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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

  • #96,641
  • Edited 5:43am Jun 15, 2011 5:15am | Edited 5:43am
Quoting PhAnTi'
y, the one before ( u marked red) played out as well.
You sucessfully predicted seven of the last two retracements.

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Unless, of course, we use post hoc charts so you can clearly identify which bars are turning points and eliminate all the false signals. In which case, I would argue that a DeLorean and Christopher Lloyd are far more valuable.

Was there a trade on that chart you could have taken? Except for the break of the IPB straight into heavy chop and a PPZ with a terrible EV. And thats a pretty niche variant - a more traditional approach would be the break of the BUOB. Neither is a great trade imho.

Which, I assume, is when you go for the whole 'drop down tfs and look for PA' thing... but that would have you taking dozens of setups in the opposite direction.

Quoting PhAnTi'
anyway i guess squggiles is a ''negative'' term? : p
I just dont see added value above PA and s/r.
When you have to shoot, shoot. Dont talk.
  • #96,642
  • Jun 15, 2011 5:21am Jun 15, 2011 5:21am
Quoting mrhb30jr
Yes you are right, there is no mistaken, it's only need to more patience, my friend .....

AUDUSD play in the range .....

cheers

Yes, that is right more patience ,

plays in the range until it breaks


cheers

Peter
Jesus Christ is my only Lord !
  • #96,643
  • Jun 15, 2011 5:24am Jun 15, 2011 5:24am
Quoting g_j_hook@yah
If i was to draw a flag here i would draw it like this...(see chart)and in this case it hasnt broke yet.

just my view.
Yes, looks better

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But more importantly... it is NEVER too late!!!...

That is right Jon - I always pretend to forget about it
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..if you have lost confidence in your trade simply get out!! one missed is better than one lost...espesially for your account. It is never a good idea to feel comitted/attached to a trade, it is just a trade and we need to think objectivly... always.

jon
Jesus Christ is my only Lord !
  • #96,644
  • Jun 15, 2011 5:28am Jun 15, 2011 5:28am
Quoting g_j_hook@yah
If i was to draw a flag here i would draw it like this...(see chart)and in this case it hasnt broke yet.

just my view.
Yours looks alot more realistic; but what we see, Hip sees and some guy at GS sees are all different.

You illustrated perfectly the entire problem with things like flags, pennants, cups and doublebannanareversebattleships - they are really, really subjective. And so unless they are massively, punch-in-the-face obvious, they dont hold much weight.

To a lesser extent, ditto on trendlines.
When you have to shoot, shoot. Dont talk.
  • #96,645
  • Jun 15, 2011 5:31am Jun 15, 2011 5:31am
Quoting joelcf
You sucessfully predicted seven of the last two retracements.

Attachment

Unless, of course, we use post hoc charts so you can clearly identify which bars are turning points and eliminate all the false signals. In which case, I would argue that a DeLorean and Christopher Lloyd are far more valuable.

And by 'played out', you mean there was a trade on that chart you could have taken? Except for that whole 'break of the IPB straight into heavy chop and a PPZ with a terrible EV'. And thats a pretty niche variant - a more traditional...
see what ya mean...

thanks for the critical view and response...helps me to improve further trades.

agree.
Hero calls followed by margin calls...
  • #96,646
  • Jun 15, 2011 5:32am Jun 15, 2011 5:32am
Quoting joelcf
You sucessfully predicted seven of the last two retracements.
.


stop will ye...

jon
PATIENCE... DISCIPLINE
  • #96,647
  • Jun 15, 2011 5:39am Jun 15, 2011 5:39am
Quoting joelcf
You illustrated perfectly the entire problem with things like flags, pennants, cups and doublebannanareversebattleships - they are really, really subjective. And so unless they are massively, punch-in-the-face obvious, they dont hold much weight.

To a lesser extent, ditto on trendlines.
yeah agreed. they need to be real obvious and then they usually chew you up....

