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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

  • #37,381
  • Jul 14, 2009 3:47pm Jul 14, 2009 3:47pm
batesmotel I was trading it from 1 day chart but on 4hr the areas are more clear to me... I guess (hope) it doesn't matter on which TF I draw it, does it?

Headless you are right, I see it now from your chart, is something wrong with mine?? Very nice uptrend...with the trend trade...I could have let it... ehm, something like let your profits run, that is what you ment?

Thank you both, valuable info
Live it or leave it!
  • #37,382
  • Jul 14, 2009 4:02pm Jul 14, 2009 4:02pm
Ok, Right on...3 for 3 today (that's a switch). I tp'd 1/2 of my position on NZDCHF, moved SL to BE....Can this baby punch thru the 365 ema? We shall see. But anyhow, I have 3 half position trades on the board, all are now risk free ...

Time to crack open a cold one I think...

GregB (just watch...I'll lose the next 3 in a row...)
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  • #37,383
  • Jul 14, 2009 4:09pm Jul 14, 2009 4:09pm
Quoting bakko85
I took 3 trades today and finally they all worked out:
-GBPCHF bullish pin bar closed now
-AUDCHF bullish pin bar, locked some profit and now waiting for 0,8680
-EURGBP bearish pin bar, SL moved to BE, TP at 0,8525

Thanks James, thanks every member of this thread..it seems i'm finally (and slowly) seeing the light at the end of tunnel
Good going! I'm surprised that I've never met you before, because I've been in that same tunnel for a good 5 years now!

GregB
  • #37,384
  • Jul 14, 2009 4:19pm Jul 14, 2009 4:19pm
Quoting Headless
I see absolutely no reason to close the GBPCHF trade early.

Look at my chart below. Price has been in an uptrend since late December and there is all that lovely space above.

You will NEVER catch the big moves closing trades early.

Had you considered taking 1/2 profit at your target, moving stoploss to break-even, and letting the rest run? Doing it this way you would now be in a 'free trade' and you just don't know what it might do over the next day/week/month(s).....
I'm with you on this one. Still have 2 positions open and in it for the long haul..
Time for a new chapter
  • #37,385
  • Jul 14, 2009 4:39pm Jul 14, 2009 4:39pm
A daunting task (on page 14 at the moment) however I feel I could potentially miss some golden nuggets if I skim or skip. I see some have read the thread multiple times which is an achievement in itself. I have trader for around a year but never really got anywhere, although using PASR I was all over the place, this thread is a godsend.

So I guess most of the regulars have read the entire thread?

Thanks

TAC
I hear and I forget. I see and I remember. I do and I understand.
  • #37,386
  • Jul 14, 2009 4:39pm Jul 14, 2009 4:39pm
Quoting Slurpee

Headless you are right, I see it now from your chart, is something wrong with mine?? Very nice uptrend...with the trend trade...I could have let it... ehm, something like let your profits run, that is what you ment?

It's all about cutting your losers and letting your winners run, and there is no better way to let a winner run than give it room to 'breathe' in a trending market.

I am in this trade, a 'free trade' now with a small profit locked in.

Look at the daily chart below, zoomed right out. Where do you think price may be in one week? One month? One Year

Sure it may turn on me and take my stop out...... but then again it may not.
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  • #37,387
  • Jul 14, 2009 4:45pm Jul 14, 2009 4:45pm
Quoting tac
A daunting task (on page 14 at the moment) however I feel I could potentially miss some golden nuggets if I skim or skip. I see some have read the thread multiple times which is an achievement in itself. I have trader for around a year but never really got anywhere, although using PASR I was all over the place, this thread is a godsend.

So I guess most of the regulars have read the entire thread?

Thanks

TAC
Lol...I'm slightly ahead of you (page 55 of 2,493)....I think you have to read a little everyday, and also follow the new posts as well....

GregB
  • #37,388
  • Jul 14, 2009 4:51pm Jul 14, 2009 4:51pm
Quoting batesmotel
Lol...I'm slightly ahead of you (page 55 of 2,493)....I think you have to read a little everyday, and also follow the new posts as well....

GregB
Yep attack from the front and rear.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,389
  • Jul 14, 2009 4:51pm Jul 14, 2009 4:51pm
As expected.
Carried out with the precision of a military operation.
Where to now I wonder.
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Never underestimate an idiot.
  • #37,390
  • Jul 14, 2009 4:58pm Jul 14, 2009 4:58pm
Quoting batesmotel
Lol...I'm slightly ahead of you (page 55 of 2,493)....I think you have to read a little everyday, and also follow the new posts as well....

GregB
A tip, if you are using firefox as your browser, there is an free addon called autopager. It basically allows you to scroll the whole thread without having to click each new page. It loads a page at a time as you near the bottom of the page.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,391
  • Jul 14, 2009 5:00pm Jul 14, 2009 5:00pm
Quoting Lefta
Just wondering why FF shows the two suggested similiar threads at the bottom of the screen? They have nothing to do with PA.
LOL yeah it is just b/c of the words chart thread in the title of all. funny though

Mike
  • #37,392
  • Jul 14, 2009 5:01pm Jul 14, 2009 5:01pm
Quoting Slurpee
Hi guys,

I just closed my two pin trades from yesterday and I am very happy with them (gbpchf +169, euraud +177 pips)...

