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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

  • #7,221
  • Oct 25, 2007 2:42pm Oct 25, 2007 2:42pm
Quoting raczekfx
To early to speculate..., we'll know more after this weekly bar closes.
Given action on fiber and cable last night, something is definitely brewing...
Right now, .8940 is the area of interest to me...
This was a question for Tiki to ask himself regarding his trade.
  • #7,222
  • Oct 25, 2007 2:49pm Oct 25, 2007 2:49pm
Quoting Wall_Street
I believe you said that it is a combination of different things like fibs, PPZ's and possibly MA's. Could you share a little bit more about how you found those areas. Thanks
Hi Wall_Street,

I just tried to explain my thinking on a chart but it ended up covered in red arrows and was largely unreadable.

The lines on that Oil chart are just support / resistance areas. I draw them on daily and hourly timeframe. I try and only draw only the ones that really stand out to me otherwise you get charts full of lines. Fibs show up as dotted lines on my charts but there are none on that Oil chart. Then you just have the EMAs which are the coloured lines. Not sure if that really answers your question...
  • #7,223
  • Oct 25, 2007 3:22pm Oct 25, 2007 3:22pm
Quoting mbqb11
looks like we won't have to make that decision, no break
Yep cancelled my sell orders as no break on the next bar.
That was easy.
  • #7,224
  • Oct 25, 2007 3:42pm Oct 25, 2007 3:42pm
Quoting PeterFM
Hitting the return key twice. Putting two spaces in will not change the formating, hitting the return key twice

will
Peter.............are you using a computer or a typewriter.................

My keyboard has an "Enter" key, the typewriter with a foot of dust on it in my basement has a "Return" key......
  • #7,225
  • Oct 25, 2007 4:46pm Oct 25, 2007 4:46pm
Quoting mbqb11
Building up positions that are risk less, and going in risking 10% is completely different. I am talking about from the shoot risking upwards of 10%. You are speaking of something different
mbqb11 (Mike),
Let me clarify one thing. I understood what you said and yes I agree with you. Risking something like 10%+ on any one entry is not good MM. I said that in the comment you referenced, first line. But I also said that I thought Wizard's goals were to get many positions going in one pair over time, so his position size in that pair grows without risk. So all in all you could have something like 10%+ running at one time. I may be mistaken. I thought I read a thread here somewhere that Wizard started with just that topic in mind. Anyways thanks for the comments everyone.
  • #7,226
  • Oct 25, 2007 5:02pm Oct 25, 2007 5:02pm
Quoting Wall_Street
mbqb11 (Mike),
Let me clarify one thing. I understood what you said and yes I agree with you. Risking something like 10%+ on any one entry is not good MM. I said that in the comment you referenced, first line. But I also said that I thought Wizard's goals were to get many positions going in one pair over time, so his position size in that pair grows without risk. So all in all you could have something like 10%+ running at one time. I may be mistaken. I thought I read a thread here somewhere that Wizard started with just that topic in mind. Anyways thanks for the comments everyone.
yes this is what his thread was referring to, but that had nothing to do with what I was speaking about. If you see wiz has decided to reduce his position size and has agreed he feels more comfortable.
  • #7,227
  • Oct 25, 2007 6:05pm Oct 25, 2007 6:05pm
i just got home - was working, and right before i had to start my job - i saw that 4h Pb forming on the top of euro - so i decided to close my open position from the break of the daily IB , couldnt look after it not even for a second, so i said - waiting for a break or closing would be the same, and i dont want to mess with it.

just to come back now and find out that it didnt even break - - will someone comfort me and say that it is ok???

ooffff...

damn.
  • #7,228
  • Oct 25, 2007 6:12pm Oct 25, 2007 6:12pm
Hey guys

Just thought i would post a chart. A few inside bars forming. Since this is trending up and sitting on some support i am thinking the probability of a long trade may be reasonable. Nothing too long, maybe a tp of 50 pips in my mind. Also i think it is bouncing off a pivot as well but i can't get my pivots points working yet.

Any thoughts?
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  • #7,229
  • Oct 25, 2007 6:17pm Oct 25, 2007 6:17pm
Quoting mamutot
i just got home - was working, and right before i had to start my job - i saw that 4h Pb forming on the top of euro - so i decided to close my open position from the break of the daily IB , couldnt look after it not even for a second, so i said - waiting for a break or closing would be the same, and i dont want to mess with it.

just to come back now and find out that it didnt even break - - will someone comfort me and say that it is ok???

ooffff...

damn.
You'll be ok, and chill, if your not going any where, the market sure isn't. Have patience, and know that you just improved your trading by learning something.
  • #7,230
  • Oct 25, 2007 6:26pm Oct 25, 2007 6:26pm
Quoting HipsterPipster
You'll be ok, and chill, if your not going any where, the market sure isn't. Have patience, and know that you just improved your trading by learning something.
to be honest - i am not sure i have learned something, i thought of leaving the trade with its primary SL level, but i already lost quite a lot this month, so i said - better take halfl of what you risked than risking it for a bigger profit 10 hrs later, i generally love the idea of leaving a trade to run, but i couldnt even check it but after 8 hours - so i just closed and was without fear/thoughts/concerns while working - and it is a job i need to be concentrated at - Running a dance show, with the music and lights and stuff..so YES - i am down for not letting it run, but i should not be smart after the fact - i did think about it before it happenned - will i close , let it run??

it was too convincing for not closing it and not having the ability to watch it - had i been at my computer, would have never closed it.

well - another trade tomorrow - or the next week, or somewhen.

thanks hip
  • #7,231
  • Oct 25, 2007 6:36pm Oct 25, 2007 6:36pm
- had i been at my computer, would have never closed it.



thanks hip[/quote]

Your welcome.
  • #7,232
  • Oct 25, 2007 6:40pm Oct 25, 2007 6:40pm
I thought I was the only one losing around here ... though I've been winning lately !!

