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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

  • #134,121
  • Apr 7, 2015 2:43pm Apr 7, 2015 2:43pm
Quoting codekid
{quote} 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?
Hey Code

Not the answer you might be hoping for but it completely depends on the situation. How relevant has that BRN been in the long and short term, what is the overall trade plan etc.

This is what trips up the most amount of people and why successful traders are hard to find because each situation is unique and it's hard to find a blanketed statement to apply to all situations.

I will always take note that if a BRN is just ahead and possibly completely avoid the trade or look to see how price reacts at this area. But again the situation will dictate that. For example the usd/cad small pinbar. If one wanted to trade that they could it is a pinbar off nice support. But trading that pin into the BRN is clearly the first and very major trouble area. I'd recommend getting to b/e or taking profit in a situation like that.

If you have some specific examples I could be more specific for you

Best
Mike
  • #134,122
  • Apr 7, 2015 3:33pm Apr 7, 2015 3:33pm
Quoting mbqb11
{quote} Hey Code Not the answer you might be hoping for but it completely depends on the situation. How relevant has that BRN been in the long and short term, what is the overall trade plan etc. This is what trips up the most amount of people and why successful traders are hard to find because each situation is unique and it's hard to find a blanketed statement to apply to all situations. I will always take note that if a BRN is just ahead and possibly completely avoid the trade or look to see how price reacts at this area. But again the situation...
Thanks Mike. Let's look at the GBP/CAD. There's what I think is a dbhlc on the 4hr (I know I've sinned by going below the daily chart as a newbie) chart. It's close to 1.85. Does this trade make sense?
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  • #134,123
  • Apr 7, 2015 3:59pm Apr 7, 2015 3:59pm
Quoting codekid
{quote} Thanks Mike. Let's look at the GBP/CAD. There's what I think is a dbhlc on the 4hr (I know I've sinned by going below the daily chart as a newbie) chart. It's close to 1.85. Does this trade make sense? {image}
Hey CK

The first thing to note is the location and context of the bar itself. Remember the price bars aren't magic they are clues. At the end of day most of the time i look at a price bar confirmation as just that, a confirmation to a story.

So if we look at your chart and try to figure out WHY we should sell the first things that start to jump out are

-DBHLC is at a swing low. Remember we can trade them at any location but we should start trading them at swing high points.
-we would be trading into the last major swing which was a major turn in this market, which is also located at a BRN.

So yes in this case knowing this we would NOT want to sell into this low. Rather I would want to wait and see what price does around this area before making the decision to buy/sell yet
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  • #134,124
  • Apr 8, 2015 3:31am Apr 8, 2015 3:31am
OIL/USD H1. BO of the box. Swing high S/R level and BEOVB with downtrend is my confluence. Would prefer such a set up on higher T/F but let's see how it goes. 2 sell orders set and triggered on this aggressive entry. G

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'Fail to plan, plan to fail'
  • #134,125
  • Apr 8, 2015 6:40am Apr 8, 2015 6:40am
Is this what you guys call a classic PPZ? BEOVB formed off resistance.

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  • #134,126
  • Apr 8, 2015 8:14am Apr 8, 2015 8:14am
NZD/USD H1. PB rejecting 0.7500 S/R zone with main down trend. Others will be along to better answer your questions Foto. But yes, looks like a BEOVB.

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'Fail to plan, plan to fail'
  • #134,127
  • Apr 8, 2015 9:10am Apr 8, 2015 9:10am
NZD/USD H1. 1st TP hit. Moved sl to BE. 2nd order Free trade.

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'Fail to plan, plan to fail'
  • #134,128
  • Apr 8, 2015 1:25pm Apr 8, 2015 1:25pm
Gbp/aud - be.

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  • #134,129
  • Apr 8, 2015 2:55pm Apr 8, 2015 2:55pm
One of Mikes favourite here, within a nice tight box, price formed a bullish engulfing bar/pinpar right at bottom of range.
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  • #134,130
  • Apr 8, 2015 3:08pm Apr 8, 2015 3:08pm
Have not posted a chart in a while so thought I might throw this one up.
Would of preferred a touch on the lower trendline rather than a 4th touch on the upper.
Looking for a break to the downside on this one.


