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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

  • #40,081
  • Aug 6, 2009 6:19am Aug 6, 2009 6:19am
Quoting ghous
Ok Great.

They can work great as reversal patterns too...(take a look at the weekly Cad/Jpy as an example)

Ghous.

Thank you. Will study that.
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  • #40,082
  • Aug 6, 2009 6:20am Aug 6, 2009 6:20am
Quoting ghous
Ok Great.

They can work great as reversal patterns too...(take a look at the weekly Cad/Jpy as an example)

Ghous.
Ghous, I was just studying your picture. What Confluence do you have above the BEOB to make it a tradable one?
  • #40,083
  • Aug 6, 2009 6:32am Aug 6, 2009 6:32am
Quoting tradertt
For your Expert approval on my drawing of PPZs.

This is my first step in setting up my charts daily.

I will start from the Weekly Timeframe, find 2 PPZs around price,

Move down to the Daily then to the H4

I tried to match the PPZs to the Whole numbers (ending with 00) as much as possible as I see from Jarroo charts, is that advisible or should I leave them at their odd numbers?

P.S. for the H4 time frame, I cannot find a Good PPZ level below the current price so I just used a Support level.

If anyone can advice if the drawings are correct,...
OMG! Those are great bro,

Abt the rounding off, it's a personal thing, I personally don't do it specially for higher time frame ppzs but rather like to draw them using the rectangle feature so as to accomodate the actual ppz and the round number in a res/supp "zone"

Cheers.
Ghous.
I believe . . .
  • #40,084
  • Aug 6, 2009 6:38am Aug 6, 2009 6:38am
Quoting 50pips
Anyone checking eur/gbp
yep rocketed up on the M1 timeframe!!!!

hit my SL at BE

oh well I don't think you can account for that type of move!!!!

anyone know what happened?

Tom
  • #40,085
  • Aug 6, 2009 6:40am Aug 6, 2009 6:40am
Quoting tradertt
Last picture:

I then added Fibs into the picture to get confluence
So does it mean that if a PA forms at these 3 levels, it may be a good place to take the trade (Of course depending on what PA happens) but if a PA forms at 1.0900 as there is no confluence, I should not take the trade?

I keep getting confused about Confluence

If we see a PA happening only at a PPZ with no Fibs confluence, can we take the trade?

What if we see a PA happening at a Fibs level with no PPZ, can we take the trade?

What + What = Confluence?

I understand from a previous...
Lol.

Confluence is defined as "lining up of supporting trading tools to assist you in a trade"

Sometimes all you have for confluence is a single yet very strong ppz, or only a very round number, sometimes only a fib and/or ma or any combination of these...

For me personally if the PA setup has no problmes in the shape or space department only a round number or a distinct ppz can convince me to take the trade because these are the 2 most strongest of your trading tools.

Morever it will depend entirely on the trader and his assessment of A+ and the less than A+ location setups to draft a "confluence check list"....and because it differs from trader to trader it isn't as easy as asking the question out here, you'll have to work on it and see which combo suits you well and again a lot will depend on where you lie on the agreesiveness/conservativness scale.

Ghous.
I believe . . .
  • #40,086
  • Aug 6, 2009 6:41am Aug 6, 2009 6:41am
Quoting fat_tom
yep rocketed up on the M1 timeframe!!!!

hit my SL at BE

oh well I don't think you can account for that type of move!!!!

anyone know what happened?

Tom
"EUR/GBP: Jumps 70 points to 0.8540 following surprise decision by BOE to extend QE and lower repo rate. "
May all your fits be loose.
  • #40,087
  • Aug 6, 2009 6:45am Aug 6, 2009 6:45am
Quoting kk007
Hi Joelcf,


I have to decide to use H1, until I master it. If someone can do it, I can too. Perhaps, it may take a bit longer.

Your winrate shot through the roof. Congratulation! Can you reveal your winrate and average R:R.

Yes. I spent more than half-year full time on trading method in general. No way to return.

cheers,

KK
Hi KK - I have four suggestions for you - which means you get a bonus!

1Hr. You need time to think. Forget the 1hr and go daily. You can get there, but you need to work to it. Go back and read the first post of this thread. DO WHAT IT SAYS. You are not progressing for a reason. When a man with 25 years of experience tells you how to be successful, only a fool would ignore it.

Win rate and R:R. You are focused on exactly the wrong thing. Those questions inform me that you are thinking about how much money you can make, rather that on the all important Risk Control. Control risk, first, second and last and trust me, the money will be there. Turn your head around. You'll never be able to do this until you do.

Your method. From what I read, it is not working out well. And what does the "in general" comment mean? Winners are very specific, no such thing as "in general" Ever watch the old show "Hee Haw"? Every show had a scene in it where a guy went to the Doctor and he said, "Doctor, it hurts when I do this", and the Doctor would smack him in the head and say: "WELL STOP DOING THAT!!"

BONUS:

Go here: LINK and go through it.

You are not going to make it in this unless you adjust.

Don't take this as mean spirited, you are going through the same exact things I did early on. If you got a thick-ass head, I got a big-ass hammer.

