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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

  • #14,241
  • Oct 7, 2008 7:55pm Oct 7, 2008 7:55pm
Quoting ghous
How abt this for a setup guys,

http://www.forexfactory.com/attachme...1&d=1223400209
I think at least..100 pips in ur bag mow...

Bravo
Sonic
  • #14,242
  • Oct 8, 2008 3:46am Oct 8, 2008 3:46am
Quoting jarroo
I usually view 3 to 4 different feeds, I don't think its necessary though. It all evens out in the end. But when they do line up, the data feeds, it adds a little bit more confidence in my decision.
Hi, Jarroo!
I use FxPro and Alpari demos, which ones do You use for the other 2 times?
THX, Laszlo
  • #14,243
  • Oct 8, 2008 5:31am Oct 8, 2008 5:31am
Just like to take a second here at 5:15 AM to thank you guys. Mike for the encouragement and mentor like guidance. Bundy, James and crew for the continual support and answering questions. .....and Sonic for cool looking charts. I just made the best trade of my life. R:R 1:62 Took the I4b on the daily, looked for micro entry, faded a pin with 15 pip risk and let it ride. I know these are extreme times but just wanted to share my best trade ever with you all. I have a rule to always go with the gap to S/R. I also have a rule to let the open work itself out before taking a trade. These rules are in conflict .... back to the research and testing.

Regards,

Jason
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May the fish in your stream of life always bite.
  • #14,244
  • Oct 8, 2008 7:11am Oct 8, 2008 7:11am
Quoting lacika
Hi, Jarroo!
I use FxPro and Alpari demos, which ones do You use for the other 2 times?
THX, Laszlo
I have those two as well along with IBFX, GFT, ODL, Velocity Trader and some web base charts like fxstreet.
Indicators show the past. Price Action "Indicates" the future.
  • #14,245
  • Oct 8, 2008 7:13am Oct 8, 2008 7:13am
Quoting aSandman
Just like to take a second here at 5:15 AM to thank you guys. Mike for the encouragement and mentor like guidance. Bundy, James and crew for the continual support and answering questions. .....and Sonic for cool looking charts. I just made the best trade of my life. R:R 1:62 Took the I4b on the daily, looked for micro entry, faded a pin with 15 pip risk and let it ride. I know these are extreme times but just wanted to share my best trade ever with you all. I have a rule to always go with the gap to S/R. I also have a rule to let the open work itself out before taking a trade. These rules are in conflict .... back to the research and testing.

Regards,

Jason
Nice! ....Very nice!

I seen that setup too, after it was too late. (Thankfully you learn not to chase entries after a while. lol)

Very happy that someone got in on it. Well done man.
Bundy's status today: "Waiting..."
  • #14,246
  • Oct 8, 2008 7:42am Oct 8, 2008 7:42am
Hi guys,

I went short usdjpy on the break to the downside of the daily IB at 101.00, I woke up this morning and closed it at 100.69 because I wanted to secure some profit, although it had gone to 98.59 when I was sleeping.
For trades based on daily timeframes what kind of TP should I put? or should I leave a trailing stop?
Thanks for your help.

Francisco
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  • #14,247
  • Oct 8, 2008 8:12am Oct 8, 2008 8:12am
Eventhough the markets are shaky right now, price action still rules. I made a ton of pips on these trades.
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"Don't trade to trade . . . trade to win." - James16
  • #14,248
  • Oct 8, 2008 9:01am Oct 8, 2008 9:01am
Quoting Flem26
Eventhough the markets are shaky right now, price action still rules. I made a ton of pips on these trades.
nice ones Flem, i missed those as i was already ingaged in my full qouate of trades as per my money managment, but i can clearly see worth would these trades have carried! Cngrats Bro!

And yeah i second that thanks to Jim ofcaorse, though i hate to simplify his effort and the impact of his help on my trading knowledge with a word as useless and common as a thanks...DAMN! lol

Regards,
Ghous.
I believe . . .
  • #14,249
  • Oct 8, 2008 10:08am Oct 8, 2008 10:08am
Quoting ghous
nice ones Flem, i missed those as i was already ingaged in my full qouate of trades as per my money managment, but i can clearly see worth would these trades have carried! Cngrats Bro!

And yeah i second that thanks to Jim ofcaorse, though i hate to simplify his effort and the impact of his help on my trading knowledge with a word as useless and common as a thanks...DAMN! lol

Regards,
Ghous.
thanks Ghous.
"Don't trade to trade . . . trade to win." - James16
  • #14,250
  • Oct 8, 2008 11:09am Oct 8, 2008 11:09am
Quoting Flem26
Eventhough the markets are shaky right now, price action still rules. I made a ton of pips on these trades.
Hi,i was just wondering the same about this trade that i took too.I would consider to get out at rounded number as 100,99,98 and so on,or look at the weekly chart for preavius support to look at;actually there's one at 96.00
i am a yung trader that is doing practice,so i'd like to ear something from the veteran guys too.

Bye to all.
Patience is essential
  • #14,251
  • Oct 8, 2008 11:18am Oct 8, 2008 11:18am
Hi Jarroo, thanks to you and the rest of the guys for an awesome thread. I am a newbie and have just spent the last 6 weeks working through this thread, great stuff.

