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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

  • #63,821
  • May 14, 2010 7:27am May 14, 2010 7:27am
Quoting fxeturn
Long entry is triggered. Am I setting it to BE too early?

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i personally dont thinks so in this situ. you are at pretty strong res. about now...
nice trade buddy

jon
PATIENCE... DISCIPLINE
  • #63,822
  • May 14, 2010 7:29am May 14, 2010 7:29am
Quoting jeurre
testing .855 now, wondering if should exit the position, couldn't feel the moment is with me.
that is your desision of course but i like to give it some time. its a 4h bar we are trading here so i like to give it a few bars before i take stock again. these small moves can be missleading, the hard part is that sometimes theyre not!! lol
maybe you should close some and set up a free trade for yourself and then you can relax??

jon
got to fam, happy hunting.
PATIENCE... DISCIPLINE
  • #63,823
  • May 14, 2010 7:31am May 14, 2010 7:31am
Quoting g_j_hook@yah
that is your desision of course but i like to give it some time. its a 4h bar we are trading here so i like to give it a few bars before i take stock again. these small moves can be missleading, the hard part is that sometimes theyre not!! lol
maybe you should close some and set up a free trade for yourself and then you can relax??

jon
got to fam, happy hunting.
also keep an eye on gb. if it breaks todays open price it could be good for us. if it is rejected at that level i would cover myself...
it looks like price is jus retesting the intraday res/sup it jus broke..??(eu/gb) look at the 15min chart and you can see it is not having a great time at trying to get higher again..???

again jus me though

jon
PATIENCE... DISCIPLINE
  • #63,824
  • Edited 8:27am May 14, 2010 7:33am | Edited 8:27am
Quoting Daneel
Doesn't this go against, the trend is your friend idea? What makes it more risky as a continuation formation than as a reversal?.....
i think what Sir jarroo meant by 'risky' is that one might be buying at a possible bottom.
1 reason we want BEOB (bearish PA setups) at swing highs is because of high probability that price will go down. if u take a BEOB at a (possible) swing low (or on a non-swing high location), then the probability of price continuing in one direction (down in this case) may be smaller.
that is why continuation PA setups are considered advanced setups.

Here's an analogy:
assume u are on the 4th floor of a 4 storey building.
1 storey/floor is equal to 10 feet (in height). since u are on the 4th floor, then u are (for the sake of discussion) 40 feet above the ground.
if u drop a ball (from your hand) to the ground from that height, then the ball can travel/drop downwards 40 feet.
but if u drop the ball from the 1st floor, then the ball can drop downward towards the ground only potentially 3-6feet (depending on your hand's location & your height) -- much less than when u drop the ball from the upper floors.

the 4th floor is the swing high; the first floor represent the possible bottom.

Hope this helps
  • #63,825
  • May 14, 2010 7:36am May 14, 2010 7:36am
Quoting joelcf
tax deduction - its practically a 40% off sale!

I pick up alot of mine used - at least the older stuff. Suprising amount out there, between eBay, Amazon and betterworldbooks.

I think alot of people out there see a title, buy a book, and then never read it. I assume that knowledge magically transports into people's brains as soon as they purchase goods or services, I guess.
I've never found a website that can beat/match the book prices found on www.half.com new or used. Haven't visited betterworldbooks before though..

Reading Al Brooks' book now. Let's just say "enlightening!"
  • #63,826
  • May 14, 2010 7:38am May 14, 2010 7:38am
just a quick word as there is a few comments on taking profits.
i currenly have about 5% of my account in floating profits,...am i itching to close up shop and take it?? YOU BET YOUR ASS!!!! but that is not a reason to close. let the chart decide for you. imho its the only way for continued succses in this game!!??and its easier!

