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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

  • #53,181
  • Jan 28, 2010 8:14am Jan 28, 2010 8:14am
Quoting nasir.khan
I was wrong!!!!

but it does't take much time to admit it cause the way i trade i won't survive if i sit around to cry about them, I know that.

Bought UC also but killed it just now. Half gone rest at BE.
.
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Nice catch on the GU! I closed my EU way too early at 1.4000 just re-entered short like yourself. I always like watching your trades, you're pretty decisive and quick, I dwell too much at times and miss out on some good PPZ style trades. Took my GJ and EJ shorts way too early too, but still a very profitable day, some real good moves all day
  • #53,182
  • Jan 28, 2010 8:22am Jan 28, 2010 8:22am
tacked this one on the demo account (alpari feed)
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Many choose unhappiness over uncertainty.
  • #53,183
  • Jan 28, 2010 8:23am Jan 28, 2010 8:23am
Quoting Dan Gilbert
tacked this one on the demo account (alpari feed)
Nice !

Dan, consider doing MICRO's (risk a couple of bucks!), even on those riskier trades! Your gut instincts are obviously telling you a lot. The quicker you overcome that mental/psychological aspect, the better ! Losing is part of the game aswell, and nobody has 100% accuracy! R:R !

My transition from demo-> live wasn't fun. Its like, almost everything i knew, and all the skill were gone and I was a deer in the middle of the road with oncoming headlights. Took me awhile.
lowest draw down possible please.
  • #53,184
  • Jan 28, 2010 8:32am Jan 28, 2010 8:32am
Quoting ehrek
Nice !

Dan, consider doing MICRO's, even on those riskier trades! Your gut is obviously telling you alot man! The quicker you overcome that mental/psychological aspect, the better ! Losing is part of the game aswell, and nobody has 100% accuracy!
I already don't really care so much about losing - as far as the money is concerned. If it was up to me - I'd be live trading every setup, but I have read too much of fiji traders material for me to do that. I understand losing a little bit here and there, then again and again, adds up over time. I just live trade what I see to be excellent setups. that NZDUSD trade seemed "excellent" to me, but I was wrong, and I lost 1.3% of my live account on it. Money management IS psychology in my opinion. knowing I barely lost anything on that loser makes me feel just fine .


On to the next one.

Thanks for the vouch bro!



EDIT: I also want to note that my live account is only 20% of what I plan on eventually having committed to trading. So that helps too lol
Many choose unhappiness over uncertainty.
  • #53,185
  • Jan 28, 2010 8:35am Jan 28, 2010 8:35am
[quote=Dan Gilbert;3410649]I already don't really care so much about losing - as far as the money is concerned. If it was up to me - I'd be live trading every setup, but I have read too much of fiji traders material for me to do that. I understand losing a little bit here and there, then again and again, adds up over time. I just live trade what I see to be excellent setups. that NZDUSD trade seemed "excellent" to me, but I was wrong, and I lost 1.3% of my live account on it. Money management IS psychology in my opinion. knowing I barely lost anything on that loser makes me feel just fine .


On to the next one.

Thanks for the vouch bro!

You deserve one man Pretty dedicated guy..

I always know, whenever I come to this thread.. Dan will be here.. lol

lowest draw down possible please.
  • #53,186
  • Jan 28, 2010 8:46am Jan 28, 2010 8:46am
Cable is in a nice position, in and around a nice TL dating from the 30th of December.

Keep your eyes out!

London is out in 10 minutes
lowest draw down possible please.
  • #53,187
  • Jan 28, 2010 8:52am Jan 28, 2010 8:52am
Thanks a lot Cory for the quick explanation. I get the picture now.
This is one of many examples of how questions from newbies are answered swiftly and in a friendly manner. Just from memory people like Mike, Seeking Light, Jaroo falls into this category of mentor/teacher This is what makes J16 thread stands out. All the best to you in your trades.

Quoting Cbh123
Hi Ertorque,

Thanks for your question. Feel free to ask anything, we are all here to help.

A PPZ is a "price pivot zone." It is an area where price flips from resistance to support. If you scroll back on GBP/JPY you can see that the 143.50 round number has acted as support and resistance in the past. This makes it more likely to act as support or resistance in the future. For me a PPZ is one of the strongest factors to look for when looking for confluence to find strong areas where price might react.

