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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

  • #122,021
  • Jan 1, 2013 11:16am Jan 1, 2013 11:16am
hello guys, just demo trading learning breakouts and pin bars,
does this look like a tradeable breakout? (the blue box would be the trade)
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my name is tom and i like crayons
  • #122,022
  • Jan 1, 2013 11:25am Jan 1, 2013 11:25am
Quoting lebond
Happy New Year everyone!!


How about this for a set-up on the USD/MXN??

BEOB, Rejection of BRN 13.000, Bounce off 150 and 360 ema, also bounce off s/r zone.

Providing the market opens above the close of this BEOB bar and breaks it at around 12.9100, 1st TA is around 12.8500

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i like it.
meine augen sind die sterne
  • #122,023
  • Jan 1, 2013 11:32am Jan 1, 2013 11:32am
Quoting lebond
Rahimseven I don't think the spread will ruin this trade. If you look on the daily, H4 or H1 chart for the USD/MXN, 50 points is not very far at all.
Got it! Thanks
  • #122,024
  • Jan 1, 2013 12:33pm Jan 1, 2013 12:33pm
Quoting tc640
hello guys, just demo trading learning breakouts and pin bars,
does this look like a tradeable breakout? (the blue box would be the trade)
It will be tradeable. Whats your plan on it? Wait for a close above resistance and retrace to new possible support? Breakout with pin confirmation on lower timeframe?...ect

I like it
  • #122,025
  • Jan 1, 2013 1:34pm Jan 1, 2013 1:34pm
Quoting Pinbar
Happy new year everyone.
happy and healthy new year everyone!

Back to business !
  • #122,026
  • Jan 1, 2013 1:36pm Jan 1, 2013 1:36pm
Quoting hally0301
Hi All

Not as yet a member of the PF but been working my way through the thread. Have noticed this potential setup on the EUR/GBP on the daily chart. Not seeing any price action confirmation yet, but price is running back down into some major resistance levels - Fib levels, 200 MA and 365 MA and also RN at 81 and BRN at 80. Am interested to see if there is any PA confirmation in the next couple of days. Probably over New Year is not a great time to trade. I am still at demo stage. Any comments??

hally
welcome Hally

I would be waiting now myself maybe down further towards the 8000 mark as well myself

But did you see that BIG huge beob at a nice clean swing high. I know end of the year I wouldn't be trading but this stuff works whever


Again welcome to the thread
Mike
  • #122,027
  • Jan 1, 2013 1:48pm Jan 1, 2013 1:48pm
hi rahimseven i think i will just keep checking on it every day or maybe put a limit order on demo?

i think waiting for retraces and pinbars would kill me lol

thanks, tom

Quoting Rahimseven
It will be tradeable. Whats your plan on it? Wait for a close above resistance and retrace to new possible support? Breakout with pin confirmation on lower timeframe?...ect

I like it
my name is tom and i like crayons
  • #122,028
  • Jan 1, 2013 1:48pm Jan 1, 2013 1:48pm
Quoting Rahimseven
Big things happening on the AUD/JPY

How would you play it or do you feel the bus has been missed?

A plan:

Buy at a retrace to the 89 level

Place stop under last swing on daily around 87

Take some off at 90.94

2 bar low trail once first target reached

Let her run while I go have some fun...



B plan:

Buy a break of the BUEOB on daily (I understand that bullish engulfing outside bars are usually take at swing lows or down trend reversals
but with it bouncing of a strong support I'll call it valid)

Place stop under...
Hey R

Happy new year to you too

I think your general idea makes sense and I like that you understand that a BUOB here is trickier and not the way to start learning them.

My issues with this that would personally keep me out are that price couldn't close above the BRN of 90. So this could also be the top of the box on the weekly chart since it is not well defined top of a box. Price is also only engulfing one bar and this action occurred at years end which for some like myself makes it a bit less strong to go on(that's a personal thing perhaps). I'd like to see how things shape up this week myself

Best
Mike
  • #122,029
  • Edited 5:30pm Jan 1, 2013 1:53pm | Edited 5:30pm
Hi Mike

Seeing the post by hally0301 about the BEOB at the swing high. From what I understand from the material this is very difficult trade to manage since their is a lot of support below and FTA is quite close. I personally didn't think this was a good trade but you seem to have another view. Perhaps I don't understand the material enough?

Could you also perhaps elaborate further in how you would go about theoretically managing this trade if you took it?

Thanks as always.

P.S - I'm really looking forward to the new website - especially your videos
  • #122,030
  • Jan 1, 2013 2:01pm Jan 1, 2013 2:01pm
Quoting mbqb11
Hey R

Happy new year to you too

I think your general idea makes sense and I like that you understand that a BUOB here is trickier and not the way to start learning them.

