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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

  • #1,741
  • Dec 23, 2006 1:41pm Dec 23, 2006 1:41pm
Quoting SeekingLight
Nice one Habeeb!
I tried a few dozen pips to early, just to exit the trade prematurely manually...now I find myself looking at the entry price again....still in beginner shoes sometimes...And to think, I was looking to short 1.9670ish today and didn't..mind got messed up in all this lethargic start today..

Then later I was thinking the 61.8% retrace the other day was the right shoulder already and we wouldn't go back down to revisit it....oh well, we'll see what comes of it.

How did you manage to get in before even the 1h made a DBLHC? You never cease to amaze me

Merry Christmas everyone, take care and have a good one! (can't say it often enough hehe)
Hi SeekingLight,
Not all my entries are based on price action. I would've liked a better entry, but wasn't so fortunate.
When I first started, 100s of days ago: (sounds better than 20 months), I used to think trading was very easy. All you have to do is "buy low, sell high". That was all I knew about trading and that's what I did. Was great for the first few weeks, until cable revealed it's true personality ...
well you guys know the rest.
I used that same strategy on this trade. Now, 100s of days later, I'm much much better at this strategy. I love taking trades at good support/resistance 'cos the stops are very small.

Take Care
Habeeb
Keeping it Simple
  • #1,742
  • Dec 23, 2006 1:48pm Dec 23, 2006 1:48pm
4hr Pins on all the majors. Looks like we've got ourselves a double bottom on cable.
Attached Image
Keeping it Simple
  • #1,743
  • Dec 23, 2006 3:48pm Dec 23, 2006 3:48pm
Let see how this newbie is doing .
On the above chart we have
A pin bar forming a double bottom
The price just touch the 61.8 retr from the last low/hi & also the daily pivot S1 & just broke thru the weekly pivot .
  • #1,744
  • Dec 23, 2006 9:42pm Dec 23, 2006 9:42pm
Quoting Squash
May I ask where you are mate? Sounds kinda typical around my area nowadays. Very unfortunate.
The sad thing is NOT that kids are doing things like you describe but that there are so many people that share your attitude. That aattitude is where the kids learned to not care. Peolple wish others a merry Christmas and pray for peace on Earth. The price for peace on Earth is that we all become worthy of trust. When you can trust ANYONE is the day peace will reign. Become worthy of trust. I hope to.
  • #1,745
  • Dec 23, 2006 10:05pm Dec 23, 2006 10:05pm
can still be considered a double bottom

best all,
mike
  • #1,746
  • Dec 23, 2006 10:14pm Dec 23, 2006 10:14pm
Quoting mbqb11
can still be considered a double bottom

best all,
mike
definition of a bottom is the lowest point on the chart!
  • #1,747
  • Dec 23, 2006 10:16pm Dec 23, 2006 10:16pm
its where your looking though, thats like saying the trend cant be down on the hour cause the weekly is up

in the general sense it just made a double bottom

im not gonna go back to 1983 before i call something a double bottom


happy and healthy
  • #1,748
  • Dec 23, 2006 10:29pm Dec 23, 2006 10:29pm
Quoting mbqb11
its where your looking though, thats like saying the trend cant be down on the hour cause the weekly is up

in the general sense it just made a double bottom

im not gonna go back to 1983 before i call something a double bottom


happy and healthy
You don't have to go back just what you see on the chart. On the chart shown the two points are just S/R. By definition bottom is the lowest point. You can chopose to RE-define the item anyway you choose. But the lie is not based on anything other than the prior agreement as to what the woed means to others.
  • #1,749
  • Dec 23, 2006 10:30pm Dec 23, 2006 10:30pm
Quoting hk334
You don't have to go back just what you see on the chart. On the chart shown the two points are just S/R. By definition bottom is the lowest point. You can chopose to RE-define the item anyway you choose. But the lie is not based on anything other than the prior agreement as to what the woed means to others.
P.S. If you disagree you could look in a dictionary
  • #1,750
  • Dec 23, 2006 10:32pm Dec 23, 2006 10:32pm
Lol
Bundy's status today: "Waiting..."
  • #1,751
  • Dec 23, 2006 10:32pm Dec 23, 2006 10:32pm
lol u just dont seem to get it, in trading you can't look at things as definitions. If you become more flexible and not hold something to such a strict sense it opens up many more doors. The chart made a double bottom(lowest points for the time frame I am looking at) and I made pips. My account equity increased once again, and yet my dictionary remains dusty. I dont argue with making money I just enjoy it



