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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

  • #118,561
  • Sep 17, 2012 11:07am Sep 17, 2012 11:07am
Hi Guys

We have interesting scenario on NZDJPY. Price is in the middle of two strong multiple daily levels. Upper LCS which is resistance now, and lower almost triple HCR which price broke and closed above last week.

Lets assume that price will first hit resistance. How You will manage this potential trade? Wait for PA and see if profit taking starts or enter short as touch trade trying to catch high? Or even wait for 1hr or 4hr signature which is something in between.

I'm asking because I think that if I was in long trade right now I would like to take full profit on that former LCS It looks strong.
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  • #118,562
  • Sep 17, 2012 11:12am Sep 17, 2012 11:12am
Quoting mbqb11
Hey FaB

Technically you can sell that pinbar as a breakout + retrace to a pattern. I prefer to have a close below the BRN with PA. I instead used the break of that TL to help with a touch trade I played on the euro. I sold a retest of fridays high as I explained here
That was a great call Mike. The retail market were no doubt buying above that swing high (a combo of stops and buy orders) so the pro money can get their shorts filled. The biggest stitch up out there.

We'll have to wait and see if that was a short term top but the dollar index has also entered a demand area.
  • #118,563
  • Sep 17, 2012 11:15am Sep 17, 2012 11:15am
Quoting packhorse
Hi Guys,

Just a quick question. I normally trade daily pinbars only. I am also now considering weekly trades.

When trading weekly trades, how long would you give for the trade to trigger before you would consider cancelling the trade?

Thanks
Hey Pack

I would say treat it same as you would daily. I like my bars to generally break the next bar, or sometimes the bar after(depending on the look). From a weekly it is no different since everything is in the scope of that weekly timeframe.

Best
Mike
  • #118,564
  • Sep 17, 2012 11:36am Sep 17, 2012 11:36am
Quoting rafstraszek
Be careful - we were talking about it some time ago - pin is relatively small, strong uptrend, brn and hcr just below it...
I have taken my first trade to AUD/USD today and happy that could see profit. Based on above observation and caution, have took partial profit and now at BE.
Success is 1 % intelligence and 99% perseverance - Edison
  • #118,565
  • Sep 17, 2012 12:31pm Sep 17, 2012 12:31pm
Quoting Chanya
Something is coming ... New super Hero Corn-man !!!

Quoting Chanya

On the other hand , I think the CORN MAN is almost here ...
My corn trades update ... Both developed really nicely ...
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Human
  • #118,566
  • Sep 17, 2012 12:50pm Sep 17, 2012 12:50pm
Quoting Barefoot
Hi Packhorse. I trade weekly charts almost exclusively, and I often set my trades up on Sunday. I usually give those trades the whole week to trigger unless something happens to invalidate the setup.

It's all relative. You have to be patient when dealing with weekly charts and let the setup play out. If you're looking at a weekly chart it makes sense to let the whole weekly candle work itself out before you give up on it.

Just my thoughts, the more experienced here might have different ideas.
Thanks for the reply. Just the right sort of advice I was looking for. Many thanks.
"Fail to prepare, prepare to fail."
  • #118,567
  • Sep 17, 2012 12:51pm Sep 17, 2012 12:51pm
Quoting mbqb11
Hey Pack

I would say treat it same as you would daily. I like my bars to generally break the next bar, or sometimes the bar after(depending on the look). From a weekly it is no different since everything is in the scope of that weekly timeframe.

Best
Mike
Thanks Mike.

Good advice.
"Fail to prepare, prepare to fail."
  • #118,568
  • Sep 17, 2012 1:17pm Sep 17, 2012 1:17pm
Quoting Chanya
My corn trades update ... Both developed really nicely ...
Gotta love the SPACE you have there. Great for making money for:

https://encrypted-tbn1.google.com/im...Ra-5Jr5-6WzfcK
https://encrypted-tbn1.google.com/im...-6WzfcKhttp://
I don't need easy. I just need possible.
  • #118,569
  • Sep 17, 2012 1:23pm Sep 17, 2012 1:23pm
Mike, if today USDPLN would close as a 2 day pin bar then do you think that it is a great setup? It seems that it is well located and the pin retested the RN 3.1 too.
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  • #118,570
  • Sep 17, 2012 1:39pm Sep 17, 2012 1:39pm
Quoting rafstraszek
Be careful - we were talking about it some time ago - pin is relatively small, strong uptrend, brn and hcr just below it...
mhh, i found the pin lovely

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  • #118,571
  • Sep 17, 2012 1:43pm Sep 17, 2012 1:43pm
Quoting Chanya
My corn trades update ... Both developed really nicely ...
always nice trades mate...
  • #118,572
  • Sep 17, 2012 1:50pm Sep 17, 2012 1:50pm
NZD/USD

looking also nice

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  • #118,573
  • Sep 17, 2012 1:53pm Sep 17, 2012 1:53pm
Quoting bullzeye
mhh, i found the pin lovely

Attachment
I honestly did not expected it to have worked ... Guess I was wrong ...
Human
  • #118,574
  • Sep 17, 2012 1:53pm Sep 17, 2012 1:53pm
Quoting bullzeye
USD/JPY

this one was activated...

Attachment
USD/JPY

don't really like the trend line ..maybe taking full profit isn't a bad idea

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  • #118,575
  • Sep 17, 2012 1:56pm Sep 17, 2012 1:56pm
Hi guys,

Just wondered whether anybody had any thoughts on a possible Jarroo style long setup on NZDUSD at the 0.8200 area. I've attached a chart below. I'm not sure that this qualifies as the PBT was a bit scrappy around the HCR.

Dave

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  • #118,576
  • Sep 17, 2012 1:57pm Sep 17, 2012 1:57pm
Quoting ritesh_fx
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
Have taken this trade based on the previous consolidation high touch. Currently running in profit.. awaiting move of atleast 30 pips before setting it to BE.
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,577
  • Sep 17, 2012 1:59pm Sep 17, 2012 1:59pm
Quoting djcash
Hi guys,

Just wondered whether anybody had any thoughts on a possible Jarroo style long setup on NZDUSD at the 0.8200 area. I've attached a chart below. I'm not sure that this qualifies as the PBT was a bit scrappy around the HCR.

Dave

Attachment
NSD USD has too many levels right now that can be looked at which is risky ... I am going to leave it be for a while ...
Human
  • #118,578
  • Sep 17, 2012 2:01pm Sep 17, 2012 2:01pm
Quoting ritesh_fx
Please see attached chart
Mike, Jaroo,

Your guidance on this one please .. attached chart.
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,579
  • Sep 17, 2012 2:17pm Sep 17, 2012 2:17pm
Quoting Martin600
Mike, if today USDPLN would close as a 2 day pin bar then do you think that it is a great setup? It seems that it is well located and the pin retested the RN 3.1 too.
Hey Martin

Certainly could work, i'd like more confluence myself

but here are some things I would watch for


Best
Mike
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  • #118,580
  • Sep 17, 2012 2:42pm Sep 17, 2012 2:42pm
Mike, can I get your thoughts on these FX pairs that I scanned, looking for clean PA at swing points. These are the ones that jumped out at me. These charts are end of day. (the S/R lines are done by an indi, I just didnt take it off when taking the screen shots)

Cheers
Dan

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Disregard the last chart
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