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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

  • #97,741
  • Jul 2, 2011 5:45am Jul 2, 2011 5:45am
Quoting aserbfx
yes, maybe. but if you find someone who is willing to pay even more...
who cares?
Strong point yes.
Well, if they are willing to pay more often than not, then yes I don't care
  • #97,742
  • Edited 7:35am Jul 2, 2011 5:51am | Edited 7:35am
Quoting CavinK
Yes, Looks nice, a MACD div and BUOB engulf 4 bars, but it did not close above the PPZ of 1.24 and going to the 1.25 BRN.
How strong this BUOB could be? any seniors could share idea? thanks.

Cav
No senior here..but im with u..resistance 1.24..it will be meeting 1.24 for the first time..
'only' BUOB looks good..but i think playing it against 1.24 can be real tough and aggressive given it is already at all time swing low..u still have 88 pip gap to reach 1.24..but its js not convincing for me..maybe good for people/scalpers who hold positions for short-term..

Depends how scalping is important n how Dollar value is strong against 'x' currency
in my case 1$=45 Rupee..so if i earn 50-70$(1pip=1$) on this one
i will still earn acceptable money in a day..but anyways im not taking it.
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  • #97,743
  • Jul 2, 2011 6:16am Jul 2, 2011 6:16am
something ill be watching next week....
eu/us lookin to see if we get a breakout of the pattern and i will be looking for a retest with some PA...
Same with eu/nz
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PATIENCE... DISCIPLINE
  • #97,744
  • Jul 2, 2011 6:29am Jul 2, 2011 6:29am
.....
i am a little wary of the eu/chf chart but only because of that strong level at1.2400 price is running into, it might well stall a good break of the BUOB ??maybe some other strategy is in order here?? :nerd:
EDIT: i bet Tom has that marked for a rounded retest!?!? nice level.

Also something to watch is the yen crosses, they are currently pretty wound up with only a %age of there ave. weekly ranges satisfied last week. i think we can expect some decent volitility there pretty soon..??



have a good weekend all


jon
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PATIENCE... DISCIPLINE
  • #97,745
  • Jul 2, 2011 6:37am Jul 2, 2011 6:37am
Quoting AvanishDemo
No senior here..but im with u..resistance 1.24..it will be meeting 1.24 for the first time..
'only' BUOB looks good..but i think playing it against 1.24 can be real tough and aggressive given it is already at all time swing low..u still have 78 pip gap to reach 1.24..but its js not convincing for me..maybe good for people/scalpers who hold positions for short-term..

Depends how scalping is important n how Dollar value is strong against 'x' currency
in my case 1$=45 Rupee..so if i earn 50-70$(1pip=1$) on this one
i will still earn acceptable...
i agree with you on this set up. i am expecting more side ways action than a good run north??? but who knows
You may earn lots of rupees mate but what would you be risking!!?? i dont think its a good idea to think in terms of money, as hard as it is.imho it all about R:R...


jon
PATIENCE... DISCIPLINE
  • #97,746
  • Edited 7:02am Jul 2, 2011 6:49am | Edited 7:02am
Quoting g_j_hook@yah
i agree with you on this set up. i am expecting more side ways action than a good run north??? but who knows
You may earn lots of rupees mate but what would you be risking!!?? i dont think its a good idea to think in terms of money, as hard as it is.imho it all about R:R...


jon
yes u r right abt extremely poor R:R n not to think in terms of money..
i was js givin my thought..nothing like i was tempting CavinK to go for it my friend..
by baby sitting the trade..any person can quickly get out of the trade if 1.23 fails to act as support ..
i myself not going for this trade..
anyways..great charts Jon..hope u having a good weekend!
EDITed a lil
  • #97,747
  • Jul 2, 2011 7:48am Jul 2, 2011 7:48am
french casino guichard on weekly.
pinbar. only negative aspect: close is not within the previous bar (week).
strong uptrend. rejection from 150ema. very high volume.
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meine augen sind die sterne
  • #97,748
  • Edited 9:13am Jul 2, 2011 7:51am | Edited 9:13am
brave folks those who wish to own gbp(it's pouring lately on it - might be time for a reversal, it's true, but... cash is a position). I also wanted to short at .xx7x(close to the yesterday's top) on eur/gbp, but didn't have the courage to. Maybe I was stupid, but...

and even braver those who'll touch the chf; my 0.02$. I think it'll go up; badly. Since the gap is narrow and a good part of the herd wants out, it might shoot; and snb, looking at their sheet, would be stupid not to squeeze them some more for good measure(I presume they've been salivating for this moment for quite some time).

But if any news hit the wires, the same herd will want in. Also, it might be only weeding out the weak hands. Anyway, short chf I never liked - bad news can come at any time and I'm not around all the time.

