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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

  • #128,821
  • Nov 20, 2013 1:49am Nov 20, 2013 1:49am
Does anyone know if it is possible to get gas and electricity charts/feeds?
  • #128,822
  • Nov 20, 2013 1:52am Nov 20, 2013 1:52am
yes, i need that too
  • #128,823
  • Nov 20, 2013 7:27am Nov 20, 2013 7:27am
Quoting Winston Reed
{quote} Still a few hours to go this looks like a DBLHC on daily. Only about 3 pips difference. {image}
Price is really struggling to move anyway, I like my breakouts to take off ! Have a strong feeling price is likely to drop down back into the pattern

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Take care
Dan
  • #128,824
  • Nov 20, 2013 7:47am Nov 20, 2013 7:47am
Took the H4 BEOB during Asian. Working out so far.
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  • #128,825
  • Nov 20, 2013 7:51am Nov 20, 2013 7:51am
Quoting Winston Reed
Took the H4 BEOB during Asian. Working out so far. {image}
Nice one! What's the target? 0.8220-0.8190 area?
  • #128,826
  • Nov 20, 2013 7:56am Nov 20, 2013 7:56am
Quoting Neytiri
{image}{image}
Very strong down trend and compared to that an insignificant swing low.

Also THERE IS NO MACD DIVERGENCE. In situations like these (taking counter trend trades against a decently established trend) adequate and extremely obvious divergence is a very important factor to consider.

We've pulled right back to the LLS price, and this would really be the make or break time if I were in this trade. Already the bar touching the LLS on the pullback closed strongly bearish and if the LLS decides to give way here then this could be a major sign that the down trend wants to continue.

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g.
I believe . . .
  • #128,827
  • Nov 20, 2013 8:12am Nov 20, 2013 8:12am
Quoting michal7
{quote} Nice one! What's the target? 0.8220-0.8190 area?
Just closed. Pretty good resistance and this could keep ranging. Better to take profit now than lose it all.
  • #128,828
  • Nov 20, 2013 8:36am Nov 20, 2013 8:36am
Quoting Neytiri
{image}{image}
Hey Ney


careful with this, remember we want buobs at swing lows. Notice the lowest point of the BUOB is not a swing low so that can be tricky. Also notice you are buying right into the last swing low. This is tricky. You really want to trade away from these potential flip areas(like when price can close above that area)

Hope that helps
Mike
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  • #128,829
  • Nov 20, 2013 10:55am Nov 20, 2013 10:55am
Ghous Eur/jpy making BEOB and also a fake out according to me but there is still time to daily close and also FOMC so it can reverse but if it close as it is will you trade it? It has already reached FTA.
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  • #128,830
  • Nov 20, 2013 12:05pm Nov 20, 2013 12:05pm
Quoting michal7

I've also revisited james16 material. Then I backtested 24 pairs almost 4 years back(since january 2010), with simple trading rules

23% of trades were BE (or around BE), 29% of trades were losers and 48% of trades were winners
This exercise gave me a lot
I would suggest to everyone who is new or not profitable yet to do this excercise, it will help you tremendously.
Hey Michal, I'm glad you did the work. A lot of people skip proper research and learning things over time. Many think you can hop in and be the next big thing. That's simply not how it works, just like you can't pick up an instrument and be a master right off the bat.
Good job.
Trust price. Know yourself.
  • #128,831
  • Nov 20, 2013 12:15pm Nov 20, 2013 12:15pm
EURUSD
My webinar peepz and I have been stalking this one for a while now.
I have basically been expecting a retracement ever since ending the old short trade from the ECB news day, and the last 24 hours we came into a second major watchzone and did the expected turn.

The basic approach was:
Assess the situation, have a reason for your trade, make a plan(how when where why to take what), then execute it.

-

This EURUSD trade was part of the ongoing pair discussion we do in both the intraweek webinar as well as my weekly recap and outlook for the coming week, my so-called FXNotes.

The labels are very Elliott Wave(still an ongoing hobby project of mine), but that is just for marking out a general idea for the grid / swingpoints / watchzone territories. You could have expected that turn even without an inch of EW knowledge.

This was a PA trade, or rather a direct s/r trade with a sell of the retest as marked in the last 2 charts from the last 24 hours(around -40 points stop, target is a retest of the lows at around +240 for 6R in the ideal scenario).

