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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

  • #99,021
  • Jul 21, 2011 3:18am Jul 21, 2011 3:18am
Quoting g_j_hook@yah
i dont take you wrong mate i love these exchanges.
i DO trade live Adi as you know (though not gold) and this IS how i play them. im not assuming here im sharing my experience. RR is not meaningless to me but rather i take seriously the FTA and the space we have to it. i dont think at all in terms of RR


jon
Yes, I like these exchanges too. As it makes me think. )
The only reason I do this is to somehow make this work and bring profit :0

EDIT: FOR ME!
  • #99,022
  • Jul 21, 2011 3:35am Jul 21, 2011 3:35am
sorry for asking such Q
but who is this Invisible(10+),Invisible(2+) guy?
its not even a profile as i can't click on it..
but always appear at the bottom of the page of members who view the thread..
its creepy!
  • #99,023
  • Jul 21, 2011 3:38am Jul 21, 2011 3:38am
see how price has retested the channel line (to the pip), now we have confirmation of that level and can see the break as genuine (imho). i now a legit place to move my stop. i have also got the 1600 level to back it up now.
A little better than 1:1 locked in on the second half....


jon
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #99,024
  • Jul 21, 2011 3:38am Jul 21, 2011 3:38am
Quoting AvanishDemo
sorry for asking such Q
but who is this Invisible 10+,Invisible 2+ guy?
its not even a profile as i can't click on it..
but always appear at the bottom of the page of members who view the thread..
its creepy!


I did this. Next time someone posts look immediately if he is down there or not. If not click his profile if he also got 2 V and the Invisible guy has 2v. well that's him!

That way I know 2 of them already......
  • #99,025
  • Jul 21, 2011 3:41am Jul 21, 2011 3:41am
Quoting Adilius07


I did this. Next time someone posts look immediately if he is down there or not. If not click his profile if he also got 2 V and the Invisible guy has 2v. well that's him!

That way I know 2 of them already......
fly man fly!!! lol


jon

gotto go , back later.
PATIENCE... DISCIPLINE
  • #99,026
  • Jul 21, 2011 3:43am Jul 21, 2011 3:43am
Quoting g_j_hook@yah
fly man fly!!! lol


jon

gotto go , back later.
Laters, man!
  • #99,027
  • Edited 5:47am Jul 21, 2011 5:13am | Edited 5:47am
Hey Adi and Jon,

I've jumped in a bit late here, but I'll give my thoughts anyway..
I think this subject is probably one of the main issues that can make all the difference between a trader coming out losing or winning over time.

You're original point Adi:

Quoting Adilius07
So full bar losses will happen, and if you have 0.1 - 0.2% R wins, how do you expect to stay in profit over long term? You will need 90% just to breakeven?
I think Jon hit the nail on the head here:

Quoting g_j_hook@yah
i agree and trading into them is dangerous, but assuming we took the trade(i wouldnt have so not the best eg.) i personally would have taken some kind of action at that level but not closed the trade.
And I think this recent post by Mike is very relevant on an option of how to go about taking action at the danger levels:

Quoting mbqb11
I wouldn't necessarily drop down tmieframes, although I have lower ones open on my other computer monitors so it doesn't hurt. If we stall on it too long or price bounces hard I would look to cut out , or GREATLY reduce my stop. For example lets say price retraces a 1/4 of the beob before breaking, once it breaks I would look to move my stop above that retrace point on a trade where a FTA is close or I believe that the FTA is a stronger sticking point. I would even consider taking profit at it. If it breaks and shoots through that area...
(Forgot to thank you for that reply Mike )

Just to re-itterate, I think it's important to be aware of these levels that you've pointed out Adi. But I'm also convinced that to win in this game, you have to be able to know when to let those winners run. I see from time to time Mike, Jim, James, and a lot of other reputable traders accross the internet taking BIG winners, and I'm always sat thinking "I know would have been out at the first trouble area".. It's something I've been working on myself recently.

SG

Edit:
And I think a large part of 'knowing' when to let them run is based on how much confidence you have in the setup - which I believe comes with experience..
  • #99,028
  • Jul 21, 2011 5:53am Jul 21, 2011 5:53am
Quoting Sgrb1
Hey Adi and Jon,
Edit:
And I think a large part of 'knowing' when to let them run is based on how much confidence you have in the setup - which I believe comes with experience..
Great post there Sg,

Exits make money, so I want to quote this great post from Jim, which may help some.

Quoting james16
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

in the case...
Trading is a test match not a Twenty20.
  • #99,029
  • Jul 21, 2011 6:06am Jul 21, 2011 6:06am
EURUSD H1

What do you think about this Pin Bar?
It is on the lower border of the triangle, which might be broken.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011.07.21 - EU - H1.gif Size: 32 KB
  • #99,030
  • Jul 21, 2011 6:43am Jul 21, 2011 6:43am
Good luck today.