Long chf - might be more interesting to do a short on usd/chf then on eur/chf(I have an order at .855). Probably next week the tune about debt ceiling will start again; Greece seems oversung atm.

I'd long eur/chf on a retest of 1.24 after a breakout. But ahead of ~1.235 - 1.24, hmm... screw those extra 50 pips. I was stupid not to jump in at 1.2, jumping at 1.23x for 1.24 seems like chasing the ship - and boy, it's been a while since it left(and I already payed more than my share for the lesson of not chasing).
  • #97,749
  • Jul 2, 2011 8:20am Jul 2, 2011 8:20am
german jungheinrich on weekly.
+ve:strong pinbar. strong uptrend since two years.
-ve: has to fight its way through the resistance above.
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meine augen sind die sterne
  • #97,750
  • Jul 2, 2011 10:04am Jul 2, 2011 10:04am
Quoting AvanishDemo
No senior here..but im with u..resistance 1.24..it will be meeting 1.24 for the first time..
'only' BUOB looks good..but i think playing it against 1.24 can be real tough and aggressive given it is already at all time swing low..u still have 88 pip gap to reach 1.24..but its js not convincing for me..maybe good for people/scalpers who hold positions for short-term..

Depends how scalping is important n how Dollar value is strong against 'x' currency
in my case 1$=45 Rupee..so if i earn 50-70$(1pip=1$) on this one
i will still earn acceptable money...
Thank you Avanish, fighting agaist such a strong down trend is hard.
IMHO, this beautiful BUOB should be worth of scalping with a pull back buying, FTA is 1.24, I am still in demo so just take it as an experiment.

Best
Cav
----------------------------- Discipline makes the difference.
  • #97,751
  • Jul 2, 2011 11:25am Jul 2, 2011 11:25am
csl on weekly. breakout above 50 usd. major uptrend. friday's close was very strong, nearly at dayhigh. no doubt in this going higher.
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meine augen sind die sterne
  • #97,752
  • Jul 2, 2011 11:27am Jul 2, 2011 11:27am
Quoting Adilius07
I got me a new hobby.
Going through the charts, trying to spot an A+ setup, then just saving it on my PC..

Like this one. True beauty, no?

Missed it unfortunately, was asleep.. but they happen often anyway...

the good ones they jump out

it's what you do between the good ones that usually will determine ones success or failure

Have a fun safe weekend all
Mike
  • #97,753
  • Jul 2, 2011 11:33am Jul 2, 2011 11:33am
i think i haven't seen the usd/cad weekly beob here so far.
looks ugly for u/c.
0.90 to come?
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meine augen sind die sterne
  • #97,754
  • Jul 2, 2011 2:12pm Jul 2, 2011 2:12pm
Quoting mbqb11
the good ones they jump out

it's what you do between the good ones that usually will determine ones success or failure

Have a fun safe weekend all
Mike
Hi Mike, yes. So maybe the answer to my struggle is just NOT taking the crappy trades in between those A+ setups...

But how...
  • #97,755
  • Jul 2, 2011 3:30pm Jul 2, 2011 3:30pm
Fiji. The FF Gap.

Fijitrader of the PF has been on my mind a lot lately and I just realized that he (or someone very much like him) is a major Gap here at FF.

Mike said:
"it's what you do between the good ones that usually will determine ones success or failure"
Adilius07 replied:
"Hi Mike, yes. So maybe the answer to my struggle is just NOT taking the crappy trades in between those A+ setups..."

I would like to add that either a very good memory or a journal {doesn't have to be web based} is the answer.
You see, you will be very ineffecient at correcting past errors without two (2) Base Points of Information.
Why Did I hit the Trigger?
What was the Result?

After you have some data in both columns, I think you will find that Most of the less than perfect descisions may fall back to some kind of fear. Perhaps they were a result of euforia. {I just banked 750 Pips. I can risk 250...} BUT The Worst Reason will be {if you are honest with yourself} I just wanted to Trade.

My question is "Why?"
Why do we do that {we all did at some point.}
The ONLY Physical reason is, of course, Account Balance. What does that make the rest of them?

If you are still in your Apprenticeship it is important to assimilate the worth of examing (Addmiting) bad choices as well as the Good ones.
Bad Choices that are not examined have no reason to stop.

So...
In retrospect...
I considered that the ability to anylize my Errors had to take precedence above anylizing my Winners.
I had to get used to being Wrong & Losing meanwhile believing I had the ability. Luckily for me...

The Goalie.
Last form of Defence.
If you have No Goalie, you have no chance.
Start from the back.

