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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

  • #4,461
  • Jul 10, 2007 4:26pm Jul 10, 2007 4:26pm
Quoting piptechnician
PB's have not worked well for me with USDCAD for a long time. When first going through this thread I demo traded the USDCAD and PB's did not work well then either.

I think you have to acknowledge fundamentals once in awhile even when using PB's, and each pair is different. For USDCAD look at oil prices, since the US imports a lot of oil from Canada, going long right now doesn't work IMO.

That's a lot of BS imho, no offense (fundamentals and oil having much to do with stuff working on USDCAD or not. Charts will work or fail on their own merit imho and the other stuff is a nice headsup which I will immediately admit to referencing as well, but I won't ever say hey there's oil rising so USDCAD has to fall now or enter a trade based on one factor alone, no matter which factor that is. I've seen a lot of decorrelation of Gold + exotics and Oil and USDCAD).

USDCAD this time around worked because EURCAD finally hit it's .618 retracement as well. Since EURUSD remained strong USDCAD had to fall to get that retrace done. Sounds messed up, but that's what it was in my personal conviction. USDCAD also underperformed EURCAD miserably today obviously, as we got a major selloff of the USD.

Here's the .618 retrace of the daily, weekly AND monthly PB on eurcad which ended in a daily PB and then took off insanely hard today.
Left it behind myself for +120 since I wanted to stay bearish on the USD (am long EURUSD) and not depend on USDCAD to rise as well - which it did nonetheless.


This was one of the best trades you could get. A PB at .618 retrace, three timeframes agreed AND EURUSD had shown 4h bullish setups as well. Also s/r. I can't invent any more reasons to scream "this will rise" more loudly.
Attached Image
Trust price. Know yourself.
  • #4,462
  • Jul 10, 2007 4:38pm Jul 10, 2007 4:38pm
More confirmation for yesterdays anti-CAD pins, just found this.

Don't watch this pair, so I am seeing it a bit late. But more evidence and another great smashing trade.


That's three pairs that said reversal on CAD at once pretty much(EURCAD, USDCAD, CADJPY).
Attached Image
Trust price. Know yourself.
  • #4,463
  • Edited 9:58pm Jul 10, 2007 8:41pm | Edited 9:58pm
wow, i think i've found the longest 4h pin on gbpjpy. Not tradeable
http://i12.tinypic.com/5y03biv.gif
100% of traders are losers. Just that some win more than they lose!
  • #4,464
  • Jul 10, 2007 9:09pm Jul 10, 2007 9:09pm
[quote=Mr demark;1491026]wow, i think i've found the longest 4h pin on gbpjpy


Hi Mr. D,
Are you acting on this PB ? Some how it doesn't look like a clear PB to me and it could be going further down. I watched the daily on it and it is not supporting a change, at least not yet. My feeling is that it is best to wait on this one till it tells me what is going on. Regards, Dan
  • #4,465
  • Jul 10, 2007 9:54pm Jul 10, 2007 9:54pm
[quote=dltvn;1491036]
Quoting Mr demark
wow, i think i've found the longest 4h pin on gbpjpy


Hi Mr. D,
Are you acting on this PB ? Some how it doesn't look like a clear PB to me and it could be going further down. I watched the daily on it and it is not supporting a change, at least not yet. My feeling is that it is best to wait on this one till it tells me what is going on. Regards, Dan
Hell no, i just observed it. wick too long for me to take and the drop too sudden
100% of traders are losers. Just that some win more than they lose!
  • #4,466
  • Jul 10, 2007 10:01pm Jul 10, 2007 10:01pm
[quote=Mr demark;1491055]
Quoting dltvn

Hell no, i just observed it. wick too long for me to take and the drop too sudden
It is an interesting pin none the less. I am going to watch it and see where it goes. dan
  • #4,467
  • Jul 11, 2007 8:11am Jul 11, 2007 8:11am
and what a price movement it brought.

looking at usdcad 4h pin setup now
100% of traders are losers. Just that some win more than they lose!
  • #4,468
  • Edited 8:57am Jul 11, 2007 8:55am | Edited 8:57am
hello guys and girls,

read a lot about MM - i am trying to follow it to the point, i have a Q though - what would be a reasonable weekly profit? monthly profit? in Avg. speaking - i am currently trading my REAL "DEMO" account - meaning that i trade as i would have traded live ( or i want to believe so) but it is stil demo, and after the first 2 weeks which i lost in the 1st 6%, and the 2nd gained 1% i am on a 4.5% per week - 1st week traded 25 trades, from then on no more than 10-12, i feel it is still too much since i only trade forex, and only the regulars - no cadjpy on my broker, is it good? am i just lucky? my average TRUE MARGIN is aroun 4.5 i risk no more than 2% (even though yesterday i did and it slapped me in my ugly face!! - but thats a lesson..)

one more question -how long would a daily setup trade would last? say a daily PB or TBLHC - 1 week? more, less? i know it depends but again should it last more than 1 day on the majority of trades? after all if it doesnt - it is daytrading, and believe me i want to quit doing that...

thanks for the help!

i trade for living not (otherwise) forgiving .
  • #4,469
  • Jul 11, 2007 9:05am Jul 11, 2007 9:05am
Quoting Mr demark
and what a price movement it brought.

looking at usdcad 4h pin setup now
Mr. D. I was a non believer and didn't "jump" in but using the cliche Hindsight is always 20/20.
I like the 4H pin and I have shorted as soon as the next bar passed the bottom of the PB. Thanks and good trading to you, Dan
  • #4,470
  • Jul 11, 2007 9:13am Jul 11, 2007 9:13am
Quoting mamutot
hello guys and girls,



one more question -how long would a daily setup trade would last? say a daily PB or TBLHC - 1 week? more, less? i know it depends but again should it last more than 1 day on the majority of trades? after all if it doesnt - it is daytrading, and believe me i want to quit doing that...

thanks for the help!

i trade for living not (otherwise) forgiving .
Hi Mamutot,
I an not by any stretch of the imagination in authority to answer your question but I have one suggestion for you ...... start reading this forum from page one till now and I believe that most of your questions will be answered. All the examples in these pages are a learning process if you are interested in this " price action ". Good luck and good trading, Dan
  • #4,471
  • Jul 11, 2007 9:33am Jul 11, 2007 9:33am
Hi all,

I'm newbie. I have read several page and jump to the last page cause it is too many almost 300 page. My questions is where can I read how to use this strategy? and is it James16 always post his trade? What time usually he post it?


