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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

  • #3,201
  • Apr 9, 2007 8:20pm Apr 9, 2007 8:20pm
I hope that is NOT EVEN demo!!!! As demo should be treated as live accounts, and then when u master demo u treat live account as demo.
  • #3,202
  • Edited 7:32am Apr 10, 2007 1:49am | Edited 7:32am
hi shamstec,
ok it sounds like you need some help but an exit really depends on where and why you entered the market so it is difficult to give advice without this information.
the most important thing is not to panic. i know this is difficult but it's not going to help you now it's just going to cloud your emotional judgement.
just look at the chart and place your stop where you think your reason for entering the trade was wrong. if it already past this point then get out immediately. i know how painful it can be if you do that and the market comes right back because it has happened to me many times but trust me, if this is real money, save as much as you can.
if you do get stopped you need to make sure you learn something from this. listen to mike and don - if you are very worried about a position after you have put it on then something is wrong in a big way - the common reasons are that you have not been disciplined enough in your exit and you are worried because your loss is increasing OR you are too highly leveraged. it is a mistake that most of us have made at some point or other.
one final thing i will tell you is that i once had a friend who tried trading briefly and whenever he took a loss i told him to think about it. he always said to me that he didn't want to dwell on losses, thinking about them was too painful, he wanted to move on to the next trade. i think that right after a significant loss, when the pain is still strong, is the best time to focus on how it feels and more importantly how you do NOT want to experience this again. go somewhere quiet and ask yourself why you may made this trade, why it went wrong, why the loss was significant enough to cause you so much worry, what you can do to prevent it happening again.
good luck shamstec. i hope that this turns out ok for you but if it doesn't and you learn something from it then in my opinion it will not have been wasted money.
tom
  • #3,203
  • Apr 10, 2007 7:07am Apr 10, 2007 7:07am
Yes, absolutely agree with Tom and Mike.
I did the same. Large far too large a position and 2 weeks of torture waiting for GU to go down...it did...but I've closed manually almost the highest point...lost huge, huge chunk of my real acc.
When I saw it finally went my way I felt sick for 3 days.
Psychology and MM are very, very closely related. This I came to understand, thanks to Fiji.

And again: GREAT POST BY JIM!!!
Take his posts very, very seriously. Trading successfully takes time, and we don't want it to take time, I know, I'm also like this, also would like to make things go "my way" eventually ("eventaully" = "instantly").
But after carefully reading Jim and PF, I've realized 1 v.important point: THIS IS A BUSINESS.
If I were to open a restaurant with my non-existing cooking skills, would couple of books help? Would experimenting with food help? Well, maybe. Long and risky way to go though. But if I could learn by working some time in some good restaurant, having a mentor, following carefully outlines business plan, I think in the end I would make it. "In the end" - meaning it still would have to take a few years. Yes, years. That's what I've came to realize. Now, I see that the "rich-quick" thinking is probably the main reason for 95% unsuccessful traders.
Thanks to Jim I think I'm learning how to slowly join the other 5%. But that will only happen if I carefully WATCH MYSELF.

OK.
My GU trade (from last week's daily PB) - after it went to +100, I have a rule to put SL at B/E. And so today I got stopped out. Result= 0 (few cents on positive swap).

BR

George
  • #3,204
  • Apr 10, 2007 7:14am Apr 10, 2007 7:14am
Quoting GeorgeW
Yes, absolutely agree with Tom and Mike.
I did the same. Large far too large a position and 2 weeks of torture waiting for GU to go down...it did...but I've closed manually almost the highest point...lost huge, huge chunk of my real acc.
When I saw it finally went my way I felt sick for 3 days.
Psychology and MM are very, very closely related. This I came to understand, thanks to Fiji.

And again: GREAT POST BY JIM!!!
Take his posts very, very seriously. Trading successfully takes time, and we don't want it to take time, I know, I'm also like this, also would like to make things go "my way" eventually ("eventaully" = "instantly").
But after carefully reading Jim and PF, I've realized 1 v.important point: THIS IS A BUSINESS.
If I were to open a restaurant with my non-existing cooking skills, would couple of books help? Would experimenting with food help? Well, maybe. Long and risky way to go though. But if I could learn by working some time in some good restaurant, having a mentor, following carefully outlines business plan, I think in the end I would make it. "In the end" - meaning it still would have to take a few years. Yes, years. That's what I've came to realize. Now, I see that the "rich-quick" thinking is probably the main reason for 95% unsuccessful traders.
Thanks to Jim I think I'm learning how to slowly join the other 5%. But that will only happen if I carefully WATCH MYSELF.

OK.
My GU trade (from last week's daily PB) - after it went to +100, I have a rule to put SL at B/E. And so today I got stopped out. Result= 0 (few cents on positive swap).

BR

George
Hi George,
Why didn't you take part profit? Signs were there to exit. You still got access to the PF?
Keeping it Simple
  • #3,205
  • Apr 10, 2007 12:31pm Apr 10, 2007 12:31pm
What platform are you using to trade oil? I can't find it in my MT4 platforms. Does anyone know of a MT4 broker that trades oil?
  • #3,206
  • Apr 10, 2007 12:48pm Apr 10, 2007 12:48pm
Quoting jarcrocker
What platform are you using to trade oil? I can't find it in my MT4 platforms. Does anyone know of a MT4 broker that trades oil?
http://northfinance.com/eng/open-demo-account/
Trust price. Know yourself.
  • #3,207
  • Apr 10, 2007 2:07pm Apr 10, 2007 2:07pm
pork bellies. weekly chart.
pivotal s/r in red.
we broke through in february of this year and we've now come back to test support. a good area to look for a pa setup. (see next chart)
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  • #3,208
  • Apr 10, 2007 2:08pm Apr 10, 2007 2:08pm
well, well, well.
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  • #3,209
  • Apr 10, 2007 3:04pm Apr 10, 2007 3:04pm
very nice wiz, could be a great set up area. bellies will steal your wallet and laugh at you while its running away. not a newbies market but a lot of fun to demo until you are ready.

