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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

  • #31,761
  • Jun 1, 2009 8:55am Jun 1, 2009 8:55am
This turned out to be a nice trade using a Positive Reversal on the RSI and the price action pin bar as a confirmation. 28 pip risk and 12R on the return. Target at entry was .7896 so it was exceeded. Based on the channels, this trade is still active.
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  • #31,762
  • Jun 1, 2009 9:00am Jun 1, 2009 9:00am
Quoting 4fun
That 2 day pinbar triggered my entry was lookin for a retrace had it on autopilot away from the helm will also leave my other order sticken to my gameplan.Giving this trade room to maneuver thus a smaller pip size.
My original plan was for this to retrace before the 2 day was triggered which is happening at the moment, the 2 day pin ran to a obvious point and turned north, I was only able to grab 6 pips because I was away and when I got home saw it had turned. My larger order is still at the 96 level honestly thought the 2day would do better than it did? Could get a reversal day pin in the making still bearish on this pair but obviously lookin for the best entry at this point.Will let this day play out and look over my trade plan.Those 6 pips wouldnt even cover our bar tab last night lol!
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  • #31,763
  • Jun 1, 2009 9:04am Jun 1, 2009 9:04am
Quoting mbqb11
yep this is the REALITY of trading. Most don't want to hear it and many will turn a blind eye to reading it b/c it shatters those original reasons why many find forex.
Person who makes 25% on wall street is king because he trades 74 millions USD account. I'm not sure if he would be the king with 10-20 000USD account as well. Would he be?
  • #31,764
  • Jun 1, 2009 9:07am Jun 1, 2009 9:07am
Quoting alter
Person who makes 25% on wall street is king because he trades 74 millions USD account. I'm not sure if he would be the king with 10-20 000USD account as well. Would he be?

lol true, hard to do any trades without moving the market. I will say MANY people that do this make well over 500% a year but you will not see them in the papers or on CNBC.
Keep taking CT trades, I need more money
  • #31,765
  • Jun 1, 2009 9:08am Jun 1, 2009 9:08am
Quoting 4fun
My original plan was for this to retrace before the 2 day was triggered which is happening at the moment, the 2 day pin ran to a obvious point and turned north, I was only able to grab 6 pips because I was away and when I got home saw it had turned. My larger order is still at the 96 level honestly thought the 2day would do better than it did? Could get a reversal day pin in the making still bearish on this pair but obviously lookin for the best entry at this point.Will let this day play out and look over my trade plan.Those 6 pips wouldnt even...
Believe in those 6 pips mate...

if you do...

One day they'll cover your monthly expenses
I believe . . .
  • #31,766
  • Jun 1, 2009 9:12am Jun 1, 2009 9:12am
Quoting Ryanmcd
lol true, hard to do any trades without moving the market. I will say MANY people that do this make well over 500% a year but you will not see them in the papers or on CNBC.
I read about some Larry Williams who made 1 mil from 10 000 during 12 months. And his daughter as well. It seems that anybody can be lucky in this business.
  • #31,767
  • Jun 1, 2009 9:14am Jun 1, 2009 9:14am
Glad Iam half awake this rascal is on the march I deleted my order in a nick of time going to watch this unfold I wanted a retrace but slower and methodical not in this fashion on standby wew!
  • #31,768
  • Jun 1, 2009 9:18am Jun 1, 2009 9:18am
Looks like the 150ema slowed it down for the moment
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  • #31,769
  • Jun 1, 2009 9:19am Jun 1, 2009 9:19am
Quoting ghous
Believe in those 6 pips mate...

if you do...

One day they'll cover your monthly expenses
I look foward to that day
  • #31,770
  • Jun 1, 2009 9:20am Jun 1, 2009 9:20am
Quoting alter
I read about some Larry Williams who made 1 mil from 10 000 during 12 months. And his daughter as well. It seems that anybody can be lucky in this business.

