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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

  • #115,481
  • Aug 13, 2012 10:24pm Aug 13, 2012 10:24pm
Quoting 0421
i'm thinking about this trade, and I am curious, its not a BE trade??
where was a first target?

THX

1st targets would be the 1st previous bar Highs on the GbpAud.

Yes it could have been a breakeven trade. But notice that Price still could not close below the HCR levels on the Daily. You could have re-entered the trade.

Or you could reduce your risk a bit and wait for a Daily bar to close below the HCR level to take you out.

Or wait for a 4 Hour to close below the Daily HCR level to take you out.

Or wait for a Hourly bar to close below your Daily HCR level to take you out.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #115,482
  • Aug 13, 2012 10:28pm Aug 13, 2012 10:28pm
Quoting jarroo
1st targets would be the 1st previous bar Highs on the GbpAud.

Yes it could have been a breakeven trade. But notice that Price still could not close below the HCR levels on the Daily. You could have re-entered the trade.

Or you could reduce your risk a bit and wait for a Daily bar to close below the HCR level to take you out.

Or wait for a 4 Hour to close below the Daily HCR level to take you out.

Or wait for a Hourly bar to close below your Daily HCR level to take you out.

Jim
nice post!

THX a lot.
  • #115,483
  • Aug 13, 2012 10:32pm Aug 13, 2012 10:32pm
Quoting 0421
It's everything on my chart is correctly?



THX.
chart .. .
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Indicators show the past. Price Action "Indicates" the future.
  • #115,484
  • Aug 13, 2012 10:36pm Aug 13, 2012 10:36pm
Quoting jarroo
chart .. .
i will..

THX a lot!!
  • #115,485
  • Aug 13, 2012 10:40pm Aug 13, 2012 10:40pm
Quoting 0421
i will..

THX a lot!!

You got a good eye for this, 0421.

Pretty simply stuff . .don't you think?
Indicators show the past. Price Action "Indicates" the future.
  • #115,486
  • Aug 13, 2012 11:07pm Aug 13, 2012 11:07pm
Quoting 5.25
Hey there

Although I like your analysis I think your wording and approach can be a little damaging. Building a good psychological foundation is key in this business IMHO, if a trade goes by and and you missed your entry point let it go even if on demo. Bad habits can re-manifest themselves come live trading.

I'm not trying to be derogatory, only I've been there before.

Hope this makes sense?
Thank you for your comment ... Your words makes sense. Yes, sometimes I find it hard - to let go of a good (as I see it) setup

Will develop discipline

(sorry for my English)
  • #115,487
  • Aug 14, 2012 12:51am Aug 14, 2012 12:51am
Quoting jarroo
Very nice, utiq . .
Thanks Jarroo, we'll see how it works
  • #115,488
  • Aug 14, 2012 1:51am Aug 14, 2012 1:51am
Quoting jarroo

Or wait for a 4 Hour to close below the Daily HCR level to take you out.

Or wait for a Hourly bar to close below your Daily HCR level to take you out.

Jim
Hey Jarroo, do you mean 4hr sigs on Weekly HCR levels and 1hr on Daily ? Or just daily on both as mentioned above in the quote ?
  • #115,489
  • Aug 14, 2012 4:10am Aug 14, 2012 4:10am
Quoting Pinbar
That didn't take too long.
Yeah, but don't you just love that virgin installation & how snappy things are.
Once you got an SSD, you can't imagine how snappy thing could be. ANYTIME

Sorry for the offtopic
  • #115,490
  • Aug 14, 2012 5:19am Aug 14, 2012 5:19am
Hello,

Everything is on the chart, waiting for your comments. Best.
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  • #115,491
  • Edited 6:38am Aug 14, 2012 5:50am | Edited 6:38am
Quoting jarroo
You got a good eye for this, 0421.

Pretty simply stuff . .don't you think?
I like this stuff, and it's looks simply, but i have a lot of question.

One of them it's what about spred??

if you have a HCR on a 1.0000 level and we have PBT&CA, and a spred is a 5 pips, so You but buy limit on 1,0005 level??

One more question: If we've got for example hcr/lcs level 1,2250 and a price is lower (there was a PBT&CB a couple days ago) and we want to enter at that level (sell limit order) , do you always place an exact level of 1,2250 (to the pip) in your sell limit order or it maybe something around 1,2250, for example 1,2247 ? thanks in advance

THX
  • #115,492
  • Aug 14, 2012 5:51am Aug 14, 2012 5:51am
Quoting jarroo
No I didn't gasgas. ..but the S/R dynamic is definitely there. . . and a shorting opportunity is present right now, as we speak.

HCR/LCS are best traded into that beautiful Space that Mike talks about all the time. This one is a bit limited Space-wise.
Oh good, ty for answer Jim. Was curious if u take signals like this.

I actually didn't like it much, that HCR level was tested and broken few times making me lose confidence on it to hold. And overall Eur/xxx crosses showing buy strength. Plus NO space, as u said

Regards
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  • #115,493
  • Aug 14, 2012 8:00am Aug 14, 2012 8:00am
Quoting mbqb11
locked in some profit myself
updated chart
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  • #115,494
  • Aug 14, 2012 8:03am Aug 14, 2012 8:03am
Quoting mbqb11
updated chart
Hello Mike , I have been stuck in a EUR USD buy trade for four days now ... I would like to know whats your take on that one according to your way ... Thanks
Human
  • #115,495
  • Aug 14, 2012 8:07am Aug 14, 2012 8:07am
One potential trade that is on my radar for days now ... Soon , decision time is coming I guess ... Reviews ?
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Human
  • #115,496
  • Aug 14, 2012 8:16am Aug 14, 2012 8:16am
Quoting Chanya
Hello Mike , I have been stuck in a EUR USD buy trade for four days now ... I would like to know whats your take on that one according to your way ... Thanks
hey C

Just consolidation to me so not much for me to do. Could be a bearish flag if we break down out of it

Best
Mike
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  • #115,497
  • Aug 14, 2012 9:16am Aug 14, 2012 9:16am
Markets are dead this week!
  • #115,498
  • Aug 14, 2012 9:39am Aug 14, 2012 9:39am
Quoting mbqb11
updated
updated chart
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  • #115,499
  • Aug 14, 2012 9:50am Aug 14, 2012 9:50am
EURNZD and AUDCHF are going very nice.
First sth about 80 pips, second 100 pips.

AUDCHF was my first PBT trade by gap, not normal close - so i was feeling a little insecure. And it was also nice to see, that Chanya also was looking at this trade

EURNZD was standard, I think - I like this hcr/lcs lvl very much.

EURCAD kick me out at little profit, but i see now, that it is turning back, after hitting hcr/lcs (and my sl).

cheers
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  • #115,500
  • Aug 14, 2012 10:16am Aug 14, 2012 10:16am
Quoting 5.25
Hi there Kuban

I am not advocating trading the lower timeframes as these are recent trades of mine, but the principle of what I look out for when trading a false breakout is there regardless of timeframes.

Based on your chart I do no see a false breakout that I would take. I like to see either:

a) A heavy area of immediate consolidation and THEN a false break out pinbar (Chart 1)
or
b) A STRONG level THEN a false break pinbar in response to price attempting to leave it (Chart 2)

The wording is slightly different than what is taught...
Thanks, 5.25.
Your examples are very clear and understandable
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