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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

  • #24,601
  • Mar 24, 2009 2:05am Mar 24, 2009 2:05am
hello alter,

your 4 hour bar found trouble at the previous bar lows and the 365 ema.

did you expect those areas to act as support?

are you on demo or real money?

have you mastered daily charts for several months first?

how many trades a month are you taking on average based on what we teach in this thread?

hope you dont mind my questions.

jim









Quoting alter
Another failed setup on GBPUSD. There is daily PPZ at 1.4650, nice 4H BEOB developed from this area but was stop out as expected.
  • #24,602
  • Mar 24, 2009 2:19am Mar 24, 2009 2:19am
Hello Jim
I expected next support at 1.4400, at the previous swing low. 1.4458 didn't look significant to me so I expected little trouble at the area but not that big.
I trade real money , 1% risk per trade.
Regarding daily/weekly charts , I wouldn't say I have better results than on H4, it is the same. But I don't have a lot of daily / weekly trades , maybe 5 daily /3 weekly per month on avarage
Anyway I thought this is good setup, good location, nices looking bar, the same as CADJPY PIN yesterday, but unfortunately both with the same result.

alter
  • #24,603
  • Mar 24, 2009 2:20am Mar 24, 2009 2:20am
Quoting Jduester
This pinbar, noted as bar 2 was talked about earlier today. The chart shows my findings over the past few weeks testing 1990-2005 data for some of the major pairs. Hope this finds relevance for some of you. I know it has for me. Of course, don't take my word for it... test it yourself too!

Josh
Wonderful post....i'll thake notice of this.
Patience is essential
  • #24,604
  • Mar 24, 2009 2:21am Mar 24, 2009 2:21am
[quote=Jlr;2624281]Tyvm, didn't even think of that..../quote]


Jlr,
lol.. i thought u were referring to other futures charts other than Dow's.
  • #24,605
  • Mar 24, 2009 2:30am Mar 24, 2009 2:30am
Quoting mbqb11
Hey Benem

This is always one of the toughest questions to answer....
I'll follow your advise.
You are an example on this forum for the total commitment you give to this JOB.

Thanks Mike.
Patience is essential
  • #24,606
  • Mar 24, 2009 2:33am Mar 24, 2009 2:33am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting alter
Another failed setup on GBPUSD. There is daily PPZ at 1.4650, nice 4H BEOB developed from this area but was stop out as expected.
mine closed as a 4h PB which has just been broken.

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  • #24,607
  • Mar 24, 2009 2:38am Mar 24, 2009 2:38am
Quoting alter
Another failed setup on GBPUSD. There is daily PPZ at 1.4650, nice 4H BEOB developed from this area but was stop out as expected.
u did not mention your entry location, but if u indeed expected to get stopped out, u could've gotten out sooner, or at least a quick move of your stop to break even..


Quote
1.4458 didn't look significant to me so I expected little trouble at the area but not that big....
zoom out your daily chart & u'll see 1.4550 acted as support/resistance as far back as Nov.13'08. & as Sir Jim mentioned, 365EMA was also at the same price. You should be more aware of sppt/rsst/ppz significant to the market.

also, gbp is weak BUT $ has been weaker in the past few days. so the PB on your FXPro H4 chart is a "take-a-rest" &/or continuation PB.

Next trade, alter....
  • #24,608
  • Mar 24, 2009 2:42am Mar 24, 2009 2:42am
Sir Jim/james16,
just curious as to why u are "still" up? or have u already slept & are now ready to start your day?
There must be some particular market movements that invoked an interest in u...
  • #24,609
  • Mar 24, 2009 2:46am Mar 24, 2009 2:46am
i think your analysis of the bar lows at 4400 is spot on but the 365 and the other bar lows were in the way.

its hard for me to see your chart.

how many pips were between the break of your outside bar and where it reversed at the 365?

jim

Quoting alter
Hello Jim
I expected next support at 1.4400, at the previous swing low. 1.4458 didn't look significant to me so I expected little trouble at the area but not that big.
I trade real money , 1% risk per trade.
Regarding daily/weekly charts , I wouldn't say I have better results than on H4, it is the same. But I don't have a lot of daily / weekly trades , maybe 5 daily /3 weekly per month on avarage
Anyway I thought this is good setup, good location, nices looking bar, the same as CADJPY PIN yesterday, but unfortunately both with the same result....
  • #24,610
  • Mar 24, 2009 2:56am Mar 24, 2009 2:56am
Supremechaos, I expected to be stopped out as I do on every trade. Ok you can say there is some S/R area at 1.4450 but you can find this kind of small S/R almost everywhere. I wouldn't take any setup at all if I consider any minor obstacle.

Jim the trade was about 35 pips positive at the most. But the risk was 160pips.

alter
  • #24,611
  • Mar 24, 2009 3:03am Mar 24, 2009 3:03am
stay with me here. if you will we can all learn.

if you had noticed that area would you have brought your stop to breakeven, taken full profit or taken partial and brought your stop to breakeven?

would you under any circumstances have left your stop at any level of loss if you had taken that area into consideration as support when price reached that level?

jim



Quoting alter
Supremechaos, I expected to be stopped out as I do on every trade. Ok you can say there is some S/R area at 1.4450 but you can find this kind of small S/R almost everywhere. I wouldn't take any setup at all if I consider any minor obstacle.

