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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

  • #57,481
  • Mar 7, 2010 6:22pm Mar 7, 2010 6:22pm
Quoting Dan Gilbert
Hey jarroo, thanks for your charts man... I have become freakishly like you with my trade management
Entered on this Weekly Gb/Jpy PB with a very tight stop loss. Not recommended.

Scalping the weekly.
Attached Image (click to enlarge)
Click to Enlarge Name: gj407.gif Size: 25 KB
Indicators show the past. Price Action "Indicates" the future.
  • #57,482
  • Mar 7, 2010 6:25pm Mar 7, 2010 6:25pm
Quoting jarroo
Entered before the break . . gutsy. or did you enter on a lower time frame setup?
I set a buy stop on H4 at 1.5150 because it opened around 5130.
  • #57,483
  • Mar 7, 2010 6:30pm Mar 7, 2010 6:30pm
Quoting lawgirl21
I set a buy stop on H4 at 1.5150 because it opened around 5130.
So it was just an . . "at the open of the PB entry". Like I said , its gutsy. is your stop loss below the PB?
Indicators show the past. Price Action "Indicates" the future.
  • #57,484
  • Mar 7, 2010 6:41pm Mar 7, 2010 6:41pm
Ive already taken half my trade off the table and moved the other half to break even. The trade went into profit almost immediately, but usually I use a 100 pip stop loss since I trade daily and weekly charts.
  • #57,485
  • Mar 7, 2010 6:49pm Mar 7, 2010 6:49pm
Quoting lawgirl21
Ive already taken half my trade off the table and moved the other half to break even. The trade went into profit almost immediately, but usually I use a 100 pip stop loss since I trade daily and weekly charts.

I see.

A break of a PB from the Open, meaning Price doesn't go lower then the Close of the PB and then breaks the PB, is a good sign of strong momentum of that PB. All things being equally, meaning the PB is of high quality.

Protecting yourself priority #1. Very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #57,486
  • Mar 7, 2010 6:53pm Mar 7, 2010 6:53pm
Quoting mbqb11
Hey Miracle,

Was such a nice day here had to enjoy it sorry for taking a bit to get back to you.

Hope that helps
Mike
Hey Mike glad you enjoyed your weekend!
No problem at all and thanks for the insight.
  • #57,487
  • Mar 7, 2010 6:57pm Mar 7, 2010 6:57pm
Quoting Ryanmcd
Also after reading the past few pages now I see why I make money every week. Just remember when you take a CT trade I am going to be on the other side 80% of the time, as well as the banks, hedge funds, and other big players.....
Hi ryan,

Will you be on the other side this time round against 80% of this thread for gbp trade
  • #57,488
  • Mar 7, 2010 7:13pm Mar 7, 2010 7:13pm
Quoting jarroo
Entered on this Weekly Gb/Jpy PB with a very tight stop loss. Not recommended.

Scalping the weekly.
no I don't emulate this type of thing
Many choose unhappiness over uncertainty.
  • #57,489
  • Mar 7, 2010 7:22pm Mar 7, 2010 7:22pm
Quoting Dan Gilbert
no I don't emulate this type of thing

Yeah, I don't either. lol

I will at times take a low risk entry as a "scout" of a larger setup to test the water, so to speak. I just don't post them.

Obviously I like the Weekly GJ PB. Athough not the best PB in structure and such. As we get closer to the London Open, I may like it more or I'll be out of the trade.
Indicators show the past. Price Action "Indicates" the future.
  • #57,490
  • Mar 7, 2010 7:32pm Mar 7, 2010 7:32pm
Quoting jarroo
Yeah, I don't either. lol

I will at times take a low risk entry as a "scout" of a larger setup to test the water, so to speak. I just don't post them.

