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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

  • #35,741
  • Jul 1, 2009 10:10am Jul 1, 2009 10:10am
fib confluence @ ppz
looking to move stops and take some off the table around 89.00

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skype: ststroud. let's talk trading.
  • #35,742
  • Jul 1, 2009 10:11am Jul 1, 2009 10:11am
Quoting mbqb11
nice trading Mark, happy Canada day to you and our other Canadian friends
Thanks Mike.
It makes a big difference when you have a trading plan based on something solid instead of just trading on pure luck.
  • #35,743
  • Jul 1, 2009 10:12am Jul 1, 2009 10:12am
Quoting mbqb11
Easy ghous lol, you can still treat it as a serious business and have alerts sent and then look at the chart to determine if it is worth trading. Some people don't have the ability to access the charts as much.

My answer would be to check out some of the Price Action alert indicators, I have attached an example scott posted. Now I am sure the indicator is the tough part to making, getting an alert attached to it would probably be the easiest part. I have no idea how to do that but wanted to give you a starting place. I also have not tried the...

I think it would be better to just give Mike your account info and cut him 20% of the WINNERS only
Keep taking CT trades, I need more money
  • #35,744
  • Jul 1, 2009 10:12am Jul 1, 2009 10:12am
Quoting raczekfx
Thanks Mike.
It makes a big difference when you have a trading plan based on something solid instead of just trading on pure luck.

What is Canada day?
Keep taking CT trades, I need more money
  • #35,745
  • Jul 1, 2009 10:23am Jul 1, 2009 10:23am
Quoting marcelnyo
Try subscribing with alertfx
If you reside in the states I think they can send an sms message to you when price of a certain currency reaches a certain price, Jim also uses that alert service when he's not at his trading comp.
Thanks for posting, this looks interesting. They also have alerts for a few indicator values. Anyone else use this? Are they pretty reliable?
skype: ststroud. let's talk trading.
  • #35,746
  • Jul 1, 2009 10:41am Jul 1, 2009 10:41am
Quoting tyler812
Thanks for posting, this looks interesting. They also have alerts for a few indicator values. Anyone else use this? Are they pretty reliable?
wow... Thank God my mistake actually has something good for someone, I believe that Jim (James16) use them, so I think from the man himself it would be pretty reliable, I haven't tried the SMS service because they don't support international messaging (or to my country that is).

I'm not in any way affiliated to alertfx.com

Speaking of price, the movements for today is pretty slow, maybe because tommorow is NFP day? I'd like to see how our PA prepares for that, last time I remember before a big announcement (can't remember what), the USDCAD weekly already signalled a reversal for short trade.

I usually never watch news, but IBFX newsletter made me remember, it used to be friday, now it's thursday?
I was hoping this news would create a new high for fiber and cable? (wishful thinking consider I'm long both already )
Again, Hopefully, the uptrend for both will continue.
  • #35,747
  • Jul 1, 2009 11:01am Jul 1, 2009 11:01am
My usdjpy short finnally started to play out...

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  • #35,748
  • Jul 1, 2009 11:06am Jul 1, 2009 11:06am
Watching eur/usd for 4hr pb @ 1:00est.
Keep taking CT trades, I need more money
  • #35,749
  • Jul 1, 2009 11:51am Jul 1, 2009 11:51am
Quoting mbqb11
My answer would be to check out some of the Price Action alert indicators,
Thanks again Mike,

Its not for live trading... but just so I get alerted to PA (while at work) and can then try and work out if I would have taken it ...and then see how it goes. I find a lot of the skill is managing the trade once in.

I'm only trading daily at the moment.

More of a learning exercise really.

Thanks
  • #35,750
  • Jul 1, 2009 11:54am Jul 1, 2009 11:54am
Quoting mbqb11
Hey Slurp

I would be careful with this one personally slurpee. It has a very poor close IMO. While it is technically a pin, the close is much lower then the open, giving the bar more of a bearish look to me then a pinbar type look. That and the 6500 mark with many bar highs right above it would have me very weary.

