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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

  • #107,401
  • Feb 15, 2012 1:45pm Feb 15, 2012 1:45pm
Quoting Greenhaze
As previously pointed out UJ managed to break this very well defined area. Some guys will probably want to play it with tighter stop and m15 TF presents a good long opportunity. Very good res turned to support and at this m15 level we have long-term and short-term buy orders awaiting to be filled. I would be a bit surprised to see larger drawdown then couple pips if price will get there.
I feel this USDJPY will be the trade of the year it waited so long in this consolidation box .... so when it will jump out we should see true rage of samuray currency
all is eternal - this is good news for people who loves bad news
  • #107,402
  • Feb 15, 2012 1:48pm Feb 15, 2012 1:48pm
Quoting meshka
I feel this USDJPY will be the trade of the year it waited so long in this consolidation box .... so when it will jump out we should see true rage of samuray currency
on my radar too

check daily chart, we had the pbt and ca happen, so in Jarroo style i have gone down to 4hr to see a retrade back to PPV and reaction, we get a hammer, but failed to break high, as the low broke first, but now we have a BUOB forming on the 4 hr definately one to watch here.
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  • #107,403
  • Feb 15, 2012 2:14pm Feb 15, 2012 2:14pm
GBPJPY looks good also...
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all is eternal - this is good news for people who loves bad news
  • #107,404
  • Feb 15, 2012 2:20pm Feb 15, 2012 2:20pm
Quoting meshka
I feel this USDJPY will be the trade of the year it waited so long in this consolidation box .... so when it will jump out we should see true rage of samuray currency
Don't wanna rain on your parade guys, but I'm not so sure.........

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  • #107,405
  • Feb 15, 2012 2:20pm Feb 15, 2012 2:20pm
only one thing ....
I am worrying about those two pins on CADJPY and AUDJPY on dailies...
Let them do not spoil everything :0 )
we have 2 hours to turn them into normal candles
all is eternal - this is good news for people who loves bad news
  • #107,406
  • Feb 15, 2012 2:28pm Feb 15, 2012 2:28pm
Quoting stewrigh
Don't wanna rain on your parade guys, but I'm not so sure.........

Attachment

thats okay Stewrigh ...

we use stop losses for that scenario
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all is eternal - this is good news for people who loves bad news
  • #107,407
  • Feb 15, 2012 2:36pm Feb 15, 2012 2:36pm
Quoting beebolbod
if it closes as a pin, who'll take it?

Attachment

This pin bar does not really get me excited at all. The biggest items that jump out at me on this are;

1) The pin is only really a pseudo pin as the close is just barely in the former bar. More important than that it that at present the close is below the open. I really don't care for pins that are like that. Makes me wonder the level of comitment the formation has.
2) Keep an eye out for Mike's posts about space. This chart is a fantastic example of what I would imagine what Mike would call "An easy pass". He would then go on to say that is just his thoughts and that if it meets your criteria then trade it The real issue is that with trading back into the sideways consolidation we see in the previous bars it can make discerning what the charts are saying more difficult. Doesn't mean that it would not work in your favor, but this is about predicting high probability.

These are just my thoughts. Best of luck
Ryan
  • #107,408
  • Feb 15, 2012 2:39pm Feb 15, 2012 2:39pm
Quoting meshka
thats okay Stewrigh ...

we use stop losses for that scenario
I hope you do, but if you only take A+ trades you find your stop doesn't get hit nearly so often.
  • #107,409
  • Feb 15, 2012 2:46pm Feb 15, 2012 2:46pm
Quoting Greenhaze
As previously pointed out UJ managed to break this very well defined area. Some guys will probably want to play it with tighter stop and m15 TF presents a good long opportunity. Very good res turned to support and at this m15 level we have long-term and short-term buy orders awaiting to be filled. I would be a bit surprised to see larger drawdown then couple pips if price will get there.
It worked out quite well but S&P is giving some clear caution signs.
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  • #107,410
  • Feb 15, 2012 2:56pm Feb 15, 2012 2:56pm
So is it an A+ trade?.... you decide -

