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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

  • #125,461
  • May 16, 2013 3:03am May 16, 2013 3:03am
Nice little H4 IB with plenty of confluence.
TP and am BE+
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  • #125,462
  • May 16, 2013 4:01am May 16, 2013 4:01am
Excellent trade Pinbar
  • #125,463
  • May 16, 2013 4:18am May 16, 2013 4:18am
Thanks for the reply mbqb11...i have just started to draw the ppv levels on my chart and the problem is that somehow i get quite alot and then i am not able to place trade off them as they are too close and there is not enough profit zone or space. i know i am not drawing them properly. i mean at times i do locate the pin bar, BEOB, BUOB on these ppv but mostly it goes right up to the next ppv zone or very close to it and i cannot enter cos i feel that price will just reverse. i am confused. i am starting from scratch and i am just finding it hard to draw these ppv zones. please take a look at my charts.
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regrads

Den
  • #125,464
  • May 16, 2013 6:49am May 16, 2013 6:49am
Quoting GiovanniV
Excellent trade Pinbar
It had a lot of confluence, not too greedy on this one as, there is a Daily bearish PB.
Figured the SP HCR was going to give it trouble along with, the RN and took the last portion of profit at 1.0200.

Moved faster than I anticipated.
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  • #125,465
  • May 16, 2013 7:43am May 16, 2013 7:43am
GBPUSD
1: candle bearish that reaches the TG weekly.
2: Doji as a reaction of buyers who close above the weekly support 1.5228
3: candle today that makes a higher Low of Doji
http://i1243.photobucket.com/albums/...psa0665825.jpg

http://i1243.photobucket.com/albums/...psf748bbea.jpg
  • #125,466
  • May 16, 2013 8:08am May 16, 2013 8:08am
Quoting toafdawg
One more interesting chart - EURAUD daily. Tuesday was a long wicked bar at the Weekly / Daily swing level, and could not close above. With yesterday's Germany GDP data, we had a nice daily engulfing bar up at the top. The trendline is very steep, and looks broken. AUDUSD is also at an extreme low level, so any correction in the AUD would see this pair drop. If you zoom into 4H, there is an SR level at 1.3050, which is a nice psych level. FTA is at the 1.3000 BRN, so not a lot of space, but this could be a significant double top. I'm waiting for...
Fantastic area to watch Toaf I sent this chart out to the group for much the same reason you posted. I'll be watching!

Best
Mike
  • #125,467
  • Edited 8:55am May 16, 2013 8:36am | Edited 8:55am
Hi Mike, I was just wondering what your thoughts are on the potential pattern that is forming. As it stands I dont consider this a full pattern. Im looking for price to continue towards the ends of the trendlines before I consider it a playable pattern. Looking to play this to the short side considering the divergence. The lower trendline looks nice but would like to see another touch off the upper trendline. What are your thoughts mate ? Also when playing a pattern do you like to see at least 3 touches on both upper and lower trendlines before considering it a playable pattern ?

p.s. the pattern looks a little 'thin' but I guess this is down do how many bars is visible on the screen, Metatrader auto adjusts to fit everything in. By the way .. do you take this into account when drawing your patterns. I remember breifly in the PF you mentioned pattern size, can you remember which webinar it was. Jarroo did post a reply with the links once.

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Cheers
Dan
  • #125,468
  • May 16, 2013 8:59am May 16, 2013 8:59am
Quoting dennis4u15
Thanks for the reply mbqb11...i have just started to draw the ppv levels on my chart and the problem is that somehow i get quite alot and then i am not able to place trade off them as they are too close and there is not enough profit zone or space. i know i am not drawing them properly. i mean at times i do locate the pin bar, BEOB, BUOB on these ppv but mostly it goes right up to the next ppv zone or very close to it and i cannot enter cos i feel that price will just reverse. i am confused. i am...
Hey Dennis

Where people get confused with PPZs I notice most often is two things

1. Forgetting they are zones
2. Drawing too many (from very minor to very major)

We have a range of PPZs that will exist on the chart. FRom small flips to much larger flips. In general the larger the zone the more important the overall zone is in terms of overall strength and it can often mean a larger "zone" is covered.

