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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

  • #21,921
  • Feb 19, 2009 11:18am Feb 19, 2009 11:18am
Quoting Scot Pippin'
Thanks Chris,
I've been reading this thread off and on since summer of 07', so by now I should know what to do. It's just simple dumb mistakes that really can unnerve me. I've demo'd to the point where it really becomes a negative (after you prove you understand the methods).

Today I entered my sell before the 4hr bar finished, duh everyone knows to wait for the bar to finish. Just short cuts like that I need to avoid but in the heat of the moment...I blow it.
start sticking stickies all over your monitor. And I am not joking about that either. I have had many stickies over the years. It is either shape up and stop making mistakes you know you are, or just more years of frustration. It just starts with committing to not making them those first few times, and then it becomes routine.

You can do it

Mike
  • #21,922
  • Feb 19, 2009 11:20am Feb 19, 2009 11:20am
Quoting mbqb11
that is usually Mr. Ego knocking on the door
Hey Mike,

How do you rate the pullback trade on the U/Cad H4? Nice bounce from Daily PPZ. I took half profit at minor PPZ @ 1.2580. Entered on 4H PB though the close was sort of in the middle of the bar but given the location off Daily PPZ, that's why I took it. Any comments Mike on how you would approach it? Thanks
  • #21,923
  • Feb 19, 2009 11:26am Feb 19, 2009 11:26am
Quoting Scot Pippin'
Thanks Chris,
I've been reading this thread off and on since summer of 07', so by now I should know what to do. It's just simple dumb mistakes that really can unnerve me. I've demo'd to the point where it really becomes a negative (after you prove you understand the methods).

Today I entered my sell before the 4hr bar finished, duh everyone knows to wait for the bar to finish. Just short cuts like that I need to avoid but in the heat of the moment...I blow it.
I would suggest you create a small Checklist that you have to fill in Before Taking a Trade.

This will do 2 things {minimum}.
1) Prevent you from 'Shooting from the Hip'.
2) give you a record of your most common transgressions.

Best of luck.
hth.
  • #21,924
  • Feb 19, 2009 11:26am Feb 19, 2009 11:26am
Quoting arcus
Hey Mike,

How do you rate the pullback trade on the U/Cad H4? Nice bounce from Daily PPZ. I took half profit at minor PPZ @ 1.2580. Entered on 4H PB though the close was sort of in the middle of the bar but given the location off Daily PPZ, that's why I took it. Any comments Mike on how you would approach it? Thanks
Hey Arcus

No great PA on my feed(fxpro). IBFX has a BUOB(hasn't broken), but those recent highs are just a bit to close for my liking. Passing on this one, but could end up running. Sometimes you get the PA sometimes you don't for me.

Best
Mike
  • #21,925
  • Feb 19, 2009 11:27am Feb 19, 2009 11:27am
Quoting gaia
Nice Chris,

but if you were 75 years old you probably think "shi?" better trade the 5 minute, don't know if I am around tomorrow!

Just trying to make you smile, watching the darn charts make me mental sometimes.

Regards
Haha, job done

I find having a rant every now and then helps me to solidify the correct way of thinking as well. We're all prone to making mistakes!

Chris
  • #21,926
  • Feb 19, 2009 11:27am Feb 19, 2009 11:27am
Quoting G550
Hey guys, what do you think of this? This is from the H4 chart. To me it looks pretty good. Would like to hear some opinions.

Thanks!
I think your target is too bit far cause we have Daily PPZ that could be 1)broken and retest 2) test of the s/r and fail. So the area that I marked could be where the price might have problem and this is where we wait for PA. Anyway, this is just MHO as I'm still new in this stuff. But, hope it helps you and me as well.
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  • #21,927
  • Feb 19, 2009 11:34am Feb 19, 2009 11:34am
Quoting mbqb11
Hey Arcus

No great PA on my feed(fxpro). IBFX has a BUOB(hasn't broken), but those recent highs are just a bit to close for my liking. Passing on this one, but could end up running. Sometimes you get the PA sometimes you don't for me.

