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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

  • #51,421
  • Jan 13, 2010 6:33am Jan 13, 2010 6:33am
Quoting supremeChaos
sometimes price will hit 'your trade area', sometimes it wont. for today, it did hit; Patience paid this time.

Congratulations on your first trade!
Just try to focus & trade the way u have been trading prior this day.
thank you SC...
Many choose unhappiness over uncertainty.
  • #51,422
  • Jan 13, 2010 6:38am Jan 13, 2010 6:38am
Quoting Dan Gilbert
before people jump on me about minimum requirements, this and that... I just want to share with you guys my first live trade. I understand james wouldn't like the fact I'm trading in this manner already, but it is what it is. I just don't want 4 people in a row telling me not to do it this way. I'm only risking 2% on a tiny account. With that said...

My first live trade. S/L at break even after 25 pips, half profit removed after 55 pips, final target: 1.0076
Nicely done mate you have developed your own style just stick to it.
  • #51,423
  • Jan 13, 2010 6:41am Jan 13, 2010 6:41am
Quoting g_j_hook@yah
nice trade bro
i love these types of trades also, but usually look for some pa on a smaller tf to get in. well done
jon
Long time bro where've you been.
  • #51,424
  • Jan 13, 2010 6:42am Jan 13, 2010 6:42am
Quoting Dan Gilbert
thanks man.... Your sig applied to this trade in a big way.... Patience patience patience... It felt like price was never going to hit my yellow trendline....
ye, u did well! i remember the posts in which you said you were waiting. ur patience has paid off! if the break of the inside day (yest) is anything to go by you might have a bit of a runner??..1.01 next stop??

jon
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PATIENCE... DISCIPLINE
  • #51,425
  • Edited 7:14am Jan 13, 2010 6:46am | Edited 7:14am
H mm, markets seem mixed up at the moment but not to shabby anyway. I'm really expecting some big surprises soon in the markets. It's all about the Dollar Dollar Dollar.

 

  1. Oil doing as anticipated, further drop in sight. Bearish divergence in play on daily chart.
  2. CHF/JPY looking good for a further drop as well (from top of the range and around a crucial 50% fib level area on daily from last big swing). I'm watching the price action as it stalled at the round number 90 too. Not worried about it though as I already closed half at the first area of trouble
  3. Possible gold short? Well maybe, would call it a semi DBHLC. Could be worth taking the risk to short if price pulls back to 1150 level (tighter stop).
  4. Still holding my NZD/USD I took last month as it still hasn't voilated the highest pin. This is why entries are very very important.

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Happy trading guys!
  • #51,426
  • Jan 13, 2010 6:50am Jan 13, 2010 6:50am
Quoting nasir.khan
Long time bro where've you been.
hi mate!! im here on and off always, i aint going very far from this thread for a long time yet bro!! its just you guys av it down!! you dont leave me much to comment on!! lol well done everyone for keeping this thread in the life style its been acustomed to hehe
just need Jarroo back now, ????i hope ur ok bro!!??
jon
PATIENCE... DISCIPLINE
  • #51,427
  • Jan 13, 2010 7:02am Jan 13, 2010 7:02am
Quoting g_j_hook@yah
ye, u did well! i remember the posts in which you said you were waiting. ur patience has paid off! if the break of the inside day (yest) is anything to go by you might have a bit of a runner??..1.01 next stop??

jon
1.0076, but the stop is at breakeven, and half is removed so it doesn't even matter....
Many choose unhappiness over uncertainty.
  • #51,428
  • Jan 13, 2010 7:03am Jan 13, 2010 7:03am
Quoting g_j_hook@yah
hi mate!! im here on and off always, i aint going very far from this thread for a long time yet bro!! its just you guys av it down!! you dont leave me much to comment on!! lol well done everyone for keeping this thread in the life style its been acustomed to hehe
just need Jarroo back now, ????i hope ur ok bro!!??
jon
i am fine, demoing to get confidence in my trades/methods/theories.
  • #51,429
  • Jan 13, 2010 7:03am Jan 13, 2010 7:03am
hi ghous i've been wondering where did you get the indicator which shows you the GMT time, your broker time, ... ??! its a nice indicator, im always confused about my broker timezone, since i use 2 different brokers and then there is the New York timezone for the news
  • #51,430
  • Jan 13, 2010 7:11am Jan 13, 2010 7:11am
gb/cad 1h pin with divergence... wot do u guys think??
cheers
jon
PATIENCE... DISCIPLINE
  • #51,431
  • Jan 13, 2010 7:14am Jan 13, 2010 7:14am
Quoting wh1zz0
H mm, markets seem mixed up at the moment but not to shabby anyway. I'm really expecting some big surprises soon in the markets. It's all about the Dollar Dollar Dollar.
[list][*]Oil doing as anticipated, further drop in sight. Bearish divergence in play on daily chart.[*]CHF/JPY looking good for a further drop as well (from top of the range and around a crucial 50% fib level area on daily from last big swing). I'm watching the price action as it stalled at the round number 90 too. Not worried about it though as I already closed half at...
Oil.

