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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

  • #127,721
  • Edited 9:43am Sep 10, 2013 9:31am | Edited 9:43am
Quoting ForexForce
Hi all, I've been lurking around this thread for a month or so and finally got the courage after reading a substancial amount of material to post a chart of a trade I just took on EG, reasons being price pin bar at ppz + RN + trendline, also 50 Fib from previous uptrend. Comments are very apreciated since my only goal is to learn and became a better trader. PS: Forgive my english since I'm a brazilian and therefore this is not my mother language. {image}
Hello,
I took this trade also. I'm already stopped out as I bought at 0.8434, close half of it at 0.8445 and set SL to break even. So I was stopped out at 0.8434. Not a runner, but also not a looser.

EDIT: On my chart it's 38% FIB not 50, also key S/R level. Charts attached.
Attached Image(s) (click to enlarge)
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  • #127,722
  • Sep 10, 2013 10:02am Sep 10, 2013 10:02am
Quoting Martin600
Is there somebody who was watching this pattern ? We got a nice 4 hour BUOB. My target is at the top of pattern around 133.5.
Hi Martin,

I can't see a BUOB at all on the 4hr (or the 1hr).

Mak
  • #127,723
  • Sep 10, 2013 10:31am Sep 10, 2013 10:31am
Quoting michal7
{quote} Hello, I took this trade also. I'm already stopped out as I bought at 0.8434, close half of it at 0.8445 and set SL to break even. So I was stopped out at 0.8434. Not a runner, but also not a looser. EDIT: On my chart it's 38% FIB not 50, also key S/R level. Charts attached. {image} {image}
I got in a little late, still holding that position tho, let's see how it goes, thx for the reply

EDIT: btw, u're right, its the 38 Fib
  • #127,724
  • Sep 10, 2013 10:39am Sep 10, 2013 10:39am
Anyone watching this setup forming? Looking pretty decent if that hammer get printed
Attached Image (click to enlarge)
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  • #127,725
  • Sep 10, 2013 11:01am Sep 10, 2013 11:01am
Quoting ForexForce
Anyone watching this setup forming? Looking pretty decent if that hammer get printed {image}
Mine is fairly similarly off the 50 level BUT I will be looking for price to close within the left eye for it to be considered. Senior members could correct me but after watching the video that Mike recommended, there seems to be quite abit of 'space' to get back up again.

Mak
Attached Image (click to enlarge)
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  • #127,726
  • Sep 10, 2013 5:29pm Sep 10, 2013 5:29pm
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...
Great idea Jim......erm....ahem....staying tuned.........................sorry - couldn't resist, but it shows I do read through this Goliath of a thread
every Saint has a past. Every Sinner has a Future
  • #127,727
  • Sep 10, 2013 5:35pm Sep 10, 2013 5:35pm
Quoting dan89
{quote} Trade is going well so far At breakeven with price almost at first TP. Will probably look in 1x Risk (2%) at first TP and let it run. {image} Take care Dan
Quick update. Moved stop up to 2x Risk - 4% locked in (stop is just under BRN). Price has closed fairly strong over the BRN and will use this area to manage the trade ...

Attached Image (click to enlarge)
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Take care
Dan
  • #127,728
  • Sep 10, 2013 7:19pm Sep 10, 2013 7:19pm
Quoting dan89
{quote} Quick update. Moved stop up to 2x Risk - 4% locked in (stop is just under BRN). Price has closed fairly strong over the BRN and will use this area to manage the trade ... {image} Take care Dan
Dan, how do you trade these setups? The price broke out of top TL, retouched - but what PA confirmation did you get to go long?
  • #127,729
  • Sep 10, 2013 11:48pm Sep 10, 2013 11:48pm
Hi All,

I have a question on the formation of Fake Pinbar vs BEOB on the attached chart.

On the chart, i have placed a yellow arrow. Would that be categorised a BEOB (which means price will drop more) or a fake pin bar (meaning that price will go up)? or could it be both.

Appreciate any feedback.
Attached Image
  • #127,730
  • Sep 11, 2013 3:55am Sep 11, 2013 3:55am
Attached Image (click to enlarge)
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  • #127,731
  • Sep 11, 2013 4:10am Sep 11, 2013 4:10am
Hi Mike!

