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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

  • #95,441
  • May 18, 2011 9:13am May 18, 2011 9:13am
Hey guys,

I'm new to this forum/thread however I am not new to FX trading. I have been trading for about 1 1/2 years but just started recently making money these past few months. I do not have any indicators on my charts because I found from experience that support and resistance trading is the only way to go. I traded off break/retest levels or "ppz" levels as you call them with some success but I never could figure out why some trades made money while others lost money. I found the missing link, the price action and confluence confirmation. I have started reading this thread page by page for the past few days and am only on page 56; I got a while to go LOL. I just want to say that reading this thread has got me super excited and I know what I learn here will add to my trading success. I have already doubled my account more than a few times over this past year and a half but I am just looking for consistent profits. Oh, and I plan on joining the private forum as well. SO thanks to James16 and all of you other traders in here for finally helping me find the missing link to my trading. I will be around for a while, this is something I WILL master. I am a big follower of Anthony Robbins and what I learned from him I apply to all areas of my life; including FOREX. I will never give up and never stop learning so I'm here for life. It would be great if you guys could follow along with me on my journey to trading mastery and financial freedom: however long it takes, I don't care how long it takes, I will be working at it 110% every day. I know that those of you in this thread along with James16 and whoever else I missed can help me a ton and eventually I will be able to help others. Look for me in the private forum within the next two weeks!

LIVE WITH PASSION!

Mav
  • #95,442
  • May 18, 2011 9:33am May 18, 2011 9:33am
Quoting artov
I know one guy on this forum who did this for a while with even a smaller target profit of 3-5 pips and no stop as he always counted on price to come back when having a drawdown. He had a win streak of around 200 trades, but then one day the BIG loser came which wiped away a large chunk of his account.


I see!!! Thank you for the answer!!
  • #95,443
  • May 18, 2011 9:33am May 18, 2011 9:33am
Quoting Maverick69
Hey guys,

I'm new to this forum/thread however I am not new to FX trading. I have been trading for about 1 1/2 years but just started recently making money these past few months. I do not have any indicators on my charts because I found from experience that support and resistance trading is the only way to go. I traded off break/retest levels or "ppz" levels as you call them with some success but I never could figure out why some trades made money while others lost money. I found the missing link, the price action and confluence confirmation....
Welcome Mav, best of luck and were all here for help if you need it along the way

Mike
  • #95,444
  • May 18, 2011 9:49am May 18, 2011 9:49am
Good morning everybody!!

Here is my trade of today

I did exit to early at 1.5750

Need to work on that!

I feel like I'm afraid to loose profit, so I close the trade instead of letting it ride
Attached Image (click to enlarge)
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  • #95,445
  • May 18, 2011 10:32am May 18, 2011 10:32am
Quoting yellomollo
Good morning everybody!!

Here is my trade of today

I did exit to early at 1.5750

Need to work on that!

I feel like I'm afraid to loose profit, so I close the trade instead of letting it ride
Hey yello

you did the right thing, this pair is the definition of extreme choppy consolidation. We are chopping like crazy, and trying to fight this area is asking for a smack on the hand.

I think in and out is the only way to play it in this case

Best
Mike
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  • #95,446
  • May 18, 2011 10:50am May 18, 2011 10:50am
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!
Hi aserbfx,
we will miss you and yr stock charts. Get well soon and we have a long way to go inthis trading journey.
cheers
novice198
  • #95,447
  • May 18, 2011 11:45am May 18, 2011 11:45am
Quoting aserbfx
thanks a lot for the wishes @ all.

feels good...

many green pips...
Get well soon. I'll keep up the stock charts posting until you're back. Here is one I took today that I'm pretty happy with.

Attached Image
  • #95,448
  • May 18, 2011 1:00pm May 18, 2011 1:00pm
Quoting mbqb11
Hey yello

you did the right thing, this pair is the definition of extreme choppy consolidation. We are chopping like crazy, and trying to fight this area is asking for a smack on the hand.

I think in and out is the only way to play it in this case

Best
Mike

Excellent! Thanks for the reply!!
  • #95,449
  • May 18, 2011 1:05pm May 18, 2011 1:05pm
Quoting Dave.P
Hi Mike,

Would you be so kind as to put it up again?
I missed it as i was away.

Thank you very much sir.

Regards
Hey Dave

This is now up in the guest section for you guys

Thanks for waiting

Mike
  • #95,450
  • May 18, 2011 2:39pm May 18, 2011 2:39pm
Quoting aserbfx
thanks a lot for the wishes @ all.

feels good...

many green pips...
Hope all is well aserbfx. Wishing you a quick recovery.
  • #95,451
  • May 18, 2011 3:33pm May 18, 2011 3:33pm
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!


Good luck aser!

Someone might lend you a laptop!

