Jim,
Great video, thank you very much for taking your time to put this out there for all of us newbies.
T.J.
Great video, thank you very much for taking your time to put this out there for all of us newbies.
T.J.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedThanks Jim. Really appreciate it. God bless you, you're so helpful. Though I'm still not good at this stuff and hopefully by the end of this year (my target), but whenever I look at chart now, it seems much clearer what to expect. Thanks again!Ignored
Dislikedwhen you get to a point where you know whats going to happen when you look at a chart its the same as someone handing you the golden key to the kingdom. it truly is that profound.
problem is most people still cant get out of there own way.
what do i mean by that? (this is not directed at you arcus or anyone in particular its just me taking another oppurtunity to rant)
most traders practice no discipline, no common sense and a complete refusal to understand that this is a business and not a get rich quick endeavor. its yippee and yahooo and...Ignored
DislikedHi James,
Again, many thanks for all you've done, especially when you started this thread, and followed through on your vision for what this thread could be. Then starting the PF and all the countless hours/days/weeks/etc... getting it up and running and then switching websites....Ignored
DislikedYes, but not on this trade (I have tight stop to lock in profit [already triggered]. I'm trying to recover from a bit of a draw down and want to get back to break even on the account. This move helped a ton, that is for sure. Otherwise, I would let the pips swing. I did ride out the GBP/CHF a while back on the big move, so I have stomached the 300+ pip swings and I'd do it again.Ignored
DislikedBeen busy this week and havnt been here much but i see everything is going well.
I just posted a 30 minute excerpt from the 2/05/09 webinar for all of you on the guest side.
I try to put stuff in those guest videos that can really help you with the basics and the mental side of this business.
i think many of you will enjoy it,
jimIgnored
Dislikedwhen you get to a point where you know whats going to happen when you look at a chart its the same as someone handing you the golden key to the kingdom. it truly is that profound.
problem is most people still cant get out of there own way.
what do i mean by that? (this is not directed at you arcus or anyone in particular its just me taking another oppurtunity to rant)
most traders practice no discipline, no common sense and a complete refusal to understand that this is a business and not a get rich quick endeavor. its yippee and yahooo and...Ignored
DislikedTo borrow a page from the book of Jduester, I would like to post my analysis of USD/CHF in an attempt to teach others while getting feedback from some of the experienced traders.
My first instinct was to go short at 1.1492 (10 pips below the low of the current candle) for the following reasons:
- Price has failed to close above 1.17 for the past four weeks.
- I think I see some bearish divergence (if I am not mistaken).
- There are three consecutive candles with long wicks and small bodies (a sign of indecision and possible reversal).
After...Ignored
DislikedShould I place a limit order to sell this pair if price reaches .8936 (10 pips below what I think is a pinbar)?
Pros:
- Price bounced off of a PPZ I drew on my chart.
- Looks like a valid pinbar to me. Price opened and closed below the high of the previous candle. My eye tells me the wick is long enough. Please correct me if it does not look like a valid pin to you.
- Price bounced off of 38.2 fib I drew on my daily chart from the high of .9517 on Jan 26 to the low of .8634 on Feb 10. I believe that this is what James16 calls confluence. Please...Ignored
Disliked
right now my cad trade is looking a litle doubtful. the initial support didnt hold as resistantce. so now my stop is set to just above the 61 fib level.
if it goes back lower, yipee... If not the market will take me out.
It doesnt matter either way.Ignored
DislikedBeen busy this week and havnt been here much but i see everything is going well.
I just posted a 30 minute excerpt from the 2/05/09 webinar for all of you on the guest side.
I try to put stuff in those guest videos that can really help you with the basics and the mental side of this business.
i think many of you will enjoy it,
jimIgnored
Dislikedwell the trade survived, now if the small ppz holds on sunday night i will move the stop to just above it if the immediate lows are tested & broken.
the only main concern is there is a weekly buob, but it is in traffic & doesnt have a good look to it. put it this way, its not something i would give any weight too or trade as is.
the targets lower are marked & as this is against the main trend of US dollar bullish i will trail stops close behind each one.Ignored
DislikedFor a long time I have thought of myself as a patient individual who does not easily give in to fear or greed. After trading forex for a few months it seems almost as if I developed a gambler's personality that was greedy, scared and had no patience. I lost a lot of money in the process, but luckily did not blow my account. Thanks to this thread I am starting to notice the beginings of some major changes in my trading personality, but I still have a long way to go.Ignored
DislikedI hate when the waters feel like "broke". lol
You got to love the way Jim teaches. Clear, simple and strong.
Thanks Jim. Great excerpt.
JimIgnored
DislikedUnderstandable. But remember if your trade is at break even or locked in for some pips, your not losing anything. The potential for a large gain with no risk exists. When you remove it, it does not exist. (I'm not explaining this right)
One step at a time LVG, nice trade bro.
JimIgnored