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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

  • #124,761
  • Apr 16, 2013 2:55pm Apr 16, 2013 2:55pm
Hi fellas, here's a trade I'm considering. Big Buob closing above a RN and consolidation box. Was thinking of waiting for a retrace to bar highs and going long. Would appreciate input from more experienced traders. Cheers

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  • #124,762
  • Apr 16, 2013 3:39pm Apr 16, 2013 3:39pm
hi Hiten123,
can i know what use of "space" in chart ??
Investing is SIMPLE but NOT EASY
  • #124,763
  • Apr 16, 2013 4:02pm Apr 16, 2013 4:02pm
Quoting Moly_Cam5
hi Hiten123, can i know what use of "space" in chart ??
Hi mate. When price breaks away from a PA bar such as a BUOB or pinbar, it is better if there is space for it to move to because if there is a lot of traffic, price is likely to have trouble going past that area. Check out this link and watch the video by mbqb11 called "traffic vs space-the basics". It will explain it better than I can.

http://www.james16group.us/Guests/guestmaterial.html
  • #124,764
  • Apr 16, 2013 4:06pm Apr 16, 2013 4:06pm
Quoting Hiten123
Hi mate. When price breaks away from a PA bar such as a BUOB or pinbar, it is better if there is space for it to move to because if there is a lot of traffic, price is likely to have trouble going past that area. Check out this link and watch the video by mbqb11 called "traffic vs space-the basics". It will explain it better than I can. http://www.james16group.us/Guests/guestmaterial.html
thanks buddy for reply , good luck in your trading
Investing is SIMPLE but NOT EASY
  • #124,765
  • Apr 16, 2013 4:33pm Apr 16, 2013 4:33pm
hey Mike,
I`m looking at this one.
NZDCHF daily
Can I have your opinion please?Thank you very much!

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  • #124,766
  • Apr 16, 2013 5:35pm Apr 16, 2013 5:35pm
Anyone's Thoughts on this trade? I was reviewing James16's charts and he talked about DBL or DBH continuation trades, so I took what I thought was a decent trade. Price was coming down off of resistance and formed a DBL so I placed a sell stop below the lows. The following morning I got excited when I saw the trade was in profit so I excited and then took a look at my notes for entering and re-entered off of a pull back on the 4 hr chart when I realized I based the entry on the wkly chart. I have taken partial profits and moved to BE, hoping to get to the lower blue box.

Thanks,
Walt

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  • #124,767
  • Apr 16, 2013 6:48pm Apr 16, 2013 6:48pm
Quoting iuliu00
hey Mike, I`m looking at this one. NZDCHF daily Can I have your opinion please?Thank you very much! {image}
Looks good I

A bunch asked me about this one in my webinar today and my chart looked identical

Best
Mike
  • #124,768
  • Apr 16, 2013 6:50pm Apr 16, 2013 6:50pm
Quoting bwaltner
Anyone's Thoughts on this trade? I was reviewing James16's charts and he talked about DBL or DBH continuation trades, so I took what I thought was a decent trade. Price was coming down off of resistance and formed a DBL so I placed a sell stop below the lows. The following morning I got excited when I saw the trade was in profit so I excited and then took a look at my notes for entering and re-entered off of a pull back on the 4 hr chart when I realized I based the entry on the wkly chart. I have taken partial profits and moved to BE, hoping to...
Hey Walt

Yep you are correct TBL/TBH are continuations when they break. I tend to look for multi bar highs/lows. They tend to be more reliable in my opinion and I also prefer them at nice swing points which will give us "space" often. Not wrong to play it in a "box" like we are. If you notice a break of the TBL is a break of the midpoint of the box. So that ppz is showing a break with the TBL. I would say you can tuck your sell up higher and get a better price as they should break and not have to come back much. Good to see you protect yourself on a trade like this, it can get choppy

Hope that helps
Mike
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  • #124,769
  • Apr 17, 2013 1:17am Apr 17, 2013 1:17am
Quoting meshka
i think its good place to look for go long here {image}
Hi meshka,
I´m watching this one too, we´ve got 150 and 365 EMA below this bar too

Mav
  • #124,770
  • Apr 17, 2013 2:28am Apr 17, 2013 2:28am
Quoting iuliu00
hey Mike, I`m looking at this one. NZDCHF daily Can I have your opinion please?Thank you very much! {image}
Me sell stop is same yours
If not up, then down, otherwise sideways :-)
  • #124,771
  • Apr 17, 2013 2:31am Apr 17, 2013 2:31am
I also in this one
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If not up, then down, otherwise sideways :-)
  • #124,772
  • Apr 17, 2013 2:46am Apr 17, 2013 2:46am
I gotta ask you guys this question..

I notice that you guys like to trade unconcentional pair such as AUD/CHF, NZD/xxx while the popular ones are E/U and G/U.. why so??


Sonic
  • #124,773
  • Apr 17, 2013 3:35am Apr 17, 2013 3:35am
Quoting sonicdeejay
I gotta ask you guys this question.. I notice that you guys like to trade unconcentional pair such as AUD/CHF, NZD/xxx while the popular ones are E/U and G/U.. why so?? Sonic
hey Sonic,

Nice to see you dropping by bro.

