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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

  • #34,261
  • Jun 22, 2009 5:20pm Jun 22, 2009 5:20pm
Quoting squeezy
thnx jarroo
when is a pa setup no more valid, cant post charts, dnt kno y
i hav a buob on my eurjpyh4 chart 8hrs ago, the next 4hr formed an inside bar, and now on the next 4hr ....
is dis momentum building, not sure
not sure whether i shld pull my order out
btw the eurjpyh4 buob is on my fxdd feed

also dblhc on chfjpy h4, same scenario
Well, it has be validated before its not valid. lol Validation come from the PA setup breaking.

Momentum building? maybe.

If you are unsure, close your position.
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Indicators show the past. Price Action "Indicates" the future.
  • #34,262
  • Jun 22, 2009 5:31pm Jun 22, 2009 5:31pm
Quoting jarroo
Well, it has be validated before its not valid. lol Validation come from the PA setup breaking.

Momentum building? maybe.

If you are unsure, close your position.
thnx J
i think ill leave my order still opened and try and mgt the trade with tight SL,
already using 60pips SL, but if she breaks ill tighten it to about 30 according to hw she behaves, or jst totally remove it later
ill wait a bit, thnx
Simplicity is the key to success
  • #34,263
  • Jun 22, 2009 5:32pm Jun 22, 2009 5:32pm
Quoting james16

One of them all of you would fall right out of your chair if you knew.

jim
This is going to bug me for awhlie. lol
Indicators show the past. Price Action "Indicates" the future.
  • #34,264
  • Jun 22, 2009 5:39pm Jun 22, 2009 5:39pm
Quoting squeezy
thnx J
i think ill leave my order still opened and try and mgt the trade with tight SL,
already using 60pips SL, but if she breaks ill tighten it to about 30 according to hw she behaves, or jst totally remove it later
ill wait a bit, thnx
I like the "next bar break" rule that Mike has talked about. Meaning if the next bar doesn't break the setup then close the position. But I've been rethinking it during different times of the day, time frames and potiential momentum building. But its a great way to confirm or nonconfirm a potenial setup.
Indicators show the past. Price Action "Indicates" the future.
  • #34,265
  • Jun 22, 2009 5:52pm Jun 22, 2009 5:52pm
Quoting jarroo
This is going to bug me for awhlie. lol
Me too, Jim, me too. I even had a look through some old pages to see if I could work it out.

I clearly have too much time on my hands.

(PS. And yes (in relation to your earlier post) that is exactly what I am working towards. A handful of management styles that can be deployed situationally. On my spreadsheet of trades taken I have a ton of extra columns for different styles. It's for exactly that reason. To collect information and have an arsenal of trade management styles)
  • #34,266
  • Jun 22, 2009 5:56pm Jun 22, 2009 5:56pm
Quoting TiaForex
It's Mike isn't it? I knew it.

(And btw, my screenname had people sending me flirty messages when I first started on here. Before they realised I was a man. It's actually an acronym of my first name and my business partner's first name.)

Aaron
yea the name "TiaForex" does sound pretty feminine
  • #34,267
  • Jun 22, 2009 6:01pm Jun 22, 2009 6:01pm
Quoting TiaForex
(PS. And yes (in relation to your earlier post) that is exactly what I am working towards. A handful of management styles that can be deployed situationally. On my spreadsheet of trades taken I have a ton of extra columns for different styles. It's for exactly that reason. To collect information and have an arsenal of trade management styles)
That's excellent Tia. Once you see a setup so many times and how you managed it before worked so well, and then you apply it the same way it almost becomes routine or (dare I say) boring. lol
Indicators show the past. Price Action "Indicates" the future.
  • #34,268
  • Jun 22, 2009 6:02pm Jun 22, 2009 6:02pm
Quoting jarroo
I like the "next bar break" rule that Mike has talked about. Meaning if the next bar doesn't break the setup then close the position. But I've been rethinking it during different times of the day, time frames and potiential momentum building. But its a great way to confirm or nonconfirm a potenial setup.
I like this on the daily, although a nice inside bar with the open and close up in the direction of the trade is something I like to see as a momentum build up.

The thing with the 4H is that often there are dead bars depending on the time of day you take it. So I am not quite sure how to play that yet. Which is why I am accumulating demo data on trading that TF.

My thing is, I don't want to have a trading plan that allows me to change things too early on. It's a recipe for emotional trading for me. I want to take a trade in the confidence that it's going to work and then let it play out. If I look for a reason to leave early then I almost always find it.

I've got a EURCAD pending 4H short on at the moment and it's really unlike to break in the bars that form during the end of NY and towards the beginning of Asia. But I like the setup so I may sleep and see where we are at London open when I wake.
  • #34,269
  • Jun 22, 2009 6:29pm Jun 22, 2009 6:29pm
Quoting TiaForex
I like this on the daily, although a nice inside bar with the open and close up in the direction of the trade is something I like to see as a momentum build up.

The thing with the 4H is that often there are dead bars depending on the time of day you take it. So I am not quite sure how to play that yet. Which is why I am accumulating demo data on trading that TF.

My thing is, I don't want to have a trading plan that allows me to change things too early on. It's a recipe for emotional trading for me. I want to take a trade in the confidence that...
The Pin Bar/Inside Bar comes to mind as a great example of momentum building setup, well the ones that break any way. lol.

