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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

  • #139,621
  • Sep 11, 2016 7:41am Sep 11, 2016 7:41am
anyone looking at the eurnzd weekly pin? Only problem is we are at the midpoint of a box and the pins close isn't very strong . But as Mike pointed out its a very strong monthly level .


I often wonder is it ever ok to disregard the midpoint of a ppz or s/r if the setup is strong enough or the level important enough , anyone have any thoughts?

Tg
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  • #139,622
  • Edited 8:20am Sep 11, 2016 8:00am | Edited 8:20am
your close maybe before mine ,still it would be a good close as a cross at the top end ,close enough to that big number ?
actually cross is significant
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,623
  • Sep 11, 2016 8:31am Sep 11, 2016 8:31am
not as good maybe but at the bottom of you eur nzd you see this pattern
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,624
  • Sep 11, 2016 9:14am Sep 11, 2016 9:14am
Quoting Osman
{quote} Hey Mike ! I was looking at this setup but was worried about the previous resistance we had that could act as support (blue zone marked) How do you know when its gonna or not gonna hold ? Weekly looks superb for a 0.745 retest and go lower Thanks ! {image}
Hey Osman

Hope you had a good weekend

The reason I was confident to short this was based more on the fact of the false breakout of the wedge. So the confluence of that, close under 7400, 2day pinbar etc, all help me get into this trade. Also it helps with trade mgmt.

The key to trading to me is always formulating that story that way you know best place to enter and even more important where to cut out

Hope that helps
Mik
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  • #139,625
  • Sep 11, 2016 5:09pm Sep 11, 2016 5:09pm
Quoting mbqb11
{quote} whoops sorry just got an email I posted the same charts here are the updated charts. I moved my take profits down {image}

closed out the sp for a nice profit but will let the minidow run at b/e

i think we could see 200-300 pt retraces still before the next leg down.
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  • #139,626
  • Sep 11, 2016 5:15pm Sep 11, 2016 5:15pm
Happy New Week; First EU Daily Forecast Analysis
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  • #139,627
  • Sep 12, 2016 12:20am Sep 12, 2016 12:20am
I'm wondering if any of the more experienced traders could give some advice. Basically I understand that we should avoid taking setups right at important levels (traffic).

It it appears that sometimes though we should disregard important levels if the setup is strong enough . Take this Audusd pin bar from s few years back, traders on this thread took this short even though it was right over a big pivot zone .


hmmm, any thoughts?
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  • #139,628
  • Sep 12, 2016 3:21am Sep 12, 2016 3:21am
Hi T its not possible to trade without a pitful ,long as you understand what those are
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,629
  • Sep 12, 2016 8:44am Sep 12, 2016 8:44am
Quoting mbqb11
{quote} closed out the sp for a nice profit but will let the minidow run at b/e i think we could see 200-300 pt retraces still before the next leg down. {image}
closed down the dow position now too, I think huntin for retrace entries now near the red flip makes more sense then giving back so much profit.

also gone to breakeven on the nzdusd trade last night, watching this rising TL close
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  • #139,630
  • Sep 12, 2016 2:21pm Sep 12, 2016 2:21pm
Quoting mbqb11
{quote} closed out the sp for a nice profit but will let the minidow run at b/e i think we could see 200-300 pt retraces still before the next leg down. {image}
Good day, good trade))) I love this game!
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  • #139,631
  • Sep 12, 2016 11:08pm Sep 12, 2016 11:08pm
Hi everyone,

Its been a long time, but I was practicing James' method for last few months (while I can get some free time anyway). I took this trade last week, EURGBP daily pin bar, and with delight my the market did exactly what James says. It went to my target then stopped. I got out with a 4% return on this trade.

Question to the more matured traders (I mean, more screen time, heh not age!) is this: can you help me by point out if there is any good reason to not take this trade? I am getting good at picking good setups, I am just a bit gun shy and often double guess myself.

Thanks

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  • #139,632
  • Sep 13, 2016 3:24am Sep 13, 2016 3:24am
Todays Forecast ON EU
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  • #139,633
  • Edited 5:58am Sep 13, 2016 5:46am | Edited 5:58am
Quoting mbqb11
{quote} Hey Osman Hope you had a good weekend The reason I was confident to short this was based more on the fact of the false breakout of the wedge. So the confluence of that, close under 7400, 2day pinbar etc, all help me get into this trade. Also it helps with trade mgmt. The key to trading to me is always formulating that story that way you know best place to enter and even more important where to cut out Hope that helps Mik {image}
Hey Mike !

Had a great one..hope u too !

Thx for your answer, wanted to ask you about this EUR/CAD loss i took today based on the daily pinbar

We had :
PB size was good compared to previous bars
Fake break of the sideways movement
Divergence

Entry green line, stop loss red line

Was it just a trade that didnt work or did i missed something ?

Thanks in advanced.
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Trade Smart
  • #139,634
  • Sep 13, 2016 10:25am Sep 13, 2016 10:25am
I guess you can only believe it if you see it with you own eyes


Quoting TGpop
I'm wondering if any of the more experienced traders could give some advice. Basically I understand that we should avoid taking setups right at important levels (traffic). It it appears that sometimes though we should disregard important levels if the setup is strong enough . Take this Audusd pin bar from s few years back, traders on this thread took this short even though it was right over a big pivot zone . hmmm, any thoughts? {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,635
  • Sep 13, 2016 11:01am Sep 13, 2016 11:01am
yea easy
look 1 time frame up every time

Quoting Osman
{quote} Hey Mike ! Had a great one..hope u too ! Thx for your answer, wanted to ask you about this EUR/CAD loss i took today based on the daily pinbar We had : PB size was good compared to previous bars Fake break of the sideways movement Divergence Entry green line, stop loss red line Was it just a trade that didnt work or did i missed something ? Thanks in advanced. {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,636
  • Sep 13, 2016 11:16am Sep 13, 2016 11:16am
Just a few Ideas .
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  • #139,637
  • Sep 13, 2016 11:22am Sep 13, 2016 11:22am
Do you have still open long Mike? Hope that you are good
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  • #139,638
  • Sep 13, 2016 1:44pm Sep 13, 2016 1:44pm
Quoting Bones
yea easy look 1 time frame up every time {quote} {image}
Yes, nice flag on the weekly.

Thx Bones !
Trade Smart
  • #139,639
  • Sep 13, 2016 1:47pm Sep 13, 2016 1:47pm
hi Os
but the candle ,also the number,its risky to trade into that last week with d1

Quoting Osman
{quote} Yes, nice flag on the weekly. Thx Bones !
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #139,640
  • Sep 13, 2016 1:57pm Sep 13, 2016 1:57pm
im not trading it as I'm busy on other stuff ,but you might see a bullish h4 off the pull back
cad can be an ugly currency
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