The more touches off an area the stronger...
  • #53,188
  • Jan 28, 2010 8:54am Jan 28, 2010 8:54am
Quoting SeekingLight
I really want to post something again...
Sir Patrick,
thanks for dropping by with a very lengthy post.
  • #53,189
  • Jan 28, 2010 9:02am Jan 28, 2010 9:02am
Quoting nasir.khan
Ohhh come on gave up that 130 now.lol
it is probably just one of his placed orders.
  • #53,190
  • Jan 28, 2010 9:12am Jan 28, 2010 9:12am
Quoting supremeChaos
it is probably just one of his placed orders.
hahaa.

Long time bro.....whats the chaos.
  • #53,191
  • Edited 9:47am Jan 28, 2010 9:13am | Edited 9:47am
This is the only pair I have an interest in right now. If it closes like it is now on the daily(waaaaaaaaaaay too early to tell), I like the following:

1) Rejection of 1.70000
2) Divergence
3) 61.8 Fib
4) Pivot zone
5) Perfect pin (as of right now)

Points of concern:

1) Made higher low just before run-up
2) Potential to stall or reverse at 1.6900
3) Fourth attempt at 1.7000 zone

I will be watching to see how it closes.

Nathan
  • #53,192
  • Jan 28, 2010 10:00am Jan 28, 2010 10:00am
Quoting ehrek
Back in the wedge miss daisy!
Nice trade and awesome charts Sir,

I apologize for the comment i made at your trade of EU.

Good Luck.
  • #53,193
  • Jan 28, 2010 10:01am Jan 28, 2010 10:01am
Quoting raczekfx
got out with half at 126.70, but reverse to short didn't trigger again.
I needed half a spread more....
It's all right, I see big opportunity just around corner.
Closed my shorts and reversed.

Don't tell me you did't get a fill again.

How bout 130.
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  • #53,194
  • Jan 28, 2010 10:08am Jan 28, 2010 10:08am
Quoting dobe_r_man
This is the only pair I have an interest in right now. If it closes like it is now on the daily(waaaaaaaaaaay too early to tell), I like the following:

1) Rejection of 1.70000
2) Divergence
3) 61.8 Fib
4) Pivot zone
5) Perfect pin (as of right now)

Points of concern:

1) Made higher low just before run-up
2) Potential to stall or reverse at 1.6900
3) Fourth attempt at 1.7000 zone

I will be watching to see how it closes.

Nathan
im watching it too, but since i got burned on this pair yesterday, today i will be a little more cautios
  • #53,195
  • Jan 28, 2010 10:11am Jan 28, 2010 10:11am
Closed my earlier short based on 1HR pin and reentered based on PPZ. Also In an EG short, though this isn't going as planned.
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  • #53,196
  • Jan 28, 2010 10:19am Jan 28, 2010 10:19am
Quoting lovejoy80
Closed my earlier short based on 1HR pin and reentered based on PPZ. Also In an EG short, though this isn't going as planned.
that's how I like em
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  • #53,197
  • Jan 28, 2010 10:23am Jan 28, 2010 10:23am
Quoting jarroo
Maybe not.

Let see how this will break. A+ ? Location wise, Yes. Size wise, No.

I took this pin under the tight J16 setup. +30, but then got stopped out at break even. I was just wandering, would you use a looser strategy when dealing with an A+ set-up in the hopes of getting a home run, or would you adopt a similar tight money management strategy?
  • #53,198
  • Jan 28, 2010 10:25am Jan 28, 2010 10:25am
Quoting mbqb11
that's how I like em
Been watching this but its not an Outside bar on the FX Pro feed. Will wait to see how the Daily closes.

Mike where was your sell stop? From your chart it doesn't look like it is below the BEOB or did you enter when the bar closed?
  • #53,199
  • Jan 28, 2010 10:25am Jan 28, 2010 10:25am
Quoting mbqb11
that's how I like em
[email protected]?

I'm also in. SL above the BEOB.
  • #53,200
  • Jan 28, 2010 10:26am Jan 28, 2010 10:26am
Quoting Dan Gilbert
I saw that pin close and felt sad for you
Hehe! Yup. I did to. NEXT!

K.I.S.S.
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