Cons..... against the trend, PA unclear, trading into resistance.
Pros - BOJ might intervene, BUOB

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  • #107,411
  • Feb 15, 2012 3:12pm Feb 15, 2012 3:12pm
Hello everyone. Cad / Jpy for the day on a good PB + 4H was BEOB, but I decided to wait until the closing date. That's correctly what I want to wait for the closure of the day? Or it was necessary to conclude the deal when been formed BEOB?
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It's only after we've lost everything that we're free to do anything.
  • #107,412
  • Feb 15, 2012 3:15pm Feb 15, 2012 3:15pm
even if you consider it a good entry, i can't see why pick usdjpy when we have cadjpy and audjpy looking so HOT

maybe i am wrong but...
  • #107,413
  • Feb 15, 2012 3:18pm Feb 15, 2012 3:18pm
Well... A or B grade... I dont rate them market will rate.

I just saw scenario I like - Daily Candle broke above Resistance 78.25, checked it again and get rejected for a while on 4H TF.. so I am trading my belief it will go up further.

Yes it could drop below this resistance obviously.... but I locked some profit already below it. so for me it BE game.

as i said previously I am worrying about AUDJPY and CADJPY pictures on Daily (pins). Those are really Cons for me.

appreciate Your response GL
all is eternal - this is good news for people who loves bad news
  • #107,414
  • Feb 15, 2012 3:21pm Feb 15, 2012 3:21pm
ok cadjpy has my attention, time to look for confluences, just ran a fib here, and its right at the 50 fib retrace too.
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  • #107,415
  • Feb 15, 2012 3:32pm Feb 15, 2012 3:32pm
Yes ... these are really good yummy pins. my little headaches
all is eternal - this is good news for people who loves bad news
  • #107,416
  • Feb 15, 2012 3:57pm Feb 15, 2012 3:57pm
Thanks Jim, I am trying to train myself on that. I got many times punishment to be impatient. Now I will focus on that carefully.

Thanks again for your help and kindness.
fxKayKay.
Quoting jarroo
Just remember . . . Patience Pays.

Patience is probabaly the number one characteristic a trader has to have . . I believe patience can be learned. . .you just have to practise at it . .just like everything else . .

Jim
  • #107,417
  • Feb 15, 2012 4:01pm Feb 15, 2012 4:01pm
Quoting gungriffin
This pin bar does not really get me excited at all. The biggest items that jump out at me on this are;
[indent]1) The pin is only really a pseudo pin as the close is just barely in the former bar. More important than that it that at present the close is below the open. I really don't care for pins that are like that. Makes me wonder the level of comitment the formation has.
2) Keep an eye out for Mike's posts about space. This chart is a fantastic example of what I would imagine what Mike would call "An easy pass". He would then go on to say...
I quite agree - was just throwing it out there
I will however trade consolidation boxes, but this area doesn't qualify as a box to me really. Not well enough defined top/bottom for me to consider TT here.
  • #107,418
  • Feb 15, 2012 4:02pm Feb 15, 2012 4:02pm
Quoting jarroo
Nice chart KayKay . . Bullish PA at that level would be nice .
I got the order but I realized now that I spoted the traget wrong. My first target should be 78.50 and second should be 78.98.
Anyway now I am break even and targeting for second target.
  • #107,419
  • Feb 15, 2012 4:03pm Feb 15, 2012 4:03pm
Quoting fxkaka
My SL is very tight, watching closely.
Both first target hit. For Eur/USD market was hesitating to go to next target so I manually closed that position.
  • #107,420
  • Feb 15, 2012 4:06pm Feb 15, 2012 4:06pm
I am looking some short setup on 15min/1 hour as touch-trade on GbpChf at 1.44909 zone.
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