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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

  • #82,161
  • Dec 10, 2010 5:57am Dec 10, 2010 5:57am
Quoting Kalbar
Jarroo

My ppz are pale blue lines with the arrows - def a bit of space for trade but size of previous bullish bars put me off compared with the size of the pin. Having said that I am still getting to grips with my ppz and hoping to learn a lot from your expertise.

kal

Sorry for the delay. . .

You are correct Kalbar, I would not consider this PB on the Daily Usd/Chf an A+ setup. Its not that big . . its at a bit of a swing high but not open enough to give it some Space, etc. But the story was "A" quality to me.

The yellow box of consolidation aided in the story to this PB. (See more info on boxes from Mike (mbqb11).

Also the Weekly BEOB, trading with the trend , and at a 50% ret level (no shown) added confluence to this story.

Hopefully this chart helps.

Your PPZ levels look good, Kalbar. Ive add other comments about PPZ levels to the chart to help you fine tune them.

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: uchf09.jpg Size: 95 KB
Indicators show the past. Price Action "Indicates" the future.
  • #82,162
  • Dec 10, 2010 6:10am Dec 10, 2010 6:10am
Quoting jarroo
Looks like its flipping over ppfx. . . from Resitsance to Support. . .1.5836ish level
Now i know why. The master James entered a trade.
  • #82,163
  • Dec 10, 2010 6:13am Dec 10, 2010 6:13am
Quoting Pinbar
And if this current H4 bar closes above the PPZ, what will you do?

This is why I wanted to see a nice bearish bar close below that area off of the TL.
I was stopped out by one 1 pip. LoL... Just like on the USDCHF a week ago...
Oh, well...thats why im risking only 1% per trade.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 10_12_10 update.png Size: 45 KB


If only the big guy wouldnt enter the trade against me... then possibly i would be still in.. (jk)
  • #82,164
  • Edited 6:31am Dec 10, 2010 6:19am | Edited 6:31am
Quoting ppfx
I was stopped out by one 1 pip. LoL... Just like on the USDCHF a week ago...
Oh, well...thats why im risking only 1% per trade.

Attachment

If only the big guy wouldnt enter the trade against me... then possibly i would be still in.. (jk)

Too bad...This is a demo trade, right?

Yeah, I was thinking the same thing. LoL
  • #82,165
  • Dec 10, 2010 6:20am Dec 10, 2010 6:20am
Quoting jarroo
Fooled me too . . lol


Who the hell is Ted Circa, anyway?
  • #82,166
  • Edited 6:33am Dec 10, 2010 6:22am | Edited 6:33am
Quoting ghous
Surprisingly the close wasn't a crucial requirement for good IPBs in my book back when I first shared the idea here. Over time I too realized how important the close was. Furthermore I see the idea applies to regular pin bars as well, ones with a strong close have so much more to Them than when they "merely just close within the prior bar"

g.
That's a good point g. . . about regular PBs. . .and about any PA formation's close to show weakness or strength.

That's what is so brillient about the IPB's entry at the close . . then throw it the inherent tight stop loss placement and its perfect.

I don't care when others say its just a gravestone doji or hangman whatever . .you showed the structure of them and . .more importantly . .where to trade them and how to mangement them . .

Your a genuis . .g. Its that what the "g" stands for . .
Indicators show the past. Price Action "Indicates" the future.
  • #82,167
  • Dec 10, 2010 6:27am Dec 10, 2010 6:27am
Quoting Pinbar
Who the hell is Ted Circa, anyway?

Ted Nugent . circa 1976

circa means : about, appromimately
Indicators show the past. Price Action "Indicates" the future.
  • #82,168
  • Dec 10, 2010 6:31am Dec 10, 2010 6:31am
Quoting ppfx
Now i know why. The master James entered a trade.
Weekly close above that level would be nice.
Indicators show the past. Price Action "Indicates" the future.
  • #82,169
  • Dec 10, 2010 6:48am Dec 10, 2010 6:48am
Quoting Pinbar
Too bad...This is a demo trade, right?

Yeah, I was thinking the same thing. LoL
Yes its a demo.
  • #82,170
  • Dec 10, 2010 6:49am Dec 10, 2010 6:49am
Quoting jarroo
Weekly close above that level would be nice.
Yes it would. Then we would certainly see the 1.600 next week.
  • #82,171
  • Dec 10, 2010 6:53am Dec 10, 2010 6:53am
Quoting ppfx
Yes it would. Then we would certainly see the 1.600 next week.

I would like it chances if it did ppfx. A good Support level to bounce from.
Indicators show the past. Price Action "Indicates" the future.
  • #82,172
  • Dec 10, 2010 7:01am Dec 10, 2010 7:01am
First post, so Hi folks =)

I have been trying to read through this thread, it really is quite big! I think I've learned a lot from it so far, and started my trades .. well I burned through £2000 pretty quickly. Thank goodness it was a demo account hah I took the advice on the first post and think I understand the 'philosophy' of it and this thread. It made sense, 'clicked' with me so I've been learning, watching, and set myself up a demo account. I passed £1000 in losses just figuring the program out to be honest hah then I burned through a lot of rather nooby mistakes I think. Finally I very deliberately took my account down to 250.