.
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  • #51,432
  • Jan 13, 2010 7:25am Jan 13, 2010 7:25am
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  • #51,433
  • Jan 13, 2010 7:29am Jan 13, 2010 7:29am
Hello

What do You think about this PB ?
Horizontal line I think would be daily support.

http://picnac.com/images/1063h4.gif
  • #51,434
  • Jan 13, 2010 7:44am Jan 13, 2010 7:44am
Quoting g_j_hook@yah
gb/cad 1h pin with divergence... wot do u guys think??
cheers
jon
I'm not taking this one and I do trade many 1 hr pins. I just dont like the traffic underneath.

K.I.S.S.
  • #51,435
  • Jan 13, 2010 7:54am Jan 13, 2010 7:54am
Quoting KissFan
I'm not taking this one and I do trade many 1 hr pins. I just dont like the traffic underneath.

K.I.S.S.
ye u could be right there bro, i will have my stop at BE if/when price hits that big round no. under my entry..
cheers
jon
PATIENCE... DISCIPLINE
  • #51,436
  • Jan 13, 2010 8:04am Jan 13, 2010 8:04am
Took short on EU. Nice Inside bar formed on hourly after big runup
  • #51,437
  • Jan 13, 2010 8:04am Jan 13, 2010 8:04am
Hello Dan,

CONGRATULATIONS for your very first live trade

If you don't mind asking, where I could find a reliable Round number indicator which doesn't overload my computer chipset ?

Thanks for your attention,

Happy and safe trading all,

Cheers

Angel
  • #51,438
  • Jan 13, 2010 8:14am Jan 13, 2010 8:14am
Quoting Angel65
Hello Dan,

CONGRATULATIONS for your very first live trade

If you don't mind asking, where I could find a reliable Round number indicator which doesn't overload my computer chipset ?

Thanks for your attention,

Happy and safe trading all,

Cheers

Angel

I took the time to draw all my round numbers manually. It was a real pain, but everyone kept saying the round number indi's were bogging down their computers, so I figured it was worth it.

What I did was draw a white dotted line every 500 pip increment (ie, 1.5000, 1.5500, 1.6000 etc), and then a dark gray dotted line every 100 pip increment.

What I did was first draw all the lines for the entire monthly price range on my broker for the euro, then I saved the template, loaded that template on USDJPY next, and drew the lines for entire monthly price range on the yen, then I saved the template again, and loaded the template on GBP, and started drawing the lines on that pair. Basically, I have EVERY round number for EVERY pair that I monitor (16 pairs) all saved on the SAME template.


I hope that makes sense.... basically I just kept adding more horizontal lines to the same template, so even though on some pairs, you cannot see all of the lines, they are still on that same template for convenience.


Probably the best homework assignment I have given myself thus far....
Many choose unhappiness over uncertainty.
  • #51,439
  • Jan 13, 2010 8:16am Jan 13, 2010 8:16am
Quoting ninreznor
Took short on EU. Nice Inside bar formed on hourly after big runup
(depending on your learning curve &/or profit goal)
Careful here, ninreznor..
an inside bar can move in either direction. this IB may be a temporary pause or reversal.
btw, are u comfortable trading the 'regular' PA setups (PB, BEOB, etc) & 4H & up charts already? if not, it is advisable to do so prior trading H1 & below charts & other PA setups like IB's.

Just a small reminder
  • #51,440
  • Jan 13, 2010 8:22am Jan 13, 2010 8:22am
Thanks a lot DAN, it's very kind of you !

Angel
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