am
Quoting deankenny21
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
Nice Trade DeanKenny! Looks Simple doesn't it. I was looking but didn't actually pull the trigger. I will just have to try figure out why.
  • #107,011
  • Feb 8, 2012 4:49am Feb 8, 2012 4:49am
Quoting human2
Nice Trade DeanKenny! Looks Simple doesn't it. I was looking but didn't actually pull the trigger. I will just have to try figure out why.
Sorry. Was referring to AUDJPY trade.
  • #107,012
  • Feb 8, 2012 5:01am Feb 8, 2012 5:01am
Quoting jarroo
video . . .

http://www.youtube.com/watch?v=umKJyX2X6Ig
Thanks jarroo ! Very nice video
  • #107,013
  • Feb 8, 2012 5:21am Feb 8, 2012 5:21am
Thanks everyone . . . . . .I was messing around with the settings on YouTube and I have to repost the video . .sorry about that . .


Jim

Inserted Video
Indicators show the past. Price Action "Indicates" the future.
  • #107,014
  • Feb 8, 2012 5:32am Feb 8, 2012 5:32am
Quoting stewrigh
Don't wanna be too critical but as Mike would say this is an easy pass for me - It's a 50:50 trade and you are looking at the H1 chart - have you looked at the daily. The last two bars are both bearish!. Yeah I know the st trend is up, but the lt is down.

Now I posted this you watch it shoot up LOL.

Attachment
You are right on it. In the bigger picture shorts look better but not until we get the retracement to 0.916 - 17 area. The odds are better then 50/50 on it if you ask me


Cheers
  • #107,015
  • Feb 8, 2012 6:02am Feb 8, 2012 6:02am
Quoting human2
Nice Trade DeanKenny! Looks Simple doesn't it. I was looking but didn't actually pull the trigger. I will just have to try figure out why.

keep at it, work hard, and over time these things will click into place.
I found i always relied too much on others ppls opinions when i first getting itchy on the trigger, but then as i grew confidence and made my own checklist i found things become alot smoother for me, they are not all winners, but most are
  • #107,016
  • Feb 8, 2012 6:09am Feb 8, 2012 6:09am
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?

As i mentioned earlier i took a sell on this, clear downtrend with the BEOB break and close below LCS, made some quite easy pips from the off. So i definately wouldnt be sure of a buy here, as you can see today its struggling to get past the previous LCS support line I plotted for my sell.
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  • #107,017
  • Feb 8, 2012 6:14am Feb 8, 2012 6:14am
Question to seniors.

What confluences do you look for before taking a trade?

I know this would have been asked a million times. sorry for repeating. Thread has just grown too huge to find info.

Currently i just look for a PPZ and BRN. I don't use the 150/365 MA like Jim does. But i m going to use that as well.

Fibs - only for trends.

what confluence would you look for in a ranging markets?

Thanks.
  • #107,018
  • Feb 8, 2012 6:31am Feb 8, 2012 6:31am
Quoting zamfir
Question to seniors.

What confluences do you look for before taking a trade?

I know this would have been asked a million times. sorry for repeating. Thread has just grown too huge to find info.

Currently i just look for a PPZ and BRN. I don't use the 150/365 MA like Jim does. But i m going to use that as well.

Fibs - only for trends.

what confluence would you look for in a ranging markets?

Thanks.
Confluences can be anything. As long as you dont try to fit a confluence around a trade, which i found to be doing near the start just to find excuses to take a trade, im very strict now, and its worth it.

I use fib levels, trendlines, round numbers, 365 ema, previous sh or sl, macd, rsi anything thats viable in trading really.

The bounce or reaction off PPV doesnt count as a confluence for me as thats the core of my plan and this must be met before i even think about anything else.
  • #107,019
  • Edited 7:07am Feb 8, 2012 6:33am | Edited 7:07am
Quoting zamfir
Question to seniors.

What confluences do you look for before taking a trade?

I know this would have been asked a million times. sorry for repeating. Thread has just grown too huge to find info.

Currently i just look for a PPZ and BRN. I don't use the 150/365 MA like Jim does. But i m going to use that as well.

Fibs - only for trends.

what confluence would you look for in a ranging markets?

Thanks.
I'm not a senior and this is just MHO but I try to keep it simple.

I find the really good trades tend to be easy to spot without too much confluence.

Look for PA at ppz(pb, S/R level, lt trend). Basically if the trend is down and price has pulled back to a previous S/R level and then I get a pb I'm in on the break.

JMO and I don't always do it but I still struggle with the complex PBT CA CB stuff - way too complicated for me LOL. And I never ever trade CT.
  • #107,020
  • Feb 8, 2012 7:21am Feb 8, 2012 7:21am
Quoting stewrigh
And I never ever trade CT.
Which TF though? It's all trends within trends!
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