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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

  • #4,301
  • Edited Jul 3, 2007 1:29am Jul 2, 2007 5:25pm | Edited Jul 3, 2007 1:29am
Quote


daily bar does not look prime, but the 4 hr shows a pin off previous resistance and near confluence of long term trend line, the 23.6 fib of the main move north and the 61.8 of the last big move
i saw it too and have the same trend line a price pivot as you - currently it doesnt look good enough - but i guess i should be patient, since its on the 4h chart.

Hope it goes well for few pips a least - open up the week!

Lets see..mmm

edit: well, worked out for me - took profit after 37 pips - saw a resistance level at 2.4474 - along with 4h 150 ema and fib levels of 38 and 62 - TP at 2.4459, i am so happy for my friend telling me about this forum - thank you marikg.
  • #4,302
  • Jul 2, 2007 5:47pm Jul 2, 2007 5:47pm
man i love this thread, it has become almost like the market mind, IMHO.

good looking out guys, dont risk it on a simple setup like that
100% of traders are losers. Just that some win more than they lose!
  • #4,303
  • Jul 2, 2007 7:50pm Jul 2, 2007 7:50pm
Quoting Mr demark
man i love this thread, it has become almost like the market mind, IMHO.

good looking out guys, dont risk it on a simple setup like that

sorry, is this a cryptic way of telling us we should pay more attention to the daily and not do what I have just done ?

If so, bum deal for me I'm afraid.
quote of the day: . It's like deja-vu all over again
  • #4,304
  • Jul 2, 2007 9:43pm Jul 2, 2007 9:43pm
Quoting Gmak


daily bar does not look prime, but the 4 hr shows a pin off previous resistance and near confluence of long term trend line, the 23.6 fib of the main move north and the 61.8 of the last big move
Let me add couple more pieces to a puzzle...
Trade or not to trade.. ?
It's for sure worth watching PA.

R
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  • #4,305
  • Jul 2, 2007 9:45pm Jul 2, 2007 9:45pm
Quoting raczekfx
Let me add couple more pieces to a puzzle...
Trade or not to trade.. ?
It's for sure worth watching.

R
bingo R , and this is why I am in it. Isn't about being perfect, just picking the high probability spots to get your money in with, then managing your trades.
  • #4,306
  • Jul 2, 2007 9:51pm Jul 2, 2007 9:51pm
Quoting mbqb11
bingo R , and this is why I am in it. Isn't about being perfect, just picking the high probability spots to get your money in with, then managing your trades.
Hi Mike,
I hope you’re doing very well. I really enjoy your posting on FF.
Cheers,
R.
  • #4,307
  • Jul 2, 2007 9:53pm Jul 2, 2007 9:53pm
Quoting raczekfx
Hi Mike,
I hope you’re doing very well. I really enjoy your posting on FF.
Cheers,
R.
doing great, hope you are too


and right back at you, always quality from you

Best,
Mike
  • #4,308
  • Jul 2, 2007 11:28pm Jul 2, 2007 11:28pm
hey guys, im also in the above trade. How many pips do you guys have set for the SL? Ive got 35 pips.
  • #4,309
  • Jul 3, 2007 12:28am Jul 3, 2007 12:28am
Quoting james16
LOL. thanks md,

do all of you realize that there are many golfers out there that are good enough to beat any of the top professional golfers, including tiger, on any given day when its just for fun? shooting 68 is not rare at all. shooting 68 when your living and family is on the line and ten million people are watching is only done by a very very very very few. 95 percent of those weekend 68,s would be 85 if it really meant something.

tiger calls them ranger rick. what he means is they cant take thier game from the practice level to the course level much less to professional level. you have to practice for years on the range to even have a game that has a possibility of taking to the course for a 68. then you have to practice for years on the course producing those low numbers AND HOPEFULLY AQUIRE THE MENTAL GAME that is the key to taking it to the next level.

this business is no different.
you have to spend the needed time gaining knowledge. then you have to practice until your really good. then you take it to the real course and continue to practice and hone your skills while hopefully sloly building your account. during that time if your money managment/psycholgy/mental game is not improving you will find yourself back on the range (demo) because your out of money.

just like the golf analogy 95% dont have the patience or dedication needed to reach the point where thier hard work has produced a level of success that allows them to say im a pro. a pro is nothing more in this business than someone who consistently takes more out of the market than he gives it.
a pro golfer is nothing more than a guy or girl that can take a weekend fun 68 and reproduce it under pressure for a boatload of money. its mostly between the ears.

if more people would treat this trading dream with a business approach that 95% figure would come down a bunch.

are your dreams worth several years or more of dedication and goal setting and a smart business plan?

if you will i can tell you right now its not about whether your a high school drop out or a phd. its not about smarts. its about dedication and common sense.

i love my thread and all who visit. i have great plans for it in the coming months.

