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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

  • #110,801
  • Apr 26, 2012 4:23pm Apr 26, 2012 4:23pm
Quoting riandouma
Hey guys. I'm not exactly see any good setups, but the only one I'm looking at is NZDCAD and was just want some comments. Looking to buy around the 80 mark, if my bar closes above the previous bar. Good confluence with the upwards trendline and a fib. Oh,the round number too.
yep together they're a 2 day pin. strong. i'm keen.
  • #110,802
  • Apr 26, 2012 4:24pm Apr 26, 2012 4:24pm
Quoting meshka
interesting moves on EURUSD and USDCHF just 3 min before Daily close both closed as small pins. USDCAD formed small bullish pin just at box bottom also. something gonna happen?
The UCAD thread is funny btw....
Them...
"it's going up"
"it's going down"
"it's going up"
"it's going down"
"it's going up"
"it's going down"
"it's going up"
"it's going down"

Me - "wait for PA to tell us?"
  • #110,803
  • Apr 26, 2012 4:30pm Apr 26, 2012 4:30pm
Quoting bullzeye
awesome bro

i`ve missed the "small brother of gold" , although the setup was even better

like it

Attachment
heheh, i did silverEuro too . Same pair basically with different numbers at the side.
  • #110,804
  • Apr 26, 2012 4:30pm Apr 26, 2012 4:30pm
USD/CHF still inside of wedge, but not much room for moves anymore.
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Thoughts are things
  • #110,805
  • Apr 26, 2012 4:32pm Apr 26, 2012 4:32pm
Quoting meshka
interesting moves on EURUSD and USDCHF just 3 min before Daily close both closed as small pins. USDCAD formed small bullish pin just at box bottom also. something gonna happen?
im gonna try to find a PA entry on pullback of the level broken.

this is a 5m chart of USDCAD.

pin is small but i think i can take out 30-40 pips from the very next move.

lets try with small risk.
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  • #110,806
  • Apr 26, 2012 4:33pm Apr 26, 2012 4:33pm
Quoting Quezoy
Weekly level, divergence and morning star pattern

1st TP at 1.30-ish.
With you on this m8. 3 day pin if you look daily. I took from lower TF. My TG on the chart is too ambitious tbh, i'll amend it tomorrow... need sleep.
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  • #110,807
  • Apr 26, 2012 4:50pm Apr 26, 2012 4:50pm
I have a current trade open on NZDUSD which is not looking too good ATM. Can any of you guys try to make sense of it and let me know of your opinions of where it might be headed?

Thank you very much in advance
  • #110,808
  • Apr 26, 2012 5:19pm Apr 26, 2012 5:19pm
Quoting DBallerz
I have a current trade open on NZDUSD which is not looking too good ATM. Can any of you guys try to make sense of it and let me know of your opinions of where it might be headed?

Thank you very much in advance
Hey DB

I don't see a chart from you but maybe mine helps clear it up. Like so many pairs out there the market is in huge consolidation mode and most peoples accounts go chop chop in this.

Here is what I am watching, and I won't be trading in the "middle" of this for that reason

Best
Mike
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  • #110,809
  • Apr 26, 2012 5:20pm Apr 26, 2012 5:20pm
Quoting DBallerz
I have a current trade open on NZDUSD which is not looking too good ATM. Can any of you guys try to make sense of it and let me know of your opinions of where it might be headed?

Thank you very much in advance
A bit more info would be helpful? Are you long or short and what time frame?

Personally NZDUSD is going nowhere as it's well consolidated and has been for some time.
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  • #110,810
  • Apr 26, 2012 5:23pm Apr 26, 2012 5:23pm
Quoting willf
A bit more info would be helpful? Are you long or short and what time frame?

Personally NZDUSD is going nowhere as it's well consolidated and has been for some time.
Thank you for the quick responses. I'm currently long on the 1hr chart frame. Hopefully it stays in the consolidation. I got caught keeping my trade. Lesson learned.
  • #110,811
  • Apr 26, 2012 5:30pm Apr 26, 2012 5:30pm
Quoting DBallerz
Thank you for the quick responses. I'm currently long on the 1hr chart frame. Hopefully it stays in the consolidation. I got caught keeping my trade. Lesson learned.
Let me guess? You took one of these pin bars?

