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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

  • #134,981
  • May 18, 2015 7:31pm May 18, 2015 7:31pm
Hey everyone. Beginners question and it may seem silly.

I am short on GBPUSD pair, but I am looking to buy GBP/CAD. I can't recall if there is any opposite co-relation with them. Does this make any sense? lol. Thanks in advance.
'Fail to plan, plan to fail'
  • #134,982
  • May 18, 2015 7:43pm May 18, 2015 7:43pm
Quoting Guitarbloke
Hey everyone. Beginners question and it may seem silly. I am short on GBPUSD pair, but I am looking to buy GBP/CAD. I can't recall if there is any opposite co-relation with them. Does this make any sense? lol. Thanks in advance.
If you didn't have the GU short position on, you would just buy USDCAD & forget the other trade.
Shorting GU is short G & long U.
Buying GC is long G & short C.
Offsetting G positions so just remove the G & go long UC.
Not a 100% correlation but close enough :-)
  • #134,983
  • May 18, 2015 8:53pm May 18, 2015 8:53pm
Thanks SRT.

EUR/JPY H4 moving along nicely. profit locked in. manually trailing stop.

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'Fail to plan, plan to fail'
  • #134,984
  • May 19, 2015 1:29am May 19, 2015 1:29am
GbpNzd
Finally this pair decided to move. Gap 2 almost fully closed. Some support in the way of Gap 1 closing.
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Keeping it Simple
  • #134,985
  • May 19, 2015 1:32am May 19, 2015 1:32am
Gold
Waiting for price to test 1207 - 1210 area to go long.
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Keeping it Simple
  • #134,986
  • May 19, 2015 1:57am May 19, 2015 1:57am
Quoting Guitarbloke
Thanks SRT. EUR/JPY H4 moving along nicely. profit locked in. manually trailing stop. {image}
Me too GB. BE now.

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  • #134,987
  • Edited 2:34am May 19, 2015 1:57am | Edited 2:34am
Quoting habeeb
Gold Waiting for price to test 1207 - 1210 area to go long. {image}
Habeeb and Guitarbloke, thank you very much for your charts, very useful.

I still didn't find any suitable trade this week (given my knowledge, seems that I've missed a couple already this week, H4 min TF)

Habeeb in your gold chart, is there any reason why you didn't short on the pinbar? And how come you can be so confident about going long after that retrace? you expect any pinbar, or buob?

EDIT: For example, I just missed the huge movement on EUR/*** pairs. And perhaps I could have entered on the previous candles to the big down movement... just didn't trust the method, so frustrating.
Thank you very much in advance
Had to be me. Someone else might have gotten it wrong.
  • #134,988
  • Edited 3:42am May 19, 2015 2:37am | Edited 3:42am
You're welcome Mordin. Just bear in mind I'm still a sloppy beginner. P.S. I think i'm getting better at not kicking myself over missing a move. I try to remember......there's always another great set up around the corner. And there always is.

EUR/JPY. You'll be dining out in style this week Zam.

EUR/USD H4 Below. Stopped out at BE for a small profit earlier, then got in again to catch this. Profit locked in. Manually trailing stop. Hope folks are on the right side of the Euro express.

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AUD/NZD H4. Blended candle and Fibonacci wizardry maybe? Blended large bearish bar with preceding bar creating a BEOVB. Confluence factors are PA at BRN, 61.8 Fib level, and swing high S/R level. Still, could always go pair shaped. Large stop which I am keen to reduce a.s.a.p. Let's see.

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GBP/JPY H1. Breakout short from BRN 187.00, 150 EMA, daily/weekly swing high s/r zone plus around 50% monthly fib level act as confluence and makes this look ripe for reversal. Quick mover with 1st target hit. Now BE and letting it run. Will manually trail stop for awhile.

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'Fail to plan, plan to fail'
  • #134,989
  • May 19, 2015 4:43am May 19, 2015 4:43am
EURO in sell mode..

EURCAD - BE

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EURJPY - update.


