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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

  • #102,301
  • Sep 27, 2011 4:32am Sep 27, 2011 4:32am
Sometimes it becomes difficult..
u knw this will work out..but then u hav an iota of concern n skip the trade..
u get confused wat to do wat not to..but u knw it will work out..which also confuses to chose the best probable setup among multiple setups.
crazy life!

(nice PB but with slaughtering downtrend)
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  • #102,302
  • Edited 5:48am Sep 27, 2011 5:33am | Edited 5:48am
So many setups, feels like Christmas
W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #102,303
  • Sep 27, 2011 6:31am Sep 27, 2011 6:31am
Quoting kruger
So many setups, feels like Christmas
There's always setups kruger, not matter what strategy you use. It's having the patience to filter out the good ones from the bad ones.

But it does feel like a few are arriving at once this week so far.
  • #102,304
  • Sep 27, 2011 6:39am Sep 27, 2011 6:39am
Lovely BUOB off the low of the 60m cable chart. Not on this one as I'm about to head out, so won't be at the chart to manage it. But on face value looks a nice setup.
  • #102,305
  • Sep 27, 2011 6:47am Sep 27, 2011 6:47am
Quoting picon1
There's always setups kruger, not matter what strategy you use. It's having the patience to filter out the good ones from the bad ones.

But it does feel like a few are arriving at once this week so far.
True.
For me "yesterday good ones" was GBP/NZD short @ 1.9867 and NZD/JPY long @ 59.84. Both daily PB break outs.
W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #102,306
  • Sep 27, 2011 7:57am Sep 27, 2011 7:57am
Quoting AvanishDemo
Sometimes it becomes difficult..
u knw this will work out..but then u hav an iota of concern n skip the trade..
u get confused wat to do wat not to..but u knw it will work out..which also confuses to chose the best probable setup among multiple setups.
crazy life!

(nice PB but with slaughtering downtrend)
Hey AV

A short post but offering good insight....it can be confusing with multiple (pin) setups everywhere? How do we choose? Which ones are the best etc? Do we risk a few at the same time? What if we dont take them and they work out?!! It is all about psychology!!

You couldd have been writing this post for me man!!

Kal
  • #102,307
  • Sep 27, 2011 8:18am Sep 27, 2011 8:18am
Quoting Kalbar
Hey AV

A short post but offering good insight....it can be confusing with multiple (pin) setups everywhere? How do we choose? Which ones are the best etc? Do we risk a few at the same time? What if we dont take them and they work out?!! It is all about psychology!!

You couldd have been writing this post for me man!!

Kal
Mike (mbqb11) made a fantastic post the other day, saying something like 'it's all about location and confluence'. Just those few words really galvanised my thinking about pins, which really are only part of the story.



EDIT: Just re-read your post and I obviously missed your sentiment entirely - apologies. I'll leave this here in case it helps anyone else. Plus I wanted to thank Mike for his little bit of genius!
When the going gets weird, the weird turn pro.
  • #102,308
  • Sep 27, 2011 8:27am Sep 27, 2011 8:27am
Quoting stark1
Mike (mbqb11) made a fantastic post the other day, saying something like 'it's all about location and confluence'. Just those few words really galvanised my thinking about pins, which really are only part of the story.



EDIT: Just re-read your post and I obviously missed your sentiment entirely - apologies. I'll leave this here in case it helps anyone else. Plus I wanted to thank Mike for his little bit of genius!
Hey stark

No worries man we are all here to encourage and support. My only concern on some of the pins printed yesterday was the strength of some of the previous down moves which were powerful. However pins at swing high and low are usually reliable to hit FTA.

Kal
  • #102,309
  • Sep 27, 2011 8:43am Sep 27, 2011 8:43am
Quoting Kalbar
Hey stark

No worries man we are all here to encourage and support. My only concern on some of the pins printed yesterday was the strength of some of the previous down moves which were powerful. However pins at swing high and low are usually reliable to hit FTA.

Kal
Hey Kal

I always look to take ONLY the best one. I don't like over exposing myself to one idea. That is essentially what you do when things are so closely correlated. For example I was short on usd/nok before the dailies formed. Because of this reason I was uninterested in any of the daily action that was probably going to be very tied to my trade(meaning the USD retraces silver/gold etc were all turning and retracing). Instead I used that information as additional confluence to hold onto my trade to see if it could have a bigger run. For this reason where I normally would have taken profit allowed me to stay in now for a larger move if it comes.

Just thought I would share a different way information can help , and if no entry fits your criteria then you simply play the where is price going game so you can fine tune your skills when you do take a trade

Hope that helps
Mike
  • #102,310
  • Sep 27, 2011 10:00am Sep 27, 2011 10:00am
Quoting mbqb11
Hey Kal

I always look to take ONLY the best one. I don't like over exposing myself to one idea. That is essentially what you do when things are so closely correlated. For example I was short on usd/nok before the dailies formed. Because of this reason I was uninterested in any of the daily action that was probably going to be very tied to my trade(meaning the USD retraces silver/gold etc were all turning and retracing). Instead I used that information as additional confluence to hold onto my trade to see if it could have a bigger run. For...
Mike thanks for that piece of advice - very insightful as usual and an interesting way to think about things. This may sound extremely silly but there were so many pins forming yesterday it was too much info and I could not focus as my attention was all over the place looking at loads of setups!!

