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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

  • #113,221
  • Jun 15, 2012 8:13am Jun 15, 2012 8:13am
Quoting Rust
Hi guys, these days are crazy really. I have probably 30 pairs in the watchlist wow !
Here are two trades that i just took.
Don't mind the location of my entries, I just woke up and find the market already on the way, so somehow i adjusted Normally i open just one position on the break.

Hope you enjoy it (and more hopefully for me to enjoy a nice profit )

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Is it my lucky Friday ..... I still don't know
Little update :

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  • #113,222
  • Jun 15, 2012 8:23am Jun 15, 2012 8:23am
Hey Mike!
Do we have on gold similar situation to one we had on AUDUSD 1H near 1.00 level?
Price is moving up, but it faces strong resistance at 1625. Now we can see consolidation in triangle and breakout up?
I have a long position on gold, I'm thinking what's the best choice - to close it now at 1625 or to wait for retrace, consolidation and possible move higher than 1625?
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  • #113,223
  • Jun 15, 2012 8:30am Jun 15, 2012 8:30am
Quoting leximus
Hey Mike!
Do we have on gold similar situation to one we had on AUDUSD 1H near 1.00 level?
Price is moving up, but it faces strong resistance at 1625. Now we can see consolidation in triangle and breakout up?
I have a long position on gold, I'm thinking what's the best choice - to close it now at 1625 or to wait for retrace, consolidation and possible move higher than 1625?
Hey Lexi

Here is my view on gold

http://www.forexfactory.com/showthre...85#post5737485

As for what to do that really comes down to going into it your trade plan. I trade away from these areas, so for me it would be a bit different. I think we'll break but until market confirms we have to expect this area to hold

Hope that chart helps
Mike
  • #113,224
  • Jun 15, 2012 8:31am Jun 15, 2012 8:31am
Quoting leximus
Hey Mike!
Do we have on gold similar situation to one we had on AUDUSD 1H near 1.00 level?
Price is moving up, but it faces strong resistance at 1625. Now we can see consolidation in triangle and breakout up?
I have a long position on gold, I'm thinking what's the best choice - to close it now at 1625 or to wait for retrace, consolidation and possible move higher than 1625?
depends on your entry. Anyway you should place a fix target and stop before u enter the trade and dont change it afterwards anymore.

Breakout upwards is more likely then downwards,since we do have a bullish market,especially on the LTFs. anyway pricelevels to the downside could be even consumed, a quick drop to the downside might be in the books.
Hero calls followed by margin calls...
  • #113,225
  • Jun 15, 2012 9:39am Jun 15, 2012 9:39am
Many brokers sent warnings about this weekend. So I am just curious if all will adjust or start to close positions we should see some action this evening, isn't.?
all is eternal - this is good news for people who loves bad news
  • #113,226
  • Jun 15, 2012 9:40am Jun 15, 2012 9:40am
Here is something that I will be watching for the daily close today, potentially a trade setting up for next week.
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Price is beautiful. A repetitive method is a competitive method.
  • #113,227
  • Jun 15, 2012 9:41am Jun 15, 2012 9:41am
Quoting meshka
Many brokers sent warnings about this weekend. So I am just curious if all will adjust or start to close positions we should see some action this evening, isn't.?
I got one from Oanda, made me wonder what kind of event they are expecting?
Price is beautiful. A repetitive method is a competitive method.
  • #113,228
  • Jun 15, 2012 9:47am Jun 15, 2012 9:47am
Quoting meshka
Many brokers sent warnings about this weekend. So I am just curious if all will adjust or start to close positions we should see some action this evening, isn't.?
yup, especially on euro pairs.... id better close em if id have any opened
Hero calls followed by margin calls...
  • #113,229
  • Jun 15, 2012 9:51am Jun 15, 2012 9:51am
Quoting nwo-trader
I got one from Oanda, made me wonder what kind of event they are expecting?
Hey NWO

