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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

  • #112,681
  • Edited 7:01am Jun 5, 2012 6:45am | Edited 7:01am
Quoting goldfish3
Hi All,

Here is one I have taken today. On M1 Price failed to close below Monthly LCS/previous HCR. The close also tested and closed above weekly LCS levels. D1 close on Friday shows a test and rejection of both M1 levels and a PB. This is also off a descending TL.

In lower TF's we can see that the downward momentum has decelerated significantly over the last week or so.

Feedback anyone?

Best,
-H
This went perfectly. Target was hit earlier today. The market TP supply area on chart is also between FIB 61.8 and 78.6. r:r - 1:4. Will look for more possible longs on the retrace.

Best,
-H
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  • #112,682
  • Edited 8:04am Jun 5, 2012 7:45am | Edited 8:04am
Quoting jarroo
Yes, I would consider those valid target levels . .Monthly level, Monthly targets .

Also the Weekly targets too . . Weekly level, Weekly targets . .
Thanks Jim (Jarroo that is)

I shall watch this very closely

Did not quite make it today.
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  • #112,683
  • Jun 5, 2012 8:08am Jun 5, 2012 8:08am
Quoting Rust
Hey Mike, what's up ?
Are you watching this guy ? Seems it has potential to turn into a setup (as well as few other same looking pairs)
Attachment
yep looks good Rusty, We need to see if price will consolidate up more around the BRN.

Best
Mike
  • #112,684
  • Jun 5, 2012 8:25am Jun 5, 2012 8:25am
Quoting mbqb11
yep looks good Rusty, We need to see if price will consolidate up more around the BRN.

Best
Mike
Yeah, especially for a break with the trend.
But for a bullish play i think we could use 0.7600 as well. Looks well respected. What do you think ?

Regards

p.s. Btw did you take the AUDCAD ?
  • #112,685
  • Jun 5, 2012 8:27am Jun 5, 2012 8:27am
Quoting Rust
Yeah, especially for a break with the trend.
But for a bullish play i think we could use 0.7600 as well. Looks well respected. What do you think ?

Regards
yep you certainly could Rust, I just tend to focus to the BRNs with a lot of my intraday stuff and breakouts against the trend, but it looks very very logical and OK, but would still want to see it consolidate up more either way. That gives us that "burst" that is so important (hopefully )

Best
Mike
  • #112,686
  • Jun 5, 2012 8:30am Jun 5, 2012 8:30am
Quoting mbqb11
yep looks good Rusty, We need to see if price will consolidate up more around the BRN.

Best
Mike
Which BRN are you talking about there Mike?
Does not seem to be much consolidation at all, the Monthly LCS seems to be more important. No real unified triangle or wedge so to speak of.
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  • #112,687
  • Jun 5, 2012 8:33am Jun 5, 2012 8:33am
Quoting mbqb11
yep you certainly could Rust, I just tend to focus to the BRNs with a lot of my intraday stuff and breakouts against the trend, but it looks very very logical and OK, but would still want to see it consolidate up more either way. That gives us that "burst" that is so important (hopefully )

Best
Mike
Yes Burst is all a trader could want in his favor. Squeezed as hell Thanks for your attention Mike
  • #112,688
  • Jun 5, 2012 8:35am Jun 5, 2012 8:35am
Hi Mike.
What do you think about this PB?
it's A++?
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  • #112,689
  • Jun 5, 2012 8:36am Jun 5, 2012 8:36am
Quoting Pinbar
Which BRN are you talking about there Mike?
Does not seem to be much consolidation at all, the Monthly LCS seems to be more important. No real triangle or wedge so to speak of.
Hey Pin

Rust posted a chart you can see the support of the 7500 BRN

http://www.forexfactory.com/showthre...35#post5729035

Best
Mike
  • #112,690
  • Jun 5, 2012 8:38am Jun 5, 2012 8:38am
Quoting Victor63
Hi Mike.
What do you think about this PB?
Hey Victor

Here was my chart on this one. The close kept me out but should hold out and we retested the "boxed" low now too


Best
Mike
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  • #112,691
  • Jun 5, 2012 8:41am Jun 5, 2012 8:41am
Quoting mbqb11
Hey Pin

Rust posted a chart you can see the support of the 7500 BRN

http://www.forexfactory.com/showthre...35#post5729035

Best
Mike

Thanks Mike.
That is my point.
Can we consider this as support with such deep penetration?

it certainly is not a flag type, windup.
I agree, it could be flag in its infancy but not yet adult enough to call it a flag.
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  • #112,692
  • Jun 5, 2012 8:43am Jun 5, 2012 8:43am
Quoting Pinbar
Thanks Mike.
That is my point.
Can we consider this as support with such deep penetration?

it certainly is not a flag type, windup.
I agree, it could be flag in its infancy but not yet adult enough to call it a flag.
hey Pin

Yep we can consider this support. Since this level is holding. These are zones, BRNs especially. What rust is doing is what I do by then beginning to see what patterns form(in this case). We can see price consolidating up in a specific pattern right now. Still has a ways to go to be a tradeable pattern per my rules, but it is clearly holding as support and wedging right now.

