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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

  • #28,601
  • Apr 29, 2009 10:55am Apr 29, 2009 10:55am
Cable is in an area to watch
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  • #28,602
  • Apr 29, 2009 11:03am Apr 29, 2009 11:03am
Euro, I am showing strong s/r 1.3300 61.8 fib @1.3316 worth watchin also.
  • #28,603
  • Apr 29, 2009 11:13am Apr 29, 2009 11:13am
Quoting jarroo
That's one hard and steady break. Confirms to me that the setup is correct. Well done sir. Trading sure is easier when there's no draw down.

Very nice.
yup, im still in this trade, entered on the 4hr chart & being trailing it.....
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Simplicity is the key to success
  • #28,604
  • Apr 29, 2009 11:31am Apr 29, 2009 11:31am
Jduester
Quote
I must kindly disagree. From what Bertie has said, he is following James16 minimum requirements, which means he is demo trading day and weeks only right now....
I expected this viewpoint to surface sooner or later.

After affirming that bertie is "doing great", all i did was offer him a suggestion/an alternative as i sensed some anxiety/frustration regarding "good trades passing him by" (which we & many others understand perfectly).
I know & believe Sir james16 had the best intentions when he imposed some very strict requirements/rules/recommendations (1 of which is to start demo trading strictly w/ daily & weekly) on traders willing & able to go through this "j16 trading process"/business plan (trading is a form of business --NO Boss but Yourself).

However, i believe there is (always?) an exception to every rule, (granting that it is) with good intentions & with good reasons. This particularly appeals/applies to my financial & personal situation: got various personal problems; leaving way, way, way below my means + mighty expenses here & there (I have a 1+ year old baby boy named Enzo); never employed (just turned 27; HATE the Rat Race & got NO plans to get employed EVER as i'm idealistic, goal-oriented, & business-minded ----LOVE Forex!); burned the other end of the bridge, with my occipital lobe, back, spine & ass firmly against the wall, while burning MULTIPLE candles at both ends; trading off of borrowed money (TOTALLY NOT RECOMMENDED by the way; MOM, i owe u A LOT, I love you! Thanks for trusting me. U are my inspiration...I'm not gonna quit, so no Failure; Payment soon...LOL) ; trading(/starting) with 3-Figure account balance (I KNOW very futile & ALMOST impossible, have blown accounts but Definitely DOABLE; guess how much is my starting balance, people? ) ---- this 3-figure balance explains why i can't DIRECTLY trade purely via daily/weekly(this is part of my earlier-mentioned exception to the rule).

I have a unique learning curve compared to others; with a unique situation, to boot, so i opted to/needed to customize my "plan of attack".

I only gave bertie a suggestion, slightly based from my experience, as I had thought he might have a slightly similar circumstance (learning curve, business-mindedness, eagle eye-like focus on FX, etc). It is his choice to take my suggestion up or not.

So, NO Prob Josh, I love discussions, point well taken. I mean it.... anyway, hope to catch up on u in the PF, as classmates...


Wow... that sounds like mbqb11/mike's rambles & mambles. I hope that means I'm quite near his profitability/consistency state too.
  • #28,605
  • Apr 29, 2009 11:37am Apr 29, 2009 11:37am
Quoting 4fun
Good am catiron go to uj daily and snap a line at 97.00 and look at all those daily lows stacked along there. Tough resistance
4fun,

You're right ... clear difference between the two -- thanks.
"A is A"
  • #28,606
  • Apr 29, 2009 11:42am Apr 29, 2009 11:42am
after pausing for a short commercial break.... back to trading....

jpy crosses moving up with Dow/stocks, as expected. hopefully many here are getting some pips Let's see how far they go..
  • #28,607
  • Apr 29, 2009 11:43am Apr 29, 2009 11:43am
Quoting squeezy
yup, im still in this trade, entered on the 4hr chart & being trailing it.....
Nice squeezy. A tight stop (for me) on this time frame would have worked for me. The confluence of MACD divergence helped greatly.
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Indicators show the past. Price Action "Indicates" the future.
  • #28,608
  • Apr 29, 2009 11:45am Apr 29, 2009 11:45am
Guys I totally empathise with Berti's dilemma! Last night I went through all my pairs and identified several potential pins (mainly around the JPY - you know the ones I mean...) but following the advice to 'look for reasons not to trade' elected to reject them all. I got home half an hour ago and checked the pairs again, and what do you know, pretty much all the ones I rejected have made some or significant gains! Now it's true that I was initially a bit gutted but then I began to think about it.

Actually I now feel undaunted because I realise that I'm beginning to become more picky and to recognise A trades - this is excellent news for me, so after an initial stab of regret I actually gave myself a small pat on the back for resisting the temptation (this self-praise is a rare thing for me...).

So Berti - be glad! It sounds like we are getting the hang of it slowly! There will be plenty more trades...
When in doubt, sit on your hands...
  • #28,609
  • Edited 11:58am Apr 29, 2009 11:46am | Edited 11:58am
Quoting dengzhi
there were many pinbar setups yesterday, almost all of them turned out alright.. personally i took AUDJPY, and i moved my stop to BE after the pair moved up 50 pips (30 is a little tight imo). i've closed the position now @70.0 w/ 1:3 RR ratio. (i entered on break of the daily bar, SL 45 pips)

I agree 30 pips was a little tight, but not being an A+, i wanted to get to BE fast. I wasn't one of the winners, but I didn't lose, either. Nice trade for you.
"A is A"
  • #28,610
  • Apr 29, 2009 11:53am Apr 29, 2009 11:53am
Quoting scott087
I passed on USD/JPY because on my chart, it looked like I was trading right into the round number 97.00 ...

