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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

  • #125,281
  • May 9, 2013 9:37am May 9, 2013 9:37am
Quoting Pinbar
{quote} Watch out for the consolidation its going into. Has a distinct lack of space about it. {image}
very good steve

Mike
  • #125,282
  • May 9, 2013 10:06am May 9, 2013 10:06am
Aud/usd. Could it be a beob forming maybe a close below our box consolidation? Few more hours we shall see.
  • #125,283
  • May 9, 2013 10:23am May 9, 2013 10:23am
Quoting Cricketer
{quote} Thank you Mike! I never understood where you get all the free time to help us out I closed the trade with few pips earlier this morning. I want to ask you about a MM question. I have been averaging around 2-4% gains per month. Using a 100:1 mini leverage account. I watch around 24 pairs every day for an hour and aim for 5-6 trades a month yielding around 300-400 pips using 1% position size (100 pips = 1% so basically no leverage). Do you think that I should reduce position size and try to get more pips to keep ROI at 4% or I should...
Hey Cricketer

Why change anything?!



Mike
  • #125,284
  • May 9, 2013 11:34am May 9, 2013 11:34am
Quoting gregart
{quote} Hi Mike, this entry was excellent = pinbar, round number, major support and macd divergence for whoose use it. After the initial breakout, it make an pull back, retest the trend line it broke and now we have an nice pinbar again in H4. Very good setup, what do you think ? thanks Greg {image}
Hey Greg

For me this isn't a good enough pullback to play since it is just a trendline and a very STEEP tl. For this reason a burst out was the most likely thing but a pullback that deep after the breakout to have to retest that TL can put the overall move up now in jeopardy so it would be hard for me to buy again. I think possibly a touch buy to the TL makes more sense then a pullback. I prefer pullbacks to specific patterns in the market place

Hope that helps
mike
  • #125,285
  • May 9, 2013 11:48am May 9, 2013 11:48am
Quoting 4xjoema
Aud/usd. Could it be a beob forming maybe a close below our box consolidation? Few more hours we shall see.
Looking more and more like a pb
  • #125,286
  • May 9, 2013 12:19pm May 9, 2013 12:19pm
Quoting 4xjoema
{quote} Looking more and more like a pb
Hey Joe

Be careful remember we want pinbars at swing high points so this wouldn't be a pin we would look to trade. Same with beobs we want at swing highs when starting out

There is a TBL that a break could signal a continuation but we have good support just below.

Best
Mike
  • #125,287
  • May 9, 2013 1:13pm May 9, 2013 1:13pm
Quoting mbqb11
{quote} Hey Joe Be careful remember we want pinbars at swing high points so this wouldn't be a pin we would look to trade. Same with beobs we want at swing highs when starting out There is a TBL that a break could signal a continuation but we have good support just below. Best Mike
good reason not to even bother checking your daily charts till a bit before the close so much can change. Notice the TBL break. I think we will now test the bottom of the channel , Doubt we bust through that on a friday. If price closes just above that TL i wouldn't be surprised to see a break of the beob and a reversal there , then maybe a break next week. Just something that tends to happen, but you never know
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  • #125,288
  • May 9, 2013 1:51pm May 9, 2013 1:51pm
Quoting mbqb11
{quote} good reason not to even bother checking your daily charts till a bit before the close so much can change. Notice the TBL break. I think we will now test the bottom of the channel , Doubt we bust through that on a friday. If price closes just above that TL i wouldn't be surprised to see a break of the beob and a reversal there , then maybe a break next week. Just something that tends to happen, but you never know {image}
so much for that pierced right through time to watch Parity. 1.0000
  • #125,289
  • May 9, 2013 1:59pm May 9, 2013 1:59pm
Quoting mbqb11
{quote} good reason not to even bother checking your daily charts till a bit before the close so much can change. Notice the TBL break. I think we will now test the bottom of the channel , Doubt we bust through that on a friday. If price closes just above that TL i wouldn't be surprised to see a break of the beob and a reversal there , then maybe a break next week. Just something that tends to happen, but you never know {image}
Hi Mike, can you explain what I TBL is? I'm not familiar with this acronym.

