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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

  • #85,821
  • Jan 14, 2011 11:40am Jan 14, 2011 11:40am
I just looked at the weekly EURGBP chart

Beautiful BEOB last week, that this week retraced pretty close to the previous week bar's low, and then went speeding down again. I completely forgot about this weekly BEOB bar, and didn't even think to set a short entry on a touch trade around this area.

I hope someone here caught it. I was looking at the chart and trying to figure out the weekness in the Euro just one day after the strength. I don't have any reasons, but I see a good play I completely missed/forgot about.
  • #85,822
  • Jan 14, 2011 12:31pm Jan 14, 2011 12:31pm
Quoting Pinbar
Glad to hear you have it under control.

That said, you may find that trading with real money becomes something different. I mean, if the market takes away from us, it can be very easy to get into the "I will get that back" thingy.
That is when, things can go wrong, we lose all control and revenge trade the market. Then again, if you demoed with the same amount you are investing and traded the same size lots, like I did, mainly..LoL. May be ok.
As they say, demo as you would live trade and live trade as you would...
Quoting supremeChaos
hey Michael,
dont rush things. this will most likely get u into a big mess.


'slow is fast'
'slowly but surely'
'haste makes waste'


Great advice, as always.

Now I'm not trying to make any excuses whatsoever for trading live early.

For all demo'ers here: if you trade live too early, consider that money gone.
If you really need money now, get a day job, study trading like your life depended on it, and demo on daily and weekly charts until, well, you know the rules!

In the beginning I did take some revenge trades, it's true. But I've been a poker player alot longer than a trader, and trader's 'tilt' was mostly put behind me long ago.

The money I'm trading, I consider gone. But will be very happy if I can trade successfully with it for the next few months.
If and when I become successful, the account I'll open will be an exact multiple of what I have now, so I can easily relate all my trades now to what they would be in the future.

My last business made me enough money to cover my family well for the next few years, so I'm not in any trouble if I blow this account.

Your advice to shut down after two losses is excellent. I promise to do that.
I was amazed by the way at how easy and natural it was today, to scalp 60 pips from three trades today. Scalping from the H4 seemed impossible before, but the video tutorials opened my eyes!

SC, I am trying to prove a point, it's true, but I know from so many disasters in the past that trying to force a result will only fail, miserably.

I'm no longer standing in the open firing my shotgun all over the place. I've got my ipod, flask and sandwiches here behind the bush, and my rifle is on the ground with the safety on!

Thank you so much for caring about us all.
I hope you know how much it means

Michael
  • #85,823
  • Jan 14, 2011 12:43pm Jan 14, 2011 12:43pm
Quoting g_j_hook@yah
one quick off topic question for anyone who can help, is there a way to stop mt4 from displaying the charts on IE every time you save one? its so annoying! especially as i use firefox

jon
Hi Jon, I have not found a way to stop that. But you could at least change the default program to open GIFs/BMPs:

 

  1. Open the explorer (the file explorer, not IE) and
  2. go tools => folder options => file types.
  3. Choose the Windows Picture and Fax Viewer as your default software to open GIFs and/or BMPs.

The Windows Picture and Fax Viewer opens in less than a second and you can close it pretty fast making the whole process less annoying.

Hope this helps
Hans

Thanks J16, Sam Seiden, Udine and Jacko
  • #85,824
  • Jan 14, 2011 1:29pm Jan 14, 2011 1:29pm
Quoting the_wizard
Trade update: Gold target hit for +125 ticks.

:-)
Wow I finally get the honor to meet The Wizard
  • #85,825
  • Jan 14, 2011 1:43pm Jan 14, 2011 1:43pm
Quoting kancha1115
Hir,Sir.
I`m not good at English, so I think I`d better show you my chart

charts(FXDD)
Daily Pinbar(2007.8.17)
1,AUDUSD-Monthly chart(I draw S&R(PPZ) on this chart)
2, Daily chart(Pinbar)

This is really beatiful Pinbar, In my opinion.
(to the seniors , plz correct me if I do something wrong)

Thanks for reading sir.

Ken
Your trades never cease to amaze me,
Great stuff Ken
  • #85,826
  • Jan 14, 2011 1:48pm Jan 14, 2011 1:48pm
Quoting the_wizard
Trade update: Gold target hit for +125 ticks.

:-)
:-)
Attached Image
  • #85,827
  • Jan 14, 2011 1:51pm Jan 14, 2011 1:51pm
Quoting mbqb11

Eur/usd is an easier pass to me. That rise was strong and that bar is just not one I am taking on its own to reverse a move like that. If I miss that move down(IF) believe me at this point in my trading I don't care. But that "V" formation is scary looking . Again this double top area" could bring us down, but that's not enough for me these days.

Hope that helps
Mike
Mike,

I don't understand your concern about the "V" area. Isn't that creating the some space for the pin to move. Maybe for a short trip down to 1.31?

Conversely, it's squatting on 1.32, which has provided serious support recently. This would make me nervous.