True I know Bill and his daughter Justine. It's funny because I used to trade the exact opposite as he did and made money lol, CT off the 3min on the S&P e-mini. His stuff works too if you learn it and his MM is good stuff.
Keep taking CT trades, I need more money
  • #31,771
  • Jun 1, 2009 9:25am Jun 1, 2009 9:25am
When you can seez the market smilin at ya you know you made it in dis biz.
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Keep taking CT trades, I need more money
  • #31,772
  • Jun 1, 2009 9:25am Jun 1, 2009 9:25am
Ah ha news spike didnt think it would have that effect shows ya what I know. It should settle back down when the dust settles
  • #31,773
  • Jun 1, 2009 9:27am Jun 1, 2009 9:27am
Quoting Ryanmcd
When you can seez the market smilin at ya you know you made it in dis biz.
Looks like a bikini to me
  • #31,774
  • Jun 1, 2009 9:27am Jun 1, 2009 9:27am
Quoting mbqb11
yep this is the REALITY of trading. Most don't want to hear it and many will turn a blind eye to reading it b/c it shatters those original reasons why many find forex.
Hey mic

sorry for bothering you but i have Qustion


Can i use this price action stratgey withough macd indicator?

because actualy i belive in price action stratgey candles , fibs , ppz

because actually macd will prohebt me from taking allot of trades


What do you think ?
thanks for you help man
The million dollar man Alkhatarey
  • #31,775
  • Jun 1, 2009 9:40am Jun 1, 2009 9:40am
alkhatarey,
if i may.... (as i know mbqb11 will be here not until a little later)

of course, u can trade without the macd, or any indicator for that matter.

if u can trade completely naked (w/out any indicator), the better for u.
  • #31,776
  • Jun 1, 2009 9:43am Jun 1, 2009 9:43am
Ok I had a night out and about and am on the gatorade right now but this looks like an inverted head and shoulder pattern to me, this stuff is hurtin my head right now I am moving on to simpler stuff like the swimming pool c ya manana
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  • #31,777
  • Jun 1, 2009 9:55am Jun 1, 2009 9:55am
Quoting Ryanmcd
When you can seez the market smilin at ya you know you made it in dis biz.
..mine tends to scowl alot!!??
PATIENCE... DISCIPLINE
  • #31,778
  • Jun 1, 2009 9:58am Jun 1, 2009 9:58am
Quoting alkhatarey
Hey mic

sorry for bothering you but i have Qustion


Can i use this price action stratgey withough macd indicator?

because actualy i belive in price action stratgey candles , fibs , ppz

because actually macd will prohebt me from taking allot of trades


What do you think ?
thanks for you help man
Hey Alk,

I wouldn't worry too much about using the MACD indicator. Most of us just have it "minimised" on our charts and doesn't take up room on the chart.

Strategy candles, fibs, ppzs are all variables of price movement (market behaviour). We want as many variables as possible for strong confluence (higher probability) supporting our trading decision.

MACD is just another variable showing whether divergence exists. Seeing divergence forming can keep one on their toes for a potential PA setup. Add the variables you like using (Fibs, PPZs) and you have more variables supporting your trading decision while still having a clear chart to look at PRICE.

Hope this helps.
  • #31,779
  • Jun 1, 2009 10:11am Jun 1, 2009 10:11am
Quoting alkhatarey
Hey mic

sorry for bothering you but i have Qustion


Can i use this price action stratgey withough macd indicator?

because actualy i belive in price action stratgey candles , fibs , ppz

because actually macd will prohebt me from taking allot of trades


What do you think ?
thanks for you help man
Hey Alk

Price action can be used to help make any system better. Take your favorite system, add price action, and most will do a lot better.

Best
Mike
  • #31,780
  • Jun 1, 2009 10:16am Jun 1, 2009 10:16am
We are now coming to a great area of supply in the monthly chart...we will probably start seeing some buy stops getting triggered in the smaller timeframes so larger players fill the shorts. I will still trade upwards with the smaller timeframes but I will be cautious with price action as it travels higher with out some sort of retracement ....I will follow price action and be ready to fallow the big move down that should come soon at least to areas of interest of the 4 hour traders and hopefully a larger push down. Looking for price to indicate good price action to give us a push back down to the 1.62 area to 1.61


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