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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

  • #111,561
  • May 9, 2012 9:43pm May 9, 2012 9:43pm
Hi all - thoughts on this one would be much appreciated

Swing high BEOB at BRN, PPZ, 50-61Fibs.

I suppose the fact it didn't close below 1.28 is keeping me out, as its acting now as resistance. Anyway, opinions on this would be good. Thanks

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  • #111,562
  • May 9, 2012 9:57pm May 9, 2012 9:57pm
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I did not, I was watching the former breakout area(and where price gapped) for a pullback.
niiiice!..did you take the gap trade or entry long after the gap was filled?

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I am long usd/cad so hopefully they pull each other.
cool, forgot about this as was talking to Landfar on Skype about this live yesterday and it's worked out, niiiice!..didn't know those 2 follow each other, cheers..

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This is just like the eur/usd inverted so that was what I discussed in the last webinar if you have enough bandwidth
yeah very funny Mike can you lend me some please?
  • #111,563
  • May 10, 2012 12:38am May 10, 2012 12:38am
Bullish PA on EUR/GBP H4 and many high impact news expected today (cash rate).
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  • #111,564
  • May 10, 2012 2:15am May 10, 2012 2:15am
Quoting 5.25
Breakout and retest...

1st target met, profits off the table, REALISTIC target up ahead...
Trade update: Final target met, to the pip. Trade closed.

127.831 is proving to be a good level to watch, especially if price breaks through and closes below or we see a swing failure.
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  • #111,565
  • May 10, 2012 2:23am May 10, 2012 2:23am
Quoting 5.25
Trade update: Final target met, to the pip. Trade closed.

127.831 is proving to be a good level to watch, especially if price breaks through and closes below or we see a swing failure.
Nice trade.

You've set a pending sell at LCS and entered as price was moving up?
Thoughts are things
  • #111,566
  • May 10, 2012 2:28am May 10, 2012 2:28am
Quoting Quezoy
Nice trade.

You've set a pending sell at LCS and entered as price was moving up?
Correct As soon as price left that tight area of consolidation breaking 130.565.

1st target was the HCR annotated, the 2nd the next definitive LCS (Lining up with the pink area).

I was tempted to add to my position once price broke below the 1st target, but I never got round to it.

Got to go to the day job, hope this helps...
  • #111,567
  • May 10, 2012 2:29am May 10, 2012 2:29am
Quoting slickmik
Hi all - thoughts on this one would be much appreciated

Swing high BEOB at BRN, PPZ, 50-61Fibs.

I suppose the fact it didn't close below 1.28 is keeping me out, as its acting now as resistance. Anyway, opinions on this would be good. Thanks

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hey Slick,

Notice that your BEOB, although a true one by definition is far from a strong looking one. The best outside bars and pin bars will be the BIG bars that jump out at you. The reason why they work better is because they contain a lot more information with regards to market sentiment shifting heavily to one side which is what we're looking for. This one clearly just a meager down bar that "appears to be a BEOB". And if you don't know what I mean look at your beob (marked with a thumbs down) and compare it wit say the pin bar (marked with the thumbs up) to better understand what a big bar looks versus a small bar.

Also notice that you're trading directly into a very responsive round number PPZ i.e 1.28, and that is something you need to be very cautious with. Round numbers are often driving forces in the markets and attract all kinds of traders including price action traders like us and options traders who center their orders at these round numbers. You can see how often price hit the 1.28 in the past and bounced.

When starting out we always recommend to do so by being really really picky with your trades and take only the ones that come with enough confluence, bars look great and the trade has space to move into allowing for a stress free trade management.

hope this helps.

g.
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I believe . . .
  • #111,568
  • May 10, 2012 2:30am May 10, 2012 2:30am
Quoting 5.25
Correct As soon as price left that tight area of consolidation breaking 130.565.

1st target was the HCR annotated, the 2nd the next definitive LCS (Lining up with the pink area).

I was tempted to add to my position once price broke below the 1st target, but I never got round to it.

Got to go to the day job, hope this helps...
But what exactly is here the PA confirmation?
If you take the short trade as price is moving up you bassicaly go for a pure level retest trade?

If you could explain that to me. No rush, go work
Thoughts are things
  • #111,569
  • May 10, 2012 3:06am May 10, 2012 3:06am
Quoting ghous
hey Slick,

Notice that your BEOB, although a true one by definition is far from a strong looking one. The best outside bars and pin bars will be the BIG bars that jump out at you. The reason why they work better is because they contain a lot more information with regards to market sentiment shifting heavily to one side which is what we're looking for. This one clearly just a meager down bar that "appears to be a BEOB". And if you don't know what I mean look at your beob (marked with a thumbs down) and compare it wit say the pin bar (marked...
Thanks Ghous. Definitely understand your comments re the strength of the bar being fairly weak - would you compare to recent bars to determine the "strength" of the PA?

As more or less a newb in this, finding that the hardest part is determining the quality of the set up/PA, rather than finding one.

If you don't mind, can I pick your brains on this one then? Fairly similar but yet to close though (for tmr). This time price has pierced the BRN/PPZ level and bar is somewhat stronger when compared to prior bars. Its also bouncing off a Fib with divergence. However it is counter-trend and trading back into traffic (FTA is not that far away).