"doublebannanareversebattleships".. i must have missed that one...
lol
ipersonally like the patterns on small TFs as they seem to break with some momentum but expecting a weekly/daily pattern to break convinsingly enough to secure your possition is asking a great deal imho..
good to have you around joel.

jon
PATIENCE... DISCIPLINE
  • #96,648
  • Jun 15, 2011 6:04am Jun 15, 2011 6:04am
speaking of trendlines(and I agree, except obvious ones, they hold close to 0 value - if it's not there for everyone to see you're pushing the price yourself with your valuable 0.00000....0001% of the market).


watching(and chewing gum for the time being)
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  • #96,649
  • Jun 15, 2011 6:11am Jun 15, 2011 6:11am
I liked that H4 candle close.

just taken more profit off the table.
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  • #96,650
  • Edited 10:26pm Jun 15, 2011 7:03am | Edited 10:26pm
student knows where to open position ,master knows where to take profit . so ,my masters ?
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A chart helps those who can read it.
  • #96,651
  • Jun 15, 2011 7:17am Jun 15, 2011 7:17am
Quoting geniusztc
know where to open position is student ,know where to take profit is master. so ,my masters ?
just went long gbp/usd; but with a tiny position, for a quick scalp.

Just follow your initial plan if nothing changed.

and the incoming major announcement(us cpi) is irrelevant; fed won't tighten next 12 months(the least) so cpi is totally irrelevant next months. So don't take that in acct.
  • #96,652
  • Edited 8:15pm Jun 15, 2011 8:57am | Edited 8:15pm
Hi all,

I have been a lurker here for quite some time. I found this thread 3 years ago when I first started trading. I thought there was something to it, and decided since it was preaching trading higher time frame charts that I would ignore it

Anyways after mucho failure on top of paying a charlatan 3 grand for one of those online forex classes a few years ago. I have decided that I needed to come back to this thread and focus on higher time frame trading.

Although I have experienced some pretty sweet drawdown in my account this year. I have managed to come to my senses and go back to demo trading for the 3 months James requires.

Here is my first trade I took last night off of an EU pinbar that rejected from the 4500 area. This is a free trade from here on out.

Thanks for all the help that the people on this thread have provided, I wish I would have listened years ago.
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  • #96,653
  • Jun 15, 2011 9:01am Jun 15, 2011 9:01am
Quoting J.W. Holmes
Hi all,

I have been a lurker here for quite some time. I found this thread 3 years ago when I first started trading. I thought there was something to it, and decided since it was preaching against trading higher time frame charts that I would ignore it

Anyways after mucho failure on top of paying a charlatan 3 grand for one of those online forex classes a few years ago. I have decided that I needed to come back to this thread and focus on higher time frame trading.

Although I have experienced some pretty sweet drawdown in my account...
Welcome JW

GOing back to demo was the best decision you could have made

Very nice trade on the EU. I marked the trouble area that we needed to watch(which we are now passed. If price can close below this this has a good chance of turning into resistance as well.

Again welcome

Mike
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  • #96,654
  • Jun 15, 2011 9:08am Jun 15, 2011 9:08am
What do guys think about this pin?
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  • #96,655
  • Jun 15, 2011 9:14am Jun 15, 2011 9:14am
Quoting Panthera
What do guys think about this pin?
some thoughts for you Panth

Best
Mike
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  • #96,656
  • Jun 15, 2011 9:16am Jun 15, 2011 9:16am
Mike,

Tanks for the welcome and your wisdom

Jacob
  • #96,657
  • Jun 15, 2011 9:16am Jun 15, 2011 9:16am
If only it could close above 1.58, and maybe above that two spikes on the left.. just my opinion.

EDIT: Mike was quicker... as always
  • #96,658
  • Jun 15, 2011 9:19am Jun 15, 2011 9:19am
Thanks!

I missed that lows.........

Mónika
  • #96,659
  • Jun 15, 2011 9:20am Jun 15, 2011 9:20am
I know that the trades that I post are all lost so far, but one day I will learn to post the good ones

This time usdchf,

Peter
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Jesus Christ is my only Lord !
  • #96,660
  • Jun 15, 2011 9:23am Jun 15, 2011 9:23am
Quoting hipcio
I know that the trades that I post are all lost so far, but one day I will learn to post the good ones

This time usdchf,

Peter
why placing a sell stop right above a demand area?
Hero calls followed by margin calls...
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