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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

  • #98,241
  • Jul 12, 2011 10:01am Jul 12, 2011 10:01am
Quoting J.W. Holmes
Hey strick, in addition to the long name the big round number is every 500 pips. So on the EU it is going to be .4000, .4500, etc. I have seen a couple people list the little round numbers like .4100 as BRN's so I thought I'd add that.

BRN is not every 500 pips.
That is just the RN.

3 Zeros are the BRN 2 Zeros are the RN.
  • #98,242
  • Jul 12, 2011 10:02am Jul 12, 2011 10:02am
Quoting mbqb11
I might over think myself on this one, but this could break us out
updated chart, pretty nice move we got
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  • #98,243
  • Jul 12, 2011 10:09am Jul 12, 2011 10:09am
Quoting Pinbar
BRN is not every 500 pips.
That is just the RN.

3 Zeros are the BRN 2 Zeros are the RN.
Sorry Pinbar, I must have misunderstood Mike. I got that idea from his webinars and posts like this one

http://www.forexfactory.com/showthre...56#post4571856

Sorry for the misinformation

Jacob
  • #98,244
  • Jul 12, 2011 10:11am Jul 12, 2011 10:11am
Quoting J.W. Holmes
Sorry Pinbar, I must have misunderstood Mike. I got that idea from his webinars and posts like this one

http://www.forexfactory.com/showthre...56#post4571856

Sorry for the misinformation

Jacob
Hey Jacob

You are correct BRN are something that I do every 500 pips. The name just stuck with it, but the interpretation changes person to person.

500 pips without the pipette decimal place

Ex for those confused


Euro/USD BRN = 1.3000 , 1.3500, 1.400 etc
USD/jpy BRN = 80.00 , 85.00 , 90.00

Best
Mike
  • #98,245
  • Jul 12, 2011 10:16am Jul 12, 2011 10:16am
Quoting mrhb30jr
hi mike,

hit target 1.3591 .....
awesome bud! THis one just kept falling and falling

Nicely done

Best
Mike
  • #98,246
  • Jul 12, 2011 10:45am Jul 12, 2011 10:45am
Price came down to exactly where we expected it and I took 1/2 off there. Letting the rest run at BE now
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  • #98,247
  • Jul 12, 2011 11:04am Jul 12, 2011 11:04am
Quoting supremeChaos
check Pinbar's list


(1.) no, i dont.
(2.) not necessarily
again, u have to find what suits you.
( btw, just say BUOB )

Hello Syu, welcome to the thread.
u can trade any pair.


hope u continue to feel better Sir
Okay, thanks for that.

You know Supreme, you were a little unfair on me the other day.

I would just say that I see no reason not to play a buob on a retracement with smaller stop loss (below support) before it triggers. I've done the same with AUD/USD weekly buob. Notice the brn at 1.05. The trend line is catching up to this level too.

Anyway, I was unlucky with the euro pairs (like some other people too), but didn't lose as much as I could have. Experience taught me to get out with a small loss and go with the trend for a bigger profit. "Adi": read Jesse Livermore and his trading physchology! You can download it from the internet for free.

I think you will find that even Jim has executed trades like this - before it triggers, judging by his earlier posts (see pages 1-30). Yes, I did read them.

Anyway, enough said. I'm here to learn like the rest of you. No hard feelings, but I don't take kindly to being patronized.

Thank you for taking the time to reply to the above query.

Best,
KR
  • #98,248
  • Jul 12, 2011 1:23pm Jul 12, 2011 1:23pm
That's one hell of a daily pin bar on Euro, pierced and closed above 1.4 VBRN, previous level flip at 1.3855 and off the 365, and it's looking likely to be a strong close. Wonder what Mike or any of the other seniors think?

I reckon it's got room to move to at least 1.4150..

SG
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  • #98,249
  • Jul 12, 2011 1:29pm Jul 12, 2011 1:29pm
Nice daily pinbar forming on usdcad in direction off trend too what do u guys think ?
  • #98,250
  • Jul 12, 2011 1:29pm Jul 12, 2011 1:29pm
Quoting Sgrb1
That's one hell of a daily pin bar on Euro, pierced and closed above 1.4 VBRN, previous level flip at 1.3855 and off the 365, and it's looking likely to be a strong close. Wonder what Mike or any of the other seniors think?

I reckon it's got room to move to at least 1.4150..

SG
same goes for the pinbar on ym (still some time to go, but...).
hope it closes above 12500.
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meine augen sind die sterne
  • #98,251
  • Jul 12, 2011 1:34pm Jul 12, 2011 1:34pm
Quoting Knight Rider
. "Adi": read Jesse Livermore and his trading physchology! You can download it from the internet for free.

