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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

  • #44,861
  • Sep 29, 2009 12:43pm Sep 29, 2009 12:43pm
Didnt manage my EG daily pin trade very well. Completely forgot to set a price alert text at the 50% fib and round number. Stop at the red resistance line now.

4H chart attached in order to more closely see the relevant PPZ area.
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Click to Enlarge Name: eg.gif Size: 12 KB
  • #44,862
  • Sep 29, 2009 12:46pm Sep 29, 2009 12:46pm
Quoting lacika
Hi, SP!
Yeah - sorry about that.

It was a short time frame one using an entry/exit technique not taught on this thread... although PA is used for timing an entry.

Long story short, it picked up my order and reversed very hard. 15 pips can go by in a flash. Another good reason to never, ever enter an order without a SL...

It happens. The setup was perfectly good.
I'm pretty much done with all this ...
  • #44,863
  • Sep 29, 2009 12:59pm Sep 29, 2009 12:59pm
Quoting joelcf
I generally pass on this kind of 'barb wide' action, where price is flat and oscilating around the EMA. It is easy to make a couple of pips (since you really do know exactly where price is going and where it should stop), but it doesnt seem worth the effort.

Al Brooks talks about this kind of action in his new book 'Reading Price Chart Bar by Bar' - covers it over a couple of pages somewhere in the middle. Its probably the best part of the (exceptionally poorly written but useful) book. You would probably like it.

------
The bit of extra return...

Yep, I have weaknesses.
Market offers me money, I trade also the c bars like a dumb (and successfully most of the time).

It will change, I just need to get the punishment before. Many times, I need to learn the hard way - That's the only way to get convinced from inside (at least for me - today I didn't sit still, till I got an automated ZERO in our test....like a fool).

I'm only starting...I know the meaning of the word "forex" a bit longer than two months now...I''l get over all the problems and improve eventually

Gone to the bank today, will send Oanda my papers latter

Ben
  • #44,864
  • Sep 29, 2009 1:02pm Sep 29, 2009 1:02pm
Quoting mbqb11
Very nice

Also glad to see many of you manage these bars the proper way.

The best of the best IMO was the eur/gbp simply based on size but the others all got to and/or past the first trouble areas like James16 teaches


Mike
Hi Mike,

I remember you posting once a chart of Oanda.
Do you do all your charting on MT4 demo, and place the orders on Oanda as well?

Ben
  • #44,865
  • Sep 29, 2009 1:05pm Sep 29, 2009 1:05pm
Quoting benji533
Hi Mike,

I remember you posting once a chart of Oanda.
Do you do all your charting on MT4 demo, and place the orders on Oanda as well?

Ben
yes I chart with MT4 brokers and trade with Oanda and MB

Best
Mike
  • #44,866
  • Sep 29, 2009 1:30pm Sep 29, 2009 1:30pm
Quoting benji533
Yep, I have weaknesses.
Market offers me money, I trade also the c bars like a dumb (and successfully most of the time).

It will change, I just need to get the punishment before. Many times, I need to learn the hard way - That's the only way to get convinced from inside (at least for me - today I didn't sit still, till I got an automated ZERO in our test....like a fool).

I'm only starting...I know the meaning of "forex" a bit longer than two months now...I''l get over all the problems and improve eventually

Gone to the bank today, will...
hey ben wish you luck!! anyway I'll be curios how far will you go with that account.

Trust my ben it's all bullshit about the part of learning the hard way,and get a kick in the ass,if you can't prove yourself to be good on a demo account you will be not make it in an real account.

why to waste any account like others have been done many times, we can learn from their mistakes,smart guys always learn even from they mistakes.

But you have prove it that you understand the principles that its teaching here.

I for exemple haven't lost a penny, way .....because I haven't any live account LOL.

anyway i'm planning to go live too next month with a little amount of money,but I'm not planning to learning the hard way anything lol.

I think I'm older than you I have almost 8 months since "I know the meaning of "forex" ". and the last 4 of them I have spend here in learning.
I think I'm oane of those guy with a little bit of luck, because I found james in my first stage of learning the meaning of "forex".
  • #44,867
  • Sep 29, 2009 1:35pm Sep 29, 2009 1:35pm
Quoting StoragePro
It occurs to me that Trading is a lot like golf.

[...]

Back to our regularly scheduled programming.
I know next to nothing about golf, but this seems like a very nice analogy.
Regards, Mike Still learning my trade.
  • #44,868
  • Sep 29, 2009 1:39pm Sep 29, 2009 1:39pm
Quoting montmorency
I know next to nothing about golf, but this seems like a very nice analogy.
pick a sport any sport, I can draw the same analogies
  • #44,869
  • Sep 29, 2009 1:39pm Sep 29, 2009 1:39pm
Quoting mbqb11
yes I chart with MT4 brokers and trade with Oanda and MB

Best
Mike
hey mike just a question if you do not mind because i intended to to the same, to open an account with oanda (only 500$) and my charts on mt4. witch mt4 broker are you using because it's important to have at least the same quotes, or do you not give any importants to this situation.

if we play breakouts and do not have the same quotes, we can end up by taking trades, that in our mt4 could never been triggered.

thanks!
  • #44,870
  • Sep 29, 2009 1:42pm Sep 29, 2009 1:42pm
Quoting triger88990
hey mike just a question if you do not mind because i intended to to the same, to open an account with oanda (only 500$) and my charts on mt4. witch mt4 broker are you using because it's important to have at least the same quotes, or do you not give any importants to this situation.

if we play breakouts and do not have the same quotes, we can end up by taking trades, that in our mt4 could never been triggered.

thanks!
Hey Triger

The only adjustments I make are to the highs and lows. Spot forex quotes are going to be VERY VERY close. So if I have a pin on mt4 and the high is say 1.0050. I simply looking for the same high on my oanda broker and use that high. So if that high is 1.0053 on oanda, I take that high. That is the only real difference. The lower the timeframe the more important some of the differences become. But especially trading off 1hr and higher it is pretty simple to switch back and forth.