All the best for a speedy recovery.
  • #95,452
  • May 18, 2011 4:01pm May 18, 2011 4:01pm
The good: PB on the gbpnzd 4h. Area has been tested on previous occasions.

The bad: Lots of traffic to the left, don't expect an easy ride.

The ugly: Price has been consolidating within this range quite heavily on the daily.
Attached Image (click to enlarge)
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  • #95,453
  • May 18, 2011 4:08pm May 18, 2011 4:08pm
Quoting aserbfx
hey guys
i have the "pleasure" to spend the next 9 days in hospital.
still some operations do to after my accident last autumn.
therefore no charts from me so long.
wish you all good trades!
rock on!

"Nurse, did the patient received the anesthesia?
"Yes"
"Hm what's that on the screen?"
"Oh, don't know, the screen is wired direkt to the patient's head!"



Hope you get well soon!
Alles Gute und hoffentlich wenig lange Weile
Attached Image
rise and rise again until lambs become lions
  • #95,454
  • May 18, 2011 4:28pm May 18, 2011 4:28pm
Quoting 5.25
The good: PB on the gbpnzd 4h. Area has been tested on previous occasions.

The bad: Lots of traffic to the left, don't expect an easy ride.

The ugly: Price has been consolidating within this range quite heavily on the daily.
Did you pull this trade?
I would like to see it lower. Keep an eye on ~2.060 above.
  • #95,455
  • May 18, 2011 4:36pm May 18, 2011 4:36pm
Quoting Pinbar
How did you bank pips on that bar when it only moved 6.5 pips below the bar? The standard buffer above or below an entry is 10-15 pips on the daily so, even if anyone was interested in that bar, which I seriously doubt, they would not have entered the trade yet.

The bar is not at a swing high, has very little or no space to the FTA and, I do not like the look of the spike to the left of price.

Hope this gives you an idea why nobody is really interested in that bar.
Hey Pinbar! Thanks for the reply! I banked pips because I entered @ the 38% Ret of the candle, from that entry I always try to close a portion around the next area of support/resistance...usually around the next round number...50's or 00's. Once I moved the SL to BE I ended up getting stopped out (4/10ths of a pip above my SL) before it continued on the point where I wanted to cash out @ 1.4199. :-(

What do you mean by "spike left of the price"?

Thanks again!! I need all the help that I can get so I can pick this up!!
  • #95,456
  • May 18, 2011 4:48pm May 18, 2011 4:48pm
Quoting HipsterPipster
Did you pull this trade?
I would like to see it lower. Keep an eye on ~2.060 above.
No I haven't. I agree, a deeper test and rejection would be nice.
  • #95,457
  • May 18, 2011 6:02pm May 18, 2011 6:02pm
Hello guys, I took my first trade last night using the advice of this thread. I have been trading Break/Retest (what you call PPZ) for quite some time now, but I was taking them blindly. Just setting pending orders in areas where I was looking for a PPZ. With the help of this thread, I was able to pinpoint what i was doing wrong 1) Not using PA in conjunction with my trades and 2) Not being patient and taking the best set ups. Below is my trade I took last night on the G/U that netted me 65 pips.

http://img823.imageshack.us/img823/919/1gu.gif
  • #95,458
  • May 18, 2011 6:23pm May 18, 2011 6:23pm
Quoting Valinn
Hello guys, I took my first trade last night using the advice of this thread. I have been trading Break/Retest (what you call PPZ) for quite some time now, but I was taking them blindly. Just setting pending orders in areas where I was looking for a PPZ. With the help of this thread, I was able to pinpoint what i was doing wrong 1) Not using PA in conjunction with my trades and 2) Not being patient and taking the best set ups. Below is my trade I took last night on the G/U that netted me 65 pips.

Fantastic Valinn, that makes me smile when the lightbulbs start to come on

Adding some confluence/price bars/s/r to things is only going to help turn those lights on over time

Best
Mike
  • #95,459
  • May 18, 2011 9:36pm May 18, 2011 9:36pm
Quoting Valinn
Hello guys, I took my first trade last nigh..Below is my trade I took last night on the G/U that netted me 65 pips.
Hello Valinn,
for our learning purposes, i'll look at the + & - of your trade:

-
very small BEOB, which is near/at swing low (see * below)
heading into choppy area

+
near-term (H4 & Daily) trend is down, so momentum was on your side
BEOB was off a H4/Daily PPZ (1.6250 - 1.6270)
*(now confirmed...after the trade that) it was a continuation BEOB

this trade proves that, on certain instances, the size of a PA setup doesnt necessarily dictate the outcome: a small PA setup (BUOB, PB, etc) can produce profit, just like big PA setups can produce losses.

overall nice trade!
keep posting Sir!
  • #95,460
  • May 18, 2011 11:57pm May 18, 2011 11:57pm
NZD/CAD is looking like one to watch
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Anything can happen.
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