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Take care
Dan
  • #134,131
  • Apr 8, 2015 3:31pm Apr 8, 2015 3:31pm
OIL/USD H1. 1st target hit. s/l to break even. 2nd order TP at 49.10 zone. Missed USD/CAD break to the upside. My order not triggered as I had buy limit set very close to 1.2400 support for a tighter stop. There's always another trade. Good trading y'all.

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'Fail to plan, plan to fail'
  • #134,132
  • Apr 8, 2015 4:33pm Apr 8, 2015 4:33pm
Got some setups here, Some pin bars. Hoping that these turn out nice. Any thoughts? Oh and yea, I mad some bad trades today as well ( depressing but I'm not quitting any time soon )

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EDIT.
I didn't see deankenny21 post. Looks like the same thing I was looking at. Guess I may be on the right track with this one
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  • #134,133
  • Apr 8, 2015 5:55pm Apr 8, 2015 5:55pm
USD/CAD D1. BUOVB off key level. Buy limit orders set on retrace of around 50% of bar. Bullish close and false break of support level. Hope it doesn't take off without me. Best wishes Dean, CK and all. G

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'Fail to plan, plan to fail'
  • #134,134
  • Apr 9, 2015 3:20am Apr 9, 2015 3:20am
Quoting zamfir
Gbp/aud - be. {image}

Update.

GBPAUD hit my target , 200 pips profit. . That was quick . lol

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  • #134,135
  • Apr 9, 2015 4:58am Apr 9, 2015 4:58am
Nice clean Breakout on EURAUD.

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  • #134,136
  • Edited 5:25am Apr 9, 2015 5:09am | Edited 5:25am
Well,

Woke up this morning and saw that GBP/CAD and EUR/CAD shebang work out.
Third day losing money in demo. Guess I'll have to go back to the drawing board.
Is there something I'm missing???
These trades were in profit for a while then they went south. Can anyone help me with developing an exit strategy?
  • #134,137
  • Apr 9, 2015 6:18am Apr 9, 2015 6:18am
Quoting codekid
Well, Woke up this morning and saw that GBP/CAD and EUR/CAD shebang work out. Third day losing money in demo. Guess I'll have to go back to the drawing board. Is there something I'm missing??? These trades were in profit for a while then they went south. Can anyone help me with developing an exit strategy?
Hi Code,

I was short on EURCAD intially too till I realised that price has not reacted around the BRN (Thanks to those and Mike for clarifying this to me) at 1.35 yesterday on the daily chart. Upon realising that, I quickly exited my trade and Thank God I did so as price will usually "struggle" around that area from my observation.
  • #134,138
  • Apr 9, 2015 7:03am Apr 9, 2015 7:03am
Quoting Fotovinic
{quote} Hi Code, I was short on EURCAD intially too till I realised that price has not reacted around the BRN (Thanks to those and Mike for clarifying this to me) at 1.35 yesterday on the daily chart. Upon realising that, I quickly exited my trade and Thank God I did so as price will usually "struggle" around that area from my observation.
Hey Foto,

It was because I saw the BRN and what I thought was a pin on the daily that I went long on EUR/CAD. Didn't turn out that great for me.
Woke up this morning and saw that it passed the mark and went further down
There must be something I'm missing here? Is it that I made a good reaction to what I saw on the charts but price did it's own thing anyway?
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  • #134,139
  • Apr 9, 2015 7:29am Apr 9, 2015 7:29am
Quoting codekid
{quote} Hey Foto, It was because I saw the BRN and what I thought was a pin on the daily that I went long on EUR/CAD. Didn't turn out that great for me. Woke up this morning and saw that it passed the mark and went further down There must be something I'm missing here? Is it that I made a good reaction to what I saw on the charts but price did it's own thing anyway? {image}
Codekid, First plan the area to trade and then look for the PA bar, don't go the other way around. That is what you are missing.
  • #134,140
  • Apr 9, 2015 10:21am Apr 9, 2015 10:21am
Quoting zamfir
Nice clean Breakout on EURAUD. {image}

Finally, got a chance to BE.

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