It sounds like you got a plan, Tia. That emotional stuff goes away over time, (well most of it lol). When your eye balling a BEOB, at a swing high, with Fib and Divergence confluences for the 30th time it becomes less emotional.
Indicators show the past. Price Action "Indicates" the future.
  • #34,270
  • Jun 22, 2009 6:31pm Jun 22, 2009 6:31pm
Attached is an updated indicator with one bug fix and one alteration. The indicator is now pickier on the setups. For example, it ignores pinbars where it deems the nose to be too short.

Lastly, if you have questions, comments or suggestions, PM me.

Scott

Quoting phpscott
This thread and the J16 Group has turned my trading around. I first found this thread in early 2006 and have been using PA ever since. I felt like I should give a little back. Attached is an indicator I created and use myself. It alerts me of potential setups. It is not flashy but does a good job. If you use it, I am not responsible for any losses or gains. All I ask is for anyone that improves it to share.
Attached File(s)
File Type: mq4 PA Detect.mq4   9 KB | 968 downloads
  • #34,271
  • Jun 22, 2009 6:31pm Jun 22, 2009 6:31pm
Quoting mbqb11
Aaron you are a cool dude

You are going to do just fine in the long run


Mike


Thanks Mike.

I've had some great teachers.
  • #34,272
  • Edited 7:33pm Jun 22, 2009 7:13pm | Edited 7:33pm
Quoting TiaForex
I've had some great teachers.
I just want to say 2 things mate.


1. I can understand your point about the great teachers, as i think this place is rare because of the time and energy spent by these people that could be off enjoying their success. But the way that you take the principles of what they say and make it apply to your own journey, and then help others to learn the same principles. Hats off to you

2. Your typing speed must be bloody quick

First point also applies to Ghous and Jduester!

Which is another way of saying i appreciate all your posts.
  • #34,273
  • Jun 22, 2009 7:15pm Jun 22, 2009 7:15pm
Quoting TiaForex
It's Mike isn't it? I knew it.

(And btw, my screenname had people sending me flirty messages when I first started on here. Before they realised I was a man. It's actually an acronym of my first name and my business partner's first name.)

Aaron
LOL. I actually read it as "Thanks In Advance FOREX!!!"

I don't blame any female posters for going gender neutral names. Every time a new female poster introduces themselves here (the obvious ones) every guy in here jumps through hoops to help. I think it's a crack up. lol
Bundy's status today: "Waiting..."
  • #34,274
  • Jun 22, 2009 7:20pm Jun 22, 2009 7:20pm
Tell me someone has noticed the Head and Shoulder formation on the G/J pair?

Will be good one to set alerts for a pullback trade later after the break.
.
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Bundy's status today: "Waiting..."
  • #34,275
  • Jun 22, 2009 7:32pm Jun 22, 2009 7:32pm
Quoting bundyraider
Every time a new female poster introduces themselves here (the obvious ones) every guy in here jumps through hoops to help. I think it's a crack up. lol

Imagine a girlfriend who gets as excited as you about a perfect pin bar in loads of space.... Can there be a bigger turn on?

haha
  • #34,276
  • Jun 22, 2009 7:32pm Jun 22, 2009 7:32pm
Quoting bundyraider
Tell me someone has noticed the Head and Shoulder formation on the G/J pair?

Will be good one to set alerts for a pullback trade later after the break.
.
Noticed that on the daily and 4hr. Take a look at the monthly.

K.I.S.S.
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  • #34,277
  • Jun 22, 2009 7:38pm Jun 22, 2009 7:38pm
Quoting mbqb11
Yes it is, I just use a voice changer for the webinars/videos

But in all seriousness, many of our female members I speak with through PMs and emails only and they turn out to be the best, and most level headed for trading, then us egotistical males that have to battle ourselves. Glad to see more female posters here too

Mike
Funny you said this, when I 1st started out my last mentor said the same thing, he also said that Doctors and Engineers have the HARDEST time to trade due to it not being the same thing everytime and they don't have a exact way to do it, teachers also have a hard time as well he said.
Keep taking CT trades, I need more money
  • #34,278
  • Edited 7:59pm Jun 22, 2009 7:41pm | Edited 7:59pm
Indeed, in the interest of preserving my ego, as it were, I do see myself adding long term USDJPY soon - we have reached a reasonable R/R for my taste with this last run, and a reasonable stop should cover things. We all love a sale! Fundamental trading, however, requires a bit of Buffet-esque resolve. I must admit it's getting a bit annoying watching this thing wander. LOL. The 94 area remains the key for my eye.
  • #34,279
  • Jun 22, 2009 7:43pm Jun 22, 2009 7:43pm
We are headed to the month's end. Some monthly charts are looking interesting.

K.I.S.S.
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  • #34,280
  • Jun 22, 2009 7:48pm Jun 22, 2009 7:48pm
Quoting Ryanmcd
Funny you said this, when I 1st started out my last mentor said the same thing, he also said that Doctors and Engineers have the HARDEST time to trade due to it not being the same thing everytime and they don't have a exact way to do it, teachers also have a hard time as well he said.
Raczek made this point too and said that in his little group of traders, farmers do the best.

I actually think it's the reverse. Doctors, lawyers, engineers...they all want to make this more complicated than it is, assimilate all the information fundamental and technical and get on top of it. They don't have the ability to relax, rinse and repeat and watch their edge play out. Trading really can be simple in its execution, once we've done all the hard work in getting to that point.

A major red flag for me in choosing who I listen to as a trader, is people making it overly complicated. Or using elaborate trading jargon that needs to be read three times to be deciphered. I find myself asking "What are you saying? What do you mean? Why are you hiding behind all these technical terms?" And conversely I am drawn to those who really present things simply and clearly.
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