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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

  • #112,821
  • Jun 7, 2012 1:09pm Jun 7, 2012 1:09pm
Hey Jaroo. I have a question for u, but it is so difficulty to describe what I mean, but I'll try my best. Theme: BAM! and J16.
In post #112780 u described NZD/USD chart

I was watching this so careful: was a beautiful setup (perfect 2 bottom), so was obvious if it breaks it goes. But I coldnt find an entry point. U say that it has a perfect hourly signature. Oh ye it was marvelous (2nd chart), but how do we chose our signature? What I did - I saw a dayly close above (make sure it holds), and pull a limit order hoping that it will retrace to it next day. What was my mistake in thinking process? Or it was ok, just not one of the trades that retrace?
The second question. According to your expirience. What is the chance that there are still limit orders left near 0.7650 as soon as the second day passes by without a retrace and keeping in mind that such orders were already picked as you show on 1H signature on Wednesday? On 1D chart we still have agressive bullish move with no retrace, maybe this number is still valid?

And the last one (last chart). Thats a BOMB. Respect and respect to you. I was just watching this. Just was curious for how long previous LCS could hold. I did not belive I'll see such a miracle. But it happened .
Thanks Jaroo for sharing this.
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If not up, then down, otherwise sideways :-)
  • #112,822
  • Jun 7, 2012 2:15pm Jun 7, 2012 2:15pm
Mike , can you please tell me how do you put all these writings on your charts ? I mean these white boxes ??? Do you use some kind of software or something ? I use MT4 and in mt4 , its very difficult to write and point out the area abt which we are talking about ...
Human
  • #112,823
  • Jun 7, 2012 2:17pm Jun 7, 2012 2:17pm
Quoting Chanya
Mike , can you please tell me how do you put all these writings on your charts ? I mean these white boxes ??? Do you use some kind of software or something ? I use MT4 and in mt4 , its very difficult to write and point out the area abt which we are talking about ...
Hey C

I use a program called Snag-it

It's great

Mike
  • #112,824
  • Edited 2:33pm Jun 7, 2012 2:18pm | Edited 2:33pm
Quoting goldfish3
Hi Bee,

Thanks for that. I didn't know about this pattern and since you've mentioned it I have been looking all around and found many off them. I'm trying to understand them though and would appreciate it if you can comment on the below charts. Whether I even have the right pattern or not. Thank a bunch..

Best,
-H
hey m8, they are indeed everywhere. AUDCAD bullmove started with one, gold bearmove today was one... everywhere on all TF. Not J16 but something to watch in my opinion. They are PA after all.
Actually i'd not wait for the BUOB. It's the higher high (or lower low) which engulfs the previous high/low which gives us confirmation. Usually you can tell where to enter. In a strict QM you should enter at the level of the previous shoulder but there are variations.

oh and btw - the AUDCHF example was excellent. Entering on the clear pivot from the low and the higher low would have given you a tiny SL and phat position. After a while you can spot where price wants to retest and can enter with minimal SL. I did short gold today with v tight SL using this. Only shame was it hit my modest TG rather than letting it run south.
  • #112,825
  • Jun 7, 2012 2:54pm Jun 7, 2012 2:54pm
Mike, what do you think about pb in usdcad.
1. it have a big nose.
2. it bullish pb in bullish trend.
3. but may be it have not many space to go?
comment it plz. Viktor.
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  • #112,826
  • Jun 7, 2012 3:04pm Jun 7, 2012 3:04pm
I am also watching that UCAD closely but I am a little more on the bearish site with the failed break...not sure

And on the 4H you can see very good that we start making lower highs and lower lows

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  • #112,827
  • Jun 7, 2012 3:09pm Jun 7, 2012 3:09pm
Quoting Victor63
Mike, what do you think about pb in usdcad.
1. it have a big nose.
2. it bullish pb in bullish trend.
3. but may be it have not many space to go?
comment it plz. Viktor.
Hey Viktor

Yep it's a good size but not at a good swing low. Very minor swing low so the steepness puts us right into traffic. People play these often with VERY tight stops if it breaks great(tomm being friday maybe we see a move higher and a resumption down). But this lacks any real confluence for me. Easy passes in my book

Best
Mike
  • #112,828
  • Jun 7, 2012 4:00pm Jun 7, 2012 4:00pm
Hey Jim
here are the charts for the gold trade I mentioned to you
The 1638 LCS level turned to resistence the 150 EMA level was just above the level and was a good place to hide my stop.

On the hourly chart you can see none of the hourly bars closed above the level keeping me in the touch trade which has now gone nicely.

