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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

  • #136,261
  • Aug 4, 2015 10:33am Aug 4, 2015 10:33am
here is an example of a stock i'm looking to buy if we can break the TL and this weeks BUOB around $16. Again i don't care if its FX or a stock, or a futures chart. Just looking for low risk and good manageable situations. I refer to it as dynamic r:r where as my risk gets managed(cause that's what we do at the end of the day)

Nice divergence, nice market capped by a strong TL. We know a break of this BUOB(pre-emptive bar) means that price should HOLD as support above this area if it's a good breakout. Do I know if it will work? Heck no. No one does. Once you hit buy or sell your job is to control and manage your risk in a logical manner. Let your edge play out. How do you know you have an edge? Doing it over and over and over for many years
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  • #136,262
  • Aug 4, 2015 10:39am Aug 4, 2015 10:39am
Quoting mbqb11
here is an example of a stock i'm looking to buy if we can break the TL and this weeks BUOB around $16. Again i don't care if its FX or a stock, or a futures chart. Just looking for low risk and good manageable situations. I refer to it as dynamic r:r where as my risk gets managed(cause that's what we do at the end of the day) Nice divergence, nice market capped by a strong TL. We know a break of this BUOB(pre-emptive bar) means that price should HOLD as support above this area if it's a good breakout. Do I know if it will work? Heck no. No one...
Hey Mike , I have been looking to trade US stocks.

What do you recommend - US Stocks single CFDs from reputed brokers or trading from exchanges with a broker like IB. I m somehow not convinced with the data feed i get from CFD brokers. How has your experience been with CFDs vs non-CFDs?.
  • #136,263
  • Aug 4, 2015 10:42am Aug 4, 2015 10:42am
Quoting ziven78
{quote} Nothing to do with a belief here, i just asked for ur experience with exotics as i don't have much experience myself with them,simple as that. I'll watch them from now on, time will tell.
Only thing, spread can be a killer.
'Fail to plan, plan to fail'
  • #136,264
  • Aug 4, 2015 10:42am Aug 4, 2015 10:42am
Quoting zamfir
{quote} Hey Mike , I have been looking to trade US stocks. What do you recommend - US Stocks single CFDs from reputed brokers or trading from exchanges with a broker like IB. I m somehow not convinced with the data feed i get from CFD brokers. How has your experience been with CFDs vs non-CFDs?.

Hey Z

We aren't allowed to trade CFDs here in the states. I know that tax implications make them very appealing and i've had discussions with people outside the US that say they are just fine as long as the broker is reputable. Especially on the higher timeframes. I only trade equities on weekly and monthly so I suspect it would be just fine.

hopefully someone can jump in here that has more experience in CFDs for you

Mike
  • #136,265
  • Aug 4, 2015 11:51am Aug 4, 2015 11:51am
Quoting zamfir
RBA Statement today. Some good moves on AUD pairs. I really need to change my broker.
Zamfir, I have a question. Can you explain to me why the white zone was not chosen as your FTA.
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  • #136,266
  • Aug 4, 2015 12:15pm Aug 4, 2015 12:15pm
Quoting albus999
{quote} Zamfir, I have a question. Can you explain to me why the white zone was not chosen as your FTA. {image}
My definition of Resistance is that two or more bar highs should match , same for support - 2 or more bar lows should match.
  • #136,267
  • Aug 4, 2015 12:22pm Aug 4, 2015 12:22pm
Quoting zamfir
{quote} Well , in that case why do you think S/R won't work or work differently on exotic pairs. I trade Stocks/Commodities/Forex and PA , S/R in particular works the same on all of them. However i don't trade exotics as PA is not as smooth i would like it be. But Majors and Minors are more than enough. But what i can tell you is that the reliability of PA bars and strength of S/Rs goes down drastically the lower the timeframe you go. The main issue for most traders with this material is that they have small accounts and hence are forced to trade...
I don't think they won't work (not what i said anyway). Each market has its own characteristic thus a question about your experience with pairs i don't usually look at.

Agree 100% with your point of view on reliability of higher time frames formation.
  • #136,268
  • Aug 4, 2015 12:26pm Aug 4, 2015 12:26pm
Quoting ziven78
{quote} I don't think they won't work (not what i said anyway). Each market has its own characteristic thus a question about your experience with pairs i don't usually look at. Agree 100% with your point of view on reliability of higher time frames formation.
Well in that case i don't trade exotics because i don't have to. 20 pairs or so are enough. Also the PA is not as smooth and you have huge stops and spreads on exotics. Just not worth it.
  • #136,269
  • Aug 4, 2015 12:42pm Aug 4, 2015 12:42pm
Quoting zamfir
{quote} My definition of Resistance is that two or more bar highs should match , same for support - 2 or more bar lows should match.
Z, then in that case wouldn't these bar highs qualify since they are 3 bar highs or am I missing something else. Thanks.
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  • #136,270
  • Aug 4, 2015 1:05pm Aug 4, 2015 1:05pm
Quoting albus999
{quote} Z, then in that case wouldn't these bar highs qualify since they are 3 bar highs or am I missing something else. Thanks. {image}
The bar highs should match. They will not match up perfectly every time , but that's what i usually look for. In this case the first high is NOT matching with the next two bars.
  • #136,271
  • Aug 4, 2015 1:46pm Aug 4, 2015 1:46pm
This one on the live account. EURUSD Daily : 60 Pips to FTA. BE now.


