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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

  • #132,641
  • Oct 15, 2014 8:21am Oct 15, 2014 8:21am
Quoting Poinson
{quote} Zamfir, Just have been looking to this graph on my computer and I have absolutely different bars. I dont have any of these PB which I showed on the image above. I thought that daily charts should be the same with all brokers. {image}
FOREX is not traded on centralized exchanges like Stocks/Futures. Every broker will have different feeds.

Suggest you read up on basics of how FOREX is traded. plenty of articles/websites that explain this.
  • #132,642
  • Oct 15, 2014 8:27am Oct 15, 2014 8:27am
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  • #132,643
  • Oct 15, 2014 8:27am Oct 15, 2014 8:27am
Quoting Poinson
Hi Mike, you have posted this a couple of days ago. Your ideas were shown in orange. Could you please if have some time to just very briefly explain, why not like I have showed in red color? As we have broke the up trend line and made a pattern. Thank you so much {image}
Hey P

Welcome

For me it's the focus because price created a DBLHC(on my feed) closing back above the major PPZ

I've marked this flip zone in white. I'd much rather see price break long using the TL and PPZ as confluence

Best
Mike
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  • #132,644
  • Oct 15, 2014 8:28am Oct 15, 2014 8:28am
In addition to comments on the chart there was MACD divergence. When a breakout occurs with good PA and lots of space I think it is in general good to enter on the close or on the break of the break out bar (high in this case). Good PA signals future momentum so a retrace or retest may not occur.

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  • #132,645
  • Oct 15, 2014 8:31am Oct 15, 2014 8:31am
Quoting Winston Reed
In addition to comments on the chart there was MACD divergence. When a breakout occurs with good PA and lots of space I think it is in general good to enter on the close or on the break of the break out bar (high in this case). Good PA signals future momentum so a retrace or retest may not occur. {image}
cannot believe I missed this, is in my watchlist
  • #132,646
  • Oct 15, 2014 8:40am Oct 15, 2014 8:40am
Quoting Winston Reed
In addition to comments on the chart there was MACD divergence. When a breakout occurs with good PA and lots of space I think it is in general good to enter on the close or on the break of the break out bar (high in this case). Good PA signals future momentum so a retrace or retest may not occur. {image}
Not sure why my chart look different from yours, Winston. Because of different broker? Im using ICM markets.
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  • #132,647
  • Oct 15, 2014 8:43am Oct 15, 2014 8:43am
Quoting keziahpie
{quote} cannot believe I missed this, is in my watchlist

I miss trades all the time. It's hard to keep up with everything. I used to watch only 5 to 10 pairs but now I scan every FX pair I have with Oanda about 3 to 4 x per week.
  • #132,648
  • Oct 15, 2014 8:44am Oct 15, 2014 8:44am
Quoting keziahpie
{quote} Not sure why my chart look different from yours, Winston. Because of different broker? Im using ICM markets. {image}
You might try zooming out a bit. My broker is Oanda which is not a NY close.
  • #132,649
  • Oct 15, 2014 8:47am Oct 15, 2014 8:47am
I want to get into equities soon but first I'm getting used to scanning and recognizing tradeable patterns on FX for now.
  • #132,650
  • Oct 15, 2014 8:53am Oct 15, 2014 8:53am
Quoting mbqb11
{quote} a more advanced play is to buy into the "wick" I call them wick plays where sell orders are absorbed and price path of least resistance is back up through them I took the long on the aud/usd but it's pretty identical play {image} way more advanced type play though and thanks for jumping in guys to correct that this is not a DBLHC For those still getting the bars down I have a newbie webinar where you can see all the bar types and their descriptions https://www.youtube.com/watch?v=jSV_3-FSslk Best mIke
spoke about that advanced wick play as I call them

Worked out nice and i'm out now
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  • #132,651
  • Oct 15, 2014 8:54am Oct 15, 2014 8:54am
Quoting Winston Reed
{quote} You might try zooming out a bit. My broker is Oanda which is not a NY close.
Thanks. I think I do not have the same bars as you because of brokers.