Jim the trade was about 35 pips positive at the most. But the risk was 160pips.

alter
  • #24,612
  • Mar 24, 2009 3:16am Mar 24, 2009 3:16am
Quoting MPP
mine closed as a 4h PB which has just been broken.
Nice jay. Grab those pips quick . .running into traffic which may turn into support.
Indicators show the past. Price Action "Indicates" the future.
  • #24,613
  • Mar 24, 2009 3:16am Mar 24, 2009 3:16am
Well, actually I considered the high of the BEOB and PPZ at 1.4650 as a much stronger resistance. So even if first attempt to get through ema365 were not successful there still would be good chance for trade to go in my favor. If I take 35 pips and have 160 pips SL my RRR would be very low and I would need to have at least 80% winners jsut to BE.




Quoting james16
stay with me here. if you will we can all learn.

if you had noticed that area would you have brought your stop to breakeven, taken full profit or taken partial and brought your stop to breakeven?

would you under any circumstances have left your stop at any level of loss if you had taken that area into consideration as support when price reached that level?

jim
  • #24,614
  • Mar 24, 2009 3:27am Mar 24, 2009 3:27am
risk/reward ratios will never even be a consideration for you ever again when you learn to not hope on something happening.

i think your closer to figuring this stuff out than you know. i wasnt sure after you posted your charts but i am now.

what you just said is this....

i was willing to risk a huge loss because i was hoping that the 365 would not hold. when it did hold the amount of positive pips did not meet what i have learned about RRR so i had to ignore it to be trading "right"

read that until it really sinks in.

if that 35 pips had been worth 5 grand would you have watched it take you out for a 20 grand loss?

jim







Quoting alter
Well, actually I considered the high of the BEOB and PPZ at 1.4650 as a much stronger resistance. So even if first attempt to get through ema365 were not successful there still would be good chance for trade to go in my favor. If I take 35 pips and have 160 pips SL my RRR would be very low and I would need to have at least 80% winners jsut to BE.
  • #24,615
  • Mar 24, 2009 3:42am Mar 24, 2009 3:42am
Quoting jarroo
Nice jay. Grab those pips quick . .running into traffic which may turn into support.
Hey Bro,

What happened with your other half on Uj, I gues you took the first one off at 97,

You were anticipating Uj to hit those bar highs near 98 remember?

Nice trade BTW, wasn't A+ but if you know what you're doing it's always worth a bagful of pips,

Again it's for ppl with calibers near that of Jarroo

Regards,
Ghous.
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I believe . . .
  • #24,616
  • Mar 24, 2009 3:44am Mar 24, 2009 3:44am
Quoting alter
Well, actually I considered the high of the BEOB and PPZ at 1.4650 as a much stronger resistance. So even if first attempt to get through ema365 were not successful there still would be good chance for trade to go in my favor. If I take 35 pips and have 160 pips SL my RRR would be very low and I would need to have at least 80% winners just to BE.
alter,
we take what the market gives. 35 pips is not bad, considering the PB u took. also, u know full well that u are not limited to taking only 35pip profits everytime u trade. this could've been 1 of those trades wherein your profit were small.
Another thing, Sir Jim's creative take/perspective below, speaks volumes...



Quoting james16
........
if that 35 pips had been worth 5 grand would you have watched it take you out for a 20 grand loss?
jim
Superb analogy, Sir. This is i think the best way to look at it (giving importance to a profit, no matter how small or big).
  • #24,617
  • Mar 24, 2009 3:45am Mar 24, 2009 3:45am
Quoting james16
risk/reward ratios will never even be a consideration for you ever again when you learn to not hope on something happening.

i think your closer to figuring this stuff out than you know. i wasnt sure after you posted your charts but i am now.

what you just said is this....

[b][i][u]i was willing to risk a huge loss because i was hoping that the 365 would not hold....
this needs to be on the first page Jim with the title: "A word on risk/reward"

We have a lot of ppl asking this question...

Regards,
Ghous.
I believe . . .
  • #24,618
  • Mar 24, 2009 3:47am Mar 24, 2009 3:47am
Yes Jim this is exactly what I thought it was just not enough pips to take. I was watching this trade to have a trouble at that area, but I didn't feel like to do anything with it at the time.
Thank you for your help, I hope I can do it right next time. I will let you know If I can.
Thank you
aler
  • #24,619
  • Mar 24, 2009 3:48am Mar 24, 2009 3:48am
Quoting ghous
Hey Bro,

What happened with your other half, I gues you took the first one off at 97,

You were anticipating Uj to hit those bar highs near 98 remember?

Nice trade BTW, wasn't A+ but if you know what you're doing it's always worth a bagful of pips,

Again it's for ppl with calibers near that of Jarroo

Regards,
Ghous.
Hey ghous, when I grabed the 42 pips, I move to break even on the 2nd half and it got me. I was think of moving my stop loss to -42 pips so if I did get stopped out it would have been a net zero trade, but I decided to banks some.
Indicators show the past. Price Action "Indicates" the future.
  • #24,620
  • Mar 24, 2009 3:49am Mar 24, 2009 3:49am
Quoting jarroo
Ghous and I were looking at the 2 day PB on the Usd/Jpy. Nice hard break, caught 42 pips/ breakeven on that one. It will now probably go to the moon. lol
ghous,
he got a piece of it..
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