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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

  • #21,721
  • Feb 18, 2009 1:29am Feb 18, 2009 1:29am
Quoting NoBread
My Problem is i shot gun trades, like i am looking at the geepy and going i should short that.
Are you always afraid of missing the next good move?

Remember, we're after highly predictable moves with good expectancy. Not just about predicting the charts.

You have to say no/miss a lot of strong price moves along the way to being consistently profitable. Even trading intra-day charts you can go days without trading, if you are doing this right.
Bundy's status today: "Waiting..."
  • #21,722
  • Feb 18, 2009 1:40am Feb 18, 2009 1:40am
Quoting bundyraider
Are you always afraid of missing the next good move?

Remember, we're after highly predictable moves with good expectancy. Not just about predicting the charts.

You have to say no/miss a lot of strong price moves along the way to being consistently profitable. Even trading intra-day charts you can go days without trading, if you are doing this right.

Could be never caught a rip on my live account, well last one was for 217 pips but not ever bigger than that. Does J 16 have a 12 step program
JK i know patience. Or blown account my choice.
  • #21,723
  • Feb 18, 2009 1:54am Feb 18, 2009 1:54am
Quoting NoBread
Could be never caught a rip on my live account, well last one was for 217 pips but not ever bigger than that. Does J 16 have a 12 step program
JK i know patience. Or blown account my choice.
We've all been there man, so don't give up on kicking the habit. It's not an easy one to break.
Bundy's status today: "Waiting..."
  • #21,724
  • Feb 18, 2009 1:55am Feb 18, 2009 1:55am
Quoting NoBread
My Problem is i shot gun trades, like i am looking at the geepy and going i should short that.
This kind of thinking is going to wipe you out. As bundy said . . "Remember, we're after highly predictable moves with good expectancy." You must trade the set-up, the signal, the trigger. Random shotguns will kill ya.

When you see a large PB on the Daily, at new Highs, at the 61.8 fib, off a Weekly PPZ then you can say "I should short that at the break.
Indicators show the past. Price Action "Indicates" the future.
  • #21,725
  • Feb 18, 2009 2:09am Feb 18, 2009 2:09am
Quoting bundyraider
There's no easy way. lol ...but if you read the first 50 pages you'll find most of the staples covered.

It's really worth just nibbling at the whole thread over time though. You won't regret it!
Thank you for your advice and thanks the good suggestion from piproo. It looks like it is worth to read this 1448 pages. .

Actually I read a few pages, I am wondering why this thread is so special so long? all those bar patterns seems are standard patterns just with different names here. We can find all of them from www.investopedia.com or www.fxwords.com, like Shooting Star", "Evening Star","Evening Doji Star","Dark Cloud Pattern","Bearish/bullish Engulfing Pattern", Bullish Hammer","Morning Star"," Morning Doji Star"," Piercing Line Pattern", etc.. Maybe james16 has some special way to use them. Let's continue my reading...
  • #21,726
  • Feb 18, 2009 2:12am Feb 18, 2009 2:12am
Quoting jumpingup
Thank you for your advice and thanks the good suggestion from piproo. It looks like it is worth to read this 1448 pages. .

Actually I read a few pages, I am wondering why this thread is so special so long? all those bar patterns seems are standard patterns just with different names here. We can find all of them from www.investopedia.com or www.fxwords.com, like Shooting Star", "Evening Star","Evening Doji Star","Dark Cloud Pattern","Bearish/bullish Engulfing...
Bar patterns are just part of the story . . .read on friend . . read on.
Indicators show the past. Price Action "Indicates" the future.
  • #21,727
  • Feb 18, 2009 2:27am Feb 18, 2009 2:27am
this is EXACTLY my problem too. A+ trades and into profit, then get over confident and give it all back scalping 5 min charts and just gambling basically. DISCIPLINE is the problem, not sure how I can learn it though !!


Quoting LasVahGoose
Not far behind ya....
  • #21,728
  • Feb 18, 2009 2:32am Feb 18, 2009 2:32am
Quoting NoBread
My Problem is i shot gun trades, like i am looking at the geepy and going i should short that.
You hurting there now.

I was trying to figure out what was so important about that level it just reversed at and just realised... ....Gap was closed. lol

Nothing much could be done about it though, other than guessing. No decent signal. Shot-gunning, you could have played the 15 min BEB that started it off. But it's not the type of high probability trade I'm about myself.
Bundy's status today: "Waiting..."
  • #21,729
  • Feb 18, 2009 2:41am Feb 18, 2009 2:41am
Quoting hijackxx
Ghous, why don't you wait for confirmation if you are trading on 4hr tf before taking those trades you've got into? Isn't it bit more risky going longs at the trendline levels without PA confirmation? I don't understand why you took those trades without either pin bar, bovb or such? I'm new to the thread so I wanna know more about how it works. Thanks
Hi there Hijack,

You;re absolutely right, this is on demo and something different than what we're discussing mostly here it's somewhat in the shadow of what raczekfx does and i must mention that it's demo (all my live trades are still strictly james stuff ) and I am not going live with it till i can get some nice bit of successful trades under my belt.

I am not sure if Rac does it the same way but for this particular strategy I am looking at three things.

1) correlation
2) support/resistance
3) price action

One of my latest experiments, I want to find a cure for Aids :nerd:slightly_frowning_face:well sorta' lol!)

Regards,
Ghous.
I believe . . .
  • #21,730
  • Feb 18, 2009 2:42am Feb 18, 2009 2:42am
Quoting advfntrader
this is EXACTLY my problem too. A+ trades and into profit, then get over confident and give it all back scalping 5 min charts and just gambling basically. DISCIPLINE is the problem, not sure how I can learn it though !!
You have to bite the bullet and just stop yourself.

