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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

  • #99,921
  • Aug 4, 2011 2:17pm Aug 4, 2011 2:17pm
Took this PBT&CA yesterday. I had a weekly level drawn at 1.5800 which lined up almost bang on with a 38.2 ret on the daily.
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Anything can happen.
  • #99,922
  • Aug 4, 2011 2:20pm Aug 4, 2011 2:20pm
When I noticed price had broken through 1.5800 I looked on 4H and there was the pull back - retest in the blue boxed area. So I entered at 1.5810, put a stop a bit below the blue box and took full profit at the next fib level up.

Thank you James (and Jaroo)
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Anything can happen.
  • #99,923
  • Aug 4, 2011 2:21pm Aug 4, 2011 2:21pm
Quoting james16
While im gone im sure we will reach 100,000 posts...
Proof of the integrity of your work, thread and the people the frequent here

You deserve it Jim!
  • #99,924
  • Aug 4, 2011 2:34pm Aug 4, 2011 2:34pm
Quoting 5.25
Hi all

Can anyone help rationalise this one?

I've posted a before and after on the 4h and what could be a BEOB on the daily (Yet to close).

I marked out 42.19 as an area to watch for PA in the morning then watched the charts from work. Support turning to resistance, resistance turning to support, price respecting trendlines etc. All good. Then price hits 42.19 (Area I marked) and we have a MASSIVE sell off virtually to the pip! Can anyone explain why? I was expecting price to go short, just not so aggressively.

I was tempted to enter on...

No need to regret staying out.
I rather stay out wishing I was in than being in a trade wishing I was out.

PP
  • #99,925
  • Aug 4, 2011 2:35pm Aug 4, 2011 2:35pm
Quoting Pip_Predator
No need to regret staying out.
I rather stay out wishing I was in than being in a trade wishing I was out.

PP
Very true!
  • #99,926
  • Aug 4, 2011 2:39pm Aug 4, 2011 2:39pm
Shouldn't we let Jim write the 100k post?
C'mon, it's just 52 posts ahead and he seems to be online...
Trading: the skill of avoiding trades
  • #99,927
  • Aug 4, 2011 2:52pm Aug 4, 2011 2:52pm
Quoting eswap0
Shouldn't we let Jim write the 100k post?
C'mon, it's just 52 posts ahead and he seems to be online...
51...
  • #99,928
  • Aug 4, 2011 2:54pm Aug 4, 2011 2:54pm
Quoting eswap0
Shouldn't we let Jim write the 100k post?
C'mon, it's just 52 posts ahead and he seems to be online...
Lets do it!
  • #99,929
  • Aug 4, 2011 3:01pm Aug 4, 2011 3:01pm
Imagine when we get to the 1.000.000th....
  • #99,930
  • Aug 4, 2011 3:09pm Aug 4, 2011 3:09pm
What's up with the market? Looks scary..
Our local market is gonna crash tomorrow for sure... too bad we are not allowed to short at all...
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  • #99,931
  • Aug 4, 2011 3:11pm Aug 4, 2011 3:11pm
Can anybody recommend a platform for demo trading futures ?

Thanks
  • #99,932
  • Aug 4, 2011 3:16pm Aug 4, 2011 3:16pm
Quoting james16
not raining on the party but i have a question.

i see a lot of people losing on 4 hour.

I assume that all of you have gone thru the full demo process outlined in post 1?

I also assume that if your on 4 hour you have been doing this a while since to be on 4 hour means you have spent 3 to 6 months trading succesfully on daily.

Bottom line is this.

2011 makes 29 years ive been doing this and i can say with virtual certainty that if you dont follow the outline (or something similar) your going to fail.

I know a lot of you demo 4 hour along...
PLEASE PLEASE GUYS I NEVER POST IN ALL CAPS

I HEARD OF TWO BLOWN ACCOUNTS TODAY ON PEOPLE IGNORING THE JAMES16 REQUIRMENTS. IT HURTS ME BECAUSE I CARE TOO, WE ALL DO HERE OR WE WOULDN'T POUR LITERALLY THOUSANDS OF HOURS INTO THIS. These are very nice people and it has nothing to do with that. It has to do with treating this like a business. Some people have to learn that way and I get it, but you don't need to blow accounts. No one should be blowing accounts.
I never post in all caps, but PLEASE follow the outline in post one. PLEASE.

Thank you caps are done
Mike
  • #99,933
  • Aug 4, 2011 3:19pm Aug 4, 2011 3:19pm
Quoting james16
Im getting out of the heat for a week starting tomorrow and heading for my favorite place, Northern New Mexico.

While im gone im sure we will reach 100,000 posts.

I want to say thanks to all that have made this a fun and magical place the last 6 plus years.