Best
Mike
Thanks Mike. Yup, on fxpro it sort of PB but the close is somewhere in the middle. So, for this kind of pullback trade, do you still consider PB size (in term of long nose and the bar size compared to pullback move) and space?
  • #21,928
  • Feb 19, 2009 11:36am Feb 19, 2009 11:36am
Quoting arcus
Thanks Mike. Yup, on fxpro it sort of PB but the close is somewhere in the middle. So, for this kind of pullback trade, do you still consider PB size (in term of long nose and the bar size compared to pullback move) and space?
although I am less picky if I consider it a breakout + pullback trade, that bar was still too iffy as a pin. If the body and nose are about the same, that is an automatic pass. That coupled with the fact the we had such a low close like that, made it look too iffy for my liking.

I didn't really consider this trade a breakout + pullback though. Those I consider more on breakout patterns.

SO I was looking for more clean PA to play on this one

Best
Mike
  • #21,929
  • Feb 19, 2009 11:37am Feb 19, 2009 11:37am
what you thinkof this pin if we break threw the 134.00 level?
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  • #21,930
  • Feb 19, 2009 12:44pm Feb 19, 2009 12:44pm
Quoting arcus
I think your target is too bit far cause we have Daily PPZ that could be 1)broken and retest 2) test of the s/r and fail. So the area that I marked could be where the price might have problem and this is where we wait for PA. Anyway, this is just MHO as I'm still new in this stuff. But, hope it helps you and me as well.
Thanks, Arcus. My target is based on the notion that when a head and shoulders pattern breaks, the distance traveled is the distance from the peak to the neckline, which is approx where my target is, even below it. I posted it because if we do get PA confirming a downward movement, this pattern would further act of support confirming it.

Also, if it does break the neckline and the ppz level around 1.4000, there is nothing in terms of daily ppz's to stop it from going to at least 1.3500.
  • #21,931
  • Feb 19, 2009 12:47pm Feb 19, 2009 12:47pm
Quoting jlmac27
what you thinkof this pin if we break threw the 134.00 level?
What feed is that Jlmac?
Checked:

1) FXPRO
2) FXDD
3) ALPARI
4) XTB
5) LITE FOREX
6) FXOPEN

did'nt find this pin anywhere...

Anyways the price flip marked with the navy blue rectangle on my chart is definitely a worry, cramps the Pb (going by your chart) up for space you see...

Regards,
Ghous.
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I believe . . .
  • #21,932
  • Feb 19, 2009 12:51pm Feb 19, 2009 12:51pm
how i view b & c trades (from a newbie standpoint):
c: why bother? wouldnt even consider it.
b: i think many newbies take these b/c they feel they "have" to trade. if you find yourself feeling that way, then you might want to examine why instead of taking the trade? wouldnt it be better to preserve your capitol & not take any unnecessary risks? what if you take a risk & end up losing what you made from your last good one? that might lead to a deeper feeling of compulsion to trade. just keep watching over your charts for the next potential a trade set-up. j16 has taught us that patiently waiting is the greatest trait towards long-term success. so what if it takes another week or longer for the a to form. & ive already learned & accepted the fact that i am going to miss a trades along the way. but this also tells me that there will always be more to come. i have learned that this is a long & never-ending journey & thats for the consistently profitable. my hat's off to those guys. the more unnecessary risks we take the more we risk ending our journey a lot sooner & joining "the 90%". wouldnt it be better to make one good trade a week, than 2 or more & end up at break even or worse? us newbs have to be careful in watching all the trades that some here take. it makes us want to jump right in doesnt it? we must recognize that we are in a learning stage & they are seasoned pros & have "earned" all the success that they have achieved (sorry for the pun). we should be grateful to those who regularly post & share their wisdom w/ us. & if we want to join them & get there someday ourselves we must go thru all the phases/hurdles that they did as well. b trades are only for the experienced. if i ever feel experienced enough to take one, upon entering it i wouldnt walk away from it. i would be quick to take whatever profit i might get & quick to exit if it doesnt work out. thanks again to all those here that i am learning so much from.
  • #21,933
  • Feb 19, 2009 12:54pm Feb 19, 2009 12:54pm
Quoting ghous
What feed is that Jlmac?
Checked:

1) FXPRO
2) FXDD
3) ALPARI
4) XTB
5) LITE FOREX
6) FXOPEN

did'nt find this pin anywhere...

