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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

  • #7,701
  • Nov 19, 2007 2:35pm Nov 19, 2007 2:35pm
I had placed an order just in case, but already cancelled it... if it is any kind of PB, it has now been negated... I didn't get caught jumping in at the close of the PB this time... !!!! Think Tiki Think !!!!!!!!!!

Quoting moneybags
I also didnt have a pending order on this one or the EURCHF.
I pass on these types of pins. They look good at first glance but you gotta look at the big picture. That pair had dropped like a rock and has been in a downtrend overall for quite some time. One little daily pin (that came on a Friday no less *cough* profit taking *cough*) probably wouldnt turn this thing around. Seeking talked about this a few posts back. (http://www.forexfactory.com/showpost...postcount=7668)

It didnt even trigger which I'm sure saved a lot of people (assuming you played the break and not a retrace).

Next.

Tom
  • #7,702
  • Nov 19, 2007 2:38pm Nov 19, 2007 2:38pm
Quoting Tiki Trader
I had placed an order just in case, but already cancelled it... if it is any kind of PB, it has now been negated... I didn't get caught jumping in at the close of the PB this time... !!!! Think Tiki Think !!!!!!!!!!
Good thing Tiki.
It was a risky pin bar to begin with, but entering on the close or on a retrace with this one would've been super risky.
This is where discretion plays a huge part in PA trading.
You gotta step back and really look at all aspects.
  • #7,703
  • Nov 19, 2007 2:47pm Nov 19, 2007 2:47pm
Not only risky... but I would have been losing right now !!!

OK, I will admit... I jumped in right away on this GBP/USD daily PB a week or so ago... was the Biggest blunder I have made since my margin call on my $ 300 beginners FX account with FXCM....

I lost 10% of my account on this PB... man, it hurts to admit it... should have waited... should not have traded anywhere's near as much as I did... should have gotten out as soon as I saw it going the other way... but I didn't....

And here I am saying over and over again, I will follow the rules... I will follow easy MBQB stuff... and yet once again I failed !!! This is because I am thinking of where I would like the market to go, instead of seeing where it really will go...

There was no excuse... I have been kicking my own butt ever since...

OK, so now we all know !!!!!!!!!

IDIOT TIKI !!!!!!!!!!!!!!!


Quoting moneybags
Good thing Tiki.
It was a risky pin bar to begin with, but entering on the close or on a retrace with this one would've been super risky.
This is where discretion plays a huge part in PA trading.
You gotta step back and really look at all aspects.
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  • #7,704
  • Nov 19, 2007 2:48pm Nov 19, 2007 2:48pm
Quoting moneybags
Good thing Tiki.
It was a risky pin bar to begin with, but entering on the close or on a retrace with this one would've been super risky.
This is where discretion plays a huge part in PA trading.
You gotta step back and really look at all aspects.
You know moneybags, it's cases like yours that make me happy to see how you've developed over time...I've already mentioned this before I believe, but I just had a birthday, so I'm allowed to be sentimental.
I can still remember back when you first asked about PA and the PF *sniffles* Oh, how much the kid has grown *sniff sniff*

Just so nice to see people watch and learn and grow and go on to do good =)

Those that stick with something and invest time and effort do get good things out of it in turn imho.
Trust price. Know yourself.
  • #7,705
  • Nov 19, 2007 2:50pm Nov 19, 2007 2:50pm
And so now to me you can be saying ' I told you so... I told you so...'

Quoting SeekingLight
You know moneybags, it's cases like yours that make me happy to see how you've developed over time...I've already mentioned this before I believe, but I just had a birthday, so I'm allowed to be sentimental.
I can still remember back when you first asked about PA and the PF *sniffles* Oh, how much the kid has grown *sniff sniff*

Just so nice to see people watch and learn and grow and go on to do good =)

Those that stick with something and invest time and effort do get good things out of it in turn imho.
  • #7,706
  • Nov 19, 2007 2:51pm Nov 19, 2007 2:51pm
Quoting Tiki Trader
OK, I will admit... I jumped in right away on this GBP/USD daily PB a week or so ago... was the Biggest blunder I have made

This is because I am thinking of where I would like the market to go, instead of seeing where it really will go...