Words cannot describe what all of you have meant to me.

I really do love all of you.

See you around 8/15 or so.
enjoy buddy you deserve it.
  • #99,934
  • Aug 4, 2011 3:37pm Aug 4, 2011 3:37pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting 5.25
Can anyone help rationalise this one?

I marked out 42.19 as an area to watch for PA in the morning then watched the charts from work. Support turning to resistance, resistance turning to support, price respecting trendlines etc. All good. Then price hits 42.19 (Area I marked) and we have a MASSIVE sell off virtually to the pip! Can anyone explain why? I was expecting price to go short, just not so aggressively.

5.25, From Zerohedge today: "The epic blow out accelerates with the widely followed (by the administration) DJIA dropping by over 400 points at last check. And as we warned earlier, the liquidation sell offs in PM, to no small part driven by rumors of yet another CME margin hike, are picking up pace, with silver tumbling from over $42 to just $38.50.
http://www.zerohedge.com/news/flash-...buy-orders-now

In 20 minutes we may see a daily BEOB on silver that:
a. occurs at swing high
b. engulfs the previous 10 bars
c. broke through BRN of 40.00
d. broke 50 Fib

John
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  • #99,935
  • Aug 4, 2011 4:04pm Aug 4, 2011 4:04pm
I cannot believe the markets today, unbelievable. Thankfully I was on the right side of a trade and benefitted from the 'crash'. But Forex has a nasty sting in its tails. Plan your trade and trade your plan, know your trade and know your plan, manage your risk. Know what you are doing, if it goes wrong then hey. Monitor your trades, if your not performing then something is wrong! stop trading, re-evaluate. If you dont know why your not performing then you shouldnt be trading. It takes commitment and learning, also the desire to get positive results and to know when you are wrong.

Make sure that your quest in Forex is a positive one and that you can learn something from the great traders on here (James16) and heed there advice.

At the end of the day you are responsible for pressing the BUY or SELL button, its not a responsibility to be taken lightly.

Really understand what you are doing, dont just take any other traders word for it, take a moment to understand the reality of a potential trade, accept that you might be wrong but hey you already know your risk...

If you dont know your risk then your account will melt away until you cant trade anymore.

A newbies enthusiasm to trade and be in the market counteracts the due dilligence required to participate in the markets, thats why 95% fail in this business.

I was a newbie once and made mistakes, blew my live account twice (oh the pain). I was not aware of my actions, no real plan (just a thought/hunch), risk management (What does that mean), false dreams of poor trades becoming winners.

Every trader needs to have the light bulb moment!, the thoughts that "this really works for Me". Its a voyage of self discovery people.

Thanks to all the seniors for there charts, analysis, time devoted to helping others (not forgetting the great man himself, James). Good trading. Steve.
Enter Signature
  • #99,936
  • Aug 4, 2011 4:15pm Aug 4, 2011 4:15pm
Thanks James - most helpful

JR

Quoting james16
great question.

maybe the best question.

i never ever ever take a full bar loss. in fact its very rare for me to take anything more than 30 to 50 pips.

i try to position myself with a solid s/r area so i have an intelklegent place to get out if it does as you refer.

its more about location than it is a partricular bar.

jim
Be happy, be humble.
  • #99,937
  • Aug 4, 2011 4:50pm Aug 4, 2011 4:50pm
Quoting aserbfx
ym need to find support here. otherwise it is in the ass.
Had a sneaking suspicion that if we went too far below 11500 that we would likely see 11000. This just shows it esp with the fall below that area of support that you have shown. As always, thanks for taking the time to share that with us.

Ryan
  • #99,938
  • Aug 4, 2011 4:57pm Aug 4, 2011 4:57pm
Quoting Pip_Predator
No need to regret staying out.
I rather stay out wishing I was in than being in a trade wishing I was out.

PP
Everytime that I see a quote like this I have to take a moment just to take in the gravity of it's content. Well put partner. These are words to trade by. Might just have to make this my quote on my desktop wallpaper

Ryan
  • #99,939
  • Aug 4, 2011 4:59pm Aug 4, 2011 4:59pm
Quoting eswap0
Shouldn't we let Jim write the 100k post?
C'mon, it's just 52 posts ahead and he seems to be online...
Been thinking the exact same thing! Ha ha glad to see that others are on board. Time to lock the thread at 99,999. Jim can insert his usual words of wisdom
  • #99,940
  • Aug 4, 2011 5:16pm Aug 4, 2011 5:16pm
prob not gonna be here. i leave tomorrow around 3.

no worries guys.

jim

Quoting gungriffin
Been thinking the exact same thing! Ha ha glad to see that others are on board. Time to lock the thread at 99,999. Jim can insert his usual words of wisdom
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