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  • #136,272
  • Aug 4, 2015 3:25pm Aug 4, 2015 3:25pm
Quoting zamfir
{quote} The bar highs should match. They will not match up perfectly every time , but that's what i usually look for. In this case the first high is NOT matching with the next two bars.
Thanks Z, I get it now.
  • #136,273
  • Aug 4, 2015 3:59pm Aug 4, 2015 3:59pm
AUDUSD 4hr

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  • #136,274
  • Aug 4, 2015 4:11pm Aug 4, 2015 4:11pm
Quoting mbqb11
{quote} you don't just wake up and do that one day. It's a process. I remember having to literally be like dont take that trade Mike, don't do it. Ok good now stop thinking about it, on to the next one. Then do that slightly less each time. The problem if you don't do that you don't really set guidelines for good and bad. You are just really using some skill and a lot of emotion. When you set that emotion aside you are focused on the chart more cleanly and more logically from start to finish. Again everyone is different some people have no problem...
Mike,

Thank you, your insight is much appreciated.

___________________________________________________________

Does anyone know how to add cTrader accounts to Trade Explorer? Is it possible? I've just tried but it seems to only be compatible with the MetaFlintstone4 platform. Geez welcome to the stone age!
  • #136,275
  • Aug 4, 2015 4:42pm Aug 4, 2015 4:42pm
Hey guys,

AUD/NZD is showing a good area to look for PA.
Both the H4 and the daily look good IMO:

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Quoting incognito517
Does anyone know how to add cTrader accounts to Trade Explorer?...
I've got a TE attached from a (O@nda) FxTrade-demo platform.
Without selecting a broker, I get the option of FxTrade/MT4, none other.
I do believe tho, the options you get for attaching them are broker specific, so there may be more options with another broker.

You could always go with another preformance tracking site such as myfxbook and drop the link on your profile.

Good luck.
It's a sport, an artform and a science.
  • #136,276
  • Edited Aug 5, 2015 1:37am Aug 4, 2015 8:17pm | Edited Aug 5, 2015 1:37am
Quoting Donaciello
Hey guys, AUD/NZD is showing a good area to look for PA. Both the H4 and the daily look good IMO: {image} {image} {quote} I've got a TE attached from a (O@nda) FxTrade-demo platform. Without selecting a broker, I get the option of FxTrade/MT4, none other. I do believe tho, the options you get for attaching them are broker specific, so there may be more options with another broker. You could always go with another preformance tracking site such as myfxbook and drop the link on your profile. Good luck.
Yep Don, I'm looking to sell this pair. watching 1.13000 area. If price breaks those H4 IB's lower, I will consider getting in. Lower highs on the weekly.

EUR/GBP D1 Sell. BE.

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AUD/CHF H4 IB.

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'Fail to plan, plan to fail'
  • #136,277
  • Aug 5, 2015 12:36am Aug 5, 2015 12:36am
Quoting Guitarbloke
{quote}EUR/GBP D1 Sell. BE. {image}
Hey GB, just curious what gave you the green light to take this trade? Your entry is at an interesting location and the IB closed higher than its open. I thought yesterday's BEOB close was a better signal off a PPZ. Don't suppose you spotted a favourable entry PA at a lower TF?
  • #136,278
  • Aug 5, 2015 1:48am Aug 5, 2015 1:48am
Morning guys took this engulfing on the AUD/USD.

With the trend so will see how it goes. Its entering traffic and the 61 fib point so fingers crossed it has enough momentum.

Hope you all had a green day yesterday.
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  • #136,279
  • Aug 5, 2015 1:51am Aug 5, 2015 1:51am
Quoting oble
{quote} Hey GB, just curious what gave you the green light to take this trade? Your entry is at an interesting location and the IB closed higher than its open. I thought yesterday's BEOB close was a better signal off a PPZ. Don't suppose you spotted a favourable entry PA at a lower TF?
Hi Oble. My novice analysis included price in downtrend. Price closed below s/r .7050 area, retested and continued to trade below it. D1 PB (even though it had bullish close - prefer bearish close, but high rejection of s/r level wick) entry on retrace. Price looked to be at a supply area with more unfilled sell orders waiting than buy orders. General bearish control of market obvious. Yesterdays BEOVB looks good, but what's the RR, FTA, and how would you trade it? GB.
'Fail to plan, plan to fail'
  • #136,280
  • Aug 5, 2015 1:52am Aug 5, 2015 1:52am
Quoting Guitarbloke
{quote} Only thing, spread can be a killer.
Key point this, sometimes it just isn't worth the trade as the amount of profit that needs to be made just to break even is large.

Can depends on the time of day though and of course which broker although some exotics in my opinion are really never worth the risk.
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