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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

  • #46,161
  • Oct 15, 2009 11:10pm Oct 15, 2009 11:10pm
Quoting mbqb11
Hey Cyrus

I got nicked out before the run. Just chopped around too much so I moved my stop up and got nicked out for a -.2% loss. Then it went BOOM!

If you want the actual trade break down send me a PM in the pf and ill link u to the posts

Hope that helps
Mike
Thanks Mike, will do. Appreciate it =)
One Mind, Any Market
  • #46,162
  • Oct 16, 2009 1:10am Oct 16, 2009 1:10am
Quoting james16
mike is exactly right.
im pissed i missed it.
maybe that why i missed it.
Looking like a set up on the weekly, possibly?
Gone to a better place
  • #46,163
  • Oct 16, 2009 5:04am Oct 16, 2009 5:04am
quote=mbqb11;
Trading is mostly emotions. Controlling your greed, fear, and all the emotions that come with executing your trade plan. This is why you could give someone the keys to the mint and they still might not be profitable. Emotions are what drive the market, and make it possible for us to trade it in a meaningful way as traders.

Those who are looking for a rush are in the wrong venture. And I have found many people simply derive excitement from clicking buy and sell and then wonder why they aren't profitable. I don't know if we ever conquer all the feelings. It still hurts to have a few losses in a row. I still make mistakes b/c I want more. But slowly you push down all those feelings b/c you can recognize the symptoms. Sort of like when you feel a cold coming on you start to drink more fluids, sleep more, eat better. You can feel that fear creep up and you know what to do. You can feel that greed up and know what to do.

My emotion this month that I have had to fight off is being patient. July has been very slow for me. So when that urge to trade creeps up I can recognize it and say "No!" . Simply because I know if you give into those feelings you are not doing what one needs to do to be consistently profitable.

Mike /quote

[ damn thing wont quote properly =P ]

I'm like digging out the back of the thread and chucking it here in front.

Awesome stuff Mike, dont know how many posts I've read and gone, "man, this is the nutz~~" (sorry non poker pple)

Appreciate your generosity =)
One Mind, Any Market
  • #46,164
  • Oct 16, 2009 5:42am Oct 16, 2009 5:42am
Hi all

Anybody watching the 1.0370 level on USDCAD?

BUOB on Daily at major weekly support.
In case of break watch the 1.04 level.
  • #46,165
  • Oct 16, 2009 5:48am Oct 16, 2009 5:48am
Quoting Cyrus
quote=mbqb11;
Trading is mostly emotions....

[ damn thing wont quote properly =P ]....
aha, u gave up easily, lol.. here, let me help.
Sir mike's post here

broken down to three (as FF doesnt allow lengthy quotes for some reason):
Quote
...Trading is mostly emotions. Controlling your greed, fear, and all the emotions that come with executing your trade plan. This is why you could give someone the keys to the mint and they still might not be profitable. Emotions are what drive the market, and make it possible for us to trade it in a meaningful way as traders....
Quote
...Those who are looking for a rush are in the wrong venture. And I have found many people simply derive excitement from clicking buy and sell and then wonder why they aren't profitable. I don't know if we ever conquer all the feelings. It still hurts to have a few losses in a row. I still make mistakes b/c I want more. But slowly you push down all those feelings b/c you can recognize the symptoms. Sort of like when you feel a cold coming on you start to drink more fluids, sleep more, eat better. You can feel that fear creep up and you know what...
Quote
....to do. My emotion this month that I have had to fight off is being patient. July has been very slow for me. So when that urge to trade creeps up I can recognize it and say "No!" . Simply because I know if you give into those feelings you are not doing what one needs to do to be consistently profitable.
  • #46,166
  • Oct 16, 2009 6:35am Oct 16, 2009 6:35am
Quoting Greenhaze
Hi all

Anybody watching the 1.0370 level on USDCAD?

BUOB on Daily at major weekly support.
In case of break watch the 1.04 level.
Tight management on this one.
1/2 at 1.04 rest at b/e. Its free ride now ;].
  • #46,167
  • Oct 16, 2009 6:42am Oct 16, 2009 6:42am
wife say's talk less, do more....
This is what I'm doing right now.

Most of these if not all are simply J16 trades. They can be learned and mastered by reading this forum from page 1 onward...

Let's see if these will be 200ps runners... after all it's Friday.

Enjoyed the weekend!
.
Attached Images
  • #46,168
  • Oct 16, 2009 7:08am Oct 16, 2009 7:08am
Quoting raczekfx
wife say's talk less, do more....
This is what I'm doing right now.
Enjoyed the weekend!
.
Damn Rac you are raping the 1HR...incredible.
"Whether you think you can or can't, you're right." Henry Ford
  • #46,169
  • Oct 16, 2009 7:27am Oct 16, 2009 7:27am
Quoting raczekfx
wife say's talk less, do more....
This is what I'm doing right now.

Most of these if not all are simply J16 trades. They can be learned and mastered by reading this forum from page 1 onward...

Let's see if these will be 200ps runners... after all it's Friday.

