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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

  • #108,361
  • Mar 2, 2012 2:20pm Mar 2, 2012 2:20pm
Quoting leckytech
Hi Folks,

Ok time to dip my toe in....

If you dont mind Im a complete newbie to forex and have a question or two.

Is the paid service by James still active and running?

Is it suitable for a complete newbie or should I read this entire thread first :shock: then go for the paid service/

I understand the very basics but am struggling a little with talk of confluence etc

Is there any merit to reading the "entire" thread?


Thanks for any help

Paul
Hey Paul

Welcome to the thread

I like to tell people to read at least the first few hundred pages, and hang here for a few months. Be sure this stuff is what you are looking for and if you decide to join us in the PF(yes very active still) we would love to have you

If you have questions just post up

Best
Mike
  • #108,362
  • Mar 2, 2012 2:21pm Mar 2, 2012 2:21pm
Quoting leximus
Hey guys,
I'm currently in the NZD/USD short, 0.8250 level seems strong to me. Is there a story here to try to catch a runner? I don't see a great story here. There is a divergence on MACD, but that's all.
Mike says, price keeps consolidating until proven otherwise. So, the best option is to take profit on the bottom of the box.
What do you think?
Hey Lex

Looks good. We don't have to take profit. We can also see if price wants to breakout too. I am short the nzd/hkd in a similar sense that price is now at the bottom of the box. I am now looking to see if price will be able to break out of it. Those areas are good places to get to b/e reduce risk etc. Always depends on the situation for me.


Have a great weekend
Mike
  • #108,363
  • Edited 4:00pm Mar 2, 2012 2:38pm | Edited 4:00pm
Quoting ghous
It was a good bar actually except that the bar high at 67.2 was sticking out like a sore thumb. lol

Have a great weekend guys.

g.
Hey ghous , share me that "tick value" indicator . Please please please !


EDIT: Found it !
  • #108,364
  • Edited 3:30pm Mar 2, 2012 3:20pm | Edited 3:30pm
Quoting mbqb11
Hey Paul

Welcome to the thread

I like to tell people to read at least the first few hundred pages, and hang here for a few months. Be sure this stuff is what you are looking for and if you decide to join us in the PF(yes very active still) we would love to have you

If you have questions just post up

Best
Mike
Thanks Mike, I had better get reading then

Just looking at the AUD/USD is this a possible classic DBHLC with a previous pinbar as well as long as it closes lower than the previous low? I know its Friday an all but just trying to get my head round things. Just observing really

Paul

http://imageshack.us/photo/my-images/11/14955580.png/
  • #108,365
  • Mar 2, 2012 3:37pm Mar 2, 2012 3:37pm
Quoting leckytech
Thanks Mike, I had better get reading then

Just looking at the AUD/USD is this a possible classic DBHLC with a previous pinbar as well as long as it closes lower than the previous low? I know its Friday an all but just trying to get my head round things. Just observing really

Paul

http://imageshack.us/photo/my-images/11/14955580.png/
Hey Paul

Yep that would be correct, my feed it would be a BEOB but often the two are very close. Location would be stuck in the box of consolidation, we want to see these at nice swing high points when starting out.

Here is an example of a great DBHLC

have a nice weekend
Mike
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  • #108,366
  • Mar 2, 2012 3:45pm Mar 2, 2012 3:45pm
Thanks for that Mike...so much to learn.

You have a great weekend also..

Paul
  • #108,367
  • Mar 2, 2012 3:45pm Mar 2, 2012 3:45pm
I read someting about patience(this is my big problem in forex) and I think is an good article for all who dont have patience to whait for best setup, enjoy it

Think about that point for a minute…‘Patience in the face of constant temptation’…yes, that’s essentially what successful Forex trading requires. It’s like having a fully-automatic AK-47 with your finger on the trigger and only being able to shoot 4 or 5 bullets a month…most people are going to fail at that task. So, are you ready to man-up and dig deep and refrain from firing your gun (entering the market) until a painfully obvious price action setup shows itself? Or are you just going to give in to that temptation and start shooting all your ammo away at everything you see? Your ammo is money, and I assume your money is a limited resource, so don’t waste it by trading just because you “want” to be in a trade. Instead, you need to have the patience to wait for only high-probability trade setups that meet the criteria you’ve predefined in your forex trading plan.
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #108,368
  • Mar 2, 2012 6:03pm Mar 2, 2012 6:03pm
Good area for short IMHO. 48h to go

Happy weekend folks.
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  • #108,369
  • Mar 2, 2012 6:09pm Mar 2, 2012 6:09pm
Voicing my thoughts guys.
Liking this chart on NZDCAD.
Big DBHLC out of a box, FTA is ~40 pips I think with a PPZ and Fib level. So think I will demo it.
Again, would love some senior comments and criticisms.


http://my.jetscreenshot.com/11256/m_...nplg-109kb.jpg
  • #108,370
  • Mar 2, 2012 6:10pm Mar 2, 2012 6:10pm
Quoting heebbyjeeby
Voicing my thoughts guys.
Liking this chart on NZDCAD.
Big DBHLC out of a box, FTA is ~40 pips I think with a PPZ and Fib level. So think I will demo it.
Again, would love some senior comments and criticisms.


http://my.jetscreenshot.com/11256/m_...nplg-109kb.jpg
And weekly


http://my.jetscreenshot.com/11256/m_...6wac-105kb.jpg
  • #108,371
  • Mar 2, 2012 6:23pm Mar 2, 2012 6:23pm
Quoting heebbyjeeby
And weekly


http://my.jetscreenshot.com/11256/m_...6wac-105kb.jpg
Hey Heeby

I'm no senior but this is how I see it.

