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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

  • #90,461
  • Mar 1, 2011 7:43am Mar 1, 2011 7:43am
When i was reading your posts, that PB broke. I rushed to open a buy but then i saw this:
When i tried to get out, price came back down and i got out at -6pips. After that price broke hard and hit FTA. Now my head is messed up
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  • #90,462
  • Mar 1, 2011 7:44am Mar 1, 2011 7:44am
Quoting Bethel
Yes sir, i have read n i will re-read again, thank you very much for your advice, i am demo-trading,one confusion i have is the risk reward part, risking 200 dollars for exiting half my position at 30-50 pips n set SL to breakeven, so if i win a few times because pin bar is a high prob trade and lose once, won't that cost a lot?

sincerely,
Bethel
Hey Bethel

These posts may help you. Risk:Reward is a very personal thing, but is often a topic that is misrepresented in the trading world too from my experience.


http://www.forexfactory.com/showpost...ostcount=70154
http://www.forexfactory.com/showpost...ostcount=70155

So the summary is there isn't one right way, but having other perspectives help so we don't get blinded by something too

Best
Mike
  • #90,463
  • Mar 1, 2011 7:51am Mar 1, 2011 7:51am
The GBP/CHF got rejected at the 38.2 as I suspected but, it showed no PA on my feed. The treacherous beast.

MuuuhaaaaaaaaaaaaaHaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
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  • #90,464
  • Mar 1, 2011 8:05am Mar 1, 2011 8:05am
Quoting Be Cool
When i was reading your posts, that PB broke. I rushed to open a buy but then i saw this:
When i tried to get out, price came back down and i got out at -6pips. After that price broke hard and hit FTA. Now my head is messed up
Mine's been messed up for years! Don't know if you were referring to my charts but I did post the weekly. I stayed out because I just wasn't comfortable with it. Hey-ho!

Onwards and upwards, Be Cool!!
  • #90,465
  • Mar 1, 2011 8:15am Mar 1, 2011 8:15am
Yeah, i saw it later when i already got out LOL My own fault, though -making compulsive trade out of fear of missing out. Still working on that
RESOLUTION:
Next time i see a CT setup after a strong move - I will only take if the PA bar is enormous (and preferably) with divergence. Other than that I'll pass.

Interesting spot though
  • #90,466
  • Mar 1, 2011 8:36am Mar 1, 2011 8:36am
I miss James....
Many choose unhappiness over uncertainty.
  • #90,467
  • Mar 1, 2011 9:16am Mar 1, 2011 9:16am
ready for the next downmove?
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meine augen sind die sterne
  • #90,468
  • Mar 1, 2011 9:34am Mar 1, 2011 9:34am
Quoting Osman
Hi Ghous,

I took this IPB on the demo account.

I had my TP at 1.3605 as I thought it would touch the 1.3610, price went up till 1.3599 and came back, my sl is at BE so no worries.

Would like to know what you think about the setup.

Thx.
Hey Os,

Sorry for missing this.

Its all about the story that the bar tells at the particular time for me, so based on what I saw this was an easy pass.

I saw price close authoritatively below the 1.36 PPZ. I saw it pull back to the level via the bar you pointed out as an IPB. I saw price doing the all familiar support turns into resistance thingie...nothing indicative of a promising long.

Now would things have been different had the IPB formed at the 1.36 as in the low touching the 1.36 or better still the body sitting at the 1.36? Sure would have, and that would have made the story well worth trading for.

I am glad though that you managed this smartly. You knew your FTA and you were quick to respond once price hit it. 10/10 for that.



g.
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I believe . . .
  • #90,469
  • Mar 1, 2011 9:38am Mar 1, 2011 9:38am
Quoting Dan Gilbert
I miss James....
Don't we all...

I believe . . .
  • #90,470
  • Mar 1, 2011 10:23am Mar 1, 2011 10:23am
Quoting ghous
Hey Os,

Sorry for missing this.

Its all about the story that the bar tells at the particular time for me, so based on what I saw this was an easy pass.

