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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

  • #82,721
  • Dec 16, 2010 11:28am Dec 16, 2010 11:28am
Quoting Atc
Expert Advisors (EA) are programs in the terminal that have been developed in MetaQuotes Language 4 (MQL 4) and used for automation of analytical and trading processes. They allow to perform prompt technical analysis of price data and manage trading activities on basis of signals received. The entire routine work of technical analysis and trading can be given to experts. An expert can perform analytical and trading operations for any symbols or periods independent on whether...
Thanks, Bill. I don't use MT4, so don't have access to this. I used to use TradeStation, though, so I'm familiar with the concept. I appreciate the thorough answer!

--Dave
  • #82,722
  • Dec 16, 2010 11:31am Dec 16, 2010 11:31am
Quoting john225
But the BEOB isnīt at swing high right?
BEOB at swing high

BUOB at swing low

Os.
Trade Smart
  • #82,723
  • Dec 16, 2010 11:32am Dec 16, 2010 11:32am
Quoting Be Cool
Hi GH Do you trade the monthly PB? Did you go down to the daily and found H&S as confirmation? Thank you
Hi BC,

I like the symmetry and overall shape of H&S with its sharp tops and tight neckline at 0.7400. I would trade that if there wouldnt be any pb on the monthly chart.
  • #82,724
  • Dec 16, 2010 11:36am Dec 16, 2010 11:36am
Quoting Osman
Hi guys,

Just taken a lost on E/G ..

Wanted to share my thoughts and would like to know what you think...

Took and entry on E/G based on the red quare candle, engulfing around 5 bars, broke the 150 ema + div + close above 0.85...

Had my TP around 0.8560.. moved my stop loss to 0.8460 based on the green candle which close strong below the 0.85 area engulfed 3 bars..used that beob as an exit to reduce my stop.

The thing that made me think, was the daily close of the candle, it closed below the 0.85 , 0.8497 i think... with the close unable...
Os you misunderstood me xD
I meant the BEOB on the green box this BEOB isnīt at swing high right?
  • #82,725
  • Dec 16, 2010 11:38am Dec 16, 2010 11:38am
take a look at ko. if it breaks the 65 usd, it could result in a big kaboom.
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meine augen sind die sterne
  • #82,726
  • Dec 16, 2010 11:46am Dec 16, 2010 11:46am
Quoting ghous
yes the close is important. Notice where your BUOB closed. Right above the 8500 PPZ, a very important thing to note and look for when taking setups near strong reaction areas specially trend continuation setups (can be tricky)

So what's the next bar likely to do? Should it use 8500 as support as it has that added advantage of opening above the level? Surely.

g.
Hi Ghous,

I really appreciate all your comments, it makes me improve as a trader, realize what i did wrong and what to look more into.

Here I attach you two charts.. I had the 0.8550 (red box) in mind but saw a more valid flip zone (now i see i was wrong) at the 0.8560 area (green box) .. here you can see the area acted as a support and resistance + it was in confluence with 38.2 daily fib.. that's why i took that area as TP .. had it to be exact at 0.8558

Now i see the 8hr PB around the 0.8550 area..would move my stop loss 10 pips below it...

Thx again bro.

Os.
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Trade Smart
  • #82,727
  • Dec 16, 2010 11:52am Dec 16, 2010 11:52am
Quoting john225
Os you misunderstood me xD
I meant the BEOB on the green box this BEOB isnīt at swing high right?
Lol !! its not at a swing high.. ure rite.
Trade Smart
  • #82,728
  • Dec 16, 2010 11:53am Dec 16, 2010 11:53am
Quoting Be Cool
Hi Dan
I am a newbie -would you mind explaining the reason why this setup is an A+ to you? Many thanks
Honestly, this is the type of trade that for me requires little to no thought. After you understand Jame's thought process, it will become a lot easier. I mean, the guy is a genius.

The funny thing is, I don't keep the 365 or the 150 EMA on my charts at all, and I still took this trade, even though I didn't see that confluence, I also drew no fibs. I take a bit of what mike says, and a bit of what James says, and a bit of what Kissfan says, and thread it together. I think 2011 should be a good year for me .

I went ahead and broke down for you how I saw the trade, execution and targets in the picture I attached. I hope it helps. Honestly, the thought process when I was placing this trade took roughly 4 minutes. I think when a trade is going to work, it's GOING TO WORK, and when it's not, you shut it down. As you learn, you will start to see what works, and what simply doesn't. round numbers are KEY
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Many choose unhappiness over uncertainty.
  • #82,729
  • Dec 16, 2010 12:01pm Dec 16, 2010 12:01pm
I forgot how fun it was dropping in here... maybe I should do this more often. Too bad this thread moves so damn fast.
Many choose unhappiness over uncertainty.
  • #82,730
  • Dec 16, 2010 12:36pm Dec 16, 2010 12:36pm
Quoting Oldice
No, Spookie, you're right. The problem this raises for me, though, as purely a logistical one. Since I'm on the east coast of the US, and my broker closes the bars at 5pm EST, I end up analyzing setups in the early evening. I place my orders and go to bed. I wake up 8 hours (I wish!) later, to see what happened. So I either have to be willing to take full bar losses (which I'm not) or set a very tight stop and risk small losses in trades that ultimately would have turned in my favor with a looser stop.

I guess I could start analyzing trades first...
I live south of Chicago so I'm kind of in the same boat. I send 1 alarm to my cell when my entry is triggered and another when price moves so many points in my favor or against me. I usually wait till the sencond alarm before I make a move.

