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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

  • #25,761
  • Edited Apr 2, 2009 1:14am Apr 1, 2009 11:52pm | Edited Apr 2, 2009 1:14am
Quoting jarroo
Its just an observation.

It may regain it's respect and bounce back up to 1.2700. I'm just looking for it to regain it as it breaks through and then act as Resistence.
Just to answer my own question. "Then why don't you wait for the break below the 1.2540?"
That makes sense.

Sorry to keep bring this up, but it changed my trading immensely.

James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
Indicators show the past. Price Action "Indicates" the future.
  • #25,762
  • Apr 2, 2009 12:06am Apr 2, 2009 12:06am
My second post and my take on the account size situation.

I worked hard in my other business for 20 + years, sold the business, and probably have a big enough account to live trade and make a living.
BUT although I have experience with shares etc my Forex experience is next to zero.
SO the way I see it, I still need to maintain a job, part time or what ever, till i become very proficient/consistent with this venture (as per j16 main rules). Money is way too hard to come by to put it all up and have a punt on something that i know little about.
We all need to have a healthy respect for the $$$ for our own sakes and for our families etc.

Cheers Gov

PS I'm watching the U/C on my demo platform and hope to learn a lesson over the next day or so.

PPS. I wonder if that helped anyone or just ME!!



Quoting james16
very nice mike.

i try very hard to be general and not a hard ass about most things that get brought up in this thread.

im gonna be hard ass about this.

if you happen to read mikes post and your not buying it you should close up shop right now.

close your trading accounts and put your money in something like a good mutual fund or something similar. even a savings account would be fine.

at least you have a chance at keeping your principle.

jim
  • #25,763
  • Apr 2, 2009 12:29am Apr 2, 2009 12:29am
Hi Guys
With all the discussion about the U/C anyone else interested in the E/Chf
I think someone mentioned it in an earlier post.
Two day pin-bar at a swing low with nose poking through 38.2 fib.
Could be good for 100 pips before first serious obstacle.
Anyone see any problems with this?
Good luck all
  • #25,764
  • Apr 2, 2009 12:34am Apr 2, 2009 12:34am
Quoting daveadamsbds
Hi Guys
With all the discussion about the U/C anyone else interested in the E/Chf
I think someone mentioned it in an earlier post.
Two day pin-bar at a swing low with nose poking through 38.2 fib.
Could be good for 100 pips before first serious obstacle.
Anyone see any problems with this?
Good luck all
Looks good dave.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #25,765
  • Apr 2, 2009 12:55am Apr 2, 2009 12:55am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
Looks good dave.
If this plays out the way it looks to be going, it will create a WK pin coming of good support and has room to run, i know we still have time for the pin to be removed - any views

I also see of the wk a 50% fib at 1.5228, entry for me on the D2 pin will be after this break with the first tp for 40pips.

still looking at this but would appreciate some comments
  • #25,766
  • Apr 2, 2009 1:00am Apr 2, 2009 1:00am
it helped anyone that read it and took it seriously.

i could show you guys/gals emails that would curl your toes.

i have emails from people that took family fortunes and lost them in the first month of trading on 5 minute charts.

im talking fortunes folks not just 100 grand.

i have more than a couple of those emails that ended with serious talks of suicide if they couldnt find a way to get it back.

literally begging me to help them.

i lay awake at night sometimes thinking about them.



NICE POST GOV,

JIM








Quoting Gov
My second post and my take on the account size situation.

I worked hard in my other business for 20 + years, sold the business, and probably have a big enough account to live trade and make a living.
BUT although I have experience with shares etc my Forex experience is next to zero.
SO the way I see it, I still need to maintain a job, part time or what ever, till i become very proficient/consistent with this venture (as per j16 main rules). Money is way too hard to come by to put it all up and have a punt on something that i know little about.
We...
  • #25,767
  • Apr 2, 2009 1:05am Apr 2, 2009 1:05am
Quoting jarroo
Here's my thoughts on the Cad Daily PB.

