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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

  • #118,601
  • Sep 18, 2012 12:00am Sep 18, 2012 12:00am
Quoting ritesh_fx
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.
Just missed my first target by 1 pip ... and it went up and finally triggered my SL after which retraced back.. here too SL hit by just 2 pip difference. This could have been profited but needed babysitting.

Guys, whats the typical filter you put up for SL & TP trade.

I am still on in it with 1/2 of my trade
Success is 1 % intelligence and 99% perseverance - Edison
  • #118,602
  • Sep 18, 2012 2:23am Sep 18, 2012 2:23am
here is the Euro and Pound current situation. Lets See! Does it break or not.
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Price Is The Best Indicator Itself.
  • #118,603
  • Sep 18, 2012 2:30am Sep 18, 2012 2:30am
So it took me 6 hours to go through the Russell 3000...I found about 23 setups. I'll post a few...you like any of these Mike?
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  • #118,604
  • Sep 18, 2012 2:43am Sep 18, 2012 2:43am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
[quote=LamerTrader;6020244]Mornin forex experts!

Could you tell me, why did this Double high lower close on EURNZD Daily fail?
It was a nice setup... -.-" Or why you passed this trade?

Btw today we kinna got the same setup. Whats your opinion?

Hi LT,

You seem to have posted up a h4 chart and not a daily. However I believe the DBHLC didn't work out because if you look to the left of your chart, there are multiple bar highs and lows which have held as support. Also there seemed like there was strong upward momentum at the time and also the BRN @ 1.58000, we didn't really get a strong close below it, which is another reason why I wouldn't have taken this trade if I traded h4, I'm trying to stick to daily while I learn.

Also the one you mentioned today doesn't seem to fit in to the DBHLC criteria as on my feed its about 5 pips higher than the previous bar. J16 has said the highs should be 2-3 pips within each other, and personally I would like to see 0-1 pips highs within each other on h4. However it is a BEOB and can it work out? I think maybe, there seems to be a PB by proxy which has formed a couple of bars before, followed by a BEOB, but the BRN @ 1.58000 and the bar highs/lows would still concern me, and therefore I would remain patient on the sidelines.

That's my take on it anyway, I hope it helps, I'm sure Mike or someone else will support what I said or add their own analysis to it.

Kind Regards
Sanil
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  • #118,605
  • Edited 4:15am Sep 18, 2012 2:44am | Edited 4:15am
Quoting Magestic
And the last one for today.
Chart update.

Thats why I like Mike's style. He teaches us to trade logicaly.

PS: I meant my box HOLD, not FOLD
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If not up, then down, otherwise sideways :-)
  • #118,606
  • Sep 18, 2012 3:00am Sep 18, 2012 3:00am
Hi,

I'm getting a bit confused here, I'm mixing lines, pairs, timeframes and other setup in my brain right now... looks like I can't organize my trade criteria anymore

What do you think of a possible drop of GBPUSD?
Daily / Weekly HCR touched, no close above (neither D1 nor H4).
I would think of entering short after the break of 1.62 RN.
There is quite some space below. What concerns me is the absence of PA setup and of confluence...

Would love to hear your opinion
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Slow & steady
  • #118,607
  • Sep 18, 2012 3:06am Sep 18, 2012 3:06am
Hi everybody,
I was busy and missed this one - so chart only as exercise.
What do you think Jim ?

Regards,
Peter

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  • #118,608
  • Sep 18, 2012 3:07am Sep 18, 2012 3:07am
Quoting patapouer
Hi,

I'm getting a bit confused here, I'm mixing lines, pairs, timeframes and other setup in my brain right now... looks like I can't organize my trade criteria anymore

What do you think of a possible drop of GBPUSD?
Daily / Weekly HCR touched, no close above (neither D1 nor H4).
I would think of entering short after the break of 1.62 RN.
There is quite some space below. What concerns me is the absence of PA setup and of confluence...

Would love to hear your opinion
I see the double top. But that is about it. No Confluence...no trade.
  • #118,609
  • Sep 18, 2012 3:07am Sep 18, 2012 3:07am
Quoting LamerTrader
Mornin forex experts!

Could you tell me, why did this Double high lower close on EURNZD Daily fail?
It was a nice setup... -.-" Or why you passed this trade?

Btw today we kinna got the same setup. Whats your opinion?

2) My second question is - how many trades do you have / months? (Jarroo, Mike etc).

Cheers,
Stephen


Attachment
Take a look at the 1.5820 area on the monthly chart.
It is not surprising why that bar put the brakes on.

