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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

  • #127,421
  • Aug 21, 2013 11:00am Aug 21, 2013 11:00am
Quoting dan89
{quote} updated chart ... {image}

Nice
Time for a new chapter
  • #127,422
  • Edited 11:46am Aug 21, 2013 11:09am | Edited 11:46am
Looks like this month is pretty slow. I havenīt seen a great set up fow a while. Here are a few possible set ups Iīm watching. Any opinions ?
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  • #127,423
  • Aug 21, 2013 2:47pm Aug 21, 2013 2:47pm
Quoting Martin600
Looks like this month is pretty slow. I havenīt seen a great set up fow a while. Here are a few possible set ups Iīm watching. Any opinions ? {image} {image} {image}
Hey Martin, Your USD/JPY pattern looks decent to me. Personally I think your H&S pattern is a little 'curve fitted' and I hadnt noticed it until I saw your chart I like to play breakouts with the overall trend which is clear up. I dont see any divergence to suggest otherwise, but we will have to see how price continues until the breakout point. If it does break to the downside I dont think it would last long before bouncing back up into the pattern. Attatched is my chart below. The RN is clearly a flip zone to watch out for.

In regards to your GU chart. I dont really cosnider this a breakout pattern. Personally I like breakouts to either form with parralel trendlines or squeeze to a point before breaking out. Again I think that the pattern you have drawn is curve fitted more so then the H&S pattern. Just my opinion mate.

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Cheers
Dan
  • #127,424
  • Aug 21, 2013 2:57pm Aug 21, 2013 2:57pm
Quoting Magestic
The trade I entered today during Asian session, based on 3 4h candeles BEOB. I didnt count the next bar as it was offmarket time. Or if we do it will be 2 bars low formation. The key was a close right to the TL. Now my target is to hold it as far as possible as it has a good downward potential in my opininion. Already a free trade, so my risk is zero. {image}
Wow, it realy falls like a rock. In a good profit already.
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If not up, then down, otherwise sideways :-)
  • #127,425
  • Aug 21, 2013 3:07pm Aug 21, 2013 3:07pm
Quoting Magestic
{quote} Wow, it realy falls like a rock. In a good profit already. {image}
Hi Maj!

Did you enter on RET, after the break?

Cheers, Stephen
It's all psychology...
  • #127,426
  • Aug 21, 2013 3:24pm Aug 21, 2013 3:24pm
Quoting LamerTrader
{quote} Hi Maj! Did you enter on RET, after the break? Cheers, Stephen
No, pure break of BEOB (3 4h candkes). You can check the quote in my post to see the details.
If not up, then down, otherwise sideways :-)
  • #127,427
  • Aug 21, 2013 3:50pm Aug 21, 2013 3:50pm
Quoting dan89
{quote} Hey Martin, Your USD/JPY pattern looks decent to me. Personally I think your H&S pattern is a little 'curve fitted' and I hadnt noticed it until I saw your chart I like to play breakouts with the overall trend which is clear up. I dont see any divergence to suggest otherwise, but we will have to see how price continues until the breakout point. If it does break to the downside I dont think it would last long before bouncing back up into the pattern. Attatched is my chart below. The RN is clearly a flip zone to watch out for. In regards...
Dan you are right, on your feed it looks more like a wedge forming, but in my opinion on FXPro which I watch, I think we can consider it H&S pattern too.
  • #127,428
  • Aug 21, 2013 4:23pm Aug 21, 2013 4:23pm
Quoting james16
Sometime next month I am going to start doing once a month webinars for NON-MEMBERS that frequent this thread as a way of saying thanks. These will be very basic general sessions. This has been planned for a long time and i think im about ready. These sessions will be for one reason only. To help you and THERE PURPOSE WILL NOT BE TO PITCH THE GROUP OR GET YOU TO JOIN. You will recieve NO suggestions to join before, during or after the session/s.......... EVER. Over three years now and im proud to say we have no affiliates, banners, not one dime...
Hey -this would be a great idea
every Saint has a past. Every Sinner has a Future
  • #127,429
  • Aug 21, 2013 8:11pm Aug 21, 2013 8:11pm
Quoting turnip15
{quote} Hey -this would be a great idea
Except that post was written 5 years ago. LoL

I was lucky enough to catch one of his webinars where he was trading the M1 tf.
It was really interesting.
  • #127,430
  • Aug 21, 2013 11:44pm Aug 21, 2013 11:44pm
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  • #127,431
  • Aug 22, 2013 1:19am Aug 22, 2013 1:19am
Quoting Magestic
{quote} No, pure break of BEOB (3 4h candkes). You can check the quote in my post to see the details.
Ashhh. sorry, missed that. somehow i though your SL was the entry and I was looking with big eyes lol...
Nice trade!
It's all psychology...
  • #127,432
  • Aug 22, 2013 1:38am Aug 22, 2013 1:38am
Quoting giggles
{image}
Id be carefull here mate, not the strongest bar by a long chalk, not a great place imo either. FTA hit and RN. carefull management needed here...
i personally cant see much significance in your TL either....