Is it an A+ setup? No. Is it in the "A" category? I think so.

Would Mike take it? No way. Would Jim take it? Maybe, but probably not.

The barrier, I believe is the 1.2540ish Daily PPZ level noted by the green box. But I see that this barrier(1.2540ish) has lossed its respect (noted by the plum boxes) where Price smashed through it several times.

A hard break of this level will confirm the setup for me. Let's see what happens. I'm in at 1.2564.

Are there better setup just around the...
Very nice analysis Jaroo, Luv your work!

And of course Jim, god knows where we'd be without the master!
  • #25,768
  • Apr 2, 2009 1:15am Apr 2, 2009 1:15am
Quoting Jduester
...
I like that phrase that Jarroo brought up a few weeks back and has been repeated a bit lately: High Quality PA Setups will have good Momentum as well.
....


Josh
Yes the momentum, that is something important
Several people written they don't like the break. I disagree, I did not await some kind of stron momentum at 1-2 CET while most of the market is asleep. Yet still lookt at the picture. I think it is worth to think about it...
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Resistance is futile.
  • #25,769
  • Apr 2, 2009 1:16am Apr 2, 2009 1:16am
i think this is one of those trades thats going to give a set of choices.

a profit
a breakeven
a partial profit and breakeven
a loss.

if i had taken the initial break my stop would be at breakeven right now and i would be looking for 2500 to watch and see if it turns quickly.

if it did some comes off the table. if not and it closes under that level im looking for a bigger move.

its 2536 as i post this.

jim

Quoting jarroo
Here's my thoughts on the Cad Daily PB.

Is it an A+ setup? No. Is it in the "A" category? I think so.

Would Mike take it? No way. Would Jim take it? Maybe, but probably not.

The barrier, I believe is the 1.2540ish Daily PPZ level noted by the green box. But I see that this barrier(1.2540ish) has lossed its respect (noted by the plum boxes) where Price smashed through it several times.

A hard break of this level will confirm the setup for me. Let's see what happens. I'm in at 1.2564.

Are there better setup just around the corner?...
  • #25,770
  • Apr 2, 2009 1:27am Apr 2, 2009 1:27am
Hello
Anothe SL on GBPCAD, H4 chart.
PIN bar at the swing high + there is also nice daily PPZ
alter
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  • #25,771
  • Apr 2, 2009 1:35am Apr 2, 2009 1:35am
Quoting james16
i think this is one of those trades thats going to give a set of choices.

a profit
a breakeven
a partial profit and breakeven
a loss.

if i had taken the initial break my stop would be at breakeven right now and i would be looking for 2500 to watch and see if it turns quickly.

if it did some comes off the table. if not and it closes under that level im looking for a bigger move.

its 2536 as i post this.

jim
Thanks Jim.

(edit: For Pete's sake, i don't know how to spell 'lost' . . lossed. lol)
Indicators show the past. Price Action "Indicates" the future.
  • #25,772
  • Apr 2, 2009 1:37am Apr 2, 2009 1:37am
Quoting alter
Hello
Anothe SL on GBPCAD, H4 chart.
PIN bar at the swing high + there is also nice daily PPZ
alter
Hi, I wouldn't consider that one as a valid one. The line would be ok for me when rounded up to 1.8300 . Market loves big round numbers and on daily it would look like almost the same.

Correct me someone if I am wrong
Resistance is futile.
  • #25,773
  • Apr 2, 2009 3:30am Apr 2, 2009 3:30am
I have to say, this thread has been on fire these last few weeks. The amount of wisdom being posted is astonishing.

