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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

  • #34,361
  • Jun 23, 2009 3:46am Jun 23, 2009 3:46am
Quoting jarroo
I believe this is the correct Price Projection for Head and Shoulders.
Yup, I believe you are correct. I would love to see price flip at 155, creating resistance. Then, again, beast being what it is, I wouldn't be surprised to see price keep falling to hit 151 area.
  • #34,362
  • Jun 23, 2009 3:52am Jun 23, 2009 3:52am
Quoting Forex007
Hm, did Jim mean Jarroo?..

No clues, but one never knows...
lol. If I was a chick I'd be in Vegas doing 3 shows a night.
Indicators show the past. Price Action "Indicates" the future.
  • #34,363
  • Jun 23, 2009 3:52am Jun 23, 2009 3:52am
Quoting bundyraider
There's a 3 part documentary called "Million Dollar Traders" I watched on the net the other day. It involved a group of 8(??) people plucked from all walks of life and put in charge of various parts of 1 million pounds for a couple of months (or more).
It was a funny experiment. The project was bankrolled by a hedge fund manager. Those "traders" were never taught about position sizing; nor they knew what a SL was... One guy was trading sports stocks (Nike, Adidas etc) simply because he was a... boxer promoter. No wonder most of them blew it. The most surprising bit (for me) was that the guy who set that all up was surprised with their poor performance - hm, what did he expect.
One Chart is Worth Ten Thousand Words.
  • #34,364
  • Jun 23, 2009 3:53am Jun 23, 2009 3:53am
Quoting jarroo
lol. If I was a chick I'd be in Vegas doing 3 shows a night.
Ah, that's explains the "can't post charts now"!!
One Chart is Worth Ten Thousand Words.
  • #34,365
  • Jun 23, 2009 3:54am Jun 23, 2009 3:54am
Quoting Forex007
It was a funny experiment. The project was bankrolled by a hedge fund manager. Those "traders" were never taught about position sizing; nor they knew what a SL was... One guy was trading sports stocks (Nike, Adidas etc) simply because he was a... boxer promoter. No wonder most of them blew it. The most surprising bit (for me) was that the guy who set that all up was surprised with their poor performance - hm, what did he expect.
They did get 2 weeks of training before going live.
It was cool show.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,366
  • Jun 23, 2009 3:59am Jun 23, 2009 3:59am
Quoting jarroo
I believe this is the correct Price Projection for Head and Shoulders.
This is what I would like to see...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 119 KB
  • #34,367
  • Jun 23, 2009 4:00am Jun 23, 2009 4:00am
This one has annoyed me.
It did exactly what I expected it to after yesterdays bar, but I didn't trade it as there wasn't a specific entry trigger.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 16 KB
  • #34,368
  • Jun 23, 2009 4:00am Jun 23, 2009 4:00am
Quoting wwtravel
Yup, I believe you are correct. I would love to see price flip at 155, creating resistance. Then, again, beast being what it is, I wouldn't be surprised to see price keep falling to hit 151 area.
We know that Price doesn't move in a straight line,(then again with this pair you never know). Some bearish PA at a retraces would be nice.
Indicators show the past. Price Action "Indicates" the future.
  • #34,369
  • Jun 23, 2009 4:01am Jun 23, 2009 4:01am
Quoting jarroo
I believe this is the correct Price Projection for Head and Shoulders.
Jarroo, would you have entered blindly or better wait for a retracement of neck line?
This is one of my worst skills (if any): Clear PPZ to go up or down, but no PB nor BUOB or BEOB to use PA (lots of them today). What to do?
Let it escape down and down and wait for a retracement, if it does?
Going to lower TF trying to see a retracement? From daily, to 4h, 1h, 30 min, 15 min, 5 min?? which is the limit?
Your advise will be appreciated!
Trading: the skill of avoiding trades
  • #34,370
  • Jun 23, 2009 4:04am Jun 23, 2009 4:04am
Quoting Interceptor
This one has annoyed me.
It did exactly what I expected it to after yesterdays bar, but I didn't trade it as there wasn't a specific entry trigger.
Even the big fella himself posted a similar story a day or so ago. We can have a pretty good idea of what will happen , but if the trades not good, for whatever reason, no need to shotgun it...
Bundy's status today: "Waiting..."
  • #34,371
  • Jun 23, 2009 4:06am Jun 23, 2009 4:06am
Quoting jarroo
I believe this is the correct Price Projection for Head and Shoulders.
Nice one, Jarroo! Constance Brown is doing a lot of such projections in her books; I like that approach because it is so simply (i.e. majority of bank traders should be capable of doing the same )
One Chart is Worth Ten Thousand Words.
  • #34,372
  • Jun 23, 2009 4:07am Jun 23, 2009 4:07am
Quoting eswap0
Jarroo, would you have entered blindly or better wait for a retracement of neck line?
This is one of my worst skills (if any): Clear PPZ to go up or down, but no PB nor BUOB or BEOB to use PA (lots of them today). What to do?
Let it escape down and down and wait for a retracement, if it does?
Going to lower TF trying to see a retracement? From daily, to 4h, 1h, 30 min, 15 min, 5 min?? which is the limit?
Your advise will be appreciated!
wwtravel's chart above looks ideal. You just have to be patient and let a setup develop. Higher time frame PA is what works the best. Blind entry at the neck could work but risky. We could go up and test the right shoulder.
Indicators show the past. Price Action "Indicates" the future.
  • #34,373
  • Jun 23, 2009 4:20am Jun 23, 2009 4:20am
Quoting Marco
Hi there,

