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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

  • #21,841
  • Feb 18, 2009 9:04pm Feb 18, 2009 9:04pm
I saw a BUOB in EURUSD H4 chart.
According to my rules:

1) It is at a support zone.
2) But there are no space
3) It is at a swing low.

So according to my own rules: this is not a good A+ trade and I will not take it. Anyone else have any comments? Pls advise as I am a newbie in trading.
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  • #21,842
  • Feb 18, 2009 9:20pm Feb 18, 2009 9:20pm
Quoting Ray_1
I saw a BUOB in EURUSD H4 chart.
According to my rules:

1) It is at a support zone.
2) But there are no space
3) It is at a swing low.

So according to my own rules: this is not a good A+ trade and I will not take it. Anyone else have any comments? Pls advise as I am a newbie in trading.
dblhc?
  • #21,843
  • Feb 18, 2009 9:25pm Feb 18, 2009 9:25pm
Quoting tehuringa
Triple top on the USDSGD..just wait for some PA now to show the way
I'm waiting on the same thing, Tehuringa. Same exact chart is on my station.
  • #21,844
  • Feb 18, 2009 9:40pm Feb 18, 2009 9:40pm
Quoting jarroo
I haven't see any "A" trades on the Daily lately either. The Daily PB on the Gbp/Jpy on the Feb 11th was my last one I traded. Trust me when one presents itself this thread will be showing it, big time. lol
Hi, Jarroo, it's not strange to find no trade for u for couples of days. and I believe this is tha attitude we all need to learn.
But may I ask how many trades u took per wk averaged?

Cheers,

Pip
  • #21,845
  • Feb 18, 2009 10:23pm Feb 18, 2009 10:23pm
Quoting Piproo
Hi, Jarroo, it's not strange to find no trade for u for couples of days. and I believe this is tha attitude we all need to learn.
But may I ask how many trades u took per wk averaged?

Cheers,

Pip
Hard to say how many each week. Some weeks 3 or 4, other weeks zero. It use to be a whole lot more. lol.

I still fight the patience game. But once you get a taste some successes and figure out that "Patience Pays", it gets a lot easier to do.
Indicators show the past. Price Action "Indicates" the future.
  • #21,846
  • Feb 18, 2009 10:33pm Feb 18, 2009 10:33pm
GOOD words, Jarro

Quoting jarroo
Hard to say how many each week. Some weeks 3 or 4, other weeks zero. It use to be a whole lot more. lol.

I still fight the patience game. But once you get a taste some successes and figure out that "Patience Pays", it gets a lot easier to do.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #21,847
  • Feb 18, 2009 11:36pm Feb 18, 2009 11:36pm
Quoting Ray_1
I saw a BUOB in EURUSD H4 chart.
According to my rules:

1) It is at a support zone.
2) But there are no space
3) It is at a swing low.

So according to my own rules: this is not a good A+ trade and I will not take it. Anyone else have any comments? Pls advise as I am a newbie in trading.
The 1.2500 is a very strong PPZ level. Take a look at the Monthly chart.
This is a great location for a Price Action setup to develop.

dkmbp92 is right it looks like a weak DBLHC. The Pin Bar next to it caught my eye. But its rather small, on the 4 hour and in traffic. Although you got to like it's location. A Daily and/or Weekly bar conformation would prove more promising.

Good eye Ray. Keep it going, you'll get there.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #21,848
  • Feb 19, 2009 12:18am Feb 19, 2009 12:18am
I seen this and did not take it
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  • #21,849
  • Feb 19, 2009 1:35am Feb 19, 2009 1:35am
G/U Trade off Daily. Off a fibo and support off of 1.4100 round number. Lots of resistance North, but curious to see if this closes the gap. Short term trade and I'm at break even, maybe it will take off...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,850
  • Feb 19, 2009 1:44am Feb 19, 2009 1:44am
wow the spread on the usdpln is crazy, one second your up 50, the next your down 10. It's starting to works it's way down.
  • #21,851
  • Feb 19, 2009 1:54am Feb 19, 2009 1:54am
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
  • #21,852
  • Feb 19, 2009 2:00am Feb 19, 2009 2:00am
Quoting NoBread
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
Take some time off bud, then get back on a demo until you master the game. Jim's advice about getting it wired on a demo first comes from 25 (if I remember correctly) blown accounts.