You can flip through the two screenshots like a flipbook and see how they got filled out by price. With enough watching of charts and price behavior price itself becomes more understandable and plans like this(enter retracement short after turnaround) become doable.
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Trust price. Know yourself.
  • #128,832
  • Nov 20, 2013 3:28pm Nov 20, 2013 3:28pm
We got nice BEOBs on EURUSD and EURJPY. (Pretty much same setup on USDCHF and CHFJPY).
Now I'm not sure which one is better.

EURJPY is new high with divergence, but trend is up.

EURUSD has no divergence but it seems trend has turned alread and it's retest of broken BRN 1.35.

Thinking of entering both trade with half position size...

Now if I new wheter USDJPY will go up or fall down from 100.00...
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  • #128,833
  • Nov 20, 2013 3:31pm Nov 20, 2013 3:31pm
Quoting SeekingLight
{quote} Hey Michal, I'm glad you did the work. A lot of people skip proper research and learning things over time. Many think you can hop in and be the next big thing. That's simply not how it works, just like you can't pick up an instrument and be a master right off the bat. Good job.
Thanks Patrick. I came to realize it was necessary to go serious backtesting to get confidence, test that pure price action works and to find what exactly works for me(when to enter, where to put stop, where to take profit).
  • #128,834
  • Nov 20, 2013 3:36pm Nov 20, 2013 3:36pm
I normally like to trade the larger time frames but this seemed too juicy to resist....how often do you senior traders drop down to the 1 hour chart for your entries? (I mean there was more to the trade than the hourly such as the daily trendline, rejection of the BRN, etc.)
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  • #128,835
  • Nov 20, 2013 3:43pm Nov 20, 2013 3:43pm
Quoting michal7
We got nice BEOBs on EURUSD and EURJPY. (Pretty much same setup on USDCHF and CHFJPY). Now I'm not sure which one is better. EURJPY is new high with divergence, but trend is up. EURUSD has no divergence but it seems trend has turned alread and it's retest of broken BRN 1.35. Thinking of entering both trade with half position size... Now if I new wheter USDJPY will go up or fall down from 100.00... {image} {image}

Michal have you looked at any fib levels on the longer TF like weekly? I saw this candle as well on the EUDUSD. Had been trying to wait for a confirmation break below 1.3400 as I have a fib level there and a pivot point being tested just above it. This same candle also came close to testing the bottom of a long running monthly resistance zone that starts at 1.3600 and runs up to 1.4100.

For no I was just standing to the side waiting for a break through the 1.3400 with a short entry. My target for taking profit was going to be around the 11/08 low at 1.3317. At that point I was going to move to BE and let the rest of the position run.

Let me know what you guys think. Not sure If my thinking is in line or if I am way out in left field.

I've attached my chart. Thanks.
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  • #128,836
  • Nov 20, 2013 3:54pm Nov 20, 2013 3:54pm
Quoting Albatross29
{quote} Michal have you looked at any fib levels on the longer TF like weekly? I saw this candle as well on the EUDUSD. Had been trying to wait for a confirmation break below 1.3400 as I have a fib level there and a pivot point being tested just above it. This same candle also came close to testing the bottom of a long running monthly resistance zone that starts at 1.3600 and runs up to 1.4100. For no I was just standing to the side waiting for a break through the 1.3400 with a short entry. My target for taking profit was going to be around the...
I see 50% fib retracement on daily (last swing low) and 50% fib on weekly (long term). Haven't looked at those before. During my backtest I was not actually looking at fibs nor divergence.(I looked at divergence now just for curiosity). What's important for me is LOCATION and CANDLESTICK itself.
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  • #128,837
  • Nov 20, 2013 5:27pm Nov 20, 2013 5:27pm
Quoting Winston Reed
Took the H4 BEOB during Asian. Working out so far. {image}
Im in this one too. I took some off and am letting the rest run
  • #128,838
  • Nov 20, 2013 7:06pm Nov 20, 2013 7:06pm
For EURUSD, is 1.3400 too close a support?
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  • #128,839
  • Nov 20, 2013 7:44pm Nov 20, 2013 7:44pm
Quoting deltaskelta
{quote} Im in this one too. I took some off and am letting the rest run
This one just kept going. Nice trade Delta. Alot of good PA all over the place. Good luck to everyone.
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  • #128,840
  • Nov 20, 2013 7:50pm Nov 20, 2013 7:50pm
Very like pin bar....
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