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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

  • #118,521
  • Sep 16, 2012 3:34pm Sep 16, 2012 3:34pm
Quoting dan89
Ok I will give it a try . Just looking through S&P 500 now ... This one seemed to jump out at me. Pinbar at Swing High...What do you think ?

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Hey Dan

This is not a pinbar since price has gapped up. Remember a pinbar must close and open within the previous bar

As Raf said try scanning weekly stock charts as it smooths out the PA

Best
Mike
  • #118,522
  • Sep 16, 2012 4:29pm Sep 16, 2012 4:29pm
Quoting dan89
Also, how do you even go about scanning so many pairs without it taking all day long ? What do you first look for when you open a chart. Certain PA bar ? Any thing you can recommend me starting off with to keep things as simple as possible ?
Hey Dan,
watching all Mike's webinars from the PF, could help you a lot, because they are heavily based on what you got to be careful of and when it's dangerous to trade. And here many guys post their best trades, sometimes with very little explanation beside and that could confuse you.
It's really the same material in the PF as the free thread. It's just times easier when you watch the video format and everything is tidier.
  • #118,523
  • Sep 16, 2012 4:56pm Sep 16, 2012 4:56pm
Like this. 60 pip stop loss with plenty to protect me behind (brn, pivot zone, tl, 150 ema, a couple of small pbs in last few days). Would have been great if Friday's bar had been a BEOB but hope I have enough in my favour.
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  • #118,524
  • Sep 16, 2012 5:47pm Sep 16, 2012 5:47pm
Hey guys,
took short trade on CADCHF (graph below). BEOB, space up to 0.94, bounce from previous resistance and off trend line. Any comments? Still learning
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  • #118,525
  • Sep 16, 2012 8:46pm Sep 16, 2012 8:46pm
Quoting Swede
I have used some indicators quite effectively, divergence or macd or cci once the right settings for the right time frame are in sync. However, I have always envied those who take trades based on naked charts so at the urging of a friend I read nearly 200+ posts on this thread and became convinced of one thing......"my day trading days are coming to an end".

On Friday I took the following trade using just price action.....and probably got lucky. However the day chart confirmed to me a supply area was being tested, along with the 365 sma, and...
Hello Swede,
Welcome to the thread Swede!!! I think for any system/method to be successful it must work on any time frame. Price action is no different. Certainly 5min signals are probably going to have a much shorter profit potential but they are valid... however when you get used to 100+ pip moves being the norm the moves on shorter time frames start to become insignificant. I know your experience and your talent. This kind of price action trading should be a walk in the park for you. Good luck my friend!!!
  • #118,526
  • Sep 16, 2012 9:04pm Sep 16, 2012 9:04pm
What would you guys do in these spots? BE and see how the day closes regarding to those 2 levels? Full take profit and renter only if PBT CB ? Watch how price reacts in the lower TF to these levels? etc
Thanks!


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I don't need easy. I just need possible.
  • #118,527
  • Sep 16, 2012 9:16pm Sep 16, 2012 9:16pm
Quoting Greenhaze
High probability (in my book ) trade opportunity on UJ.
GH

Looks like it's coming back to test the 77.988 area, enticing more people to sell. Guess it needs to hit more stops to gather enough momentum to breakout.
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  • #118,528
  • Sep 16, 2012 11:07pm Sep 16, 2012 11:07pm
This is what I have taken as my first trade
PB @ earlier high + Divergence.
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,529
  • Sep 16, 2012 11:25pm Sep 16, 2012 11:25pm
Seniors, please share your opinion/reflections if this is good pin to trade or something that can be taken as a chance with small lot size or simply pass by
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,530
  • Sep 17, 2012 12:00am Sep 17, 2012 12:00am
Please see attached chart
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,531
  • Sep 17, 2012 12:33am Sep 17, 2012 12:33am
first of all i want to thanks enlighter in this thread for giving time and effort sharing their knowledge in this thread. this is my trade for today
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  • #118,532
  • Sep 17, 2012 12:52am Sep 17, 2012 12:52am
Quoting dan89
Hi Mike, Im fully aware that I cannot expect to become profitable overnight, I've never told myself that - infact I knew it was something that would take time. But after 3 years (not something I would call 'overnight') of trying and still no success its becoming extremely frustrating. I've been getting a number of PM's reccommending me to sign up for the paid membership to the PF and I've been thinking about it myself because im obvouisly doing something seriously wrong to not have any form of consistant profits after a long time trying ..

Thanks...
Dan!
My father once told me - "You need 10,000 h of experience to become and expert. " Guess how far I am from beeing en expert in forex, but im still enthusiastic, and hopeful

I might suggest you taking notes of your trades - like when did you open it, why did you open it, why was it successfull, or why did it fail. - You can also attach the pictures next to your comments, so later it will be easier see it through.
After a few weeks you will have a nice list - you just have to look back, read it and make some conclusions. - For me it works

Best,
Stephen
It's all psychology...
  • #118,533
  • Sep 17, 2012 2:12am Sep 17, 2012 2:12am
Quoting Pinbar
GH

Looks like it's coming back to test the 77.988 area, enticing more people to sell. Guess it needs to hit more stops to gather enough momentum to breakout.
Hmm, possibly the 78.111 area will hold.
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  • #118,534
  • Sep 17, 2012 2:28am Sep 17, 2012 2:28am
Entered long on AJ
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Fall seven times, stand up Eight! #GGMU
  • #118,535
  • Sep 17, 2012 2:32am Sep 17, 2012 2:32am
Anyone watching this?
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Fall seven times, stand up Eight! #GGMU
  • #118,536
  • Sep 17, 2012 2:47am Sep 17, 2012 2:47am
Quoting Pinbar
GH

Looks like it's coming back to test the 77.988 area, enticing more people to sell. Guess it needs to hit more stops to gather enough momentum to breakout.
Hey PB,

You might be right there. I know i don't want to see price dipping below 77.50 and will cut the trade earlier but i'm already in and don't pay much attention to this pair anymore this week ......

Good trading to you
  • #118,537
  • Sep 17, 2012 3:09am Sep 17, 2012 3:09am
This is on my radar...lets see if it gets filled
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Fall seven times, stand up Eight! #GGMU
  • #118,538
  • Sep 17, 2012 3:49am Sep 17, 2012 3:49am
Quoting vickym
Entered long on AJ
This is what I'm looking for !
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Nothing personal,just business
  • #118,539
  • Sep 17, 2012 3:52am Sep 17, 2012 3:52am
Quoting vickym
Anyone watching this?
Hi Vicky,

Per what I see, its a pullback retracement of the earlier breakdown from range of 1.2822 & 1.2728 ( approx 100 pips ).

Would like to watch PA at this level.

Would be more convincing for this price to resume its downtrend on this touch test of support converting to resistance then to watch breaking out above. But in watch list. Not looking to trade yet.
Success is 1 % intelligence and 99% perseverance - Edison
  • #118,540
  • Sep 17, 2012 4:04am Sep 17, 2012 4:04am
Quoting ritesh_fx
Hi Vicky,

Per what I see, its a pullback retracement of the earlier breakdown from range of 1.2822 & 1.2728 ( approx 100 pips ).

Would like to watch PA at this level.

Would be more convincing for this price to resume its downtrend on this touch test of support converting to resistance then to watch breaking out above. But in watch list. Not looking to trade yet.
Right. I am gong to make decisions on this pair only after watching today's close. The current price is below the LCS (1.2731). If today close is below this level, we might have a short setup on this one

Cheers
Vicky
Fall seven times, stand up Eight! #GGMU
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