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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

  • #55,381
  • Feb 18, 2010 4:47pm Feb 18, 2010 4:47pm
Quoting mbqb11
Well i believe it is all built into a chart as a techy. Meaning if I correctly analyze a chart i am seeing all I need to see. So if anything the "news" will support me.
Thanks Mike, I see what you mean.
  • #55,382
  • Feb 18, 2010 5:17pm Feb 18, 2010 5:17pm
There's this USDCAD BUOB on my chart.

It's not A+ setup based on my rules so no trade for me but I would still like to know your opinions. Tradable for anyone? Pro/cons? Something I missed?

+BUOB engulfing two previous bars
+off of the very solid support
+close above round number 1.0500

-it's only minor swing low
-resistance(first trouble area) very close so would go to BE at around 1.0540

From longer term it's ranging pair, so there's a chance it will go to the top of the range - 1.0700 area. Although lot of traffic on the way...

Cheers,
Mikey
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  • #55,383
  • Feb 18, 2010 5:23pm Feb 18, 2010 5:23pm
For me its an a trade i am in
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  • #55,384
  • Edited 5:27pm Feb 18, 2010 5:24pm | Edited 5:27pm
Looks like PB denials BUOB, if next bar close under EMA, RN (1100) and TL I think it could be good opportunity to enter under RN, put S/L over RN (then there will be some space on the left) and take TP1 - first blue confluence and if market moves down at TP2.

http://picnac.com/images/802goldagressive.gif

Cheers,

Strateg119
  • #55,385
  • Feb 18, 2010 5:25pm Feb 18, 2010 5:25pm
Quoting TiaForex
I hope you don't think I was getting at you. I am just being honest with you or else what would be the point.

And Jim didn't say trading a sideways market was essential....he said trading a sideways market at break even or better was essential. That's a huge difference.

We do that by not trading marginal setups and only waiting for the very best.

I think your fib may well be a little curve fitted too as it wasn't really a huge swing high that you took it from.

Again these are just my thoughts seeing as you asked for comments. I really...
No offence taken!
I was glad to get a comment from a senior like you.
Please feel free to comment on any further charts.
  • #55,386
  • Feb 18, 2010 5:40pm Feb 18, 2010 5:40pm
Hi i got asked to join this thread.
I read james16 introduction.
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I did play with 2 demo accounts in one month and i had profit on both.
I don't know what commercial forum means but i am also not going to pay for a forum.

Up to late today i did just fine.
I made a mistake by going long with a too big a trade and not stopping my longs.
Am thinking to go long on gold though... see pic.
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  • #55,387
  • Edited 6:26pm Feb 18, 2010 5:51pm | Edited 6:26pm
Quoting longshot_nl
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I'm not going to listen to people with more experience and skill than me, even if they are profitable and I'm not.

I'm not going to follow sound risk management processes like every professional trader, despite there being a firm, quantitative basis for the said processes.

I'm not going to stop trading the m30 chart with a bunch of indicators that I dont even understand.

I'm not going to accept that it is all my own fault when I bust my micro account taking bad trades with a third of my 'capital'.

...

Honestly, if you are going to have that approach, you would be better off taking your 166 euros and buying a nice steak and a bottle of red. You are only going to donate it back to the market.
When you have to shoot, shoot. Dont talk.
  • #55,388
  • Feb 18, 2010 5:58pm Feb 18, 2010 5:58pm
Quoting michal7
There's this USDCAD BUOB on my chart.

It's not A+ setup based on my rules so no trade for me but I would still like to know your opinions. Tradable for anyone? Pro/cons? Something I missed?

+BUOB engulfing two previous bars
+off of the very solid support
+close above round number 1.0500

-it's only minor swing low
-resistance(first trouble area) very close so would go to BE at around 1.0540

From longer term it's ranging pair, so there's a chance it will go to the top of the range - 1.0700 area. Although lot of traffic on the way...

Cheers,
Mikey...

Looks like on my feed this BEOB might close above 1.0500..which if it does will be a trade for me

edit - closed dead on 1.05..think I will leave it as a lot of other interesting looking bars around
Learning to be rigid in my rules & flexible in my expectations
  • #55,389
  • Feb 18, 2010 6:10pm Feb 18, 2010 6:10pm
Good to see you in here

You don't need to pay for this thread at all. All information here is freely available because of the many generous members in this thread.

I didn't like this thread at all when I first read I need to be 3 months on demo and only a couple of trades a month. But I learned that it is necessary if you wan't to succeed in this business.

You might hate me for saying this, but remove your stochs and either MACD or RSI. Delete all those trendlines and channels, put a 4hr chart or higher TF in front of you and then draw new trendlines if you wish. The higher the timeframe, the more reliable the TA is.

And above all, be patient and start reading from page 1 untill your eyes bleed. You will not regret it!

Quoting longshot_nl
Hi i got asked to join this thread.
I read james16 introduction.
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I did play with 2 demo accounts in one month and i had profit on both.
I don't know what commercial forum means but i am also not going to pay for a forum.