Best
Mike
  • #112,693
  • Jun 5, 2012 8:45am Jun 5, 2012 8:45am
Quoting mbqb11
hey Pin

Yep we can consider this support. Since this level is holding. These are zones, BRNs especially. What rust is doing is what I do by then beginning to see what patterns form(in this case). We can see price consolidating up in a specific pattern right now. Still has a ways to go to be a tradeable pattern per my rules, but it is clearly holding as support and wedging right now.

Best
Mike
Yes, 2 more downs and 2 more ups, before it decides to break out.
That is what I meant.

Still, the pole is big enough to warrant watching.
  • #112,694
  • Jun 5, 2012 8:45am Jun 5, 2012 8:45am
Quoting mbqb11
hey Pin

Yep we can consider this support. Since this level is holding. These are zones, BRNs especially. What rust is doing is what I do by then beginning to see what patterns form(in this case). We can see price consolidating up in a specific pattern right now. Still has a ways to go to be a tradeable pattern per my rules, but it is clearly holding as support and wedging right now.

Best
Mike
and to keep it james16 simple look at the 7500 area historically the PPZ. That's as clean as they get. Now it's a matter of finding the rest of the story

Best
Mike
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  • #112,695
  • Jun 5, 2012 9:02am Jun 5, 2012 9:02am
Quoting mbqb11
Hey Victor

Here was my chart on this one. The close kept me out but should hold out and we retested the "boxed" low now too


Best
Mike
Mike, how I understand we mustn't trade this pb and price will be retest BRN 80, right?
  • #112,696
  • Jun 5, 2012 9:05am Jun 5, 2012 9:05am
Quoting Victor63
Mike, how I understand we mustn't trade this pb and price will be retest BRN 80, right?
Hey Victor

Nope it's really a fine one. I am extra picky, so there are a few things off for me like the strength of the close which could make management tricky. We can see price breaking and snapping back, but still has been perfectly fine. If I had to take this one after the first day I would move my stop under that next days low and see if we can break the orange line(and close) above that area. This is what price is trying to do now. By moving our stops we can get rid of over half our risk and still have a chance to catch a move. It's not a bad one, just not quite meeting my criteria

Best
Mike
  • #112,697
  • Jun 5, 2012 9:20am Jun 5, 2012 9:20am
Quoting mbqb11
Hey Victor

Nope it's really a fine one. I am extra picky, so there are a few things off for me like the strength of the close which could make management tricky. We can see price breaking and snapping back, but still has been perfectly fine. If I had to take this one after the first day I would move my stop under that next days low and see if we can break the orange line(and close) above that area. This is what price is trying to do now. By moving our stops we can get rid of over half our risk and still have a chance to catch a move. It's...
Mike, can you post few pin bars, which meet all your criteria?
P.S. On eurjpy similar case or something another?
  • #112,698
  • Jun 5, 2012 10:30am Jun 5, 2012 10:30am
Quoting Victor63
Mike, can you post few pin bars, which meet all your criteria?
P.S. On eurjpy similar case or something another?
all the XXX/jpy pairs are basically the same for me. I like the chf/jpy the best though if I had to pick. I think it will work out still or at least again you can reduce the majority of your risk. I also am always thinking about how i am going to manage my trades and I felt that they would give me trouble.

Here is an A++++++ pinbar
http://www.forexfactory.com/showthre...24#post5727524

huge pin at swing low.


Attached is a recent trade from last week a bit more complicated because without the larger story it's harder to understand. Breakout + pullback + BRN, + price turning over = high probability setup

Best
Mike
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  • #112,699
  • Jun 5, 2012 1:01pm Jun 5, 2012 1:01pm
Hi guys and gals,
what do you think about entering long @GBP/AUD?
I present my reasoning on the screenshot. One thing that I didn't mention there is a bit of consolidation between the current price and FTA.
Thanks in advance for your insight.
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  • #112,700
  • Jun 5, 2012 1:36pm Jun 5, 2012 1:36pm
Quoting Yawlarutan
Hi guys and gals,
what do you think about entering long @GBP/AUD?
I present my reasoning on the screenshot. One thing that I didn't mention there is a bit of consolidation between the current price and FTA.
Thanks in advance for your insight.
If you look at H4 you see price making LL's and LH's and IMO it has still a handfull of pips till support.
It appears this momentum is still intact, thats why I would not go long yet.
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Thoughts are things
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