Nice bearish bar on the W1 Chart. Entry short at 0.8274 + Spread. Former support, becomes new found resistance. 38.2% fib retracement as confluence. Exit at 0.8138.

The D1 Double High Lower Close did much the same thing:

Quoting 5.25
Nice bearish drop on NZDCAD. I won't be surprised if 0.8350 holds up as resistance if price closes as is.
Hope this helps.

(Not a trade recommendation, just my view of course.)
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  • #108,372
  • Mar 2, 2012 6:43pm Mar 2, 2012 6:43pm
Quoting brzvadeg
Attachment

Monthly bearish pin already in play
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  • #108,373
  • Mar 2, 2012 10:38pm Mar 2, 2012 10:38pm
Quoting Bryan
Monthly bearish pin already in play
I'm really gonna hate not taking that, but I only trade the markets I'm familiar with, currently EUR/USD, USD/JPY, and GBP/USD. I'm sure I'll be crying all month watching that pair plummet. lol

Hey guys, how far down does the 2nd close have to be to be considered a DBHLC? I'm looking at this chart, highs are within .7 pips of eachother, and the 1st "body" is engulfed by the second, but the close never managed to swallow the 1st day's low. Does that invalidate this signal? I was thinking not because this is essentially a 2-week pinbar, but as I am a bit of a newb, I wanted some feedback from some of the more experienced members. I included the daily to help explain a bit about what I'm seeing and why I am expecting a reversal.

Anyhow, guys, have a great weekend, and good luck in the following week. Scratch that, cause luck is for gamblers! And thanks again for everyone sharing their knowledge and experience. Hopefully soon, I'll see you guys in the PF!

P.S. The MA is the 365.
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Currency is a joke. And that's precisely why I trade it.
  • #108,374
  • Mar 3, 2012 1:34am Mar 3, 2012 1:34am
Quoting Bryan
Monthly bearish pin already in play
Pin bar is very small. Look at the previous bar.
  • #108,375
  • Mar 3, 2012 2:04am Mar 3, 2012 2:04am
Audcad,Audusd may be correction and return to trend line. who how does think?
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  • #108,376
  • Mar 3, 2012 3:09am Mar 3, 2012 3:09am
Quoting 5.25
Good area for short IMHO. 48h to go

Happy weekend folks.
well dont sell at the demand.....one of my rules...but one below we might sell the retest
Hero calls followed by margin calls...
  • #108,377
  • Mar 3, 2012 8:31am Mar 3, 2012 8:31am
Quoting mbqb11

Welcome to the thread

I like to tell people to read at least the first few hundred pages, and hang here for a few months. Be sure this stuff is what you are looking for and if you decide to join us in the PF(yes very active still) we would love to have you

If you have questions just post up

Best
Mike
I have also been a silent follower of this amazing thread and been thinking of joining the J16. Before I have done everything like a rookie does (burning money) and when I first started to read this thread, I just commanded myself to run against the wall like I have done so far. 40 trades a day no problem... profit...aaa You would say when I was "lucky". Then I started do demoing again and looking for other possibilities. And here I am. Last month I did 4 trades (2 were old habits, one was stopped by right SL and the last one made all the others even.) I now know that fx can be very simple and You will be hearing more from me in the future.

But for me right now is hard to fully understand what you are speaking about. In the beginning I just read and googled all the time, because of the abbreviations. I was like a one year old who was reading newspaper, the pics I understud, but everything else... no way. Right now I would say I am a six year old... I know about what you´re speaking about but no clue how to do it on my own.
  • #108,378
  • Mar 3, 2012 9:14am Mar 3, 2012 9:14am
Quoting brzvadeg
Pin bar is very small. Look at the previous bar.

Yup...higher lows on the monthly. She's heading up for sure. There's a few pips for the takin anyway.
  • #108,379
  • Mar 3, 2012 9:25am Mar 3, 2012 9:25am
Quoting annu333
I have also been a silent follower of this amazing thread and been thinking of joining the J16. Before I have done everything like a rookie does (burning money) and when I first started to read this thread, I just commanded myself to run against the wall like I have done so far. 40 trades a day no problem... profit...aaa You would say when I was "lucky". Then I started do demoing again and looking for other possibilities. And here I am. Last month I did 4 trades (2 were old habits, one was stopped by right SL and the last one made all the others...
www.babypips.com
Hero calls followed by margin calls...
  • #108,380
  • Mar 3, 2012 11:27am Mar 3, 2012 11:27am
Quoting smozmo
I read someting about patience(this is my big problem in forex) and I think is an good article for all who dont have patience to whait for best setup, enjoy it

Think about that point for a minute…‘Patience in the face of constant temptation’…yes, that’s essentially what successful Forex trading requires. It’s like having a fully-automatic AK-47 with your finger on the trigger and only being able to shoot...

I think this has a lot to do with account size. I for one know I tend to over trade and throw money management out the window, trying to grow a small account. However, If say, 50 pips weekly would make you a small fortune risking only 1/2% of ones account, wouldn't it be easier to only take the "for sure" trades? I think it would be for me. But it's a double edged sword.....I'll never grow my account being foolish. And I'll never get anywhere (fast) being careful.
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