Quoting the_wizard
pork bellies. weekly chart.
pivotal s/r in red.
we broke through in february of this year and we've now come back to test support. a good area to look for a pa setup. (see next chart)
  • #3,210
  • Apr 11, 2007 12:51am Apr 11, 2007 12:51am
Anyone eyeing up this inside bar on the daily on Oil? Trend is down and looks like bear flag continuation pattern on 240 chart but at confluence support area, 365 ema, trend line, old daily resistance, near to 78% fib.
A break either way could be valid here. Any comments?

http://www.forexfactory.com/attachme...1&d=1176277858
Attached Image (click to enlarge)
Click to Enlarge Name: 11042007_chart1.jpg Size: 49 KB
  • #3,211
  • Apr 11, 2007 12:58am Apr 11, 2007 12:58am
Quoting steveshutts
Anyone eyeing up this inside bar on the daily on Oil? Trend is down and looks like bear flag continuation pattern on 240 chart but at confluence support area, 365 ema, trend line, old daily resistance, near to 78% fib.
A break either way could be valid here. Any comments?
yep steve good analysis, of course i think we would be more biased for a move up here keep the rising TL in tact. we are working off an IB short on the weekly though

Good job,
mike
  • #3,212
  • Apr 11, 2007 1:05am Apr 11, 2007 1:05am
Quoting steveshutts
Anyone eyeing up this inside bar on the daily on Oil? Trend is down and looks like bear flag continuation pattern on 240 chart but at confluence support area, 365 ema, trend line, old daily resistance, near to 78% fib.
A break either way could be valid here. Any comments?

http://www.forexfactory.com/attachme...1&d=1176277858
which company provides that commodity on mt4?
  • #3,213
  • Apr 11, 2007 1:07am Apr 11, 2007 1:07am
Quoting don perry
which company provides that commodity on mt4?
a few do, check out windsor direct

http://www.windsorbrokers.biz/web/cm.../en/index.html
  • #3,214
  • Apr 11, 2007 1:09am Apr 11, 2007 1:09am
Quoting mbqb11
a few do, check out windsor direct

http://www.windsorbrokers.biz/web/cm.../en/index.html
tnx
  • #3,215
  • Apr 11, 2007 1:14am Apr 11, 2007 1:14am
Quoting steveshutts
Anyone eyeing up this inside bar on the daily on Oil? Trend is down and looks like bear flag continuation pattern on 240 chart but at confluence support area, 365 ema, trend line, old daily resistance, near to 78% fib.
A break either way could be valid here. Any comments?
I'm looking for signs of bullishness and the most likely outcome for me is a rise back up. Theoretically a return to 63.30 and then a retest of the low we just established at 61.25ish looks good to me. Going simply from Gold patterns and general oil bullishness since January. Anything above 57$ for me remains with a bullish bias in a long term uptrend.


BTW, it's not an IB on my chart. Yesterday's low is 1 pip lower than the low before - it's encouraging my view of a possible "hit's bottom, makes doji, flips" perspective. We'll see whether it gets to 63$.
Oil has been a very, very lethal commodity - it's one of the toughest things to trade as it's truly a snake and can simply lie about where it's going over and again - on lower timeframes as well as on higher ones.
Trust price. Know yourself.
  • #3,216
  • Apr 11, 2007 1:31am Apr 11, 2007 1:31am
Thanks for the comments guys.
USD/NOK made a nice 2bhlc on the daily but would like to see a 50% retrace at least to get a good entry, maybe back up to the 6.0620 area. Next major support level is 5.9787 area. If it goes without a good retrace to test the previous support zone then so be it.

http://www.forexfactory.com/attachme...1&d=1176280301
Attached Image (click to enlarge)
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  • #3,217
  • Apr 11, 2007 1:54am Apr 11, 2007 1:54am
I'm currently long on #CLK7. There was a pin this morning.
  • #3,218
  • Apr 11, 2007 2:21am Apr 11, 2007 2:21am
hi steve,
a couple of points to make about your oil chart.
1. your fib levels are wrong because the spike above $68 that you see on your chart never actually happened. it is the same on my chart too. you need to fib from the next high around $66.70. you can verify this at nymex.com.
2. have a look where my tl comes in and see how different it is to yours.
personally, i think there will be much better opportunities in oil than this one but just my opinion.
good luck,
tom
Attached Image
  • #3,219
  • Apr 11, 2007 2:35am Apr 11, 2007 2:35am
Quoting the_wizard
1. your fib levels are wrong because the spike above $68 that you see on your chart never actually happened.
I'm not sure, but I believe there was a 4$ oil spike when some Iran news hit the market and price shot up in a heartbeat, just to settle back down when it turned out it was unsubstantiated or something like that. There was even a Reuters or some news service mini-article about the jump.

Good illustration of how jittery the market can be on sensitive topics.

However it would still be a valid consideration to just use the "properly reached" high instead for the fib. IMHO it's not gonna make a world of difference, you don't want to trade off of fibs alone anyway.
Confluence of several things and setups at big s/r are usually most solid I'd say.
Trust price. Know yourself.
  • #3,220
  • Apr 11, 2007 3:25am Apr 11, 2007 3:25am
Quoting luqmanz
I'm currently long on #CLK7. There was a pin this morning.
On what timeframe?
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