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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

  • #134,101
  • Apr 5, 2015 2:55pm Apr 5, 2015 2:55pm
In this chart for the stock SHIRE the price has moved from 100 to 260. And now the price has tested the top twice and posted a pin bar that is I think small when compared to all that price movement to the top. Now the price has broken the pin bar to the down side and has the potential to move downside. This will encounter an FTA at 220 and if it breaks that can go to 200. I would watch the price movement on this chart.
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  • #134,102
  • Apr 5, 2015 4:33pm Apr 5, 2015 4:33pm
Quoting codekid
{quote} *Alert Newbie question* I can't see the difference between the engulfing bar setups and the double bar setups. Can someone to explain or point me to the thread page so I can find out? Thanks for the help.
Hey codekid, yes they do look very similar. The difference is in the Highs, or Lows. With a double bar high,the high will be the same, within a few pips,depending on the timeframe you're looking at.
With the engulfings, the highs,or lows don't have to match the previous bar.they can be totally different.
If you go back and look at the pics, i think you'll be able to see it now.

hope this helps
  • #134,103
  • Apr 5, 2015 6:13pm Apr 5, 2015 6:13pm
Quoting codekid
{quote} *Alert Newbie question* I can't see the difference between the engulfing bar setups and the double bar setups. Can someone to explain or point me to the thread page so I can find out? Thanks for the help.
A few descriptions in PDF.
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File Type: pdf PriceActionSetups (1).pdf   42 KB | 796 downloads
  • #134,104
  • Apr 5, 2015 6:18pm Apr 5, 2015 6:18pm
Quoting srt
{quote} A few descriptions in PDF. {image}

Thanks jazzman and srt for the info and the pdf, it's been cleared up now.
Will read the pdf a few more times to let it sink in
  • #134,105
  • Apr 6, 2015 3:36pm Apr 6, 2015 3:36pm
ASR Daily Chart. Confirmation comes from weekly chart also. The April 15th put option is 100 bucks. Trying it out on the virtual platform.
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  • #134,106
  • Apr 6, 2015 4:34pm Apr 6, 2015 4:34pm
Quoting FrenchPips
{quote} Hey Guitarbloke - I've been enjoying seeing you put your charts up (along with everyone else) - makes up for the fact that I haven't found anything to trade as I'm either not at the screen at the right time, or I'm being too picky. With your last E/U trade on the 4 hr chart, it feels to me like your trade is in the middle of a lot of "traffic", and perhaps the price action you identified, an IB, wasn't really that well defined. On the other hand, I appreciate that with this one, it looks like you are expecting to be in and out like a scalper...
Hello Frenchpips. Being picky is probably a good thing! Thanks for your comments and yes I'm conscious of RR. I'm not totally happy with my RR approach yet and is something I'm still working on as I integrate Jim16'S method. That E/U trade was stopped out by a price spike (NFP?). My RR method now has changed, and I'm trying out Jim 16's method as posted below. That is, i'll place 2 orders and TP on one at first TA, move SL to BE then let other order run to try to catch some big pips. I'm not a scalper intentionally and definitely prefer higher time frames.

USD/JPY D1. Entry on retrace to 26th march PB area. First order has taken profit. 2nd order now at BE and letting it run. free trade. G.

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'Fail to plan, plan to fail'
  • #134,107
  • Apr 6, 2015 4:42pm Apr 6, 2015 4:42pm
EUR/USD 4H. Entry on break out south. 2 orders set. 1st order taken profit, moved to BE. Free trade from here.

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'Fail to plan, plan to fail'
  • #134,108
  • Apr 6, 2015 5:14pm Apr 6, 2015 5:14pm
USD/CAD 4H PB off resistance with uptrend. 2 orders set. TP first TA then let 2nd order run from BE.

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'Fail to plan, plan to fail'
  • #134,109
  • Apr 6, 2015 5:50pm Apr 6, 2015 5:50pm
Now here is an extreme example of a pin bar

Price action combined with funky stocks.....
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  • #134,110
  • Apr 6, 2015 6:02pm Apr 6, 2015 6:02pm
Hey everyone,

Spotted a BEOB on the NZD/CAD never mind the 13 pip loss you see there. I hit buy instead of sell and when I realized it was that far.

