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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

  • #110,201
  • Apr 12, 2012 9:07pm Apr 12, 2012 9:07pm
Quoting gonuts
Duckie, Thanks for getting back to me. I think I will join later today as well. Good hunting!
Hey gonuts

No problem, glad that a fellow recruit is joining as well. Just a tip, not sure if it will be useful, but before i joined, as i mentioned i went through the posts here, and wrote down questions i dont understand. I highlighted notes, rules, and in particular, questions. (I'm not afriad to say i am a little boy student again)

In the process, i was able to identify why weaknesses (fibs and small lines, FTA, etc, drawing PPZ(i must say thanks to Pinbar for his posts on this). You will realise as you go along, the answers will appear one by one when you look back at your notes. Having write down questions, helps the learning process because you know what your objectives are

Duckie
  • #110,202
  • Apr 12, 2012 9:34pm Apr 12, 2012 9:34pm
Thoughts ?
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  • #110,203
  • Apr 12, 2012 10:41pm Apr 12, 2012 10:41pm
Quoting cprao
Thoughts ?
Hey C,

In my opinion your best bet in playing these breakout trades is to trade into empty spaces. In fact breakouts trades best realize their potentials when there is ample to space for momentum to propel price into with little trouble.

Now while your trend line does seem to appear as broken, notice that you're still not out of the larger consolidation wedge and that price at the moment is holding right at this more longer term support trend line.

Because price is consolidating we know that all these areas are very important because price is weak enough to give you a tough bounce specially when the trouble area is as strong as this support trend line.

Like I said not an entirely invalid trade but one that needs to be very carefully watched for signs of potential reversal.

g.
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I believe . . .
  • #110,204
  • Apr 12, 2012 11:06pm Apr 12, 2012 11:06pm
hi..
thanks evreyone over here for the great information on price action.
am new to pa.
i have a doubt regarding what time to use ..i.e gmt close or newyork close for a daily close..
i know that newyork close is regarded as close of currency market...

so i think the pa based on daily chart having 5pm newyork time as the close of candle is correct to follow..am i right?

if so then the same is implied for 4 hour candles..that is 4 hr candles with start times as 5pm, 9 pm,...are to be followed..right?...

please clarify me..
thankyou
  • #110,205
  • Apr 13, 2012 12:40am Apr 13, 2012 12:40am
Quoting ghous
Just to add on to what majestic said,

Trading for us is all about confluence. We can look at fibs, MAs, divergence, even PA bars in isolation and wonder all day long why they didn't work.

The trick lies in combining these factors together to leverage their value.

What's that story where this guy breaks a small stick easily, does it with a bit more effort with two together, is panting and puffing with three and almost can't break four of them together.

g.
i like to share this h4 beob on aj. this is confluence...
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meine augen sind die sterne
  • #110,206
  • Apr 13, 2012 1:22am Apr 13, 2012 1:22am
Quoting aserbfx
i like to share this h4 beob on aj. this is confluence...
I'm with you
If not up, then down, otherwise sideways :-)
  • #110,207
  • Apr 13, 2012 1:32am Apr 13, 2012 1:32am
see how this goes.... first time out of this box in a while.
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  • #110,208
  • Apr 13, 2012 2:08am Apr 13, 2012 2:08am
Quoting ghous
Hey C,

In my opinion your best bet in playing these breakout trades is to trade into empty spaces. In fact breakouts trades best realize their potentials when there is ample to space for momentum to propel price into with little trouble.

Now while your trend line does seem to appear as broken, notice that you're still not out of the larger consolidation wedge and that price at the moment is holding right at this more longer term support trend line.

Because price is consolidating we know that all these areas are very important because price is...
hi GHous.


can u tell some thing on trouble area,s and the strategy of break-out u currently using for ur trades.
  • #110,209
  • Apr 13, 2012 2:11am Apr 13, 2012 2:11am
Quoting Rust
Looking great so far , here is an update of my analysis . Hope you enjoy it :Attachment
Not the best feeling to see 1%+ of profit to disappear , but still better than a loss
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  • #110,210
  • Apr 13, 2012 3:01am Apr 13, 2012 3:01am
Quoting Rust
Not the best feeling to see 1%+ of profit to disappear , but still better than a loss
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Hey Rust,

Look at the AU chart and ask yourself how many times AU moved 200 pips without retracement. Dont want to sound like a smartass but taking atleast some profits at last highs would be good idea.

You might have a chance to reenter on the retest @ the true discount price later

Keep it up!
gh
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  • #110,211
  • Apr 13, 2012 3:11am Apr 13, 2012 3:11am
duckulapip, diogo, Magestic, ghous .... thanks guys

duckulapip, ghous - excellent response
  • #110,212
  • Apr 13, 2012 3:13am Apr 13, 2012 3:13am
Quoting Rust
Not the best feeling to see 1%+ of profit to disappear , but still better than a loss
Attachment
Sorry m8... i took a load of shit from my short setups yesterday and suffered. That zone was my last defence. Was able to add at correct levels and close out the scary positions for BE+. I posted those entries in another thread as I was taking shit in here at the time.

