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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

  • #17,381
  • Dec 22, 2008 4:07am Dec 22, 2008 4:07am
Quoting ghous
Here is a nice example of a fine tuned entry,

The Ib on the daily is what gives the trade direction, and before Friday close is the trigger Ib on the 4H.

Under normal market conditions I would have liked to take my first profit around 1.160 but here i took half off at the first hints of support this time (being extremely conservative), which is around 1.633, at roughly 80 pips.

Whatever that can be made in times like these wether it's 8 or 80 or 800 pips, it's more a pot of gold than anything else

Regards,
Ghous.
ghous, you sure do like those "with the trend Price Action trades". Not a bad way to go my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #17,382
  • Dec 22, 2008 4:09am Dec 22, 2008 4:09am
Quoting johnbaem
Hi Ghous,

You are young great trader. Keep watching your post in here.
Bdw, can i comment?
On your GBPCHF, last Friday daily pin, i dont think its PB. Its got weight and thats why price pick up back from the support..

Today candle probably will turn for BEOB... Chances!

Cheers mate!
Looks like you're confused with the PA signals we discuss in here. Today's bar cannot in any way be called a BEOB, for a bar to qualify as a BEOB, it has to have it's entire range(i.e the high and low both) exceeding the previous bar.

On the Gbp/chf since we opened below the high of Friday's daily bar, so it cannot be called a BEOB.

Go through the first few pages of this thread atleast to get a better understanding of what i am talking abt.

Regards,
Ghous.
I believe . . .
  • #17,383
  • Dec 22, 2008 4:12am Dec 22, 2008 4:12am
Quoting DutchTrader
Looks like you were spot on.
For some reason i don't see Gu move down as i would have liked to, One thing i know for sure is that it's not due to the Pound, GBP is still very weak and vulnerable to some nice drops.

It's the dollar weakness which has surprised me today despite the gold pin and recent bullish dollar pbs in most usd pairs, even the Uj is'nt showing any eagerness to move higher...hmmm...

NY is abt to jump into the action let's see if this session can help the $...
I believe . . .
  • #17,384
  • Dec 22, 2008 4:14am Dec 22, 2008 4:14am
Quoting jarroo
ghous, you sure do like those "with the trend Price Action trades". Not a bad way to go my friend.
Oh! I love 'em
I believe . . .
  • #17,385
  • Dec 22, 2008 4:31am Dec 22, 2008 4:31am
Quoting ghous
For some reason i don't see Gu move down as i would have liked to, One thing i know for sure is that it's not due to the Pound, GBP is still very weak and vulnerable to some nice drops.

It's the dollar weakness which has surprised me today despite the gold pin and recent bullish dollar pbs in most usd pairs, even the Uj is'nt showing any eagerness to move higher...hmmm...

NY is abt to jump into the action let's see if this session can help the $...
I'd like for GU to test Friday's lows of 1.4786
Patience + Humility + Study = Success
  • #17,386
  • Dec 22, 2008 4:56am Dec 22, 2008 4:56am
Quoting biatche
Just got into this a month ago. Did live trading, im pretty breakeven on my own. Imitated trades from some uh.. 'pros with years of experience' and lost some 400 pips there lol. Never again. Never again. I went through babypips not a couple of times, but once. Went through stockcharts.com as well. I'll take everyone's advice and read all posts... if I'm ever disciplined enough to do so. That's some 1000 posts. It's definitely going to take a long while. Should I have some prerequisite readings before I get into this thread?

Everyone here is very...
Welcome and good luck.

Jim (James16) suggests 3 months of consecutive profit in demo before going live. It sounds like a drag but it saves you a ton of money in the long run. He also suggests focussing on the daily and weekly timeframes at first no matter what you see here. It helps to build up confidence which is an essential piece of the puzzle.

Sometimes you see people saying 'I only just started, and I've gone live, and what do you think of this 15minute pinbar". Everyone's journey to success is different so I'm not knocking any approach but in my opinion that puts you at a real disadvantage if you're a new trader.