Thanks, Si
  • #125,290
  • May 9, 2013 2:00pm May 9, 2013 2:00pm
Quoting mbqb11
{quote} Hey Joe Be careful remember we want pinbars at swing high points so this wouldn't be a pin we would look to trade. Same with beobs we want at swing highs when starting out There is a TBL that a break could signal a continuation but we have good support just below. Best Mike
How do people play BEOB (or PBs too) that are so large? I'm guessing you wouldn't put a 150 stop?
  • #125,291
  • May 9, 2013 2:05pm May 9, 2013 2:05pm
nice trendline on gbp/nzd
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meine augen sind die sterne
  • #125,292
  • May 9, 2013 2:08pm May 9, 2013 2:08pm
This finally poped out, but getting strong rejection . Reducing risk for now. Lets see what brings tomorow.
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  • #125,293
  • May 9, 2013 3:19pm May 9, 2013 3:19pm
Evening all,

Any thoughts on this? BUOB off trendline. Not quite at parity, but not far off with some divergence and 365 ema - some decent confluence.

Big problem though is that it's trading into that pivot at 1.0083.

I'm thinking of setting a buy order for just above the 1.0083 and above the 150 ema.
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  • #125,294
  • May 9, 2013 3:41pm May 9, 2013 3:41pm
Quoting si mcc
{quote} Hi Mike, can you explain what I TBL is? I'm not familiar with this acronym. Thanks, Si
Hey Si

You can read on post # 2 from James about TBL two bar lows

http://www.forexfactory.com/showthre...7908#post17908

Best
Mike
  • #125,295
  • May 9, 2013 3:42pm May 9, 2013 3:42pm
Quoting si mcc
{quote} How do people play BEOB (or PBs too) that are so large? I'm guessing you wouldn't put a 150 stop?
Hey Si

I've had thousand pip stop losses. What matters is your position sizing. Have you read about money management? Let me know I can link you to some stuff on it

Best
Mike
  • #125,296
  • May 9, 2013 3:54pm May 9, 2013 3:54pm
Quoting mbqb11
{quote} good reason not to even bother checking your daily charts till a bit before the close so much can change. Notice the TBL break. I think we will now test the bottom of the channel , Doubt we bust through that on a friday. If price closes just above that TL i wouldn't be surprised to see a break of the beob and a reversal there , then maybe a break next week. Just something that tends to happen, but you never know {image}
Hi mike , I was looking to see a beob break through I just seen price getting lower and lower shaping more like a pb than a bullish bar so I was starting to think the chances for a beob were getting better. Sorry i should of explained myself a little better hate typing on my phone. Thank you for the respone mike always looking out don't know how you do it.
  • #125,297
  • May 9, 2013 4:01pm May 9, 2013 4:01pm
Quoting mbqb11
{quote} good reason not to even bother checking your daily charts till a bit before the close so much can change. Notice the TBL break. I think we will now test the bottom of the channel , Doubt we bust through that on a friday. If price closes just above that TL i wouldn't be surprised to see a break of the beob and a reversal there , then maybe a break next week. Just something that tends to happen, but you never know {image}
I was getting a little ahead of myself i guess high hopes. I see its starting bust. but this was not expected due to the circumstances. thank you for the words of wisdom it does make sense
  • #125,298
  • May 9, 2013 4:16pm May 9, 2013 4:16pm
Well won't be home till 8 so probaly miss this one. Can't see or do much from my phone.
  • #125,299
  • May 9, 2013 4:26pm May 9, 2013 4:26pm
Quoting mbqb11
{quote} Hey Si You can read on post # 2 from James about TBL two bar lows http://www.forexfactory.com/showthre...7908#post17908 Best Mike
Hi Mike, thanks for your patience! I do recall the acronym now, feeling a little embarrassed it was in post2. Finding it hard to absorb all the new info, I'm going to have to start taking some notes I can easily refer back to.

If you could point me in the direction of some good posts on money management I would really appreciate it.

Thanks for your help so far, it's making me look at charts (and trading) in a whole new light. You have the patience of a saint.
  • #125,300
  • Edited 4:53pm May 9, 2013 4:28pm | Edited 4:53pm
Quoting GiovanniV
Thanks Pinbar, my trade is already locked in profit and still running. My question was about the proper trade management and, in particular, about how to choose the right protection profit level.
I know that was your question and, that was the answer I gave you.

Did you not understand it?

My question is, for what reasons did you enter long there?
I don't see any bullish PA to speak of.
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