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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

  • #123,341
  • Feb 20, 2013 1:34pm Feb 20, 2013 1:34pm
Quoting fxkaka
EUR/USD: Possible buy setup on following levels
Please comments ... Thanks.
SL hit. There is news
http://www.forexfactory.com/news.php?do=news&id=411411

Mike and Jaroo,
One question, Is it good trading habit to add some Moving average and to filter the setups based on moving avg. if price is above, we take only buy setups and if below then only take short setups?
  • #123,342
  • Feb 20, 2013 1:50pm Feb 20, 2013 1:50pm
Quoting fxkaka
SL hit. There is news
http://www.forexfactory.com/news.php?do=news&id=411411

Mike and Jaroo,
One question, Is it good trading habit to add some Moving average and to filter the setups based on moving avg. if price is above, we take only buy setups and if below then only take short setups?
Hey kaka

If this is something that helps you then yes that is more then fine. One of James methods involves using both long term and short term moving avgs in that way. But it's not the traditional sense of buying a crossover but using it with PA and S/R to help confirm. This is where you will see him use for example the 150 and 365 emas.

I personally don't use any myself

Best
Mike
  • #123,343
  • Feb 20, 2013 2:30pm Feb 20, 2013 2:30pm
Mike hi!

I am complicating about EURUSD - can't choose where to locate an enter point?

In one hand we have 1.3340 - as closing before gap, in other hand - 1.3316, this level was also good treated in a past.
Would you explain me your point of view, I would be very appreciated.

P.S. I remember as James was saying in the very first pages of the thread - enter is bit lower/higher of the low/high , but , I saw your chart on GBPUSD you located your SL under low of a previous pin bar, right? Could you please explain this too.

Thank you.
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  • #123,344
  • Feb 20, 2013 2:39pm Feb 20, 2013 2:39pm
Hey Michael,
how about this one?
thank you very much
EURUSD daily
http://img841.imageshack.us/img841/2041/eurusdd1.gif
  • #123,345
  • Feb 20, 2013 2:43pm Feb 20, 2013 2:43pm
gold is coming to a support-area.
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meine augen sind die sterne
  • #123,346
  • Feb 20, 2013 3:16pm Feb 20, 2013 3:16pm
Quoting iuliu00
Hey Michael,
how about this one?
thank you very much
EURUSD daily
http://img841.imageshack.us/img841/2041/eurusdd1.gif
Very nice chart !

I would wait for a daily close below that BEOB before i enter short (confirmation of the support/low/TL being taken out and not a fakeout). You could enter on the retest of the broken support after the day that closes below it (Gangnam...sorry...Jaroo style)
I don't need easy. I just need possible.
  • #123,347
  • Feb 20, 2013 3:45pm Feb 20, 2013 3:45pm
Hey guys
I need advice. I have a problem with the sl? Where to move?
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  • #123,348
  • Feb 20, 2013 4:29pm Feb 20, 2013 4:29pm
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I played this BUEB from GBP JPY daily and I lost it.
I don't know if it was bad luck or if I shouldn't have take it.
What do you think?
  • #123,349
  • Feb 20, 2013 5:57pm Feb 20, 2013 5:57pm
Broke out of this major box, at last.
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  • #123,350
  • Feb 20, 2013 6:25pm Feb 20, 2013 6:25pm
BUOB push through the 89 EMA. So possible buy entry on USD CHF? i put an order just above the 89 emas. Any input would be appreciated
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  • #123,351
  • Feb 20, 2013 6:25pm Feb 20, 2013 6:25pm
Quoting iuliu00
Hey Michael,
how about this one?
thank you very much
EURUSD daily
http://img841.imageshack.us/img841/2041/eurusdd1.gif
Massive BEOB. I am targeting the 1.3200 area first and hopefully get some type of signal that it will do down. That bar to me looks like a short continuation I feel that the FTA is 1.3260 area because it has shown support and resistance on multiple bars before. Well I hope someone else can shine on this bar.
  • #123,352
  • Feb 20, 2013 7:15pm Feb 20, 2013 7:15pm
Quoting str8
Attachment