Thanks,

Dean
  • #85,828
  • Jan 14, 2011 1:57pm Jan 14, 2011 1:57pm
Do you guys close out your trades for the weekend? If so, when? 5pm EST?
  • #85,829
  • Jan 14, 2011 2:05pm Jan 14, 2011 2:05pm
Quoting Donkey
When I first started studying charts last year, I would be up all night. I had just fallen asleep about 3am, and our 14 month old started crying. My wife told me "it's your turn". I responded to her "I'll trade him". Meant to say "I'll CHANGE him" - as is in change his diaper. Needless to say, I caught a little sh!t for that one.
hahaha D

was it a pinbar
  • #85,830
  • Jan 14, 2011 2:09pm Jan 14, 2011 2:09pm
Quoting mbqb11
Yes please family first always. Family , friends, love, health are the most important things we have.

Balance is super important. I am trying to find proper balances everyday as well. Another life long struggle my guess

Trading isn't going anywhere so do things when time permits, there is no race here

Mike
nuggets of wisdom !
  • #85,831
  • Jan 14, 2011 2:18pm Jan 14, 2011 2:18pm
Quoting MustardPlug
Mike,

I don't understand your concern about the "V" area. Isn't that creating the some space for the pin to move. Maybe for a short trip down to 1.31?

Conversely, it's squatting on 1.32, which has provided serious support recently. This would make me nervous.

Thanks,

Dean
Hey Dean

Here was the "V" shape I was referring too. Basically right now that V would scare me out of that small bearish pinbar to short that Jon was referring too.

Enjoy the weekend
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 23 KB
  • #85,832
  • Jan 14, 2011 2:18pm Jan 14, 2011 2:18pm
Quoting DBallerz
:-)
Very nice!
  • #85,833
  • Jan 14, 2011 2:21pm Jan 14, 2011 2:21pm
Did anyone take the BUOB on EUR/JPY ?

What do you guys think of the following:

http://i.imgur.com/JeoGF.png
  • #85,834
  • Jan 14, 2011 2:24pm Jan 14, 2011 2:24pm
Quoting HanSolo
Hi Jon, I have not found a way to stop that. But you could at least change the default program to open GIFs/BMPs:

 

  1. Open the explorer (the file explorer, not IE) and
  2. go tools => folder options => file types.
  3. Choose the Windows Picture and Fax Viewer as your default software to open GIFs and/or BMPs.

The Windows Picture and Fax Viewer opens in less than a second and you can close it pretty fast making the whole process less annoying.

Hope this helps
Hans

nice one HanSolo, it sounds like a good alternative. will try that when i get home.
cheers

jon
PATIENCE... DISCIPLINE
  • #85,835
  • Jan 14, 2011 2:26pm Jan 14, 2011 2:26pm
Quoting mbqb11
Yes please family first always. Family , friends, love, health are the most important things we have.

Balance is super important. I am trying to find proper balances everyday as well. Another life long struggle my guess

Trading isn't going anywhere so do things when time permits, there is no race here

Mike
You're dead right.

My two year old, Max, hugged my my leg today and said 'You're my best friend'.

Felt better than any amount of pips, or anything else for that matter
  • #85,836
  • Jan 14, 2011 2:28pm Jan 14, 2011 2:28pm
Quoting Ifmyante
You're dead right.

My two year old, Max, hugged my my leg today and said 'You're my best friend'.

Felt better than any amount of pips, or anything else for that matter
Now that is special, choked me up a bit

You are a lucky guy

Mike
  • #85,837
  • Jan 14, 2011 2:31pm Jan 14, 2011 2:31pm
Quoting mbqb11
Hey Dean

Here was the "V" shape I was referring too. Basically right now that V would scare me out of that small bearish pinbar to short that Jon was referring too.

Enjoy the weekend
Mike
Mike,

Sorry I wasn't clear. I see the "V" shape, I just dont understand why it is a problem. At first glance, I would have thought that the crevice of the "V" would represent Space that we would like to see to the left of the pin bar in order to play it. Does that question make more sense?

Thanks again,

Dean
  • #85,838
  • Jan 14, 2011 2:33pm Jan 14, 2011 2:33pm
Quoting lallous
Did anyone take the BUOB on EUR/JPY ?

What do you guys think of the following:

http://i.imgur.com/JeoGF.png
I passed on that due to all the traffic. 111 is very gettable though. After that, I really can't say
  • #85,839
  • Jan 14, 2011 2:34pm Jan 14, 2011 2:34pm
Quoting mbqb11
Now that is special, choked me up a bit

You are a lucky guy

Mike
I know- nearly welled up myself!
  • #85,840
  • Jan 14, 2011 2:37pm Jan 14, 2011 2:37pm
Quoting Ifmyante
I passed on that due to all the traffic. 111 is very gettable though. After that, I really can't say
In fact, I'd be so nervous about that trade that I'd get out at 110.99
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