We ALL want to provide for ouselves & probably others.
None of us Want to fritter it away.
Time: Study: Patience:

B
  • #97,756
  • Jul 2, 2011 3:51pm Jul 2, 2011 3:51pm
hon on weekly. near an all-time high. waiting for a big breakout above 63 usd.
stock is an extreme uptrend with a strong bullish weekly candle.
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meine augen sind die sterne
  • #97,757
  • Jul 2, 2011 4:10pm Jul 2, 2011 4:10pm
Quoting g_j_hook@yah
something ill be watching next week....
eu/us lookin to see if we get a breakout of the pattern and i will be looking for a retest with some PA...
Same with eu/nz
Been watching ENZD for some sort of reaction off of the wedge pattern. Hopefully will see something interesting happen to signal an entry either way before it becomes wound too tight. We will see.

Right in the same boat with your post on GBPCHF . This would require some PA for me to touch it though. I would be willing to enter either way though with the right PA.
  • #97,758
  • Jul 2, 2011 4:17pm Jul 2, 2011 4:17pm
Quoting Bemac
Fiji. The FF Gap.

Fijitrader of the PF has been on my mind a lot lately and I just realized that he (or someone very much like him) is a major Gap here at FF.

Mike said:
"it's what you do between the good ones that usually will determine ones success or failure"
Adilius07 replied:
"Hi Mike, yes. So maybe the answer to my struggle is just NOT taking the crappy trades in between those A+ setups..."

I would like to add that either a very good memory or a journal {doesn't have to be web based} is the answer.
You see, you will be very ineffecient...
Hi Bemac, thank you very much for this post!

Yes, to be honest I do have this " I just wanted to trade". Well last month I realized that I had one full bar loss just because I "invented" a setup while I was going through my charts looking for PBs and BUOBs... really just invented something similar to BUOB but not technically one... eye balled a few other pairs and those really sticked out for me so I jumped in and had a full bar loss on the next bar. Then I though, s**t what did I just do?

And at the same time, I really do understand what is an A+ trade, how it must look and where will price go!

This drives me crazy. I know, but I can't do it!

So, yes I have this patience problem. I do. Maybe it is just and old habbit or maybe just lack of confidence (or just believe) that a few trades per month is enough with very high win rate... or even maybe I spent too much time eye balling charts, I was thinking about this too. Something in my approach is not working right.

So for now I decided to fix it with this simple rule. I will trade ONLY if there are ALL components present: close, space, div, brn, swing etc. All those that I learned here. I mean, is like this: even if everything is perfect about the setup but it is NOT at the BRN I will still skip it. Something like this.

Because I otherwise I really just cheat on myself sometimes, like "oh close is not that perfect but the space is ok..." I need to get rid of this, objectively in some way.

I will keep a journal too. Thank you for this advice! If I will be able to significantly reduce my number of trades the journal itself should become more efficient, ( I used to keep it while daytrading a few years ago, and it is just like another full time job, too many trades to many journaling, less quality notes, no true value in future...).

Thank you for you post, I will now get back to reviewing my trading plan and making it more and more strict.

Adi
  • #97,759
  • Jul 2, 2011 4:37pm Jul 2, 2011 4:37pm
Quoting Adilius07
Hi Bemac, thank you very much for this post!

Adi
Ok. That's a great first step observation but c'mon man. This is Cuttrouat. Even when you are good. Real Money & Payment Today.

So... You see... I wear numerous cloakes.



I had to. Every single day.
I had to Think. Orginize. Budget. Disperse &
THEN I could play my day's Workplan.
The Guy with the Trigger was the Very Low on the Pole.
They were All Me.
  • #97,760
  • Jul 2, 2011 5:53pm Jul 2, 2011 5:53pm
Quoting Adilius07
Hi Bemac, thank you very much for this post!

Yes, to be honest I do have this " I just wanted to trade". Well last month I realized that I had one full bar loss just because I "invented" a setup while I was going through my charts looking for PBs and BUOBs... really just invented something similar to BUOB but not technically one... eye balled a few other pairs and those really sticked out for me so I jumped in and had a full bar loss on the next bar. Then I though, s**t what did I just do?

And at the same time, I really do understand what...
You know... I thought about carrying this thread in the
phlosophical vien & being all hoighty toigty. That's wrong.



"otherwise I really just cheat on myself sometimes"

Luckily, only sometimes.
Fine Carpentry requires "Everytime"
Fine Machinery requires "Everytime"
Fine Medicine...
Fine Engineering...
Fine Life Management...

& yet we still see those that want it by next week...

Hmph...probably not.
So... what can I do.
Diverses:
Grab All That causes interest in you because it's what you understand.
Throw it into the pot & it might not become a Soup; It may become a Stew.


{If it is the last thing I do... I intend to make you think.}
Not about answers... Farg... We have them already. Think... & realize... That puts you out there alone. Then it becomes conviction.

B
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