I'm grateful to all of you for making it so great. First thing in the morning I read every single post since I last logged on and have been doing that for 6 months. It's amazing.
  • #25,774
  • Apr 2, 2009 3:35am Apr 2, 2009 3:35am
Quoting daveadamsbds
Hi Guys
With all the discussion about the U/C anyone else interested in the E/Chf
I think someone mentioned it in an earlier post.
Two day pin-bar at a swing low with nose poking through 38.2 fib.
Could be good for 100 pips before first serious obstacle.
Anyone see any problems with this?
Good luck all
Looking good dave. Nice hard break.
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Indicators show the past. Price Action "Indicates" the future.
  • #25,775
  • Apr 2, 2009 3:40am Apr 2, 2009 3:40am
Quoting Sn3hul4k
Hi, I wouldn't consider that one as a valid one. The line would be ok for me when rounded up to 1.8300 . Market loves big round numbers and on daily it would look like almost the same.

Correct me someone if I am wrong
PPZ is not exact price but more an area of support and resistance.
  • #25,776
  • Apr 2, 2009 3:47am Apr 2, 2009 3:47am
I have moved to be with the U/C pin bar, now a free trade, I think although theres a lot of hurdles in the area, its useful to a least be in with a free trade incase it breaks down, if not, nothing lost.

On the account size issue, reading the advice of the experienced members I initially felt it was too conservative, I already had adjusted my expectations from making a living off scalping to building my account on the weekly/daily (4hourly after 6 months and 3months demo) to 50k then going full time.

However I think if you can build an account to 50k over a 2 years by then you will have developed some excellent skills and why not keep working to cover bills develop more, learn more, build the account up to 500k. It may take 5 years at 2% with one trade a week at 1:1, it may take longer or less time. One thing I have noticed, if you inject some capital while you build your account, say £50 a week you can reduce the time to get to the amount.
Economists have forecast 9 out of the last 5 recessions
  • #25,777
  • Apr 2, 2009 3:51am Apr 2, 2009 3:51am
I,m in the Eur/Chf long and nicely into profit but I've already put my stop at BE.

Why? - nervous about the ECB rate announcement.

Must admit to not doing my fundamentals homework properly before entering this trade- only just realised announcement was today.
  • #25,778
  • Apr 2, 2009 4:12am Apr 2, 2009 4:12am
Hi all,
This is my first post here. I have been reading this thread for a while.

First of all thanks to all the seniors (you know who you are) and of course jim. This thread is pure wisdom. I feel blessed to have found it.

I am posting because of this:

"it helped anyone that read it and took it seriously.

i could show you guys/gals emails that would curl your toes.

i have emails from people that took family fortunes and lost them in the first month of trading on 5 minute charts.

im talking fortunes folks not just 100 grand.

i have more than a couple of those emails that ended with serious talks of suicide if they couldnt find a way to get it back.
literally begging me to help them.

i lay awake at night sometimes thinking about them.



NICE POST GOV,

JIM"

It so deeply resonated with me that i just had to say something. i have been there - not necessarily fortunes but big enough sum. Looking back i just can't believe how it happened. I mean if somebody have told me this as a story about someone else i would have said it's madness!

How can a grown up fairly logical man do that?!

Jim, you should put that post up on page 1. If there is only one post somebody reads in this thread that is it.

Thank you everybody for the excellent advice.

ps. i know this kind of posts get redundant and boring but i thought what the hell.
  • #25,779
  • Apr 2, 2009 4:20am Apr 2, 2009 4:20am
Quoting alter
PPZ is not exact price but more an area of support and resistance.
Ye, I know that, just when I look at that chart and the shape of that Hammer, I would want a rly great reason to enter. PPZs are not exact, round numbers just adds them more reliability from what I've seen so far and that s/r from daily chart could be placed to the round number almost without noticing any change from daily chart, but zoomed it would change the chances... My opinion only
Resistance is futile.
  • #25,780
  • Apr 2, 2009 4:25am Apr 2, 2009 4:25am
Quoting jarroo
Looking good dave. Nice hard break.
Might find resistance off 200EMA?
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Economists have forecast 9 out of the last 5 recessions
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