Enjoy the process and we're all here for you if you need anything
  • #17,387
  • Dec 22, 2008 5:20am Dec 22, 2008 5:20am
Quoting DutchTrader
I'd like for GU to test Friday's lows of 1.4786
Wish granted...
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h.gif Size: 11 KB
I believe . . .
  • #17,388
  • Dec 22, 2008 5:21am Dec 22, 2008 5:21am
Quoting TiaForex
Welcome and good luck.

Jim (James16) suggests 3 months of consecutive profit in demo before going live. It sounds like a drag but it saves you a ton of money in the long run. He also suggests focussing on the daily and weekly timeframes at first no matter what you see here. It helps to build up confidence which is an essential piece of the puzzle.

Sometimes you see people saying 'I only just started, and I've gone live, and what do you think of this 15minute pinbar". Everyone's journey to success is different so I'm not knocking any approach...
DITTO! Nicely said Tia
I believe . . .
  • #17,389
  • Dec 22, 2008 5:29am Dec 22, 2008 5:29am
Quoting ghous
Looks like you're confused with the PA signals we discuss in here. Today's bar cannot in any way be called a BEOB, for a bar to qualify as a BEOB, it has to have it's entire range(i.e the high and low both) exceeding the previous bar.

On the Gbp/chf since we opened below the high of Friday's daily bar, so it cannot be called a BEOB.

Go through the first few pages of this thread atleast to get a better understanding of what i am talking abt.

Regards,
Ghous.
ghous, my mistake... That CS shall perform higher low in order to determine as BEOB. You are right..

I was busy collecting pips for cable. Drop from 4900 to 4700 (support) is a good bargain for me.
  • #17,390
  • Dec 22, 2008 5:37am Dec 22, 2008 5:37am
Looks like we'll test that ppz around 1.46

Quoting ghous
Wish granted...
Patience + Humility + Study = Success
  • #17,391
  • Dec 22, 2008 5:44am Dec 22, 2008 5:44am
Quoting DutchTrader
Looks like we'll test that ppz around 1.46
I have mine at 1.47, the price touched it. It was where i planned i would take half off. But I was away fro the pc, it touched and retraced. LOL!

Will have to wait for it to come down again
I believe . . .
  • #17,392
  • Dec 22, 2008 5:44am Dec 22, 2008 5:44am
Guys,

Looking at Fiber;

I wish to see it goes to support around 3600. Today candle, is it possibly to end up like a pin?
  • #17,393
  • Dec 22, 2008 5:47am Dec 22, 2008 5:47am
Quoting biatche
Just got into this a month ago. Did live trading, im pretty breakeven on my own. Imitated trades from some uh.. 'pros with years of experience' and lost some 400 pips there lol. Never again. Never again. I went through babypips not a couple of times, but once. Went through stockcharts.com as well. I'll take everyone's advice and read all posts... if I'm ever disciplined enough to do so. That's some 1000 posts. It's definitely going to take a long while. Should I have some prerequisite readings before I get into this thread?

Everyone here is very...
Hi
Some time ago I collated a word document, drawn from this thread, which, as long as I'm not offending anybody, I would be happy to e-mail you a copy of. It's 34 pages long, and is taken word-for-word from the earlier parts of this thread. I find it handy to be able to refer to it when not in front of the computer.
If anybody believes that it's not a good idea then please let me know, as no impropriety intended.
  • #17,394
  • Dec 22, 2008 6:24am Dec 22, 2008 6:24am
Quoting Interceptor
Hi
Some time ago I collated a word document, drawn from this thread, which, as long as I'm not offending anybody, I would be happy to e-mail you a copy of. It's 34 pages long, and is taken word-for-word from the earlier parts of this thread. I find it handy to be able to refer to it when not in front of the computer.
If anybody believes that it's not a good idea then please let me know, as no impropriety intended.
I would sincerely appreciate it if you don't mind sharing it with me. email me <my current username here> at gmail