As you say its wise not to overexpose your position in the market but as Avanish said earlier its very frustrating to not take a setup when you are convinced it has a high probability and be on the sidelines as it works out the way you thought it would go based on the PA!

I know its important to take correlation into account so I suppose this must be filed under 'another lesson learned'.

Thanks Mike

Kal
  • #102,311
  • Sep 27, 2011 10:03am Sep 27, 2011 10:03am
Quoting Kalbar
Mike thanks for that piece of advice - very insightful as usual and an interesting way to think about things. This may sound extremely silly but there were so many pins forming yesterday it was too much info and I could not focus as my attention was all over the place looking at loads of setups!!

As you say its wise not to overexpose your position in the market but as Avanish said earlier its very frustrating to not take a setup when you are convinced it has a high probability and be on the sidelines as it works out the way you thought it would...
Hey Kal

If you determined it was a high probability situation, what made you sit out then? Are you in the demo phase?

Just curious
Mike
  • #102,312
  • Sep 27, 2011 10:13am Sep 27, 2011 10:13am
USD/CAD...great location for that pinbar! Working out perfectly
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  • #102,313
  • Sep 27, 2011 10:22am Sep 27, 2011 10:22am
Quoting mbqb11
Hey Kal

If you determined it was a high probability situation, what made you sit out then? Are you in the demo phase?

Just curious
Mike
Mike made the cardinal error of listening to someone elses analysis who did not fancy a lot of the setups because they were CT and despite my misgivings on this analysis I foolishly listened!! So damn frustrated with myself! I should have had a good day in the markets today but it seems I am too easily swayed by others at the moment.

Kal
  • #102,314
  • Sep 27, 2011 10:25am Sep 27, 2011 10:25am
Quoting biDc
USD/CAD...great location for that pinbar! Working out perfectly
Nice one Dc

Hope you go on to make lot more pips on this one!!

Kal
  • #102,315
  • Sep 27, 2011 10:28am Sep 27, 2011 10:28am
Quoting Kalbar
Mike made the cardinal error of listening to someone elses analysis who did not fancy a lot of the setups because they were CT and despite my misgivings on this analysis I foolishly listened!! So damn frustrated with myself! I should have had a good day in the markets today but it seems I am too easily swayed by others at the moment.

Kal
Hey Kal

If that is the case consider making your analysis prior to getting others views/feedback. For better or worse . Or try your best to separate the two so that you can go back and review your own thoughts to progress

No biggie, just do that from now, markets aren't going anywhere

Mike
  • #102,316
  • Sep 27, 2011 10:28am Sep 27, 2011 10:28am
Quoting biDc
USD/CAD...great location for that pinbar! Working out perfectly

yeh i also took that trade . a nice hikkake with divergence
  • #102,317
  • Sep 27, 2011 10:28am Sep 27, 2011 10:28am
Quoting biDc
USD/CAD...great location for that pinbar! Working out perfectly
I'm in this one as well, aiming for parity
Anything can happen.
  • #102,318
  • Sep 27, 2011 10:53am Sep 27, 2011 10:53am
Quoting mbqb11
Hey Kal

If that is the case consider making your analysis prior to getting others views/feedback. For better or worse . Or try your best to separate the two so that you can go back and review your own thoughts to progress

No biggie, just do that from now, markets aren't going anywhere

Mike
Mike

The irony is I have been doing ok in recent months trading at small size and growing my(very small) account very gradually but it seems I still lack confidenceconviction when presented with a setup. Will heed your advice and try and have more selfbelief in my own analysis as it seems to work more often than not!



Kal
  • #102,319
  • Sep 27, 2011 11:23am Sep 27, 2011 11:23am
Quoting Kalbar
Mike

The irony is I have been doing ok in recent months trading at small size and growing my(very small) account very gradually but it seems I still lack confidenceconviction when presented with a setup. Will heed your advice and try and have more selfbelief in my own analysis as it seems to work more often than not!



Kal
Sounds like you are doing great Kal, The learning never stops, and neither does the growing.

Keep it up
Mike
  • #102,320
  • Sep 27, 2011 11:25am Sep 27, 2011 11:25am
Quoting Kalbar
The irony is I have been doing ok in recent months trading at small size and growing my(very small) account very gradually but it seems I still lack confidence/conviction when presented with a setup....
it may (or may not) take time for u to get confident when/in taking a setup. (confidence from experience)

but IMHO, it would help immensely if u have self-confidence to start with.
feel good about yourself; think positive.
think of &/or list all of your best attributes, successes, good past experiences - this will help u draw/accumulate self-confidence.

trading is a personal battle &/or journey. IMHO, success in it depends on, & is directly proportional to, one's personal outlook.
just imagine... an athlete who has a gloomy personal outlook during a game or a general going into war lacking conviction, do u think both would win?
erase/avoid any negativity in your mind... replace with happy thoughts/positive vibes/affirmations.
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