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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

  • #56,161
  • Feb 25, 2010 1:40am Feb 25, 2010 1:40am
Quoting jarroo
Your plan is very smart. I would say your 95% ahead of the game just by taking this approach. God knows I wish I did. lol

It just take some time . .. its a marathon not a sprint (where did I hear that before. )

Your on the right path my friend.
Gee thanks,

It's good to know I might be doing something right.
1 mile down 25 to go !!!!!!!!!!!!!!

Dave.
  • #56,162
  • Feb 25, 2010 1:42am Feb 25, 2010 1:42am
Quoting joelcf
Clearly, the solution is to trade them both, but on different timeframes to avoid correlation issues - otherwise, your positions might cancel each other out...

...and you will end up trading against yourself.
LOL

you guys are just crazy

and there it may be a chance to get 2 kicks ass by triyng to outsmart the market

I'm talking about the market
  • #56,163
  • Feb 25, 2010 2:13am Feb 25, 2010 2:13am
Quoting benem
All right...i'll blow as much as i can

when I see this kind of post I get thinking with hwo I'm dealing!!

"hoping" it will destroy your account

here is a quoting from Jesse Livermore himself about this subject:

"Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does."

I just realized if you study enough Levermore's technics you will conclude that there are many similitudes with what james tech us here. Just the same old stuff, pure price, that will work over and over+ some tricks.

If you do have some spare time,I would definitely recommend Livermor's book for reading, is the only worth book that you should read about this subject, it will bring a lot of A-HA moments

And now about the audjpy lose, hope you learn your lesson, never tread from others bias,make your own decision process.

As jaroo says a lose will won't hurt us, bc we know is a probability game

all the best!!
  • #56,164
  • Feb 25, 2010 2:23am Feb 25, 2010 2:23am
gbp/chf..8h pin....rejected of the 50 fib on the daily & if we can get through the 38 Fib we could be in for some nice pips.. Moved to BE already.
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Learning to be rigid in my rules & flexible in my expectations
  • #56,165
  • Feb 25, 2010 3:00am Feb 25, 2010 3:00am
Quoting Treefingers
gbp/chf..8h pin....rejected of the 50 fib on the daily & if we can get through the 38 Fib we could be in for some nice pips.. Moved to BE already.
just a few suggestions

firstly on my platform I don't have any PA,but doesn't matter

your PA is not off of any daily pivot and is not supported by confluence

although it worked no don't let by fooled bc next time you will burn

and not to mention that your fib aren't drawn correctly

all the best!
  • #56,166
  • Feb 25, 2010 3:12am Feb 25, 2010 3:12am
Quoting triger88990

If you do have some spare time,I would definitely recommend Livermor's book for reading, is the only worth book that you should read about this subject, it will bring a lot of A-HA moments
Triger,

What's the title of the book you were referring to here?

Thanks!
It's not about how much you make, it's about how much you don't lose.
  • #56,167
  • Feb 25, 2010 3:12am Feb 25, 2010 3:12am
Quoting triger88990
just a few suggestions

firstly on my platform I don't have any PA,but doesn't matter

your PA is not off of any daily pivot and is not supported by confluence

although it worked no don't let by fooled bc next time you will burn

and not to mention that your fib aren't drawn correctly

all the best!
Isn't the area just above the 50fib a daily PPZ around .6730?

Whats wrong with the Fib, its on at recent high & low?
Learning to be rigid in my rules & flexible in my expectations
  • #56,168
  • Feb 25, 2010 3:36am Feb 25, 2010 3:36am
Quoting mbqb11
Was a busy week for me

The final trade I have closed down, smallest profit of the 3 and took the longest to get there but we made it

back to the bushes

Attached Image

I missed it bc I was hoping to get a better price,although I have set a sell limit at .5560 I change my mind in the last second,and moved my limit order few pips above and lost the move,still learning from my mistake,

Those mistake are a cheap price that I pay in my learning curve,they help you in this journey only if you are "aware" of them

Anyway I enter again,based on chart below.

all the best! I think jaroo would like that break too

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  • #56,169
  • Feb 25, 2010 3:37am Feb 25, 2010 3:37am
Quoting Dhb
Triger,

What's the title of the book you were referring to here?

Thanks!
Reminiscences Of a stok operator by Edwin LeFevre
  • #56,170
  • Feb 25, 2010 3:50am Feb 25, 2010 3:50am
Quoting triger88990
Reminiscences Of a stok operator by Edwin LeFevre
Hey Guys
Just to let you know there is a jesse livermore website which has a lot of info on him, a very good read !!!
Not sure if they are pages from the book as I have not yet read it.
Until then there is this site.
Enjoy,
Dave.
  • #56,171
  • Feb 25, 2010 3:57am Feb 25, 2010 3:57am
Quoting triger88990
when I see this kind of post I get thinking with hwo I'm dealing!!

