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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

  • #9,821
  • Apr 2, 2008 7:18am Apr 2, 2008 7:18am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, Clockwork, this is indeed encouraging and you are lucky you made it in 6 months, that's fabulous. regarding to the money, that's correct attitude, but, for reality, I worried too much, but, I will try my best to get it resolved. thank you, Clockwork, and also, bundyraider, for your help

Quoting clockwork71
Krue -

I am going to write you from a perspective that would be different than say, SeekingLight, or MBQB11, because I have only recently (in the last 6 months) made the transition from 95% to 5%.

It took me a while to get an "edge", and to be honest, I don't even know if I have one that I can name. I am profitable in my trading, but I can't say there's a "scientific edge" in it. I just follow James16's price action.

You say you have tested hundreds of EA's. So now you know they are a waste of time.

The difference between the 5% and the rest of the traders comes down to psychology more than anything else. The longer I trade, the more I believe this. I also believe you have to ENJOY the trading aspect, and not focus entirely on the money aspect of it. If you are not sure what your motivations are, try demo trading. If you find out you still like the trading part, then you like the game and it's not just a get rich quick scheme.

Krue don't sweat it, most people on these forums are "between heaven and hell" as you put it.

As far as your edge not working later, what we in J16 use seems to have always worked. It's the indicators that tend to fail.

Thank God we don't really use them.

I would suggest that you give the J16 group a try. And speak to Fiji in his section first. It's money management and psychology. In fact, that's where I got my "edge".

Clockwork
  • #9,822
  • Apr 2, 2008 8:48am Apr 2, 2008 8:48am
Quoting SeekingLight
..aaaaaand I'm interested in this thread again! ;p

Good jugs? I say bottoms up!

J/K, just wanted to throw out an updated USDCAD chart with 1-2 PA examples drawn in. Prolly not any and all, but some of those that are at important areas. I currently have high hopes for the latest short =)
Why? Because it's brother pair is showing this as well - EURCAD.

But before people start accusing me of Helsinki-Equinox trading again, I'm just gonna shut up and keep my super-special-power-secrets to myself and my journal / chat sessions, where I'm free to spread my lunacy without fear of repercussions hehehe :
It a rising wedge too! I dun place hugh importance over price patterns but it serves as a plus point! In additon, price failed to pentrate the 50MA on the weekly for 3 weeks...maybe dollar rally might be over soon...
  • #9,823
  • Apr 2, 2008 9:01am Apr 2, 2008 9:01am
Quoting clockwork71
Krue -

I am going to write you from a perspective that would be different than say, SeekingLight, or MBQB11, because I have only recently (in the last 6 months) made the transition from 95% to 5%.

It took me a while to get an "edge", and to be honest, I don't even know if I have one that I can name. I am profitable in my trading, but I can't say there's a "scientific edge" in it. I just follow James16's price action.

You say you have tested hundreds of EA's. So now you know they are a waste of time.

The difference between the 5% and the rest of the traders comes down to psychology more than anything else. The longer I trade, the more I believe this. I also believe you have to ENJOY the trading aspect, and not focus entirely on the money aspect of it. If you are not sure what your motivations are, try demo trading. If you find out you still like the trading part, then you like the game and it's not just a get rich quick scheme.

Krue don't sweat it, most people on these forums are "between heaven and hell" as you put it.

As far as your edge not working later, what we in J16 use seems to have always worked. It's the indicators that tend to fail.

Thank God we don't really use them.

I would suggest that you give the J16 group a try. And speak to Fiji in his section first. It's money management and psychology. In fact, that's where I got my "edge".

Clockwork

Cant agree more!
psychology to keep you believing in your "system"
MM to keep you in the "game"

TO quote Livermore's wise words
""Without faith in his own judgement no man can go very far in this game. That is about all i have learned - to study general conditions, to take a position and stick to it.""

""A man must believe in himself and his judgement if he expects to make a living at this game.""
  • #9,824
  • Apr 2, 2008 9:04am Apr 2, 2008 9:04am
Quoting krue
Hey, Clockwork, this is indeed encouraging and you are lucky you made it in 6 months, that's fabulous. regarding to the money, that's correct attitude, but, for reality, I worried too much, but, I will try my best to get it resolved. thank you, Clockwork, and also, bundyraider, for your help
Hey Krue,

I suggest you get a copy of Reminiscences of a Stock Operator. It's the book that "open" my mind.

cheers
  • #9,825
  • Apr 2, 2008 9:23am Apr 2, 2008 9:23am
Great chart examples Bundy.