Take some advice and cut your losses. Just my 2 cents
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  • #110,812
  • Apr 26, 2012 5:31pm Apr 26, 2012 5:31pm
Quoting willf
Let me guess? You took one of these pin bars?

Take some advice and cut your losses. Just my 2 cents
Yup took the first one you marked
  • #110,813
  • Apr 26, 2012 6:05pm Apr 26, 2012 6:05pm
Quoting DBallerz
Yup took the first one you marked
hey DB

Two important things to address outside holding it past your stop loss(which I know you know based above)

Firstly 1hr timeframe. Have you completed the j16 minimum requirements. Of course this is never to pick on you or anyone but I get VERY nervous seeing you guys on these lower timeframes. Also notice how this pin is at a deep swing high(trading right back into the last selling point). Remember we want these down at swing low points when learning it's very important to build a good foundation which can be expanded as your trading skills increase and chart reading skills increase with that.

I am with willf, we always want to have our stops in place and we don't want to move them. They are there to say when is this trading idea I had no longer valid and of course very important MM purposes.

We have all been there and done that though trust me

Mike
  • #110,814
  • Apr 26, 2012 6:11pm Apr 26, 2012 6:11pm
LOL I like that in joelcf profile

Favorite Trading Book James 16:1 - on the third day, a pin bar formed at the PPZ

all is eternal - this is good news for people who loves bad news
  • #110,815
  • Apr 26, 2012 7:00pm Apr 26, 2012 7:00pm
Quoting bullzeye
well i am here to learn, and the best and quickest way is to learn from my mistakes :

took this one because i was playing the outbreak and the beautiful "cup and handle" pattern, but without confirmation ...after my entry the pair formed something like a pinbar and reversed . Will i get punished for being inpatient? (mhhh, of course i will, but how would you handle that from now?)

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Just a thought. PA and the chart are giving you a chance to get out if you don't like how the trade is going. The market won't necessarily punish you for being impatient...but she certainly will if you try to impose your will on the market.
  • #110,816
  • Apr 26, 2012 7:50pm Apr 26, 2012 7:50pm
AUDNZD approaching potential strong resistance:

  1. Proven PPZ
  2. Daily, weekly LCS
  3. Daily HCR
  4. RN 1.2800
  5. 50% ret level

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  • #110,817
  • Apr 26, 2012 8:11pm Apr 26, 2012 8:11pm
Quoting bullzeye
well i am here to learn, and the best and quickest way is to learn from my mistakes :

took this one because i was playing the outbreak and the beautiful "cup and handle" pattern, but without confirmation ...after my entry the pair formed something like a pinbar and reversed . Will i get punished for being inpatient? (mhhh, of course i will, but how would you handle that from now?)

Attachment
Wanted to add a couple of charts on how I see this pair. When I looked at your chart I saw a sell area rather than a buy area. I believe the rectangle you've marked would be called a supply zone by phanti and ifmyante.

I put my thoughts on a chart and added a second zoomed out to show how strong the ppz surrounding 1.2700. The current up move is sharp and there is definitely reason to believe price could continue higher, but to borrow Mike's term - there's not enough story for me there yet to go long. Plus we cant forget that buying highs and selling lows is tricky business - at least for me - and requires quick profit taking or stop-movement.

On this pairI would personally like to see either:
1) a convincing close above the 1.5700 area to consider a long, or
2) a pull back to 1.5500 (which looks probable right now to me based on Pin bar, confluence) and bullish PA for a long entry.
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  • #110,818
  • Apr 26, 2012 8:43pm Apr 26, 2012 8:43pm
Quoting Donkey
AUDNZD approaching potential strong resistance:

  1. Proven PPZ
  2. Daily, weekly LCS
  3. Daily HCR
  4. RN 1.2800
  5. 50% ret level

Very nice area..well spotted

Hope we could get a BEOB with a close below the first fta uve marked around the 1.2720 - 1.2690

Os.
Trade Smart
  • #110,819
  • Apr 26, 2012 9:22pm Apr 26, 2012 9:22pm
E/A - entered short at 1.3736, target around 1.2600. Anybody else in? Not an a+ setup but any means, but still...
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  • #110,820
  • Apr 26, 2012 9:50pm Apr 26, 2012 9:50pm
Quoting Gekko78
So far it looks like things are going back towards my original opinion

Well all my trades worked out in the end so everything is good.
"Greed is good,greed is right,greed works"
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