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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

  • #83,261
  • Dec 21, 2010 11:46am Dec 21, 2010 11:46am
Quoting aserbfx
not a pb by textbook. but a triple bottom and good r:r of 3:1.
With current low liquidity and amount of stops under those lows i would be carefull.....maybe buying into those stops wouldnt be so bad idea. Cheers.
  • #83,262
  • Dec 21, 2010 11:54am Dec 21, 2010 11:54am
Quoting Greenhaze
With current low liquidity and amount of stops under those lows i would be carefull.....maybe buying into those stops wouldnt be so bad idea. Cheers.
Hi Greenhaze
Hope it is not too daft a question but what do you mean by the amount of stops under those lows, ie how do you know about the stops being there ?
I fear this is a question I should know
Rgds
Grahame
  • #83,263
  • Dec 21, 2010 12:05pm Dec 21, 2010 12:05pm
Quoting grahamec
Hi Greenhaze
Hope it is not too daft a question but what do you mean by the amount of stops under those lows, ie how do you know about the stops being there ?
I fear this is a question I should know
Rgds
Grahame
Generally the more obvious the support/resistance (good amount of touches in very tight zone) the more protecting stops under/over it. Lets say there is a big bank with large short position to unload then naturally it will look for areas with high amount of short limit orders which in this case could be 0.9500 area. When i was working on trading floor, trading calendar spreads this was very common thing when liquidity was low and a good scalp opportunity.
  • #83,264
  • Dec 21, 2010 12:25pm Dec 21, 2010 12:25pm
Quoting james16
chart

Looks like we may get that Daily BEOB that you were looking for, Jim . .
Indicators show the past. Price Action "Indicates" the future.
  • #83,265
  • Dec 21, 2010 12:31pm Dec 21, 2010 12:31pm
Quoting jarroo
Hey Jim I think the 1.3200-3190 is going to act as Resistance here. Alot of previous Support that Price broke through. I got an entry at 1.3185.

We shall see.
Did I nail that or what . . .


Later gotta go .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #83,266
  • Dec 21, 2010 12:32pm Dec 21, 2010 12:32pm
took this trade

looks good.
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  • #83,267
  • Dec 21, 2010 12:36pm Dec 21, 2010 12:36pm
always a good sign to see my trading resemble what james shows. I havent taken anything off yet, because it hasn't yet told me to. glad to see what its doing down, hope james is right about the 400 pips

grabbed this entry on wendesnday morning last week top of that rally before it was kept down for the whole dayyy

not the complete top but top of NY

nothing to worry about eh
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  • #83,268
  • Dec 21, 2010 12:44pm Dec 21, 2010 12:44pm
YES YOU DID SIR. go baby go.

hope my outside bar stays intact till close.

Quoting jarroo
Did I nail that or what . . .


Later gotta go .


Jim
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  • #83,269
  • Dec 21, 2010 12:45pm Dec 21, 2010 12:45pm
nice 4x.

Quoting 4X=0
always a good sign to see my trading resemble what james shows. I havent taken anything off yet, because it hasn't yet told me to. glad to see what its doing down, hope james is right about the 400 pips

grabbed this entry on wendesnday morning last week top of that rally before it was kept down for the whole dayyy

not the complete top but top of NY

nothing to worry about eh
  • #83,270
  • Dec 21, 2010 12:58pm Dec 21, 2010 12:58pm
Quoting supremeChaos
Hello leelar,
depending on your comprehensive ability, u shouldnt expect to understand all in one go.
repetition is always beneficial in understanding things, as well as necessary to imprint stuff in our mind.
Yes, I remembered he once said, it took doctor, lawyers years of studying and practicing to make their living, I don't expect myself to understand them all in once. Learning and learning...

Thanks for the encouragement.
  • #83,271
  • Dec 21, 2010 1:13pm Dec 21, 2010 1:13pm
To My Liberal Friends:

Please accept with no obligation, implied or implicit, my best wishes for an environmentally conscious, socially responsible, low-stress, non-addictive, gender-neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all. I also wish you a fiscally successful, personally fulfilling and medically uncomplicated recognition of the onset of the generally accepted calendar year 2011, but not without due respect for the calendars of choice of other cultures whose contributions to society have helped make America great. Not to imply that America is necessarily greater than any other country nor the only America in the Western Hemisphere. Also, this wish is made without regard to the race, creed, color, age, physical ability, religious faith or sexual preference of the wishee.(its no damn wonder most of you seem miserable all the time) STOP IT!!!


To My Conservative Friends:

Merry Christmas and a Happy New Year!
  • #83,272
  • Dec 21, 2010 1:17pm Dec 21, 2010 1:17pm
Hi james and all others,

im new to forex and just stumbled upon this great forum..

