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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

  • #40,361
  • Aug 7, 2009 11:07am Aug 7, 2009 11:07am
Quoting scott087
I don't know if anyone else took this, but here is another trade I took. This is already my second trade this month, which is unusual because I usually only take between 1 to 4 daily trades per month.

GBP/CHF daily DBHLC. Price broke hard and hit the first trouble area and reversed. See chart.

Sorry for the blurry chart, I'm still working on a fix.

Scott
Nice one Scotty,

Since you're using mt4, I would advise you to use the "Save as picture" option that mt4 has...What I do is I save the picture in 600 x 500 frame and edit it to add text or whatever using the paint software you could also use Jing to edit it I guess,

The blurring you see is probably because you're using a big monitor and trying to capture the entire screen...

Let us know if this works,

G
I believe . . .
  • #40,362
  • Aug 7, 2009 11:13am Aug 7, 2009 11:13am
Quoting ghous
Nice one Scotty,

Since you're using mt4, I would advise you to use the "Save as picture" option that mt4 has...What I do is I save the picture in 600 x 500 frame and edit it to add text or whatever using the paint software you could also use Jing to edit it I guess,

The blurring you see is probably because you're using a big monitor and trying to capture the entire screen...

Let us know if this works,

G
You're right about the large screen, I have large monitors (all at a high resolution) for my home setup. On my computer they look fine but the forum compresses and blurs them, so I'll be saving them in mt4 like I used to and annotating them in another program.

Thanks for the help guys.

Scott
  • #40,363
  • Aug 7, 2009 11:18am Aug 7, 2009 11:18am
Quoting scott087
You're right about the large screen, I have large monitors (all at a high resolution) for my home setup. On my computer they look fine but the forum compresses and blurs them, so I'll be saving them in mt4 like I used to and annotating them in another program.

Thanks for the help guys.

Scott
Yeah yeah ok ok...

You have a good setup but mine's not bad too...it's a 14 inch magnificant monitor and it's like 10 years old,

uh...oh...I mean I admit I am jealous.



(I am yet to step on the proffesionalism gas!)
I believe . . .
  • #40,364
  • Aug 7, 2009 11:22am Aug 7, 2009 11:22am
Quoting ghous
Yeah yeah ok ok...

You have a good setup but mine's not bad too...it's a 14 inch magnificant monitor and it's like 10 years old,

uh...oh...I mean I admit I am jealous.



(I am yet to step on the proffesionalism gas!)
Hey PA is PA and it doesnt matter what size screen you see it on. Although I must say it is nice to see beautiful PA on a large screen staring you in the face

At the rate you're going I'm sure you'll be able to upgrade your setup soon enough

Scott
  • #40,365
  • Aug 7, 2009 11:23am Aug 7, 2009 11:23am
Quoting rossbennett
Ghous,

I too took this trade, but ended up taking a 130 pip loss. I see that you got out at BE. Please advise as to your thought process for where and why you moved your stop to BE.

The first trouble area I see is at the 157.80 area, marked by the blue area. I entered at 159.85 with a stop above the highs. My plan was to move my stop to BE when price hit 158.60 (the lower range of the large BUB)

Perhaps I should have targeted the first round number, 159, for the area to get my stop to BE.

Please advise Ghous, thanks!

Ross
Hi Ross,

It reversed on me when it was near 80 pips.

On an NFP Friday on the daily time frame when you try and tame a beast like Gj, you've got to have yourself covered...completely!

My first target area was the 157 level, and it was here where I would have taken some off, but no way was I going to wait that long to give it a free ride, I moved it to BE the moment price was up +50,

Like I said before I do tend to be a little cautious on NFP days, on another day I might have let this run (and it probably should have) today I wasn't prepared to do that...

G
I believe . . .
  • #40,366
  • Aug 7, 2009 11:25am Aug 7, 2009 11:25am
Quoting scott087
Hey PA is PA and it doesnt matter what size screen you see it on. Although I must say it is nice to see beautiful PA on a large screen staring you in the face

At the rate you're going I'm sure you'll be able to upgrade your setup soon enough

Scott
I'll be all over the thread and the forum with pics and specifications and what not in addition to dancing around like crazy when I do upgrade...that's for sure

I believe . . .
  • #40,367
  • Aug 7, 2009 11:26am Aug 7, 2009 11:26am
Quoting ghous
Whatever drove that,

We know for a fact that our "PA knowledge" can justify it. And for what it's worth it's all that matters.
Ghous,

I guess I'm was saying the move was larger than than the indicated PA and not all moves can be predicted via PA (not saying this one wasn't however) - disasters are a good example... but yes a large amount of the time PA is there. This is in line with the TA vs fundie debate and not one which I want to start! - I am firmly in the PA camp - but I'm sure a lot of folks make good money from fundemental trading...

am I making sense? - if the news was the 'other way' then I'm sure the charts would have went the other way as well no? even if it was in the middle of a A+ weekly pin for example.... we never know what the market will do - we can only have a good idea of what the market *might* do.. anything else is border line arrogance I would say?

and this is not aimed at anyone here especially you Ghous!! - Just saying PA wont and can't predicte everything just that sometimes these things happen I guess.... If you don't like it don't trade through news releases, disasters etc BUT as i said above I'm not saying that was the case with this particular example (GBPJPY) as I still havent got around to looking at the charts properly.. (still at work!! )

Just a few thoughts floating around my head

Thanks again Ghous your insights are amonst the best here!!

Tom
  • #40,368
  • Aug 7, 2009 11:28am Aug 7, 2009 11:28am
Quoting fat_tom
if the news was the 'other way' then I'm sure the charts would have went the other way as well no?



