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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

  • #88,061
  • Feb 4, 2011 9:44am Feb 4, 2011 9:44am
Quoting useless
Thanks for your help, Mike. I try again
Hey Useless

I like price coming off that former double bottom area, but don't see your 4hr entry if you could post that too.

Best
Mike
  • #88,062
  • Edited 10:09am Feb 4, 2011 9:45am | Edited 10:09am
Quoting mbqb11
Those following the boxing

It happens in every market over and over and over. Simple tools yet again prevail

Those of you with 500 indicators on your chart and feel lost. GET RID OF THEM you will feel very liberated.

Best
Mike

mike it can be better than that and more clear charts

what is with all those line upon your chart

get rid of them

here is mine:

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  • #88,063
  • Feb 4, 2011 9:48am Feb 4, 2011 9:48am
Quoting triger88990
mike it can be better than that and more clear charts

what is with all those line upon your chart

get ripped of them

here is mine:

Attachment
nice Trig

I use those lines as they are important round numbers in the market place. I trade off them day in and out for a very long time

Best
Mike
  • #88,064
  • Feb 4, 2011 9:51am Feb 4, 2011 9:51am
Mike, I didn't use the 4hr TF but with the 2 PB's and very close bottoms, it gave me confidence to go in on the daily.
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  • #88,065
  • Feb 4, 2011 9:53am Feb 4, 2011 9:53am
Quoting ghous
Spot on!

That consolidation box down there spoils the show for me.

g.
Ghous,

Monthly also has us trading back into the bar high for Dec . I will be looking for Bullish PA here as 365 MA is lurking under 1.35 too on Daily
  • #88,066
  • Feb 4, 2011 9:53am Feb 4, 2011 9:53am
Quoting useless
Mike, I didn't use the 4hr TF but with the 2 PB's and very close bottoms, it gave me confidence to go in on the daily.
Nice Useless, location was key there that former bottom

Some people like Raczefx like to place pure touch trades at those double bottoms and tops, they are great areas to look for trades for sure
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  • #88,067
  • Feb 4, 2011 9:57am Feb 4, 2011 9:57am
Quoting mbqb11
Those following the boxing

It happens in every market over and over and over. Simple tools yet again prevail

Those of you with 500 indicators on your chart and feel lost. GET RID OF THEM you will feel very liberated.

Best
Mike

Amen to that Mike - My charts used to look like Xmas trees till I discovered naked trading and J16.

I must admit I still use RSI - but more to keep me out of trades than anything else.
  • #88,068
  • Feb 4, 2011 9:59am Feb 4, 2011 9:59am
Quoting stewrigh
Amen to that Mike - My charts used to look like Xmas trees till I discovered naked trading and J16.

I must admit I still use RSI - but more to keep me out of trades than anything else.
Right on Stew

Nothing wrong with indicators if they are adding to your trading. I am speaking to those who have 20 different indicators and have no idea what they represent. I use an oscillator as well for confirmation to divergence. I am all for them if they are adding value

Have a great weekend bud

Mike
  • #88,069
  • Feb 4, 2011 10:13am Feb 4, 2011 10:13am
Quoting ghous
Good stuff.

You'll be amazed how these literally...
Took this trade too. Unfortunately, I had to be away from my pc so I moved my SL to BE when it was 20+ so I wouldn't get stuck with a loss if the NFP turned it the other way. Got stopped out at BE.

I fought with whether or not to take this one. By placing my SL above the BEOB I basically reduced my potential gain at the FTA a meer $2. I agree with Mike that by doing this I can reduce my risk as the trade unfolds. But then I start to look at it as "is this trade worth $2". I've been saying that to myself alot lately. I'm struggling to figure out how to get that R:R closer to 1:1 without thinking about the R:R factor. Its hard to figure out when your starting capital is small.
  • #88,070
  • Feb 4, 2011 10:17am Feb 4, 2011 10:17am
Hey Mike, Mr Fudd Sir,

I recall you mentioned recently that you ignore all reports. As we can see Cable had a BEOB yesterday which gave a great signal short today. Assuming we didn't take the break of the daily low but dropped to either 4hr or 1Hr for a PA, even then the pin bars both occurred well before the NFP.

In your experience would you always take the trade and totally ignore the NFP even though its is often very volatile ?

