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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

  • #32,401
  • Jun 5, 2009 10:32am Jun 5, 2009 10:32am
Quoting KissFan
Posting this a little late sorry.

Trade: Short two positions at 1% acct risk each entry short @97.71 (break of one hr pin) Total risk is 2%. Potential Reward is slightly over 2%.
Stop Loss: Initial at 98.24
Management Strategy: when price reaches 97.31 move SL of second position to BE and take profit on 1st. Second TP will be 97.00
[size=3][font=Calibri]Price Action/Confluence:...
Stopped out on this trade. I still think that we will move south from here. I'll check back in a while after my 4 hr closes.

K.I.S.S.
  • #32,402
  • Jun 5, 2009 10:38am Jun 5, 2009 10:38am
Thought I'd also put an update on my Usd/Cad long,

longed it originally at 1.08, off the weekly ppz,

added some at the golden ppz at 1.096 to ride to 1.115, target got hit.

I am now looking forward to the break of 1.115, a breakout and retest of it will certainly allow me to add more additions to the trade.

normally I would have been short here (1.115) within my long as a short term scalp trade. I've been doing it with success for quite some time now, but given the NFP dust and the end of the trading week I'll pass this one in hopes of a break of 1.115 later next week.

Have a nice weekend guys.

Ghous.
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I believe . . .
  • #32,403
  • Jun 5, 2009 10:40am Jun 5, 2009 10:40am
http://www.forexfactory.com/showthre...56#post2619656
Respect a man, and he will do all the more.
  • #32,404
  • Jun 5, 2009 10:47am Jun 5, 2009 10:47am
Quoting KissFan
Seems like a sound way to manage this one to me. We all will do it a little differently Ryan. For some reason, my trade didn't get executed until today (this morning after NFP). Weird, but now that I look back, I see where 1.4086 was breached yesterday.

K.I.S.S.

Ya I got filled yesterday on mine, Also I am sure I will have to work on getting these down just like I did the 5min but what I don't want to do is kill my winners too quick and lose out on some $$$ and then have nothing open and take a shit trade. Done that WAY too many times.
Keep taking CT trades, I need more money
  • #32,405
  • Jun 5, 2009 10:55am Jun 5, 2009 10:55am
Quoting Ryanmcd
Ya I got filled yesterday on mine, Also I am sure I will have to work on getting these down just like I did the 5min but what I don't want to do is kill my winners too quick and lose out on some $$$ and then have nothing open and take a shit trade. Done that WAY too many times.
One thing that guides me for TP areas is the ZUP(Gartley) pattern. I draw a fib from "A" to "D" and where it shows confluence with S/R or other fibs I'll take all or partial profit at that area. Another tool to use AFTER the basics of PA and S/R are learned.

K.I.S.S.
  • #32,406
  • Jun 5, 2009 10:56am Jun 5, 2009 10:56am
Quoting ghous
Thought I'd also put an update on my Usd/Cad long,

longed it originally at 1.08, off the weekly ppz,

added some at the golden ppz at 1.096 to ride to 1.115, target got hit.

I am now looking forward to the break of 1.115, a breakout and retest of it will certainly allow me to add more additions to the trade.

normally I would have been short here (1.115) within my long as a short term scalp trade. I've been doing it with success for quite some time now, but given the NFP dust and the end of the trading week I'll pass this one in hopes of a break...
Great job Ghous.
  • #32,407
  • Jun 5, 2009 12:19pm Jun 5, 2009 12:19pm
Quoting jarroo
Hey Jim could you ask your son if he's eye balling the .8860ish for a target (PPZ, 61.8, 150 ema) and then a possible short?

Tell him thanks for his help.

Jim
Just thought I'd update this one. I'm sure Jim's son would say "sure that makes sense. "
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,408
  • Jun 5, 2009 12:20pm Jun 5, 2009 12:20pm
Looking ahead to the weekly E/U cross I see a couple of possible scenarios. The most likely in my opinion is we get a retrace monday of todays downward move. I say this because of the presence of a BIG round number 1.40. Traders may use the close near there today as a basis for a long entry. A test of the 1.41 area may be due as well before moving down. The other scenario is that we break the weekly pin right out of the gate(which is well placed) and move on down towards 1.38. I'd like to add that I really enjoyed reading everyone's posts this week and participating in the best thread on FF! I have learned some new stuff and hopefully made a contribution to the community as well.

