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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

  • #26,181
  • Apr 5, 2009 7:58pm Apr 5, 2009 7:58pm
Quoting albchr
Hi folks,

I'm currently in this trade for 1 standard lot. It's going very well but as I'm just learning here (been reading and watching videos almost non stop since last Monday), I'm wondering if I just got lucky, or if this was indeed a reliable pin.

I would have felt better if this had closed higher than it opened. Is that thinking correct?

Because it closed lower I placed my entry 40 pips above it's high instead of the suggested 10 which also put it slightly above the 50 fib which I thought would be safer. I managed it all last week moving...
Hey Chris! Congrats on your good fortune in this GU long. There was quite the discussion back when this opportunity presented itself. Maybe this link will show you what was hashed over concerning this trade starting with my comments. Take care bro! Don't spend all that $ in one place.

http://www.forexfactory.com/showthre...51#post2639251
  • #26,182
  • Apr 5, 2009 8:32pm Apr 5, 2009 8:32pm
Quoting KissFan
Hey Chris! Congrats on your good fortune in this GU long. There was quite the discussion back when this opportunity presented itself. Maybe this link will show you what was hashed over concerning this trade starting with my comments. Take care bro! Don't spend all that $ in one place.

http://www.forexfactory.com/showthre...51#post2639251
Thanks FissFan and ...LOL... I remember the conversation well. In fact I was the third post after yours and I was saying that I "saw resistance" at 4331...LOL I placed the order at 4334.

That's actually why I'm asking about this pin. There was a lot of discussion on it and I was on the other side initially thinking it wouldn't pan out long. It was...a gut feeling.... along with that pin that made me go for it. I can sit here and watch so did I have my finger on the close button? You betcha! Came close several times to pulling the trigger and getting out.

So, intuition or good setup? I'm still not sure...

I downloaded the Forex Tester trial so I can practice faster. I just HAVE to know if it was luck or a good spot. By the looks of it, I may get to move my stop yet again....
Ghost Rider - WWTBMD?
  • #26,183
  • Apr 5, 2009 8:56pm Apr 5, 2009 8:56pm
Quoting albchr
So, intuition or good setup? I'm still not sure...

I downloaded the Forex Tester trial so I can practice faster. I just HAVE to know if it was luck or a good spot.

See, you're going to get different answers from different people. Some people considered that set up fully tradeable, others passed on it quite easy.

Unfortunately YOU have to work out if that trade was good or not. So my advice is to decide on how you'd like to exit this trade, whether by your current method, or based on your S/R analysis. Then appreciate the great run and then continue to practice, practice, practice.

I understand your psychology with your post.
And a nice post from someone senior expressing what a great trade that was will do wonders to settle your worry and you'll be looking for setups that emulate this one. On the other side, someone senior posting that it was a lucky trade will also settle your worry, and you'll work hard to avoid such set ups in the future. But the problem with that, is your basing your decisions on other peoples personalities.

The way you managed this trade tells me that you have patience and an ability to keep calm and look objectively on what you've done, which tells me that you should really be defining your set ups based on your personality and not others. Which is personal practice, practice, practice.

IMHO
  • #26,184
  • Apr 5, 2009 9:27pm Apr 5, 2009 9:27pm
Quoting Blackinc
See, you're going to get different answers from different people. Some people considered that set up fully tradeable, others passed on it quite easy.

Unfortunately YOU have to work out if that trade was good or not. So my advice is to decide on how you'd like to exit this trade, whether by your current method, or based on your S/R analysis. Then appreciate the great run and then continue to practice, practice, practice.

I understand your psychology with your post.
And a nice post from someone senior expressing what a great trade that was will...
Thanks Blackinc,

I know you're right about me having to work it out. Seeing how I was introduced to this thread and Jim's method about a week ago, I was looking more for a technical analysis of whether or not I'm picking up on it. I guess perhaps a "grade" if you will and not so much a pat on the back for what a great trade it is.

Before last week, I was over in "other" threads trying to figure out how to effectively scalp some pips out everyday. It was both frustrating and quite nerve wracking and the results were mixed at best. Since reading and learning in here, I've had two trades I never thought possible. This one and a 200 pipper last week on the CAD. Perhaps what's freaking me is how easy and relaxed these two trades were.

Whenever something comes that easy I tend to step back and say hold on before getting caught up in the euphoria of it all and going off thinking "I've got it now"...LOL

But the one thing I know for sure is like you say, Practice..Practice...Practice!

