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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

  • #31,961
  • Jun 2, 2009 9:18pm Jun 2, 2009 9:18pm
Quoting KissFan
I will trade long at the break of this pin on AUDNZD. First TP and move rest to BE @ 1.2593. Second TP anticipated around the 1.2721 area but I will watch PA for that decision.

K.I.S.S.
This is an update to a trade I posted that I would take last night. My first TP although small has been taken. I'll move the other half of my trade to BE now. I would love to see this one move well into the 1.2700 area.

K.I.S.S.
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  • #31,962
  • Jun 2, 2009 9:21pm Jun 2, 2009 9:21pm
Welcome Tipers/Alex.

To me, that is a DBHLC - BUOB hybrid. it may retrace soon or move down a little further by then. Resistances at/ above; stiff upclimb; & this week's data (mainly US jobs report, BOE & ECB rate decisions) are the issues this week that will affect/are affecting PA.

on TL's, it's subjective so there are no precise right or wrong ways to plot them, imho. u can check aediaz1's thread (he also plans a possible "thread v.2 of it") & possibly several others out there. usually, TL's have significance when they at least have 2-3 "touches". & the higher timeframe-TLs are more significant & seldom modified/changed (the H1 & below TFs are the ones that entail a lot of TL changes).

Good luck on your journey!
  • #31,963
  • Jun 2, 2009 9:23pm Jun 2, 2009 9:23pm
Quoting raczekfx
G.. It seems, I've known you for 40years...
I believe . . .
  • #31,964
  • Jun 2, 2009 9:26pm Jun 2, 2009 9:26pm
Quoting raczekfx
I know.. busy flying planes now....
Very addictive hobby.

We're getting close to summer and I will be winding down trading a bit.
Taking only the best setups over the next 2-3 months, since I've learned the hard way over the years to be ultra picky in July-August.
Hope your exams are going well. Masters next?
Wow, what a great way to be an addict.
U get high (literally & figuratively) the natural way.
  • #31,965
  • Jun 2, 2009 9:29pm Jun 2, 2009 9:29pm
Quoting supremeChaos
Wow, what a great way to be an addict.
U get high (literally & figuratively) the natural way.
I was trying to find some Irony there myself Chaos, you did it brilliantly.

There you go Rac.
I believe . . .
  • #31,966
  • Jun 2, 2009 9:36pm Jun 2, 2009 9:36pm
Quoting ghous
Exams are going Ok. This is still high school mate. bachelors next.

(Jeez, I am 19 )
I hope FX trading, FX profits (& losses) don't mess with your brain & studies. it sort of did, in my case, a few years ago. I still look (& think & feel) your age though.
seriously, i love school, studying & learning. but, i will go back to school, take long/short courses, with the intention of only increasing my knowledge&experience & not for employment purposes (i'm rat-race averse). Working for & with your own self is much, much, much more fulfilling, rewarding, exciting & challenging: U blame yourself (not anyone else) for your mistakes & U commend & reward yourself (& your loved ones; not anyone else) for good performance/s & success
  • #31,967
  • Jun 2, 2009 9:39pm Jun 2, 2009 9:39pm
Quoting ghous
I was trying to find some Irony there myself Chaos, you did it brilliantly.
There you go Rac.
Thanks for the compliment ghous.
Too bad u or no one can vouch for me because of this post.
Twee should create a vouching system for this.... just kidding
  • #31,968
  • Jun 2, 2009 9:44pm Jun 2, 2009 9:44pm
Quoting ikki
Be careful. Could be a double top. Look for charts patterns.
http://thepatternsite.com/eedt.html
ikki,
this is a good heads up. but alternatively, it can still go much higher. what, with gbp being such bull right now.
Let's see what it wants to do in a few hours/days..
  • #31,969
  • Jun 2, 2009 9:47pm Jun 2, 2009 9:47pm
Quoting supremeChaos
I hope FX trading, FX profits (& losses) don't mess with your brain & studies. it sort of did, in my case, a few years ago. I still look (& think & feel) your age though.
seriously, i love school, studying & learning. but, i will go back to school, take long/short courses, with the intention of only increasing my knowledge&experience & not for employment purposes (i'm rat-race averse). [color=Blue][b]Working for & with your own self is much, much, much more fulfilling, rewarding, exciting...
I don't enjoy too much of academics but I have no hard feelings for education myself. I believe it's important, and this importance extends to more than just a good job. I am aiming for the CFA after my bachelors.

(Nice so called "Rant" there Chaos, we've all adopted a bit of rantness from the great ranter, Jim ...Honest to God these rants have changed the way I live. )
I believe . . .
  • #31,970
  • Jun 2, 2009 9:57pm Jun 2, 2009 9:57pm
Wow you guys must really be youngsters. Smart, but young. Young to me is 40 years on back.
  • #31,971
  • Jun 2, 2009 10:03pm Jun 2, 2009 10:03pm
LOL. YES RR many of them are young and yes they are smart.

I know where your coming from.

young to me is about the same distance back as you.



Quoting R Richards
Wow you guys must really be youngsters. Smart, but young. Young to me is 40 years on back.
  • #31,972
  • Jun 2, 2009 10:14pm Jun 2, 2009 10:14pm
Quote
I don't enjoy too much of academics but I have no hard feelings for education myself. I believe it's important, and this importance extends to more than just a good job. I am aiming for the CFA after my bachelors.
(Nice so called "Rant" there Chaos, we've all adopted a bit of rantness from the great ranter, Jim...Honest to God these rants have changed the way I live.

ghous,
Yes, education is very important to a great extent. but i prefer the "Business after Education" model (FX trading is a business) over the "Education then go look for a Job" model (although there are jobs that people are fulfilled with & passionate & happy about).

taking CFA is a very good endeavor if u ask me. very amiable. i still have that in mind, but i might not be as keen as u are (as there are SO MUCH addicting hobbies, sports, music instruments, places to visit to put your time on!!!!)

