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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

  • #91,861
  • Mar 17, 2011 9:50am Mar 17, 2011 9:50am
Quoting mbqb11
They are not as rare as people think. Most people think its rare cause they trade too much during the month.

I always say would you rather take 2-3 trades a month and win, or take 20-30 trades and lose. Most would choose the former, but then they do the latter

I can't agree more with you Mike. I did some visual backtesting on daily TF for last 5 years and noticed that only obvious BEOB/BUOB with the trend can generate tons of money even if 50% of the entries have been missed.

Needless to say I stopped overtrading and chasing the market.
  • #91,862
  • Mar 17, 2011 9:51am Mar 17, 2011 9:51am
Quoting mbqb11
They are not as rare as people think. Most people think its rare cause they trade too much during the month.

I always say would you rather take 2-3 trades a month and win, or take 20-30 trades and lose. Most would choose the former, but then they do the latter
yes, agree. Well, I am not overtrading anymore. That is for sure. Now I need to make those few trades per month a true killer ones!

Need more patience, sometimes I take stupid risky trades for some reason... well PS3 should help with this
  • #91,863
  • Mar 17, 2011 9:53am Mar 17, 2011 9:53am
Quoting john225
Yeah that is a nice idea
For me personal PS3. Xbox is cheaper then PS3 but i heard that you have to pay for xbox 360 per year to play online but i donīt know how much ;-)
Quoting FxPrelude
LOL Adi you made me laugh

I would go with PS3 ... just dont buy the one with bigest HD i heard that those owerheat lol

By the way Mike has (or had) Xbox, so see this is not for fun this is for business!!!
  • #91,864
  • Mar 17, 2011 10:11am Mar 17, 2011 10:11am
Quoting sakrani
I can't agree more with you Mike. I did some visual backtesting on daily TF for last 5 years and noticed that only obvious BEOB/BUOB with the trend can generate tons of money even if 50% of the entries have been missed.

Needless to say I stopped overtrading and chasing the market.
and this simple post made my day
  • #91,865
  • Mar 17, 2011 10:57am Mar 17, 2011 10:57am
Quoting mbqb11
They are not as rare as people think. Most people think its rare cause they trade too much during the month.

I always say would you rather take 2-3 trades a month and win, or take 20-30 trades and lose. Most would choose the former, but then they do the latter
Truly profound. The last three years, I thought I had to trade. The pressure to turn a profit was unbearable, which led to a lot of mistakes. I've been learning a lot more about this business over the past few weeks just from re-reading this thread.
"Don't trade to trade . . . trade to win." - James16
  • #91,866
  • Mar 17, 2011 11:06am Mar 17, 2011 11:06am
Quoting Flem26
Truly profound. The last three years, I thought I had to trade. The pressure to turn a profit was unbearable, which led to a lot of mistakes. I've been learning a lot more about this business over the past few weeks just from re-reading this thread.
awesome Flem. This is what James tries to preach and drill home is treating this like the serious business it is. That mindset is super important.

Thanks for sharing

Mike
  • #91,867
  • Mar 17, 2011 11:41am Mar 17, 2011 11:41am
This one looks good imo,it's got it all,location,confluence....
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  • #91,868
  • Mar 17, 2011 11:43am Mar 17, 2011 11:43am
Hi guys,

What do you think of the IPB (if it closes as its right now) we have on EUR/AUD ??

We've got "the wall" at 1.4350 .. long nose and if it closes as its now it will close lower than the open and we see that it made an attempt to close above on the 5th of October.

Ive got FTA at 1.42, TP at 1.4210

What do you think ?

Thx,
Os.
Attached Image (click to enlarge)
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Trade Smart
  • #91,869
  • Mar 17, 2011 11:47am Mar 17, 2011 11:47am
Quoting Osman
Hi guys,

What do you think of the IPB (if it closes as its right now) we have on EUR/AUD ??

We've got "the wall" at 1.4350 .. long nose and if it closes as its now it will close lower than the open and we see that it made an attempt to close above on the 5th of October.

Ive got FTA at 1.42, TP at 1.4210

What do you think ?

Thx,
Os.
Yup if this closes like the way it looks now then its a Quintessential IPB for me..but i dislike when the look of any good setup changes at the last minute..still 3.15hrs to go..u can also keep a look at EURNZD..if it closes as IPB below 1.95 with a bearish close i will be on that one too!lets see..

