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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

  • #59,201
  • Mar 26, 2010 5:21am Mar 26, 2010 5:21am
Quoting neutro
Man, I hate this USDCHF trade... People talk about it every day. I was there, I saw it and I said pass, for not (even) touching the 1.05... And that little daily pin turned into a little weekly pin...

Like I said before: on to the next one.
To be honest with you I didn't took it neither, It was just for self purpose of ilustrating my toughts in my above post.

You don't even realise but skipping a trade and being picky is part of this business. I'm in opinion that everyone should be in this point of thinking if they want to achieve financial freedom. I realise this a couple of months a go after reading reminiscent.....

Is a game of patience and waiting.

I know that it may be frustrating to skipp a trade and that trade to turnd out to be a tremendous setup, but you must force yourself to change your attitude a begin to think like the pro

The more I spend in this business the more I understand why PSYCHOLOGICAL think is almost in every case everything.

all the best!!
  • #59,202
  • Mar 26, 2010 5:30am Mar 26, 2010 5:30am
Quoting chatzi
The whole problem with this approach to trading is unless you have a 100k or more its never going to get you to the stage that Jim etc talk about....

ciao Chatzi

thanks for your reply more "philosophical" then "technical" as I was asking for, anyway thank you for your personal comment

Andrea
  • #59,203
  • Edited 5:44am Mar 26, 2010 5:32am | Edited 5:44am
Quoting printer69
ciao Chatzi

thanks for your reply more "philosophical" then "technical" as I was asking for, anyway thank you for your personal comment

Andrea

No problem, just want to save newbies from wasting there time. There is too much fear, sure wait for good setups but dont be scared, you need to make the winning trades count.

Another thing, demoing is a waste of time, except to learn the software. You will learn nothing, having money on the line makes you learn 100x quicker. When you are learning just use lower risk oir less of your account.
  • #59,204
  • Mar 26, 2010 5:35am Mar 26, 2010 5:35am
Quoting lovejoy80
It will need to break out of this (flag?) pattern first IMO
yeah true
im at break even so not really bothered but if price bounces strongly off this level, i might manually close it....going to wait to see how the current & next bar closes.....
thnx LJ
Simplicity is the key to success
  • #59,205
  • Mar 26, 2010 5:57am Mar 26, 2010 5:57am
Pin+hidden divg+TL+PPZ (shrt term + long term)+ Trigger is bearish on EU..

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  • #59,206
  • Mar 26, 2010 5:59am Mar 26, 2010 5:59am
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  • #59,207
  • Mar 26, 2010 6:16am Mar 26, 2010 6:16am
Quoting nasir.khan
Pin+hidden divg+TL+PPZ (shrt term + long term)+ Trigger is bearish on EU..

.

LOL

it took me twice to read it and to see that you talk about me

at the beginning I thought you talk about push the trigger LOL
  • #59,208
  • Mar 26, 2010 6:22am Mar 26, 2010 6:22am
Quoting triger88990
LOL

it took me twice to read it and to see that you talk about me

at the beginning I thought you talk about push the trigger LOL
It broke the other way but it's not a valid PIN

and you know the rest.
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  • #59,209
  • Mar 26, 2010 6:45am Mar 26, 2010 6:45am
Quoting nasir.khan
Pin+hidden divg+TL+PPZ (shrt term + long term)+ Trigger is bearish on EU..

.
dude, thats not a pin, its more like a dot.....lol
its minute, the location is cool & all but ....anyways
i checked and was like........
Simplicity is the key to success
  • #59,210
  • Mar 26, 2010 6:57am Mar 26, 2010 6:57am
Quoting nasir.khan
Pin+hidden divg+TL+PPZ (shrt term + long term)+ Trigger is bearish on EU..

.
do u think when ready for daily tf only?
  • #59,211
  • Mar 26, 2010 7:28am Mar 26, 2010 7:28am
Quoting forexlife
do u think when ready for daily tf only?
Sorry i did't understand what you are saying.
.
  • #59,212
  • Mar 26, 2010 7:29am Mar 26, 2010 7:29am
Quoting chatzi
The whole problem with this approach to trading is unless you have a 100k or more its never going to get you to the stage that Jim etc talk about. From what I can see even the best J16 traders get a few % a month.

If you are starting with a smaller account expect to be slugging it out for 10-20 years.

I think the conservative nature of this thread is stifling there are traders out there making crazy money using this stuff.
You need to search for them though. Don't go down the happy with 3% a month path, unless you have a massive account like...
Yes Chatzi, this is a very valid point I think needs bringing up. People are posting chart examples day in day out on this thread, but nobody really talk about "how much money they are making (or losing) overall". Is it a few % per month? Or per day? You are right, some people can use this EXACT material on smaller timeframes and reap huge regular gains. This stuff works on any timeframe, so why not 15 min? A great pinbar at a PPZ on 15min can reap great % if you understand money/risk management. Why is everyone hooked on daily? It will take 20 years to create wealth like this.