It's the greek elections. Proceed with caution
  • #113,230
  • Jun 15, 2012 10:06am Jun 15, 2012 10:06am
I definitely will, thank you Mike. But this brings up some interesting questions for me. I thought that we only traded the chart, and not the news? So we are expecting potentially high volatility, does that mean the fundamentals of S/R and PA will break down during those times? Just looking to incite some conversation on this. :-)
Price is beautiful. A repetitive method is a competitive method.
  • #113,231
  • Jun 15, 2012 10:07am Jun 15, 2012 10:07am
A close today above 1.60 on the GBPCAD would be ideal.
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Price is beautiful. A repetitive method is a competitive method.
  • #113,232
  • Jun 15, 2012 10:09am Jun 15, 2012 10:09am
Quoting nwo-trader
I definitely will, thank you Mike. But this brings up some interesting questions for me. I thought that we only traded the chart, and not the news? So we are expecting potentially high volatility, does that mean the fundamentals of S/R and PA will break down during those times? Just looking to incite some conversation on this. :-)
well, we dont trade the news. But we dont have the possibility to place or close or edit trades at the weekend because brokers are closed. All in all like NFP or rate hikes we know today that the election on sunday will crash the market in one way or the other.
Hero calls followed by margin calls...
  • #113,233
  • Jun 15, 2012 10:11am Jun 15, 2012 10:11am
Quoting nwo-trader
I definitely will, thank you Mike. But this brings up some interesting questions for me. I thought that we only traded the chart, and not the news? So we are expecting potentially high volatility, does that mean the fundamentals of S/R and PA will break down during those times? Just looking to incite some conversation on this. :-)
Hey NWO

I will personally STILL trade the chart, but these are outlier news situations. When the market could be ROCKED by something so big you have to take it into account or acknowledge it. For example I have very few positions that I am worried about that are anywhere near market value. THe one I do I may close up or even just move my stop loss(not assuming more risk, I have reduced the risk greatly already , so would keep me within my risk profile).

For example I would not be looking to take a new position today intraday with a tight stop loss into the weekend where as most weekends it wouldn't bother me. Anyone who is not shotgunning their trades as James says has little to worry about, it's those that have 20 open positions that could wake up to a pretty nice account increase or a nice ole margin call too.

I sent an email out to the group, saying just know that this information is there and the individual still needs to react how they decide appropriate. Opting on the side of caution is always better in my view,.

Just my 2 cents
Mike
  • #113,234
  • Jun 15, 2012 10:18am Jun 15, 2012 10:18am
german thyssen krupp on weekly
i like to see a big pinbar breaking into fresh ground (south) and closing above 12 euro in the next week.
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meine augen sind die sterne
  • #113,235
  • Jun 15, 2012 10:30am Jun 15, 2012 10:30am
Quoting Greenhaze
This setup looks very interesting.

I suspect Mike might have his eye on that
AUDUSD LONG from 1.0.... I have a feeling that it will go much higher but its not safe to keep it thru this weekend.....
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  • #113,236
  • Jun 15, 2012 10:37am Jun 15, 2012 10:37am
Quoting mbqb11
Hey NWO

It's the greek elections. Proceed with caution
Thanks Mike. Good to know. I read the mail from oanda, but didn't know the reason.

I had a few beach days last week in Greece They have a wonderful greenish transparent sea.
  • #113,237
  • Jun 15, 2012 10:41am Jun 15, 2012 10:41am
Just some thoughts on the EURUSD, I would posit that a close above this flip would be good for the bulls.
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Price is beautiful. A repetitive method is a competitive method.
  • #113,238
  • Jun 15, 2012 11:23am Jun 15, 2012 11:23am
gold H1 "expecting turbulences" (c) racs. , couse of this weekend expecting unexpectable ...
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  • #113,239
  • Jun 15, 2012 2:45pm Jun 15, 2012 2:45pm
Quoting nwo-trader
Just some thoughts on the EURUSD, I would posit that a close above this flip would be good for the bulls.
agreed

here was my chart
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  • #113,240
  • Edited 4:42pm Jun 15, 2012 4:18pm | Edited 4:42pm
Quoting mbqb11
chart I am watching.
Hello Mike ,

I have a question ... You posted your Aud Usd chart with a pattern and you said in it that " I think UP " . Being honest , at the moment I thought that No , it will break to the down side as we had a BRN , PPZ , MASSIVE divergence and on the down side , just the trend line ... WE can see that it broke to the upside !!! Damn ... How did you do that ????
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