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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

  • #129,541
  • Jan 15, 2014 7:33am Jan 15, 2014 7:33am
Quoting BlazG
Here's a trade short I took today on AUDCAD. I moved to BE too quickly and got stopped out. Anyone else in this trade? {image}
Hey B,

This did show up on my radar but I found it to be an easy pass based on the lack of story there. I don't think moving the stop quickly on that one was a bad decision at all. You gotta be tight on these.

g.
I believe . . .
  • #129,542
  • Jan 15, 2014 7:34am Jan 15, 2014 7:34am
Quoting utiq
Hi guys. And where is Jarroo. He still replies in this thread?
Unfortunately no. He is absent from the PF too. He did have some personal issues that he said needed to be taken care of. I do hope everything's ok and he'll be among us soon.

g.
I believe . . .
  • #129,543
  • Jan 15, 2014 7:44am Jan 15, 2014 7:44am
Quoting Mav13
Hi, Mike (or anyone else), Iīd like to know your opinion on this one. Itīs EURCHF. Hereīs what I see. Price broke the trendline, retraced back and now we have a BUOB, FTA marked in orange. In the end I didnīt take it because itīs EURCHF and itīs choppy as hell. Still I would like to know what do you think about it. Mav {image}
I agree with you Mav. Also, just the pull back itself was so sharp and immediate it didn't quite have that soothing rounded pull back touch to it to make up for a stress free trade.

You thought that one through really well.

g.
I believe . . .
  • #129,544
  • Jan 15, 2014 7:48am Jan 15, 2014 7:48am
Quoting dvimix
Hello people. Can you say to me some words about round numbers? Example usdjpy 4h chart {image} double top, beob, divergence - i think good setup, but 105 under beob confused me. Or not always round number must be considered as a barrier level? Only if it line up with PPZ, s/r, fibo, ma? and in this case could ignore this level? Thanks
There is nothing to be confused about a setup that's headed straight into a round number. I avoid such setups at all costs and are an easy pass for me. Mike and James I know hold them in high regard as well as they are watched by such a huge variety of traders.

We always want our setups headed 'away' from round numbers rather than headed 'into' them.

hope this helps.

g.
I believe . . .
  • #129,545
  • Jan 15, 2014 7:52am Jan 15, 2014 7:52am
Quoting dan89
{quote} lol took me about half hour to figure this out ... Dan
lol. I couldn't figure out another superhero name that I could mold with Mike's

g.
I believe . . .
  • #129,546
  • Jan 15, 2014 9:04am Jan 15, 2014 9:04am
Executed a long today on Cad/Yen.

Great swing point, Great fake out scenario, Decent amount of space, a decisive trigger bar and a clear cut target for the move.

Attached Image (click to enlarge)
Click to Enlarge Name: cadyen.png Size: 44 KB


g.
I believe . . .
  • #129,547
  • Jan 15, 2014 11:45am Jan 15, 2014 11:45am
What is your opinion about this setup?

Attached Image (click to enlarge)
Click to Enlarge Name: 85.png Size: 24 KB
Lose small, win BIG
  • #129,548
  • Edited 4:48pm Jan 15, 2014 11:47am | Edited 4:48pm
Quoting ghous
Executed a long today on Cad/Yen. Great swing point, Great fake out scenario, Decent amount of space, a decisive trigger bar and a clear cut target for the move. {image} g.

Aren't you afraid of that resistance at your buy price? Wasn't it too early (or too late) to go long there? I dont think it was good idea to try to beat that level. It is level, where we can expect sell-off. Or am I wrong?
Lose small, win BIG
  • #129,549
  • Jan 15, 2014 1:51pm Jan 15, 2014 1:51pm
Quoting ghous
Executed a long today on Cad/Yen. Great swing point, Great fake out scenario, Decent amount of space, a decisive trigger bar and a clear cut target for the move. {image} g.
What I like about this trade is that it is off that major major PPZ 95. Nice one Ghous!
Twitter @raitchev
  • #129,550
  • Jan 15, 2014 5:46pm Jan 15, 2014 5:46pm
Quoting ghous
{quote} I agree with you Mav. Also, just the pull back itself was so sharp and immediate it didn't quite have that soothing rounded pull back touch to it to make up for a stress free trade. You thought that one through really well. g.
Hi Ghous,
thanks for your response.

Mav
  • #129,551
  • Jan 15, 2014 8:57pm Jan 15, 2014 8:57pm
Quoting ProsteJa
What is your opinion about this setup? {image}
Headed into a confluence zone. No surprises really.