"hoping" it will destroy your account

here is a quoting from Jesse Livermore himself about this subject:

"Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is...
Hallo Triger thanks to dedicate some of your precious time to me...
I'd like to tell you that my pray was only a joke.....like to say after all the technical analysis i have done i hope i have seen everything on the charts that must be seen.....

Now all right, the trade went wrong......i have lost 1% of my account but i respected my trading plan,and that's ok....it's part of the game.

Technically speaking i would like to ear from you and all the other guys of the forum if there is something that escape from my eyes.....because honestly i would take this trade again......maybe making another mistake.

PS
Thanks to point me out Jesse Livermore, i read a couple of pages of his book and you're right is a must....at the moment i 'm reading Van Tharp, Trade yor way to financial fredom.
Patience is essential
  • #56,172
  • Feb 25, 2010 4:03am Feb 25, 2010 4:03am
Quoting Treefingers
Isn't the area just above the 50fib a daily PPZ around .6730?

Whats wrong with the Fib, its on at recent high & low?
just look yourself at your chart again.if you don't see it with your eyes then......
trust me is better to see it by yourself,do you see it.

now to give you a hint
-you must drawn the level from the bottom to the top for a up wave(swing low/high) to measure the ret level inside that wave and vice versa for a down wave.

all the best!
  • #56,173
  • Feb 25, 2010 4:05am Feb 25, 2010 4:05am
Quoting jarroo
I like it and do it all the time. Mike's 2 Bar TS is excellent.

The bar the broke gave a nice stop loss placement and held up nicely. The 1st target, which is a S/R level, was hit nicely. And the 2 Bar TS would serve its purpose. Easy stuff.
What's your spread on that pair jarroo? My spread would've gobbled up half the profits on that EG4h trade...
May all your fits be loose.
  • #56,174
  • Feb 25, 2010 4:16am Feb 25, 2010 4:16am
Quoting triger88990
Reminiscences Of a stok operator by Edwin LeFevre
Cheers mate. I've had that one on my short list for some time now. Heard a lot of good things about it. I'll make it my next book to read.
It's not about how much you make, it's about how much you don't lose.
  • #56,175
  • Feb 25, 2010 4:17am Feb 25, 2010 4:17am
Quoting mbqb11
My views only below.

It gets easier Piggle....
Great post Mike as always.....
Patience is essential
  • #56,176
  • Feb 25, 2010 6:49am Feb 25, 2010 6:49am
I have a quick question, for example, i have two trades on the same pair open, both are 30pip on +, but one is 1 lot per pip, second is 2 lots per pip, i want close one of them, which one is going to be closed first if it was up to you? Or maybe it is better to open 3 portions, 1 lot each? of course risking MAX 3% of account I'm aware that it depends of what suits better, but as a newbie question, just what is most popular?
  • #56,177
  • Feb 25, 2010 6:56am Feb 25, 2010 6:56am
Quoting Nawry
I have a quick question, for example, i have two trades on the same pair open, both are 30pip on +, but one is 1 lot per pip, second is 2 lots per pip, i want close one of them, which one is going to be closed first if it was up to you? Or maybe it is better to open 3 portions, 1 lot each? of course risking MAX 3% of account I'm aware that it depends of what suits better, but as a newbie question, just what is most popular?
I think with the new regulations the first lot you opened will be the first lot you close. FIFO - First In First Out.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,178
  • Feb 25, 2010 7:00am Feb 25, 2010 7:00am
this is my take on the pb

the 1.4215 level is the ppz, showing the respective flip between s and r

the 3rd bar of the pb set-up bounces off this ppz becasue it was a significant area of s and r

any comments plz?
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  • #56,179
  • Feb 25, 2010 7:11am Feb 25, 2010 7:11am
Quoting giotto
Are you sure of this? If actual inventory is bigger, that means there was less oil consumed, so they have full supplies -> less demand, price go down. If inventory is lower, means that they consume more and its less in supplies -> bigger demand, price go up. Dont forget that FA creating price is more broader than only these inventories: lately Argentina/GB fight about oil supplies in south america, USD developement, GDP forecasts/revisions etc.
yea i know there is pretty much involved then only this Dimension. But you need to start from somewhere, and put pieces together.
.
  • #56,180
  • Feb 25, 2010 7:27am Feb 25, 2010 7:27am
Does anyone have an indicator for MT4 that highlights PIN bars and perhaps BEOB and BUOB etc. I did see one many months back but could never get it to work properly.
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