My issues with this that would personally keep me out are that price couldn't close above the BRN of 90. So this could also be the top of the box on the weekly chart since it is not well defined top of a box. Price is also only engulfing one bar and this action occurred at years end which for some like myself makes it a bit less strong to go on(that's a personal thing...
Makes sense. I have to pay more attention to the BRNs

Thanks Mike
  • #122,031
  • Jan 1, 2013 5:30pm Jan 1, 2013 5:30pm
Quoting hunzul
Hi Mike

Seeing the post by hally0301 about the BEOB at the swing high. From what I understand from the material this is very difficult trade to manage since their is a lot of support below and FTA is quite close. I personally didn't think this was a good trade but you seem to have another view. Perhaps I don't understand the material enough.

Could you perhaps elaborate further in how you would go about theoretically managing this trade if you took it?

Thanks as...
Hey Hun

Don't let a FTA necessarily keep you out of a good bar/trade/story. A FTA is simply information with which we can then make more decisions with. Of course it will depend on the trader, but I don't tend to just take profit or go to B/E at a FTA. Generally I look to reduce my risk around FTAs which then can keep us in a trade as well as let our profits run a bit more and reduce our risk(most important).

Here is a chart of how one could of proceeded with this(again being a holiday is enough to stay sidelined for me but still(

Best
mike
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  • #122,032
  • Jan 1, 2013 5:35pm Jan 1, 2013 5:35pm
Thanks for your quick response as usual. It makes much more sense now. I do feel I am slowly getting better at this. Obviously it helps that I have you to constantly pester.

Happy new year
  • #122,033
  • Jan 1, 2013 6:58pm Jan 1, 2013 6:58pm
Quoting mbqb11
oh that could be juicy. I don't usually trade till next year but maybe I need to make an exception
stopped out?
Don't give up
  • #122,034
  • Jan 1, 2013 7:28pm Jan 1, 2013 7:28pm
Quoting geomink
stopped out?
Hey Geo

Nope didn't take any trades myself. I don't like to trade from around xmas eve until the new year. Likely not this week either much as things settle back in.

Best
Mike
  • #122,035
  • Jan 1, 2013 7:57pm Jan 1, 2013 7:57pm
Quoting menomoo
Happy New Year To All and Best Wishes to YOUR HEART"S DESIRE !

Hi Steve,

Do you mind to post NASDAQ daily Chart and your take on the chart
from your FX PRo MT4 ( mine FXCM and trying to open up FXPRO but kept getting invalid account gotta sort out tomorrow).

Thanks in advance.. Cheers

Vito
Sorry, no nasdaq in my platform.
I am sure Mike has it.
  • #122,036
  • Jan 1, 2013 8:20pm Jan 1, 2013 8:20pm
Quoting Pinbar
Sorry, no nasdaq in my platform.
I am sure Mike has it.
here ya go steve
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  • #122,037
  • Jan 1, 2013 8:58pm Jan 1, 2013 8:58pm
UCHF H4 is great?
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  • #122,038
  • Jan 1, 2013 10:53pm Jan 1, 2013 10:53pm
Quoting Nake
UCHF H4 is great?
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Hey nake

Be careful here we have no bar confirmations and if you look price is stuck in a box and you are selling at the last point of buying(into that last swing low). This is why we want to look for nice clean bars at swing points it gives price more room to run when learning PA

Best
Mike
  • #122,039
  • Jan 2, 2013 12:19am Jan 2, 2013 12:19am
Quoting mbqb11
here ya go steve

Thanks Mike but, it was not for me, that person wanted a view of it.
As, I can not see what is going on, on the Monthly & weekly, it is hard to say.

However, I would not like to trade right into the bottom of this consolidation box, it just broke out of.

Massive RH&S though. Just not my thing at all.
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  • #122,040
  • Jan 2, 2013 2:25am Jan 2, 2013 2:25am
Hello Fellow James 16 Traders,

I just joined the private forum and am working my way through all of the material.

I am a little confused about a few things though...

1: There seem to be many systems but on here you are just really trading the price action at key s&r levels is that right? You don't trade the moving average setups? I am actually more comfortable with this as I understand support and resistance well and getting into MA systems I feel would complicate things for me.

2: I can see lots of setups mainly from the weekly charts at the moment... how do you decide which to take when potentially there are quite a few? I don't want to over trade but there are lots of potential setups where the pairs are at key support or resistance levels.

3: I would have posted this on the internal forum but it doesn't seem as active as this one... should I post charts, questions and stuff here?

Thanks

Emporia
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