It's not a lot of money but I thought it would cause me to consider things more, and it might be a realistic sum for what I can see myself having to put in on real trading if/when that time comes. I don't earn a lot, and I know this is a long-term process, no get rich quick, plus I am young yet so time is on my side ^_^ So by building my account slowly and carefully I can track some real progress, and as time goes on I'll hopefully see it rise to an income-level! My father trades, I have learned a fair bit from him but nothing in the way of real, long-term success so as I got more and more interested in the idea of trading and eventually stumbled onto this thread .. well I can say I am very glad I found this before I started any real trades!

I just wanted to intro myself a bit, say hi, I don't suppose I'll post too often as I'm not quite full of wisdom yet but I thought I'd say thank you also, and to say that I took what I learned so far, I took a deliberate, thought out trade and my 250 is now at 330. GBPUSD! I came back to this board and found other people were talking about it, and suddenly I felt relief that it may not have just been luck, my thoughts were matching up with what other people seemed to see and James himself from the looks of it. I don't know if I entered at the "right place" and as I eventually had to go to bed I set my TP for what in hindsight was rather low! I could have made much more, but then I could have lost a lot also if I got greedy?

First proper trade, success. Now to look for another good one ..
  • #82,173
  • Dec 10, 2010 7:42am Dec 10, 2010 7:42am
Quoting AlanB
First post, so Hi folks =)
.....
First proper trade, success. Now to look for another good one ..
Hello AlanB,
thanks for sharing your story.
how young are u?
i envy u... i have no trading background, started from scratch. u have a trading father who can teach u/share insights with u. with a father like that & the way u handled things so far, i think u are already many steps ahead of most of us.

Keep it up & looking forward to hearing more from u!
  • #82,174
  • Dec 10, 2010 7:55am Dec 10, 2010 7:55am
Quoting AlanB
First post, so Hi folks =)

I have been trying to read through this thread, it really is quite big! I think I've learned a lot from it so far, and started my trades .. well I burned through £2000 pretty quickly. Thank goodness it was a demo account hah I took the advice on the first post and think I understand the 'philosophy' of it and this thread. It made sense, 'clicked' with me so I've been learning, watching, and set myself up a demo account. I passed £1000 in losses just figuring the program out to be honest hah then I burned through a lot...
Welcome aboard AlanB
  • #82,175
  • Dec 10, 2010 8:14am Dec 10, 2010 8:14am
Quoting AlanB
First post, so Hi folks =)

I have been trying to read through this thread, it really is quite big! I think I've learned a lot from it so far, and started my trades .. well I burned through £2000 pretty quickly. Thank goodness it was a demo account hah I took the advice on the first post and think I understand the 'philosophy' of it and this thread. It made sense, 'clicked' with me so I've been learning, watching, and set myself up a demo account. I passed £1000 in losses just figuring the program out to be honest hah then I burned through a lot...
A whole bunch of us new and old timers drop in every day to see if there's a question we can address to. "being new" should never be a deterring factor to posting. DO NOT hesitate one bit to shoot any question that might worry you.

Congrats for a supportive family (can't imagine a trader of a dad )

Welcome to the group Alan.

g.
I believe . . .
  • #82,176
  • Dec 10, 2010 8:22am Dec 10, 2010 8:22am
Thanks guys

I am 27 for now, plan on being 28 after that. I wont hesitate to post questions, I can see all the way through this thread how helpful people are, but I am not even close to finishing reading what's in this thread though so I suspect most of the answers are already in it. I'm going to try be as patient and disciplined as I can with this, let's see if I can fight the nature of my own youth eh?
  • #82,177
  • Dec 10, 2010 8:23am Dec 10, 2010 8:23am
Quoting AlanB
First post, so Hi folks =)

I have been trying to read through this thread, it really is quite big! I think I've learned a lot from it so far, and started my trades .. well I burned through £2000 pretty quickly. Thank goodness it was a demo account hah I took the advice on the first post and think I understand the 'philosophy' of it and this thread. It made sense, 'clicked' with me so I've been learning, watching, and set myself up a demo account. I passed £1000 in losses just figuring the program out to be honest hah then I burned through a lot...
welcome Alan
  • #82,178
  • Dec 10, 2010 8:29am Dec 10, 2010 8:29am
Hi, where would be the best place to put a fib from and too on the gbpusd monthly. I noticed the Nov beob and the retracement bar of this month which just tipped the brn 5900.
Cheers
Grahame
  • #82,179
  • Dec 10, 2010 8:37am Dec 10, 2010 8:37am
Quoting mbqb11
Hey Spookie

Not for me that isn't really my style. I tend to make poor decisions when I do things like that.

Mike
So how do you usually manage a trade? Do you wait till it hits your target before you take profit or move SL to BE? Do you do as James does and move to BE after so much gain? Just trying to figure out how to make a failed trade into at worst a small lose or BE. Thanks Mike.
  • #82,180
  • Dec 10, 2010 8:47am Dec 10, 2010 8:47am
Quoting ppfx
LoL. Im already in this trade. I decided not to wait since yesterday 'the closes' on EJ deprived me of a nice entry. Will see what will happen.

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I think the Big Guy was looking at a long setup on this pair
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