PB's are a gift. I am fairly certain I could trade them to the exclusion of all other PA and do well. When at the right location, with confluence, it is as close to free money as you will ever see.

Start over.
I'm pretty much done with all this ...
  • #40,088
  • Aug 6, 2009 6:46am Aug 6, 2009 6:46am
Quoting tradertt
Hehe sorry just 1 more to ask:

It is regarding USDJPY H4 time frame
What I would look at is a close below the 50 fib on my chart and the yellow ppz. If it can do that the pin bar would be extremely appealing...given the range bound recent PA.

Ghous.
Attached Image
I believe . . .
  • #40,089
  • Aug 6, 2009 6:49am Aug 6, 2009 6:49am
Quoting 50pips
Anyone checking eur/gbp
Yes, I did but instead of profit I received a mail

Your order #4485784 (BUY STOP 0.01 EURGBP at 0.8536 was deleted due to the market price breakout.

what shell I think of it?
Jesus Christ is my only Lord !
  • #40,090
  • Aug 6, 2009 6:49am Aug 6, 2009 6:49am
Quoting fat_tom
yep rocketed up on the M1 timeframe!!!!

hit my SL at BE

oh well I don't think you can account for that type of move!!!!

anyone know what happened?

Tom
GBP Official Bank Rate - They left it at 0.50%. MM's I guess took that as GBP weakness.
EUR Minimum Bid Rate - Ditto at 1%

GregB
  • #40,091
  • Aug 6, 2009 6:57am Aug 6, 2009 6:57am
Quoting ghous
OMG! Those are great bro,

Abt the rounding off, it's a personal thing, I personally don't do it specially for higher time frame ppzs but rather like to draw them using the rectangle feature so as to accomodate the actual ppz and the round number in a res/supp "zone"

Cheers.
Ghous.
Thanks for the encouragements and comments bro took are you suggested and KISS I think it is a great way to moniter many charts at once as it can be setup quickly and easily on a daily basis
  • #40,092
  • Aug 6, 2009 7:01am Aug 6, 2009 7:01am
Quoting joelcf
1. Almost everyone I have seen trades ten pips below the break, not 3. To make sure it breaks and all. 3 pips doesnt even make the spread on some pairs. You cant judge a break of a previous pin based on something that barely touches it - especially when the break is an integral part of the PA setup!

I used to try and trade on the exact pip that a bar broke and a setup was 'valid' - why waste ten pip profit?! It was a disaster.

Now, if I want a quick entry on the first break of the bar/validation of the setup, I wait for a Jaroo-style...
joelcf, great post!

You are really bring valuable info here....please keep it coming!

Cheers !

Ben
  • #40,093
  • Aug 6, 2009 7:01am Aug 6, 2009 7:01am
GBPJPY H4 ... Big BEOB Take or not to take that is the question
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  • #40,094
  • Aug 6, 2009 7:01am Aug 6, 2009 7:01am
Quoting hipcio
Yes, I did but instead of profit I received a mail

Your order #4485784 (BUY STOP 0.01 EURGBP at 0.8536 was deleted due to the market price breakout.

what shell I think of it?


Who's the broker?
I believe . . .
  • #40,095
  • Aug 6, 2009 7:04am Aug 6, 2009 7:04am
EURGBP 1hr Chart.

Notice the PB prior to the news? You had only the last few minutes of the hour to get your trade on, but the market generally knows in advance.

GBPCAD also Pinned yesterday.

The market knows. Trade PA, or paralyze yourself with news, (There are some news traders out there, but they die young...)
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I'm pretty much done with all this ...
  • #40,096
  • Aug 6, 2009 7:04am Aug 6, 2009 7:04am
I was using an indicator to point out the PAs to me and I have something call a TMHTB

I assume it is Two Match High Trend Break? IS this a valid formation and how is this played? Above the trend break high? Which is far off and where is the stop placed. It looks good to me as it closed above the MA 365 in USDJPY H4
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  • #40,097
  • Aug 6, 2009 7:06am Aug 6, 2009 7:06am
Quoting ghous


Who's the broker?
Admiral Markets (EU licence)
Jesus Christ is my only Lord !
  • #40,098
  • Aug 6, 2009 7:06am Aug 6, 2009 7:06am
Quoting tradertt
Ghous, I was just studying your picture. What Confluence do you have above the BEOB to make it a tradable one?
The beob occurred at the 125 level, this was the only time price made it to it...

the highest swing high in decades...
I believe . . .
  • #40,099
  • Aug 6, 2009 7:08am Aug 6, 2009 7:08am
Quoting hipcio
Admiral Markets (EU licence)
this...

Quote
deleted due to the market price breakout.

is pretty annoying,

Were they able to give you a reason for this?
I believe . . .
  • #40,100
  • Aug 6, 2009 7:09am Aug 6, 2009 7:09am
Quoting StoragePro
EURGBP 1hr Chart.

Notice the PB prior to the news? You had only the last few minutes of the hour to get your trade on, but the market generally knows in advance.

GBPCAD also Pinned yesterday.

The market knows. Trade PA, or paralyze yourself with news, (There are some news traders out there, but they die young...)
Yes, I took half position off, and wait for the rest

Peter
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Jesus Christ is my only Lord !
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