I would like to ask you though, what are your opinions about it being too early. I know, it is my trade, but I am trying to learn something here for the future I marked my first resistance areas, which were TP for me, but I am thinking now, if I am not too "shy" here...

Do you think my resistance areas and fibs are drawn allright?
Both excellently played using the information. Don't let those demons creep up (greed) of wanting more. You had a plan and traded it. You should be very happy with that and proud you used the material in a very correct fashion.

Well done
Mike
  • #37,393
  • Jul 14, 2009 5:01pm Jul 14, 2009 5:01pm
Quoting tac
A tip, if you are using firefox as your browser, there is an free addon called autopager. It basically allows you to scroll the whole thread without having to click each new page. It loads a page at a time as you near the bottom of the page.
I use Firefox too, thanks for the tip.

GregB
  • #37,394
  • Jul 14, 2009 5:03pm Jul 14, 2009 5:03pm
Quoting tac
A daunting task (on page 14 at the moment) however I feel I could potentially miss some golden nuggets if I skim or skip. I see some have read the thread multiple times which is an achievement in itself. I have trader for around a year but never really got anywhere, although using PASR I was all over the place, this thread is a godsend.

So I guess most of the regulars have read the entire thread?

Thanks

TAC
I think I hit double digits. But again it was about 1/4 of the size back then LOL

Yes it is very much worth it. At least until you get a pretty decent grasp. Then you will know whos posts to go to and it goes decently fast and you can skip a lot of the fluff that is bound to get into a public thread this size.

Enjoy though!
Mike
  • #37,395
  • Jul 14, 2009 5:07pm Jul 14, 2009 5:07pm
Quoting tac
A daunting task (on page 14 at the moment) however I feel I could potentially miss some golden nuggets if I skim or skip. I see some have read the thread multiple times which is an achievement in itself. I have trader for around a year but never really got anywhere, although using PASR I was all over the place, this thread is a godsend.

So I guess most of the regulars have read the entire thread?

Thanks

TAC
Personally, I've been through it 3 times now. I had to cram that into a very short time but I assure you, each time through you'll pick up more and more. I still go back and re-read sections because I know in my fast pace through it, there's more gold to mine for sure.

Best thing I ever did!!
Ghost Rider - WWTBMD?
  • #37,396
  • Edited 5:26pm Jul 14, 2009 5:07pm | Edited 5:26pm
Quoting mbqb11
Both excellently played using the information. Don't let those demons creep up (greed) of wanting more. You had a plan and traded it. You should be very happy with that and proud you used the material in a very correct fashion.

Well done
Mike
Thank you, Mike! I started to feel a little bad when seeing both pairs moving further now... but as you say, no need of greed I am happy with the result, moreover the lesson has even a higher value for me in the long run...

It's cool in here
Live it or leave it!
  • #37,397
  • Jul 14, 2009 5:09pm Jul 14, 2009 5:09pm
Quoting mbqb11
I think I hit double digits. But again it was about 1/4 of the size back then LOL

Yes it is very much worth it. At least until you get a pretty decent grasp. Then you will know whos posts to go to and it goes decently fast and you can skip a lot of the fluff that is bound to get into a public thread this size.

Enjoy though!
Mike
Yikes, double digits! Well Ill aim for reading it once and then Ill be able to just read the posters who I find contribute valuable information. Hopefully I can eventually give something back also.

Thanks

Tac
I hear and I forget. I see and I remember. I do and I understand.
  • #37,398
  • Jul 14, 2009 5:10pm Jul 14, 2009 5:10pm
Quoting uncle gromit
As expected.
Carried out with the precision of a military operation.
Where to now I wonder.
Well, as you can see USD/JPY has formed a triple bottom. Most other Yen crosses have something similar but this is the most obvious. This is considered a strong reversal pattern so the Yen may weaken over the coming days/weeks. Although, we should bear in mind that Yen crosses moved south last week rather heavily so this could just be a rest.
The customer is always right!
  • #37,399
  • Jul 14, 2009 5:12pm Jul 14, 2009 5:12pm
Quoting batesmotel
Yes you are absolutely right...thanks for the advise....I can see now(after the fact of course), that there was a nice confluence with the 365 ema and a daily resistance level and the 61.8% retrace on swing high! The PB really respected that 365 ema....just like Jim says....

I suppose there should be a significant bounce off of 1.7600 also....if it can plow thru there....we're home free!

Perhaps you can comment on my rookie analysis?

GregB
Your analysis looks great! There were a few bar highs/support at 1.76, but it seems to be breaking through them. I'm also looking at 1.75, as it a big round number and a weekly ppz going pretty far back in time. I usually like to set an alert and see the price react to the round numbers, so I can get a feel for where price wants to go.

In this case I will be looking for 1.73 as a final TP...if it gets there, great. If not, I have profit locked on my remaining lots risk free.
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  • #37,400
  • Jul 14, 2009 5:12pm Jul 14, 2009 5:12pm
Quoting albchr
Personally, I've been through it 3 times now. I had to cram that into a very short time but I assure you, each time through you'll pick up more and more. I still go back and re-read sections because I know in my fast pace through it, there's more gold to mine for sure.

Best thing I ever did!!
3 times is impressive, it shows persistence and commitment, I would suggest they are characteristics needed to make it in trading. Thanks for the encouragement.

Tac
I hear and I forget. I see and I remember. I do and I understand.
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