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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

  • #94,781
  • May 3, 2011 8:14am May 3, 2011 8:14am
Quoting mbqb11
Yep the 137 was certainly the very FTA, but you have to decide on your style....
All hail Mike. Would you take this trade again, if you saw the exact same setup? I would. Maybe I might manage the stop a little tightly.
  • #94,782
  • May 3, 2011 8:17am May 3, 2011 8:17am
Quote
Good excercise is to analyse price on weekly timeframes using the COT data

what is a "COT data"?
How bad do you want it? That's the attitude!
  • #94,783
  • May 3, 2011 8:19am May 3, 2011 8:19am
Quoting aserbfx
technically not a pinbar because the close is not inside the previous bar.
but looks good, imho. with support of ma and rn.
+75 pips so far. floating at the high of the last swing now. i will take 1/2 off here.
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meine augen sind die sterne
  • #94,784
  • May 3, 2011 8:29am May 3, 2011 8:29am
commitment of traders report from the cftc. tells you how many futures contracts are being held long and short.

Quoting soavesoave
what is a "COT data"?
  • #94,785
  • May 3, 2011 8:30am May 3, 2011 8:30am
Quoting aserbfx
+75 pips so far. floating at the high of the last swing now. i will take 1/2 off here.
Another great example of a failed BEOB at a swing high (check out the daily EURCAD people). Bars by themselves (even if they are at swing highs mean nothing). Confluence is what we look for [not bars].

I was looking to go long at the major resistance level turned into support (the PPZ). People were telling me to stay away because we had a BEOB at swing high on daily. It got eaten up like no tommorrow. A great example of a strong PPZ trumping over that BEOB.
  • #94,786
  • May 3, 2011 8:31am May 3, 2011 8:31am
you guys are gonna have to learn to hold on the trades and ride the trends. Otherwise you can forget about making money.

Quoting Adilius07
Hi Mike,

Oh so really I will just forget it and go ahead with the next one!

Happy to hear you took the same trade (don't confuse with me being happy that you had a loss too, lol ) I just was really worried that something is wrong with me if I take only loser setups when everyone else seem to profit well... so yeah just a loss who cares, I need to improve my overall trading and losses will happen less and less...
  • #94,787
  • May 3, 2011 8:38am May 3, 2011 8:38am
Quoting mbqb11
I took a full bar loss(one of the few for me this year) on this one too Adi.
Without sounding like I take pleasure in your misfortune here Mike, but this makes me feel a lot better about taking loses . I forget sometimes that even the best traders have to take losses in their stride.

Here's one I'm waiting for a pullback on, not a huge amount of confluence, but four recent rejections on the H4, a previous daily pivot and a big rejection back in November. A strong break through today, I'd like to try and ride it to .9000.

Thanks,
SG
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  • #94,788
  • May 3, 2011 8:38am May 3, 2011 8:38am
Quoting Razorman
you guys are gonna have to learn to hold on the trades and ride the trends. Otherwise you can forget about making money.
You mean me and Mike?
  • #94,789
  • May 3, 2011 8:41am May 3, 2011 8:41am
I mean you specifically.
  • #94,790
  • May 3, 2011 8:41am May 3, 2011 8:41am
This guy is trying to sell some software but never the less he comes up with good, detailed explanation of COT report.

http://www.thepitmaster.com/cot/cot.htm

You have no PM service enabled so i posted here.
  • #94,791
  • May 3, 2011 8:48am May 3, 2011 8:48am
Quoting Sgrb1
Without sounding like I take pleasure in your misfortune here Mike, but this makes me feel a lot better about taking loses . I forget sometimes that even the best traders have to take losses in their stride.

Here's one I'm waiting for a pullback on, not a huge amount of confluence, but four recent rejections on the H4, a previous daily pivot and a big rejection back in November. A strong break through today, I'd like to try and ride it to .9000.

Thanks,
SG

hahah it's ok guys, I know you love it when I lose money

Just playing of course. Believe me I am far from perfect, have losing trades all the time. It's part of it.

Yes eur/gbp is breaking out hard, but has 9000 to contest with also those highs are very important now too

Best
Mike
  • #94,792
  • May 3, 2011 8:50am May 3, 2011 8:50am
Quoting Razorman
I mean you specifically.
Like this you mean?
My proprietary method btw.
But really this is too borring, I want to learn it the hard way, like WIPG etc!
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  • #94,793
  • May 3, 2011 8:53am May 3, 2011 8:53am
Quoting mbqb11
hahah it's ok guys, I know you love it when I lose money

Just playing of course. Believe me I am far from perfect, have losing trades all the time. It's part of it.
still demoing, right mike?
meine augen sind die sterne
  • #94,794
  • May 3, 2011 8:56am May 3, 2011 8:56am
Quoting aserbfx
still demoing, right mike?
  • #94,795
  • May 3, 2011 8:58am May 3, 2011 8:58am
Quote
commitment of traders report from the cftc. tells you how many futures contracts are being held long and short.


thanks Razorman
How bad do you want it? That's the attitude!
  • #94,796
  • May 3, 2011 9:06am May 3, 2011 9:06am
In my experience it is a lot more profitable to wait for 4h or daily price action and then get on a retrace with a much smaller stop off of the 5min-1h time frame and that way you can get good risk reward. Other wise with full bar stops it you will need some pretty big winners to come out ahead. Otherwise it is 1 step forward then 1 step back when u take a full bar loss. Very frustrating.

Quoting Adilius07
Like this you mean?
My proprietary method btw.
But really this is too borring, I want to learn it the hard way, like WIPG etc!
  • #94,797
  • May 3, 2011 9:08am May 3, 2011 9:08am
Hello again, what do you think about this 2 counter-trend pinbars and now I see 2 trend pinbars NZDUSD and AUDUSD 4h charts.

http://img38.imageshack.us/img38/9407/audusdh4.gif

Uploaded with ImageShack.us

http://img215.imageshack.us/img215/8043/nzdusdh4.gif

Uploaded with ImageShack.us
  • #94,798
  • May 3, 2011 9:17am May 3, 2011 9:17am
Quoting hooky
Hello again, what do you think about this 2 counter-trend pinbars and now I see 2 trend pinbars NZDUSD and AUDUSD 4h charts.

http://img38.imageshack.us/img38/9407/audusdh4.gif

Uploaded with ImageShack.us

http://img215.imageshack.us/img215/8043/nzdusdh4.gif

Uploaded with ImageShack.us
I am in the AU h4 pb long. There is high correlation with gold which just bounced from the low. Looking good right now. 1.0920 FTA
  • #94,799
  • May 3, 2011 10:10am May 3, 2011 10:10am
Quoting aserbfx
+75 pips so far. floating at the high of the last swing now. i will take 1/2 off here.
FX trading are we?
  • #94,800
  • May 3, 2011 10:24am May 3, 2011 10:24am
Quoting 5.25
FX trading are we?
sorry, won't do it again...
meine augen sind die sterne
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