I would just like to ask why you did NOT take the pin which showed up 6 bars previously to your trade, ie a pin which was off support and at a swing low? In this newbie's eyes it looked like a decent set-up, just wondering the reasons for it not being taken? Any thoughts/comments would be gratefully received.
PA is where its at!!
  • #14,252
  • Oct 8, 2008 11:35am Oct 8, 2008 11:35am
Quoting bertie123
Hi Jarroo, thanks to you and the rest of the guys for an awesome thread. I am a newbie and have just spent the last 6 weeks working through this thread, great stuff.

I would just like to ask why you did NOT take the pin which showed up 6 bars previously to your trade, ie a pin which was off support and at a swing low? In this newbie's eyes it looked like a decent set-up, just wondering the reasons for it not being taken? Any thoughts/comments would be gratefully received.
If you are asking about the "PB" in blue then the answer is simple. One of the qualifcations of a Pin Bar is that Price has to break the top (in this case). If it does not break the top it is not a Pin Bar.

Yes, the other confluences you pointed out sure caught my eye. Location, S/R levels, nice long nose, etc. It was indeed developing into a great trading opportunity. But no break, no trade.

Great question.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,253
  • Oct 8, 2008 11:44am Oct 8, 2008 11:44am
Quoting SeekingLight
..
feel now would be a good time to mention that I agree with Igrok's view of 7500 and worse coming for the DJI.
Hehehe..
makes sense. this is where I might consider selling yen again....

Funny, when I look at indexes today and think of my banker, who laughed at my moves last year in august.
This is when I moved all my long term investments to mm and treasuries...
  • #14,254
  • Oct 8, 2008 11:45am Oct 8, 2008 11:45am
Jarroo'

Many thanks for your prompt response - yes, it did not break on my feed either! Makes perfect sense now. Is it possible that some traders may have taken this pin on aretrace entry, even although the next bar did not break the high? Do you ever trade pins on a retrace or always on the break with a small pip margin?
PA is where its at!!
  • #14,255
  • Oct 8, 2008 12:08pm Oct 8, 2008 12:08pm
Quoting bertie123
Jarroo'

Many thanks for your prompt response - yes, it did not break on my feed either! Makes perfect sense now. Is it possible that some traders may have taken this pin on aretrace entry, even although the next bar did not break the high? Do you ever trade pins on a retrace or always on the break with a small pip margin?
I did in the past try to take a retrace before the break. Part of the practise and learning curve of this method. But I found that a break has to occur to even call it a Pin Bar.

If a Pin Bar breaks and then starts retracing I may look at a better entry which could be at the "eye level" or other Price Action or a S/R level.

But remember the ideal occurence (with any Price Action set-up) is that Price breaks on the very next Bar and never looks back. Much like the Usd/Jpy 4 hour PB that did break.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #14,256
  • Oct 8, 2008 1:12pm Oct 8, 2008 1:12pm
my trading life is in drawdown and this week, I understand one thing. some things has changed.no matter what you trade, no matter where you trade, it's all about holy grail! Yes , you guys, all of you, have holy grail - it's in you. and there is holy grail #2. it's old ten, fifty, and much more years. IT'S TREND. Look at gbp jpy . eurodollar, whatever you want,daily. all you need is trade with trend, you can imagine how many pips you can make with trend, so stop " finding historical low with great pinbar and trade trend! " (with pinbars etc)

What happened me? since i trade with trade, i make money
  • #14,257
  • Oct 8, 2008 1:26pm Oct 8, 2008 1:26pm
Quoting jarroo
If you are asking about the "PB" in blue then the answer is simple. One of the qualifcations of a Pin Bar is that Price has to break the top (in this case). If it does not break the top it is not a Pin Bar.

Yes, the other confluences you pointed out sure caught my eye. Location, S/R levels, nice long nose, etc. It was indeed developing into a great trading opportunity. But no break, no trade.

Great question.

Jim
http://www.forexfactory.com/attachme...1&d=1223483685
Thx for the post...BTW..how do u decide SL...Do u put ir SL level near the end of the wick??
I am using sth similar to PB that u mentioned...with the bias of general trend...

Sonic
  • #14,258
  • Oct 8, 2008 1:27pm Oct 8, 2008 1:27pm
Quoting Jankone
my trading life is in drawdown and this week, I understand one thing. some things has changed.no matter what you trade, no matter where you trade, it's all about holy grail! Yes , you guys, all of you, have holy grail - it's in you. and there is holy grail #2. it's old ten, fifty, and much more years. IT'S TREND. Look at gbp jpy . eurodollar, whatever you want,daily. all you need is trade with trend, you can imagine how many pips you can make with trend, so stop " finding historical low with great pinbar and trade trend! " (with pinbars etc)

What happened me? since i trade with trade, i make money
yes you are right Jankone, try to be with the trend as much as possible. but don't forget that the trend is not something that does not end.

Regards,
Ghous.
I believe . . .
  • #14,259
  • Oct 8, 2008 2:01pm Oct 8, 2008 2:01pm
Still not trading, you guys do good in big swings I do good in the 90% when we dont have these huge swings I guess i am too lazy to change my 10 / 10 pip gain/loss to 40/40 lol.
Keep taking CT trades, I need more money
  • #14,260
  • Oct 8, 2008 2:03pm Oct 8, 2008 2:03pm
Quoting Ryanmcd
Still not trading, you guys do good in big swings I do good in the 90% when we dont have these huge swings I guess i am too lazy to change my 10 / 10 pip gain/loss to 40/40 lol.
A good trader knows what conditions are best for his methods.

A GREAT trader knows when these conditions are/are not happening and is either out, or in to take advantage of them.



Mike
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