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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

  • #66,581
  • Jun 17, 2010 6:45am Jun 17, 2010 6:45am
Jim and everyone who has helped keep this thread alive, happy birthday! Thank you so much for all in input and the positive attitude.

James16, I'd be glad to buy you a beer if you ever stop by in Estonia.
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If you don't risk, you don't ever have to lose.
  • #66,582
  • Jun 17, 2010 7:27am Jun 17, 2010 7:27am
Hi guys, is this a BUOB forming on the EURUSD daily chart?
I've also pulled a fibonnacci line but i'm not sure if I've done it right.. please do correct thanks.
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  • #66,583
  • Jun 17, 2010 7:45am Jun 17, 2010 7:45am
Plenty of candles for the 5th anniversary.
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  • #66,584
  • Jun 17, 2010 8:00am Jun 17, 2010 8:00am
Quoting Pinbar
DAN

I am truly sorry, you have had this experience, but you are obviously going to correct the problem, backtracking and going back to demo is admirable.

Did you keep a journal of all your trades with details of the reasons for each trade, the results and then the postmortem of each trade both positive and negative?


Hang on in there, you will make it.
Yes i tracked all trades in Excel and SnagIt which was very useful. Well swing trades anyway, intraday was too much which was probably a sign of overtrading.

Doing a bit of a post mortem today actually on all my accounts. I started in 2009 with $5000. Signed up to tradestation as recommended by the course I took, 9 months later that's $800 gone in platform fees which is aprox 15% then a further 20% in losses just figuring out was going on and how I wanted to trade (impatience). Settled on swing trading and switched broker to save fees. Lost another 5% on trades over my risk management size (greed). Then lost 10% switching to intraday trading because swing trading was resulting in break-even month after month. And that's it, with course fee's and loss of capital a good chunk of $10k gone.

So in summary:

Impatience
Greed
Under capitalised
Lack of knowledge
Lack of discipline

I'm ready to start again now
  • #66,585
  • Jun 17, 2010 8:02am Jun 17, 2010 8:02am
Quoting Pinbar
Happy 5th James16 and I must say, the seniors on this site are the most friendly and unselfish, non egotistic people I have ever had cause to stumble over.

They must indeed make you a Very Proud individual and no doubt you are partly to blame for this! LoL

Except that Jarroo chap....He promised us all some Hookers, which have yet to arrive. LOL

Only Joking Jarroo.........I fully appreciate all the kind help despite the lack of Hookers.



Being in Asia this is the best I can do for beer....I shall drink many more of these tonight in...
Aren't you in Tokyo Pinbar? I thought Japanese girls are lovely and friendly? I'd like to visit there some time. Are you working or studying there? Are you Japanese??
  • #66,586
  • Jun 17, 2010 8:07am Jun 17, 2010 8:07am
Thank you everyone on this thread and especially James. Probably the most successful thread on Forex Factory and with good reason.
Gone to a better place
  • #66,587
  • Jun 17, 2010 8:10am Jun 17, 2010 8:10am
Quoting Jlr
Why not move to Argentina, or Chile, or one of the cheaper european countries maybe? I think living in the Us can be pretty overrated when looking at the costs, compared to what you get. Don't get me wrong though, I love this country, not one of those loony anti US types

Happy 5th anni j16 thread. Really thankful to all who have helped me a long the way. I remember trading back in the day... I'd watch bloomberg, and wait for "breaking news". Haha, still not an amazing trader, but man I used to get whooped on back in the day.
GREAT question.

Honestly, my dream was to always move to either Brazil or Germany (depending upon money and language skills).

Well, I am horrible at languages, so I am probably stuck in either an English speaking country, or a country where you can get by any where with English (so Germany is probably okay).

I turn 32 in 12 days, and I hate where I live, I hate my job, and I hate my life. But at least I have a job, a very good job, and I have a house, and I have learned to live without women (they are virtually impossible in the USA, unless you are rich).

So it could be worse. I keep persevering, either I will learn to trade, or I will have enough money without trading to just sit upon.
  • #66,588
  • Edited 8:39am Jun 17, 2010 8:21am | Edited 8:39am
even a tinny pb can cause a nice order flow if it's at a proper location even on 5min chart.

its a fun to watch whats going on when you have a free trade
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  • #66,589
  • Jun 17, 2010 9:14am Jun 17, 2010 9:14am
Quoting unlv_tj
GREAT question.

Honestly, my dream was to always move to either Brazil or Germany (depending upon money and language skills).

Well, I am horrible at languages, so I am probably stuck in either an English speaking country, or a country where you can get by any where with English (so Germany is probably okay).

I turn 32 in 12 days, and I hate where I live, I hate my job, and I hate my life....
Pretty sure just about everyone in Argentina and Chile speak perfect english. Not really sure about Brazil, but I think its the same. Germany would be cool too, but its pretty similar to the Us in terms of cost I think.
A good job is definitely tough to come by nowadays. I'd suggest making a location change, but I guess not really a lot you can do. Women, they are very overrated. Not once have I been with one that didn't turn out to be psycho. Not even joking really. I don't think every women though is only seeking money, and really you don't want to be with someone like that anyway. You probably just don't take enough risks, and put yourself out there enough to be perfectly honest. The most likely scenario I'm guessing.
Anyway, my apologies to j16 thread for totally off topic stuff.
  • #66,590
  • Jun 17, 2010 9:24am Jun 17, 2010 9:24am
I have lived in many places and used to think when things were bad it was the place. It never was the place, it was always me.

My state of mind was usually to do with women - and things not going right. Then the place would seem bad. If I came across a woman I was really keen on and she on me, then the place suddenly was great.

