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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

  • #31,141
  • May 27, 2009 3:33am May 27, 2009 3:33am
Quoting supremeChaos
jarroo,
did u reenter another short on the audcad? price slightly went above your entry price. or whatever the circumstance u don't add into a position? Thanks!
If I'm already in a postition and another high quality PA setup presents itself in the same direction, I will add to my position.
Indicators show the past. Price Action "Indicates" the future.
  • #31,142
  • May 27, 2009 3:33am May 27, 2009 3:33am
Ephisi:

I took the same trade. My chart, IBFX, looks little different than yours. Instead of TBH, I have BUOB. BUOB broke my price resistance area at 151.50. I waited a pull back and got in at 151.70.
Yes, I hope today's bar end up as another bullish bar, not as a pinbar.
BTW, I have my S/L just below 151.
  • #31,143
  • May 27, 2009 3:36am May 27, 2009 3:36am
Quoting adam777
Totally agree. I've already read 100's of pages from the jacko thread, but more importantly I'm reading journals of combining James16 PA (everything in this thread) with trend ideas from jacko.
Yeah if you spend a few days studying a pair and get to know all the important levels historic and recent, then PA at one of these levels gives you confidence in that PA. If you are with the trend and trail your stop you have increased you chances of profit.
Economists have forecast 9 out of the last 5 recessions
  • #31,144
  • May 27, 2009 3:38am May 27, 2009 3:38am
jarroo,
thanks for the confluence. it seems i'm now learning to & starting to read your mind


Quote
I'm still in this trade since my stop loss was not hit. But this is not my usual way. I would have grabbed some at the 25 or 30 pips and move to break even by now. But I am giving some more leeway because I see at as a higher quality trade.
so, i can say that this is a sort of unconventional jarroo play (since u want to give some more leeway because u see it as a higher quality trade)


Quote
This setup is up there quality wise and the only thing missing (for me) is the hard break and/or steady continious downward action. Which is not happening here. It also is not happening in the upward direction either.

prior to bundyraider's excellent observation/post, all i can see preventing the downmove is the 0.8740 minor(?) PPZ (seen in H4 & Daily) from the 1st week of april.


Quote
The BEOB is off the strong .9000 which is the 61.8 fib on the weekly time frame. This is correct?
are u using FXPro for this? mine (in XTB MT4) 61.8 is at 0.8816. by the way, thanks for mentioning this fib, as i forgot to.
  • #31,145
  • May 27, 2009 3:42am May 27, 2009 3:42am
Quoting mbqb11
believe it or not, there doesn't need to be a bigger reason then that The psychological impact of a round number is enough to create orderflow

Also many of your PPZs, are created b/c of the round number, not the other way around
Mike..i wanna be you !! lol
PATIENCE... DISCIPLINE
  • #31,146
  • May 27, 2009 3:46am May 27, 2009 3:46am
Quote
If I'm already in a postition and another high quality PA setup presents itself in the same direction, I will add to my position.

jarroo,
great! thanks!
so, what will be the limit? how many reentries? basis/factors to consider & limits (like how many percentage of your account will u risk for the reentry/total position)?
  • #31,147
  • May 27, 2009 3:47am May 27, 2009 3:47am
Quote
Mike..i wanna be you !! lol

g_j_hook@yah,
u can never be him, BUT u can be like him.
  • #31,148
  • May 27, 2009 3:50am May 27, 2009 3:50am
Quoting g_j_hook@yah
Mike..i wanna be you !! lol
You will never become great if you want to be someone else.
Economists have forecast 9 out of the last 5 recessions
  • #31,149
  • May 27, 2009 3:50am May 27, 2009 3:50am
Nice, its all about patience now. i have learnt to give gj enuf leeway to play around hence stops of 200-300pips. my temperament cant handle day trading lol.





