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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

  • #111,801
  • May 16, 2012 7:00am May 16, 2012 7:00am
You can easily see this type ,in past off support on this pair ,and the result now ,that I could say the support will hold this week ?


Quoting Bones
Well without going outside the theme of thread ,the location here is very important ,so one should watch closely I feel

It is a very sensitive area also long term tl has been taken these things could take time to resolve ,
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,802
  • May 16, 2012 7:13am May 16, 2012 7:13am
Quoting bullzeye
Hey Goldfish,

i am also in this one, like the setup
Yep, its looking dandy. If it forms a daily PB, which is is right now, itll be a pretty good signal for a reversal. But I have a nagging feeling it will get rejected just under parity to test the W1 low around 0.97..... the story should unfold towards the end of the day.

In the meanwhile my short term TP is around 0.995 - 0.997 for a 1:1 return. Will close out then and observe tomorrows retrace down to todays lows and wait for signals.

Best,
-H
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  • #111,803
  • May 16, 2012 7:36am May 16, 2012 7:36am
My Other trade of the day.

Took the H4 BEOB which closed under D1 HCR with slight Bearish DIV. Also top of Channel.

Took profit 2r at +80 pip. Small position open for a runner in case channel & BRN break down. (Combined with a bit of GBP fundy its is likely that it will)

For my other trade, AU, I have closed position for 1r at .9955.

edit: golden day for me +3% percent banked today.

-H
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  • #111,804
  • Edited 7:56am May 16, 2012 7:46am | Edited 7:56am
Has anyone spotted this PB?

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Daily chart
• PPZ @ 1.00600
• Long-term trendline
• Hitting Fibonacci level at H4 chart (zoomed out)
• Overbought
• PB stands out from a 2-week bullish trend

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We can see the PPZ far away in daily chart, price is also struggling to break the 50 MA.

Looking at 600 pips first, with potential up to 2000 pips by looking at the 0.985 support area.
  • #111,805
  • May 16, 2012 8:03am May 16, 2012 8:03am
price has lost that momentum as we were speaking about and formed a new more clean pattern
http://www.forexfactory.com/showthre...97#post5665097

Now I am watching as we are outside the funneling pattern and around the BRN. Perfect area to watch

gbp/chf is the same right now
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  • #111,806
  • May 16, 2012 8:03am May 16, 2012 8:03am
Quoting goldfish3
My Other trade of the day.

Took the H4 BEOB which closed under D1 HCR with slight Bearish DIV. Also top of Channel.

Took profit 2r at +80 pip. Small position open for a runner in case channel & BRN break down. (Combined with a bit of GBP fundy its is likely that it will)

For my other trade, AU, I have closed position for 1r at .9955.

edit: golden day for me +3% percent banked today.

-H
nice H!
  • #111,807
  • May 16, 2012 8:09am May 16, 2012 8:09am
Quoting Dan Gilbert
That daily BUOB is a nice "excuse for entry" IMO... pretty easy to spot where to place the S/L.
yep that was a nice easy clean breakout. I know many people jumped on that one and it gave some nice pips! let's see if the top holds
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  • #111,808
  • May 16, 2012 8:12am May 16, 2012 8:12am
Quoting mbqb11
nice H!
Thanks Mike,

Cant say it enough that all the credit goes to you and the all the senior members of this thread. Things are finally starting to make sense to me because of you all..


-H
  • #111,809
  • May 16, 2012 8:14am May 16, 2012 8:14am
Quoting goldfish3
Thanks Mike,

Cant say it enough that all the credit goes to you and the all the senior members of this thread. Things are finally starting to make sense to me because of you all..


-H


all credit to the man james16, none of us would be here chatting without that guy


keep it up H!
  • #111,810
  • May 16, 2012 8:27am May 16, 2012 8:27am
Quoting Rust
Hey Donkey man
Of course , i will update if something interesting
I already reduced my stop earlier , above the minor swing high .
I am watching how price moves for now . May go to BE soon ... can't tell when right now

Attachment

Regards

p.s. enough posting for today good night
I really like that stop placement...very similar to how i reduce risks on most of my trades.

In my humble opinion, I think going to BE too early can result in getting taken out before the move has a chance to play out. My thought is if my entry is good it is generally at a nize ppz - which is currently acting as support or resitance. By going to BE quickly I feel like I'm placing my stop in an area that price has a high probability to revisit before going in my direction...basically on what I consider the wrong side of the S/R area. I generally don't go B/E until I've closed beyond an minor S/R area beyond my entry point....sorry to ramble a bit here.
  • #111,811
  • May 16, 2012 8:45am May 16, 2012 8:45am
chart I am watching close
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  • #111,812
  • May 16, 2012 8:49am May 16, 2012 8:49am
Quoting goldfish3
Time to share my Analysis on this pair (for what its worth). Not sure if this has been brought up previously. But since its an old trend it might have been ages ago. Please rip it apart with as much criticism as possible.