I took the short after the NFP pullback mainly because I am always wary of reports, but doing so reduced my pips quite a bit. I welcome your thoughts on this.

many thanks
  • #88,071
  • Feb 4, 2011 10:20am Feb 4, 2011 10:20am
Quoting billm
Hey Mike, Mr Fudd Sir,

I recall you mentioned recently that you ignore all reports. As we can see Cable had a BEOB yesterday which gave a great signal short today. Assuming we didn't take the break of the daily low but dropped to either 4hr or 1Hr for a PA, even then the pin bars both occurred well before the NFP.

In your experience would you always take the trade and totally ignore the NFP even though its is often very volatile ?

I took the short after the NFP pullback mainly because I am always wary of reports, but doing so reduced my pips...
Hey Bill

Yep I will ignore the NFP and trade what I see. I don't drop down like that but it is a valid thing many do. I prefer to keep it on the same timeframe. The only thing I do(but I do all the time anyway) is place bounds on my trades so that they won't execute if too much slippage occurs. Rarely is this an issue but it at least protects me if large news comes out and spreads get too wide.

Hope that helps
Mike
  • #88,072
  • Feb 4, 2011 10:25am Feb 4, 2011 10:25am
1.54 seems to be a good area for bearish price action.
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meine augen sind die sterne
  • #88,073
  • Feb 4, 2011 10:28am Feb 4, 2011 10:28am
Quoting mbqb11
Hey Bill

Yep I will ignore the NFP and trade what I see. I don't drop down like that but it is a valid thing many do. I prefer to keep it on the same timeframe
Hi Mike, yes it does thank you. Just to wrap up, on the daily what price would your entry order have been on Cable, just to get a feel for the gap you leave under the BEOB.

regards
Bill
  • #88,074
  • Feb 4, 2011 10:29am Feb 4, 2011 10:29am
Quoting billm
Hi Mike, yes it does thank you. Just to wrap up, on the daily what price would your entry order have been on Cable, just to get a feel for the gap you leave under the BEOB.

regards
Bill
Hey Bill I like to use in the 12-15 pt range on a daily pair like gbp/usd.

Best
Mike
  • #88,075
  • Feb 4, 2011 10:36am Feb 4, 2011 10:36am
Quoting ghous
Dan's covered most of the necessary points.

Here's a video anyways for any additional help you may need.


http://www.youtube.com/watch?v=AYVaC...layer_embedded


g.
Hey Ghous

just watched your video on boxing and enjoyed it - some good pointersinfo there nicely explained. Some more vids from yourself would be most appreciated I am sure.

Kal
  • #88,076
  • Feb 4, 2011 10:38am Feb 4, 2011 10:38am
Quoting ghous
Good stuff.

You'll be amazed how these literally 0 risk trades pile up for you at the end of the month/year


I mean was there any doubt where this was going on a break?

I don't get tired watching this...
I'm getting tired of my stoic stupidity re these trades. I say to myself: 'I know it's going to move 60 pips, but.......'

Why can't I just omit that last word?

When you KNOW it's going to move 60 pips that way, go with it.

I'm fed up of knowing what's going to happen and doing nothing about it.
This is my next daemon to exorcise.

Thanks for driving the point home Ghous
  • #88,077
  • Feb 4, 2011 10:55am Feb 4, 2011 10:55am
Quoting Ifmyante
I'm getting tired of my stoic stupidity re these trades. I say to myself: 'I know it's going to move 60 pips, but.......'

Why can't I just omit that last word?

When you KNOW it's going to move 60 pips that way, go with it.

I'm fed up of knowing what's going to happen and doing nothing about it.
This is my next daemon to exorcise.

Thanks for driving the point home Ghous

Hey IFY

Don't stress too much on this as I am sure it will come in time. I, and sure many others, am still trying to get over this hurdle. Another issue I have is moving stops to BE too quickly and getting stopped out - still working on that one! These are all necessary steps on the journey

Kal
  • #88,078
  • Feb 4, 2011 11:00am Feb 4, 2011 11:00am
buob at ppz on gbp/aud. but already late in the day.
any comments appreciated.
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meine augen sind die sterne
  • #88,079
  • Feb 4, 2011 11:04am Feb 4, 2011 11:04am
Quoting aserbfx
buob at ppz on gbp/aud. but already late in the day.
any comments appreciated.
as you said late in the day, but if it was a better time I would have to see it closed above 1.59 personally(notice the box and all the support there)
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  • #88,080
  • Feb 4, 2011 11:59am Feb 4, 2011 11:59am
Nice move on CPWR i donīt know anymore who posted it here (i think aserbfx) thanks to pointing it out.

BTW: Ignore the Envelope and the two EMAs they have nothing to do with the entry ;-)
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