B
  • #99,031
  • Jul 21, 2011 7:24am Jul 21, 2011 7:24am
Hey, everybody,

I added an indicator to my Mt4 platform. I didn't like the signals that it gave me, so I removed it. But with removing this indicator, somehow my levels were deleted also. These were a year and a half worth of work to put these levels on. My backup file is no longer available, so I'm in pretty big trouble right now. Is there any other way to Undo that? Thank you.
  • #99,032
  • Jul 21, 2011 8:15am Jul 21, 2011 8:15am
Quoting Bemac
Good luck today.


B
Pray
----------------------------- Discipline makes the difference.
  • #99,033
  • Jul 21, 2011 8:28am Jul 21, 2011 8:28am
Quoting Adilius07
One more example, just for the sake of example...
Adi

You are still thinking about things in only one way which is

Full bar loss, or small win

Why do you HAVE to take profit at the FTA? Why can't you use that information. Why do you HAVE to take a full bar loss|


Let that soak in my friend
Mike
  • #99,034
  • Jul 21, 2011 8:29am Jul 21, 2011 8:29am
Quoting Bemac
Good luck today.


B
yep this is the only thing on my mind right now

Good luck buddy we all thinking about you

Mike
  • #99,035
  • Jul 21, 2011 8:45am Jul 21, 2011 8:45am
Quoting mbqb11
yep this is the only thing on my mind right now

Good luck buddy we all thinking about you

Mike
Good Luck !! We are all praying for you !!
  • #99,036
  • Jul 21, 2011 9:04am Jul 21, 2011 9:04am
Quoting Kalin Tsenko
...
I added an indicator to my Mt4 platform. I didn't like the signals that it gave me, so I removed it. But with removing this indicator, somehow my levels were deleted also. These were a year and a half worth of work to put these levels on. My backup file is no longer available....
hello Kalin Tsenko,
unfortunately, there's no way to get them back.
unless u got a saved template (which contains all those levels) ? if u dont, better start using templates or backups now.
if u can recall all/most of those levels, that'll help too.

Quoting mbqb11
...
Good luck buddy we all thinking about you
...
Yup, looking forward to updates, Sir Jim

Quoting atztek
EURUSD H1
What do you think about this Pin Bar?...
Hello atztek,
that one turned out well. it had momentum on its side.
but preferably, generally, u want the Pinbar much bigger & protruding more (as opposed to this one which is almost engulfed inside the prior bar)
  • #99,037
  • Jul 21, 2011 9:08am Jul 21, 2011 9:08am
Quoting Kalin Tsenko
Hey, everybody,

I added an indicator to my Mt4 platform. I didn't like the signals that it gave me, so I removed it. But with removing this indicator, somehow my levels were deleted also. These were a year and a half worth of work to put these levels on. My backup file is no longer available, so I'm in pretty big trouble right now. Is there any other way to Undo that? Thank you.

Hello Kalin,

This is known problem of some poorly coded custom indicators, which remove all graphical objects, not only what they created. I'm not sure if you can recover them - as far as I know pressing "Ctrl Z" helps to get back only(?) the last deleted object.. Check, maybe you have your original data saved in some Templates or Profiles (of'course, just in case if you saved them in advance).

Regards
  • #99,038
  • Jul 21, 2011 9:09am Jul 21, 2011 9:09am
Quoting mbqb11
Adi

You are still thinking about things in only one way which is

Full bar loss, or small win

Why do you HAVE to take profit at the FTA? Why can't you use that information. Why do you HAVE to take a full bar loss|


Let that soak in my friend
Mike
Hi Mike, well yes I honestly think A LOT about this, in details, with examples, backtest etc. Different trade management variations etc.

And I just can't come up with one solid way to do things, all are good and bad at the same time.... so I keep on thinking, I don't know.

thanks for your advice, maybe it just takes some more time..
  • #99,039
  • Jul 21, 2011 9:22am Jul 21, 2011 9:22am
Please comments on this.Thanks
Sohail Riaz
Attached Image (click to enlarge)
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  • #99,040
  • Edited 9:36am Jul 21, 2011 9:26am | Edited 9:36am
Quoting Adilius07
...I just can't come up with one solid way to do things, all are good and bad at the same time.... so I keep on thinking, I don't know.
thanks for your advice, maybe it just takes some more time..
my guess is...
your constant thinking about R:R is distracting u, slowing down your improvement &/or clouding your judgement & perspective.
concentrate more on the S/R's & what u see on the chart, & reduce thinking/computing risk-reward ratios.
i think u are correct, it may take some more time.. (think less, & spend more chart time)

Quoting featurelion
Please comments on this
hello Sohail,
u can also view it as a BUOB, engulfing prior 4 bars.
potential move toward 1.1950 area.

try to plot your S/R's , PPZs before u look for setups. this way, it will be easier for u to see & assess if a trade setup is good for u or not.
EUR had a wild up& down ride today, so be careful
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