Thanks again!
Ghost Rider - WWTBMD?
  • #26,185
  • Apr 5, 2009 9:35pm Apr 5, 2009 9:35pm
Albchr, I took this trade myself, ppz 2 fibs sexy pin the location on the ppz at 1.4250. I am far from senior but the diapers are off and this was a legit trade in my eyes watch for drama @1.4983 feb 9 high. Myself looking at 1.5086 to a ppz @1.5150 letting pa guide the way your not alone good job btw my sl moved to1.4841 refuse to leave money on the table personal problem I guess hehe !!
  • #26,186
  • Apr 5, 2009 9:43pm Apr 5, 2009 9:43pm
Quoting Blackinc
See, you're going to get different answers from different people. Some people considered that set up fully tradeable, others passed on it quite easy.

Unfortunately YOU have to work out if that trade was good or not. So my advice is to decide on how you'd like to exit this trade, whether by your current method, or based on your S/R analysis. Then appreciate the great run and then continue to practice, practice, practice.

I understand your psychology with your post.
And a nice post from someone senior expressing what a great trade that was will...
Yep very well said.

I could give you 10 reasons both ways. Important is, did it fit into your personal criteria. Granted I see you are new to this so that is part of the DEMOing process, and learning the material. For your first week on this thread that is far better then most would choose and if you carry a conservative approach forward it will take you far. Stick to demoing and how James has laid out and it is just time and persistence

Mike
  • #26,187
  • Apr 5, 2009 9:49pm Apr 5, 2009 9:49pm
Quoting jarroo
Note: At the blue check, where the double barrel BUOB broke, moving to break even quickly (on the 2nd BUOB) would have never been hit.

Jim
Sorry about this, I guess I meant to say double barrel PA setup. The 2nd is not BUOB, closer to a DBLHC. I haven't check other feeds, not at home.
Indicators show the past. Price Action "Indicates" the future.
  • #26,188
  • Apr 5, 2009 9:51pm Apr 5, 2009 9:51pm
Quoting 4fun
Albchr, I took this trade myself, ppz 2 fibs sexy pin the location on the ppz at 1.4250. I am far from senior but the diapers are off and this was a legit trade in my eyes watch for drama @1.4983 feb 9 high. Myself looking at 1.5086 to a ppz @1.5150 letting pa guide the way your not alone good job btw my sl moved to1.4841 refuse to leave money on the table personal problem I guess hehe !!
Well I guess we both have the same personal problems 4fun...LOL

I know this puppy is running out of steam so I moved my SL to 4896 (top of the last bar) and going to sleep. Let it stop me out...LOL. I can live with 562 on this one and sleep very well knowing it. Who knows, if we get a nice signal, might just ride this baby back down, or up even more if it decisively breaks 4983.
Ghost Rider - WWTBMD?
  • #26,189
  • Apr 5, 2009 10:27pm Apr 5, 2009 10:27pm
Quoting albchr
Well I guess we both have the same personal problems 4fun...LOL

I know this puppy is running out of steam so I moved my SL to 4896 (top of the last bar) and going to sleep. Let it stop me out...LOL. I can live with 562 on this one and sleep very well knowing it. Who knows, if we get a nice signal, might just ride this baby back down, or up even more if it decisively breaks 4983.
Stop loss is pretty tight and there's nothing wrong with that at all.

But maybe it will ride to 5900 or 7900 maybe even 9900. Will you be able to sleep knowing you got out with 562 pips instead of maybe 3562 pips.

Sleep well my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #26,190
  • Apr 5, 2009 10:38pm Apr 5, 2009 10:38pm
There goes that nice sleep you were about to have alb!! LOL.



Quoting jarroo
Stop loss is pretty tight and there's nothing wrong with that at all.

But maybe it will ride to 5900 or 7900 maybe even 9900. Will you be able to sleep knowing you got out with 562 pips instead of maybe 3562 pips.

Sleep well my friend.
  • #26,191
  • Apr 5, 2009 10:39pm Apr 5, 2009 10:39pm
Quoting jarroo
Stop loss is pretty tight and there's nothing wrong with that at all.

But maybe it will ride to 5900 or 7900 maybe even 9900. Will you be able to sleep know you got out with 562 pips instead of maybe 3562 pips.