TiaForex:
My goal is to earn money as fast as possible. From my 1 month of 'experience', I believe that, there's only 1 optimal playstyle for a given amount of _time_ a person can spend each day, the time he/she plays. I have the whole day and so I'm more leaning towards 5-15min TF. From previous responses in this thread, it is my understanding now that, I need to play daily/hourly so that I'm playing with the trend, and the big picture. I probably need experience on that. My purpose is then to obtain the important points of this method as soon as possible so that I can move on. I'm growing old. I'm 26, and I can feel it. Let me go off topic for a minute. I'm from Malaysia and all I dream of is living in a better place, such as USA, ok, but some may say it isn't but lets leave it at that. Chances are, either I get myself going realllll fast.... or I'll be 40 by the time I get rich enough to move anywhere. Haha thanks for reading my little story though. I dream big, but this is opportunity for me. I know I can't rush it as ill end with nothing, but I can't take it too slow as i'll age. End of my little tale. Please correct me if I have some major misconception.

So, let me understand this, many here use very few to no indicators, and most use PA, right? And what I'm exactly to learn are how candlesticks form, right? How do I avoid getting faked out a lot based on these candlesticks.. and having need to play daily, does PA really work on daily? I've always had this impression that daily is more fundamentalistic.. or does PA/PB actually take fundamentals into account? (I get this impression that, experts and the big players always make the first moves very early which cause those early PB before a breakout reversal / continuation)

Thanks as always for the responses and responses to come.
  • #17,395
  • Dec 22, 2008 6:26am Dec 22, 2008 6:26am
Quoting Interceptor
Hi
Some time ago I collated a word document, drawn from this thread, which, as long as I'm not offending anybody, I would be happy to e-mail you a copy of. It's 34 pages long, and is taken word-for-word from the earlier parts of this thread. I find it handy to be able to refer to it when not in front of the computer.
If anybody believes that it's not a good idea then please let me know, as no impropriety intended.
Such a document would be great but IMO it should be posted up at this thread only for everyone to download, instead of you mailing it to others...
I believe . . .
  • #17,396
  • Dec 22, 2008 6:28am Dec 22, 2008 6:28am
Quoting biatche
I'm growing old. I'm 26
In that case...I'm in trouble.
  • #17,397
  • Dec 22, 2008 6:42am Dec 22, 2008 6:42am
Quoting biatche
I would sincerely appreciate it if you don't mind sharing it with me. email me <my current username here> at gmail

TiaForex:
My goal is to earn money as fast as possible. From my 1 month of 'experience', I believe that, there's only 1 optimal playstyle for a given amount of _time_ a person can spend each day, the time he/she plays. I have the whole day and so I'm more leaning towards 5-15min TF. From previous responses in this thread, it is my understanding now that, I need to play daily/hourly so that I'm playing with the trend, and the...
no matter what reason you want to give for being in a hurry to succeed trading Fx, the fact is that there does not exist such a shortcut.

If you take it seriously and are willing to give it all the time it requires, it should take you a year or two to get a proper hold of things and a year or two after that to show great consistency. At 30 you'll be far far from old lol!
I believe . . .
  • #17,398
  • Dec 22, 2008 6:45am Dec 22, 2008 6:45am
Quoting ghous
Such a document would be great but IMO it should be posted up at this thread only for everyone to download, instead of you mailing it to others...
I vote for ghous on this point!
And biatche, I really dunno what you are upto! but please be informed that every1 like to get rich as quick as possible. This forex approach is not aimed at 'get rich quick' unless you want to risk all you have to gamble through, if you are lucky you will become millionaire (you know what is the downside).

and wait! Your short tale is not for me, I like Malaysia and Bangkok (Im from Bangkok)

GOOD LUCK!
ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #17,399
  • Dec 22, 2008 7:16am Dec 22, 2008 7:16am
Quoting ghous
Such a document would be great but IMO it should be posted up at this thread only for everyone to download, instead of you mailing it to others...
No problem. I'll (try!) to do it now.
Attached File(s)
File Type: txt JAMES16 CHART THREAD.txt   53 KB | 2,570 downloads
  • #17,400
  • Dec 22, 2008 7:19am Dec 22, 2008 7:19am
Made a bit of a pig's ear out of that, I'm afraid.
Had trouble posting it as a word doc., and had to repost it as plain text.
If anybody more technically aware than myself is reading........................
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