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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

  • #108,441
  • Mar 5, 2012 1:25pm Mar 5, 2012 1:25pm
Quoting Venic
Just found this thread and am really enjoying reading through all these posts. It really is a great resource.

I have a pretty simple question about the bar that is formed on the daily chart that starts sunday night and ends 12:00am monday. Just wondering how you factor that candle in.

For example in the USD/JPY chart I uploaded the sunday night candle makes a high similar to friday's high and then drops off and continues to drop into monday. Would you factor sunday night's candle into mondays which looks to be forming a DBHLC.

Thanks.

http://i.imgur.com/KcQvS.jpg...

Hey Venic

Welcome to the thread

The general rule of thumb from James is to ignore sunday candles. I don't like them so I use a charting that doesn't show them. You can ignore them or a lot of people often blend them into fridays bar visually too.

Hope that helps
mike
  • #108,442
  • Mar 5, 2012 3:03pm Mar 5, 2012 3:03pm
Quoting Venic
Just found this thread and am really enjoying reading through all these posts. It really is a great resource.

I have a pretty simple question about the bar that is formed on the daily chart that starts sunday night and ends 12:00am monday. Just wondering how you factor that candle in.

For example in the USD/JPY chart I uploaded the sunday night candle makes a high similar to friday's high and then drops off and continues to drop into monday. Would you factor sunday night's candle into mondays which looks to be forming a DBHLC.

Thanks.

http://i.imgur.com/KcQvS.jpg...
hi and welcome, we generally ignore Sunday candles, best thing to do as for i have done also, is find a broker that doesnt use sunday candle, i use FxPro for charting personally that way i dont get any Sunday candles obscuring the big picture.
  • #108,443
  • Mar 5, 2012 4:42pm Mar 5, 2012 4:42pm
Quoting mbqb11
Hey Y

Sorry not sure what you are asking here. Looks like you took a touch trade off the pullback to 80 level which is fantastic

I am just holding my original trade and going to watch how things develop. Won't be surprised to see another retest of 80. But if it wants to keep shooting higher I am ok with that too

Best
Mike
updated chart, locked in more profit
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  • #108,444
  • Edited 7:03pm Mar 5, 2012 6:21pm | Edited 7:03pm
Thanks for the quick reply. I was wondering when the best time to enter a trade would be based on the daily candles. Would it be best to enter after 4:15pm whem the market closes or do you wait for the candle to completely close at 12:00am? Nevermind seems I found the answer from earlier in the thread.
Quote
Hey Q

I am a big fan of the 5et NY close. But at the end of the day I don't think it's going to make or break a trader being a few hours off from this time. We sort of say to people "play it as you see it"

Best
Mike

Seems kind of awkward for Oanda to have the daily candles close at 12:00am est...

Also spotted a nice pinbar forming on the EUR/JPY. The tail hits the support of two fib levels with the weekly s1 close below. Looks like this trade could be worth a decent amount of pips.
http://i.imgur.com/UA4oF.jpg
  • #108,445
  • Mar 5, 2012 6:45pm Mar 5, 2012 6:45pm
Quoting Pinbar
The updated signature should lead anyone who wants the RN indicator, to it.
Thanks Pinbar, much obliged!

Caesar
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #108,446
  • Mar 5, 2012 9:00pm Mar 5, 2012 9:00pm
Quoting Caesar95
Thanks Pinbar, much obliged!

Caesar
Hope you find it useful.
Let me know if you have any problems with it.

If your broker is a 5 digit broker you need to set it for 5000 pips to actually be 500 pip increments.

It was the Sweet spots gold indicator which, someone helped me modify.
Always wondered why nobody had done this previously.
  • #108,447
  • Mar 5, 2012 9:04pm Mar 5, 2012 9:04pm
Quoting mbqb11
cool little guide of info there

Thanks steve

Mike

It is just the old stuff with the Rn indicator tagged onto it.
Pity we can not modify the original post after a set period of time, that is why, I have to keep re-posting it, with any updates.

Thanks Mike, hope some new people find it helpful.
If you have any additions or alterations, let me know.
  • #108,448
  • Mar 5, 2012 9:08pm Mar 5, 2012 9:08pm
Interesting chart of GPBAUD.

MIke,
This has the rounding effect and awaiting for 1) BO and pullback for entry OR 2) Back to the consolidated zone. Your thoughts on this is appreciated. Thks!
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  • #108,449
  • Mar 5, 2012 9:10pm Mar 5, 2012 9:10pm
Quoting Fx7877
Interesting chart of GPBAUD.

MIke,
This has the rounding effect and awaiting for 1) BO and pullback for entry OR 2) Back to the consolidated zone. Your thoughts on this is appreciated. Thks!
sure is FX, similar concept to the gbp/nzd I am in. It's rocketing higher
  • #108,450
  • Mar 5, 2012 9:21pm Mar 5, 2012 9:21pm
Jarroo, would you be kind enough to share your thoughts on NZD/USD.