Quoting wwtravel
Ephisi:

I took the same trade. My chart, IBFX, looks little different than yours. Instead of TBH, I have BUOB. BUOB broke my price resistance area at 151.50. I waited a pull back and got in at 151.70.
Yes, I hope today's bar end up as another bullish bar, not as a pinbar.
BTW, I have my S/L just below 151.
  • #31,150
  • May 27, 2009 3:52am May 27, 2009 3:52am

Quoting supremeChaos
g_j_hook@yah,
u can never be him, BUT u can be like him.
EDIT: you guys know this is a joke right... i like being me,who else would do it!!??
PATIENCE... DISCIPLINE
  • #31,151
  • May 27, 2009 3:56am May 27, 2009 3:56am
Quoting ephisi
Nice, its all about patience now. i have learnt to give gj enuf leeway to play around hence stops of 200-300pips. my temperament cant handle day trading lol.
  • #31,152
  • May 27, 2009 4:04am May 27, 2009 4:04am
Here is a trade I took and just got burned on . . . 4 hour pin on Cad/jpy. At this point, I am done trading anything lower than daily. I am sick and tired of getting burned . . .
Attached Image (click to enlarge)
Click to Enlarge Name: cad_yen.gif Size: 14 KB
"Don't trade to trade . . . trade to win." - James16
  • #31,153
  • May 27, 2009 4:07am May 27, 2009 4:07am
Quoting supremeChaos
jarroo,
great! thanks!
so, what will be the limit? how many reentries? basis/factors to consider & limits (like how many percentage of your account will u risk for the reentry/total position)?
Sorry I can't posts chart right now, but look at the Daily Gbp/Jpy. Do you see a few upward trending PBs from Feb.? This is how I would add to my position. Take some off the table along the way, of course.
Indicators show the past. Price Action "Indicates" the future.
  • #31,154
  • May 27, 2009 4:07am May 27, 2009 4:07am
Quote
EDIT: you guys know this is a joke right... i like being me,who else would do it!!??

hey Jon,
my sentence was more inspirational & more of a compliment rather than a rebuke or insulting remark. So don't take offense, it's far from it.

Read it a 100 times until u get what i really meant
  • #31,155
  • May 27, 2009 4:09am May 27, 2009 4:09am
Quoting Flem26
Here is a trade I took and just got burned on . . . 4 hour pin on Cad/jpy. At this point, I am done trading anything lower than daily. I am sick and tired of getting burned . . .
and of course the piece of garbage is coming down after hitting my stop. pissed . . .
"Don't trade to trade . . . trade to win." - James16
  • #31,156
  • May 27, 2009 4:10am May 27, 2009 4:10am
Quote
Sorry I can't posts chart right now, but look at the Daily Gbp/Jpy. Do you see a few upward trending PBs from Feb.? This is how I would add to my position. Take some off the table along the way, of course.

It's ok, i can wait. I'm interested in the details. mean time, i'll check that gbjpy example. Thanks!
  • #31,157
  • May 27, 2009 4:10am May 27, 2009 4:10am
Quoting Flem26
Here is a trade I took and just got burned on . . . 4 hour pin on Cad/jpy. At this point, I am done trading anything lower than daily. I am sick and tired of getting burned . . .

Yeah this bar is simply the shape of a pin. It has very little significance in size or location. These will burn you over and over on the lower timeframes. Sticking to the higher timeframes is tye best idea till you can conquer that.

Best
Mike
  • #31,158
  • May 27, 2009 4:15am May 27, 2009 4:15am
Quoting Flem26
and of course the piece of garbage is coming down after hitting my stop. pissed . . .
think of it this way. You learned a lot more by getting stopped out then you would have if it rewarded you.

We can find positives in most negatives
  • #31,159
  • May 27, 2009 4:16am May 27, 2009 4:16am
Quoting mbqb11
Yeah this bar is simply the shape of a pin. It has very little significance in size or location. These will burn you over and over on the lower timeframes. Sticking to the higher timeframes is tye best idea till you can conquer that.

Best
Mike
Hi Mike

Still not seeing any A+ setups on the dailies/weeklies........been a few weeks now without a trade. Doesn't seem to be many pins about at the moment. When this is happening it is oh so tempting to go down to the lower TFs, but I'm going to stick it out for my 3 month period and see where that takes me,

berti
PA is where its at!!
  • #31,160
  • May 27, 2009 4:21am May 27, 2009 4:21am
Quoting bertie123
Hi Mike

Still not seeing any A+ setups on the dailies/weeklies........been a few weeks now without a trade. Doesn't seem to be many pins about at the moment. When this is happening it is oh so tempting to go down to the lower TFs, but I'm going to stick it out for my 3 month period and see where that takes me,

berti
Hey Berti

Yes it can get us ansty but it pays to be patient. Just one poor decision to feed the need to trade and we start digging ourselves in a hole. It has been a very slow month. But hey that just means more time for other things

Stay patient, i am trying to do the same
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