There was no excuse... I have been kicking my own butt ever since...

Well, sometimes we have to make big mistakes to learn big lessons.
I made stupid mistakes in the beginning, I made stupid mistakes for a whole week long 2 or now 3 or so weeks ago as well. But they get smaller, less frequent, less damaging...and the "right" things better, more frequent, bigger

It's up to you what you make of it, what you make of yourself and what you take with you from it, Tiki. Perhaps even make a plan / write down some rules, put them in front of your monitor, only allow placing an order if you checked all off, for example.
Something to artificially stall your hyper-active nature
Trust price. Know yourself.
  • #7,707
  • Nov 19, 2007 2:59pm Nov 19, 2007 2:59pm
Ya, I could do that.... except I can hardly see the monitor as it is because of all the hyper stalling stuff already there....

Plain and simple, I am not ready yet to trade my saved up money that I have set aside... it will be one more year...

Yes, my mistakes actaully are much smaller and fewer than not long ago... I am now pulling myself back from 10% loss... something I would not have been able to do not so long ago... but will be down for the year most likely by the time year end comes.. and I am not allowed to touch my saved up forex money until I can be profitable... and after this, I will now say, one more full year...

Why don't we all just have a go at it, and give me one good swift kick each of you...

I deserve it !!!!!!!

Quoting SeekingLight
Well, sometimes we have to make big mistakes to learn big lessons.
I made stupid mistakes in the beginning, I made stupid mistakes for a whole week long 2 or now 3 or so weeks ago as well. But they get smaller, less frequent, less damaging...and the "right" things better, more frequent, bigger

It's up to you what you make of it, what you make of yourself and what you take with you from it, Tiki. Perhaps even make a plan / write down some rules, put them in front of your monitor, only allow placing an order if you checked all off, for example.
Something to artificially stall your hyper-active nature
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  • #7,708
  • Nov 19, 2007 3:07pm Nov 19, 2007 3:07pm
And this is why you are getting congratulated, and I am getting a kick in the ass....

We both deserve what we are getting.... I dream of the day I get a pretty message from seeking like you just got !!!! But he has the right to kick me the hardest !!!!!!!!! After all the time he has spent on me...

Anyways.. I congratulate you too !!!!


Quoting moneybags
Good thing Tiki.
It was a risky pin bar to begin with, but entering on the close or on a retrace with this one would've been super risky.
This is where discretion plays a huge part in PA trading.
You gotta step back and really look at all aspects.
  • #7,709
  • Nov 19, 2007 3:26pm Nov 19, 2007 3:26pm
Quoting Tiki Trader
And this is why you are getting congratulated, and I am getting a kick in the ass....

We both deserve what we are getting.... I dream of the day I get a pretty message from seeking like you just got !!!! But he has the right to kick me the hardest !!!!!!!!! After all the time he has spent on me...

Anyways.. I congratulate you too !!!!
Tiki... yer my hero.
Mr. Trend
  • #7,710
  • Nov 19, 2007 3:48pm Nov 19, 2007 3:48pm
Quoting Mr Trend
Tiki... yer my hero.
OK, but just go ahead and kick it anyways...........
  • #7,711
  • Nov 19, 2007 4:18pm Nov 19, 2007 4:18pm
Quoting Tiki Trader
And this is why you are getting congratulated, and I am getting a kick in the ass....
We both deserve what we are getting.... I dream of the day I get a pretty message from seeking like you just got !!!! But he has the right to kick me the hardest !!!!!!!!! After all the time he has spent on me...

Anyways.. I congratulate you too !!!!
Well, thank you for the congratulations although I'm not sure I deserve any congrats.
I'm sure that if you stick to it, your day will come too.
I've learned what I've learned through experience and talking to all the great folks you see here in this thread.
I'm still not where I want to be. Sure I'm making some $$ but I still make stupid trades all the time. I havent made one in a few weeks so I'm due.

