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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

  • #25,341
  • Mar 30, 2009 11:21am Mar 30, 2009 11:21am
Guys, remember the USDCAD setup i posted?:
I'm now up 258 pips.

Daily charts are really the kindest these days. More consistent setups IMHO
http://i40.tinypic.com/2qiwio3.gif
100% of traders are losers. Just that some win more than they lose!
  • #25,342
  • Mar 30, 2009 11:32am Mar 30, 2009 11:32am
Quoting pipmyride
Well everyone knows the EJ weekly pin was an absolute beauty, but can the pros tell me what they think about this lower TF H1 pin which may continue the move down.
I don't normally trade the H1 so any thoughts appreciated ( i will feel quite excited if u tell me it is a good find - maybe i'm getting it ! )
Kind of ok find. Off a round number and the 38.2% fib. The key is to only take the ones at really good levels of confluence though.

There are too many good looking bar formations that will go against you real quick.

Take what Rac posts as an example. He wouldn't bother going short in that area at all. He'd ignore all signals all the way up to probably the 141.50-142.00 area where you are at deep fib retracement lines with multiple fib studies lining up. At the least. Throw in round numbers and weekly pivots etc and you'd have good reason to take an intraday trade. With practice. Gotta think quick and take spreads etc into account.

...and you are getting it. Just need chart time and pickier attitude.

Edit: oops . got the pairs mixed up. Look to GJ as my example.
Bundy's status today: "Waiting..."
  • #25,343
  • Mar 30, 2009 11:45am Mar 30, 2009 11:45am
Quoting Mr demark
Guys, remember the USDCAD setup i posted?:
I'm now up 258 pips.

Daily charts are really the kindest these days. More consistent setups IMHO
Very nice Mr. D.

I'm still in it (long) from my Rdb with 30ps stop @ 1.2180, from This post....

You just can't ignore certain areas, even if you took your setup from weekly Beovb, if you don't want to give away too many pips (practice, practice, practice)...
I will be closing this long very soon though (maybe 10-50 more ps) as I'm looking for $ fortunes to turn around again....(tonight?, anyone? )
  • #25,344
  • Mar 30, 2009 11:49am Mar 30, 2009 11:49am
Quoting raczekfx
Very nice Mr. D.

I'm still in it (long) from my Rdb with 30ps stop @ 1.2180, from This post....

You just can't ignore certain areas, even if you took your setup from weekly Beovb, if you don't want to give away too many pips (practice, practice, practice)...
I will be closing this long very soon though (maybe 10-50 more ps) as I'm looking for $ fortunes to turn around again....(tonight?, anyone? )
Rac....man you are always in the "ZONE ".....fantastick....can never get enough of your posts....

baz
  • #25,345
  • Mar 30, 2009 11:59am Mar 30, 2009 11:59am
Quoting bundyraider
Take what Rac posts as an example....
Hi Bundy,

I know, you're talking about gj, but I have to confess I took that 1pb e/j retracement around the left eye with 16ps stop (above left eye high).
I was looking for a bounce to around 2810/10 but that pin changed my plans.
This trade however was an Intra-day scalp targeting previous bar low, for a quick 50-60ps paycheck...
My longer term shorts on e/j and g/j hit my targets just after 3am est...
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  • #25,346
  • Mar 30, 2009 12:08pm Mar 30, 2009 12:08pm
Quoting baz
Rac....man you are always in the "ZONE ".....fantastick....can never get enough of your posts....

baz
Hey Baz
Before you thank me, thank James first...
My entire trading is based on his method with a small twist here and there thanks to R&D...

He's not telling us everything yet (and I'm glad for that), but if you watch his videos few times, you should have more than few A-HA moments, which should empower you to do some research and eventually come up with a good and profitable trading plan for yourself. I'm glad that James does things the way he does instead of spoon feeding us...

He's method is such a gem, that I'll be looking for a new broker real soon. One of my brokers is fxcm and even though they claim not to, I suspect, I'm being on manual execution. If that was not the case, why would my market orders take 2-3 minutes to open in a slow moving market...
good thing these guys don't understand PA, otherwise my orders would be in a waiting queues for 4hrs....lol
  • #25,347
  • Mar 30, 2009 12:11pm Mar 30, 2009 12:11pm
Quoting raczekfx
My longer term shorts on e/j and g/j hit my targets just after 3am est...
Hey Rac-

I am the unluckiest trader when it comes to taking profit. I had my TP at 126.20 (just above the 38 fib on the large move up) and my broker showed a low of 126.40 or thereabouts. This seems to happen quite often to be honest. When you set your TP around ppz's or fibs or other confluence, do set your TP just above/below these areas by an arbitrary number of points? It seems lately that I am sooo close but then it turns around once it catches a glimpse of my TP area.