Attached Image (click to enlarge)
Click to Enlarge Name: euraud.png Size: 44 KB


g.
I believe . . .
  • #129,552
  • Jan 15, 2014 9:05pm Jan 15, 2014 9:05pm
Quoting ProsteJa
{quote} Aren't you afraid of that resistance at your buy price? Wasn't it too early (or too late) to go long there? I dont think it was good idea to try to beat that level. It is level, where we can expect sell-off. Or am I wrong?
Hey P,

Its about analyzing the path of least resistance for price. The trade wasn't a touch trade in the hopes of seeing price blow past a resistance point. It was triggered via a solid bullish story. With that liquidity vacuum produced by one sided selling earlier, and much support sources down under (LLS, fake out consolidation, 95.00 RN) Price was always going to choose the upside to move through. Its the same logic that applies to your A+ pin bar setuos when you decided to hold them past an FTA thinking that it has more muscle and is strong enough to be good for more. In reality you just realize that the direction of the pin bar is the path of least resistance.

Importantly though, this was all in the bigger perspective, meaning that price holding up for a bit at that region was totally accommodated for in the trade plan. Notice the stop was under the trigger bar (underneath the LLS and the consolidation bar highs). Despite having a bias to the upside, what would have been wrong here would be to place a very tight stop and hope for price to blow through straightaway.

Let me know if anything is still unclear.

g.
I believe . . .
  • #129,553
  • Jan 15, 2014 10:35pm Jan 15, 2014 10:35pm
Quoting ProsteJa
Since I have started disciplined scaling out on every single trade. {image} That are only 8 trades and it couldnt be taken as statistically relevant, but this method really decrease DD.


Great P continue your research and testing THeir are many ways to put this stuff together. Find something stick to it through testing and you will gain confidence in repeating it

Keep us posted
Mike
  • #129,554
  • Jan 15, 2014 10:38pm Jan 15, 2014 10:38pm
Quoting Mav13
Hi, Mike (or anyone else), Iīd like to know your opinion on this one. Itīs EURCHF. Hereīs what I see. Price broke the trendline, retraced back and now we have a BUOB, FTA marked in orange. In the end I didnīt take it because itīs EURCHF and itīs choppy as hell. Still I would like to know what do you think about it. Mav {image}
I liked this one. It's a tough pair but a very strong area to buy off. I am not at b/e myself but only looking to target the exact area you marked because this pair is choppy(as opposed to the market being fluid which one could look for a bigger move in general with less choppiness to be expected.

Nothing wrong with passing on this one either though but wanted to let you know you know your chart looked good. Here was my original chart from the PF


Best
Mike
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  • #129,555
  • Jan 15, 2014 10:40pm Jan 15, 2014 10:40pm
Quoting dvimix
Hello people. Can you say to me some words about round numbers? Example usdjpy 4h chart {image} double top, beob, divergence - i think good setup, but 105 under beob confused me. Or not always round number must be considered as a barrier level? Only if it line up with PPZ, s/r, fibo, ma? and in this case could ignore this level? Thanks

You got some good words on this but i'll just add. Round numbers are as important as they have shown many times. A good check I do is how relevant has that specific round number been in the short term? What about the long term? Then you can gauge how that factors into your current situation.


Best
Mike
  • #129,556
  • Jan 15, 2014 10:40pm Jan 15, 2014 10:40pm
Quoting dan89
{quote} lol took me about half hour to figure this out ... Dan
lol I actually didn't get it till I read your quote and thought about it. Far from it though.
  • #129,557
  • Jan 15, 2014 10:43pm Jan 15, 2014 10:43pm
Quoting ghous
{quote} Unfortunately no. He is absent from the PF too. He did have some personal issues that he said needed to be taken care of. I do hope everything's ok and he'll be among us soon. g.
yes we miss J. I have tried to contact him via email and phone and not heard from him. I hope everything is ok too G......
  • #129,558
  • Jan 15, 2014 10:53pm Jan 15, 2014 10:53pm
Quoting mbqb11
{quote} lol I actually didn't get it till I read your quote and thought about it. Far from it though.
Hancock - Mike-ock? No?

Lame I guess. lol

g.
I believe . . .
  • #129,559
  • Jan 15, 2014 11:40pm Jan 15, 2014 11:40pm
Quoting ghous
{quote} Hancock - Mike-ock? No? Lame I guess. lol g.
I aint no superhero Maybe elmer fudd
  • #129,560
  • Jan 16, 2014 3:27am Jan 16, 2014 3:27am
Quoting ghous
{quote} Headed into a confluence zone. No surprises really. {image} g.
I was wrong side of this as well (how I love a good tight SL only to see a news gap bypass any SL and smack me round the head), but as a good learning reminder for me and thought I'd post up,

zooming out on this pair makes it even more obvious,

http://www.mql5.com/en/charts/130683...shot-12855-png

(would have uploaded the image but I keep getting Error: Invalid File, MT5 output does not seem compatible with FF ?? huh, really?)

If you have 12hr charts its as plain as day. The pin is huge.
http://www.mql5.com/en/charts/130683...shot-10786-png

For someone who can only trade 12hr (me) I'm embarrassed about messing this trade which i took on lower TF but I'm glad I can pinpoint this failed trade and a reason.

PG
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