K.I.S.S.
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  • #32,409
  • Jun 5, 2009 12:21pm Jun 5, 2009 12:21pm
Quoting jarroo
Just thought I'd update this one. I'm sure Jim's son would say "sure that makes sense. "

Another winner for son of Jim..
  • #32,410
  • Jun 5, 2009 12:22pm Jun 5, 2009 12:22pm
Quoting bakko85
i took the gbpchf, not the eurgbp!
1/2 off the table and the rest to BE, let's see if this can fly
Very nice bakkos. Drawdown after the break was like 1 pip. Sweet.
Indicators show the past. Price Action "Indicates" the future.
  • #32,411
  • Jun 5, 2009 12:36pm Jun 5, 2009 12:36pm
1st time seeing +131 pips lol, if that was the 5min with 2% I would be getting everyone dinner
Keep taking CT trades, I need more money
  • #32,412
  • Jun 5, 2009 12:45pm Jun 5, 2009 12:45pm
Jarroo, am I thinking right on this as a short due to PPZ and fib #'s?
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Keep taking CT trades, I need more money
  • #32,413
  • Jun 5, 2009 1:36pm Jun 5, 2009 1:36pm
hey Ryan,

When looking at the daily or even the 4hr. try zooming out more to look for ppz's.

as you might here as well. it could be looked at as in traffic. but if it finishes like this it is a good looking bar with the immediate trend
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  • #32,414
  • Jun 5, 2009 2:21pm Jun 5, 2009 2:21pm
Quoting Ryanmcd
Hmm, if you got into this short you stop was about 260 pips, what if it went the wrong way? That is why I have to trade it a longer time think about this. When I trading the 5min sometimes it takes 20+ bars to finish, in 4hr terms thats about 4 days, now with the 2d PB that could be 15-20 days. When I trade I watch time as well not just price.

You may do okay getting 30-40 here and there but what if it run the wrong way do you take that 200 pip lost that killed you last 5 winners?
hi Ryan, thanx for your feed back.
you make a very good point and one i am aware of. it affects my account so i have no choise! i do struggle with holding positions and letting my winners pay for the loosing trades.and it does show in my account. ihave been thinking over various ideas recently.
today i have the eu/yen short over the weekend and it is one of the very few occations i have done so with my live acc..so im trying!!hehe
cheers
jon
PATIENCE... DISCIPLINE
  • #32,415
  • Jun 5, 2009 2:23pm Jun 5, 2009 2:23pm
Quoting Ryanmcd
Jarroo, am I thinking right on this as a short due to PPZ and fib #'s?
Yes I agree with rustyjeff. Traffic (previous High, Lows, S/R, etc.)to the left of a potential setup is always on the watch. Less traffic the better for it to run. What's the best approach? "This is Critical" from James16.
Indicators show the past. Price Action "Indicates" the future.
  • #32,416
  • Jun 5, 2009 2:34pm Jun 5, 2009 2:34pm
Does anyone know any good video/audio clips to listen to? Just looking for things that will sharpen up forex skills and teach you about emotions that go along with trading..etc.

Thanks!
  • #32,417
  • Jun 5, 2009 2:51pm Jun 5, 2009 2:51pm
Quoting nebuman213
Does anyone know any good video/audio clips to listen to? Just looking for things that will sharpen up forex skills and teach you about emotions that go along with trading..etc.

Thanks!
Try the guest side of the James16 Group private forum. Plenty of amazing free videos there. Google it, I don't think Jim likes the link to be posted here. (He doesn't want the free thread to seem like an advert for the private group)

Also try Martin Pring's youtube channel. MJPring is the username. His stuff is what Jim's teachings are based on. http://www.youtube.com/user/mjpring He goes into a few more things regarding indicators which you don't really need but he's a good guy.

And finally these guys were recently recommended by Clockwork71 over on his thread for learning about various markets. http://www.learningmarkets.com/

I would thoroughly recommend Clockwork71's blog for audio files. He has a great attitude and has assimilated this material really well and created his own style.

Hope that helps.
  • #32,418
  • Jun 5, 2009 2:51pm Jun 5, 2009 2:51pm
Quoting nebuman213
Does anyone know any good video/audio clips to listen to? Just looking for things that will sharpen up forex skills and teach you about emotions that go along with trading..etc.

Thanks!
The "Guests" section here is excellent.


http://www.james16group.us/
Indicators show the past. Price Action "Indicates" the future.
  • #32,419
  • Jun 5, 2009 2:56pm Jun 5, 2009 2:56pm
Ok thanks jarroo and Tia...this should get me plenty of material to go over through the weekend!
  • #32,420
  • Jun 5, 2009 2:59pm Jun 5, 2009 2:59pm
Quoting james16
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair.
Simple yet powerful and importantly profitable. Thanks from saving us all from indicator hell.
Economists have forecast 9 out of the last 5 recessions
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