Might be an idea to stick to the weekly & daily charts, as J16 stipulates new people do, in post one of this thread.

Makes things look a lot clearer.
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  • #118,610
  • Sep 18, 2012 3:11am Sep 18, 2012 3:11am
Quoting Magestic
Chart update.

Thats why I like Mike's style. He teaches us to trade logicaly.
And how do newbies like me learn Mike's setups?? Could you point to some material

Thanks
Vicky
Fall seven times, stand up Eight! #GGMU
  • #118,611
  • Sep 18, 2012 3:14am Sep 18, 2012 3:14am
Quoting vickym
And how do newbies like me learn Mike's setups?? Could you point to some material

Thanks
Vicky
By starting at post 1 & reading the entire thread.

That is what people usually do.
  • #118,612
  • Sep 18, 2012 3:17am Sep 18, 2012 3:17am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting vickym
And how do newbies like me learn Mike's setups?? Could you point to some material

Thanks
Vicky
Hey V,

If you go through my posts, there should be one on June 25, 2012 where I posted thread summaries up which you can download. It's the best way to go through this thread I feel, its more organised and leaves out the clutter.

Kind Regards
Sanil
  • #118,613
  • Sep 18, 2012 3:20am Sep 18, 2012 3:20am
Update on the USD/CAD PB

Moved to BE after taking one third off at the FTA.
Looks like it is trying to break out.
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  • #118,614
  • Sep 18, 2012 3:51am Sep 18, 2012 3:51am
Jarroo Sir, Need help with this..

We have PBT and CB then a retracement to LCS which actually closed above.
My Q is :- Was this a valid setup ? If yes would this have been one off loss making trade for there was no chance of BE as bar closed way above.
Plz help in understanding this.
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Success is 1 % intelligence and 99% perseverance - Edison
  • #118,615
  • Edited 4:22am Sep 18, 2012 4:12am | Edited 4:22am
Quoting vickym
And how do newbies like me learn Mike's setups?? Could you point to some material

Thanks
Vicky
I havent read the entire topic, but I surely read first 100 posts and went through all the posts that are in summaries in the post 1. If u'll start read it you'll discover that these summaries include more summaries inside, so that will be a ton of info. I will show the links I went through in the evening (I'm in Europe ), coz there are bookmarks on my domestic computer.
And now I read the thread every day after regular work, all the posts, like my 2nd job. Not all attentivly of course, but after 1 year I know what I like and what I don't and where I have to read with full attention and were not.

PS: Everybody who found this thread is very lucky. It can realy change your life, and prevent you to make mistakes that would ruin your faith in Forex.
If not up, then down, otherwise sideways :-)
  • #118,616
  • Sep 18, 2012 4:36am Sep 18, 2012 4:36am
Quoting Chanya
Not taking NZD USD or AUD USD ...
Turns out I took the right decision ...
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Human
  • #118,617
  • Sep 18, 2012 4:44am Sep 18, 2012 4:44am
Quoting patapouer
Hi,

I'm getting a bit confused here, I'm mixing lines, pairs, timeframes and other setup in my brain right now... looks like I can't organize my trade criteria anymore

What do you think of a possible drop of GBPUSD?
Daily / Weekly HCR touched, no close above (neither D1 nor H4).
I would think of entering short after the break of 1.62 RN.
There is quite some space below. What concerns me is the absence of PA setup and of confluence...

Would love to hear your opinion
its a perfect place for me... just sit patiently and watch... perfect place for fishing pips.
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all is eternal - this is good news for people who loves bad news
  • #118,618
  • Sep 18, 2012 5:01am Sep 18, 2012 5:01am
Quoting meshka
its a perfect place for me... just sit patiently and watch... perfect place for fishing pips.
Either that or I would like to go short when we break and retest this area ... A traditional breakout trade . Nothing fancy ...
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Human
  • #118,619
  • Sep 18, 2012 5:20am Sep 18, 2012 5:20am
Quoting bullzeye
USD/JPY

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

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USD/JPY

took my whole profit here, H4 PA is showing signs that it will continue the down trend

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  • #118,620
  • Sep 18, 2012 5:29am Sep 18, 2012 5:29am
Quoting ritesh_fx
Jarroo Sir, Need help with this..

We have PBT and CB then a retracement to LCS which actually closed above.
My Q is :- Was this a valid setup ? If yes would this have been one off loss making trade for there was no chance of BE as bar closed way above.
Plz help in understanding this.
Look at candle I marked with white arrow - my pending was missed by 2-3 pips so I deleted it...
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