Best
Mike
  • #44,871
  • Sep 29, 2009 1:42pm Sep 29, 2009 1:42pm
Quoting StoragePro



My stuff - Simple PA; PPZ's horizontal breakouts; ICCE. Rinse, wash, repeat.
Sorry SP, but what is ICCE?
(maybe I'm just having a senior moment )
Regards, Mike Still learning my trade.
  • #44,872
  • Sep 29, 2009 1:45pm Sep 29, 2009 1:45pm
also, probably you've been asked million times,
on which MT4 broker platform you define the daily and 4h set up bars?
Plan The Trade - Trade The Plan
  • #44,873
  • Sep 29, 2009 1:46pm Sep 29, 2009 1:46pm
Quoting mbqb11
Hey Triger

The only adjustments I make are to the highs and lows. Spot forex quotes are going to be VERY VERY close. So if I have a pin on mt4 and the high is say 1.0050. I simply looking for the same high on my oanda broker and use that high. So if that high is 1.0053 on oanda, I take that high. That is the only real difference. The lower the timeframe the more important some of the differences become. But especially trading off 1hr and higher it is pretty simple to switch back and forth.

Best
Mike
many thanks for this clarification.

wish you the best!!
  • #44,874
  • Sep 29, 2009 1:52pm Sep 29, 2009 1:52pm
Quoting triger88990
hey ben wish you luck!! anyway I'll be curios how far will you go with that account.

Trust my ben it's all bullshit about the part of learning the hard way,and get a kick in the ass,if you can't prove yourself to be good on a demo account you will be not make it in an real account.

why to waste any account like others have been done many times, we can learn from their mistakes,smart guys always learn even from they mistakes.

But you have prove it that you understand the principles that its teaching here.

I for exemple haven't lost a penny,...

I didn't mean learning the hard way on a real account. I just meant to say that these C trades work almost every time if you manage them well (when I did them on demo).

However, no less than A++ will be entered on real money. I made fun with the demo account. But no games with real money.

I'm going live with 1,000$. Planning to do 1% per trade first month, than move on for 2% like I did on the demo.

On Friday I am off on a vacation for a week and a half though..

We are all lucky finding this thread

PS - that exam was a mini mini mini value (if at all), 5min long. I do learn most of the things from others mistakes and I'm not a trouble maker!!

Life are good. Cheers

Ben
  • #44,875
  • Sep 29, 2009 2:01pm Sep 29, 2009 2:01pm
I posted this on another forum I have started visiting for a friend. Its pure speculation, but shows how the slow burn of compounding interest works while starting an account. Just thought some of the newer members demoing my be interested.

Que
Que
  • #44,876
  • Sep 29, 2009 2:02pm Sep 29, 2009 2:02pm
Forgot file...

Que
Attached File(s)
File Type: xls Forex Schedule.xls   23 KB | 822 downloads
Que
  • #44,877
  • Sep 29, 2009 2:04pm Sep 29, 2009 2:04pm
Quoting montmorency
Sorry SP, but what is ICCE?
(maybe I'm just having a senior moment )
It is a tool I use in trading. (Search the forums here) Learn PA cold first, then ICCE might be a nice addition if it fits you.

but I digress....
I'm pretty much done with all this ...
  • #44,878
  • Sep 29, 2009 2:11pm Sep 29, 2009 2:11pm
Quoting Que
I posted this on another forum I have started visiting for a friend. Its pure speculation, but shows how the slow burn of compounding interest works while starting an account. Just thought some of the newer members demoing my be interested.

Que
I hate these things It's like telling the market how much you order on him to give you. Or can get some traders into expectations which can have a killing effect (I mean looking at these large numbers at the end).

Only the charts matter. Take what you are given. That will do the rest.

Ben

PS - no personal offense my friend I know the math part of using the earned money again. Just don't let the numbers turn you
  • #44,879
  • Sep 29, 2009 2:13pm Sep 29, 2009 2:13pm
Quoting StoragePro
It is a tool I use in trading. (Search the forums here) Learn PA cold first, then ICCE might be a nice addition if it fits you.

but I digress....
Hi S

Do you use ICCE instead of PPZ ?
  • #44,880
  • Edited 2:30pm Sep 29, 2009 2:15pm | Edited 2:30pm
No offense taken.

I posted this over a heated argument whereas a few people were claiming that 1-2% risk per trade was a silly idea. They were insisting that 10-20% was much more realistic if you want to grow an account. The purpose was to show how massive 5% a month (Not day, not week) really is...

Was not aimed at you...

Que

Quoting benji533
I hate these things It's like telling the market how much you order on him to give you. Or can get some traders into expectations which can have a killing effect.

Only the charts matter. Take what you are given. That will do the rest.

Ben

PS - no personal offense my friend I know the math part of using the earned money again. Just don't let the numbers turn you
Que
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