EDIT:i will go for this IPB only if CB is 1.43(EURAUD)
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  • #91,870
  • Mar 17, 2011 12:17pm Mar 17, 2011 12:17pm
Quoting madboy
This one looks good imo,it's got it all,location,confluence....
I agree, 62% fib, S into R, pinbar & 3rd tap of TL.

Went short at 0.9832.
  • #91,871
  • Mar 17, 2011 1:07pm Mar 17, 2011 1:07pm
Quoting Xfd
I agree, 62% fib, S into R, pinbar & 3rd tap of TL.

Went short at 0.9832.
I'd like to see it break the 0.9800BRN first.
  • #91,872
  • Mar 17, 2011 1:18pm Mar 17, 2011 1:18pm
Quoting madboy
This one looks good imo,it's got it all,location,confluence....
oops ...just notice 5.25 commented
Does the RN .9800 concern you? Not trying to change your mind. Just trying to get your thoughts as to if it is a factor. If it is not, then why ?
http://www.forexfactory.com/attachme...1&d=1300387221
  • #91,873
  • Mar 17, 2011 2:02pm Mar 17, 2011 2:02pm
Quoting Xfd
I agree, 62% fib, S into R, pinbar & 3rd tap of TL.

Went short at 0.9832.
And one other confluence
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  • #91,874
  • Mar 17, 2011 2:10pm Mar 17, 2011 2:10pm
Quoting Atc
oops ...just notice 5.25 commented
Does the RN .9800 concern you?r. If it is not, then why ?
http://www.forexfactory.com/attachme...1&d=1300387221
Hi,

I'm no expert, believe you me, but I've learned not to ignore RN and BRN in my decision making.

Notice how the downward momentum stopped at 0.9700RN before retracing back up to 0.9800RN.

I'm a little confused by this one myself because a) 4h chart is showing the 0.9800RN acting as support where as b) daily chart is working as resistance.

This was quite a big move so I won't be surprised if it forms a consolidation area above 0.9800RN before it decides where to go.

Happy to hear what the more experienced traders have to say

Edit: I'll be keen to see how it closes on the daily. Not long to go.
  • #91,875
  • Mar 17, 2011 2:18pm Mar 17, 2011 2:18pm
One reason for the bounceback
It bounced at a confluence of the 50% of the last minor swing and
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  • #91,876
  • Edited 3:15pm Mar 17, 2011 3:04pm | Edited 3:15pm
Woohhhoooo!!Double Bonanza..
EURAUD:1.42-->FTA
Most likely TP..1.4050 (if it goes well)
Reason:C-Box.also i dont like the way Bullish Bar(marked with blue arrow) got jumped off 1.4050..

EURNZD:..TP=1.93/1.92
(Nice Space both pairs have created)!

BUT lets see..
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  • #91,877
  • Mar 17, 2011 4:24pm Mar 17, 2011 4:24pm
Hi All,

Been lurking for a while and working on my analysis, still demo trading. What are your thoughts on my High Grade Copper Daily chart (Alpari). Didn't like the multiple PBs as an entry but I do like the lastest BUB. Although wouldn't take this as RR is poor with nearby FTA. Looking for a PA test of PPZ to get in on longer term trend continuation.

The quality of this thread just gets better and better.

Thanks

https://lh5.googleusercontent.com/_T...pper_Daily.png
  • #91,878
  • Mar 17, 2011 5:15pm Mar 17, 2011 5:15pm
good job I had already moved stop to BE

Quoting Xfd
I agree, 62% fib, S into R, pinbar & 3rd tap of TL.

Went short at 0.9832.
  • #91,879
  • Mar 17, 2011 5:33pm Mar 17, 2011 5:33pm
Quoting AvanishDemo
Woohhhoooo!!Double Bonanza..
EURAUD:1.42-->FTA
Most likely TP..1.4050 (if it goes well)
Reason:C-Box.also i dont like the way Bullish Bar(marked with blue arrow) got jumped off 1.4050..

EURNZD:..TP=1.93/1.92
(Nice Space both pairs have created)!

BUT lets see..
Woww that was FAST !!! TP hit on EUR/AUD !
Trade Smart
  • #91,880
  • Mar 17, 2011 6:25pm Mar 17, 2011 6:25pm
Hi All,

Can someone help me with this chart. For yesterday AUDUSD there was a pin (Pin 1 in my chart) and another Pin(Pin 2). So my question is will anyone go short based on pin 2 since its a downtrend? If no, is it because the size of the pin 1 is too big compared to Pin2 or is there any other reason. Appreciate your help. thanks.

regards
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