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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

  • #22,601
  • Feb 26, 2009 12:19pm Feb 26, 2009 12:19pm
Quoting ghous
It wont work like this Bro,

Stay right beside your decision with a puffed out chest ....
thanx bro ,great post.cristal clear as usual.
when im at home to trade full time(will have a couple of months from next week!!yipee)i never read the threads for this reason.without the time tested experience under your belt its all too easy to be influenced!
i trust my tech analysis fully as it is time tested,and because i know what i dont know,if that makes sence?but trading real cash is new for me and makes for blury edges,hehe
living and learning though.
PATIENCE... DISCIPLINE
  • #22,602
  • Feb 26, 2009 12:21pm Feb 26, 2009 12:21pm
Quoting Jlr
Ghous, just wondering, you played the 4h bullish outside verticle bar? Your entry was simply not the break of this bar, but some resistance below it, that you felt was better for entry? Sorry, just wanted to clarify, looks like a smart trade
The BUOB just added confidence to the trade, i neither traded it's break nor any retrace into it. The entry was based primarily to get hold of a bull run which was anticipated from the BUOB off 1.27. I entered on the retrace to 1.275 ppz after we saw an autonomous break of it.

Trust me I am less than half aware of what I am doing. I am just carrying out a tentative task to try and practice what few of the pros are doing here (I mean Mark and Jeff) it's what best suited to my personality since I am less conservative by nature.

It's on demo and I have'nt developed it well enough to bragg abt it, still a lot of testing and R&D to be done. this time I experimented with having to close the trade manually at an authoritative close below the 1.275, rather than having a preset SL X pips away from the trade or below any prior lows. I actually feel more at home with these mental stops then the red lines on the mt4 (which means that I am still in this trade. )

I've been posting these trades up (even when I have'nt gained any special expertise over them) because I know I am not alone who is trying to achieve what Mark for istance have, decided to make it a sharing and caring filled learning procedure rather than act like some scientist trying to secretly produce a nuclear bomb

Regards,
Ghous.
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I believe . . .
  • #22,603
  • Feb 26, 2009 12:22pm Feb 26, 2009 12:22pm
Quoting g_j_hook@yah
its closed a nice pin on my demo feed!! i like this one. looks like a nice break of the wedge with a retest...and a nice pin to get you in there.MMMMMmm
89.15 ish looks good for an entry with the daily pivot ppz and a fib confluence
well there i go!!
PATIENCE... DISCIPLINE
  • #22,604
  • Feb 26, 2009 12:30pm Feb 26, 2009 12:30pm
Quoting squeezy
hey guys
sorry havnt posted much,reading for my exams
pls comments on dis pin, if it ends up as a pin
it lacks space to move down cos of the traffic (sideways movement to the left), right
therefore it is not a good pin
jst wanted to find out if im right.....
thnx guys
Squeezy,
From a newbie, I would agree with you, saying this is NOT a good pin (it closes in 30 mins for my chart). The questions I always ask -

"What made price form this pin?" and in this case, "It just broke out of this range (highlighted), why would it want to now change direction and trade back into/through this range?"

Finally, PPZ at 1.6550 could get in the way.

Just what goes on in my head. In any case, I'm only trading day/week charts at this point, so take my analysis as such.

Josh
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  • #22,605
  • Feb 26, 2009 12:32pm Feb 26, 2009 12:32pm
Here is a nice setup I caught on the Gj this afternoon, a BUOB resulting in the test the highs of 141. Ideally I would have closed half the position here and left the rest at BE, But this time of the month you want to grab at anything that comes your way Closed my entire position for 130 odd pips.

Regards,
Ghous.
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I believe . . .
  • #22,606
  • Feb 26, 2009 12:32pm Feb 26, 2009 12:32pm
Quoting jarroo
1.1450 is a Daily and Weekly Support level.
1.4300 is a Daily PPZ level.

1.4305 entry. Next bar break that was hard and fast.
Clear 1st target (blue area)

(4.) was the option I took for 63 pips on the 1st half stopped out at break even on the 2nd half.
Jarroo,

Is there any particular reason that you don't take the bearish PB (the one where your TP hitted). It bounce off Daily PPZ. Is it b/c of the it has small room to move before hitting another PPZ below it and small nose. It been days without setup on the daily, still waiting lol.
  • #22,607
  • Feb 26, 2009 12:35pm Feb 26, 2009 12:35pm
Quoting Jduester
Squeezy,
From a newbie, I would agree with you, saying this is NOT a good pin (it closes in 30 mins for my chart). The questions I always ask -

"What made price form this pin?" and in this case, "It just broke out of this range (highlighted), why would it want to now change direction and trade back into/through this range?"

Finally, PPZ at 1.6550 could get in the way.

Just what goes on in my head. In any case, I'm only trading day/week charts at this point, so take my analysis as such.

Josh
Ditto!! Well said Josh.

Regards,
Ghous.
I believe . . .
  • #22,608
  • Feb 26, 2009 12:36pm Feb 26, 2009 12:36pm
Quoting ghous
The BUOB just added confidence to the trade, i neither traded it's break nor any retrace into it. The entry was based primarily to get hold of a bull run which was anticipated from the BUOB off 1.27. I entered on the retrace to 1.275 ppz after we saw an autonomous break of it.