Sleep well my friend.
Oh sure thanks... Now I'll have to stay up and watch it...LOL

Quite frankly Jarroo, this will make the biggest trade (by almost 3x now) I ever had or thought I'd have. I've been pretty good at getting what I need to average per day and fighting like crazy to get it. This is almost what I need for the month and it was easy and FUN!! NOPE, I'm NOT gonna get greedy....till I get good....LOL

How do I say thanks to Jim and you guys? You all have change my entire view of this and the possibilities are staggering.
Ghost Rider - WWTBMD?
  • #26,192
  • Apr 5, 2009 10:44pm Apr 5, 2009 10:44pm
But here's my "gut" feeling. It's gonna stop at or close to 49xx and turn and bobble around for a while. Then we'll see where it goes. Bottom line, if it goes as high as your suggestion, I can always hop on board.
Ghost Rider - WWTBMD?
  • #26,193
  • Apr 5, 2009 10:48pm Apr 5, 2009 10:48pm
Quoting albchr
Oh sure thanks... Now I'll have to stay up and watch it...LOL

Quite frankly Jarroo, this will make the biggest trade (by almost 3x now) I ever had or thought I'd have. I've been pretty good at getting what I need to average per day and fighting like crazy to get it. This is almost what I need for the month and it was easy and FUN!! NOPE, I'm NOT gonna get greedy....till I get good....LOL

How do I say thanks to Jim and you guys? You all have change my entire view of this and the possibilities are staggering.

lol.

For you to stay with it this long shows you got the right stuff for handling a long term trade. Meaning the big pip swings that accompany a long term trade.

Just thought I'd give a longer term perspective. I try to trail my stops by hiding behind strong PPZ level. Again in the long term state of mind.

Great trade al. I hope it goes all the way to the moon.
Indicators show the past. Price Action "Indicates" the future.
  • #26,194
  • Apr 5, 2009 10:51pm Apr 5, 2009 10:51pm
I've opened trade on weekly BUOB EURJPY. I've made 143 pips profit.Nice trade in the begining of this week.
  • #26,195
  • Apr 5, 2009 10:56pm Apr 5, 2009 10:56pm
Quoting oltciter
I've opened trade on weekly BUOB EURJPY. I've made 143 pips profit.Nice trade in the begining of this week.

A quick move to break even and it would have never been touched.

Very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #26,196
  • Apr 5, 2009 11:05pm Apr 5, 2009 11:05pm
Yes, I'm in a few of these setups for thoses that have asked. I didn't want to post them because they are not in the "A" category. I have mentioned using Price Action as a trend continuation setup. But one has to find there own way when learning and demoing. They can be fruitful when managed carefully.
Indicators show the past. Price Action "Indicates" the future.
  • #26,197
  • Apr 5, 2009 11:09pm Apr 5, 2009 11:09pm
Quoting jarroo
lol.

For you to stay with it this long shows you got the right stuff for handling a long term trade. Meaning the big pip swings that accompany a long term trade.

Just thought I'd give a longer term perspective. I try to trail my stops by hiding behind strong PPZ level. Again in the long term state of mind.

Great trade al. I hope it goes all the way to the moon.
Oh baby she's getting close. Just out of curiosity Jaroo, where do see the last strong PPZ to hide behind? I'm no expert for sure but I'm seeing somewhere around the 4800 level perhaps? Hmmmm...now you got me thinking. Dam I'm tired too....LOL
Ghost Rider - WWTBMD?
  • #26,198
  • Apr 5, 2009 11:16pm Apr 5, 2009 11:16pm
Quoting albchr
Oh baby she's getting close. Just out of curiosity Jaroo, where do see the last strong PPZ to hide behind? I'm no expert for sure but I'm seeing somewhere around the 4800 level perhaps? Hmmmm...now you got me thinking. Dam I'm tired too....LOL
Sorry I can't post charts right now. Can you post a Daily Gbp/Usd?
Indicators show the past. Price Action "Indicates" the future.
  • #26,199
  • Apr 5, 2009 11:25pm Apr 5, 2009 11:25pm
Quoting jarroo
Sorry I can't post charts right now. Can you post a Daily Gbp/Usd?
here ya go
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  • #26,200
  • Apr 5, 2009 11:29pm Apr 5, 2009 11:29pm
Quoting jarroo
Sorry I can't post charts right now. Can you post a Daily Gbp/Usd?
Yep, The gold dasshed line is 4800. I didn't have it in there before.
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Ghost Rider - WWTBMD?
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