And going back to your GBPUSD trade Tiki, the thing that would concern me the most is not that you jumped the gun and entered (although that is a bit of a problem) but that you lost 10% of your account on 1 trade. I would think that 10% risked on 1 trade is waaay too much. Even for the most experienced people.
The one thing I have mastered is MM. And it's saved my ass. I don't mess around with that. It's consistent and not flexible at all. Don't get me started on asymetrical leverage.

Keep going and stick to your plan. It'll work out in the end.

Tom

PS: Thanks SL! Time sure has passed quickly and I've advanced so much in my trading thanks to this thread (and the PF) and all the people involved. This kid has definitely grown.
  • #7,712
  • Nov 19, 2007 4:30pm Nov 19, 2007 4:30pm
You are completely right about the 10% being way too much... it was the one and only time I have done that !!! And for one, I think I accidently calculated wrong and then thought well, it looks OK anyways... cause at that moment that I entered the trade, I actually went positive and was so happy... didn't last long though... I held on though because I have only rarely seen a daily PB that doesn't at least give a few pips...

I have now almost one full year at at least break even... and then this... and remember I have to deal with my wife over this too !!! You know how that can be !!!

I have recovered 2.5 % of the lost amount...

Quoting moneybags
Well, thank you for the congratulations although I'm not sure I deserve any congrats.
I'm sure that if you stick to it, your day will come too.
I've learned what I've learned through experience and talking to all the great folks you see here in this thread.
I'm still not where I want to be. Sure I'm making some $$ but I still make stupid trades all the time. I havent made one in a few weeks so I'm due.

And going back to your GBPUSD trade Tiki, the thing that would concern me the most is not that you jumped the gun and entered (although that is a bit of a problem) but that you lost 10% of your account on 1 trade. I would think that 10% risked on 1 trade is waaay too much. Even for the most experienced people.
The one thing I have mastered is MM. And it's saved my ass. I don't mess around with that. It's consistent and not flexible at all. Don't get me started on asymetrical leverage.

Keep going and stick to your plan. It'll work out in the end.

Tom

PS: Thanks SL! Time sure has passed quickly and I've advanced so much in my trading thanks to this thread (and the PF) and all the people involved. This kid has definitely grown.
  • #7,713
  • Nov 19, 2007 5:42pm Nov 19, 2007 5:42pm
Something about to happen here ...???
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  • #7,714
  • Nov 19, 2007 11:55pm Nov 19, 2007 11:55pm
Do I even dare to go to sleep...??? Will it even make to time I wake up before breaking out ...??? Is no one else watching this??? It's all my imagiination ??? Or it's a big secret ??? Not a peep from anyone ............????
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  • #7,715
  • Nov 20, 2007 12:12am Nov 20, 2007 12:12am
DBLHC
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  • #7,716
  • Nov 20, 2007 5:41am Nov 20, 2007 5:41am
Told You something was gonna happen while I was asleep....
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  • #7,717
  • Nov 20, 2007 6:22am Nov 20, 2007 6:22am
Quoting Tiki Trader
Told You something was gonna happen while I was asleep....
I've found that the biggest market moving event usually is going to bed.
I moved GJ 350 pips last night!

You should really sleep more Tiki. 5 hours isn't nearly enough.
Trust price. Know yourself.
  • #7,718
  • Nov 20, 2007 6:28am Nov 20, 2007 6:28am
And I was trying to stay awake !!! Breakout was 20 minutes after hitting the pillow... If I could have stayed awake I could have kept the market from moving !!

Quoting SeekingLight
I've found that the biggest market moving event usually is going to bed.
I moved GJ 350 pips last night!

You should really sleep more Tiki. 5 hours isn't nearly enough.
  • #7,719
  • Nov 20, 2007 6:53am Nov 20, 2007 6:53am
Man, what an echo in here....... all alone here all night... nary a peep this morning...

Everyone on holiday already ???
  • #7,720
  • Nov 20, 2007 7:33am Nov 20, 2007 7:33am
Quoting Tiki Trader
Man, what an echo in here....... all alone here all night... nary a peep this morning...

Everyone on holiday already ???
you are never alone tiki, just being watched

It is a boring waiting game most of the time

Gobble gobble
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