Enjoyed the weekend!
.
It's been a good day/night fo' it, fo' sho' bro.
Bundy's status today: "Waiting..."
  • #46,170
  • Oct 16, 2009 7:31am Oct 16, 2009 7:31am
Quoting raczekfx
wife say's talk less, do more....
This is what I'm doing right now.

Most of these if not all are simply J16 trades. They can be learned and mastered by reading this forum from page 1 onward...

Let's see if these will be 200ps runners... after all it's Friday.

Enjoyed the weekend!
.
I don't have a wife, is it necessary

Nice fishing rac
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  • #46,171
  • Oct 16, 2009 7:40am Oct 16, 2009 7:40am
Quoting benji533
I don't have a wife, is it necessary

Nice fishing rac
These are some great sniper trades you pull man.
So you seek for them when price does double top/bottom's ??
  • #46,172
  • Oct 16, 2009 7:45am Oct 16, 2009 7:45am
Quoting gasgas
So you seek for them when price does double top/bottom's ??
boxes, double or triple tops or bottoms, round numbers, divergence, trend direction, practice and common sense, etc
  • #46,173
  • Oct 16, 2009 7:46am Oct 16, 2009 7:46am
Quoting Greenhaze
Tight management on this one.
1/2 at 1.04 rest at b/e. Its free ride now ;].
nice trade dude. i played the 1hr BUOB for 15 pips and then got stopped out on the remainder. played very tight though as i wasnt comfortable holding the trade through the blue area on my chart.

entry at 1.0415

1st tp - 1.0430, then stop moved to b/e.

i think you might just get a nice runner on this one.
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  • #46,174
  • Oct 16, 2009 7:50am Oct 16, 2009 7:50am
Quoting benji533
boxes, double or triple tops or bottoms, round numbers, divergence, trend direction, practice and common sense, etc
Congrats man...very nice. I belive some experiance needed for that tipe of trades...and R:R is usually great, isn't it
  • #46,175
  • Oct 16, 2009 8:06am Oct 16, 2009 8:06am
Quoting gasgas
Congrats man...very nice. I belive some experiance needed for that tipe of trades...and R:R is usually great, isn't it
I don't have that much experience...but practice whenever time allows.

This is just confluence of factors and tools which are valuable in my eyes.

In fact, very simple stuff.
  • #46,176
  • Oct 16, 2009 8:48am Oct 16, 2009 8:48am
Quoting benji533
boxes, double or triple tops or bottoms, round numbers, divergence, trend direction, practice and common sense, etc
I was also watching that E/U 5 min this morning. Didn't take anything, just watching it. The part I'm not understanding yet is how to know if that third time it comes to the same price level...

"Will it fail it a third time and fall through lows (as was the case) or will it break through higher this time".

You (and Rac) seem to just know which it will do and that fascinates me. Perhaps you are only taking it in the direction of the trend (the 5min tf trend in this case). Perhaps you were only trading toward the center of the BB. I need more practice so that it'll turn into common sense for me too!

Great trades guys. Nice to have those going into the weekend.

Josh
  • #46,177
  • Oct 16, 2009 9:02am Oct 16, 2009 9:02am
Quoting Jduester
I was also watching that E/U 5 min this morning....
Great question.
I use momentum to guess what will be the answer. Divergence is a great tool, especially if you use it correctly (check the close points of the bars) and take the short term div - 5-10 recent bars for me (learned this from Ryan).

If there are obvious double tops which look like two hills, I also check the MACD for longer term div.

The win rate is lower than the pin bar setup I trade many times, but thr R:R covers it if you can rule your emotions and let the trade run.
  • #46,178
  • Oct 16, 2009 9:19am Oct 16, 2009 9:19am
Quoting benji533
Great question.
I use momentum to guess what will be the answer. Divergence is a great tool, especially if you use it correctly (check the close points of the bars) and take the short term div - 5-10 recent bars for me (learned this from Ryan).

If there are obvious double tops which look like two hills, I also check the MACD for longer term div.

The win rate is lower than the pin bar setup I trade many times, but thr R:R covers it if you can rule your emotions and let the trade run.

Here is another one I took earlier today.
The main trend is down, so you look for an entry on pullback to a confluenced area. It reversed exactly off the big round number, which is a PPZ.
Now you I went to the 5min chart for a closer look and found that nice divergence. it was not hard to know to where it is heading as well.
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  • #46,179
  • Oct 16, 2009 9:50am Oct 16, 2009 9:50am
Quoting Jduester
...Perhaps you are only taking it in the direction of the trend (the 5min tf trend in this case). Perhaps you were only trading toward the center of the BB....
benji doesnt seem to use BB's... only S/Rs & PPZs

hey benji,
jankone's thread would like to have those charts
  • #46,180
  • Oct 16, 2009 10:12am Oct 16, 2009 10:12am
Quoting supremeChaos
hey benji,
jankone's thread would like to have those charts
If FF was in my hands, second thing after moving this thread out of commercial, would probably be making you a moderator

Anyway, not sure what touch trading has to do with jankone's thread, but I posted a few trades which fit there.
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