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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

  • #62,441
  • Apr 30, 2010 8:56am Apr 30, 2010 8:56am
Quoting TiaForex
...There is no zen-like "see the ball, be the ball" state that can make up for a good solid methodology. And some people do place an over reliance on state. That somehow if you wake up feeling groovy you're just going to be able to sense the market and win all day long. That's just hogwash IMO.
I believe the saying is "word"

One of the simplest ideas I've read about recently came from this board somewhere. Reduce your trade until the volume is so small that you are no longer concerned about winning or losing. This is a fascinating idea because it goes against the inherant greed of trading.

What I also find interesting is that my risk tolerance changes over time as I trade. For example the last trade I just put on the Aussie/USD has me a little nervous although it looks solid on paper. I wonder if this is a learned counter instinct because my trading is going well above average this month... Maybe I'll pull out of this trade and go to bed.
  • #62,442
  • Apr 30, 2010 9:00am Apr 30, 2010 9:00am
Quoting TiaForex
It's been a while since I've posted....
....
I am reminded of a great post by Merlin (can't find it now, any ideas where it is Mike?) where he weighed in on one of the well rehearsed platitudes of trading. "Exits are where you really make your money, not entries. Exits are far more important than entries". It was a popular trading maxim at the time and Merlin called BS on it. ....
u mentioned Merlin..
so i thought it was a worthwhile & interesting search
it starts here.
great post, btw.
  • #62,443
  • Apr 30, 2010 9:07am Apr 30, 2010 9:07am
Quoting Marrethiel
I wonder if this is a learned counter instinct because my trading is going well above average this month... Maybe I'll pull out of this trade and go to bed.
I never have a problem closing out of a trade I've changed my mind on. Screw it. I'd rather be flat than ride hope.

I make mistakes, and I like to correct them the moment I realise.
Bundy's status today: "Waiting..."
  • #62,444
  • Apr 30, 2010 9:11am Apr 30, 2010 9:11am
Have a great weekend everyone. I'm calling in early.

DJI looks interesting.
Bundy's status today: "Waiting..."
  • #62,445
  • Apr 30, 2010 9:29am Apr 30, 2010 9:29am
Quoting Primi
This one? (along with gbpjpy)

P
Hi Primi,

Yeah, those are nice! I like GBPJPY with 8 hr bars. And the PB nose just skewered RN 145. I suppose I am supposed to be demo trading only for a number of months because I'm new around here, but I just couldn't pass up such a nice short opportunity.

Steve0001
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  • #62,446
  • Apr 30, 2010 9:37am Apr 30, 2010 9:37am
Quoting g_j_hook@yah
im suprised this hasnt been mentioned (jus ignore me if it has ...lol)
eu/gb 4hBUOB, its a bit of a range trade but thats what this pair does best the RN above was the obvious first target for me,or at least up near it.

whish i had caught the 1h pin though....

jon

i cant get a chart up for some reason...
will try later to add charts
How to do it!
  • #62,447
  • Edited 10:15am Apr 30, 2010 9:38am | Edited 10:15am
Quoting yebundyraider
That one's turned out alright G.

I could have caught it right from the 1 hr pin , but would have preferred the lower lows closer to .86 for a location for either TF option though.

Props man. Well done.
yeah agreed,the .86 would have been nice but if you look at the line chart price closed sround the .8650 mark more often than at the the RN, and in fact i have the whole area as a PPZ on my chart. i also liked the fact that it was almost the exact lows of wednesday....somebody thought it a good price

i also had a us/chf short so was feelin bullish for the eu already..lol a nice little 15min pin after it broke the recent range and the RN to the downside. i caught the retest of the RN.
for some reason my comp is playin up and it wont save my charts so i cant post one to show the setup!?!?!?!?!?!!?

jon

EDIT: removed the WRONG! charts. lol
PATIENCE... DISCIPLINE
  • #62,448
  • Apr 30, 2010 10:02am Apr 30, 2010 10:02am
I think a test of the upper part of the range is on the cards for GBP next week. The 4HR is forming a nice long lower shadow in the upper part of the current 4Hr swing.
Any thoughts?

LOL it just plumeted 40 pipis as it was posting.
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  • #62,449
  • Apr 30, 2010 10:22am Apr 30, 2010 10:22am
I wonder what mike would think of this 4H BEOB, is the previous minor consolidation enough story?
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  • #62,450
  • Apr 30, 2010 11:14am Apr 30, 2010 11:14am
Quoting jspeakman
Hi Mike

Been wondering about looking at more pairs. Currently looking at around 30 pairs and not finding much to trade lately. Is it worth looking at more obscure currencies (Albanian Lek/Mongolian Tugrik! or EU/HUF someone posted recently - I thought the spreads might not make them worth trading. Or looking at stocks/commodities possibly?