This goes back to a question I posted other day, why look for PA on the same chart you see the PPZ on? It doesn't make sense to me to have a huge PA bar l(like a long nose pin) eaving about 30 pips until the target PPZ area... yet risking 100 pips on the length of the pin!! that's a terrible risk reward ratio!! Yet it seems that's what people are doing here...? Am I missing the point? The method is FANTASTIC AND WORKS WELL but the risk/reward really needs to be addressed so the "little account holders" stand a chance of building wealth too within a few years, not just the "already rich" folk!
  • #59,213
  • Mar 26, 2010 7:30am Mar 26, 2010 7:30am
Quoting squeezy
dude, thats not a pin, its more like a dot.....lol
its minute, the location is cool & all but ....anyways
i checked and was like........
I trade locations most of the times

and PA is a bonus.
.
  • #59,214
  • Mar 26, 2010 8:08am Mar 26, 2010 8:08am
Quoting triggerju
Yes Chatzi, this is a very valid point I think needs bringing up. People are posting chart examples day in day out on this thread, but nobody really talk about "how much money they are making (or losing) overall". Is it a few % per month? Or per day? You are right, some people can use this EXACT material on smaller timeframes and reap huge regular gains. This stuff works on any timeframe, so why not 15 min? A great pinbar at a PPZ on 15min can reap great % if you understand money/risk management. Why is everyone hooked on daily? It will take 20...

I think we should look at the thing differently......i mean concentrate not on how you can earn but on how much you could loose.This game is a high dangerous one.Many many and many people loose their pants trading.What James and the senior member have been always saying is to start on higher time frame and then after good resoults find your way to go lower and look for bigger rewarning.
It could be the simplest way to make people believe that they can do easy money.....because we feed the big guys.But no....here James and others say the truth....cool down,take your time.The market is always here....don't look for short cut,make one step at time.
I am not profitable and i am still learnig,but i have understood one thing......you can loose a lot of money here .....and then the game is really over.
Patience is essential
  • #59,215
  • Mar 26, 2010 8:13am Mar 26, 2010 8:13am
Benem

I understand the idea of "cool down and take your time" but here's the thing: from looking at the charts, I cannot see why daily/weekly is better than, say, 1H. The patterns are the same, the PPZ work, the PA works, I'm not trying to rush into profit like a fool only to lose, I have lost over £30,000 in the past, believe me I know about losses. What I mean is waiting for daily/weekly setups takes a long time, waiting for 1HR takes a short amount of time, across multiple crosses you will get a signal every couple of days easily, and they seem to work just as well as longer frames.

So where's the gain in starting on longer UNLESS you work full time/don't have technology to monitor markets around the day (PDA, laptop etc)...? If you can. surely take to regular signals? Cherry pick the BEST ones, manage your risk, yes, but I would surely want signals every other day than every other month??
  • #59,216
  • Mar 26, 2010 8:18am Mar 26, 2010 8:18am
I hope some one can find it useful.....https://www.myfxbook.com/
Patience is essential
  • #59,217
  • Mar 26, 2010 9:05am Mar 26, 2010 9:05am
Spending this Friday holiday in front of the computer I found a nice size pin at extreme low bouncing off a BRN with a wired kinda divergence going on on the 4H.

Too bad my broker doesn't offer this pair. I would like to ask if any of you guys use FXPro for your live trading? would you recommend them?
Does any of you know what is the lowest amount of $ they allow risking per pip? Can't find in on their website.

Thanks

Ben
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  • #59,218
  • Mar 26, 2010 9:08am Mar 26, 2010 9:08am
Could someone advise as to how far back we should look in plotting PPZ's. E.g. on a daily chart, would it be 3 / 6 / 12 months (or longer) - is there a time beyond which they become increasingly invalid?

Thanks

Jonners67
  • #59,219
  • Mar 26, 2010 9:19am Mar 26, 2010 9:19am
Quoting Jonners67
Could someone advise as to how far back we should look in plotting PPZ's. E.g. on a daily chart, would it be 3 / 6 / 12 months (or longer) - is there a time beyond which they become increasingly invalid?

Thanks

Jonners67
Tough question.

You need to look in context with the timeframe your charting.

My opinion is you should always be aware of PPZs that are prominent on your higher timeframes. (Some disagree).

For example, if you're trading the 1 hour chart , then instead of scrolling back many pages, you are better off switching up to a higher time frame a looking for your PPZ there.

Have you checked out Jims videos on the PFs guest page??
Bundy's status today: "Waiting..."
  • #59,220
  • Mar 26, 2010 9:23am Mar 26, 2010 9:23am
Anyone else thinking Euro to 1.3465-ish to 80-ish area??

Should give us a trade abouts there I'm wagerin' on.
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Bundy's status today: "Waiting..."
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