I played this BUEB from GBP JPY daily and I lost it.
I don't know if it was bad luck or if I shouldn't have take it.
What do you think?
Hi, I am also watching this pair. But without confluence on EMA 89 line, i did not play that bar. and also the PA is moving inside the triangle, waiting for a break north or south.
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  • #123,353
  • Feb 20, 2013 7:26pm Feb 20, 2013 7:26pm
USD/CAD looks like we are approaching a zone area to keep an eye or two on.
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  • #123,354
  • Feb 20, 2013 7:32pm Feb 20, 2013 7:32pm
Quoting ping-ping
BUOB push through the 89 EMA. So possible buy entry on USD CHF? i put an order just above the 89 emas. Any input would be appreciated

You know, we look for Bullish PA at a swing low, not a swing high.
Apart from that, try zooming out, it can give a totally different picture.
Like my old Japanese acupuncturist used to say, "Don't look at the moon with a microscope, use a telescope". How true.
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  • #123,355
  • Feb 20, 2013 7:44pm Feb 20, 2013 7:44pm
Quoting Pinbar
You know, we look for Bullish PA at a swing low, not a swing high.
Apart from that, try zooming out, it can give a totally different picture.
Like my old Japanese acupuncturist used to say, "Don't look at the moon with a microscope, use a telescope". How true.
Thanks for the input Pinbar,
I will look at this pair again. So wait for the break above the ema lines?
  • #123,356
  • Feb 20, 2013 8:50pm Feb 20, 2013 8:50pm
Alright, first 100 pages of this thread read, and keeping up with this side as well now. Just finished Prings book on price action and I see he referenced Magees price action book a lot(which I just so happened to get a day before Prings book showed up). I will read Magees book then re-read Prings to make sure I have a good textbook understanding of Price Action. While I am doing that I will read the pages 101-200 or so and once I finish the second read I think it will be time to dive into the PF.

With that, a few questions if I may.

I have noticed a lot of people here seem to focus more on the 1-3 bar setups, however Pring seemed to spend more time on the larger patterns. I'm curious on how others here value the larger patterns. Obviously a larger pattern that breaks out with a 2 bar pattern at the same time would be best, but when looking at charts do 2 bar patterns matter more for you? I think one of the reasons why more would focus on the 1-3 bar patterns is they plan on only holding the position for maybe 5 bars past entry.

There was a lot of focus on volume as well, which you normally dont see with forex. I have been told before to ignore volume when it comes to forex, but I did notice my broker(oanda) does have it available to put on the charts. What are everyone's thoughts, should volume be ruled out completely for forex, or would it have some merit to keep up?

Also Logarithmic scaling vs Arithmetic scaling. Has anyone truly noticed a difference? or is that normally only when you are looking at years of data that it really makes a difference?

Thanks
-=-Kwik
  • #123,357
  • Feb 20, 2013 9:10pm Feb 20, 2013 9:10pm
Quoting ping-ping
Thanks for the input Pinbar,
I will look at this pair again. So wait for the break above the ema lines?

Well, according to the classic J16 methodology, we have the 365 EMA confluence with the 61.8 fibo & the TL so, you should really be looking for Bearish PA to form at this area.
Remember, we look for Bearish PA at a SH and Bullish PA at a swing low.
Then, work out the FTA and let it do its thing, we can't force the market to go anywhere, we are just looking to jump on the train at the nearest station to the terminal and go back to the farthest station we can.

Hope this helps.
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  • #123,358
  • Feb 21, 2013 12:32am Feb 21, 2013 12:32am
Quoting Pinbar
USD/CAD looks like we are approaching a zone area to keep an eye or two on.
Agree with you Pinbar, I'm looking to take profit in this area. A took a break of wedge with BEOB on 4h.

It's quite a strong uptrend here, we will see what happens...
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  • #123,359
  • Feb 21, 2013 12:36am Feb 21, 2013 12:36am
Quoting ping-ping
Thanks for the input Pinbar,
I will look at this pair again. So wait for the break above the ema lines?
Hey, as Pinbar already said, I would wait for breakout here, or for some great bearish bar. You see price is stuck in a this wedge for quite a long time...
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  • #123,360
  • Feb 21, 2013 1:06am Feb 21, 2013 1:06am
Quoting Flamegs23
Massive BEOB. I am targeting the 1.3200 area first and hopefully get some type of signal that it will do down. That bar to me looks like a short continuation I feel that the FTA is 1.3260 area because it has shown support and resistance on multiple bars before. Well I hope someone else can shine on this bar.
Yesterday I was staring on it for 20 minutes. I decided ti demo it, but not open a real trade. Because this TL bothers me. See the chart.
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If not up, then down, otherwise sideways :-)
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