Best
Mike
hi Mike, i was wondering today if you were still in that au/yen long from the daily pinbar??
cheers
jon
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PATIENCE... DISCIPLINE
  • #35,751
  • Jul 1, 2009 12:37pm Jul 1, 2009 12:37pm
Quoting raczekfx
got my PA....
and.. kaboom
Let's see if we can get 68.80 later today..
Beauty, target reached
.. too bad I'm not trading at 500Eu/pip ... one day...

Quoting Ryanmcd
What is Canada day?
Canada's birthday
.

p.s. note to self: kind of wondering what's holding up fiber....very unusual.. perhaps low liquidity....or dj . Fiber should be hugging 1.40 now.
I guess everyone is hoping for a interest rate moving higher tomorrow and trichet announcing victory over recession.....
If that doesn't happen, I'd be looking forward to a reversal day...
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  • #35,752
  • Jul 1, 2009 1:02pm Jul 1, 2009 1:02pm
Maybe they want another test....

Quoting raczekfx
.................

p.s. note to self: kind of wondering what's holding up fiber....very unusual.. perhaps low liquidity....or dj . Fiber should be hugging 1.40 now.
I guess everyone is hoping for a interest rate moving higher tomorrow and trichet announcing victory over recession.....
If that doesn't happen, I'd be looking forward to a reversal day...
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #35,753
  • Jul 1, 2009 1:03pm Jul 1, 2009 1:03pm
Quoting g_j_hook@yah
hi Mike, i was wondering today if you were still in that au/yen long from the daily pinbar??
cheers
jon
Hey Jon

I got in and out for profit quick on this one, around the first trouble area.
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  • #35,754
  • Jul 1, 2009 1:04pm Jul 1, 2009 1:04pm
Quoting raczekfx
Beauty, target reached
.. too bad I'm not trading at 500Eu/pip ... one day...
I can give you some hints, 1st thing, remove ALL signs of money from your charts, no % gained no $$$ amounts anywhere. It used to freak me out but now I watch the charts and price and tell myself I am only paper trading it and it's only paper.... Because it really is just that LOL
Keep taking CT trades, I need more money
  • #35,755
  • Jul 1, 2009 1:06pm Jul 1, 2009 1:06pm
Quoting mbqb11
Hey Jon

I got in and out for profit quick on this one, around the first trouble area.

Mike do you ever have problems going from the 4hr to the daily? I had a hard time with mixing the 4hr and daily on different trades, I think it's more of a time thing due to the daily moving slower and the 4hr doing 6x the moving the daily does. I think 4hr is my thing for now and I will skip the dailys.


I still am not a fan of being in a trade for 5+ days even if it's up 10%, prob just a phych thing.
Keep taking CT trades, I need more money
  • #35,756
  • Jul 1, 2009 1:08pm Jul 1, 2009 1:08pm
Quoting ikki
Maybe they want another test....

I killed my long to hope for a 4hr PB short, it would of been in a great spot. Still looking to short this one, check out the gbp/usd, they trend most of the time until the past day.
Keep taking CT trades, I need more money
  • #35,757
  • Jul 1, 2009 1:09pm Jul 1, 2009 1:09pm
A 4HR pin is spotted on the PPZ for USD/CAD. I have a buy stop in place.
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  • #35,758
  • Jul 1, 2009 1:09pm Jul 1, 2009 1:09pm
This is what I call a "Cold Water" pb lol
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Keep taking CT trades, I need more money
  • #35,759
  • Jul 1, 2009 1:11pm Jul 1, 2009 1:11pm
Quoting Ryanmcd
Mike do you ever have problems going from the 4hr to the daily? I had a hard time with mixing the 4hr and daily on different trades, I think it's more of a time thing due to the daily moving slower and the 4hr doing 6x the moving the daily does. I think 4hr is my thing for now and I will skip the dailys.


I still am not a fan of being in a trade for 5+ days even if it's up 10%, prob just a phych thing.
Not really Ryan. Simply b/c I take very few daily/weekly trades a month. So it doesn't really bother me much. I know most days I am going to open a daily chart and close it right back down.
  • #35,760
  • Jul 1, 2009 1:14pm Jul 1, 2009 1:14pm
Quoting goodtiding5
A 4HR pin is spotted on the PPZ for USD/CAD. I have a buy stop in place.
Not saying your trade won't work. But I see it buying right into a PPZ at the 1.15 round number
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