I'm watching this like an eagle..... My bet is 204.50 high before..@#@#@. Same applies to other yen crosses.
Let's get some PA here..
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  • #9,826
  • Apr 2, 2008 9:29am Apr 2, 2008 9:29am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks a lot, Ellipses. I've already done the reading, pity, I forgot the most importance piece, thanks again for the reminder, I will go over it again. Have a nice day

Quoting ellipses
Hey Krue,

I suggest you get a copy of Reminiscences of a Stock Operator. It's the book that "open" my mind.

cheers
  • #9,827
  • Apr 2, 2008 10:01am Apr 2, 2008 10:01am
Quoting SeekingLight
I think he just meant the highest point = swing high.
thnx alot SeekingLight for yur reply...u guys are very helpful & fast.
  • #9,828
  • Apr 2, 2008 10:11am Apr 2, 2008 10:11am
Reading quietly this thread in the past days was great. i learned so much and definitely have a different view over the charts now. Special thanx to Bundy, Raczek and Seeking. Your input is great. Thank you everybody for all this amazing info you give us here.
We leave no soldier behind.
  • #9,829
  • Apr 2, 2008 11:06am Apr 2, 2008 11:06am
Quoting raczekfx
Great chart examples Bundy.

I'm watching this like an eagle..... My bet is 204.50 high before..@#@#@. Same applies to other yen crosses.
Let's get some PA here..
Equities are approaching very solid ppz with confluence. If it breaks you'll see yen crosses shoot up much, much higher. I'll be looking for reversal in equities some 100-200ps from current level and hopefully it'll get some pa to buy yen (sell crosses).

It's great, people find information useful in this thread..
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  • #9,830
  • Apr 2, 2008 12:52pm Apr 2, 2008 12:52pm
limit sell hit..
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  • #9,831
  • Apr 2, 2008 12:58pm Apr 2, 2008 12:58pm
.
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  • #9,832
  • Apr 2, 2008 1:16pm Apr 2, 2008 1:16pm
I see this thread is still going strong... how is everyone doing? It's been awhile...
Mr. Trend
  • #9,833
  • Apr 2, 2008 4:09pm Apr 2, 2008 4:09pm
Hey guys, you're all welcome. Just trying to give back in the same way people helped me out back when I started.
This thread's always been about that and will always be, just the same as the J16 site.
Trust price. Know yourself.
  • #9,834
  • Apr 2, 2008 5:26pm Apr 2, 2008 5:26pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, raczekfx

are you using monthly for determining trend or use it as trade setup? and do you use pin bar to judge the strength of the expected move?

I may ask silly questions frenquently, I am new in trading. so, pardon me, if my question makes no sense.

Thank you in advance

Quoting raczekfx
.
  • #9,835
  • Apr 2, 2008 6:13pm Apr 2, 2008 6:13pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I made a blog to record my trades based on Pin Bar strategy. I am a starter, makes a lot mistakes. I put profitable setup with failure, also put failed setup with my understanding.

please come to see and add your comments if you could. I wish learning from mistakes, and you probably have good solution to these type of mistakes, you can keep it within yourself, but, it will be a big help if you could comment on these trades with your insight.

I am serious about Jim's strategy,put a lot of effort and resource trying to learn from this thread. everyone of you are my teacher,so, please come and add your comment.
  • #9,836
  • Apr 3, 2008 6:31am Apr 3, 2008 6:31am
Quoting raczekfx
..

I'm watching this like an eagle..... My bet is 204.50 high before..@#@#@.
almost to a pip...
so far US news is also gooood..
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  • #9,837
  • Apr 3, 2008 6:40am Apr 3, 2008 6:40am
Price went exactly when expected. For some, 5500/20 could've been a perfect TP and reverse area. Now we get confirming PA.
Will it work out?.. time will tell. See you tomorrow after NFP....

P.A.
Notes for myself..
Be careful. Such big volatility could be associated with trend change in eur/usd. jacko turtles be careful

also "watching" g/chf
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  • #9,838
  • Apr 3, 2008 6:58am Apr 3, 2008 6:58am
Quoting raczekfx
Price went exactly when expected. For some, 5500/20 could've been a perfect TP and reverse area.
COULD being the key word. I'm out TWO HOURS, in those two hours my TP of 1.5500 is missed by 10 and I come back to a red position(Oanda doesn't have trailing stops) and a missed cable pin. Sheesh people, who's running shop here, I need to complain! ;p
Trust price. Know yourself.
  • #9,839
  • Apr 3, 2008 7:16am Apr 3, 2008 7:16am
I went long for EURUSD. But was stopped out.

03 April
EURUSD
I entered long orders. Reasons for entering:
Price support at trendline, Pin bar set up.
Entries : 1.5615 & 1.5655 . I didnt enter on break of PB as sometimes i dont. I am a little aggressive in terms of PB setup.
Stop loss is at the low of the bar. I was stopped out at 1.5522.

Is my PB a weak PB? Is my stop level less then idea? Perphaps i shld placed it 10pips below the PB? Or there isnt any setup at all???
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  • #9,840
  • Apr 3, 2008 7:19am Apr 3, 2008 7:19am
actually.... it isnt a pin bar!
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