I'm still in the trade. I have locked in about 50 pips. I will leave it at that. This was a weekly trade setup and I don't want to mess with it anymore. Because usually when I do, price will eventually reverse and hit my original TP anyway.

Just curious if there is any helpful wisdom you may provide.

Thanks,
-G550
  • #25,348
  • Mar 30, 2009 12:12pm Mar 30, 2009 12:12pm
Quoting raczekfx
Before you thank me, thank James first...
My entire trading is based on his method with a small twist here and there thanks to R&D...

He's not telling us everything yet (and I'm glad for that), but if you watch his videos few times, you should have more than few A-HA moments, which should empower you to do some research and eventually come up with a good and profitable trading plan for yourself. I'm glad that James does things the way he does instead of spoon feeding us...

He's method is such a gem, that I'll be looking for a new broker real...
Rac
i have already done that....but in a PM....James.is a Unique guy in this SHARK INFESTED world of FOREx.....but i get your DRIFT...thanks,and please keep posting....

baz
  • #25,349
  • Mar 30, 2009 12:26pm Mar 30, 2009 12:26pm
but....

no PA at the moment but i sooooo badly want to go long from here
50%ret to rising TL where it meets PPZ and 150 and 365ema and a round number

it's almost too much

maybe just a small bite
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  • #25,350
  • Mar 30, 2009 12:27pm Mar 30, 2009 12:27pm
Quoting alter
Hello guys.
Do you have such a huge gap on EURCHF , daily chart FxPro, data feed? It looks OK on other timeframes.
alter
i have had this same issue as well, only on daily chart, missing all bars from 10/15-3/1. ??? it is only a demo feed.
on a related note, the snb has said that they would like for this pair to be between 1.60-70 and that future intervention is possible. from the looks of it this pair is trending back down to 1.50 area, maybe lower after eu rate cute? so i will be looking for strong bullish pa at some point & any news/rumors that the snb might intervene again. thoughts anyone?
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  • #25,351
  • Mar 30, 2009 12:31pm Mar 30, 2009 12:31pm
Quoting raczekfx
Hi Bundy,

I know, you're talking about gj, but I have to confess I took that 1pb e/j retracement around the left eye with 16ps stop (above left eye high).
I was looking for a bounce to around 2810/10 but that pin changed my plans.
This trade however was an Intra-day scalp targeting previous bar low, for a quick 50-60ps paycheck...
My longer term shorts on e/j and g/j hit my targets just after 3am est...
this guys trades against himself...& both sides are profitable
  • #25,352
  • Mar 30, 2009 12:34pm Mar 30, 2009 12:34pm
hey G5,
it's really a personal dec. whether you hold your trade for days, weeks or hours.
when I take a trade, even if it's off weekly I always have my ppz drawn and set my profits tps before they are hit. Remember what you see, post, etc... is being watched by thousands of traders, this is why you have to be smarter (more unique is perhaps a better word) to have the edge. The reason ppz, fibs, tl and everything else works is because it's self fulfilling prophecy, nothing else. Millions are watching those levels and pull triggers simultaneously. This is THE ONLY REASON why FIBS, EMA and everything else works. If you remember this, you'll ahead of the game and in the small % of people who make few cents here and there. The rest is only a following crowd. And if you're a follower.... it reminds me of a heard being led to a slaughter (excuse my expression).
Many will disagree, but who cares (everyone is entitled to their own opinion). For me trading is 80% based on psychology, 10% on knowledge and 10 on bar formation. This is exactly why people with PHDs fail this business more often than a group of 5 year olds....
Once you see emotions and perceive the market as a breathing, living organism, instead of the random numbers, you will again have a chance to be better than those who jump at every single 1hr pb, not knowing why it happened where it happened..
apologies for the long rant...

anyways, below are my weekly zones, I watched and used for determining where price could have some difficulties and perhaps bounce...