jon
PATIENCE... DISCIPLINE
  • #63,827
  • May 14, 2010 7:40am May 14, 2010 7:40am
Quoting Jduester
I've never found a website that can beat/match the book prices found on www.half.com new or used...
Thanks Josh,
first time ive heard about that site.
  • #63,828
  • May 14, 2010 7:43am May 14, 2010 7:43am
Quoting g_j_hook@yah
just a quick word as there is a few comments on taking profits.... but that is not a reason to close. let the chart decide for you. imho its the only way for continued succses in this game!!??and its easier!
LOL...
good point, jon.
im glad u are doing well, bro!
  • #63,829
  • May 14, 2010 7:49am May 14, 2010 7:49am
Quoting Pinbar
Not so sure it is, those are the people who's money we are earning. LoL
  • #63,830
  • May 14, 2010 7:59am May 14, 2010 7:59am
Quoting fxeturn
Long entry is triggered. Am I setting it to BE too early?
too early or too late...
ultimately, it will depend on experience, risk appetite, personal taste & comfort.
in other words, what works for YOU
  • #63,831
  • May 14, 2010 8:01am May 14, 2010 8:01am
Playing this also...
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  • #63,832
  • May 14, 2010 8:16am May 14, 2010 8:16am
hey Dan....hope you well.....sorry about your this week trading but do you have weekly targets on number of trades on number of pips.............just trying to understand what you mean by no good signals this week yet i see some good ones around..........cheers.....

Quoting Dan Gilbert
no the boring part is that last week there was 10x as much opportunity, this week.... just no good signals, not on futures, not on currencies....
  • #63,833
  • May 14, 2010 8:39am May 14, 2010 8:39am
hi, jon, i closed the position, don't want to see a profit trade turn into a loss.

however, you are correct, if looking at what is happenning now.

I usually find the more intervention, the less profitable. but, simply could not live on that zone yet.

in any case, just let me take todays price action as friday profit taking, instead of true demand. so, no more action this week. will find better setup next week.

happy trading, jon

Quoting g_j_hook@yah
also keep an eye on gb. if it breaks todays open price it could be good for us. if it is rejected at that level i would cover myself...
it looks like price is jus retesting the intraday res/sup it jus broke..??(eu/gb) look at the 15min chart and you can see it is not having a great time at trying to get higher again..???

again jus me though

jon
  • #63,834
  • May 14, 2010 8:48am May 14, 2010 8:48am
USDCAD trade working out. Comments on PPZ's I have marked and overall trade, Please.

Thanks!
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  • #63,835
  • May 14, 2010 8:52am May 14, 2010 8:52am
Quoting slade1986
USDCAD trade working out. Comments on PPZ's I have marked and overall trade, Please.
Thanks!
1.0328 is the last Daily Pivot available, R3. We've got a Weekly Pivot (Weekly Central) at 1.0425

I'd watch out around 1.0350 as well, some 4HR RES possibly around there Confluent with a 38.2% Fib of the last week's down move at exactly 1.0350.
Live to trade another day...
  • #63,836
  • May 14, 2010 8:53am May 14, 2010 8:53am
How are those trades working out today guys?

Price Action Rules!

Gotta go.

Later,


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #63,837
  • May 14, 2010 9:07am May 14, 2010 9:07am
Those daily trades are rocking my world! I got a good entry on the retrace, which actually puts me up 10%!!!

PS: I just exited my USD/CAD trade. History of MAJOR resistance at current price. It may go higher, but I am training myself to only target first R1 in my training.
Dr. C
  • #63,838
  • May 14, 2010 9:12am May 14, 2010 9:12am
Spent the week just trying to project where price was going. Wish it was live...
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  • #63,839
  • May 14, 2010 9:16am May 14, 2010 9:16am
Quoting (Yaniv)
Yes, but i want it to engulf 2 bars, not just 1. So in this case i will need it to close not just below 90.0 but a little lower (below 89.75 which is 11/05 daily low).

But that's just me being picky

Yaniv

We just have to wait in order to get the right PA.

Price closed as i wanted so we got a 32H BEOB.

I test this thing on demo so i'm in it and will keep it open despite the weekend.

FTA is about 80 pips from entry point.

Yaniv
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  • #63,840
  • May 14, 2010 9:43am May 14, 2010 9:43am
Now waiting for it to move as expected...

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