Quoting mamutot
to be honest - i am not sure i have learned something, i thought of leaving the trade with its primary SL level, but i already lost quite a lot this month, so i said - better take halfl of what you risked than risking it for a bigger profit 10 hrs later, i generally love the idea of leaving a trade to run, but i couldnt even check it but after 8 hours - so i just closed and was without fear/thoughts/concerns while working - and it is a job i need to be concentrated at - Running a dance show, with the music and lights and stuff..so YES - i am down for not letting it run, but i should not be smart after the fact - i did think about it before it happenned - will i close , let it run??

it was too convincing for not closing it and not having the ability to watch it - had i been at my computer, would have never closed it.

well - another trade tomorrow - or the next week, or somewhen.

thanks hip
  • #7,233
  • Oct 25, 2007 6:43pm Oct 25, 2007 6:43pm
Quoting Tiki Trader
I thought I was the only one losing around here ... though I've been winning lately !!

no tiki - i am with you there, but i rather be alone, i hate company


hope i will get with the cool ones ASAP and be on the winning side of the month.
it is coming - just wrong judgments, wrong execution of trades - it happens and will happen i am sure, it is just that it was a streak of these kind.

i ended it with both small profits on Fiber and USDCHF IB's.

i am coming baby!
  • #7,234
  • Oct 25, 2007 6:44pm Oct 25, 2007 6:44pm
I have a question about oil... I continue to have in the back of my mind your posts from the other day about oil not being what is changing in value, but the dollar...

So my question is how about today ??? there was no particular movement or loss of value with the dollar, but oil price close up a lot at over $ 90 barrel... since not much movement iin currency, is it the oil this time that really changed value ???

Sorry if this is a stupid question...
  • #7,235
  • Oct 25, 2007 6:56pm Oct 25, 2007 6:56pm
Quoting saskgui
Hey guys

Just thought i would post a chart. A few inside bars forming. Since this is trending up and sitting on some support i am thinking the probability of a long trade may be reasonable. Nothing too long, maybe a tp of 50 pips in my mind. Also i think it is bouncing off a pivot as well but i can't get my pivots points working yet.

Any thoughts?
This is exactly the type of things too look for. Clean simple, and effective

Flip of S/R is so important in trading IMO.
  • #7,236
  • Oct 25, 2007 9:22pm Oct 25, 2007 9:22pm
Quoting saskgui
Just thought i would post a chart. A few inside bars forming. Since this is trending up and sitting on some support i am thinking the probability of a long trade may be reasonable. Nothing too long, maybe a tp of 50 pips in my mind. Also i think it is bouncing off a pivot as well but i can't get my pivots points working yet.
Any thoughts?
I'm with Mike. I also like the look of this for a long.
Mind you I'm already long so I really hope it works out....
T/L, PPZ, and good overall trend. Lots of reasons for it to work out. Seems pretty straight forward. No sure thing in this market though. Let's see what happens.

Tom
  • #7,237
  • Oct 25, 2007 9:27pm Oct 25, 2007 9:27pm
Thx for the reply.

Another one here however this is kinda weak. I don't normally touch this wild pair but i would to learn and i need to demo trade. I placed a buy stop just above the potential support point and the tp profit right around the potential resistance. Some inside bar action with the short term trend may break up during the Euro session.

What would be more interesting is if the weekly bar would end as is.
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  • #7,238
  • Oct 25, 2007 9:30pm Oct 25, 2007 9:30pm
Quoting moneybags
I'm with Mike. I also like the look of this for a long.
Mind you I'm already long so I really hope it works out....
T/L, PPZ, and good overall trend. Lots of reasons for it to work out. Seems pretty straight forward. No sure thing in this market though. Let's see what happens.

Tom
This IB is one I will play after we break the descending TL I will look to enter on a retest. I could miss the boat, but it is my plan going into it so i will look to follow through. Another problem is tomorrow being Friday. Hopefully it either moves through in the euro session or not at all till Monday.

Last trading day of the week stay safe and smart

Mike
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  • #7,239
  • Oct 25, 2007 9:56pm Oct 25, 2007 9:56pm
Quoting mbqb11
This IB is one I will play after we break the descending TL I will look to enter on a retest. I could miss the boat, but it is my plan going into it so i will look to follow through. Another problem is tomorrow being Friday. Hopefully it either moves through in the euro session or not at all till Monday.

Last trading day of the week stay safe and smart

Mike
Interesting, you are playing tl's like Jim plays the first time back on the 365 ema i think?
  • #7,240
  • Oct 25, 2007 9:58pm Oct 25, 2007 9:58pm
Quoting saskgui
Interesting, you are playing tl's like Jim plays the first time back on the 365 ema i think?
Sort of, I always like to wait for another confirmation. So I might drop down in timeframes, I rarely play a pure touch of the TL. I like to get some PA.

In this case the IB is my hint to watch for the breakout. So I am playing a breakout of the IB, but just in a different way I am more comfortable with. Sometimes I play straight break
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