But to get started I would just like some references as to which broker i should go for a live account and get started.

currently im looking at GCI trading, fxpro, or fxcm, But would like to know from the guys that have been trading for a couple of years who they been using and find most reliable.

thanks in advanced.
  • #83,273
  • Dec 21, 2010 1:18pm Dec 21, 2010 1:18pm
Quoting Oldice
Hey Gang,

First, Happy Holidays to all, wherever you are! Thanks to James, Mike, Jarroo, Ghous, and all the other teachers here for their unselfish wisdom - this is truly a great gift.

I caught the break of this inside bar overnight. My stop was just above the bar; I've now moved it to BE. My question is, since this is heading down into "uncharted" territory, how would folks manage the stop from here on out? We don't have any PPZs to guide us; is this a Mike 2-bar trailing stop situation? Thanks for your advice.

--Dave
Hi James and all,

If you have time, I'd love to hear your thoughts on this question. Thanks very much! At present, I'm up by about 100 pips; I could close out, not trade for the rest of the month, and be profitable for the month (first time ever!) or let it ride and take the risk of walking away with a BE. Help!

--Dave
  • #83,274
  • Dec 21, 2010 1:19pm Dec 21, 2010 1:19pm
Quoting T2Twell
Hi james and all others,

im new to forex and just stumbled upon this great forum..

But to get started I would just like some references as to which broker i should go for a live account and get started.

currently im looking at GCI trading, fxpro, or fxcm, But would like to know from the guys that have been trading for a couple of years who they been using and find most reliable.

thanks in advanced.
Hey T2T

Welcome to the thread , no doubt you will find it useful

My best piece of advice is to not even think about live right now. Demo demo demo only. Post 1 is the best starting place. I use fxpro purely for my charting.

Again put the live on the back burner grab a demo at any of those brokers for now .

Best
Mike
  • #83,275
  • Dec 21, 2010 1:21pm Dec 21, 2010 1:21pm
Quoting james16
To My Liberal Friends:

Please accept with no obligation, implied or implicit, my best wishes for an environmentally conscious, socially responsible, low-stress, non-addictive, gender-neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all. I also wish you a fiscally successful,...
Belly laughing! As a very liberal friend, I'll accept BOTH of your kind wishes, Jim! Back atcha!

--Dave
  • #83,276
  • Dec 21, 2010 1:22pm Dec 21, 2010 1:22pm
Quoting Oldice
Hey Gang,

First, Happy Holidays to all, wherever you are! Thanks to James, Mike, Jarroo, Ghous, and all the other teachers here for their unselfish wisdom - this is truly a great gift.

I caught the break of this inside bar overnight. My stop was just above the bar; I've now moved it to BE. My question is, since this is heading down into "uncharted" territory, how would folks manage the stop from here on out? We don't have any PPZs to guide us; is this a Mike 2-bar trailing stop situation? Thanks for your advice.

--Dave
Hey Dave

There is no one right answer here. I can give my opinion. On breakout trades I tend to trail out. So in this situation with the holidays coming I would either move to b/e and see if we get some big runner the following days. Or begin to trail out say on the 4hr above previous bar highs(I tend to trail out most breakout plays). There is a potential hold area around 1.49 which means you basically have to keep at b/e. I don't think b/e and seeing if a runner comes is a bad idea. Depends on the trader.

Take care
Mike
  • #83,277
  • Dec 21, 2010 1:26pm Dec 21, 2010 1:26pm
Quoting mbqb11
Hey Dave

There is no one right answer here. I can give my opinion. On breakout trades I tend to trail out. So in this situation with the holidays coming I would either move to b/e and see if we get some big runner the following days. Or begin to trail out say on the 4hr above previous bar highs(I tend to trail out most breakout plays). There is a potential hold area around 1.49 which means you basically have to keep at b/e. I don't think b/e and seeing if a runner comes is a bad idea. Depends on the trader.

Take care
Mike
Thanks very much, Mike, that's good advice. I like the idea of using the 4-hour to trail. I'll try it! It won't take much to bring me into profit for the month; I still can't quite get over that thought, given that I've made some pretty elementary mistakes over the past few weeks. I'm learning, thanks to you guys!

--Dave
  • #83,278
  • Dec 21, 2010 1:27pm Dec 21, 2010 1:27pm
why does it feel like friday, is it christmas already ?
  • #83,279
  • Dec 21, 2010 1:42pm Dec 21, 2010 1:42pm
very interesting this graph
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  • #83,280
  • Dec 21, 2010 1:43pm Dec 21, 2010 1:43pm
Quoting 4X=0
very interesting this graph
nobody on Antarctica
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