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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

  • #27,981
  • Apr 24, 2009 4:47am Apr 24, 2009 4:47am
Quoting jarroo
Big difference with the Cad and Eur/Cad my friend when it come to location (swing High) and other confluences (fib retracment.) I'll let the charts speak for themselves.

Indeed, you have summarized the whole method here.
  • #27,982
  • Apr 24, 2009 4:49am Apr 24, 2009 4:49am
Well guys

End of week 1 of my initial 3 month period and no trades taken. Saw the Loonie pin but was not A++ IMHO so passed on that one. No feelings of frustration either as hopefully this is the start of me developing better paience and discipline.

One of my personal rules is no trading beyond noon GMT on a Friday, so as it is rapidly approaching that time I am going to call it a day/week. Will be back on Sunday again to check the weeklies+dailies and see what next week brings. Have plotted all my PPZs and await the market coming to me..........rifle at the ready!

Have a good weekend and see y'all next week,

berti
PA is where its at!!
  • #27,983
  • Apr 24, 2009 4:50am Apr 24, 2009 4:50am
Quoting enculée
I was in that EURCAD trade as well.

By yesterday it was clear that it was not behaving properly, some news came out (I forget which) which briefly brought price back to BE and I got the hell out.

To quote Livermore

"If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit."
EURCAD triggered yesterday. You probably took it on the close 3 days ago.
  • #27,984
  • Apr 24, 2009 4:55am Apr 24, 2009 4:55am
Quoting alter
Difference is in the result. If both are positive , both would be nice trades to take. As EURCAD was not, I see that we can always find reasons why the setup was not so good to take. After the fact of course.
Thank you for your opinion.
Persevere man. I understand where you are coming from.

By the way. Some of us put our sell stops below the 1.2300 level to take into account that round number. There are a lot (but simple) small things that can make the difference between profitable and unprofitable. Don't give up on it.

Even for a not so awesome position, I'm still surprised that pin didn't go a little further for you. (And for the record I didn't trade it. I chose the U/C trade in the same way Jaroo distinguished between the two.)

Stick around.
Bundy's status today: "Waiting..."
  • #27,985
  • Apr 24, 2009 4:57am Apr 24, 2009 4:57am
Quoting alter
Difference is in the result. If both are positive , both would be nice trades to take. As EURCAD was not, I see that we can always find reasons why the setup was not so good to take. After the fact of course.
Thank you for your opinion.
i have to agree with jarroo, i only took a quick look at that pin and disregarded it. the pin itself looked great imo but there was nothing else going for it. A+ set up? no way, A setup, no way. not imo
jus my 2 pips worth, cheers
jon
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.jpg Size: 152 KB
PATIENCE... DISCIPLINE
  • #27,986
  • Apr 24, 2009 4:59am Apr 24, 2009 4:59am
Quoting alter
EURCAD triggered yesterday. You probably took it on the close 3 days ago.
I don't wait for the break, personally.

If after the last two days of Euro strength that has surprised everyone at my trading firm you still took the break of that pin, that is a bad trade.

Anyway, no method works for everyone, if it doesn't work for you then move on.
  • #27,987
  • Apr 24, 2009 5:00am Apr 24, 2009 5:00am
Quoting raczekfx
I know... and it did, but I decided to take a day off today...
Looking to buy one of these.... Great hobby for the old man and boys.
Great hobby but be careful it is very addicting. Next thing you know you'll have 20 or so!!! Ask me how I know.
  • #27,988
  • Apr 24, 2009 5:09am Apr 24, 2009 5:09am
Quoting enculée
Anyway, no method works for everyone, if it doesn't work for you then move on.
I think you are right
  • #27,989
  • Apr 24, 2009 5:39am Apr 24, 2009 5:39am
Quoting enculée
I was in that EURCAD trade as well.

By yesterday it was clear that it was not behaving properly, some news came out (I forget which) which briefly brought price back to BE and I got the hell out.

To quote Livermore

"If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit."
There was another major difference between USD/CAD and the EUR/CAD pinbars from early in the week... Neither broke in the first day, but look at their respective closes the day after the pin... EUR/CAD formed a strong looking bullish inside bar, while USD/CAD closed in the lower 1/2 of it's inside bar, making some consider it a 2-day pinbar... That to me signaled that the EUR/CAD no longer had a chance on my plate (actually I hadn't ever considered for reasons Jaroo mentioned). I did end up taking the USD/CAD trade after the second day closed. Took a little profit and rest to B/E now. Looking for 1.21ish.
Gotta love Livermore. Just finished reading it again. Next up... Freedom from the Ties that Bind (Guy Finley). Recommended by our own Raczekfx!

It's all in our heads...