Obviously I like the Weekly GJ PB. Athough not the best PB in structure and such. As we get closer to the London Open, I may like it more or I'll be out of the trade.
hopefully yen weakness for a bit still holding 1/3 pos. here
Attached Image
Many choose unhappiness over uncertainty.
  • #57,491
  • Mar 7, 2010 7:37pm Mar 7, 2010 7:37pm
Quoting Dan Gilbert
hopefully yen weakness for a bit still holding 1/3 pos. here
Yeah, I saw your earlier posts on that beauty, Dan. I missed that one.

If you have different data feeds (meaning different brokers) you'll notice that it was picture pertect on almost all feeds. Interesting.
Indicators show the past. Price Action "Indicates" the future.
  • #57,492
  • Mar 7, 2010 7:38pm Mar 7, 2010 7:38pm
Quoting jarroo
Yeah...
I will at times take a low risk entry as a "scout" of a larger setup to test the water, so to speak....
aha... one of the big guys doing it in real time
  • #57,493
  • Mar 7, 2010 7:53pm Mar 7, 2010 7:53pm
Quoting jarroo
Yeah, I saw your earlier posts on that beauty, Dan. I missed that one.

If you have different data feeds (meaning different brokers) you'll notice that it was picture pertect on almost all feeds. Interesting.
it was a 3% risk (don't tell nobody!)
Many choose unhappiness over uncertainty.
  • #57,494
  • Mar 7, 2010 7:53pm Mar 7, 2010 7:53pm
Quoting jarroo
Yeah...
If you have different data feeds (meaning different brokers) you'll notice that it was picture perfect on almost all feeds. Interesting.
Looks like similar situation with MT5 too, Sir.
  • #57,495
  • Mar 7, 2010 7:55pm Mar 7, 2010 7:55pm
Quoting benji533
Hey simjas,



First of all, it's important you understand why this isn't an A+ trade, and I think you already got a bunch of great replies on it.
Just for the record, I did not take this bar live, but I like demoing any less than A+ setups just for the sake of tarde management practicing. On my feed, that bar never broke lower and my order did not trigger.




Lets pretend for a moment that this was an A++ setup, it broke, and failed.
SO WHAT? THAT MEANS ABSOLUTELY N-O-T-H-I-N-G !

The thing is, trading is just a complete opposite world...
Ben, I can't believe you're only 17 this year... bravo
One Mind, Any Market
  • #57,496
  • Mar 7, 2010 7:59pm Mar 7, 2010 7:59pm
Quoting jarroo
Entered on this Weekly Gb/Jpy PB with a very tight stop loss. Not recommended.

Scalping the weekly.
I could just about smell that Jim

g.
I believe . . .
  • #57,497
  • Mar 7, 2010 8:02pm Mar 7, 2010 8:02pm
Quoting supremeChaos
Looks like similar situation with MT5 too, Sir.
Yes it is sChoas.

Check all the A++ setups (or just A+) that appear on all data feeds at the same time. It is an interesting study.
Indicators show the past. Price Action "Indicates" the future.
  • #57,498
  • Mar 7, 2010 8:03pm Mar 7, 2010 8:03pm
Quoting ghous
I could just about smell that Jim

g.
Yeah I know, that's why I had to taste it. lol
Indicators show the past. Price Action "Indicates" the future.
  • #57,499
  • Mar 7, 2010 8:03pm Mar 7, 2010 8:03pm
Quoting Cyrus
Ben, I can't believe you're only 17 this year... bravo
i think it's a silent trend... traders are getting younger & younger

if Sir james16's thread creates enough great traders, i believe the world will be a much better place (paying it forward in a multitude of ways)
  • #57,500
  • Mar 7, 2010 8:11pm Mar 7, 2010 8:11pm
Quoting supremeChaos
if Sir james16's thread creates enough great traders, i believe the world will be a much better place (paying it forward in a multitude of ways)
I hate to say it, but I think this thread has had A LOT of traders read it, but refused to follow the rules and vanished....
Many choose unhappiness over uncertainty.
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