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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

  • #131,401
  • Jun 30, 2014 4:49pm Jun 30, 2014 4:49pm
Hi all,
I have question about range trading in way of breakout vs. in range. I have feeling that preferred method is breakout from well proven SR and then pullback so we have that support changed into resistance. Can you say why other method of trading in the range is more difficult and avoided by some of you?
I attach chart so please let me know what's wrong or more difficult with such trading in this case.
I would also appreciate v much of some reference links that deal with this. It could be that I read them but missed their importance so forgive me asking.

Regards.
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  • #131,402
  • Jun 30, 2014 4:56pm Jun 30, 2014 4:56pm
Quoting Mav13
{quote} Same here guys, last year I had 9 consecutive profitable months then I had to stop trading because of my health issues and then I had to also write my thesis in order to finish college and get masterīs degree. So I had a few months pause (because I said to myself that health and finished education have priority) and now Iīm pretty much in the worst period of my trading so far because not only that confidence...
Hello Mav,I hope you get through soon.Cheers.
  • #131,403
  • Jul 1, 2014 2:57am Jul 1, 2014 2:57am
Potential breakout on Cable at 9.30 PMI news ? I will go with it with stops below hourly flag.
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  • #131,404
  • Jul 1, 2014 4:02am Jul 1, 2014 4:02am
Quoting FXBeppie
Potential breakout on Cable at 9.30 PMI news ? I will go with it with stops below hourly flag. {image}
Hey FXB,

Im currently watching this pair also on the daily.

Here is my take:


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Take care
Dan
  • #131,405
  • Jul 1, 2014 4:18am Jul 1, 2014 4:18am
Quoting dan89
{quote} Hey FXB, Im currently watching this pair also on the daily. Here is my take: Take care Dan
Hi Dan, looks better then mine, 3 little indians ?
And on monthly chart big support/resistance zone, but I went with the break, will be out at 1.7090 (red horizontal line).
Happy trading.
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  • #131,406
  • Jul 1, 2014 4:46am Jul 1, 2014 4:46am
How about this one ? Bull flag on 5min, small risk.
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  • #131,407
  • Jul 1, 2014 10:11am Jul 1, 2014 10:11am
Greetings and good luck with the new financial year (uh oh IRS is watching us!)

Attached Image


I was just glancing at the 24 pairs I follow and found a possible DBLHC on AUDCHF. The pip difference between the last two bars is around 2 pips.. Should I count this as a valid DBLHC? I am

Attached Image


Also, I would like to share this AUDUSD trade from June 18 that came few pips of my stop but now trading in profits .. had to bite my hands from not closing this one at +20 several times.. glad that I didn't!
  • #131,408
  • Jul 1, 2014 12:11pm Jul 1, 2014 12:11pm
Quoting vanilla.sky
Hi all, I have question about range trading in way of breakout vs. in range. I have feeling that preferred method is breakout from well proven SR and then pullback so we have that support changed into resistance. Can you say why other method of trading in the range is more difficult and avoided by some of you? I attach chart so please let me know what's wrong or more difficult with such trading in this case. I would also appreciate v much of some reference links that deal with this. It could be that I read them but missed their importance so forgive...
Hi,
I did test entry on example above but later I found another diagonal trend line just above the level so closed position.
Anyway I have still mess in my head about trading breakout vs trading into range assuming proper analysis is in place. So any clarification around this would be appreciated.
Regards
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  • #131,409
  • Jul 1, 2014 12:25pm Jul 1, 2014 12:25pm
Quoting Cricketer
Greetings and good luck with the new financial year (uh oh IRS is watching us!) {image} I was just glancing at the 24 pairs I follow and found a possible DBLHC on AUDCHF. The pip difference between the last two bars is around 2 pips.. Should I count this as a valid DBLHC? I am {image} Also, I would like to share this AUDUSD trade from June 18 that came few pips of my stop but now trading in profits .. had to bite my hands from not closing this one at +20 several times.. glad that I didn't!
Did you note the outside bar ( AUD?CHF) 17 bars from the left ? and Pin Bar (bar 18 next to O/S bar) ? and bar 14 o/s bar? and Bar 12 o/s bar? Pin Bar 9 not at swing high so no trade. So, there are a few failed trades in there -did you take them? Maybe you didn't because they were not at a swing High or swing Low?
So, is your proposed DBLHC at a swing low-no? Is it worth a punt? Probably not
Sideways action? From your screen shot -probably.
every Saint has a past. Every Sinner has a Future
  • #131,410
  • Jul 1, 2014 12:55pm Jul 1, 2014 12:55pm
Quoting turnip15
{quote} Did you note the outside bar ( AUD?CHF) 17 bars from the left ? and Pin Bar (bar 18 next to O/S bar) ? and bar 14 o/s bar? and Bar 12 o/s bar? Pin Bar 9 not at swing high so no trade. So, there are a few failed trades in there -did you take them? Maybe you didn't because they were not at a swing High or swing Low? So, is your proposed DBLHC at a swing low-no? Is it worth a punt? Probably not Sideways action? From your screen shot -probably.
The location is not optimum for taking this trade, I agree with you. But, based on my system I will probably take it even as an outside bar if price breaks above today's high.
  • #131,411
  • Jul 1, 2014 4:02pm Jul 1, 2014 4:02pm
Quoting dan89
{quote} Hey FXB, Im currently watching this pair also on the daily. Here is my take: {image} Take care Dan
Cable has an interestig story and it develops. My chart is the same. Squeeze or funelling pattern that I like so much.
If not up, then down, otherwise sideways :-)
  • #131,412
  • Jul 1, 2014 4:17pm Jul 1, 2014 4:17pm
Quoting Magestic
{quote} Cable has an interestig story and it develops. My chart is the same. Squeeze or funelling pattern that I like so much.
Hey Magestic,