Josh
  • #27,990
  • Apr 24, 2009 5:42am Apr 24, 2009 5:42am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting bundyraider
Awww. Nice!!! Shift+Ctrl+Tab works too. ...Much better

Cheers bro!!
Also if you get the pairs in order along the bottom line (under the chart screen)and then go to windows/tile horizontally - then open the first pair to full screen, the pairs will then tab in the order as set by the pairs listing at the bottom of the screen - you must close the MT4 platform in the proflie and then open it again before switching profiles, MT4 remembers the setting before closing, so when you switch it remebers the setting from the last time you closed that profile - hope this make sense
  • #27,991
  • Apr 24, 2009 5:42am Apr 24, 2009 5:42am
Quoting bertie123
Well guys

End of week 1 of my initial 3 month period and no trades taken. Saw the Loonie pin but was not A++ IMHO so passed on that one. No feelings of frustration either as hopefully this is the start of me developing better paience and discipline.

One of my personal rules is no trading beyond noon GMT on a Friday, so as it is rapidly approaching that time I am going to call it a day/week. Will be back on Sunday again to check the weeklies+dailies and see what next week brings. Have plotted all my PPZs and await the market coming to me..........rifle...

Great Discipline Berti. I went a stretch of 9 days without a trade until taking the USD/CAD and EUR/USD recently. Keep it up, the trades will come...

Josh
  • #27,992
  • Apr 24, 2009 5:47am Apr 24, 2009 5:47am
Quoting jarroo
I love this business, viewing charts and watching trades develop actually relaxes me. If I have a bad day (outside of trading) I'll go study some charts, look at my watch list, etc., and it calms me down.
What makes it more fun is talking, learning, teaching and discussing this business from every one on this great thread/forum.
agreed, there is nothing else i would rather do w/ my time. some of my friends play video games, but i am sorry to me that is such a waste of time. but to them when i try & talk about forex i might as well be speaking in a foreign language. i cannot understand why anyone would not be fascinated by all of this. but oh well, to each their own.
  • #27,993
  • Apr 24, 2009 6:06am Apr 24, 2009 6:06am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting dkmb92
agreed, there is nothing else i would rather do w/ my time. some of my friends play video games, but i am sorry to me that is such a waste of time. but to them when i try & talk about forex i might as well be speaking in a foreign language. i cannot understand why anyone would not be fascinated by all of this. but oh well, to each their own.
the difference between us and them - freedom and early retirement are on our minds freedom from the day to day workings of life in the employment game and knowlegde that if we get this right we can retire early and play the game called forex forever (at least until our minds reach there pivot point and go flip side on us)

many people i talk to can't be bothered with the study - they want life quick and easy - yet the bilk of there life is taken up by work, strange way to think if you ask me
  • #27,994
  • Apr 24, 2009 6:15am Apr 24, 2009 6:15am
Please i will like you to talk about what you will meditate on.thank you


Quoting raczekfx
It might fall like a rock....




It's all in your mind, it's all in your mind....lol

Why do you think 97% of people lose all their money, because they don't know what they doing?
NO, it's because they have weak brains (psyche)....

Meditate, meditate, meditate.... I know for the guy your age is the last thing you want to hear....

I also know that majority of folks reading this won't believe me either. Fortunately, It does NOT matter...

Have a great weekend all.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #27,995
  • Apr 24, 2009 6:25am Apr 24, 2009 6:25am
Quoting hipcio
Yes, it makes great difference in the spread sheet,
so I lock 1pip now

Peter
I am sorry to ask questions like this or might be i have missed the important thing...but acatually i don't understand what is BE+1 means..as what i thought it should be i should always move stoploss to BE + 1pip above/below?

Thank you for your instruction
forexngo
  • #27,996
  • Apr 24, 2009 6:37am Apr 24, 2009 6:37am
Quoting lordgbengs
Please i will like you to talk about what you will meditate on.thank you
Read the second book from my profile page at least once a month for the next 3 months (just like your demo acc). That'd be the first step...
  • #27,997
  • Apr 24, 2009 6:39am Apr 24, 2009 6:39am
Quoting Digger48
Great hobby but be careful it is very addicting. Next thing you know you'll have 20 or so!!! Ask me how I know.
How do you know...?
do you have any pictures of your air fleet to share...
  • #27,998
  • Apr 24, 2009 6:47am Apr 24, 2009 6:47am
Here is a post in "Ghous" style of that PB on the loonie trade..1.3000 seems like eons ago...?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD PB Apr. 24 21.43.jpg Size: 88 KB
Without women, money would have no meaning - Aristotle Onassis
  • #27,999
  • Apr 24, 2009 6:48am Apr 24, 2009 6:48am
Quoting raczekfx
Read the second book from my profile page at least once a month for the next 3 months (just like your demo acc). That'd be the first step...
Guy Finley........a great THINKER.....


baz
  • #28,000
  • Apr 24, 2009 6:54am Apr 24, 2009 6:54am
Did anyone take this BEOB on the gbpchf daily chart?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF Apr. 24 21.53.jpg Size: 92 KB
Without women, money would have no meaning - Aristotle Onassis
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