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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

  • #110,421
  • Apr 18, 2012 12:14am Apr 18, 2012 12:14am
Quoting AmareX
EU Breakout from a triangle?
On the 4H there is 4 candles failed to make higher highs and the current candle is below last 7 candles close. Is there a name for this pattern?
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  • #110,422
  • Apr 18, 2012 12:39am Apr 18, 2012 12:39am
Quoting mbqb11
heavily confluenced area for both potential shorts and longs. BRN is the back bone of this right now

Will be watching this area closely
I hope you dont mind me posting this here Mike - it's not J16 teachings but it's something i look out for and with this PA pattern showing gives me a preference for where i think it could be going. If it plays out how i've drawn my lines then....great. i prefer down as there's more space on daily. Of course it could go up and all my speculation is rubbish... lets see.
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i'm only posting it here as it's something i was charting and looking at when doing my morning analysis and then did my daily catch up on the thread and saw your post.
  • #110,423
  • Apr 18, 2012 12:40am Apr 18, 2012 12:40am
Hi, I´m new to this but I´m reading the whole thread from its very begining while backtesting and I´m still learning. I took this short on nzd/jpy today. Well, i saw pin bar on swing high, i know it´s not the gratest pin bar (close and open should be a little more down but they are still within the range of the first eye) and there´s round number of 67,00 and trendline. Any thoughts or comments? Is my analysis correct? Thanks in advance for your responses.
Mav
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  • #110,424
  • Apr 18, 2012 12:45am Apr 18, 2012 12:45am
Quoting Mav13
Hi, I´m new to this but I´m reading the whole thread from its very begining while backtesting and I´m still learning. I took this short on nzd/jpy today. Well, i saw pin bar on swing high, i know it´s not the gratest pin bar (close and open should be a little more down but they are still within the range of the first eye) and there´s round number of 67,00 and trendline. Any thoughts or comments? Is my analysis correct? Thanks in advance for your responses.
Mav
do you use renko bars ?!
Hero calls followed by margin calls...
  • #110,425
  • Apr 18, 2012 1:11am Apr 18, 2012 1:11am
Quoting PhAnTi'
do you use renko bars ?!
Those are synergy bars, used, for example, in X-man's super simple system.
They are similar to heiken ashi, they average out the price.

But IMO they are not suitable for PA based trading as they camouflage how price is really moving.
Thoughts are things
  • #110,426
  • Apr 18, 2012 1:20am Apr 18, 2012 1:20am
Dear Jaroo & Greenhaze,

May I ask you a very naive question about the price movement of EURJPY?
I was following this pair few weeks ago. I left it aside when I saw it approaching the BRN 106.
Then I felt on your analysis - which are very elegant, by the way, as are all the ones I could find on this thread! (so much to learn, but this is another story )

There is a minor point I do not understand on EURJPY movement.
I would have been expecting the pair to be somehow trapped around 106, making the pair quite "untradable".
Though, it happen to follow the movement you both expected (posts 110388 and 110402).

Does it mean price action signals are "stronger" than round numbers? or that even "random" price moves that trap the price nearby a RN/BRN are finally not that random but obey PA?

Another silly question: I see everybody drawing filled boxes on their charts. Is there a way to do it with MT4?

thanks for your great help, all of you!
it's tough for me to follow this thread. Each new post opens so many questions - and gives so many answers!
thanks again for everything
Slow & steady
  • #110,427
  • Apr 18, 2012 1:34am Apr 18, 2012 1:34am
UC broke through the 1 and the 0.99 levels and now testing 0.99. broke the short term trend low but not the long term. Slight bearish divergence on the H4 though. Waching closely for some PA.

Best
-H
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  • #110,428
  • Apr 18, 2012 1:45am Apr 18, 2012 1:45am
Quoting PhAnTi'
do you use renko bars ?!
It´s like Quezoy wrote, those are synergy bars
  • #110,429
  • Apr 18, 2012 2:19am Apr 18, 2012 2:19am
Quoting patapouer
Another silly question: I see everybody drawing filled boxes on their charts. Is there a way to do it with MT4?
Use the rectangle tool and under properties check "draw objects as background", then the rectangle gets filled.
Thoughts are things
  • #110,430
  • Apr 18, 2012 2:37am Apr 18, 2012 2:37am
Quoting goldfish3
UC broke through the 1 and the 0.99 levels and now testing 0.99. broke the short term trend low but not the long term. Slight bearish divergence on the H4 though. Waching closely for some PA.

Best
-H
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this big box remains intact along with the big picture RTL... back up to parity i reckon. Just a view though as it's something i'm v interested in having played this pair long recently (banked just above 1.0x )
  • #110,431
  • Apr 18, 2012 3:08am Apr 18, 2012 3:08am
Quoting beebolbod
Attachment
this big box remains intact along with the big picture RTL... back up to parity i reckon. Just a view though as it's something i'm v interested in having played this pair long recently (banked just above 1.0x )
Hi Bee,

H1 BUOB closing above the 9900. H4 BUOB is forming as well. I have stayed out of the big trades like EU and UC because I dont think im experienced enough to be trading in so much volatility. I know no one here pays much attention to fundamentals but do you think that the upcoming monetary policy report on CAD would have a major impact on this pair? I ask because you mentioned earlier that you use a mix of methods and not only J16.