Nothing magic comes along and eventually stops you. You really have to be responsible for yourself right NOW. You'll be still doing the same two years from now otherwise. You already know what you have to do. Start now. Then Start again next month. And again the next month. Or two weeks from now and so on. ....Friend... it keeps going until YOU control yourself.

Just look at what Jim mentioned with the 25 blown accounts. That really says something about how stubborn this problem really is. If you think you still have something to learn about your discipline you're wrong. Other than the penny dropping extra loud some day and actually falling on your head hard enough to knock the realisation into you.
Bundy's status today: "Waiting..."
  • #21,731
  • Feb 18, 2009 2:43am Feb 18, 2009 2:43am
Quoting Piproo
Hi, Ghous, thx for the charts.

So basically, u using higher TF's PPZ for potential trading area. and u use lower TF PA for entry? if yes, can u please show us ur e/u daily lower TF PA signal?

Many thx again
yeah that's one part of it, read the post above this one for a a little more idea of what I am doing,

I am not going to go into too much detail nor will I be posting too much of this stuff, we don't want newbies falling for this as they stumble across to search for james golden stuff, this is not it, and this is certainly not what the thread was and is and will ever be meant for. it's the "James16 chart thread"...Hope you understand

Regards,
Ghous.
I believe . . .
  • #21,732
  • Edited 3:08am Feb 18, 2009 2:44am | Edited 3:08am
Quoting bundyraider
.
Bundy...

...Is waiting...
Hehe, nice sig Bundy, long time no see (um read ). Spent a lot of time over Chrissy break getting to know the white bear while fishing on Fraser Island

Seeing your name has made my withdraws sky-rocket. Time for a bundy! It's been 11 days, I've been good and deserve one

Won't clutter this thread, I see you PA pros have it under control as usual.

Oh, great chart of the dow raczekfx, had a good laugh over that one.
  • #21,733
  • Feb 18, 2009 2:50am Feb 18, 2009 2:50am
Quoting raczekfx
Is he strong enough? If he falls.....
.
DAMNIT Rac! you got me rolling on the floor

Humor aside the test of the final pair of lows, was on the cards, the break of 8000 which should really have been the level to push DJ to the moon (am i breaking copyright laws jarroo? ) has really gone against anticipation, would you bet on a hold this time Rac? 7520's the only hope before DJ bids us farewell for it's meeting with the core of the earth ...(common Obama you can do it )

Regards,
Ghous.
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I believe . . .
  • #21,734
  • Feb 18, 2009 2:56am Feb 18, 2009 2:56am
Quoting bundyraider
You have to bite the bullet and just stop yourself.

Nothing magic comes along and eventually stops you. You really have to be responsible for yourself right NOW. You'll be still doing the same two years from now otherwise. You already know what you have to do. Start now. Then Start again next month. And again the next month. Or two weeks from now and so on. ....Friend... it keeps going until YOU control yourself.

Just look at what Jim mentioned with the 25 blown accounts. That really says something about how stubborn this problem really is....
Well said Bundy,

Try taking out some more time for us noobs lol!
I believe . . .
  • #21,735
  • Feb 18, 2009 3:06am Feb 18, 2009 3:06am
thanks for the advice, you are right. I will now WAIT until a good setup presents itself on 4hr or above. my accounts not blown yet so I need a few good trades to get me off to a fresh start.



Quoting bundyraider
You have to bite the bullet and just stop yourself....
  • #21,736
  • Feb 18, 2009 3:14am Feb 18, 2009 3:14am
It's early to talk about BUOB pattern yet, but would be nice to hear some comments from you guys, why to trade or not to trade this one
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  • #21,737
  • Feb 18, 2009 3:34am Feb 18, 2009 3:34am
any thoughts guys?


Quoting Pirabuji
anyone long usd jpy?
  • #21,738
  • Feb 18, 2009 3:35am Feb 18, 2009 3:35am
http://www.forexfactory.com/showpost...ostcount=21715


Quoting Pirabuji
any thoughts guys?
  • #21,739
  • Feb 18, 2009 3:48am Feb 18, 2009 3:48am
Quoting Jigsaw
It's true they are tough to spot but the reason that is is because there are so little of the A+++ ones around

Heres some charts that hopefully explain what I mean earlier in relation to 1) Having a bias direction for them to break in. and 2) Trading away from psychological levels because if price comes back up the psych level will (hopefully ) protect your stop.

Obviously trade the Daily and demo etc.

Actually I just had a closer look at the 1HR chart I doodled up. There are plenty of inside bars around. Even a few inside bars off of...
Hi Jig,

Thanks for the explanation, so I assume that will apply to trading smaller timeframes like those below H4. But on a higher timeframes like daily do we need to do that by chekcing the daily and monthly? Sorry for this newbie question.
  • #21,740
  • Feb 18, 2009 4:02am Feb 18, 2009 4:02am
Quoting datogio
It's early to talk about BUOB pattern yet, but would be nice to hear some comments from you guys, why to trade or not to trade this one
4 hour BUOB with a Pinish look.

To trade: with the trend, break at a round number and a daily PPZ (1.1700)

Not to trade : In traffic and not at a swing low.

Would have looked nice at the trend line (green box) even still in alot of traffic.

But it did work out nicely. Strong break and ran. Just goes to show the power of Price Action with the confluence of a RD PPZ.

Did you take it?
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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