Good job!
  • #132,652
  • Oct 15, 2014 10:43am Oct 15, 2014 10:43am
Quoting mbqb11
{quote} Hey P Welcome For me it's the focus because price created a DBLHC(on my feed) closing back above the major PPZ I've marked this flip zone in white. I'd much rather see price break long using the TL and PPZ as confluence Best Mike {image}
That is unbelievable! thank you Mike. I have been tried since 2006 losing several depo. Now I am here, still not giving up. Thats live.
  • #132,653
  • Oct 15, 2014 10:50am Oct 15, 2014 10:50am
Quoting keziahpie
{quote} Thanks. I think I do not have the same bars as you because of brokers. Good job!
So that means that one may have a Pin Bar or other bar signals and the other may not
  • #132,654
  • Oct 15, 2014 12:06pm Oct 15, 2014 12:06pm
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  • #132,655
  • Oct 15, 2014 12:56pm Oct 15, 2014 12:56pm
Quoting mbqb11
{quote} Hey D That's just a function of that platform. That's my thinkorswim platform which has a lot more customization than MT4 Mike
Oh, ok Mike....
Have a nice day
  • #132,656
  • Oct 15, 2014 3:48pm Oct 15, 2014 3:48pm
Quoting mbqb11
{quote} spoke about that advanced wick play as I call them Worked out nice and i'm out now {image}
Hi Mike,

Looking at this H4 Pinbar at a strong resistance and knowing that's the last H4 candle of the day, would you put an Sell Order below that? Generally, I mean when finding a good setup but at the start of Asia or London, is it wise to take them?
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  • #132,657
  • Oct 15, 2014 4:11pm Oct 15, 2014 4:11pm
Quoting Kouroushi
{quote} Hi Mike, Looking at this H4 Pinbar at a strong resistance and knowing that's the last H4 candle of the day, would you put an Sell Order below that? Generally, I mean when finding a good setup but at the start of Asia or London, is it wise to take them? {image}

Hey K

Generally I don't like executing intraday trades(4hr and under) after the main exceptions. I do make exceptions when markets are volatile like they are now though

This one I wouldn't like to trade a break of we have a lot of traffic under us and we are stuck in a box. As well as the BRN is just below. So a real tricky one for me to play. I'd rather play a retrace to the top of the box or enter on the open giving some more room to work with(although not much)

Here would be my chart. Understanding when to take entries on a break vs close vs retrace is important. Have you seen my video on space vs traffic?


I have a bunch of posts from the rest of you to catch up on. I will find time tonight to do that

Best
Mike
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  • #132,658
  • Oct 15, 2014 7:03pm Oct 15, 2014 7:03pm
Quoting Xamarass
{quote} Hi All, can we spend a little be more time about LOCATION of the PinBars and other patterns ? I watched several vides from Mike and I learnt several concepts (example: Price action figures definitions, means of "traffic", general concepts, etc..) but not still clear few points: 1 - swing H/L : ok clear 2 - support/resistance: ok claear 3 - PPZ "pivot price zone": not totally clear 4- confulence area: what does it means ? protical example (form good samaritans) 5 - divergence MACD: means we need to find pinbars when there is divergence between...

Hey X

Here is some more information on PPZs to keep your learning rolling

http://www.forexfactory.com/showthre...79#post6378879

Divergence is nothing more then a sign of weakness in momentum. It does not mean price must reverse it simply means price can be slowing down. Think of it as a confluence tool. Someone asked about divergence the other day here was my posts

http://www.forexfactory.com/showthre...82#post7783082

here is a follow up chart
http://www.forexfactory.com/showthre...92#post7785592

best
Mike
  • #132,659
  • Oct 15, 2014 7:04pm Oct 15, 2014 7:04pm
Quoting Winston Reed
In addition to comments on the chart there was MACD divergence. When a breakout occurs with good PA and lots of space I think it is in general good to enter on the close or on the break of the break out bar (high in this case). Good PA signals future momentum so a retrace or retest may not occur. {image}
way to go winston
  • #132,660
  • Oct 15, 2014 7:06pm Oct 15, 2014 7:06pm
Quoting Poinson
{quote} That is unbelievable! thank you Mike. I have been tried since 2006 losing several depo. Now I am here, still not giving up. Thats live.
it can be a long road, for most that make it is. Perseverance is of course crucial but correcting mistakes and progressing is a must too. Most people simply get in their own ways. Once you learn the HOW, it often becomes that side of it. We are here to help though. Make sure to hop on demo, follow post 1 and you'll be treating it like a business which it is and that is crucial to long term success

Best of luck and keep at it

Mike
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