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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

  • #121,641
  • Dec 10, 2012 12:52pm Dec 10, 2012 12:52pm
Quoting mbqb11
Hey Wolf welcome


Mike
ah good old days

c ya
Attached Image
Wolves don't lose any sleep over the opinion of the sheep.
  • #121,642
  • Dec 10, 2012 1:00pm Dec 10, 2012 1:00pm
Quoting FX Wolf
ah good old days

c ya
lmao man that must have been dug up from the early days of this thread that is olllllld
  • #121,643
  • Dec 10, 2012 1:38pm Dec 10, 2012 1:38pm
Thanks Mike!
Happy Birthday too
  • #121,644
  • Dec 10, 2012 2:29pm Dec 10, 2012 2:29pm
Hi Pinbar,
Were you thinking of a CadJ bounce off of the Weekly HCR...or a level off of the monthly?

Quoting Pinbar
Looks like an interesting area for a bounce.
Best,

Eric.
Attached Image (click to enlarge)
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" Be always employed in something useful." - Benjamin Franklin
  • #121,645
  • Dec 10, 2012 2:40pm Dec 10, 2012 2:40pm
Im liking the close of today's daily bar on usdcad. Filled the gap and closed lower and below these two HCR's. Lets see what happens next.

Any thoughts? Other views?

Happy Bday Mike!

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The Eyes Believe What They See And The Ears Believe What Others Say.
  • #121,646
  • Dec 10, 2012 3:07pm Dec 10, 2012 3:07pm
Oi!

I was just looking at the charts when 2 questions popped up in my tiny head.
First of all on the attached charts we can see 1) Pin bar 2) DBHLC (???).

My questions are the following:
- Pin bar is pretty huge, shall i had to take the trade?
- Same as for the (2).

Im just asking if they were "A" trades (if yes, then why), or they werent, and you passed them. (If yes, then why did you pass on them).

Cheers,
Stephen
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It's all psychology...
  • #121,647
  • Dec 10, 2012 3:52pm Dec 10, 2012 3:52pm
Quoting LamerTrader
Oi!

I was just looking at the charts when 2 questions popped up in my tiny head.
First of all on the attached charts we can see 1) Pin bar 2) DBHLC (???).

My questions are the following:
- Pin bar is pretty huge, shall i had to take the trade?
- Same as for the (2).

Im just asking if they were "A" trades (if yes, then why), or they werent, and you passed them. (If yes, then why did you pass on them).

Cheers,
Stephen
Hey Stephen

I put some notes on a chart for you

Hope it helps
Mike
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  • #121,648
  • Dec 10, 2012 4:04pm Dec 10, 2012 4:04pm
Why I enter:
1. The previous 2 bars form a dark cloud cover. If we combine them, it'll form a pin bar with a nice, long tail.
2. The price action is supported by the confluence of 61.8 fib and 150 moving average.
3. Monthly pivot is a few pips behind the stop loss.

Concern:
1. We're trading into a lot of traffic.


What do you think about this trade? Is it a good one?

Edit: Typo
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  • #121,649
  • Dec 10, 2012 4:26pm Dec 10, 2012 4:26pm
Mates I know we are all technical traders here,
but I really think we should wait FOMC on Wed to see some tradable move
just my 2 cents
Account deleted
  • #121,650
  • Dec 10, 2012 11:23pm Dec 10, 2012 11:23pm
Quoting mbqb11
Hey Stephen

I put some notes on a chart for you

Hope it helps
Mike
Thank you Mike!

So as I understand, in case of pinbars we are looking for swing high/lows, which in this case did not happen. Though I still have some concerns:
- Back on November 13th, that little red bar at (100.3-101.2) was a turning point. Was it at a swing? I mean it hit the previous resistance level, and a nice pin bar was formed (???) Was it a better sign?
- Back to the DBHLC issue - doesn't DBHLC mean that we got 2 candles next to each other, both candle's "upper body part" are at the same level, but the second one closes below the first one?

Sorry for the stupid queston(s).

Thanks,
Stephen
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Attached Image
It's all psychology...
  • #121,651
  • Dec 11, 2012 12:43am Dec 11, 2012 12:43am
Quoting cougar73
Hi Pinbar,
Were you thinking of a CadJ bounce off of the Weekly HCR...or a level off of the monthly?



Best,

Eric.
I was thinking lower TF pa off the Monthly upper level to take us back up to test the weekly level.
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  • #121,652
  • Dec 11, 2012 12:55am Dec 11, 2012 12:55am
NZD/USD nice Pinbar forming on H1. Confluence with weekly/monthly resistance. This one's hopefully going down !

Well, its not the ultimate Pinbar. Iam still in.
  • #121,653
  • Dec 11, 2012 1:06am Dec 11, 2012 1:06am
Quoting daveone
NZD/USD nice Pinbar forming on H1. Confluence with weekly/monthly resistance. This one's hopefully going down !

Well, its not the ultimate Pinbar. Iam still in.

Not a PB on my feed, the H4 TF may end in one but, I would watch the weekly gap that is kind of hard to spot and, throws the HCR off.
Also, there is now a daily close above that lower monthly level.
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  • #121,654
  • Dec 11, 2012 2:20am Dec 11, 2012 2:20am
Quoting daveone
NZD/USD nice Pinbar forming on H1. Confluence with weekly/monthly resistance. This one's hopefully going down !

Well, its not the ultimate Pinbar. Iam still in.
A H1 Pinbar after such a strong daily uptrend means simply nothing
  • #121,655
  • Dec 11, 2012 2:28am Dec 11, 2012 2:28am
Quoting bullzeye
USD/DKK

i say it already: i love fibs

Attachment
USD/DKK

50% fib doing his job...

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  • #121,656
  • Dec 11, 2012 4:39am Dec 11, 2012 4:39am
Wow i'm so absent these days, how could i have missed ...

Happy birthday Mike! Wish you very very best! A lot of health, muscle, joy and pips on the positive
  • #121,657
  • Dec 11, 2012 5:56am Dec 11, 2012 5:56am
Quoting mbqb11
chart to watch
GBP/CHF

Hey Mike,

Back in channel now and under BRN...

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  • #121,658
  • Dec 11, 2012 6:38am Dec 11, 2012 6:38am
Quoting LamerTrader
Thank you Mike!

So as I understand, in case of pinbars we are looking for swing high/lows, which in this case did not happen. Though I still have some concerns:
- Back on November 13th, that little red bar at (100.3-101.2) was a turning point. Was it at a swing? I mean it hit the previous resistance level, and a nice pin bar was formed (???) Was it a better sign?
- Back to the DBHLC issue - doesn't DBHLC mean that we got 2 candles next to each other, both candle's "upper body part" are at the same level, but the second one closes...
Hey Stephen

The DBHLC is like your second image where we have matching highs with a close lower then the previous bars low. But you can also aggregate bars to make 2 day timeframes as well too. Bit more cumbersome when starting out

Best
Mike
  • #121,659
  • Dec 11, 2012 6:48am Dec 11, 2012 6:48am
Quoting Rust
Wow i'm so absent these days, how could i have missed ...

Happy birthday Mike! Wish you very very best! A lot of health, muscle, joy and pips on the positive
thanks Rust and everyone else
  • #121,660
  • Dec 11, 2012 6:49am Dec 11, 2012 6:49am
Quoting bullzeye
GBP/CHF

Hey Mike,

Back in channel now and under BRN...

Attachment
This is a good sign, it reconfirms the validity of such a TL. Now I will be waiting for good PA

Mike
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