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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

  • #127,341
  • Aug 16, 2013 7:35am Aug 16, 2013 7:35am
CADCHF - sideways market on daily.
However, in 4 hr chart - flag formation (?). Breakout of flag and then retest of vbrn 0.9, beob formation. I entered on few pips below low of the breakout bar.
  • #127,342
  • Aug 16, 2013 7:42am Aug 16, 2013 7:42am
Quoting Magestic
{quote} Your trenline is not accurate. What makes you think it should be drawn that way. Price doesnt touch it at all.
the trendline you are referring to is the pole of the flag.
  • #127,343
  • Aug 16, 2013 8:05am Aug 16, 2013 8:05am
Sup good pple of james16 tread. i didn't plan on posting on this pf at least for the main time. However i needed to do it now because of the problem i am having now and unable to solve yet. i saw quite a number of charts with very friendly tools for drawing objects and lines based on the way they are represented on the chart. I also saw Mike using these tools in the last video he posted (actually that was the first video i checked out on the pf). i saw some charts posted by pinbar where he made use of this tools and few others also. Can any1 pls help me on this... Mike, Ghous, Pinbar.. i will really appreciate any help. i will also be back with what i will term my FIRST MAIN POST on this PF when i am done.

Less i forget, i must say i have never seen a PF as marvelous as this before.

Thanx



Jibson007
Still trying to get to meet myself...
  • #127,344
  • Aug 16, 2013 8:06am Aug 16, 2013 8:06am
Quoting giggles
CADCHF - sideways market on daily. However, in 4 hr chart - flag formation (?). Breakout of flag and then retest of vbrn 0.9, beob formation. I entered on few pips below low of the breakout bar.
Great insight dude, cheers for the logic. I noticed the BEOB on daily and riding that, 0.89 would be a great place as an initial target.
  • #127,345
  • Aug 16, 2013 8:42am Aug 16, 2013 8:42am
Quoting makwana
{quote} Great insight dude, cheers for the logic. I noticed the BEOB on daily and riding that, 0.89 would be a great place as an initial target.
  • #127,346
  • Aug 16, 2013 8:49am Aug 16, 2013 8:49am
Quoting jibson007
Sup good pple of james16 tread. i didn't plan on posting on this pf at least for the main time. However i needed to do it now because of the problem i am having now and unable to solve yet. i saw quite a number of charts with very friendly tools for drawing objects and lines based on the way they are represented on the chart. I also saw Mike using these tools in the last video he posted (actually that was the first video i checked out on the pf). i saw some charts posted by pinbar where he made use of this tools and few others also. Can any1 pls...
Hey Jibson


Welcome to the thread!

I use a program called Snag it for drawing, and Camtasia for video both by techsmith

Best
Mike
  • #127,347
  • Aug 16, 2013 9:56am Aug 16, 2013 9:56am
Any thoughts guys ?
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  • #127,348
  • Aug 16, 2013 12:34pm Aug 16, 2013 12:34pm
Breakout??
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  • #127,349
  • Aug 16, 2013 2:06pm Aug 16, 2013 2:06pm
Quoting giggles
Breakout?? {image}
careful man, you wanna trade this kind of setup on the throwback, price just made new high and bulls will have to rest for awhile, I would wait for retracement to BRN:-) GL

be aware of this

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  • #127,350
  • Aug 16, 2013 3:31pm Aug 16, 2013 3:31pm
Quoting Magestic
{quote} Your trenline is not accurate. What makes you think it should be drawn that way. Price doesnt touch it at all.
??? How do YOU draw a trendline that is 100% accurate.. is that even possible ... Trendlines are draw in many different ways, some people draw then connecting obvious swing points, some use minor highs and lows in individual bars, some must have a minumum of 3 touches and others use 2, 4 etc ...
  • #127,351
  • Aug 16, 2013 3:36pm Aug 16, 2013 3:36pm
Quoting Magestic
{quote} Did you play the PB from the bottom earlier? I just notice it was beautiful. {image}
I didnt take the pinbar although it did look good, I didnt even notice it at the time, was so concentrated on the breakout play. Anyway price broke the highs and now I dont really consider this a box anymore.

Updated chart

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  • #127,352
  • Aug 16, 2013 4:58pm Aug 16, 2013 4:58pm
Quoting dan89
{quote} ??? How do YOU draw a trendline that is 100% accurate.. is that even possible ... Trendlines are draw in many different ways, some people draw then connecting obvious swing points, some use minor highs and lows in individual bars, some must have a minumum of 3 touches and others use 2, 4 etc ...
I just like TLs with accurate touches. Nothing personal. I was killed with such TLs so many times, that now I cant hold my emotions :-) Just my view, sorry...
If not up, then down, otherwise sideways :-)
  • #127,353
  • Aug 16, 2013 6:38pm Aug 16, 2013 6:38pm
Quoting Magestic
{quote} I just like TLs with accurate touches. Nothing personal. I was killed with such TLs so many times, that now I cant hold my emotions :-) Just my view, sorry...
No need to be sorry mate The way I look for trendlines could be considered wrong to others. I just open a chart and if I can see a level/trendline within a second or two then I consider that a valid level. If the level is so obvious that i can see it in a split second then chances are many other people can see that level as well. I like for trendlines to have atleast 3 touch to be considered valid. If you think about it connecting two swing highs for example doesnt really show a trendline. a 3rd touche would prove that price is reacting to the line making it valid .. just my opinion

