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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

  • #60,281
  • Apr 8, 2010 4:33pm Apr 8, 2010 4:33pm
Quoting jspeakman
Hi Dan

Thanks for v interesting approach. How do you normally get to B/E? I am trying to move stop to B/E after reaching 1st TP, Take a third, then second third at 2nd TP, and then trail the rest. Currently just letting EU/AUD run - s'pose it will stop one day! hope that makes sense.

Thanks

J

I was doing it where the first trouble area, S/L goes to B/E, but sometimes that halted my trade right there. I have been finding that unless price rockets off in your favor, you will get a lot of B/E trades. This isn't a bad thing, but I think sometimes I feel if I manually trail based on something that I cannot control, it turns out better (in other words, it's not my brain stopping the trade out, it's the system - - this is a good thing)


also note, that if your price is hitting profit-taking targets, but your stop isn't yet at B/E, that's ok too! You can still scale out with the S/L still worse than B/E with this technique. I think it has potential to be a good method... We'll see in a little while here
Many choose unhappiness over uncertainty.
  • #60,282
  • Apr 8, 2010 4:34pm Apr 8, 2010 4:34pm
hey gang!

As Dan said...plenty of nice PINs around. Stop Limit set at: EURJPy, GBPJPY, USDJPY and AUDUSD. All daily charts. Already in 4H EURJPY...TL, fibo, free space...what do I need more
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  • #60,283
  • Apr 8, 2010 4:35pm Apr 8, 2010 4:35pm
Quoting Scotty2Cues
whats happening on the aud/usd?

http://www.forexfactory.com/showpost...ostcount=60228
Many choose unhappiness over uncertainty.
  • #60,284
  • Apr 8, 2010 4:36pm Apr 8, 2010 4:36pm
The market knows how to confuse me------for every trade i see.... i see reasons not to take the trades

I think I will sit on the bench
  • #60,285
  • Apr 8, 2010 4:44pm Apr 8, 2010 4:44pm
Quoting Dan Gilbert
http://www.forexfactory.com/showpost...ostcount=60228
nice!
  • #60,286
  • Apr 8, 2010 4:52pm Apr 8, 2010 4:52pm
Quoting benji533
well that's not fair. I bet you haven't any mentor called Mike around lol.



well that's exactly the point. It has nothing to do with being smart. That's exactly the problem of the "real world" geniuses in this business. It's just about learning simple patterns (5 years old stuff, like a puzzle), and SELF CONTROL, DISCIPLINE, PATIENCE, EMOTIONS, SIMPLICITY.......the market is neutral, you are DEALING WITH YOURSELF ONLY. You are your greatest enemy in this field.

In other words, different way of thinking. Exactly the opposite than...
the explanation you gave, it seems everything so logical, too bad that for accomplish that you need soo much more time lol... you really are the greatest enemy in this field, well said
  • #60,287
  • Apr 8, 2010 4:53pm Apr 8, 2010 4:53pm
Quoting Atc
The market knows how to confuse me------for every trade i see.... i see reasons not to take the trades

I think I will sit on the bench
That's not a bad thing, it actually means that you have the patience to wait for something better. But don't wait for something perfect because there will always be reasons not to take a trade.

I'm sitting out on all of these pins. I feel a little bit bad because we have a lot of signals today, but they don't fit my rules. If that EURJPY hung on 125 I would be on it in a heart beat. I missed the H4 pin, having to leave my computer for a few hours, but now I'm not jumping in the market just for the sake of being in the market.

It's a tough call, but no one will do it for you. Just don't fell (that) bad for sitting out. Better signals will definitely come.
  • #60,288
  • Apr 8, 2010 4:56pm Apr 8, 2010 4:56pm
Quoting neutro
If that EURJPY hung on 125 I would be on it in a heart beat.
bingo bango.... exactly why I'm demoing these
Many choose unhappiness over uncertainty.
  • #60,289
  • Apr 8, 2010 4:58pm Apr 8, 2010 4:58pm
Quoting Dan Gilbert
http://www.forexfactory.com/showpost...ostcount=60228
you long or waiting for signal?
  • #60,290
  • Apr 8, 2010 4:59pm Apr 8, 2010 4:59pm
Quoting Scotty2Cues
you long or waiting for signal?