-H
  • #110,432
  • Apr 18, 2012 3:28am Apr 18, 2012 3:28am
Quoting goldfish3
Hi Bee,

H1 BUOB closing above the 9900. H4 BUOB is forming as well. I have stayed out of the big trades like EU and UC because I dont think im experienced enough to be trading in so much volatility. I know no one here pays much attention to fundamentals but do you think that the upcoming monetary policy report on CAD would have a major impact on this pair? I ask because you mentioned earlier that you use a mix of methods and not only J16.

-H
Well, what can i say, the news is an arsehole. I hate it. But it does drive stuff around and it's all mixed together. Personally i pay attention to imminent releases in relation to lower TF trades i might take and ALWAYS listen to Eurozone stuff although that can throw a few curveballs around too.

How do i use it? Well i tighten stops and consider relevance to trades which are not well established. A trade i have earmarked for 20-50 pips will get ruined by negative news so i'm mindful of it for that reason only. i do not trade news at all.

think of it this way, it's an added confluence tool. If there's no news nearby you can be sure no random shiz is going to screw a trade which would otherwise be ok.

In terms of UC news today? Well if anyone has a trade there then just be ready, that's all i'd do.
Hope that helps - i'm still a noob so take all my stuff lightly
  • #110,433
  • Apr 18, 2012 4:04am Apr 18, 2012 4:04am
Senior members ( Mike , jarroo , Ghous ) , Help me out with this thing I am having trouble with ...

Look at these charts , How do you deal with the situations like these where a Pin bar is formed , as in the case with EUR JPY Daily , Or a outside bar is formed , like in EURNZD H4 and NZDUSD Daily , and in the process of forming , they break through some strong PPZ's ... Would you tend to keep your stop behind these PPZ'z now or still you would keep your stops behind the swing's until the FTA is reached ??????? I had a couple losses recently due to this thing . I tried to make my stops tight by keeping my stops behind the broken PPZ's , but then price took my stops out and then continue in the supposed direction !!!! What to do ???
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Human
  • #110,434
  • Apr 18, 2012 4:19am Apr 18, 2012 4:19am
Quoting Chanya
Senior members ( Mike , jarroo , Ghous ) , Help me out with this thing I am having trouble with ...

Look at these charts , How do you deal with the situations like these where a Pin bar is formed , as in the case with EUR JPY Daily , Or a outside bar is formed , like in EURNZD H4 and NZDUSD Daily , and in the process of forming , they break through some strong PPZ's ... Would you tend to keep your stop behind these PPZ'z now or still you would keep your stops behind the swing's until the FTA is reached ??????? I had a couple losses recently...
Hi,

I am no senior member, but..

''I had a couple losses recently due to this thing . I tried to make my stops tight by keeping my stops behind the broken PPZ's , but then price took my stops out and then continue in the supposed direction !!!!''

I think this is self-explanatory. Obviously your setups are good, but due to poor stop loss placement you get stopped out. You should definitely find a way to avoid this; i.e. by widening your stop (as long as this does not screw up your long term expectancy.

Regards,
Dave.
  • #110,435
  • Apr 18, 2012 4:27am Apr 18, 2012 4:27am
Quoting trader_dscha
Hi,

I am no senior member, but..

''I had a couple losses recently due to this thing . I tried to make my stops tight by keeping my stops behind the broken PPZ's , but then price took my stops out and then continue in the supposed direction !!!!''

I think this is self-explanatory. Obviously your setups are good, but due to poor stop loss placement you get stopped out. You should definitely find a way to avoid this; i.e. by widening your stop (as long as this does not screw up your long term expectancy.

Regards,
Dave.
This is not self explanatory brother . I am giving a reason for me placing my stops there . See in all of these given charts , price would'nt not have taken the stops out .
Human
  • #110,436
  • Apr 18, 2012 4:34am Apr 18, 2012 4:34am
Quoting Chanya
This is not self explanatory brother . I am giving a reason for me placing my stops there . See in all of these given charts , price would'nt not have taken the stops out .
Sure, but you have two possibilities. 1) Tight stop: Higher R:R, but more frequent stops (although you're right) and 2) Wider stop: Lower R:R, but you get stopped less often.

You should choose the strategy, which gives you a higher expectancy (Expectancy = (Probability of Win * Average Win) – (Probability of Loss * Average Loss) )

Dave.
  • #110,437
  • Apr 18, 2012 5:02am Apr 18, 2012 5:02am
NJ is forming a PB on the daily at the 66.912 former LCS. There's a small PB on H4 as well off the 150EMA and the same LCS level. Since this and UC are highly inversely correlated. A Bearish PB here could add more confluence to the UC going back up to test parity area.

-h
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  • #110,438
  • Apr 18, 2012 5:05am Apr 18, 2012 5:05am
Audchf - I think this is an interesting moment...How will the Forex Gods play this?
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  • #110,439
  • Apr 18, 2012 5:29am Apr 18, 2012 5:29am
Quoting rafstraszek
How will the Forex Gods play this?

DUUDE , Seriously ????
Human
  • #110,440
  • Apr 18, 2012 5:32am Apr 18, 2012 5:32am
Quoting Chanya
DUUDE , Seriously ????
what's wrong with that? Looks like a very good question to me.
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