-Scott

Scott,

Well played. Thanks for your input.
"A is A"
  • #28,611
  • Apr 29, 2009 11:53am Apr 29, 2009 11:53am
Quoting scott087
I passed on USD/JPY because on my chart, it looked like I was trading right into the round number 97.00, so there wasn't enough room to move up until 97.00 was hit (blue ppz). Also, it looks like the 150 EMA is sitting right at 97.00. I usually only follow the 150 and 365 EMA, and this one has confluence with 97.00 and told me that it may act as resistance when combined with the ppz.

E/J looked like it had more room to run before the major ppz. I was figuring it had potential to hit at least 128.50 before having trouble (green line). There was...
You sound like an old pro scott. Very nice plan and analysis.
Indicators show the past. Price Action "Indicates" the future.
  • #28,612
  • Apr 29, 2009 11:55am Apr 29, 2009 11:55am
Quote
No I did not take any of the jpy 4hr pins no good ones on my feed. I am still in my eur/jpy long daily pin though, just moved stops to b/e a few seconds ago

mbqb11,
so Mike, does that mean(stop to BE just minutes ago) that u are expecting it to go way up?




gododdin,
it's not a dilemma. lets prefer to view it as part of the learning process, part of the journey, therefore it's all natural, all good.
"Last night I went through all my pairs and identified several potential pins" --- correct analysis sometimes is good with or without having to trade them (more like "a BE trade is as successful as a profitable trade, & better than a losing trade")
Do not be Glad, rejoice instead! have a too! LOL
seriously, u like bertie, are doing great.Indeed future trades are always around the corner...Patience pays Dividends. Patience is future Profits. Keep at it!
  • #28,613
  • Apr 29, 2009 11:57am Apr 29, 2009 11:57am
Quoting catiron
I agree 30 pips was a little tight, but not being an A+, i wanted to get to BE fast. I wasn't one of the winners, but I didn't lose, either. Nice trade.
Like to see where you entered on this one catiron. Got a chart?
Indicators show the past. Price Action "Indicates" the future.
  • #28,614
  • Apr 29, 2009 11:58am Apr 29, 2009 11:58am
I hope at least you have the Max 3-figure account SupremeChaos...which would only be $999.

I wish you luck in your trading. At least it sounds that you are aware what an amazing struggle and uphill battle this will be , so I think I don't need to give you any advice on that. Hopefully the cost of living in the Phillipines is not as high as here in the US so you won't need too many $ monthly for your bills.

Rubin.

Quoting supremeChaos
Jduester
I expected this viewpoint to surface sooner or later.

After affirming that bertie is "doing great", all i did was offer him a suggestion/an alternative as i sensed some anxiety/frustration regarding "good trades passing him by" (which we & many others understand perfectly).
I know & believe Sir james16 had the best intentions when he imposed some very strict requirements/rules/recommendations (1 of which is to start demo trading strictly w/ daily & weekly) on traders willing & able to go through this [b]"j16...
  • #28,615
  • Apr 29, 2009 12:00pm Apr 29, 2009 12:00pm
Quoting supremeChaos
mbqb11,
so Mike, does that mean(stop to BE just minutes ago) that u are expecting it to go way up?




gododdin,
it's not a dilemma. lets prefer to view it as part of the learning process, part of the journey, therefore it's all natural, all good.
"Last night I went through all my pairs and identified several potential pins" --- correct analysis sometimes is good with or without having to trade them (more like "a BE trade is as successful as a profitable trade, & better than a losing trade")
Do not be Glad, rejoice instead!...
Hopefully up enough to my profit target. I am about to go play some golf so I set a take profit shy of 130 stops b/e so no worries

Best
Mike
  • #28,616
  • Apr 29, 2009 12:01pm Apr 29, 2009 12:01pm
Quoting jarroo
Like to see where you entered on this one catiron. Got a chart?

Jaroo,

I'm on a lunch break and have to get back to work (real job - lol). Also never posted a chart before, so give me a little time. Try to post it this evening. Thanks for your interest.
"A is A"
  • #28,617
  • Apr 29, 2009 12:02pm Apr 29, 2009 12:02pm
Quoting jarroo
Nice squeezy. A tight stop (for me) on this time frame would have worked for me. The confluence of MACD divergence helped greatly.
fantastic trade
  • #28,618
  • Apr 29, 2009 12:04pm Apr 29, 2009 12:04pm
Quoting mbqb11
Hopefully up enough to my profit target. I am about to go play some golf so I set a take profit shy of 130 stops b/e so no worries

Best
Mike
Man, What A Life! hit them straight
"Luck favors the prepared mind"
  • #28,619
  • Apr 29, 2009 12:05pm Apr 29, 2009 12:05pm
jarroo,
based exclusively on your chart in your latest post, would it be correct to say u would exit the trade at (eyeballing it to be) 70.30-ish IF the latest candle did not make a hard break of 70.50 (thinking that 70.50 is a ppz in that particular chart)? thanks
  • #28,620
  • Apr 29, 2009 12:05pm Apr 29, 2009 12:05pm
Quoting iksh
GBPAUD is shaping up to a nice daily pinbar. i have few hours still left for the set up to become active but i have taken the trade on the 4 hourly.

Will watch closely the daily close to add more on daily break.

Rejection from a major PPZ on the daily
4 hr pin bar or BEOB.
Looking to form a good daily pinbar at swing high for this month.

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Trade now closed as TP attained. No one mentioned this pair even after i posted my trade with charts. Did no one take this trade or why didnt they think this was a good trade.
I opened at 2.0727
I closed my trade at 2.0350 with 377 pips.
Would like to know the views of people who looked at this and didnt take this trade.

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