Thanks

J
I think the more the merrier J. As long as you can keep up with it. I personally watch

euro, usd/chf, nzd/jpy, usd/nok, cad/jpy, gbp/aud, chf/jpy, gbp/cad, eur/aud, eur/cad, aud/usd, gbp/jpy, usd/jpy , usd/chf, gbp/usd, nzd/usd, eur/gbp, nzd/usd, usd/cad, eur/jpy, gbpchf, nzd/cad, eur/nok, aud/usd, aud/nzd, aud/sgd, cad/chf, usd/sek, gold and silver. I will check out some other random ones here and there for the daily and weekly since I am more likely to play them on the larger timeframes as opposed to intraday

Some spreads are too big for me intraday but from a daily/weekly standpoint I am ok with. Obviously some pairs are just ridiculous to trade but you can usually see this clearly from the chart or if the spread is ridiculous. But most times the spread (if you have decent broker) is relative to how the pair moves and shouldn't scare you off .

Hope that helps
Mike
  • #62,451
  • Apr 30, 2010 11:16am Apr 30, 2010 11:16am
Slight retrace of last months PB at BRN, FIB. Looks like a good trade to me. First sign of trouble at 5700.
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  • #62,452
  • Apr 30, 2010 11:23am Apr 30, 2010 11:23am
Quoting datogio
I wonder what mike would think of this 4H BEOB, is the previous minor consolidation enough story?
Hey D


That setup was strong enough for some pips, and When I saw it I knew where it was going, but that still won't let me break one of my golden rules which is trading into LARGE ppzs(I only trade away from them). The large PPZ I am speaking off is 1.65. But certainly a real nice one coming on a friday.

Nicely done sir!
Mike
  • #62,453
  • Apr 30, 2010 11:43am Apr 30, 2010 11:43am
Quoting TiaForex
It's been a while since I've posted. I trade faster markets these days so there's not as much time to post during the day, but it's nice to see some interesting discussions, particularly the one between StoragePro and Joelcf about psychology (also nice to see the regular three monthly "you guys suck!" interlude. Something to set your watch by... ). When I saw SP and Joel exchange their posts on psychology I was reminded of what, for me, is the essential nature of this thread. A place where traders can feel free to express differing opinions...
wow this guy goes in hinding and comes out with an essay! I skipped it first so I could actually read it right

No really all is true, everything SP, you, Joel, it all makes sense.

I read Mark Douglas' book and was like really? I was like this stuff is so obvious. Then after I realized the state of mind so many people come to trading with that the book has merit. It's like the starter kit for new traders. Even some people who have been around for awhile but just have no self control. It's HUGE for them. Bigger then people realize but for some it's the obvious parts of trading. So my trading in the zone is in mint condition and just sits there(anyone is welcome to have it, I have given away most my trading books lol).

But I agree with Aaron it's all about pieces and fitting them. Most people unfortunately don't last to get even a few pieces into sight where they can see what the picture of the puzzle is going to be. Most just look at the back cover of the puzzle box but don't start the puzzle.

Mike
  • #62,454
  • Apr 30, 2010 11:48am Apr 30, 2010 11:48am
Quoting mbqb11
Hey D


That setup was strong enough for some pips, and When I saw it I knew where it was going, but that still won't let me break one of my golden rules which is trading into LARGE ppzs(I only trade away from them). The large PPZ I am speaking off is 1.65. But certainly a real nice one coming on a friday.

Nicely done sir!
Mike
I see your point. But would you trade the pin that formed in H4 (away from 1.65)? Or do you consider it people taking some profits before weekend?
  • #62,455
  • Apr 30, 2010 11:51am Apr 30, 2010 11:51am
Quoting NosferatuMan
I see your point. But would you trade the pin that formed in H4 (away from 1.65)? Or do you consider it people taking some profits before weekend?
yeah it is way to late into a friday I am done! done with this month! What a boring one for me

But in general I don't trade this late on a friday unless the markets are going crazy or I am in a trade already. Aaron knows weekend Mike begins to creep in on fridays


Mike
  • #62,456
  • Apr 30, 2010 11:58am Apr 30, 2010 11:58am
Quoting mbqb11
yeah it is way to late into a friday I am done! done with this month! What a boring one for me

But in general I don't trade this late on a friday unless the markets are going crazy or I am in a trade already. Aaron knows weekend Mike begins to creep in on fridays


Mike
That was the answer I was expecting.

Have a nice weekend, weekend Mike

(and all the rest of you guys)
  • #62,457
  • Apr 30, 2010 12:05pm Apr 30, 2010 12:05pm
meet me in the cluub its goin dowwwn....

http://i432.photobucket.com/albums/qq42/pizdun/down.jpg

just a shout out to mike and james. may 1st will officially be the one year anniversary of me reading this thread for the first time. it will also mark my first year of profitability in this business. coincidence? i think not.

THanks so much. after 4 years its nice to finally see some green
  • #62,458
  • Apr 30, 2010 12:06pm Apr 30, 2010 12:06pm
beob on H1. took profit with 1/2, stop break even.
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meine augen sind die sterne
  • #62,459
  • Apr 30, 2010 12:07pm Apr 30, 2010 12:07pm
Quoting pizdun
meet me in the cluub its goin dowwwn....



just a shout out to mike and james. may 1st will officially be the one year anniversary of me reading this thread for the first time. it will also mark my first year of profitability in this business. coincidence? i think not.

THanks so much. after 4 years its nice to finally see some green
awesome sir! Now I can drink 1 extra beer in honor of you tonight

  • #62,460
  • Apr 30, 2010 12:27pm Apr 30, 2010 12:27pm
I see a posibility brewing to sell the USD/YEN.
What do you guys think of this setup?
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