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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

  • #121,121
  • Nov 25, 2012 9:34am Nov 25, 2012 9:34am
Quoting daveone
Hey Folks, iam new to this thread and would like to know what you think about the following setup. Since the last daily candle formed nicely into an area of resistance would you count it as a good opportunity to go short herey? Would you even count the candle as a proper pinbar?

http://www.abload.de/img/eurgbpnhaj1.gif
It's not enough for me - but I understand the idea. I'd love to see more confluence here - pa for example (some pinbar with long nose), BRN or trendline break...the resistance itself isn't very strong for me either - it has been break twice recently...In this example you are also taking short trade in the bullish channel (quite tight)...general trend is also bullish...

But wait for someone more experienced opinion...

take care
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  • #121,122
  • Nov 25, 2012 11:30am Nov 25, 2012 11:30am
Quoting daveone
Hey Folks, iam new to this thread and would like to know what you think about the following setup. Since the last daily candle formed nicely into an area of resistance would you count it as a good opportunity to go short herey? Would you even count the candle as a proper pinbar?

http://www.abload.de/img/eurgbpnhaj1.gif
Hey Dav,

I agree with Rafstraszek,

great area because of the 8100 pivot but a better bar was needed. And to answer your question the current bar does not constitute as a pin bar because the close of the bar wasn't inside the range of the previous bar. That is, for it to be a pin bar price should have closed under the high of the previous bar.

Notice also that while the location looks sound, price doesn't have very far to go because of the close by trouble area (refer to the attached chart). In situations like these it makes most sense to wait for everything to line up rather than jump the gun based off just one or two factors that go with it.

g.
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I believe . . .
  • #121,123
  • Nov 25, 2012 11:46am Nov 25, 2012 11:46am
Thank you rafstraszek and ghous for your sound explanations. i kindly appreciate how newbies are treated in this thread .
  • #121,124
  • Nov 25, 2012 11:51am Nov 25, 2012 11:51am
Quoting MUNkeyRO
Hello Everyone,

Happy thanks giving Mike! Would this chart be something you would be looking at for potential PA? I have a feeling the rising wedge may be too small?

Any input from others more than welcome! Ta.
Hey Munk

I agree VERY much with Rust. it's a bit too inconsistent for me. There is also an almost DBHLC now but again the pattern to me is not consistent enough to know for sure for me

Best
Mike
  • #121,125
  • Nov 25, 2012 11:56am Nov 25, 2012 11:56am
Quoting daveone
Hey Folks, iam new to this thread and would like to know what you think about the following setup. Since the last daily candle formed nicely into an area of resistance would you count it as a good opportunity to go short herey? Would you even count the candle as a proper pinbar?

http://www.abload.de/img/eurgbpnhaj1.gif
Hey Dave

You got some good answers so just wanted to say welcome. Look for those strong closing bars they will help you a lot

Welcome to the thread
Mike
  • #121,126
  • Nov 25, 2012 1:38pm Nov 25, 2012 1:38pm
Quoting daveone
Hey Folks, iam new to this thread and would like to know what you think about the following setup. Since the last daily candle formed nicely into an area of resistance would you count it as a good opportunity to go short herey? Would you even count the candle as a proper pinbar?

