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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

  • #111,981
  • May 20, 2012 12:43pm May 20, 2012 12:43pm
Hello everyone, I am still new here, but thought I would throw out a question about this BUOB that lots of people are talking about. On my chart, a break of the top of the BUOB would be at 1.2792. This appears to be a decent long setup to me, but I see a FTA at 1.2800 which is only 8 pips away. What does everyone think about this? Would you wait for a clean break and respect of 1.2800 as support on a lower TF before going long? Or just stay away from this trade? I am getting this stuff at all or am I completely off? Thanks!
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  • #111,982
  • May 20, 2012 12:58pm May 20, 2012 12:58pm
Nice

Quoting Bones
I think very high probability
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,983
  • May 20, 2012 2:30pm May 20, 2012 2:30pm
Quoting Bones
Nice
Given your own commercial interests should you not start your own thread and do all your self promoting there? I notice "strat" has banned you from his thread.
  • #111,984
  • May 20, 2012 2:35pm May 20, 2012 2:35pm
please
I Have no intrest ,infact Im not even a real trader yet
and even if I was I wouldnt need anyone elses money period
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,985
  • May 20, 2012 2:37pm May 20, 2012 2:37pm
im already rich ,lol
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,986
  • May 20, 2012 3:16pm May 20, 2012 3:16pm
Bones... pls stop it. You just flooding J16 thread pages with Your hard to follow read and pics.

Nothing personal of course .
all is eternal - this is good news for people who loves bad news
  • #111,987
  • May 20, 2012 3:24pm May 20, 2012 3:24pm
no prob ,really I dont take personal ,laters guys
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,988
  • May 20, 2012 10:37pm May 20, 2012 10:37pm
Quoting bud_fox
This trade has worked out beautifully.

Triple Top with major PPZ @ 0.9350-0.9400 and divergence. Also 50% Fib retracement from major swing high from February 2006. FTA is critical as heading straight into traffic.

I would expect price to stall and find support at 0.9150 with ascending trend line and 365 EMA.
Great trade bud.
  • #111,989
  • May 21, 2012 12:10am May 21, 2012 12:10am
Hi Mike.
If this not secret, can you say, how many trades you as professional doing average per month?
Viktor.
  • #111,990
  • May 21, 2012 2:45am May 21, 2012 2:45am
Quoting Chanya
I think this will be a loser ... Even the FTA wasn't hit properly ..... Reviews are appreciated ( Especially Mike's ) !!!
Only thing I noticed is It bounced off RN 1.01500. Obviously these are just as respected as PPZ and HCR/LCS levels. I'v have been pretty much using RN's exclusively for my FTA's, like in this aud/cad trade from friday.
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  • #111,991
  • May 21, 2012 2:50am May 21, 2012 2:50am
What do you think?
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  • #111,992
  • May 21, 2012 3:22am May 21, 2012 3:22am
Quoting Quezoy
I saw that Last Coke uses the 38.2 and 61.8 fib ret of the last leg as TP targets.
http://www.forexfactory.com/showthread.php?t=222441

I personally have no experice with those patterns for now, but will look for obvious trouble areas and fib ret. as TP zones.
Nice to see someone else using these. They add confluence and can be very accurate. I usually look for 1/2 CD leg for profit but your reasoning is perfect with looking for trouble areas. It's mandatory.

There's a nice indi (korharmonics) which draws all sorts of harmonics for you. Gives you a nice heads up on what's out there. then you can drill down into them and make proper analysis. Saves a lot of time drawing out fibs everywhere.
  • #111,993
  • May 21, 2012 3:36am May 21, 2012 3:36am
Quoting beebolbod
Nice to see someone else using these. They add confluence and can be very accurate. I usually look for 1/2 CD leg for profit but your reasoning is perfect with looking for trouble areas. It's mandatory.

There's a nice indi (korharmonics) which draws all sorts of harmonics for you. Gives you a nice heads up on what's out there. then you can drill down into them and make proper analysis. Saves a lot of time drawing out fibs everywhere.
Yeah, great indy's. I played around with korharmonics and ZUP, but they use quite a wide range of parameters for the patterns and I prefer to stay with the textbook versions.

And since Im trading daily TF I have enough time to draw it myself and by doing so, I get a better understanding of it.

p.s. just entered long NZD/USD based on bearish bat + BRN and support.
Thoughts are things
  • #111,994
  • Edited 5:22am May 21, 2012 5:08am | Edited 5:22am
Quoting blaz86
What do you think?
Im also in this one, but I've entered earlier. FTA is pretty close from where you've entered, some 50 pips. And your SL is 120 pips.

I think its quite possbble it will go lower, theres solid confluence.
But if I hadnt entered allready few days ago, I would go for a retracement entry here, because of the otherwise not good R:R.
Thoughts are things
  • #111,995
  • May 21, 2012 5:51am May 21, 2012 5:51am
Quoting Victor63
Hi Mike.
If this not secret, can you say, how many trades you as professional doing average per month?
Viktor.
Hey Viktor

It varies greatly month to month, but it's usually in the 10-20 range

Best
Mike
  • #111,996
  • May 21, 2012 6:05am May 21, 2012 6:05am
Quoting blaz86
What do you think?
I avoided these simply because I wanted to see these bars at a stronger location. For usd/chf that means retesting higher up towards the previous swing point and BRN. For the euro price didn't actually tests the low of that previous swing low that has held us up from January. Ideally to me that BUOB needs to at least test the low but even better test under that low.

Price has hit it's FTA and is now retracing hard. If the 1.27 doesn't hold this thing could retrace all the way back down to retest the swing low truly. That's where I will be watching if we do
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  • #111,997
  • Edited 6:17am May 21, 2012 6:07am | Edited 6:17am
I'm really upset. Bought the top. Demo, but it seemed so good...Saw Mike's post, but I still it was nice, I thought so.
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If not up, then down, otherwise sideways :-)
  • #111,998
  • May 21, 2012 6:37am May 21, 2012 6:37am
Quoting Magestic
I'm really upset. Bought the top. Demo, but it seemed so good...Saw Mike's post, but I still it was nice, I thought so.
It might still be good. But I would not expect it to go much past 1.29 area, but that's just my idea.

The reason's Mike gave make the BUOB not so convincing and the retrace of that BUOB is normal behavior.
  • #111,999
  • May 21, 2012 6:37am May 21, 2012 6:37am
Quoting Magestic
I'm really upset. Bought the top. Demo, but it seemed so good...Saw Mike's post, but I still it was nice, I thought so.
That's ok magestic, it's certainly still valid and if the 1.27 level holds we could still see higher. i just wanted to point out some of the little things I was thinking with these why I personally passed

Best
Mike
  • #112,000
  • May 21, 2012 9:29am May 21, 2012 9:29am
Quoting mbqb11
That's ok magestic, it's certainly still valid and if the 1.27 level holds we could still see higher. i just wanted to point out some of the little things I was thinking with these why I personally passed

Best
Mike
looks like the minor pivot/bar highs are holding for now. If I was in this buob and started with my stop under the low I would be moving it up under todays low and reducing half+ risk on the trade. That's one way I love to manage things
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