Listen to the man, he isn't BS'ing around.
  • #21,853
  • Feb 19, 2009 2:40am Feb 19, 2009 2:40am
Quoting NoBread
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
Gold mine is only 3 feet away, dont give up.
  • #21,854
  • Feb 19, 2009 2:47am Feb 19, 2009 2:47am
Quoting Piproo
Gold mine is only 3 feet away, dont give up.
He's not going to give up piproo, not unless he was anticipating true success to be at a distance of an outstretched hand.

He is doing the right thing abt taking some time off, he is brave enough to understand that this short gap is important to ensure he does'nt blow his account off...

Hats off to you Bread, once your mind is relaxed and the tough memories get blurred do rejoin us...I assure you nothing will change

Regards,
Ghous.
I believe . . .
  • #21,855
  • Feb 19, 2009 2:58am Feb 19, 2009 2:58am
Quoting NoBread
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
Sorry to hear that mate....take some time off...when you are ready come back...read this first and follow it to the letter

http://www.james16group.us/Guests/mi...uirements.html

Then start reading this thread from page 1 or better still join the group....it will transform your trading if you show the discipline.....I know it may be going over old ground but sometimes that is a good thing

The material itself isn't hard at all, though there are many facets to the diamond....the internal struggle is the hard bit and on the PF there is plenty of material to sort out those emotions and correct them.

Either way I wish you all the best

Cheers

Dave
  • #21,856
  • Feb 19, 2009 3:04am Feb 19, 2009 3:04am
I'm another that has almost just blew my account shotgunning trades. Thing is is that I do really good at this when I only use daily or higher time frames. My account is small and I guess I've been trying to shotgun trades to get it larger.
I just did something I would recommend others do who are having a hard time keeping themselves from going down to lower time frames.
You can right click on the bar where the buttons are for the different time frames and remove any time frame from that toolbar. I have removed all time frames below daily to keep me from being tempted to check them to see what is happening.
From this day forward no matter how small my account is I will not shotgun trades and will treat this as a business.
  • #21,857
  • Feb 19, 2009 3:04am Feb 19, 2009 3:04am
NoBread:
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
Quoting NuckingFuts
Jim's advice about getting it wired on a demo first comes from 25 (if I remember correctly) blown accounts.

Listen to the man, he isn't BS'ing around.
Quoting ghous
He is doing the right thing abt taking some time off, he is brave enough to understand that this short gap is important to ensure he does'nt blow his account off...

Regards,
Ghous.
Quoting tehuringa

http://www.james16group.us/Guests/mi...uirements.html

Then start reading this thread from page 1 or better still join the group....it will transform your trading if you show the discipline. The material itself isn't hard at all, though there are many facets to the diamond....the internal struggle is the hard bit and on the PF there is plenty of material to sort out those emotions and correct them.

Either way I wish you all the best

Cheers

Dave
Fighting the inner Beast is a tough war to conquer. But it can be beaten.

Hang in bro, you'll get there.
Indicators show the past. Price Action "Indicates" the future.
  • #21,858
  • Feb 19, 2009 3:11am Feb 19, 2009 3:11am
Hi guys, sorry I fell asleep the last time I posted. My trades, they are all closed with 0, 0, and 5pips. LOL... nvm I still got my gj up and halfway to its target profit (135.51)
  • #21,859
  • Feb 19, 2009 3:13am Feb 19, 2009 3:13am
Hi all,

Isn’t it funny how sometimes it can take so long for something so simple to “click”! I must have started reading this thread at the start of 2008 but it has only just dawned on me just what a Pivot Point Zone is! For a long time I was convinced it was just support or resistance, I didn’t realise it was the flip zone!

Anyway I think the penny has finally dropped so I now hope to do some profitable demo trading with this method!

Could someone give me some advice about this 4 hour E/J pin that recently formed (attached below). Now I think the pin bar itself has formed a decent shape and it pierced a PPZ but it is a little congested so obviously not an A+++ trade. It did however work out and managed in the way Jim suggests (i.e. trading after 118 and using the next likely place for it to stall) the first lot could be in profit with the second at breakeven hoping for a bit of a ride!

Would anyone else have taken this trade or would the congestion have made it too risky?

Regards,

Dan
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  • #21,860
  • Edited 3:54am Feb 19, 2009 3:14am | Edited 3:54am
Quoting hijackxx
Hi guys, sorry I fell asleep the last time I posted. My trades, they are all closed with 0, 0, and 5pips. LOL... nvm I still got my gj up and halfway to its target profit (135.51)
Good for you hijack.

I was wonder how you played that out. Some would take that stoploss off at break even and "hope" that it would continue down.

I consider the way you managed that trade as A+++.

Nice Job.

Jim
Indicators show the past. Price Action "Indicates" the future.
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