I saw price close authoritatively below the 1.36 PPZ. I saw it pull back to the level via the bar you pointed out as an IPB. I saw price doing the all familiar support turns into resistance thingie...nothing indicative of a promising long.

Now would things have been different had the IPB formed at the 1.36 as in the low touching the 1.36 or better still the body sitting at the 1.36? Sure...
Hey Ghous,
Thx for your answer,

I saw the 1.35 as the ppz and 1.36 as FTA cause price got there (1.35) and created the IPB, so saw it as "against the wall" that's why i took it as 1.35 is a VBRN + proven ppz.

What do you think of todays EU IB ?
1.3850 strong ppz + double top, kind off M pattern
FTA 1.3750 - 1.3730

Thx
Os.
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Trade Smart
  • #90,471
  • Mar 1, 2011 10:38am Mar 1, 2011 10:38am
Took my first J16 trade on a demo (well a $20 account) and it has been a couple of days into the trade and I have already experienced first hand why some of the advice the seniors give is so valuable.

Advice - Move trade to BE once price hits the FTA.

The setup looked good space wise (Based on what I understand about space ) and it was based on a PBTCA and a bullish hammer like candle just after. Entered the trade above the hammer on the red arrow candle with a stop below the hammer. Knew the FTA was around 1.02 and the price reversed there almost to the pip. I am still in the trade but in the red after the trade was in the profit for some time.

Ah, $0.2 well spent...!

Learning - Move the trade to BE at the FTA!

Best,
Ganesh
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  • #90,472
  • Mar 1, 2011 10:51am Mar 1, 2011 10:51am
I should think this point was a good bet for a TT
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  • #90,473
  • Mar 1, 2011 11:07am Mar 1, 2011 11:07am
Im watching this as well
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DM if you have any questions
  • #90,474
  • Mar 1, 2011 12:24pm Mar 1, 2011 12:24pm
Quoting jkrick33
Im watching this as well
Oh hi Justin
with two trades on, I'm sure you are
  • #90,475
  • Mar 1, 2011 12:38pm Mar 1, 2011 12:38pm
Comments Welcome


Cheers V
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  • #90,476
  • Mar 1, 2011 12:55pm Mar 1, 2011 12:55pm
Quoting menomoo
Comments Welcome


Cheers V
Interesting one, as long as it can stay closed below the Highs, and the box we spoke about yesterday. Then a break should see the midpoint-ish. I wish it had a longer nose being my picky self

Best
Mike
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  • #90,477
  • Mar 1, 2011 1:11pm Mar 1, 2011 1:11pm
The one on gpb/yen looks a lot better to me . . .
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"Don't trade to trade . . . trade to win." - James16
  • #90,478
  • Mar 1, 2011 1:16pm Mar 1, 2011 1:16pm
Quoting Flem26
The one on gpb/yen looks a lot better to me . . .
I'm for EURJPY.
Nothing personal,just business
  • #90,479
  • Mar 1, 2011 1:24pm Mar 1, 2011 1:24pm
I am staying out on this one. Size isnt there for me.

Was there a pun intended about picking your nose?


Quoting mbqb11
Interesting one, as long as it can stay closed below the Highs, and the box we spoke about yesterday. Then a break should see the midpoint-ish. I wish it had a longer nose being my picky self

Best
Mike
  • #90,480
  • Mar 1, 2011 1:32pm Mar 1, 2011 1:32pm
Just wanted to say a quick 'thanks in advance' to everyones contributions here, im a complete beginner and feel like I am a bit late to the party...about 5 years and 6000 pages worth of posts to be more precise! LOL.

I'm on page 20 of this thread at the moment and enjoying very much what I've read so far. I wonder how many traders have been and gone on this forum? and even better how many are still here after starting all that time ago! I hope this makes the more seasoned traders look back and think ..."wow, I've been on this thread for years and i've learn so much, im awesome now" hehe...and also remember how they were new to this once too!

Teach a man to fish...

Thanks again everyone.
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