I just wanted to tell you about some recent developments in my trading-life which some of you might interest...


Take care,

Marco
Good post Marco. Could you kindly clean up the language though?
  • #34,374
  • Jun 23, 2009 4:25am Jun 23, 2009 4:25am
Quoting Jduester
Good post Marco. Could you kindly clean up the language though?
Thank you. What exactly do you mean? If you mean my english, I know it's far from perfect but I hope everyone understood what I wanted to say.
  • #34,375
  • Jun 23, 2009 4:31am Jun 23, 2009 4:31am
Quoting Marco
Thank you. What exactly do you mean? If you mean my english, I know it's far from perfect but I hope everyone understood what I wanted to say.
Must add, as a non-english speaking person, that I was unable to find a wrong sentence or word, or anything that should be cleaned-up.
Appart from improving my English, one of my targets has been recently set as "not to sit in front of the monitor so much time", so I found the post really interesting.
Trading: the skill of avoiding trades
  • #34,376
  • Jun 23, 2009 4:32am Jun 23, 2009 4:32am
Quoting Autumm
So how u play this is look for a second bounce of a ppz and go in the direction of the bounce?
Yes, it could be off the first bounce, or the second or the third or even the fourth.
I believe . . .
  • #34,377
  • Jun 23, 2009 4:39am Jun 23, 2009 4:39am
Quoting Vourvoul
Hey Ghous,

So you played the touch off the 155 following the 4hr pin with divergence. Very nice, BUT, where was your initial SL and why?

I also like these pullbacks at round numbers following PA but my SL is very tight (15pips max) giving an excellent R:R and good expectancy based on my testing. In the GBP/JPY price moved 30 pips lower than that 4H pin?

Thanks
It was not a pin bar trade Vourvoul. It was blind entry off the 155 level. My SL in this case wasn't on the platform but I was intent on closing the trade if the 1H bar closed below the previous 3 bar lows. (refer to chart below) It was not what happened and price instead decided to visit my first TP before taking me out at BE.

Regards,
Ghous.
Attached Image
I believe . . .
  • #34,378
  • Jun 23, 2009 4:48am Jun 23, 2009 4:48am
Quoting eswap0
Must add, as a non-english speaking person, that I was unable to find a wrong sentence or word, or anything that should be cleaned-up.
Appart from improving my English, one of my targets has been recently set as "not to sit in front of the monitor so much time", so I found the post really interesting.
As an English speaking person, I can tell you that the f**k word is not nice to see in polite forums like this. I guess that is what he's referring to.
  • #34,379
  • Jun 23, 2009 4:49am Jun 23, 2009 4:49am
Quoting jarroo
lol. If I was a chick I'd be in Vegas doing 3 shows a night.

one thing interesting about the gb/yen H+S. i dont know if this is part of common TA??
EDIT: iv heard of trading naked but in a dress!!??
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.jpg Size: 75 KB
PATIENCE... DISCIPLINE
  • #34,380
  • Jun 23, 2009 4:55am Jun 23, 2009 4:55am
Quoting g_j_hook@yah

one thing interesting about the gb/yen H+S. i dont know if this is part of common TA??
EDIT: iv heard of trading naked but in a dress!!??
LoL.

Thanks g_j_. I'm not well versed in the H&S patterns. Interesting look. It just looks like one big Pin Bar.
Indicators show the past. Price Action "Indicates" the future.
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