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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

  • #130,461
  • Apr 7, 2014 3:11am Apr 7, 2014 3:11am
EUR/CHF.
Pin-Bar.fibo 50.Ema resistance.
Is a good setup?
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  • #130,462
  • Apr 7, 2014 5:17am Apr 7, 2014 5:17am
Quoting Forextm
EUR/CHF. Pin-Bar.fibo 50.Ema resistance. Is a good setup? {image}
I've been looking at this setup for a possible entry, yet I passed on this one, as the bar closed weak in my opinion.
The Pinbar is sitting right on a PPZ (marked magenta), which at the end of Friday, priced stayed above, whereas I would have liked to see a close below it.

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The Pro's of this one is the confluence of the 200 EMA and the 50% Fib retracement and the fact that I could connect 3 tops.
But looking closer, I noticed that there is a severe lack of space for the position to run before it get's in trouble.
Look at the 1.2200 that's close underneath it, I think the chances of it reaching your TP (well below 1.22) are worth reconsidering.

Just my two cents,

W
It's a sport, an artform and a science.
  • #130,463
  • Apr 7, 2014 8:30am Apr 7, 2014 8:30am
Quoting farshidtt
hey guys, wanna know your idea about USD/JPY weekly. have a look at the picture: {image}
Hey Far

Just be careful, we are stuck in a larger box putting a PPZ just below us, as well as a shorter term channel putting a midpoint just under us too. So it could get choppy

someone was wondering the same here was my chart from the PF. These can be tricky the more consolidation you have to trade against. Doesn't mean it won't get down to it's trouble areas though

Best
Mike
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  • #130,464
  • Apr 7, 2014 8:33am Apr 7, 2014 8:33am
Quoting albus999
Another Pair to keep my eye on for possible breakout. {image}
clean and simpel Albus. These are the ones that catch my interest too

Mike
  • #130,465
  • Apr 7, 2014 8:38am Apr 7, 2014 8:38am
Quoting Dinta
{quote} hey Mike, won't you consider the pin bar that formed before price broke out of the pattern a PA? does the PA you are looking for have to form inside / within the green circle you have there? thanks for your time Dinta
Hey D

I wouldn't use that pinbar since it's contained within the pattern. That's tricky and not how I approach breakouts. It's not necessarily wrong, something you might want to test out. I prefer to look for a pre-emptive type bar like a buob, DBLHC, Multi high breakout etc). Or look for price to breakout and pullback and give you a pinbar/outside bar etc.

Best
Mike
  • #130,466
  • Apr 7, 2014 2:44pm Apr 7, 2014 2:44pm
Quoting mbqb11
{quote} ... something you might want to test out. I prefer to look for a pre-emptive type bar like a buob, DBLHC, Multi high breakout etc). Or look for price to breakout and pullback and give you a pinbar/outside bar etc. Best Mike
thanks Mike,
I have noticed that when price wants to brk out of a pattern, there are usually some signs;
I am still testing these out... so, there is no definitive sayings here. but.... usually I see higher highs and higher lows ( or vice versa).
and sometimes some pins or outside bars before the push to the range of the pattern.
I have not been very successful trading these on demos, but that is b'cos I am not desposed to monitor lower time frames bcos of work.

but you are right, I need to test it out first before throwing money at it

thanks,
Dinta
  • #130,467
  • Apr 7, 2014 2:46pm Apr 7, 2014 2:46pm
Please where is Ghous??
has anyone seen him. its been a while since he last posted here.....

I hope he's ok

Dinta
  • #130,468
  • Apr 7, 2014 3:55pm Apr 7, 2014 3:55pm
i caught Gbp cad oppotunity today.

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m-w-d support and res. heat map.

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  • #130,469
  • Apr 8, 2014 12:47am Apr 8, 2014 12:47am
S/R flip.

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J
Hero calls followed by margin calls...
  • #130,470
  • Apr 8, 2014 1:24am Apr 8, 2014 1:24am
I really itch to enter long on the green line @ 171.000 but I'm really confused where should be the best place for me to put my stop.
Could anybody help me sir? give me some lights?
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  • #130,471
  • Apr 8, 2014 1:45am Apr 8, 2014 1:45am
Quoting gajebo
I really itch to enter long on the green line @ 171.000 but I'm really confused where should be the best place for me to put my stop. Could anybody help me sir? give me some lights? {image}
Hello there!