I would also suggest not being so zoomed into your chart, it's much easier to see the zones if you are more zoomed out. I re did some of your charts with just some major zones for now


Best
Mike
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  • #125,469
  • May 16, 2013 9:03am May 16, 2013 9:03am
Quoting Pinbar
Nice little H4 IB with plenty of confluence. TP and am BE+ {image}
great use of confluence steve, nice trade you got there

Best
Mike
  • #125,470
  • May 16, 2013 9:22am May 16, 2013 9:22am
two charts I am wattching today.
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all is eternal - this is good news for people who loves bad news
  • #125,471
  • May 16, 2013 10:39am May 16, 2013 10:39am
Quoting meshka
two charts I am wattching today. {image} {image}
Was long on Tuesday based on the H4 pin of the AUDCHF. Right now waiting for price to close above 0.9475 on H4. If AUD continue to push up on AUDUSD, this long might prove to be a good one
  • #125,472
  • May 16, 2013 11:17am May 16, 2013 11:17am
Quoting meshka
two charts I am wattching today. {image} {image}
I took profit last night on part of my long NZDUSD trade, and was stopped out just above BE on the rest. I agree, today's close will be very important for the NZD. A close below weekly support will definitely further the case for the bears. Any correct in equities will also cause this puppy to drop.
  • #125,473
  • May 16, 2013 12:02pm May 16, 2013 12:02pm
Interesting break on GBPAUD. Daily is forming large engulfing bar as it finally broke through the daily trendline after days of indecision / flag formation. Channel is still in tact. Strong daily supply level ahead. Would like to take a long bounce off the flag inside the channel.
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  • #125,474
  • May 16, 2013 12:58pm May 16, 2013 12:58pm
I watch very carefully
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  • #125,475
  • May 16, 2013 2:53pm May 16, 2013 2:53pm
This can be a miracle when the bar closes in one hour time
Don't hesitate to comment guys if you disagree.
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  • #125,476
  • May 16, 2013 4:27pm May 16, 2013 4:27pm
Quoting mbqb11
{quote} great use of confluence steve, nice trade you got there Best Mike

Thanks Mike

Jarroo setting me off looking into SPs, has put another piece of the puzzle together.
  • #125,477
  • May 16, 2013 5:21pm May 16, 2013 5:21pm
Quoting dan89
Hi Mike, I was just wondering what your thoughts are on the potential pattern that is forming. As it stands I dont consider this a full pattern. Im looking for price to continue towards the ends of the trendlines before I consider it a playable pattern. Looking to play this to the short side considering the divergence. The lower trendline looks nice but would like to see another touch off the upper trendline. What are your thoughts mate ? Also when playing a pattern do you like to see at least 3 touches on both upper and lower trendlines before...
Looks good to me Dan. The bottom TL is more important there for a breakout type trade. The top would more more important for a divergence reversal play. Both are valid locations to look for trades in my book. Your lower TL is fine to me. Price broke out just no good PA so we sort of just let it go i now. Size of pattern looks good to me. Valid for entries on the hourly and 30 min. Just nothing there

Best
Mike
  • #125,478
  • May 16, 2013 5:22pm May 16, 2013 5:22pm
Quoting kosmiczny
Great Thread! Been lurking for a while here.. Daily pin has formed on Uchf, stop is at BE {image}
welcome to the thread K. Looks like you caught a nice touch trade right at the PPZ where it bounced. This pin did chop around a bit before breaking down

Again welcome

Mike
  • #125,479
  • May 16, 2013 5:22pm May 16, 2013 5:22pm
hi Mike,

Thanks for the reply...i will save these charts you have draw for reference...after a long time i managed to get a profit of 90 pips in my micro account. i know its just around $9 but a profit is heaps better than a loss. i used the confluence of trendline and ppv zone merger and the fib and a small pin bar as confluence on GBP/USD. Thank God it worked. it was just a small pin bar though. i have attached my little success chart. There is alot to learn and i will do that slowly. [email protected]
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Regards

dennis
  • #125,480
  • May 16, 2013 5:34pm May 16, 2013 5:34pm
Quoting mbqb11
{quote} Looks good to me Dan. The bottom TL is more important there for a breakout type trade. The top would more more important for a divergence reversal play. Both are valid locations to look for trades in my book. Your lower TL is fine to me. Price broke out just no good PA so we sort of just let it go i now. Size of pattern looks good to me. Valid for entries on the hourly and 30 min. Just nothing there Best Mike
Hey Mike, thanks for the reply. Nice to know im looking at these patterns correctly. One thing im a little unsure on ... What do you mean by a divergence reversal play off the upper trendline ? Any chance you could explain this ?

Cheers
Dan
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