2 more hrs.... (ibfx)

edit: I have set the order on the demo account, see previous page....
Many choose unhappiness over uncertainty.
  • #60,291
  • Apr 8, 2010 5:01pm Apr 8, 2010 5:01pm
Thanks Neutro ---this is exactly how I feel as you said "I'm sitting out on all of these pins. I feel a little bit bad because we have a lot of signals today, but they don't fit my rules."

It seemed the the BRN's and S/R were not in the best of places.
  • #60,292
  • Apr 8, 2010 5:03pm Apr 8, 2010 5:03pm
well, to me its very nice price action, it just needs to hold with the idea and let it play itself for few days/weeks.
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  • #60,293
  • Apr 8, 2010 5:03pm Apr 8, 2010 5:03pm
USD/CHF

Pin is at monthly R2, Daily R1, 0.75 RET and a strong PPZ.

The PPZ was great support on (dd-mm-yy) 31-01-08; 22-09-08 to 29-09-08; 18-12-08 to 04-01-09.

Involved in a bicycle from 01-06-09 to 19-08-09 and was resisting throughout February and march.

I want to believe that if this pin breaks, its gonna move fairly well. Any thoughts on this.

Opinions are highly welcomed
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SNR with Price Action...
BitCrossNG Return Today: na
  • #60,294
  • Apr 8, 2010 5:12pm Apr 8, 2010 5:12pm
Quoting Fxnumen
USD/CHF

Pin is at monthly R2, Daily R1, 0.75 RET and a strong PPZ.

Opinions are highly welcomed
Hi FXNumen!

In my opinion and according my other lmt orders its pretty clear. Nice position due to fibo, 365EMA, good space - not the best but at least some possibility to manage at least BE. To my risk apetite its worth to watch it even trade it, but it depends on everyone's skills and decision. Good luck!
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  • #60,295
  • Apr 8, 2010 5:13pm Apr 8, 2010 5:13pm
Quoting Atc
Thanks Neutro ---this is exactly how I feel as you said "I'm sitting out on all of these pins. I feel a little bit bad because we have a lot of signals today, but they don't fit my rules."

It seemed the the BRN's and S/R were not in the best of places.
This is when you are further along then you might know. When you can see decent potentials all over and still close your charts
  • #60,296
  • Apr 8, 2010 5:16pm Apr 8, 2010 5:16pm
Quoting mbqb11
This is when you are further along then you might know. When you can see decent potentials all over and still close your charts
Hey Mike! Any comments on developing PINs on dailies or that 4H EURJPY. Your glass ball ideas appreciated
  • #60,297
  • Apr 8, 2010 5:24pm Apr 8, 2010 5:24pm
Quoting giotto
Hey Mike! Any comments on developing PINs on dailies or that 4H EURJPY. Your glass ball ideas appreciated
Hey G

I would never want to take the eur/jpy b/c you are essentially trading right into that round number at 125. I know some people don't care and then they just watch that area but for me that is a big no no.

Best
Mike
  • #60,298
  • Apr 8, 2010 5:29pm Apr 8, 2010 5:29pm
Quoting Fxnumen
USD/CHF

I want to believe that if this pin breaks, its gonna move fairly well. Any thoughts on this.

Opinions are highly welcomed
I agree, this appears to be a pretty nice setup... the pinbar even bounced from this blue upper trendline. Only time will tell when this daily candle closes.
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  • #60,299
  • Apr 8, 2010 5:30pm Apr 8, 2010 5:30pm
Quoting mbqb11
Hey G

I would never want to take the eur/jpy b/c you are essentially trading right into that round number at 125. I know some people don't care and then they just watch that area but for me that is a big no no.

Best
Mike
Well I know about this, but enter along 4H gave me ~100 pips free space ride with almost no risk, cos when triggered, move was almost instant. But you are right that this 125 zone is HEAVILY armored, thats why my 2nd TP is set
  • #60,300
  • Apr 8, 2010 5:32pm Apr 8, 2010 5:32pm
Quoting giotto
Well I know about this, but enter along 4H gave me ~100 pips free space ride with almost no risk, cos when triggered, move was almost instant. But you are right that this 125 zone is HEAVILY armored, thats why my 2nd TP is set
Yeah you could see how the 125 is tested and if price rejects hard off it then move your stop up. Or if it breaks through see how price pulls back to it and if it finds support you could find yourself in a nice trade.

Here is probably the most interesting one for me, but the large bearish moves will keep me sidelined.


Mike
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