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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

  • #113,381
  • Jun 19, 2012 7:00am Jun 19, 2012 7:00am
Quoting Brixton
One at watch - AUD/USD

Incoming.....

50 Fib
S/R Zone
BRN (1.0200)
Hi Brixton,

Here is Mike's post about it:
http://www.forexfactory.com/showthre...13#post5771313

I would expect some resistance by 1.2 (monthly LCS + 365 EMA) as well as by 1.3 (weekly LCS).
Just my view though...
Slow & steady
  • #113,382
  • Jun 19, 2012 7:21am Jun 19, 2012 7:21am
Anyone looking at AUDCAD?
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  • #113,383
  • Jun 19, 2012 8:03am Jun 19, 2012 8:03am
Quoting Rust
Hey Mike, this was maybe the most beautiful setup lately. Too sad there was no good trigger bar setup, as you already said.
Sometimes i wonder if maybe i could make a living only with this pattern
It's almost easy as cheating
well it sure does give us an edge if we are patient. Losses happen. I have had a few half bar losses after all the good action. So we still have to remain picky and patient so that we can trade right through those quickly

But you are doing great Rust, one of the most impressive picking things up I have seen over the years

Mike
  • #113,384
  • Edited 10:06am Jun 19, 2012 8:09am | Edited 10:06am
Quoting Rust
I am still not so good on touch trading, but i am practicing with very low risk %.
Attachment

EDIT : seems like this one turns to be a good one
Attachment
Price broke hard, then retraced to the previous bar highs. Pretty textbook! Just like James16 teaches.
I understood this material years ago, but still i wasn't using such information. I was crazy, wasn't I ?

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UPDATE:
Limit order is just shy of 1.0200.

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  • #113,385
  • Jun 19, 2012 8:10am Jun 19, 2012 8:10am
Quoting patapouer
Hi,

Maybe I've been very lucky on this one, but I entered this trade at 1.004 at the break of a daily DBLHC that broke 1.00. Rapidly moved my SL to 0.995. I was first targeting the monthly HCR, but took profit at 1.02, by the daily PPZ.
Managed the trade by monitoring the H4, and moved by SL little by little, according to the H4 S/R areas.

Please let me know if I've made any mistake in reading the chart!
Hey P

That's a good way to play a continuation bar. I get nervous when I see people taking bars like that at a swing high because remember we want DBLHC at swing lows like bullish pins and BUOBs. But when you get deeper into it you can play these bars at all locations IF and ONLY if your story is good. In this case we know the story of the breakout. From a daily perspective that's not something I would do(with the story I posted) but your idea of it was more then fine.

Very nice trade, just be aware of that story when looking for continuation bars. THey make me nervous with new folks.

Best
Mike
  • #113,386
  • Jun 19, 2012 8:17am Jun 19, 2012 8:17am
Quoting Chanya
I have got to ask , If one watches 50 crosses and just give them a go through once on dailies , it normally takes about 2-3 hours if done thoroughly .... Now i see you are not bound to timeframe , How much time do you spend in front of the charts Rust ???? Are you on glasses ??? I am sure you are !!!
I can do about 70-80 fx pairs in about 5-10 mins. Eventually things jump off the screen. The more new you are the more time you must spend in that analysis. Like everything in trading with time things get easier. Intraday I do watch much less than that though

Best
Mike
  • #113,387
  • Edited 8:37am Jun 19, 2012 8:18am | Edited 8:37am
Quoting mbqb11
But you are doing great Rust, one of the most impressive picking things up I have seen over the years

Mike
How happy should i be to hear this
Thanks Mike. I'm sure it's easy for you to see where i got these little tricks from Thanks a lot friend!
  • #113,388
  • Jun 19, 2012 9:05am Jun 19, 2012 9:05am
looks like buyers are higher and higher ... expecting turbulences
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  • #113,389
  • Jun 19, 2012 11:11am Jun 19, 2012 11:11am
Hi Mike, a long time lurker here. Hope you still remember me.

Mike, is there any guidelines for playing continuation bar ? I know playing continuation bar at sideways market is very risky, but during trending market it can be really rewarding. But most of the time we never know market is trending until it is too late and the trend is over. Please give me some advice /hints on this.

Thanks
  • #113,390
  • Jun 19, 2012 11:30am Jun 19, 2012 11:30am
Quoting esbatu
Hi Mike, a long time lurker here. Hope you still remember me.

Mike, is there any guidelines for playing continuation bar ? I know playing continuation bar at sideways market is very risky, but during trending market it can be really rewarding. But most of the time we never know market is trending until it is too late and the trend is over. Please give me some advice /hints on this.

Thanks
Hey E

Yep I sure do remember you hope all is well.

The best starting place for continuation bars in my view is with the combination of breakout patterns. I often like to use them as the "tip off" sign we are breaking out. I call them pre-emptive breakout bars. Again tricky though if we just start trying to play them just as a bar.

Hope that helps
Mike
  • #113,391
  • Jun 19, 2012 12:38pm Jun 19, 2012 12:38pm
Eur/Jpy pinbar on 1h. Why did it fail?
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  • #113,392
  • Jun 19, 2012 12:43pm Jun 19, 2012 12:43pm
Quoting Thierry
Eur/Jpy pinbar on 1h. Why did it fail?
My guess:
1 - it is fighting tremendous momentum
2 - I can't see much confluence supporting it
  • #113,393
  • Jun 19, 2012 12:44pm Jun 19, 2012 12:44pm
Quoting Thierry
Eur/Jpy pinbar on 1h. Why did it fail?
Hey T

Remember we want to play more then just the bar. See if this helps you

Best
Mike
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  • #113,394
  • Jun 19, 2012 12:48pm Jun 19, 2012 12:48pm
Thanks Rust and Mike!

Its clear to me. However, most of the time this bars works, at least to FTA. But this can happen. Its better to switch to 4h and higher.
  • #113,395
  • Edited 2:27pm Jun 19, 2012 1:28pm | Edited 2:27pm
Quoting Thierry
Thanks Rust and Mike!

Its clear to me. However, most of the time this bars works, at least to FTA. But this can happen. Its better to switch to 4h and higher.
Yes the higher frames are much better, especially with more supporting factors.. As an addition I like the wick of the pin cross through a key fib level & support line before pulling the trigger.

The following bar after your pin was another small reverse pin heading right back at you. Hopefully you didn't ride that bar all the way up to the top!
  • #113,396
  • Jun 19, 2012 2:07pm Jun 19, 2012 2:07pm
thierry - last 3 touches confirmed by pins, if i look at this chart this pin you are talking about was made couse taking profits i think. so i will not bet on this one
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  • #113,397
  • Jun 19, 2012 4:18pm Jun 19, 2012 4:18pm
If somebody is familiar with Jarroo method , kindly Guide me with this one .... I wonder where he himself is .... On which Level should the entry have been ??? Where the initial stops have been ??? And when should we have moved to BE ???
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Human
  • #113,398
  • Jun 19, 2012 4:22pm Jun 19, 2012 4:22pm
USD/CAD

i took this one short:

- down TL
- BRN 1.0200
- some kind of H&S pattern
- broke the support

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  • #113,399
  • Jun 19, 2012 4:26pm Jun 19, 2012 4:26pm
AUD/NZD

here maybe a loss?

took this long after:

- nice pin on Daily swing low
- PPZ
- BRN 1.2800
- 50% fib

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  • #113,400
  • Jun 19, 2012 4:56pm Jun 19, 2012 4:56pm
NZD/USD

an area that i look for a short

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