After DS washed my brain i would have a question. Do you ever pay (even a little bit) attention to news?

Today I had a EG long trade of that fakeout / pinbar. Yesterday I saw some lack of momentum at the closing, so I locked some profit. However today we had this fantastic news from the Queen's country and EG fall like a stone...

My question is if you manage your position accordingly to the news times? Or this is the situation where we simply say "well I should have taken the other pound pair, which would fly now like a bird "

Cheers
Stephen
It's all psychology...
  • #127,732
  • Sep 11, 2013 4:57am Sep 11, 2013 4:57am
Quoting mwbua1
Hi All, I have a question on the formation of Fake Pinbar vs BEOB on the attached chart. On the chart, i have placed a yellow arrow. Would that be categorised a BEOB (which means price will drop more) or a fake pin bar (meaning that price will go up)? or could it be both. Appreciate any feedback. {image}

Looks like a fairly neutral close on that bar. Neither buyers or sellers won that 4 hour fight, meaning not much can be taken from it regarding direction
  • #127,733
  • Sep 11, 2013 7:05am Sep 11, 2013 7:05am
Quoting makwana
{image}
Hi mak, yep I agree with you. We´re now in range, so there´s not much space around, as you said yourself the pin bar is relatively small, especially when we compare it to previous big bear bar and the nose protrudes only very little below previous lows (so another sign of weak setup for me) and barely tests bottom of the box. If the nose was longer, it would be a little better. So if someone is in this trade, he/she will have to move stoploss pretty quick or take profit. So in my opinion, your analysis is pretty good

Mav

PS my chart is below
Attached Image (click to enlarge)
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  • #127,734
  • Sep 11, 2013 7:59am Sep 11, 2013 7:59am
Quoting Jonnyislost
{quote} Looks like a fairly neutral close on that bar. Neither buyers or sellers won that 4 hour fight, meaning not much can be taken from it regarding direction
Hi Jonny,

Thanks a lot for your feedback really appreciate it.

Mario
  • #127,735
  • Sep 11, 2013 8:01am Sep 11, 2013 8:01am
Quoting ferox
{quote} Dan, how do you trade these setups? The price broke out of top TL, retouched - but what PA confirmation did you get to go long?
Hey Ferox.

It was a simple touch trade off of the retest of the trendline. Touch trading is not really advised much in this thread but I used to be a member of the PF and so picked up some information of touch trading.

Btw on the 1hr there was a preemtive BUOB that closed above the trednline. This was pointed out by Mike, but I missed this entry and went for the TT on the Daily

Take care
Dan
  • #127,736
  • Sep 11, 2013 8:12am Sep 11, 2013 8:12am
Quoting Mav13
{quote} Hi mak, yep I agree with you. We´re now in range, so there´s not much space around, as you said yourself the pin bar is relatively small, especially when we compare it to previous big bear bar and the nose protrudes only very little below previous lows (so another sign of weak setup for me) and barely tests bottom of the box. If the nose was longer, it would be a little better. So if someone is in this trade, he/she will have to move stoploss pretty quick or take profit. So in my opinion, your analysis is pretty good Mav PS my...
could treat it as a box trade and take the "pin" paying attention to the middle of the box and its' far side.
every Saint has a past. Every Sinner has a Future
  • #127,737
  • Sep 11, 2013 9:09am Sep 11, 2013 9:09am
Played this Euro trade off daily HCR, sat at the level for hours then in 10 mins it hit the target, another 1%. Also have similar one in the AUD has more space though so could be a runner, still hugging the line though.
Attached Image(s) (click to enlarge)
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  • #127,738
  • Sep 11, 2013 10:28am Sep 11, 2013 10:28am
Hi everybody. I am the beginner.I 'd like to clarify the following. Can anybody help me studying price action? What should I start? Thanks in advance for any advice.
  • #127,739
  • Sep 11, 2013 10:49am Sep 11, 2013 10:49am
Quoting Friend1975
Hi everybody. I am the beginner.I 'd like to clarify the following. Can anybody help me studying price action? What should I start? Thanks in advance for any advice.
Hi,

Start at the first post in this thread. It's all there
Anything can happen.
  • #127,740
  • Sep 11, 2013 11:00am Sep 11, 2013 11:00am
Ok, thanks
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