Cheers Jim you are the man
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  • #112,829
  • Jun 7, 2012 4:30pm Jun 7, 2012 4:30pm
Quoting beebolbod
BTW - Gold has a lot of unfilled orders long. That bull pole will get filled. I reckon anyway. Play as you see fit.
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This has been one of the most impressive pieces of supplementary info i've learned in trading. It's like a heads up. Almost always true. Every pair.
  • #112,830
  • Jun 7, 2012 4:38pm Jun 7, 2012 4:38pm
Hi all. If you look at the 4H charts, can see ideal pinbars for the EURUSD and EURJPY. Perhaps, now is a good time to open short positions. What think?
P.S. Sorry for my English, it's not my native language.
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  • #112,831
  • Jun 7, 2012 4:53pm Jun 7, 2012 4:53pm
Quoting Elena MS
Hi all. If you look at the 4H charts, can see ideal pinbars for the EURUSD and EURJPY. Perhaps, now is a good time to open short positions. What think?
P.S. Sorry for my English, it's not my native language.

Hey Elena

Your english is just fine!

Careful here, the euro is a BEOB but the eur/jpy is just a bearish bar. Remember a BEOB has to have a higher high than the previous bar and a lower low.

I think we may see a bit of a retrace but these are some small bars. I marked up the euro chart what I would be careful for. Another thing is remember these bars are not valid until they break.

Welcome to the thread, hope it helps get you started

Mike
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  • #112,832
  • Jun 7, 2012 5:37pm Jun 7, 2012 5:37pm
Quoting mbqb11
Hey Elena

Your english is just fine!

Careful here, the euro is a BEOB but the eur/jpy is just a bearish bar. Remember a BEOB has to have a higher high than the previous bar and a lower low.

I think we may see a bit of a retrace but these are some small bars. I marked up the euro chart what I would be careful for. Another thing is remember these bars are not valid until they break.

Welcome to the thread, hope it helps get you started

Mike
Hi, Mike. Thanks, I'll understand. But I think that in these pairs continue down trend . I'll wait for further signals.
  • #112,833
  • Edited 6:51pm Jun 7, 2012 6:33pm | Edited 6:51pm
Quoting Elena MS
Hi, Mike. Thanks, I'll understand. But I think that in these pairs continue down trend . I'll wait for further signals.
I agree with Elena.

Hi guys I'm new to the forum and have so far read James16's first posts. So far I'm hooked to this tread. I've lost a lot of money (for a uni student) and decided to focus only on Price Action from now on until I master it.

Please have a look at this. Am I correct in expecting the trend to continue? Based on the rejection of the resistance. Of course it needs further confirmation

I would place my entry below the candle like on the image
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  • #112,834
  • Edited 8:35pm Jun 7, 2012 6:58pm | Edited 8:35pm
Quoting jarroo
. .and the 29.70 to the pip!! . . picking two Daily Highs of the Day. . .Bam!!

The Daily HCR levels are not holding up so well . .we"ll see where Price closes today to see if they really hold . .doesn't look good for them right now . .

Yes, we got a weak daily close below.
Now we have a mini flag, let's see if it breaks up or down.

EDIT: Looking at these daily minor SPs, I suspect up.
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  • #112,835
  • Jun 7, 2012 7:08pm Jun 7, 2012 7:08pm
Quoting mosub
I agree with Elena.

Hi guys I'm new to the forum and have so far read James16's first posts. So far I'm hooked to this tread. I've lost a lot of money (for a uni student) and decided to focus only on Price Action from now on until I master it.

Please have a look at this. Am I correct in expecting the trend to continue? Based on the rejection of the resistance. Of course it needs further confirmation

I would place my entry below the candle like on the image
I noticed this pattern too , but i think if we had longer nose it would be much better , it would be perfect if today the pair rise again touch high 1.2640 then retreat and closed the day another Pin Bar ,
d df d dfdfffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffff
  • #112,836
  • Jun 7, 2012 7:13pm Jun 7, 2012 7:13pm
Quoting mosub
I agree with Elena.

Hi guys I'm new to the forum and have so far read James16's first posts. So far I'm hooked to this tread. I've lost a lot of money (for a uni student) and decided to focus only on Price Action from now on until I master it.

Please have a look at this. Am I correct in expecting the trend to continue? Based on the rejection of the resistance. Of course it needs further confirmation

I would place my entry below the candle like on the image
Hey Mosub

Welcome to the thread

I would be VERY careful with a bar like this. It is super small and trading right back into the 1.25(same story as the above on 4hr but on the daily we can see even better how small this bar is. I personally wouldn't even give a bar like this two thoughts with how I trade. Not to say it can't pull us lower but there isn't a lot of confluence and it's trading right back into that major RD number at 1.25

Just be careful these tend to get people into trouble

Again welcome to the thread
Mike
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  • #112,837
  • Jun 7, 2012 7:45pm Jun 7, 2012 7:45pm
Thank you guys very much.

and I feel very welcomed :-D
  • #112,838
  • Jun 8, 2012 12:30am Jun 8, 2012 12:30am
I like the look on this chart..pinbar off 150 EMA.

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  • #112,839
  • Jun 8, 2012 1:00am Jun 8, 2012 1:00am
Quoting geniusztc
actually,100.00 is the resistance area for bullish .
price may go to 97.30 again .
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A chart helps those who can read it.
  • #112,840
  • Jun 8, 2012 1:07am Jun 8, 2012 1:07am
Bernanke speach was the key to this silver setup yesterday.

Chart:
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