http://www.abload.de/img/eurgbpnhaj1.gif
Hi, daveone!
I would not trade that as well because of the following reasons:
1. Last weekly candle: strong- long and close is near the high. It could continue.
2. On weekly we see reversed head and shoulders pattern almost formed. It will be complete if price goes to 8158
3. It is daily uptrend(higher lows with every swing) and i don't like to trade agianst the trend
Lets say we could wait the brake of 8158, next zone is about 38% retrace from weekly downtrend which will prolly serve as support + PA+ the formed guy wuith the shoulders could be nice setup
You could see also 50% retrace from this weekly downtrend, when the price reaches 8418 (it is a strong resistance zone) + pinbar and you short from there and may take the trade of the year
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  • #121,127
  • Nov 25, 2012 5:45pm Nov 25, 2012 5:45pm
Interesting area of consolidation on the weekly TF.
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  • #121,128
  • Nov 26, 2012 12:36am Nov 26, 2012 12:36am
Trend lines,!
Well i know that price action taking place near a support and resistence area is worth trading but by Support and resistence means only the horizontal lines or trendlins also (diognal)
also is there any simple way to draw these lines? because i really suck in doing this.!
  • #121,129
  • Edited 2:18am Nov 26, 2012 1:26am | Edited 2:18am
Quoting surajkincity
Trend lines,!
Well i know that price action taking place near a support and resistence area is worth trading but by Support and resistence means only the horizontal lines or trendlins also (diognal)
also is there any simple way to draw these lines? because i really suck in doing this.!
read this: http://www.amazon.com/Pring-Price-Pa.../dp/0071440380
when i finished it first think was that mbqb wrote it ...
  • #121,130
  • Nov 26, 2012 2:59am Nov 26, 2012 2:59am
Quoting tinkerbelle
read this: http://www.amazon.com/Pring-Price-Pa.../dp/0071440380
when i finished it first think was that mbqb wrote it ...
haha cool! but i really dont have $50 to pay for this + delivery! I am from a developing country! (INDIA)
and that also from a lower middleclass family + m a student so $50 is a big thing for me
  • #121,131
  • Nov 26, 2012 3:07am Nov 26, 2012 3:07am
well can anybudy tell the james16 trading system in short! it will be a greate help.
  • #121,132
  • Nov 26, 2012 3:18am Nov 26, 2012 3:18am
Quoting surajkincity
haha cool! but i really dont have $50 to pay for this + delivery! I am from a developing country! (INDIA)
and that also from a lower middleclass family + m a student so $50 is a big thing for me
Look in google for : Pring on Price Patterns : The Definitive Guide to Price Pattern Analysis and Intrepretation
Maybe is available for free somewhere?
  • #121,133
  • Nov 26, 2012 3:22am Nov 26, 2012 3:22am
Quoting surajkincity
well can anybudy tell the james16 trading system in short! it will be a greate help.
Hi mate

go to the James16 Group Website and watch there all free videos
you won't regret it
For price action setups,follow signatures link in "pinbar" posts

hope it helps
Account deleted
  • #121,134
  • Nov 26, 2012 4:54am Nov 26, 2012 4:54am
Quoting toti1981
Look in google for : Pring on Price Patterns : The Definitive Guide to Price Pattern Analysis and Intrepretation
Maybe is available for free somewhere?
Yes. But it is forbidden
  • #121,135
  • Nov 26, 2012 5:04am Nov 26, 2012 5:04am
Quoting surajkincity
well can anybudy tell the james16 trading system in short! it will be a greate help.
Hello Suraj,

In short it is not possible. If you don't want to read the whole thread, because you just want to have a big picture, check at the end of post 1, james16 suggests a list of important thread. Read all of them it is useful.
  • #121,136
  • Nov 26, 2012 5:06am Nov 26, 2012 5:06am
Quoting swissforex
Hi mate

go to the James16 Group Website and watch there all free videos
you won't regret it
For price action setups,follow signatures link in "pinbar" posts
hope it helps
This is also a good idea
  • #121,137
  • Nov 26, 2012 6:26am Nov 26, 2012 6:26am
Quoting ForexFrog
This is also a good idea
And read the whole thread, if you want to learn!
I am at post 1600 now and have around 120000 left, but i don't care, because i want to learn and
NOBODY or NOTHING can STOP me do it! No excuses!
  • #121,138
  • Nov 26, 2012 7:29am Nov 26, 2012 7:29am
Quoting surajkincity
haha cool! but i really dont have $50 to pay for this + delivery! I am from a developing country! (INDIA)
and that also from a lower middleclass family + m a student so $50 is a big thing for me
You might want to reconsider whether speculative trading in highly leveraged otc derivative instruments is really a good fit for you.
When you have to shoot, shoot. Dont talk.
  • #121,139
  • Nov 26, 2012 7:41am Nov 26, 2012 7:41am
Quoting mbqb11
Hey Munk

I agree VERY much with Rust. it's a bit too inconsistent for me. There is also an almost DBHLC now but again the pattern to me is not consistent enough to know for sure for me

Best
Mike
Cheers Mike!
  • #121,140
  • Nov 26, 2012 8:19am Nov 26, 2012 8:19am
Quoting joelcf
You might want to reconsider whether speculative trading in highly leveraged otc derivative instruments is really a good fit for you.
is that a ghost I see
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