Best,
KR
Jesse Livermore's psychology? Are you serious? The guy killed himself... True failure as I see it. But the book was a cool read yeah, some super lucky gambler, unique one, however like all of them failed - lost everything and shot himself dead.
  • #98,252
  • Jul 12, 2011 1:35pm Jul 12, 2011 1:35pm
Quoting deankenny21
Nice daily pinbar forming on usdcad in direction off trend too what do u guys think ?
If closes like this I'm taking it yes. Nice one.
  • #98,253
  • Jul 12, 2011 1:37pm Jul 12, 2011 1:37pm
cl on daily. buob at a swing. overall trend is still up.
-ve: approaching the 100 usd and coming into a previous rectangle.
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meine augen sind die sterne
  • #98,254
  • Jul 12, 2011 1:39pm Jul 12, 2011 1:39pm
Quoting Adilius07
Yes, in fact it is. Because if 10 losses in a row could occur, then 20 in a row is ok to happen too. Then a few wins and a string of losses again?

So that's why I was thinking maybe in this case my Tp should be HUGE in comparison to SL, because having a set TP is nothing but just hoping, because then I don't exploit on the edge we have i.e. WIPG, SR, BRN etc... thus wins will be very rare. If they are so rare and really just luck, they should be super big like 10R?
Hey there Adilius,

This is just a thought, but it sounds like your mind is a bit of a mess right now. Been following your posts and many just sound a bit confused on what to do. If I were in the same situation, then I would go back to demo for a while. Confusion and confidence in the system cannot coexist in my opinion. Without confidence in the system that you are trading then wins will be much harder. The purpose of the demo was supposed to be the answer to the questions that you are asking right now. Find the answer and then come back to your live account. Remember that we are in this for the gains over the next 50 years, not just 20 weeks. Why not go back to demo and remove some of the stress that seems like it may have stemmed from having a few tough months live? Once your house (mind) is in order then move back over.

Ryan
  • #98,255
  • Jul 12, 2011 1:43pm Jul 12, 2011 1:43pm
Quoting CavinK
Hey all,

Do you know if there's any broker can offer permanent Demo account? currently I am with FXDD but each account can be valid for 3 month only.
While I am having issues with my FXPro demo account at the moment I have had my current account for at least a year or so. So long as I am using it is has seemed to stay open. That having been said it has reset on me at random times before, and I am not quite sure why. That is just why I make sure to save all of my profiles and I import them to the new account if neccessary.
  • #98,256
  • Jul 12, 2011 1:44pm Jul 12, 2011 1:44pm
Quoting aserbfx
same goes for the pinbar on ym (still some time to go, but...).
hope it closes above 12500.
This is making me rethink my short position...I was gonna see if I can ride it out lower but maybe I should just take profit. Hrm
  • #98,257
  • Jul 12, 2011 1:45pm Jul 12, 2011 1:45pm
Quoting Pinbar
Yeah, check the list.

It is a pity there is no way of putting a permanent banner in the thread to such basic information.
I understand that new people have no idea who Pinbar is, let alone the signature.

Would you mind Jim putting the link in the first post? That may help and then We would be able to tell who is actually reading the first post
  • #98,258
  • Jul 12, 2011 1:47pm Jul 12, 2011 1:47pm
Quoting gungriffin
Hey there Adilius,

This is just a thought, but it sounds like your mind is a bit of a mess right now. Been following your posts and many just sound a bit confused on what to do. If I were in the same situation, then I would go back to demo for a while. Confusion and confidence in the system cannot coexist in my opinion. Without confidence in the system that you are trading then wins will be much harder. The purpose of the demo was supposed to be the answer to the questions that you are asking right now. Find the answer and then come back to...
Hi Ryan,

Thanks for your post. And yes I totally agree, that's what I do at this exact moment! Searching for the answer, yes but the stress is the same with demo if I take it seriously. This my small live account is like demo for me, even little better as it makes me a little more picky than if I would be trading truly virtual money... my goal is to make 3 consecutive winning months, gain confidence and then finally put some money into the account!
  • #98,259
  • Jul 12, 2011 1:52pm Jul 12, 2011 1:52pm
Quoting gungriffin
While I am having issues with my FXPro demo account at the moment I have had my current account for at least a year or so. So long as I am using it is has seemed to stay open. That having been said it has reset on me at random times before, and I am not quite sure why. That is just why I make sure to save all of my profiles and I import them to the new account if neccessary.
I wonder if it has something to do with the fact that they aren't taking U.S. customers anymore. I tried to open a demo with them a month ago and the only way I could get past the information set up screen was to say that I lived elsewhere. I couldn't log in after installing the MT4 so I gave up. I was wondering if they could somehow recognize that my IP address didn't match the country I was claiming to be from.
  • #98,260
  • Jul 12, 2011 1:52pm Jul 12, 2011 1:52pm
Quoting Sgrb1
That's one hell of a daily pin bar on Euro, pierced and closed above 1.4 VBRN, previous level flip at 1.3855 and off the 365, and it's looking likely to be a strong close. Wonder what Mike or any of the other seniors think?

I reckon it's got room to move to at least 1.4150..

SG
the gb/us pin looks good also...

jon
PATIENCE... DISCIPLINE
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