More pairs means more setups and what we teach here is that that should lead to one being more picky and selective with the trades. A good pin bar indicating a nice story knows not what pair its on.

g.
I believe . . .
  • #124,774
  • Apr 17, 2013 6:35am Apr 17, 2013 6:35am
Quoting ghous
hey Sonic, Nice to see you dropping by bro. More pairs means more setups and what we teach here is that that should lead to one being more picky and selective with the trades. A good pin bar indicating a nice story knows not what pair its on. g.

Hey Ghous hope you are good!

I hear Sonic on this one, my broker spreads on some of the Australasian pairs are crazy. Looking at 18 points upwards on most. If you trade smaller TF's it kind of kills your opportunities on a lot of setups. Plus on daily the rollover kills your profit.

If you guys have better broker spreads on Australasians, Exotics and Scandinavians I'd be interested to know?

Trade Happy!

Mark
Time for a new chapter
  • #124,775
  • Apr 17, 2013 7:41am Apr 17, 2013 7:41am
Quoting markf45
Hey Ghous hope you are good! I hear Sonic on this one, my broker spreads on some of the Australasian pairs are crazy. Looking at 18 points upwards on most. If you trade smaller TF's it kind of kills your opportunities on a lot of setups. Plus on daily the rollover kills your profit. If you guys have better broker spreads on Australasians, Exotics and Scandinavians I'd be interested to know? Trade Happy! Mark
Hi markf45,
I think that on most pair the spread is relative to how much the pair moves (for example EUR/SEK has 50 pips spread on my demo account right now but it moves averagely 800 pips/per day), as you said trading smaller TF´s would be problem but if we stay on daily and higher TF´s we can see some nice tarde here from time to time. Of course it also depends on your broker (I´ve got several demo accounts and some of them have very different spreads on exotic pairs).Just my 2 cents though.

Mav
  • #124,776
  • Apr 17, 2013 7:47am Apr 17, 2013 7:47am
Quoting markf45
Hey Ghous hope you are good! I hear Sonic on this one, my broker spreads on some of the Australasian pairs are crazy. Looking at 18 points upwards on most. If you trade smaller TF's it kind of kills your opportunities on a lot of setups. Plus on daily the rollover kills your profit. If you guys have better broker spreads on Australasians, Exotics and Scandinavians I'd be interested to know? Trade Happy! Mark
Hey Mark,

The point of more trading opportinities via watching more pairs pertains to the higher TFs. Of course with lower TFs issues like spread will play a major role in restricting the range of pairs you can trade. Since youre dealing with more pips on the higher time frames it is less of an issue and it certainly increases the lower you go on the time frame. So with my broker while I can still trade around 50 or so fx pairs daily onwards somebody on the m5 may need to stick to two or three of the most regularly traded pairs like Eu and Gu. Also bear in mind that matters like spread are highly broker specific and its always a good idea to check and check periodically if the spreads your broker offers are competitive enough.

At the end of the day we know the focus is not quantity but quality of setups and since the dailies can dry up and remain dry for a bit, more pairs help with keeping you occupied and obviously contribute nicely to your learning by providing more setups with varying quality so you can hone your cherry picking skills.

Regarding rollover my knowledge is limited and exposure non-existent. I need to trade in swap free conditions due to religious beliefs. But from what I have heard rollover is normally not a major concern. Again I am not absolutely sure but have you tried comparing your rollover costs with other brokers?

g.
I believe . . .
  • #124,777
  • Apr 17, 2013 8:52am Apr 17, 2013 8:52am
[quote=ghous;6613110]Hey Mark, The point of more trading opportinities via watching more pairs pertains to the higher TFs. Of course with lower TFs issues like spread will play a major role in restricting the range of pairs you can trade. Since youre dealing with more pips on the higher time frames it is less of an issue and it certainly increases the lower you go on the time frame. So with my broker...


Hey Ghous very true,

All down to individual trading styles I guess. I now only trade 8 pairs and a few other coms/metals. 7 years ago my broker spreads and rollovers were very different but that also allowed one to trade other things, hence the initial attraction to forex in the first place.

Anyway hope you're good and the studies went/are going well!


Mav you also make a very good point. My experience when you take a stale bet, is consolidation can kill you on the rollovers if you want to hold your position. Also volatility on smaller TF's can be a killer on exotics.

Anyway thanks for the replies and trade happy!

Regards,
Mark
Time for a new chapter
  • #124,778
  • Apr 17, 2013 5:37pm Apr 17, 2013 5:37pm
Thought this was a very nice set up with confluence...what do you guys think?
It is actually touching the 365ema which isn't on my chart and two other fibs as well and they are all working together to form
what i think will be extremely strong resistence and there's also plenty of space!!!
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  • #124,779
  • Apr 17, 2013 5:44pm Apr 17, 2013 5:44pm
Hey guys,
Here is another one,
GBPNZD daily
Please comment!Thank you very much!
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  • #124,780
  • Apr 17, 2013 6:04pm Apr 17, 2013 6:04pm
Quoting Yaboykt
Thought this was a very nice set up with confluence...what do you guys think? It is actually touching the 365ema which isn't on my chart and two other fibs as well and they are all working together to form what i think will be extremely strong resistence and there's also plenty of space!!! {image}

Yaboykt,
I`m not an expert,but if you consider the down bar as a bearish pinbar,I don`t like that the left eye is too high and the wick of the pinbar is too small...but this is just my opinion...
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