Trust me I am less than half aware of what I am doing. I am just carrying out a tentative task to try and practice what few of the pros are doing here (I mean Mark and Jeff) it's what best suited to my personality since I am less conservative by nature.

It's on demo and...
I really like your posts Ghous, entirely not my style at all, but I learn a ton from them. I am basically going to be as conservative as they come, until I can get some profits under my belt, and some more confidence as well. It's good for me to learn stuff like this though, I'd one day like to make similar more speculative trades, but with a greater knowledge, and a ability to profit from them. Ty keep sharing.
  • #22,609
  • Feb 26, 2009 12:42pm Feb 26, 2009 12:42pm
Quoting g_j_hook@yah
thanx bro ,great post.cristal clear as usual.
when im at home to trade full time(will have a couple of months from next week!!yipee)i never read the threads for this reason.without the time tested experience under your belt its all too easy to be influenced!
i trust my tech analysis fully as it is time tested,and because i know what i dont know,if that makes sence?but trading real cash is new for me and makes for blury edges,hehe
living and learning though.
Dunno when I'll be getting such an opportunity...

to sprinkle salt over the bruise I may even have to let go off price action for a 2 month preiod this coming May and June or else i'll be battling hard to cover my simultaneous exams along with trading, this I know will be a pathetic approach and IMO the best thing to do is what's more important when the time comes, I can always get back to trading after that
I believe . . .
  • #22,610
  • Feb 26, 2009 12:44pm Feb 26, 2009 12:44pm
Quoting g_j_hook@yah
well there i go!!
I don't mind that trade, no comment on it really, but for your entry I think you could of found a better entry at 89. Has some fib support, even number, and PPZ level. Something I've been trying is to play these levels fairly aggressively, but playing them with really tight stops, say like 10 pips or so, and hoping they hold. Just an idea, something I demo only, and not cash.

I know its only a few pips that you are saving, by not playing the pin break, but to me in this trade with a small profit target ahead of about 50 pips, I think it makes all the difference. (oh ok I see its only 8 pips lol, but still maybe worth consideration idk).

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  • #22,611
  • Feb 26, 2009 12:44pm Feb 26, 2009 12:44pm
What does everyone think of the 4hr bar on UJ thats forming. It's right near the 50fib on my chart
  • #22,612
  • Feb 26, 2009 12:46pm Feb 26, 2009 12:46pm
thnx josh...
Simplicity is the key to success
  • #22,613
  • Feb 26, 2009 12:49pm Feb 26, 2009 12:49pm
Quoting g_j_hook@yah
well there i go!!
Sweet!

BTW Shouldn't the 8940 region be of some worry??

Where do you plan to take your profits hook?
I believe . . .
  • #22,614
  • Feb 26, 2009 12:53pm Feb 26, 2009 12:53pm
Quoting Altitudes444
What does everyone think of the 4hr bar on UJ thats forming. It's right near the 50fib on my chart
Looks good if it closes as an IB.
  • #22,615
  • Feb 26, 2009 12:57pm Feb 26, 2009 12:57pm
Here is my chart
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  • #22,616
  • Feb 26, 2009 1:02pm Feb 26, 2009 1:02pm
Quoting Jlr
I don't mind that trade, no comment on it really, but for your entry I think you could of found a better entry at 89. Has some fib support, even number, and PPZ level. Something I've been trying is to play these levels fairly aggressively, but playing them with really tight stops, say like 10 pips or so, and hoping they hold. Just an idea, something I demo only, and not cash.

I know its only a few pips that you are saving, by not playing the pin break, but to me in this trade with a small profit target ahead of about 50 pips, I think it makes...
ha, great to see this post mate... im doing exactly the same!!just this minute entered the gb chf shoert on the retrace to 6700!!hehe

regarding my eu/gb entry it was from an entry order.
EDIT:same entry on my real account as this demo chart.
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PATIENCE... DISCIPLINE
  • #22,617
  • Feb 26, 2009 1:03pm Feb 26, 2009 1:03pm
Does anyone have a metatrader indicator that shows how much time is left till the bar closes?
  • #22,618
  • Feb 26, 2009 1:03pm Feb 26, 2009 1:03pm
Quoting Altitudes444
What does everyone think of the 4hr bar on UJ thats forming. It's right near the 50fib on my chart
r u talking about this one altitude,
also a newbie but let me just say dis
i think it has good location ........swing high / space to run
nose isnt really long but i think if it closes as a pin, it shld run first to 97.8 area

well, lets see wat others hav to say, sure im missing a couple of other points
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Simplicity is the key to success
  • #22,619
  • Feb 26, 2009 1:04pm Feb 26, 2009 1:04pm
cool man, keep in mind though, im still a total noob myself. just playing around with ideas, trying to figure out what works best for me. so far have done pretty well, but not a big enough sample of trades, need to keep practicing
  • #22,620
  • Feb 26, 2009 1:06pm Feb 26, 2009 1:06pm
Quoting enculée
Does anyone have a metatrader indicator that shows how much time is left till the bar closes?
this one does the Job

(make sure you check the "allow DLL imports" tab

Regards,
Ghous.
Attached File(s)
File Type: ex4 Clock v1_2.ex4   13 KB | 501 downloads
I believe . . .
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