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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

  • #111,741
  • May 14, 2012 12:58pm May 14, 2012 12:58pm
Quoting Ender2492
I just wanted to highlight the fact that Mike was consciously taking this trade for a specific purpose, which was because the conditions were hinting at a move out of consolidation. It is very important to always have and not lose sight of your purpose for taking a trade. If Mike would have lost sight of that, he surely would have been shaken out on Friday. I believe it is located on Seekinglight's signature, but it is something to the effect of, "Always give a trade a chance to play out."

There is also a flip side to this. Give your trades...
yep exactly Ender well said

It's a balance we have to find, but it's easier over time as you see these things happen over and over

Thanks
Mike
  • #111,742
  • May 14, 2012 1:38pm May 14, 2012 1:38pm
german heidelberg cement.
check the area of 35 euro. round number, fib, previous s/r.
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meine augen sind die sterne
  • #111,743
  • May 14, 2012 2:05pm May 14, 2012 2:05pm
EUR/JPY

took this one long, bullish pin on swing low (short nose mhhh?) TL and something like a demand zone on daily. SL below the pin

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  • #111,744
  • May 14, 2012 3:33pm May 14, 2012 3:33pm
102.49 good pivot but buy risky ,on h4
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,745
  • May 14, 2012 3:52pm May 14, 2012 3:52pm
Price attracted to my arrow ?


Quoting Bones
Im really looking at support going ,maybe gap under,daily nice pin low breached
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,746
  • May 14, 2012 3:52pm May 14, 2012 3:52pm
Mike, please be so kind to give some light to me on that one. The question is, can we consider this a losing momentum in price? The problem is that I cannot understand what is the right reasoning now: break of the wedge and go north further, or losing momentum in price and waiting for south PA. Thank you in advance. What is a higher probobility in your view and why?
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If not up, then down, otherwise sideways :-)
  • #111,747
  • May 14, 2012 4:13pm May 14, 2012 4:13pm
Quoting Magestic
Mike, please be so kind to give some light to me on that one. The question is, can we consider this a losing momentum in price? The problem is that I cannot understand what is the right reasoning now: break of the wedge and go north further, or losing momentum in price and waiting for south PA. Thank you in advance. What is a higher probobility in your view and why?
Hey Magestic

It could be although overall the structure is lacking pattern wise so I wouldn't be as excited about it.

To me I am most interested in the 1.3 area, can you see why. Also I see th e overall pattern as more of a channel and that would be more interesting to me. IN the short term h4 I don't like the structure it's a bit sloppy for my liking to want to pinpoint for an entry

Hope that helps a bit
Mike
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  • #111,748
  • May 14, 2012 4:52pm May 14, 2012 4:52pm
Hi Mike how are you ? ,whats your feeling on Eur ?

Regards

Tony
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,749
  • May 14, 2012 5:13pm May 14, 2012 5:13pm
Quoting Bones
Hi Mike how are you ? ,whats your feeling on Eur ?

Regards

Tony
Hey Tony

How are ya brotha

Looks like were headed for the swing low from Jan of this year. Makes sense to me. Question is if we get a retrace back to that "gap" area i'll be watching that area still

http://www.forexfactory.com/showthre...60#post5655960

But also watching closely the previous swing low as well if we get there too

Best
Mike
  • #111,750
  • May 14, 2012 6:19pm May 14, 2012 6:19pm
Im very well Mike enjoying trading very much ,I remember the post very much at the time I thought very good as usual ,enjoyed my time learning on PF and much respect for this thread
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,751
  • May 14, 2012 6:22pm May 14, 2012 6:22pm
also enjoy to see James e mails on his live trades ,really vey good ,dirt simple as he says haha
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,752
  • May 14, 2012 6:26pm May 14, 2012 6:26pm
Quoting Bones
Im very well Mike enjoying trading very much ,I remember the post very much at the time I thought very good as usual ,enjoyed my time learning on PF and much respect for this thread
awesome man good to see you hanging out
  • #111,753
  • May 14, 2012 6:52pm May 14, 2012 6:52pm
Im glad you believe in Gaps Mike ,lots of debate about that I see ,the thing is I am at my original target eu , im on my toes here ,but im looking at the monthly looks hugely bearish right now ,possible 3rd point is what I thought ,I think I saw you measure the consolidation for poss target which takes us lower ,anyhow im following on Daily ,I supect you would prefer up to 1.3 area for test ?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,754
  • May 14, 2012 8:47pm May 14, 2012 8:47pm
Quoting Bones
Im glad you believe in Gaps Mike ,lots of debate about that I see ,the thing is I am at my original target eu , im on my toes here ,but im looking at the monthly looks hugely bearish right now ,possible 3rd point is what I thought ,I think I saw you measure the consolidation for poss target which takes us lower ,anyhow im following on Daily ,I supect you would prefer up to 1.3 area for test ?
I am still watching if price does intend to close those gaps, the BRN and the gap area(on the wedge). Otherwise I will watch what price does if we drift lower to that swing low which I think the market wants to retest

Best
Mike
  • #111,755
  • May 14, 2012 8:57pm May 14, 2012 8:57pm
USD/JPY...

Out for a loss.

http://www.forexfactory.com/attachme...4&d=1336869614
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  • #111,756
  • May 15, 2012 12:03am May 15, 2012 12:03am
Quoting mbqb11
Hey Magestic

It could be although overall the structure is lacking pattern wise so I wouldn't be as excited about it.

To me I am most interested in the 1.3 area, can you see why. Also I see th e overall pattern as more of a channel and that would be more interesting to me. IN the short term h4 I don't like the structure it's a bit sloppy for my liking to want to pinpoint for an entry

Hope that helps a bit
Mike
Thanks,Mike.
If not up, then down, otherwise sideways :-)
  • #111,757
  • May 15, 2012 3:47am May 15, 2012 3:47am
Quoting Rust
CAD is exploding This BEOB is engulfing the WHOLE box ! If this isn't strong PA ....
And I am in the game !
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OANDA screwed me in this one , widening the spread 10x times than normal what hit my stop loss . And it was during the NY session ! Damn I am mad . Partially my mistake , as it was getting later and i should thought about such things . I am sore on them , because my IBFX live feed was showing pretty tight spreads at the same time !

Anyway , i am posting an update for you , even i was forced out for a full loss
Going pretty well ...
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  • #111,758
  • May 15, 2012 4:15am May 15, 2012 4:15am
Thanks Mike ,I am wondering about gaps also

Quoting mbqb11
I am still watching if price does intend to close those gaps, the BRN and the gap area(on the wedge). Otherwise I will watch what price does if we drift lower to that swing low which I think the market wants to retest

Best
Mike
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,759
  • May 15, 2012 5:44am May 15, 2012 5:44am
Hello everyone, this is my first post to the forums and to this great thread. I really learn A LOT reading it! Thanks for your great posts.

Any of you guys watching AUD/NZD right now? Price is at EMA365 + TL confluence with 50% level nearby. What do you think? Thanks in advance for your opinions.
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  • #111,760
  • May 15, 2012 5:48am May 15, 2012 5:48am
Hello All,

My first trade for the week. Took the GBPCAD W1 PB on the retrace to D1 HCR which to my delight was up to the pip. SL 30 PIP. Majority position closed at 66 pip SL to BE.

1risk:2return. Free trade running for long term to see if lower TL breaks down.

Best
-H
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