I don't like the word "rant". spelling & sound-wise, it's almost similar to "rat". (reminds me of this: ghous sounds like gauze or "boss" with a "G"; not "ghost" or "goose" )
I prefer to call them "opinions", "insights". "rhetoric" would be a milder alternative too.
But, anyway, yes, these "rants" in FF do help & sometimes introduce us to things we know almost nothing about. indeed, there is a cornucopia of talent, knowledge, experience within FF (we just have to be discerning), & i love FF for that.

Ok, enough of my rant/rhetoric/ramble.
  • #31,973
  • Jun 2, 2009 10:15pm Jun 2, 2009 10:15pm
R_Richards, james16,
thanks, Sirs.
  • #31,974
  • Jun 2, 2009 10:27pm Jun 2, 2009 10:27pm
i liked this very much.

Jim "The Great Ranter"

Yes i do believe i like that.

thanks ghous and i might say i think young mr ghous is on the right track in life.

Quoting ghous
I don't enjoy too much of academics but I have no hard feelings for education myself. I believe it's important, and this importance extends to more than just a good job. I am aiming for the CFA after my bachelors.

(Nice so called "Rant" there Chaos, we've all adopted a bit of rantness from the great ranter, Jim ...Honest to God these rants have changed the way I live. )
  • #31,975
  • Jun 2, 2009 10:40pm Jun 2, 2009 10:40pm
Quote
thanks ghous and i might say i think young mr ghous is on the right track in life.
james16,
indeed, Sir, he is. & i'm very happy for him. Somehow i envy his (& several others') earlier (about 3-4years earlier, age-wise) discovery of FX trading.
I hope he/they continue/s on keeping on!
  • #31,976
  • Jun 2, 2009 11:38pm Jun 2, 2009 11:38pm
Quoting james16
i liked this very much.

Jim "The Great Ranter"

Yes i do believe i like that.

thanks ghous and i might say i think young mr ghous is on the right track in life.
Quoting supremeChaos
james16,
indeed, Sir, he is. & i'm very happy for him. Somehow i envy his (& several others') earlier (about 3-4years earlier, age-wise) discovery of FX trading.
I hope he/they continue/s on keeping on!
Thanks guys.
I believe . . .
  • #31,977
  • Jun 3, 2009 12:12am Jun 3, 2009 12:12am
Quoting Tipers
Hey guys, long time reader and first time poster. I'm a 21 year old accounting/finance student from Brisbane Australia.

I was wondering if I could get some thoughts on the DBLHC on the daily EURUSD chart attached. I noticed the pin bar form and I decided not to take it due to it being counter trend and not having a large nose. I thought the bar was acutally in quite a good position in terms of being near a 365 sma and being close to the trend line. Would anyone else have taken this pin if it was 1.5x as long?

A dblhc has formed now and hints...
G'day Alex
Welcome to the thread, countryman.
I like the way you're using your thought process and in all honesty I think you've answered your own question - if in doubt, don't take the trade!
The hardest thing at this stage is having confidence in your own analysis.
But the easiest way to obtain this is to do what is spoken about regularly by the seniors and many others; practice, demo and learn patience.
This means back testing and forward testing to gain confidence.
Here's a thought - don't be afraid to pull the trigger if you think you've got a viable set up. It's a great learning tool to sort out your risk, position size and be in a trade and have to manage it; shifting stops, taking profit, etc - all on demo of course.
IMHO the patience part of the equation comes after you gain confidence in analysis, trade execution etc then you practice the patience thing. For some people making mistakes on demo accounts is a terrific way to learn.
Generally it's probably going to take much longer than 3 months to get profitable in Step 1 (demoing) but that's fine.
As Jim, Mike etc say to newcomers "don't rush, take your time".
Lots to learn!!

BTW the most recent trendline on your chart (rising resistance) is not valid if todays bar does not trade above yesterdays high.

Happy trading, Gov
  • #31,978
  • Jun 3, 2009 1:15am Jun 3, 2009 1:15am
Quoting Jduester

This GBP/CHF trade is with the trend, so I feel much more comfortable.

Good evening,

Josh
A fantastsic area for a breakout trade with the round number and PPZ.

I actually missed this one due to work commitments but it is the kind of inside bar I look for. GBPCHF seems to be a ghreat pair volatility breakouts.
  • #31,979
  • Jun 3, 2009 3:55am Jun 3, 2009 3:55am
Mmm... I can see a BEOB developing on 4h UsdCad; maybe time for the bear to take a pause? I think that a strong close above 1.0850 will confirm Monday's bullish pin. There is also a nice divergence on the MACD on the 4h TF. What do you think?

I'm also watching EurJpy on the 4h TF, a nice pin is forming (looking at the daily it comes at a double top with big divergence..)
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  • #31,980
  • Jun 3, 2009 4:08am Jun 3, 2009 4:08am
Quoting bakko85
Mmm... I can see a BEOB developing on 4h UsdCad; maybe time for the bear to take a pause? I think that a strong close above 1.0850 will confirm Monday's bullish pin. There is also a nice divergence on the MACD on the 4h TF. What do you think?

I'm also watching EurJpy on the 4h TF, a nice pin is forming (looking at the daily it comes at a double top with big divergence..)

Hard call. Strong down trend, maybe due for a retrace. I can draw 50% fibo around the 1.10 round number. So maybe pull back to 1.10 - 1.20 before going back down? The 38.2 level looks like a minor PPZ as well. Hard to say...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
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