First of all I don't really understand why you want to go bullish. On the daily chart there is not major Support / Resistance area and I dont see any A+ grade Price action setup here either.

For stops: We want to place our stops as close as possible to our entry point BUT we also dont want then to get hit. Thus we are looking for areas which might hold price, so that we can put our stops behind it. Such areas are Round numbers, daily lows, minor S/R levels etc.
A safe and reasonable stop would be under 170, but then our stop is just SO HUGE that you really have to have large target (at least the size of your stop).

You see where the key is?
1)We want to trade at significant areas. (i.e. we have a significant Support, and we have a pinbar just over it.)
2) Then we simply put our stop under this strong support level - and done.

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Hope this helps,
Stephen
It's all psychology...
  • #130,472
  • Apr 8, 2014 5:21am Apr 8, 2014 5:21am
USDCAD trade from monday

Simple trade - one of my favorite setups.
We have this multi day chopping which creates a minor Support and a minot resistance.
Price breaks out and forms almost a BEOB. Entering on ret, stop above engoulfing bar high.
Classic james16.

Half already off the table, stop adjusted.
Why complicate it?
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Cheers,
Stephen
It's all psychology...
  • #130,473
  • Apr 8, 2014 6:16am Apr 8, 2014 6:16am
Quoting LamerTrader
USDCAD trade from monday Simple trade - one of my favorite setups. We have this multi day chopping which creates a minor Support and a minot resistance. Price breaks out and forms almost a BEOB. Entering on ret, stop above engoulfing bar high. Classic james16. Half already off the table, stop adjusted. Why complicate it? {image} Cheers, Stephen
I'm with you on this one .
Entered on the H4 BEOB, it's 10 pips from it's TP.

I'll exit as soon as the news comes out.

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W
It's a sport, an artform and a science.
  • #130,474
  • Apr 8, 2014 6:28am Apr 8, 2014 6:28am
USDCAD

Took this one as well, all off the table now for a quick little trade. touching minor support now

http://screencast.com/t/umhAFh3NpY
  • #130,475
  • Apr 8, 2014 6:57am Apr 8, 2014 6:57am
Quoting Donaciello
{quote} I'm with you on this one . Entered on the H4 BEOB, it's 10 pips from it's TP. I'll exit as soon as the news comes out. {image} W
Glad to hear.
I will just adjust my stop. If price goes against me i get stopped out in 10 pips. If news are in my favor i might win more than 40-50pips.
It's all psychology...
  • #130,476
  • Apr 8, 2014 7:02am Apr 8, 2014 7:02am
$EURAUD

4hr Chart eyeing an inside bar forming in a solid downtrend. good R/R

http://screencast.com/t/ef9QHE4B
  • #130,477
  • Apr 8, 2014 7:23am Apr 8, 2014 7:23am
Quoting LamerTrader
{quote} Glad to hear. I will just adjust my stop. If price goes against me i get stopped out in 10 pips. If news are in my favor i might win more than 40-50pips.
news? What news?!
Slow & steady
  • #130,478
  • Apr 8, 2014 7:36am Apr 8, 2014 7:36am
Quoting patapouer
{quote} news? What news?!
Building permits M/M -11.6% Forc.: -2.4% Prev.: +8.5

BAD NEWS!!

Closed both positions in CAD .
It's a sport, an artform and a science.
  • #130,479
  • Apr 8, 2014 8:17am Apr 8, 2014 8:17am
Quoting farshidtt
{quote} thanks Lenrod, USDCHF daily has formed a pin bar but the setup is not grade A: {image}
thanks Mike and others for comments

USD/CHF went south because of the daily pin bar
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  • #130,480
  • Apr 8, 2014 8:20am Apr 8, 2014 8:20am
Quoting Donaciello
{quote} Building permits M/M -11.6% Forc.: -2.4% Prev.: +8.5 BAD NEWS!! Closed both positions in CAD .
Ah, ok thanks.
Bad news for who / what??...
not for my CADJPY trade anyway - no bragging, more surprised than anything to see how price reacted: printed a bearish PB a few days ago, entered on the break (managed tightly as in traffic), then price stalled a bit for 24-36h, then booom through the floor

EDIT: added pic - sorry, poor webchart as not at home...
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Slow & steady
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