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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

  • #30,581
  • May 20, 2009 2:20pm May 20, 2009 2:20pm
Looking @ USD/CAD
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  • #30,582
  • May 20, 2009 2:21pm May 20, 2009 2:21pm
Quoting alter
I sent you just one non trading related PM. Buy I wouldn't say these setups were not valid. Why is it so difficult to accept that this method gives also losers ?
alter
Alter, to keep it short... if you pick the best setups then you're likely to make money.. And if you're not happy with what this thread teaches, then go find somewhere else to post. You're wasting precios space here.
  • #30,583
  • May 20, 2009 2:23pm May 20, 2009 2:23pm
Quoting alter
I'm just asking if you have proof of your statement above or it is just your opinion {plenty of traders who make profits from it}.
What you mean by BS, please?
I've been here 3 months now, and the AUD/USD trade was the first trade I was actually surprised to see fail. Countless other good PA set ups have all done really well. The USD/JPY trade, was not a great PA set up, though it was perfectly fine. I bet any good trader that took it though, was either at B/E at that 96.5 level, or were taking some profits. Sorry if this last comment is in anyway offensive, but, I think is very important for you to realize. I haven't done well myself here, but I have absolutely np taking accountibility for my mistakes. I think it is extremely important to do so while moving forward. If I just chalk every mistake up to bad luck, I'll never learn anything. I will just continue to make the same mistakes over and over until I'm so frustrated, I quit.
  • #30,584
  • May 20, 2009 2:25pm May 20, 2009 2:25pm
Quoting magicforex
Looking @ USD/CAD
I like your chart was seeing the samething will b watchin 1.1300 for a big bounce the 150ema is coming to the rescue on the weekly chart also
  • #30,585
  • May 20, 2009 2:29pm May 20, 2009 2:29pm
Quoting alter
I sent you just one non trading related PM. Buy I wouldn't say these setups were not valid. Why is it so difficult to accept that this method gives also losers ?
alter
I think you need to read my messages closer

http://www.forexfactory.com/showpost...ostcount=30564

Of course there will be losers. I am speaking directly about the 3 trades you called failed trades, and about them. The PM you sent me was directly trade related as it questioned the validity of price action.

Just trying to help

Mike

and as a side note my win rate hovers in the upper 60%, while I know traders in the 90%. Doesn't make one more right then the other in terms of profitability. Trade mgmt is an individual thing. Calling any trade failed without digging deeper into the chart first is likely to place blame on the charts, when we need to just keep studying to get better at our business.
  • #30,586
  • May 20, 2009 2:35pm May 20, 2009 2:35pm
Quoting Jlr
I've been here 3 months now, and the AUD/USD trade was the first trade I was actually surprised to see fail. Countless other good PA set ups have all done really well. The USD/JPY trade, was not a great PA set up, though it was perfectly fine. I bet any good trader that took it though, was either at B/E at that 96.5 level, or were taking some profits. Sorry if this last comment is in anyway offensive, but, I think is very important for you to realize. I haven't done well myself here, but I have absolutely np taking accountibility for my mistakes....
Are you talking about the BEOB on the AUD/USD? I wasn't too suprised by that one, if the BEOB had closed below the .7500 level then it would have been a powerful setup. Since it hit the .7500 level and stopped like hitting a brick wall it was a warning sign, plus the short term trend has been in a strong UP TREND.

http://www.forexfactory.com/showpost...ostcount=29977
http://www.forexfactory.com/showpost...ostcount=29960

I ended up not taking a trade on this pair in the end. I figured if I can't decide to just stay out, my bias was to go long.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #30,587
  • May 20, 2009 2:37pm May 20, 2009 2:37pm
150ema playing lifeguard?
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  • #30,588
  • May 20, 2009 2:45pm May 20, 2009 2:45pm
Locked and loaded waitin 4 the next shot with Patiencehttp://www.forexfactory.com/images/icons/icon14.gif
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  • #30,589
  • May 20, 2009 2:51pm May 20, 2009 2:51pm
so my theory is that GU is going to form a superb 4H pin, EU a wonderful BEOB and usd/cad....well that can form a nice pin too (for good measure) and we can all reign in the pips??!! how does that sounds haha
  • #30,590
  • May 20, 2009 2:53pm May 20, 2009 2:53pm
If I may add something to Mikes excellent post.