Up to late today i did just fine.
I made a mistake by going long with a too big a trade and not stopping my longs.
Am thinking to go long on gold though... see pic.
  • #55,390
  • Feb 18, 2010 6:21pm Feb 18, 2010 6:21pm
Quoting longshot_nl
Hi i got asked to join this thread.
I read james16 introduction.
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I did play with 2 demo accounts in one month and i had profit on both.
I don't know what commercial forum means but i am also not going to pay for a forum.

Up to late today i did just fine.
I made a mistake by going long with a too big a trade and not stopping my longs.
Am thinking to go long on gold though... see pic.
Ok you can be our control study, we will compare your results with most people here who are demoing on higher TF's.
  • #55,391
  • Feb 18, 2010 6:26pm Feb 18, 2010 6:26pm
Quoting michal7
There's this USDCAD BUOB on my chart.

It's not A+ setup based on my rules so no trade for me but I would still like to know your opinions. Tradable for anyone? Pro/cons? Something I missed?
..."From longer term it's ranging pair, so there's a chance it will go to the top of the range - 1.0700 area."

So wouldn't you think better trades would happen at the bottom or top of that range rather than a ppz in the middle?

This trade is is the "OK"-ish range.... It's off of a PPZ at the 1.0420 area. and the bar is a swing-low Bullish outside bar. (It's not a REAL strong bar though.)

Ask yourself this...

"Will I regret not being in it (neither losing nor gaining money) when it just happens to hit the top of the range?
....Or will I regret it more not being picky enough with my trades when it bombs out , losing money , and then a stronger trade happens at the bottom of the range anyway?"

Someone who did take it would want to be very smart with their trade management.
Bundy's status today: "Waiting..."
  • #55,392
  • Feb 18, 2010 6:40pm Feb 18, 2010 6:40pm
Quoting longshot_nl
Hi i got asked to join this thread.
I read james16 introduction.
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I did play with 2 demo accounts in one month and i had profit on both.
I don't know what commercial forum means but i am also not going to pay for a forum.

Up to late today i did just fine.
I made a mistake by going long with a too big a trade and not stopping my longs.
Am thinking to go long on gold though... see pic.
Welcome to the thread, Longshot.

You are free to go about your trading journey whichever way you like.

Just be mindful that many, many, many, many, many, many, many, many, many of us in here have "been there , done that" too. So plug away , and when you do have trouble just ask.
Bundy's status today: "Waiting..."
  • #55,393
  • Feb 18, 2010 6:44pm Feb 18, 2010 6:44pm
Finally an Excellent PB , If this baby closes up like this I'm totally IN
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  • #55,394
  • Feb 18, 2010 7:01pm Feb 18, 2010 7:01pm
Quoting Riskee
Finally an Excellent PB , If this baby closes up like this I'm totally IN
It's a LOT smaller than the two bars preceding it Riskee. Who's winning? Buyers or Sellers?
Bundy's status today: "Waiting..."
  • #55,395
  • Feb 18, 2010 7:10pm Feb 18, 2010 7:10pm
Quoting Riskee
Hey Folks , Check out the Aussie 4H chart seems interesting to me with a Beautiful BEOB + Clean trend break + Close below the 50 Fib level well , I entered this trade ( Micro lot ) . Best of Luck
...This one, on the other hand, is much better.
Bundy's status today: "Waiting..."
  • #55,396
  • Feb 18, 2010 7:24pm Feb 18, 2010 7:24pm
Quoting SeekingLight
Word up my man, I thought I was the only one reading some of those pages in-depth.

Some very interesting things on that site, and there is even a free online supermemo based language learning course I think.

Really just wanted to say "hey" to my favorite polar bear
(Been snowing, cold and slippery all year so far, so how could I not think of you! Teehee)
"Hey"

Always good when you drop in, buddy.

Quoting mbqb11
come on Patrick he is a BUNNYraider
Who's the resident rabbit hunter???
Bundy's status today: "Waiting..."
  • #55,397
  • Feb 18, 2010 7:35pm Feb 18, 2010 7:35pm
Has anybody seen this?

http://mt4pips.com/

Quote:

"mt4pips.com makes it easy for forex traders to publicly share and analyze their MetaTrader 4 account results. After a quick setup, your MT4 trades are automatically published online, in real-time. No technical knowledge is needed at all. And you get your very own custom "mt4pips.com/username" URL."
"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #55,398
  • Feb 18, 2010 7:50pm Feb 18, 2010 7:50pm
Quoting shephrd
Has anybody seen this?

http://mt4pips.com/
That is cool, I like MyFxBook https://www.myfxbook.com/
It will work with Oanda as well.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,399
  • Feb 18, 2010 7:56pm Feb 18, 2010 7:56pm
Where is Dan Gilbert gone these days, i'm seeing lots of those inside pin bars his fond of.
Learning to be rigid in my rules & flexible in my expectations
  • #55,400
  • Feb 18, 2010 7:58pm Feb 18, 2010 7:58pm
Quoting michal7
1, I have rules for for A+ setup ....
2, I don't have target or ROI set to some exact number. However I do have my trades limit set to 3 a month. This is because I was overtrading.....
Hey Mikey....
u already have rules for an A+ setup.
if u stick to your rules, imho, u dont have to limit yourself to 3 trades a month. in other words, take as little or as many trades as u see as long as they are in accordance to your rules.
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