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  • #134,990
  • May 19, 2015 4:49am May 19, 2015 4:49am
Quoting mordin
{quote} Habeeb and Guitarbloke, thank you very much for your charts, very useful. I still didn't find any suitable trade this week (given my knowledge, seems that I've missed a couple already this week, H4 min TF) Habeeb in your gold chart, is there any reason why you didn't short on the pinbar? And how come you can be so confident about going long after that retrace? you expect any pinbar, or buob? EDIT: For example, I just missed the huge movement on EUR/*** pairs. And perhaps I could have entered on the previous candles to the big down movement......
You're welcome Mordin.
I did short Gold, and have taken profit already. Maybe I didn't mention it. I missed all the Eur moves as well , but there's always other good setups popping up.

Here's my bigger Gold picture. Price is currently in a falling wedge, which is a reversal pattern, therefore my bias is long. That doesn't mean I am going to long from just anywhere. I've identified an area to go long from.
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Keeping it Simple
  • #134,991
  • May 19, 2015 4:52am May 19, 2015 4:52am
On the daily chart you'll see price broke a trendline. Usually the markets reaction will be a re-test and a retrace of the breakout, before trending to find a new location to rest (consolidate).
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Keeping it Simple
  • #134,992
  • May 19, 2015 4:57am May 19, 2015 4:57am
Here's the 4hr chart with the fib tool. I'm also preparing myself for a test of the 1200 BRN, which lines up with the 50% retrace of the last bull run.
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Keeping it Simple
  • #134,993
  • May 19, 2015 5:05am May 19, 2015 5:05am
Here's an example of the markets "retest" and "retrace" characteristic.
GJ broke through the bottom trendline. The break was quite strong, so we might not get a retest of the trendline. Lets see if we will get a retrace to a fibo and watch PA at that area on the lower timeframe, to go short again.
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Keeping it Simple
  • #134,994
  • May 19, 2015 5:07am May 19, 2015 5:07am
Quoting habeeb
On the daily chart you'll see price broke a trendline. Usually the markets reaction will be a re-test and a retrace of the breakout, before trending to find a new location to rest (consolidate). {image}

Brilliant habeeb, thank you very much. Very useful charts

May I ask, on H4, do you find any recent PA (three-four candles) to short EUR pairs just before the big move? At least I see a signal indicating to go short on EURAUD, not sure about the others, perhaps I'm missing some good action.

Thank you very much!!
Had to be me. Someone else might have gotten it wrong.
  • #134,995
  • Edited 7:43am May 19, 2015 5:08am | Edited 7:43am
Loving your charts and input Habeeb. I am seeing gold maybe a little differently. I'm short on this H1 PB. See how she goes. G

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1st target hit. Profit locked in and letting it run.

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'Fail to plan, plan to fail'
  • #134,996
  • May 19, 2015 5:15am May 19, 2015 5:15am
Quoting mordin
{quote} Brilliant habeeb, thank you very much. Very useful charts May I ask, on H4, do you find any recent PA (three-four candles) to short EUR pairs just before the big move? At least I see a signal indicating to go short on EURAUD, not sure about the others, perhaps I'm missing some good action. Thank you very much!!
Yes, there's a 4hr BeOB on EurAud, and a pin bar on GbpAud (2 - 3 bars back).
Throw up some charts of any setups you identify. All the guys here will help you with any issues.
Keeping it Simple
  • #134,997
  • May 19, 2015 5:16am May 19, 2015 5:16am
Quoting Guitarbloke
Loving your charts and input Habeeb. I am seeing gold maybe a little differently. I'm short on this H1 PB. See how she goes. G {image}
I didn't see the 1hr pin, but got a 4hr BeOB on my chart. Am short again.
Keeping it Simple
  • #134,998
  • May 19, 2015 6:04am May 19, 2015 6:04am
Quoting habeeb
{quote} Yes, there's a 4hr BeOB on EurAud, and a pin bar on GbpAud (2 - 3 bars back). Throw up some charts of any setups you identify. All the guys here will help you with any issues.
Thank you very much, I'll post some charts when I get home :nerd:
Had to be me. Someone else might have gotten it wrong.
  • #134,999
  • May 19, 2015 7:53am May 19, 2015 7:53am
XAU/USD or Gold. If the sellers keep up the pressure, there's a very commanding BEOVB forming on the H4 with 7 minutes to go. Worth a look. G
'Fail to plan, plan to fail'
  • #135,000
  • May 19, 2015 8:19am May 19, 2015 8:19am
Bought USD-CAD after a 4H close over a 3 week high.

Wow Guitarbloke, you made the 135,000th post,
hope you account has the same size



.
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