best,
mike

and according to ur strict definition we wont ever have a double bottom till 1983. I try not to think of things like that. Oh well too each his own take care
  • #1,752
  • Dec 23, 2006 10:33pm Dec 23, 2006 10:33pm
Make that a....
Bundy's status today: "Waiting..."
  • #1,753
  • Dec 23, 2006 10:33pm Dec 23, 2006 10:33pm
Quoting hk334
P.S. If you disagree you could look in a dictionary
P.P.S. Sorry about the spelling errors. My fingers have yet to catch up to my spelling skills
  • #1,754
  • Dec 23, 2006 10:35pm Dec 23, 2006 10:35pm
lol its BUNNY! i guess i could still be hungover from yest however sad that might be

im just bored now and cant trade!!
  • #1,755
  • Dec 23, 2006 10:40pm Dec 23, 2006 10:40pm
yep. i took my first sip in the 8th grade. 2 beers and a bowl. got home and my old man told me to take out the garbage. i took it to my room . if that dont raise a red flag nothing does. he almost killed me. i will never forget it. he told me boy i brought you into this world and i can take you out. scared me to death and i never risked it again around him. he was the best and i owe much to him, god rest his soul.
Quoting hk334
The sad thing is NOT that kids are doing things like you describe but that there are so many people that share your attitude. That aattitude is where the kids learned to not care. Peolple wish others a merry Christmas and pray for peace on Earth. The price for peace on Earth is that we all become worthy of trust. When you can trust ANYONE is the day peace will reign. Become worthy of trust. I hope to.
  • #1,756
  • Dec 23, 2006 10:48pm Dec 23, 2006 10:48pm
8th grade use to be the average. ..That was my first experience drinking too. ...3 of us sneaking around and struggling to get through 2 six packs! LOL
Bundy's status today: "Waiting..."
  • #1,757
  • Dec 23, 2006 10:52pm Dec 23, 2006 10:52pm
Quoting mbqb11
im just bored now and cant trade!!
It gets like that doesn't it!? LOL

I'm waiting for a mate to pick me up for a Xmas eve BBQ.
Filling in time by drawing my trendlines and fibs for the week ahead.

What timeframes do y'all use for swing highs/lows ???

Edit: By that, I mean for trend line anchor points.

I've been finding the 4 hour Charts pretty powerful.
Bundy's status today: "Waiting..."
  • #1,758
  • Dec 23, 2006 10:55pm Dec 23, 2006 10:55pm
Quoting SeekingLight
Hi,

without wanting to deny either the BEOB or the fact that cable is thoroughly overstretched - seemingly, we've been down this road for 1000 pips before - but just yesterday Habeeb said he's looking for a place to go long as Gold pinned.
Now it went up all day and is higher. Why are we looking to short?
AUDUSD and NZDUSD are higher accordingly, EURUSD moved over a trendline and is holding/bouncing from it, USDCHF is contained below an EMA....

I am long from 1.9700 from an EMA touch with a VERY small stop and will stay so until the BOE minutes kill me in 10

I think both perspectives are currently viable, only time will tell which one wins out this time

Trading ahead of these red news is prolly suicide anyway


Best wishes,

SeekingLight
Asto trading news before the news I watched my account drop $7000.00 in thirty seconds. It was the morning of the non farm payroll release. But within another minute and a half. I was up $6000.00 A VERY wild ride. For the first thirty seconds I was simply frozen. I was like watching the gas pump numbers running. By the time it reversed and strted climbing I had been through the proverbial wringer. That I ended "up" gave me the nerve to try it again. It was also successful BUT it is/was a BIG gamble. If I am going to gamble I prefer a poker table. I won't be doing it again! I hate roller coasters!
  • #1,759
  • Dec 23, 2006 11:00pm Dec 23, 2006 11:00pm
Quoting james16
yep. i took my first sip in the 8th grade. 2 beers and a bowl. got home and my old man told me to take out the garbage. i took it to my room . if that dont raise a red flag nothing does. he almost killed me. i will never forget it. he told me boy i brought you into this world and i can take you out. scared me to death and i never risked it again around him. he was the best and i owe much to him, god rest his soul.
Responsibility is some times a B---- but the love of one for another is demonstrated by the results as often as it is by the actions attempting to get a result.
  • #1,760
  • Dec 23, 2006 11:01pm Dec 23, 2006 11:01pm
Quoting mbqb11
lol u just dont seem to get it, in trading you can't look at things as definitions. If you become more flexible and not hold something to such a strict sense it opens up many more doors. The chart made a double bottom(lowest points for the time frame I am looking at) and I made pips. My account equity increased once again, and yet my dictionary remains dusty. I dont argue with making money I just enjoy it



best,
mike

and according to ur strict definition we wont ever have a double bottom till 1983. I try not to think of things like that. Oh well too each his own take care
I did not see "1983" on your chart. But I did see several points of S/R. Did you mean to show 1983???????
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