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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

  • #134,961
  • May 17, 2015 4:41pm May 17, 2015 4:41pm
Quoting reddle28
{quote} Hi Habeeb, Im looking at the daily GBP/NZD also, for me its hard to see whether it has broke out and is just retracing before taking off or if, like you said, its hit the resistance, produced a BEOB and is ready to take short. Whats the best way to enter this on a short? Red
Hi Red,
The best way comes down to personal preference. I prefer to enter after a retrace. This is much more riskier than waiting for confirmation of the setup, but the SL is much less. You could enter on the lower timeframe to minimize your risk even more. On the 4hr BeOB you'd have an 80 pip stop instead of 300 on the Daily BeOB.
Keeping it Simple
  • #134,962
  • May 17, 2015 5:49pm May 17, 2015 5:49pm
Quoting habeeb
{image}
Hey Habeeb,

GBPJPY 1 HR Getting close there now to the 188.00 retrace
  • #134,963
  • May 18, 2015 5:15am May 18, 2015 5:15am
Quoting fxin
{quote} Hey Habeeb, GBPJPY 1 HR Getting close there now to the 188.00 retrace
Hi fxin,
unfortunately I wasn't at my PC when the retrace happened. Did you catch it? I'm shorting from the current 4hr BeOB.
Keeping it Simple
  • #134,964
  • May 18, 2015 5:20am May 18, 2015 5:20am
Sweet Crude Oil
This pin bar looks very nice
Attached Image (click to enlarge)
Click to Enlarge Name: #CLM5H4.png Size: 54 KB
Keeping it Simple
  • #134,965
  • May 18, 2015 5:30am May 18, 2015 5:30am
Quoting habeeb
Sweet Crude Oil This pin bar looks very nice {image}
Hi H.
Do you usually trade 4 hour oil?
I trade the 5 minute Brent Crude but a four hour time frame would frighten me
But, that said, the James16 approach (dblhc, pins etc) are invaluable when trading oil or any other instrument, plus patience to sit and wait.
every Saint has a past. Every Sinner has a Future
  • #134,966
  • May 18, 2015 5:42am May 18, 2015 5:42am
Quoting habeeb
{quote} Hi fxin, unfortunately I wasn't at my PC when the retrace happened. Did you catch it? I'm shorting from the current 4hr BeOB.
Hi Habeeb,

I did, closed and took profit at 187.500.

Thanks
John
  • #134,967
  • May 18, 2015 6:01am May 18, 2015 6:01am
Quoting turnip15
{quote} Hi H. Do you usually trade 4 hour oil? I trade the 5 minute Brent Crude but a four hour time frame would frighten me But, that said, the James16 approach (dblhc, pins etc) are invaluable when trading oil or any other instrument, plus patience to sit and wait.
Hi turnip15,
I trade all timeframes, including the 1 minute. It just depends on which one the setup appears and whether the other supporting factors are there.
I don't make a habit of trading on the lower timeframes. Usually just for entries. Fortunately I'm not in front of my PC the whole day, so the higher timeframes works great for me.
Keeping it Simple
  • #134,968
  • May 18, 2015 6:02am May 18, 2015 6:02am
Quoting fxin
{quote} Hi Habeeb, I did, closed and took profit at 187.500. Thanks John
Great going John
Keeping it Simple
  • #134,969
  • May 18, 2015 6:23am May 18, 2015 6:23am
GbpJpy
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 42 KB
Keeping it Simple
  • #134,970
  • May 18, 2015 6:42am May 18, 2015 6:42am
Quoting habeeb
Sweet Crude Oil This pin bar looks very nice {image}
Entered short from the 61.8% retrace of the 4hr pin.
Attached Image (click to enlarge)
Click to Enlarge Name: #CLM5M5.png Size: 43 KB
Keeping it Simple
  • #134,971
  • May 18, 2015 7:27am May 18, 2015 7:27am
EUR/JPY H4 BEOVB off resistance. 1st target hit. Now BE. Free trade.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH418515.png Size: 26 KB
'Fail to plan, plan to fail'
  • #134,972
  • May 18, 2015 8:05am May 18, 2015 8:05am
Sold cable and EUR-SEK.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 34 KB
Click to Enlarge Name: EURSEKDaily.png Size: 36 KB
  • #134,973
  • May 18, 2015 9:04am May 18, 2015 9:04am
Quoting habeeb
{quote} Entered short from the 61.8% retrace of the 4hr pin. {image}
closed oil short for+70.

GJ still deciding which way it wants to go.Well, it better go south quick
GN also playing games. It has 2 gaps to close. Things are taking a bit too long to happen
Keeping it Simple
  • #134,974
  • May 18, 2015 9:08am May 18, 2015 9:08am
approaching target
Attached Image (click to enlarge)
Click to Enlarge Name: EURSEKH4.png Size: 43 KB
  • #134,975
  • May 18, 2015 9:16am May 18, 2015 9:16am
EUR/USD H4. BEOVB/IB/PB combo short. 2 orders set. profit locked in on one and other order at BE. Free trade.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH418515.png Size: 28 KB
'Fail to plan, plan to fail'
  • #134,976
  • May 18, 2015 9:28am May 18, 2015 9:28am
Hi again,

I am still reading through this massive thread and trying to understand as much as I can. I postedt a somewhat similar question in a different thread but I think it is relevant here as well and I would really like to hear your opinion.

To build a strong foundation, is it better to start with one or two forex pairs and really understand them and trade a variety of different price action patterns, or would you use as many pairs as possible and focus on one or two price action patterns exclusively?

Looking forward to hearing what helped you in the beginning

Rex
  • #134,977
  • May 18, 2015 10:08am May 18, 2015 10:08am
Quoting habeeb
http://imageshack.website/e/Liw9-SSw3.jpg{quote} closed oil short for+70. GJ still deciding which way it wants to go.Well, it better go south quick GN also playing games. It has 2 gaps to close. Things are taking a bit too long to happen
I decided to play the Gaps and ans short EUR/NZD ... playing arround like all the pairs it seems
  • #134,978
  • May 18, 2015 10:31am May 18, 2015 10:31am
Quoting RexTexas
Hi again, I am still reading through this massive thread and trying to understand as much as I can. I postedt a somewhat similar question in a different thread but I think it is relevant here as well and I would really like to hear your opinion. To build a strong foundation, is it better to start with one or two forex pairs and really understand them and trade a variety of different price action patterns, or would you use as many pairs as possible and focus on one or two price action patterns exclusively? Looking forward to hearing what helped you...
Hi Rex,
When I started I traded cable (GbpUsd) exclusively for about 9 months. I eventually got a feel for that pair, so I would automatically know when a setup wasn't going to work. I traded all PA setups and formations. Currently, it doesn't matter what the market is, the PA setups and patterns are the same for them all.

Take Care
Habeeb
Keeping it Simple
  • #134,979
  • May 18, 2015 10:33am May 18, 2015 10:33am
Quoting JamesBr
{quote} I decided to play the Gaps and ans short EUR/NZD ... playing arround like all the pairs it seems
Yup, NZD pairs messing with my head ...
Keeping it Simple
  • #134,980
  • May 18, 2015 7:26pm May 18, 2015 7:26pm
GBP/USD H4 BEOVB Sell.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH419515A.png Size: 26 KB
'Fail to plan, plan to fail'
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