Obviously not A+, but keen to know how you would assess this one?

Cheers.

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  • #111,570
  • May 10, 2012 3:10am May 10, 2012 3:10am
Quoting Ramjet
Hey Mike..

Wondering if you took this trade and if not could you clarify what is wrong with this trade also would this target area be correct?

Cheers,
Adrian
I was in this one for awhile . Entered on retrace to the PPZ . Dumped it a couple of days later . Didn't feel it has power EURCAD and EURUSD weren't breaking so my doubts it was a false break started to raise .
Anyway ... could end as a good setup in the end
  • #111,571
  • May 10, 2012 3:51am May 10, 2012 3:51am
Quoting meshka
looks like should be nice trade. target 1.6300. stp loss 1.6040.
So was not much power in it, isn't it? :-). Mike was quite right as always, at least it gave us a chance to set SL to BE.
If not up, then down, otherwise sideways :-)
  • #111,572
  • May 10, 2012 4:00am May 10, 2012 4:00am
Quoting ghous
My bad. It seemed to me as though you were trading patterns before they break out blindly. PA sure is a nice way to be sure.

I wasn't picking on you Beelbolbod, I probably misconstrued you, happens when you try to read through people's post late at then end of an exhausting eventful day.



With PA it could be totally different. But anticipating breakouts without confirmation of PA is suicidal (which I at first thought you were doing).

g.
Hey m8, no probs at all . There's a lot to read and i totally understand. Just didn't want anyone thinking i was throwing darts to trade or hoping blindly. Whilst there is always hope, it mustn't ever be the basis of trades.

Your message is spot on
  • #111,573
  • May 10, 2012 4:01am May 10, 2012 4:01am
I looked at this pin, did not take the trade though, never the less what are your thoughts on this pb, any advice welcome..
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  • #111,574
  • May 10, 2012 4:03am May 10, 2012 4:03am
Quoting beebolbod
Well todays EURCAD is a good one....
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First, I need to clear something up.

I watch my daily chart and spot an interesting area, where, for example, a breakout may happen.
So I decide, to go down to H1 to catch a better entry.

Is this what we are talking about here?

Cause when I look at your chart, it seems to me you went for a retest (and fail) of the 1.30 resistance. So price isnt breaking out of anything here.
A breakout would have been if you would anticipate a break of 1.30 and consequently a move up.

May be mixed up terms on my side.
Thoughts are things
  • #111,575
  • May 10, 2012 4:07am May 10, 2012 4:07am
Quoting FxEuphoria
I looked at this pin, did not take the trade though, never the less what are your thoughts on this pb, any advice welcome..
mike's perspective

I did not take it either.
Thoughts are things
  • #111,576
  • May 10, 2012 4:13am May 10, 2012 4:13am
Quoting Quezoy
mike's perspective

I did not take it either.
Thanks for the link to that post..
  • #111,577
  • May 10, 2012 4:37am May 10, 2012 4:37am
Quoting slickmik
Hi all - thoughts on this one would be much appreciated

Swing high BEOB at BRN, PPZ, 50-61Fibs.

I suppose the fact it didn't close below 1.28 is keeping me out, as its acting now as resistance. Anyway, opinions on this would be good. Thanks

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Hi Slickmilk,

I am watching this one also.

IMHO a lot of resistance/confluence above the BEOB. Swing High, Strong PPZ, both 150 & 365 EMA's, RN and 61.8% fib retracement. I am hopeful that this will hold and send price down.

I would play a retracement of the BEOB to 1.2850 with my stop at 1.2885. This gives you a very tight stop of only 35 pips.

As I am not looking at my charts right now, i can't be specific with target areas. Will post a chart later with specific targets.

Will be a great learning trade so keep watching to see how it developes.

bud_fox
  • #111,578
  • May 10, 2012 4:48am May 10, 2012 4:48am
Quoting slickmik
Hi all - thoughts on this one would be much appreciated

Swing high BEOB at BRN, PPZ, 50-61Fibs.

I suppose the fact it didn't close below 1.28 is keeping me out, as its acting now as resistance. Anyway, opinions on this would be good. Thanks

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I am long on his trade.
Took it after the 2 day pinbar. SL below 1.28 area.
Price got rejected at 1.28 RN 50fib confluence area. Nice space to the upside.
Thoughts are things
  • #111,579
  • May 10, 2012 4:49am May 10, 2012 4:49am
AUDNZD looks good for PA at 12900. Confluence of BRN, TL, 365ema,50 back & PPZ. Maybe the FTA is too close?? (12850ish). Any thoughts appreciated.
http://www.forexfactory.com/attachme...1&d=1336643176
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  • #111,580
  • May 10, 2012 5:03am May 10, 2012 5:03am
Quoting human2
AUDNZD looks good for PA at 12900. Confluence of BRN, TL, 365ema,50 back & PPZ. Maybe the FTA is too close?? (12850ish). Any thoughts appreciated.
http://www.forexfactory.com/attachme...1&d=1336643176
You should draw the fib from the top pf the wick, of the pinbar.
Thoughts are things
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