jim
Jim,
This is my first post on FF. I have been reading and studying this thread on and off for the past year. Your insights and genuine attitude about trading has kept me coming back to this thread. Over the past year I have spent untold late night hours, week nights and weekends studying forex from a variety of resources. I've copied and saved many of your quotes to my forex folders and I finally told myself I needed to let you know how much I’ve appreciated you and what you have given so others can pursue some dreams. The golf analogy you gave in your last post on 6-30-07 really hit home with me. Not just because I’m an avid golfer but because of what you said in your message. I’ve been working on the MENTAL GAME and practicing the skills but know I still have a long way to go. I know my wife thinks I’m crazy sometimes when I’m up late hours into the night studying, but I have a dream that one day I’ll be able to give up the 60-70 hour work week and spend more time with my family. So, I lose some sleep for a period in my life. So what if I’ve finally found something I believe will provide some financial freedom. Like most things… we want it sooner rather then later but I’ve learned that trading is one-step forward and two steps back but I’m moving forward. I just wanted you to know that I am one of many who look forward to reading your quotes and learning from your experience. Thanks for all you do.
Bob
  • #4,310
  • Jul 3, 2007 1:25am Jul 3, 2007 1:25am
Quoting NateTheGreat
hey guys, im also in the above trade. How many pips do you guys have set for the SL? Ive got 35 pips.
If you mean USDJPY the stop should be just below the pin bar's low
Trust price. Know yourself.
  • #4,311
  • Jul 3, 2007 1:46am Jul 3, 2007 1:46am
Hello there,

i entered this trade few minutes ago - it looks nice to me but the question is - was it too early??? the picture only shows the last couple TBH - but there were actually 3 of the at around 3 pips from each other on the daily - i guess you looked at it too, but did you enter? would you enter where i did?

thanks
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  • #4,312
  • Jul 3, 2007 1:53am Jul 3, 2007 1:53am
Here is the EUR/JPY long trade that I just took @ 116.65. It's based on the trend line and 1HR PIN. I normally don't do 1HR stuff and this is too good to pass around :-)

S/L is moved to BE right now.

Ken
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  • #4,313
  • Jul 3, 2007 1:54am Jul 3, 2007 1:54am
Quoting SeekingLight
If you mean USDJPY the stop should be just below the pin bar's low
Just to be a bit on the safer side, since the last pinbar's low was 122.10, I decided to go ahead and place the stop 20 pips lower at 121.85, as 122.05 or so (where the stop would be place as you mention) is just asking to be stopped out by stop hunters looking for people with stops around the 122 level. Just my 0.02, and right now it's moot as the trade is in the black. :-)
  • #4,314
  • Jul 3, 2007 1:55am Jul 3, 2007 1:55am
Quoting mamutot
Hello there,

i entered this trade few minutes ago - it looks nice to me but the question is - was it too early??? the picture only shows the last couple TBH - but there were actually 3 of the at around 3 pips from each other on the daily - i guess you looked at it too, but did you enter? would you enter where i did?

thanks
Hi Mammoth, Im in this one too. I took it right from a break of 95 plus spread, I normally take these right on the break, I think most do that or wait for a retrace...hope this helps, Raz
Never say never.
  • #4,315
  • Jul 3, 2007 1:57am Jul 3, 2007 1:57am
Quoting mamutot
Hello there,

i entered this trade few minutes ago - it looks nice to me but the question is - was it too early??? the picture only shows the last couple TBH - but there were actually 3 of the at around 3 pips from each other on the daily - i guess you looked at it too, but did you enter? would you enter where i did?

thanks
I entered at 167.20, SL 166.79. To me it's not too early--it's enough pips above the zone to me to justify entering. Let's see how it works out.
  • #4,316
  • Jul 3, 2007 2:44am Jul 3, 2007 2:44am
Quoting mamutot
Hello there,

i entered this trade few minutes ago - it looks nice to me but the question is - was it too early??? the picture only shows the last couple TBH - but there were actually 3 of the at around 3 pips from each other on the daily - i guess you looked at it too, but did you enter? would you enter where i did?

thanks
well - i have the answer - it wasnt a good trade, or should i say - now i know it wasnt good...

well - ok, something to learn from.

hope someone tool profit..i gave it to you dont forget..
  • #4,317
  • Jul 3, 2007 2:47am Jul 3, 2007 2:47am
Quoting goodtiding5
Here is the EUR/JPY long trade that I just took @ 116.65. It's based on the trend line and 1HR PIN. I normally don't do 1HR stuff and this is too good to pass around :-)

S/L is moved to BE right now.

Ken
RE: EJ
That was a brief stint above 167, wasn't it?

...so much for "the carry is still very much alive"

10 minutes to a 4h PB here. Keeping in mind daily IBs have two sides ;p
Trust price. Know yourself.
  • #4,318
  • Jul 3, 2007 7:34am Jul 3, 2007 7:34am
EUR/USD 4H

Possible pin bar?? At least I exited from my short and didn't have any loss
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  • #4,319
  • Jul 3, 2007 10:25am Jul 3, 2007 10:25am
Hey guys- another fibo question...

What Fibo levels do people use? I have always used the 23, 38, 50, 62 and 76 + extensions
but I'm considering ditching the 23 and 76 and just drawing more grids off more swings and looking for confluences with just the 38, 50 and 62 + extensions of the same levels.

Do you think the big guys even use 23 and 76?


Cheers, -Jerry

* Well done all round on a very nice thread btw
pessimism of the intellect and optimism of the will
  • #4,320
  • Jul 3, 2007 10:30am Jul 3, 2007 10:30am
Quoting JoshDance
Just to be a bit on the safer side, since the last pinbar's low was 122.10, I decided to go ahead and place the stop 20 pips lower at 121.85, as 122.05 or so (where the stop would be place as you mention) is just asking to be stopped out by stop hunters looking for people with stops around the 122 level. Just my 0.02, and right now it's moot as the trade is in the black. :-)
Wow, I like that way you think

I actually had my stop in the SAME spot for the SAME reasons..
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