Your post peaked my interest. I'm having problems managing my trades. I've yet to find one I'm comfortable with. I took this Chf/Jpy trade on the daily. When price moved to my FTA I took 2/3 off (not until it went back up to 86.64 though, I was out plowing snow) and moved my SL to just above the last bar high. When I got stopped out I end up with a very small loss overall. Maybe I just need to simplify it even more for now and just set my TP at my FTA .
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  • #82,731
  • Dec 16, 2010 1:05pm Dec 16, 2010 1:05pm
damn near made me get emotional with this one g.

your a cool dude g.

simple as that.

Quoting ghous
I think it boils down to the inherent culture prevailing in this thread that makes the difference Jim.

I believe deep inside every human being has 'goodness' and for certain reasons this goodness get's overshadowed by a hard crust of 'badness'. This thread is a champion when it comes to melting down this crust and enabling the person to become part of a loving family.

When a newbie (bruised and battered) posts his first question and in return get's 5 in depth responses in half an hour clearly set's the 'tone'. A lot of times the very next post...
  • #82,732
  • Dec 16, 2010 1:08pm Dec 16, 2010 1:08pm
actually you remind me of me in many ways.

a bit half cocked and then after you blow your top you feel like a heel.

ive been fighting that part of my personality since i was a kid.

what seperates us is we care enough to say i fucked up and im sorry.

jim

Quoting Pinbar
And then there is me, taking that guys comments too seriously the other day and blasting him. Even though, it has gone unmentioned by the Big Guns, I think it was probably not the thing to do and ignoring it was probably the right thing to do. One day, I shall learn to let things pass without getting annoyed, Maybe!
  • #82,733
  • Dec 16, 2010 1:09pm Dec 16, 2010 1:09pm
yes without a doubt mike is an old soul.

im convinced of it.

jim

Quoting ghous
We're all humans when it comes to loosing temper sometimes (Except Mike maybe )

Although your reasons were valid I agree the best thing to do was to just ignore in the cause of a bigger achievement (maintaining a friendly and healthy learning environment). Like I said though, sometimes you just can't help it.

g.
  • #82,734
  • Dec 16, 2010 1:16pm Dec 16, 2010 1:16pm
its that damn global warming. its going to kill us all.

Quoting bluetrader
Hey aserb, this happened last week in Minnesota (Football Arena)...

Before:
http://cdn.bleacherreport.net/images...jpg?1292172123

During:
http://wtfhub.com/wp-content/uploads...f-collapse.png

After:
http://blog.timesunion.com/hottopics...-MNAH113-0.jpg
  • #82,735
  • Dec 16, 2010 1:17pm Dec 16, 2010 1:17pm
lololol

Quoting mbqb11
sums up our season
  • #82,736
  • Dec 16, 2010 1:19pm Dec 16, 2010 1:19pm
Quoting Dan Gilbert
Honestly, this is the type of trade that for me requires little to no thought....
I really enjoyed that analysis ,

Thanks Dan
  • #82,737
  • Dec 16, 2010 1:27pm Dec 16, 2010 1:27pm
that made me smile.

genius my foot.

my genius consists of this.

when i see a set up i ask myself this question.

is it a ten speed bike i have to ride?
is it a mid size bike i have to ride?
is it a tricycle i have to ride?

if its a tricycle i jump on.

i like your statement little to no thought.

same as me and its why i like the tricycle trades.

chances are almost zero im going to fall off.






Quoting Dan Gilbert
Honestly, this is the type of trade that for me requires little to no thought. After you understand Jame's thought process, it will become a lot easier. I mean, the guy is a genius.

The funny thing is, I don't keep the 365 or the 150 EMA on my charts at all, and I still took this trade, even though I didn't see that confluence, I also drew no fibs. I take a bit of what mike says, and a bit of what James says, and a bit of what Kissfan says, and thread it together. I think 2011 should be a good year for me .

I went ahead and broke down for...
  • #82,738
  • Dec 16, 2010 1:39pm Dec 16, 2010 1:39pm
Quoting james16
that made me smile.

genius my foot.

my genius consists of this.

when i see a set up i ask myself this question.

is it a ten speed bike i have to ride?
is it a mid size bike i have to ride?
is it a tricycle i have to ride?

if its a tricycle i jump on.

i like your statement little to no thought.

same as me and its why i like the tricycle trades.

chances are almost zero im going to fall off.

You're more of a life inspiration than a trading inspiration.

Can't think of anything else to add to that...
Many choose unhappiness over uncertainty.
  • #82,739
  • Dec 16, 2010 1:45pm Dec 16, 2010 1:45pm
I'm having to learn a bit of patience with AUD/JPY which hasn't moved outside of a 40 pip range for a couple of days now. I'm sure it's the time of year and low liquidity.

On the other hand I'm quite enjoying having a position open for longer than 2 days, I would like to see 83.00 keep holding as support and another leg of the move up. Might even hold it into 2011 if I don't get taken out
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Anything can happen.
  • #82,740
  • Dec 16, 2010 1:48pm Dec 16, 2010 1:48pm
Quoting Dan Gilbert
You're more of a life inspiration than a trading inspiration.

Can't think of anything else to add to that...
+1

At the end of one of the videos I watched recently you end it saying "Each day I get up in the morning and just try and be the best person I can be"

That's something I'll pass on to my children (when I have them)
Anything can happen.
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