Anyways the price flip marked with the navy blue rectangle on my chart is definitely a worry, cramps the Pb (going by your chart) up for space you see...

Regards,
Ghous.
Door #3 Alpari

I see your space issue,Maybe just getting to anxious to trade.Thanks Ghous!
  • #21,934
  • Feb 19, 2009 12:59pm Feb 19, 2009 12:59pm
Take that back Ghous,I was with them before.It is Admiral markets
  • #21,935
  • Feb 19, 2009 1:00pm Feb 19, 2009 1:00pm
Quoting dkmb92
how i view b & c trades (from a newbie standpoint):
c: why bother? wouldnt even consider it.
b: i think many newbies take these b/c they feel they "have" to trade. if you find yourself feeling that way, then you might want to examine why instead of taking the trade? wouldnt it be better to preserve your capitol & not take any unnecessary risks? what if you take a risk & end up losing what you made from your last good one? that might lead to a deeper feeling of compulsion to trade. just keep watching over your charts for the next potential a trade...
Well said Bro

It's important to wait for the best of trade setups simply because a loss for a newbie sets off a chain reaction a "Trade-loss" spiral. Once a loss comes by it's natural to be more desperate for a positive trade, you end up hitting an avg setup again, again you loose and that desperation thirst just keeps getting the better of you.

I see that you have some great ideas to deal with such problems bro, Keep the good work up

Regards,
Ghous.
I believe . . .
  • #21,936
  • Feb 19, 2009 1:01pm Feb 19, 2009 1:01pm
Quoting jlmac27
Take that back Ghous,I was with them before.It is Admiral markets
ah I see...
I believe . . .
  • #21,937
  • Feb 19, 2009 1:09pm Feb 19, 2009 1:09pm
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ at 7500 Mark, eh?
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I believe . . .
  • #21,938
  • Feb 19, 2009 1:13pm Feb 19, 2009 1:13pm
Quoting mbqb11
start sticking stickies all over your monitor. And I am not joking about that either. I have had many stickies over the years. It is either shape up and stop making mistakes you know you are, or just more years of frustration. It just starts with committing to not making them those first few times, and then it becomes routine.
Mike
i have to say that i am converting to mt4 (welcome to the darkside). i was demo'g another broker platform before. whenever i am ready to go live i'll probably go w/ ibfx but watch the fxpro feed as well. i also like to watch the lfx's that liteforex offers (thx jig). one cool thing about mt4 is that you can set up your charts, the way a j16er should, & mt4 will keep them that way. so the next time you login-in your previous customization is still there. (the previous platform i demo'd didnt do that). i am only presently watching 10 pairs (e/u, g/u, u/c, a/u, e/g, e/c, g/c, u/j, e/j, g/j). i have each chart set-up w/ their wkly/dly ppzs, fibs, ema's, & tl's clearly marked. so from here i can just keeping watching how price (pa) reacts to ppz's for each.
things i dont like so far: in the charts price isnt displayed in round numbers, no 8h chart available, & i cant put my cursor at any random point in a chart to see what price is/would be at that particular point. am i missing something? also if anyone has any suggestions for me by all means educate/enlighten me, thats what i am here for. thx.
  • #21,939
  • Feb 19, 2009 1:13pm Feb 19, 2009 1:13pm
ghous,
excellent ej, uj trades...
  • #21,940
  • Feb 19, 2009 1:14pm Feb 19, 2009 1:14pm
Quoting ghous
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ Mark, eh?
Im sorry, I forget, what signaled your buy here?
Dr. C
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