This USDJPY BUOB was trading into something clearly resembling a bearish head and shoulders pattern.

cheers

fxp

Quoting mbqb11
THese aren't failed trades....
  • #30,591
  • May 20, 2009 2:54pm May 20, 2009 2:54pm
U/C bounced of that 150ema with a 2pip difference on a weekly chart!!!Did someone say this sh?T dont work really pop a top take a timeout because its friggin 4 real
  • #30,592
  • May 20, 2009 2:56pm May 20, 2009 2:56pm
Quoting LasVahGoose
Are you talking about the BEOB on the AUD/USD? I wasn't too suprised by that one, if the BEOB had closed below the .7500 level then it would have been a powerful setup. Since it hit the .7500 level and stopped like hitting a brick wall it was a warning sign, plus the short term trend has been in a strong UP TREND.

http://www.forexfactory.com/showpost...ostcount=29977
http://www.forexfactory.com/showpost...ostcount=29960

I ended up not taking a trade on this pair in the end. I figured if I can't...
Good move Personally I noticed that 7500 level, saw the bounce, but thought we would get through there eventually. Was quite a few reasons that made me think this was a good trade. Usually I am trying to play trades more jarroo style, but I thought this one was good enough to warrant holding. Bad mistake, but glad it was only 2 percent. Good time to go to the more normal risk amountage.
  • #30,593
  • May 20, 2009 2:57pm May 20, 2009 2:57pm
Quoting markmm
BullS**t is what I meant with BS. I can't give you proof but look at the amount of posts this thread has and people posting regularly for years, would that happen if no one was making any money?
Thank you for your opinion.
  • #30,594
  • May 20, 2009 2:59pm May 20, 2009 2:59pm
Quoting MrFox
Alter, to keep it short... if you pick the best setups then you're likely to make money.. And if you're not happy with what this thread teaches, then go find somewhere else to post. You're wasting precios space here.
From this time I will post only winners I promise. I will not waste precious space with losers. I'm really sorry.
  • #30,595
  • May 20, 2009 3:02pm May 20, 2009 3:02pm
something else to look at on USd/CAD....bullish divergence on daily
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  • #30,596
  • May 20, 2009 3:02pm May 20, 2009 3:02pm
Quoting Jlr
Good move Personally I noticed that 7500 level, saw the bounce, but thought we would get through there eventually. Was quite a few reasons that made me think this was a good trade. Usually I am trying to play trades more jarroo style, but I thought this one was good enough to warrant holding. Bad mistake, but glad it was only 2 percent. Good time to go to the more normal risk amountage.
It really is amazing how some levels are much stronger than others. Respect those PPZ's!
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #30,597
  • May 20, 2009 3:05pm May 20, 2009 3:05pm
there is a pinbar on the 4 hour for EU anyone going to trade that?
  • #30,598
  • May 20, 2009 3:09pm May 20, 2009 3:09pm
Mike-mbqb
Looks like a nice pinbar on EU. Been waiting patiently as a PA newbie for a setup to come long.
Can you rate it?
Thanks in Advance
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  • #30,599
  • May 20, 2009 3:12pm May 20, 2009 3:12pm
Quoting g5ricky
there is a pinbar on the 4 hour for EU anyone going to trade that?
No

Look to the left at those bar highs from last week and also in March. You would be trading straight into it. Up trend has been quite strong recently too.
  • #30,600
  • May 20, 2009 3:14pm May 20, 2009 3:14pm
Quoting ljr
No
why not?
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