Quoting G550
Hey Rac-

I am the unluckiest trader when it comes to taking profit....
Attached Images
  • #25,353
  • Mar 30, 2009 12:42pm Mar 30, 2009 12:42pm
Quoting dkmb92
i have had this same issue as well, only on daily chart, missing all bars from 10/15-3/1. ??? it is only a demo feed.
on a related note, the snb has said that they would like for this pair to be between 1.60-70 and that future intervention is possible. from the looks of it this pair is trending back down to 1.50 area, maybe lower after eu rate cute? so i will be looking for strong bullish pa at some point & any news/rumors that the snb might intervene again. thoughts anyone?
Mine appears OK. Perhaps try right clicking on the chart and pick refresh? Just a thought.
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Ghost Rider - WWTBMD?
  • #25,354
  • Mar 30, 2009 12:58pm Mar 30, 2009 12:58pm
Quoting raczekfx
hey G5,
it's really a personal dec. whether you hold your trade for days, weeks or hours.
when I take a trade, even if it's off weekly I always have my ppz drawn and set my profits tps before they are hit. Remember what you see, post, etc... is being watched by thousands of traders, this is why you have to be smarter (more unique is perhaps a better word) to have the edge. The reason ppz, fibs, tl and everything else works is because it's self fulfilling prophecy, nothing else. Millions are watching those levels and pull triggers simultaneously....
What a great post! And I totally agree with you and I've been training my mind to act like that... thank you!
  • #25,355
  • Mar 30, 2009 1:04pm Mar 30, 2009 1:04pm
Recent pin bar with confluence. Rejected at 50% Fib, and sitting on both the 150 & 365 EMA.

If the current bar can break to downside, might be able to take a few quick pips on the way to the 1.1450 area.

If it closes above the EMA's, I'll be looking for a slight retrace to test new support and take it long.

Iknow that's a lot if "IF's"....but I'm still working on spotting and analyzing what will make some set-ups better than others. So bear with me..
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  • #25,356
  • Mar 30, 2009 1:10pm Mar 30, 2009 1:10pm
Quoting albchr
Mine appears OK. Perhaps try right clicking on the chart and pick refresh? Just a thought.
I had the same problem and refresh sorted it out.

Thanks for that.
  • #25,357
  • Mar 30, 2009 1:20pm Mar 30, 2009 1:20pm
starting about 3 weeks ago i try to stop in every day and skim every post since my last post.

doing that right now and proud doesnt do it justice.

i see the old timers helping day in and day out.

i see the mid level people starting to get it and showing that excitement that comes with starting to get it. YOU are the next generation of old timers.

i see the brand new people asking the questions that we all asked early on and feeling nervous in doing so and i see people purposely jumping in quickly to make them feel safe and secure.

i see a thread i started many years ago doing what i started it for... helping people.

i see a group of great friends and decent people that give of themselves.

i see greatness because so many of you show love, kindness and a willingness to help your fellow man/woman.


im proud of all of you.

damn proud.







Quoting jarroo
Gotta go gang. Great trades today.

I'm sure we made James16 (Jim) proud today.

Later,

Jim
  • #25,358
  • Mar 30, 2009 1:22pm Mar 30, 2009 1:22pm
Quoting raczekfx
hey G5,
it's really a personal dec. whether you hold your trade for days, weeks or hours.
when I take a trade, even if it's off weekly I always have my ppz drawn and set my profits tps before they are hit. Remember what you see, post, etc... is being watched by thousands of traders, this is why you have to be smarter (more unique is perhaps a better word) to have the edge. The reason ppz, fibs, tl and everything else works is because it's self fulfilling prophecy, nothing else. Millions are watching those levels and pull triggers simultaneously....
Long rants are welcome...as many have said...your explanations always have some relevancy

It isn't so much my inability to pick out the right zones, but I'm unlucky enough to pick out the areas that price comes to very, very close and reacts before it gets there. I was looking for 300+ pips; maybe next time it will be 275

Thanks, Rac.

-G550
  • #25,359
  • Mar 30, 2009 1:24pm Mar 30, 2009 1:24pm


you did this.

i gave you a simple easy method and YOU made it work.

Quoting TiaForex
6 trades taken this month.

2 break evens, 4 winners, zero losers

James16, thank you thank you thank you.
  • #25,360
  • Mar 30, 2009 1:34pm Mar 30, 2009 1:34pm
Quote
apologies for the long rant...


hi rac,this is the only thing wrong with that post mate. i agree 100% with everything else!!
just in case anyone missed it ...80% psycology!! (lets face it, it takes 15 minutes to learn how to identify a pin bar...)
PATIENCE... DISCIPLINE
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