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  • #134,111
  • Apr 6, 2015 6:05pm Apr 6, 2015 6:05pm
I have enjoyed a couple of her albums and she has one of the most beautiful of voices I have ever heard. Recently i heard that she lost her voice because of a strange disease and felt so sad. Nature can be cruel sometimes.

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  • #134,112
  • Apr 6, 2015 7:32pm Apr 6, 2015 7:32pm
fantastic location to watch with the channel and BRN here. I'd take PA either way but i prefer a breakout here and will ONLY trade with strong confirming price action. That's the key folks
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  • #134,113
  • Apr 6, 2015 7:42pm Apr 6, 2015 7:42pm
Quoting mbqb11
fantastic location to watch with the channel and BRN here. I'd take PA either way but i prefer a breakout here and will ONLY trade with strong confirming price action. That's the key folks {image}
Hi Mike,

A setup like that looks tough to trade.
Wouldn't know what to look when everything is in a box like that for a while.
  • #134,114
  • Apr 6, 2015 7:52pm Apr 6, 2015 7:52pm
Quoting codekid
{quote} Hi Mike, A setup like that looks tough to trade. Wouldn't know what to look when everything is in a box like that for a while.
Hey Code

Boxes kill inexperienced traders and for good reason. But the best part about boxing is when you can spot them you know price is sideways, and when you can spot a proper breakout it can be the tip off to a large move

Personally I trade both within boxes, and breakouts of boxes(my favorite).

In a case like this any trade taken for example long from where we are we MUST be aware that price is sideways and locate our FTA and pay high respect to them. Simply put the more sideways are the more i am aggressive with my take profit and stop loss movement.

Then the other side is any type of breakout short would mean a bigger move could be coming at least until the base of the pattern which would be the starting of the TL.

My main focus right now is the 4hr looking for that tip off.

Here I drew two examples

Here is an example of what I would like to see for a long
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And here is an example of what I would like for a short
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When you spot a chart that is at a pivotal place(meaning price could go either way) it's a great place to be and watch for that PA. If managed properly in the long run this is very profitable as they don't always work of course and we want to be cutting our losses until the market proves us right


Best
Mike
  • #134,115
  • Apr 6, 2015 8:19pm Apr 6, 2015 8:19pm
Quoting mbqb11
fantastic location to watch with the channel and BRN here. I'd take PA either way but i prefer a breakout here and will ONLY trade with strong confirming price action. That's the key folks {image}
Ok so the outside bars breaching either support or resistance would be your indication to that something is about to happen.
Thanks a lot for that!
  • #134,116
  • Apr 7, 2015 5:11am Apr 7, 2015 5:11am
Hi, can someone explain to me what BRN is and how it affects our trades? Thank you very much people!
  • #134,117
  • Apr 7, 2015 6:23am Apr 7, 2015 6:23am
Ton of resistance on Eurcad @ 3750 area. I was sleeping so missed it. Did anyone catch it?

Nice move..

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  • #134,118
  • Apr 7, 2015 8:26am Apr 7, 2015 8:26am
Quoting Fotovinic
Hi, can someone explain to me what BRN is and how it affects our trades? Thank you very much people!
I think it means Big Round Number eg. 1.5
  • #134,119
  • Apr 7, 2015 1:29pm Apr 7, 2015 1:29pm
Quoting codekid
{quote} I think it means Big Round Number eg. 1.5
yes I term BRN as big round number which is the larger round numbers every 500 pips 1.2500 1.3 1.3500 etc

Some people call every round number a BRN but that's not how i originally used and think of them myself

Thanks Code

Mike
  • #134,120
  • Apr 7, 2015 2:34pm Apr 7, 2015 2:34pm
Quoting mbqb11
{quote} yes I term BRN as big round number which is the larger round numbers every 500 pips 1.2500 1.3 1.3500 etc Some people call every round number a BRN but that's not how i originally used and think of them myself Thanks Code Mike
Quick question mike.
Lets say I'm in a trade and it's approaching a BRN, would the best option be to cash in and wait to see if price retraces or should I just hold and wait for it to break resistance?
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