Thank's guyz.
  • #4,472
  • Edited 12:25pm Jul 11, 2007 9:40am | Edited 12:25pm
MM is not just about ratios. It is also about probability of a trade working out

Hey guys, i rode this for 42 pips so far
100% of traders are losers. Just that some win more than they lose!
  • #4,473
  • Jul 11, 2007 9:46am Jul 11, 2007 9:46am
Nice Trade Mr. demark! Quick question about your chart...are you just trading PA and the Trendline you have? Or are you using any other indicators that aren't shown on your chart? Thanks!

Quoting Mr demark
MM is not just about ratios. It is also about probability of a trade working out
  • #4,474
  • Jul 11, 2007 9:59am Jul 11, 2007 9:59am
Quoting asen
Hi all,

I'm newbie. I have read several page and jump to the last page cause it is too many almost 300 page. My questions is where can I read how to use this strategy? and is it James16 always post his trade? What time usually he post it?


Thank's guyz.
Hi Asen.

I'm afraid you'll have to read at least the first 60-100 posts to get an idea of what the whole shebang is about

James doesn't announce or publish his trades here, he only posts examples and explanations about the way price action itself works.

If you really want to learn these tools you will have to put in the time to study them properly, as with anything. But in turn it WILL pay off. No rush, market's not going anywhere

Take care,

SeekingLight
Trust price. Know yourself.
  • #4,475
  • Jul 11, 2007 10:04am Jul 11, 2007 10:04am
Quoting Tw0eleven
Nice Trade Mr. demark! Quick question about your chart...are you just trading PA and the Trendline you have? Or are you using any other indicators that aren't shown on your chart? Thanks!
I sometimes use fibonacci. But for now i use Price action and overall trend direction.

Less is more sometimes, nuh true?
100% of traders are losers. Just that some win more than they lose!
  • #4,476
  • Jul 11, 2007 10:32am Jul 11, 2007 10:32am
Quoting asen
Hi all,

I'm newbie. I have read several page and jump to the last page cause it is too many almost 300 page. My questions is where can I read how to use this strategy? and is it James16 always post his trade? What time usually he post it?


Thank's guyz.
Hi Asen,

Just like SeekingLight has suggested. Please take your time and gor through the information starting from the begining of this thread. There is so much information contained within that you would miss the boat completely if you only started following along from this page forward.

James does not post his individual trades here in the forum. What he does do though is shows us how he looks at the markets and what he looks for when it comes to trade setups.

Trading is a tough business but again as SeekingLight has pointed out taking your time to absorb and understand the information WILL pay off after putting in the due diligence needed on your part.

Take care and hope to see you around the forum. And above all as you go through the information look for the answers in some of the posts if you don't find it, ask away in here. I am sure eveyone will agree when I say that this is probably the best place around when it comes to respecting others thoughts and ideas.

Cheers and Welcome

Steve
Nothing is impossible, with a willing mind!
  • #4,477
  • Jul 11, 2007 11:44am Jul 11, 2007 11:44am
Quoting dltvn
Hi Mamutot,
I an not by any stretch of the imagination in authority to answer your question but I have one suggestion for you ...... start reading this forum from page one till now and I believe that most of your questions will be answered. All the examples in these pages are a learning process if you are interested in this " price action ". Good luck and good trading, Dan
hey dltvn - i have read about 85 % of the posts - the only thing that bothers me for real is when to take profit which i cant get by myself..
  • #4,478
  • Jul 11, 2007 12:08pm Jul 11, 2007 12:08pm
Theres a pin on AUD_USD, coming off the long term trendline.......but the general trend is still bullish.....would anyone here take this one ???
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  • #4,479
  • Jul 11, 2007 12:21pm Jul 11, 2007 12:21pm
Quoting mamutot
hey dltvn - i have read about 85 % of the posts - the only thing that bothers me for real is when to take profit which i cant get by myself..
Hi Mamutot, if you read 85% of the posts, you must have come across Jim's ideas of taking profits. To sum it up, he takes off the table a portion of his trade as soon as he sees 20-30 pips of profit, moves his SL to BE and let the price action dictate the rest. Each one of us has a different style in the way we attend to our profit taking and with time you'll will develop your own but in the meantime Jim's ideas are great ones and you will be happy applying it.
I hope that this helps you somewhat. Regards, Dan
  • #4,480
  • Jul 11, 2007 12:42pm Jul 11, 2007 12:42pm
Quoting mimas
Theres a pin on AUD_USD, coming off the long term trendline.......but the general trend is still bullish.....would anyone here take this one ???
hi Mimas, when I am looking at this PB on the 4H chart it is still in doubt if this is a real one or not, the 1Day chart is not clear about it either and the 1H chart although is showing a DH but at this time it also has a DL that may turn into a TL. I would wait for the next 4H bar to form before I move on this setting. The PA has moved far enough from the 360 EMA and it looks like it will correct itself soon but, is this is the spot ?????? We need time.
What do you think?
Regards, Dan
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