Long term uptrend since 2005 with a solid TL.
New high set last year for the first time over 10 years.
Upper resistance of TL also broken out with that new high (not sure if ive drawn this accurately though).

So PPZ was hit this month at the swing low which is also the lower TL. Bounced right off in the last 2 weeks and is...
Update.

Will be taking first profit around end of the week with the test of BRN 1.3/D1 HCR. Currently +280 Pips.

Best,
-H
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  • #111,813
  • May 16, 2012 9:08am May 16, 2012 9:08am
Quoting mbqb11
chart I am watching close
Hi Mike, if you have time, could you please explain how you can see divergence there. Just a few other points also on the chart, I notice its H1. Would you look across all timeframes to get an entry? Also it could be forming a BUOB on D1. If it does and it closes above the BRN would that be sufficient for you to enter?
Thanks
Hugh.
  • #111,814
  • May 16, 2012 9:35am May 16, 2012 9:35am
Whos watch GOLD????? We all should be at this level!
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  • #111,815
  • May 16, 2012 9:42am May 16, 2012 9:42am
Quoting Donkey
I really like that stop placement...very similar to how i reduce risks on most of my trades.

In my humble opinion, I think going to BE too early can result in getting taken out before the move has a chance to play out. My thought is if my entry is good it is generally at a nize ppz - which is currently acting as support or resitance. By going to BE quickly I feel like I'm placing my stop in an area that price has a high probability to revisit before going in my direction...basically on what I consider the wrong side of the S/R area. I generally...
It's the art of finding the balance between hitting a breakeven (missing good profit) and get carried away in extreme expectations
I don't know the right answer for that matter . But I am practicing on it for sure !
  • #111,816
  • May 16, 2012 10:39am May 16, 2012 10:39am
Hi All,

Is there any post/material on how to day trade using daily charts...

Jim says that if you are going to day trade , its best to trade using daily charts. I want to do this on stocks only for now, not in forex.

Any suggestions?.

Thanks.
  • #111,817
  • May 16, 2012 10:48am May 16, 2012 10:48am
Quoting human2
Hi Mike, if you have time, could you please explain how you can see divergence there. Just a few other points also on the chart, I notice its H1. Would you look across all timeframes to get an entry? Also it could be forming a BUOB on D1. If it does and it closes above the BRN would that be sufficient for you to enter?
Thanks
Hugh.

Hey Hugh

It's actually pretty simple, we forget that the MACD or whatever oscillator is just a calculation of price. So if we look at that above chart, look how price keeps making new lows but they do not sustain and price moves higher. So you get a new low and price moves up and each time when you see price making a new low barely and moving up this is the market potentially losing momentum.

As for entries, for a breakout trade like this that is formed on the hourly I tend to watch the hourly down to the 15min. If you go up timeframes the pattern is no longer the proper size and can make entries trickier(not necessarily wrong but in general puts trouble areas closer)

Hope that helps, 80 is a GREAT area to watch

Mike
  • #111,818
  • May 16, 2012 10:51am May 16, 2012 10:51am
Quoting zamfir
Hi All,

Is there any post/material on how to day trade using daily charts...

Jim says that if you are going to day trade , its best to trade using daily charts. I want to do this on stocks only for now, not in forex.

Any suggestions?.

Thanks.
Hey Zamfir

Day trading daily charts is exactly all the examples James shows. So the best place would be too go through his charts. It's more of a mentality. Meaning you can be on a daily chart, know where price is likely to go and also get very tight stops when you get enough practice on it. So James calls that type of mentality day trading daily charts.

Hope that clears it up
Mike
  • #111,819
  • May 16, 2012 11:03am May 16, 2012 11:03am
Quoting mbqb11
yep that was a nice easy clean breakout. I know many people jumped on that one and it gave some nice pips! let's see if the top holds
price rejected the bars highs and shot back up.

Gone ahead locked in more profit. We could see a stronger pullback now to those bar highs over the coming days where I could simply look for another entry off the BRN and bar highs, better to begin to lock in

Mike
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  • #111,820
  • May 16, 2012 11:06am May 16, 2012 11:06am
Quoting mbqb11
chart I am watching close
we can play shorts off this confluenced area. I don't do that as much but if you do make sure to take profits move stops quick.

I like the area even more as we know the TL and BRN are really in play here. Just have to be patient and see if the market wants to work higher and give us some PA
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