That upper trendline will hav eto be adjusted now as you can see what price has done. But the lower trendline is the most important so not a big deal

Take care
Dan
  • #131,413
  • Jul 1, 2014 6:44pm Jul 1, 2014 6:44pm
great chart to watch. Clean TLs with the BRN as the midpoint of our pattern and PPZ. Let's see how it develops
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  • #131,414
  • Jul 1, 2014 7:45pm Jul 1, 2014 7:45pm
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  • #131,415
  • Jul 1, 2014 11:04pm Jul 1, 2014 11:04pm
Quoting vanilla.sky
Hi all, I have question about range trading in way of breakout vs. in range. I have feeling that preferred method is breakout from well proven SR and then pullback so we have that support changed into resistance. Can you say why other method of trading in the range is more difficult and avoided by some of you? I attach chart so please let me know what's wrong or more difficult with such trading in this case. I would also appreciate v much of some reference links that deal with this. It could be that I read them but missed their importance so forgive...
Hey Vanilla,

For one, that is not a BUOB, as the low doesn't go lower than the prior bar's low, but to answer your question . . .

Range trading is definitely more trickier than trading breakouts or otherwise setups that have a lot of space simply because in a range you have to be on your toes as price maneuvers through frequent obstacles in prior bar highs and lows and minor and major PPZs. A strong trending move, resulting for example from a breakout, may spark a more aggressive approach where you're anticipating an easy break of minor trouble areas.

That luxury isn't there when you're trading in a tight range as price can be very vulnerable and reactive to often even the prior bar high / low. If you think about it, weak sentiment in the market is actually the reason why price is chopping and ranging around in the first place. Taking a bet in a market like this often requires babysitting the trade and look for quick short trades, which is why low frequency traders normally look to see through these market phases on the sidelines and prefer waiting for those slam bam runners that are heavier on the pocket and lighter on the mind.

g.
I believe . . .
  • #131,416
  • Jul 2, 2014 1:03am Jul 2, 2014 1:03am
Quoting mbqb11
great chart to watch. Clean TLs with the BRN as the midpoint of our pattern and PPZ. Let's see how it develops {image}
Hey Mike,

Yup, Im still in this one. Looking for the 'new' pattern to push price lower. However if price does move to the upper trendline, could look to see a break upwards using the BRN.

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Also another chart that needed a little 'adjusting'


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Take care
Dan
  • #131,417
  • Jul 2, 2014 1:04am Jul 2, 2014 1:04am
Quoting dan89
{quote} Hey Mike, Yup, Im still in this one. Looking for the 'new' pattern to push price lower. However if price does move to the upper trendline, could look to see a break upwards using the BRN. {image} Also another chart that needed a little 'adjusting' {image} Take care Dan
In fact. I'll close my EJ trade now and wait for another break either way.
  • #131,418
  • Jul 2, 2014 1:20am Jul 2, 2014 1:20am
Quoting dan89
{quote} Hey Magestic, That upper trendline will hav eto be adjusted now as you can see what price has done. But the lower trendline is the most important so not a big deal Take care Dan
Yep. But FX is not the exact science. We all want TLs be perfect, but sometimes they are not, but it doesnt spoil the whole picture. 1.7 still in the game and would be perfect to see PA at the bottom of the TL as u say and also around that BRN.
If not up, then down, otherwise sideways :-)
  • #131,419
  • Jul 2, 2014 1:25am Jul 2, 2014 1:25am
This TL is accurate. Want it to go lower around 1.44 and reverse.
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If not up, then down, otherwise sideways :-)
  • #131,420
  • Jul 2, 2014 2:01am Jul 2, 2014 2:01am
Quoting Magestic
{quote} Yep. But FX is not the exact science. We all want TLs be perfect, but sometimes they are not, but it doesnt spoil the whole picture. 1.7 still in the game and would be perfect to see PA at the bottom of the TL as u say and also around that BRN.
I like my trendlines to be almost perferct

Dan
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