You could be in Argentina after a life in USA. They speak Spanish - I don't know how many speak English well but you would have to start speaking good Spanish. Why would it be better than Kansas or a million other places? I just doubt it would.
I think I hear the diagnosis to the problem you have where you live, you are unlucky or unhappy in love and probably not in love.
I only say this because this has been me many times over.
The thing that caused my problem also solved my problem - a woman.
  • #66,591
  • Jun 17, 2010 9:47am Jun 17, 2010 9:47am
Quoting six gun
I have lived in many places and used to think when things were bad it was the place. It never was the place, it was always me.

My state of mind was usually to do with women - and things not going right. Then the place would seem bad. If I came across a woman I was really keen on and she on me, then the place suddenly was great.

You could be in Argentina after a life in USA. They speak Spanish - I don't know how many speak English well but you would have to start speaking good Spanish. Why would it be better than Kansas or a million other places?...
This is very true. Often it is just state of mind. And that is what I have worked on, and actually greatly improved.

That is why I know my life is blah, but it could be a lot worse, and at least I have the freedom to improve it. So I certainly am not complaining.

As for Argentina being better than Kansas? Probably a million reasons. There are some HUGE social issues in the USA, which encompasses complete other forums. One of the best is actually by a guy who got sick of it and moved to Japan.

But yes six gun and Jlr, the most important thing is being positively mentally. And having no social life leads a lot of time to save money and study charts, and for that, I am very thankful
  • #66,592
  • Jun 17, 2010 9:48am Jun 17, 2010 9:48am
Evening all

What a day I've had today - about 6 hours in the, one of these days I'll live full time off a few good trades a month...

Looks like I might be joining the PF next month hopefully

And happy birthday J16 thread!
Anything can happen.
  • #66,593
  • Jun 17, 2010 9:49am Jun 17, 2010 9:49am
Quoting jarroo
Hey datogio. What's going on brother?

You gotta like Support turning into Resistance (and vice versa ,of course).

I like that spot.
Hey Jarroo

Yep lets see what's on her mind
  • #66,594
  • Edited 11:38am Jun 17, 2010 10:39am | Edited 11:38am
hi

I would like to show You my last trade GBPNZD daily,

Thanks for your help, that's really very helpful Thread.
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  • #66,595
  • Jun 17, 2010 11:13am Jun 17, 2010 11:13am
Why this 2 pins on USD/CHF fail to be good, what is missing to be a good Pin.

Pin on daily and on 4H charts.

One of the rules i read is to take only position on trend direction, and i ask what is a trend, 10 daily bars on same direction is a trend? or i need 20?
20 bars on 4H chart is enough? or i need more? or less?
Sorry for this dumb questions, but i have to ask.

Regards
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  • #66,596
  • Jun 17, 2010 11:18am Jun 17, 2010 11:18am
Quoting vasco25
Why this 2 pins on USD/CHF fail to be good, what is missing to be a good Pin.

Pin on daily and on 4H charts.

One of the rules i read is to take only position on trend direction, and i ask what is a trend, 10 daily bars on same direction is a trend? or i need 20?
20 bars on 4H chart is enough? or i need more? or less?
Sorry for this dumb questions, but i have to ask.

Regards
They didn't fail, they never formed my friend, non of them was broken. The lesson from this is to not take the PA setup before the break.

4H pin is still valid but is very small compared to the previous bars, it might be formed because of the noise and is risky IMO.
  • #66,597
  • Edited 1:55pm Jun 17, 2010 11:42am | Edited 1:55pm
Quoting vasco25
Why this 2 pins on USD/CHF fail to be good, what is missing to be a good Pin.

Pin on daily and on 4H charts.

One of the rules i read is to take only position on trend direction, and i ask what is a trend, 10 daily bars on same direction is a trend? or i need 20?
20 bars on 4H chart is enough? or i need more? or less?
Sorry for this dumb questions, but i have to ask.

Regards
The trend on daily is up you're right but look at monthly. current down move is coming from the strong confluence, don't be surprised if those tiny bulish pin bars that are forming are just traps for extra liquidity. Thats the way market moves, all we can do is to see the big picture and wait for huge PA at nice places and avoid traps.
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  • #66,598
  • Jun 17, 2010 11:50am Jun 17, 2010 11:50am
Quoting bluetrader
The Good:
Thank you James and all the Seniors for providing an amazing public trading forum with positive people.



The Bad: Took a loss on this trade after moving my stop up just above resistance.

The trade ran +30 pips, but I really liked the location so I kept my stop above resistance(not BE). My trade management skills are a bit weak, but I'm happy I followed my plan.

Comments welcome.

-- Danny
I am only a beginner in J16 techniques, however, I have been studying and demo trading various more aggressive SL settings. The advanced pinbar pdf shows that the stop loss should be placed 10 pips above the eye.

From my chart it looks like this would not have helped as it has blown past this point anyway. Perhaps there was an issue with pb size and location - maybe a senior trader can comment?

Here is the section from the pdf:-

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  • #66,599
  • Jun 17, 2010 12:12pm Jun 17, 2010 12:12pm
From my yesterdays post ------Boy was I wrong on this one!
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  • #66,600
  • Jun 17, 2010 12:20pm Jun 17, 2010 12:20pm
Quoting lolbin7
Hi guys, is this a BUOB forming on the EURUSD daily chart?
I've also pulled a fibonnacci line but i'm not sure if I've done it right.. please do correct thanks.
Technically speaking, yes and no. Remember that it has not closed yet and it can still change its mind. If finished as a BUOB it may be good for some pips since it has not reached 1.2500 yet (BRNs act like a magnet). But there are some lows on the weekly it is trading into and a minor TL and 61.8 on the daily. As a beginner I would wait for them at swing lows and not trade them against the trend.
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Thanks J16, Sam Seiden, Udine and Jacko
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