This goes to show that we should not really expect price to do what we consider it should do. We need to watch what it shows us and in this case it is clearly showing us, it does not agree with my expectations. LOL
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  • #108,451
  • Mar 5, 2012 9:24pm Mar 5, 2012 9:24pm
Quoting mbqb11
and here are updated charts on both

nothing is better than good volatility like we have been seeing
some more updates

these really took off

Locked in more profit on both and will continue to look to tighten up profit as we have went to the projections pretty much on both patterns.

Best
Mike
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  • #108,452
  • Mar 5, 2012 9:41pm Mar 5, 2012 9:41pm
Quoting mbqb11
some more updates

these really took off

Locked in more profit on both and will continue to look to tighten up profit as we have went to the projections pretty much on both patterns.

Best
Mike

Nice one Mike.

And where did this occur, not just anywhere but the Monthly and weekly LCS with a monthly PB to boot.
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  • #108,453
  • Mar 5, 2012 10:35pm Mar 5, 2012 10:35pm
Hey all,

Breakout trade I took yesterday based on Mike's preemptive break...have locked in a lil profit.

Thanks Mike.

Ralph
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SNR with Price Action...
BitCrossNG Return Today: na
  • #108,454
  • Mar 5, 2012 10:55pm Mar 5, 2012 10:55pm
Dear Jim, Mike and others,

I have just registered on forexfac to thank you all.

I am new to forex (about 4 months in it, demo and lost on a mini-account). I postponed real trading and now doing research all over again. Price action caught my attention and I think it's the way to go for this business. And I am really glad I found this thread.

I am reading the summary of the thread and starting to read from page one. Really think that I am looking at GOLD.

Thank you all and hope to learn a lot from you.

John
  • #108,455
  • Mar 6, 2012 12:42am Mar 6, 2012 12:42am
Hi Guys,

Good news for Oanda users (Europe division only)
They will add CFDs to their instruments offer.

FTSE
DAX
S&P500
DOW JONES
NASDAQ
HONG KONG INDEX
NIKKEI
BRENT CRUDE OIL
CORN
WHEAT


http://fxtrade.oanda.com/community/f...;f=16;t=013109
  • #108,456
  • Mar 6, 2012 12:49am Mar 6, 2012 12:49am
Quoting Greenhaze
Hi Guys,

Good news for Oanda users (Europe division only)
They will add CFDs to their instruments offer.

FTSE
DAX
S&P500
DOW JONES
NASDAQ
HONG KONG INDEX
NIKKEI
BRENT CRUDE OIL
CORN
WHEAT


http://fxtrade.oanda.com/community/f...;f=16;t=013109
omg that is awesome i did not know this, im with Oanda Europe, looking forward to that no end, cheers dude for the info
  • #108,457
  • Mar 6, 2012 1:20am Mar 6, 2012 1:20am
Quoting Pumlitch
The story continues. After the daily closed above, I entered on H4 retest of 1.9000 (a few pips above the pin - see arrow). Now at BE + something. Trade is currently +200pips. Will se what will happen.
Great week to all.

Attachment
Morning everybody
The trade closed with +415 pips. Gooood.

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Follow my trading on Twitter and FB: @pumlitch
  • #108,458
  • Mar 6, 2012 1:29am Mar 6, 2012 1:29am
Quoting Fxnumen
Hey all,

Breakout trade I took yesterday based on Mike's preemptive break...have locked in a lil profit.

Thanks Mike.

Ralph
would you please attach a link for the page in which i may find more details about Mike's preemptive break ...?????
  • #108,459
  • Edited 3:47am Mar 6, 2012 3:36am | Edited 3:47am
Quoting samurai77
Dear Jim, Mike and others,

I have just registered on forexfac to thank you all.

I am new to forex (about 4 months in it, demo and lost on a mini-account). I postponed real trading and now doing research all over again. Price action caught my attention and I think it's the way to go for this business. And I am really glad I found this thread.

I am reading the summary of the thread and starting to read from page one. Really think that I am looking at GOLD.

Thank you all and hope to learn a lot from you.

John
From one newbie to another, I will tell you that if you are looking to win at trading, you officially hit the jackpot. This method is no holy grail, but from what I've seen, it's as close as you can get. The money/risk management skills I learned here alone are worth it, much less the methods themselves. It does require discipline, effort, and more discipline, (did I mention that it requires a bit of discipline?) but I think we can all agree that it is worth it to be able to consistently succeed in our trading endeavors. So, welcome, John. I hope you find what you are looking for. I wish you the best!

~Jeremy

P.S. Just scrolled out on the 4h chart and noticed a H&S pattern on GBP/USD and a weekly pinbar as the head. I jumped in at the right shoulder on a 4h pinbar, currently 50 pips up, 1/2 position taken in profit, rest at B/E. Also, unless there is major pullback, we may see a BEOB on daily today. If so, the downtrend may be ready to kick back into gear after a 2-month retrace. Sure hope so. Bearish signals all over the place, it would make sense.

What's the general consensus to adding to a position after opening the trade?
Currency is a joke. And that's precisely why I trade it.
  • #108,460
  • Mar 6, 2012 3:44am Mar 6, 2012 3:44am
Quoting zamfir
James , i m on the other side. I see a pin @ 130. If you look left this acted a previous resistance.

Also there is a PPZ @ 130.735
Yay it worked!!..

Good work Zamfir..
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