jon
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PATIENCE... DISCIPLINE
  • #127,433
  • Aug 22, 2013 2:41am Aug 22, 2013 2:41am
Quoting g_j_hook@yah
{quote} Id be carefull here mate, not the strongest bar by a long chalk, not a great place imo either. FTA hit and RN. carefull management needed here... i personally cant see much significance in your TL either.... jon {image}

Totally agree.
Also we may add that the TP is rather optimistic.
  • #127,434
  • Aug 22, 2013 3:21am Aug 22, 2013 3:21am
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  • #127,435
  • Aug 22, 2013 4:00am Aug 22, 2013 4:00am
I thought I would share this setup on GBPUSD H4:
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  • #127,436
  • Aug 22, 2013 4:02am Aug 22, 2013 4:02am
Quoting g_j_hook@yah
{quote} Id be carefull here mate, not the strongest bar by a long chalk, not a great place imo either. FTA hit and RN. carefull management needed here... i personally cant see much significance in your TL either.... jon {image}
Hey hookyah and pinbar - thanks for your comments.

my take -

Possible head and shoulder formation?
I know the pinbar is not the best. But before that price has made repeated attempts to close below the ppz before breaking out. Regarding the fta - If I move my stop to b/e then there is high probability that I will be taken out.
  • #127,437
  • Aug 22, 2013 4:05am Aug 22, 2013 4:05am
Quoting g_j_hook@yah
{quote} Id be carefull here mate, not the strongest bar by a long chalk, not a great place imo either. FTA hit and RN. carefull management needed here... i personally cant see much significance in your TL either.... jon {image}
pinbar, my take profit was based on emperical guidelines for H&S formation.
  • #127,438
  • Aug 22, 2013 4:34am Aug 22, 2013 4:34am
Quoting makwana
{image}
Hi makwana, I will try to help:
You should be looking for BUOBs at swing low not swing high, but If you entered on the break of BUOB you should stick to it - small bearish PB didn't invalidate BUOB setup, this PB did not really fired.
  • #127,439
  • Aug 22, 2013 5:02am Aug 22, 2013 5:02am
Quoting makwana
{image}
Hey makwana!

Just as our buddy pointed out earlier - try to look for PA bars at lows and highs. They simply got more chance to succeed.
I tend to look at space a bit different. You can see the last swing high right? Well there are candles at the top - these candles have high and lows. (Your red line is almost touching it) As soon as price reaches this low, it tend to think that some of the long traders will start taking profit (or partial profit). Note that it might be only my bullshit, but it seems to work out. And if I remember well this was also the way how Mike defined "space" in his webinars. And that's exactly what happened next - price reached the area, and dropped and left a wick behind it. (Pinbar)

If your TL was correct (and seems to be), then it was broken and closed above. What you could have done after the pin is to take some profit off the table or adjust the SL. You will see that many times after price broke through a TL or PPZ or H/L a pinbar will be formed shortly and price will pull back to the PPZ/TL to retest it again. You can observe this yourself. Breakout - a few tiny bullish bars, then a pinbar, and then back to retest.

Okay. Let's say you were worried that your trade won't work out well. Let's examine the pinbar.

Size
Look at the bullish trend. 4 bullish bars after each other. Look at their size. Compare the size of your pinbar agianst them. Now dont get confused - big bars don't necessarily mean big strength. It means that at this area there were much more buyers then sellers. No wonder why you usually get smaller bars at highs/lows -> because there are more people looking for short -> The ratio between sellers/buyers will be more balanced. What happens if we see a giant pinbar at a high? -> Well it means despite the fact we are at a high there was a HUGE bearish pressure from above.

Place & Space
We just broke the TL so my FTA would be the TL (if you enter on close) - however james teaches us not to enter on close. Wait for a break. Well this pinbar cant break, then try to look for an area where it's reasonable to enter. If I had to die or take this trade then I would have put a pending under the TL... And look. the next bar couldn't get below the TL...

Space
That's something you have to define - what's your comfort zone. I personally would have moved it a bit higher, but be aware of those 2 sticking out highs!!!

Hope this helps!
Rock on Pal!

Cheers,
Stephen
It's all psychology...
  • #127,440
  • Aug 22, 2013 5:54am Aug 22, 2013 5:54am
Quoting giggles
{quote} Hey hookyah and pinbar - thanks for your comments. my take - Possible head and shoulder formation? I know the pinbar is not the best. But before that price has made repeated attempts to close below the ppz before breaking out. Regarding the fta - If I move my stop to b/e then there is high probability that I will be taken out.
alrite giggles, i dont see any H/S pattern mate. Regarding the FTA, for me i would have closed my trade there, in full not moved my SL,but that is me on tighter setups. My main concern was the size and location of the PB, not very decisive and hanging in mid air a bit. These mediocre setups can be very tricky to manage, they all too easily bounce quickly back to take you out...as could be happening now on this pair???


jon
PATIENCE... DISCIPLINE
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