Tom
actually this is far from the case to be completely honest

but I digress
  • #40,369
  • Aug 7, 2009 11:30am Aug 7, 2009 11:30am
Quoting mbqb11
I guess I can have my first beer earlier today

Great thing to watch the youngins(yes I can finally say that to someone else besides ghous) grow up

yep... I think i will crack a coldie as well.. I didnt trade any of this being nfp day but it was good to watch..
Interesting to watch the US dollar get stronger on good news.....
Havent seen that for a couple of years.. Has it really been that long..? I am still doing this & actually making money..

Does that mean it can be done??? I guess it does...
Ooooooh I feel a hangover coming.
  • #40,370
  • Aug 7, 2009 11:30am Aug 7, 2009 11:30am
Quoting ghous
Hi Ross,

It reversed on me when it was near 80 pips.

On an NFP Friday on the daily time frame when you try and tame a beast like Gj, you've got to have yourself covered...completely!

My first target area was the 157 level, and it was here where I would have taken some off, but no way was I going to wait that long to give it a free ride, I moved it to BE the moment price was up +50,

Like I said before I do tend to be a little cautious on NFP days, on another day I might have let this run (and it probably should have) today I wasn't prepared...
Ghous - Good clean advice - beaware of potential upsets and play it tight!!


Tom
  • #40,371
  • Aug 7, 2009 11:34am Aug 7, 2009 11:34am
Quoting fat_tom
Ghous,

I guess I'm was saying the move was larger than than the indicated PA and not all moves can be predicted via PA (not saying this one wasn't however) - disasters are a good example... but yes a large amount of the time PA is there. This is in line with the TA vs fundie debate and not one which I want to start! - I am firmly in the PA camp - but I'm sure a lot of folks make good money from fundemental trading...

am I making sense? - if the news was the 'other way' then I'm sure the charts would have went the other way as well no? even if...
read the J16 thread with your right eye and have your left covered with one hand.

Now view the same thing with your left eye and cover the right one up.

What do you see? Any difference in the 2 visions?

The "technical vs fundamental" debate is really as meaningless as debating that the 2 visions are in any way different

Again not at you Tom,

just sayin'
I believe . . .
  • #40,372
  • Aug 7, 2009 11:35am Aug 7, 2009 11:35am
Quoting mbqb11
actually this is far from the case to be completely honest

but I digress
Can you expound on that Mike pleaaaaaaaaaaase ?

  • #40,373
  • Aug 7, 2009 11:36am Aug 7, 2009 11:36am
Quoting ghous
Yeah yeah ok ok...

You have a good setup but mine's not bad too...it's a 14 inch magnificant monitor and it's like 10 years old,

uh...oh...I mean I admit I am jealous.



(I am yet to step on the proffesionalism gas!)

All I use is my macbook & an extra monitor (19")..
i'm not very computer savy but hey!! it works... I'm pretty sure s/r & pa looks the same..no matter what. Just not as sexy maybe??
  • #40,374
  • Aug 7, 2009 11:39am Aug 7, 2009 11:39am
Quoting mbqb11
actually this is far from the case to be completely honest

but I digress
Mike,

really? I'm confused!!! seriously... if thats the case and news can only make the charts go one way regardless if its good/bad or indifferent then everyone in the world would long for example prior to a news release?

Not that I want this thread to get bogged down in news related trading so feel free not to respond!! LOL

Tom
  • #40,375
  • Aug 7, 2009 11:43am Aug 7, 2009 11:43am
Quoting rustyjeff
All I use is my macbook & an extra monitor (19")..
i'm not very computer savy but hey!! it works... I'm pretty sure s/r & pa looks the same..no matter what. Just not as sexy maybe??
Oh common Jeff, yes the bumpy rides and sea storms won't allow you anything better then that on board...

What we want to know abt is your setup at the "Jeff Mansion"
I believe . . .
  • #40,376
  • Aug 7, 2009 11:48am Aug 7, 2009 11:48am
Fiber, but it's late Friday.
Attached Image(s) (click to enlarge)
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  • #40,377
  • Aug 7, 2009 11:48am Aug 7, 2009 11:48am
Quoting ghous
Oh common Jeff, yes the bumpy rides and sea storms won't allow you anything better then that on board...

What we want to know abt is your setup at the "Jeff Mansion"
Mansion...

I use the same set up at home too.. I am kind of intimidated by computers.. so if it aint broke dont fix it.
  • #40,378
  • Aug 7, 2009 11:49am Aug 7, 2009 11:49am
Quoting fat_tom
Mike,

really? I'm confused!!! seriously... if thats the case and news can only make the charts go one way regardless if its good/bad or indifferent then everyone in the world would long for example prior to a news release?

Not that I want this thread to get bogged down in news related trading so feel free not to respond!! LOL

Tom
Yeah it really adds no benefit to this thread. A market doesn't have to be as rational as if X happens Y happens. ANd if Y would have happened then X would have happened. Just not that clean cut. Those who know a little microstructure understand their are a lot more functions at work then for it to be that simple. Or at least to make that sort of "logical leap".

Stick to the charts boys and girls

Mike
  • #40,379
  • Aug 7, 2009 11:51am Aug 7, 2009 11:51am
Quoting rustyjeff
Mansion...

I use the same set up at home too.. I am kind of intimidated by computers.. so if it aint broke dont fix it.
Jeff I might be wrong but like a year ago I could swear you didn't even know how to get into excel, and turning on the computer to get to the forums was about as far as you were.

Was that you or someone else. LOL
  • #40,380
  • Aug 7, 2009 11:53am Aug 7, 2009 11:53am
Quoting mbqb11
Jeff I might be wrong but like a year ago I could swear you didn't even know how to get into excel, and turning on the computer to get to the forums was about as far as you were.

Was that you or someone else. LOL
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