Current situation...
Formed DBHLC (almost TBHLC) on 4H which closed below RN too. With trend. Rejection of PPZ. Next major supp at 1.035x ish which converges on DTL. Bounce here and sideways? Continuation of trend? Back up to try and kill me again? Nobody knows. just react to the charts. i'll be long if it does tho
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  • #110,213
  • Apr 13, 2012 3:23am Apr 13, 2012 3:23am
Quoting beebolbod
see how this goes.... first time out of this box in a while.
Attachment
thanks for the chart buddy i watch this as well, maybe it will test the upper area of the box to go higher
  • #110,214
  • Apr 13, 2012 3:29am Apr 13, 2012 3:29am
Quoting bullzeye
thanks for the chart buddy i watch this as well, maybe it will test the upper area of the box to go higher
cool. Lets keep it under close scrutiny and take what is rightfully ours!
  • #110,215
  • Apr 13, 2012 3:54am Apr 13, 2012 3:54am
Quoting Greenhaze
Hey Rust,

Look at the AU chart and ask yourself how many times AU moved 200 pips without retracement. Dont want to sound like a smartass but taking atleast some profits at last highs would be good idea.

You might have a chance to reenter on the retest @ the true discount price later

Keep it up!
gh
Hey Greenhaze ,
final result is pointing everything you are right It's just the stage i am at and where i find my comfort zone . You bet i checked pair's rallies ! There are great ones over 200pips and above without retracement , so it wouldn't be that extraordinary
Anyway, I am on the never ending way of improvement

As for reentering - it's not my thing , especially after such a large move. I like playing the initial bursts as if i can formulate it this way

Thanks for the input , appreciated !
  • #110,216
  • Apr 13, 2012 4:03am Apr 13, 2012 4:03am
There were 52 BUOB/BEOB bars in CORN since middle of 2009.
Only 5 of them were clear loosers.

Corn is a centralised market (CBOT FUTURES) and daily bars doesn't change from broker to broker.


Damn FF is always scaling down my screenshots and converts them to jpeg bleeehh
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  • #110,217
  • Apr 13, 2012 4:04am Apr 13, 2012 4:04am
Quoting beebolbod
Sorry m8... i took a load of shit from my short setups yesterday and suffered. That zone was my last defence. Was able to add at correct levels and close out the scary positions for BE+. I posted those entries in another thread as I was taking shit in here at the time.

Current situation...
Formed DBHLC (almost TBHLC) on 4H which closed below RN too. With trend. Rejection of PPZ. Next major supp at 1.035x ish which converges on DTL. Bounce here and sideways? Continuation of trend? Back up to try and kill me again? Nobody knows. just react to the...
Hi Bee ,
So it was you who turned this down with that sells
We do like to take opposite trades with you , don't we buddy hahaha
  • #110,218
  • Apr 13, 2012 4:17am Apr 13, 2012 4:17am
Quoting beebolbod
Sorry m8... i took a load of shit from my short setups yesterday and suffered. That zone was my last defence. Was able to add at correct levels and close out the scary positions for BE+. I posted those entries in another thread as I was taking shit in here at the time.

Current situation...
Formed DBHLC (almost TBHLC) on 4H which closed below RN too. With trend. Rejection of PPZ. Next major supp at 1.035x ish which converges on DTL. Bounce here and sideways? Continuation of trend? Back up to try and kill me again? Nobody knows. just react to the...


hi Beebolbod.

i see on your chart it shows the remaining time of the Bar close. im using ironfx MT4. how can i do this with my chart?
  • #110,219
  • Apr 13, 2012 4:43am Apr 13, 2012 4:43am
Quoting aslam
hi Beebolbod.

i see on your chart it shows the remaining time of the Bar close. im using ironfx MT4. how can i do this with my chart?
here you go
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  • #110,220
  • Edited 5:16am Apr 13, 2012 4:55am | Edited 5:16am
Quoting haircut
Had the 143.2 LCS level marked on my charts but didnt want to buy off this level after such a strong bearish bar.

The price has now crashed through the 143.2 level and I will be looking to see if this can now act as resistance if a retrace occurs

Very understandable about the Big bar coming down . .just ask Mike about Big Bars ... But you would be surprised (or maybe you wouldn't) how these levels can stop these big bars in there tracks and reverse.

It did act as Resistance, although it was short lived. What does that tell you about the strength of the potential up move? Meaning if a strong Resistance levels doesn't hold ..good chance its going to flip back to Support as in this case . .but it didn't retrace. . .well, at least not yet . .


Sorry for the late reply,

Jim
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Indicators show the past. Price Action "Indicates" the future.
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