Dan
  • #127,354
  • Aug 17, 2013 4:46pm Aug 17, 2013 4:46pm
Quoting dan89
{quote} No need to be sorry mate The way I look for trendlines could be considered wrong to others. I just open a chart and if I can see a level/trendline within a second or two then I consider that a valid level. If the level is so obvious that i can see it in a split second then chances are many other people can see that level as well. I like for trendlines to have atleast 3 touch to be considered valid. If you think about it connecting two swing highs for example doesnt really show a trendline. a 3rd touche would prove that price is reacting...
Its not just your opinion, we could draw lines from almost any two bars on the chart, but it wouldnt make any sense without a third touch. How acurate the PA is to the TL is something a little more flexible but i dont see how a TL can be usefull with 2 touches??

jon
PATIENCE... DISCIPLINE
  • #127,355
  • Aug 18, 2013 1:03am Aug 18, 2013 1:03am
Quoting dipie
{quote} careful man, you wanna trade this kind of setup on the throwback, price just made new high and bulls will have to rest for awhile, I would wait for retracement to BRN:-) GL be aware of this {image}
Breakout + retracement to brn 2.58.

So basically it depends on what time frame you are looking at.
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  • #127,356
  • Edited 1:59am Aug 18, 2013 1:37am | Edited 1:59am
Quoting giggles
{quote} Breakout + retracement to brn 2.58. So basically it depends on what time frame you are looking at. {image}
Are you really sure, you want to buy this at an all time high?

The game is buy low and sell high so, there are going to be a lot of players selling soon.

Did you look only at the H4 tf before making the buy decision?
If so, it is best to Always look at the larger tf, to get a better view of the bigger picture.
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  • #127,357
  • Aug 18, 2013 2:28am Aug 18, 2013 2:28am
Please look at post too.

  1. Post# 127,359

All of us face the following dilemma again and again and this what I think separates great traders from the rest.

Here goes ...

A. I take full profit at fta, I have taken profit for that trade. Well and good

B. Now fear and greed comes into play

a. Fearing that price might turn at first fta, I move target to breakeven.

End result - taken out of the trade without any profit

b. Take partial profit at fta and move sl to breakeven.

End result- taken out of the trade with partial profit

c. take partial profit at fta and do not move sl to breakeven ... this is with the HOPE that price might go all the way and hit the final target (which is approx the length of the pole).

End result - two possibilities - price might hit sl and u end up with a loss or price hits final target and you end up with a profit


d. Do not take partial profit. Wait for price to hit final target.

End result- price does hit the target and you end up getting maximum profit or price hits stop loss and you end up with a loss.


Of course empirical evidence will clearly show what is the right way to go.
So any of you great traders and money management experts out there willing to guide us novices through this problem. It will be really helpful for us novices.


Thanks

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  • #127,358
  • Aug 18, 2013 2:34am Aug 18, 2013 2:34am
Quoting Pinbar
{quote} Are you really sure, you want to buy this at an all time high? The game is buy low and sell high so, there are going to be a lot of players selling soon. Did you look only at the H4 tf before making the buy decision? If so, it is best to Always look at the larger tf, to get a better view of the bigger picture. {image} {image}
Thanks
  • #127,359
  • Edited 4:52am Aug 18, 2013 4:30am | Edited 4:52am
Quoting giggles
Please look at post too. Post# 127,359All of us face the following dilemma again and again and this what I think separates great traders from the rest. Here goes ... A. I take full profit at fta, I have taken profit for that trade. Well and good B. Now fear and greed comes into play a. Fearing that price might turn at first fta, I move target to breakeven. End result - taken out of the trade without any profit b. Take partial profit at fta and move sl to breakeven. End result-...
I am trying to be constructive here so, please don't get the wrong idea.
It is alright talking about MM like that but, IMHO MM only works if you take good setups at good locations.
You could have the best MM in the world but, if you are going to sell at a low price and buy at a high price, you are going to lose, for sure.
I am sure account size also makes a difference in how people will treat the SL.

If you are trading PA & breakouts, you need to look at good locations, good bars and good consolidation areas, with a real pullback to that level after spending some time away from the level, not just a breakout and the next bar touching the level.

I know how you feel, I have been there and done that like most others.
The point is, we must learn from out mistakes and not just go on repeating them.
I did that, and it is like making 1000 copies of a bad document, you just get 1000 bad copies.
  • #127,360
  • Aug 18, 2013 7:54am Aug 18, 2013 7:54am
USDSGD
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