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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

  • #109,881
  • Apr 5, 2012 6:35am Apr 5, 2012 6:35am
Quoting meshka
my dream of beast..

you mean this movement?

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  • #109,882
  • Apr 5, 2012 6:43am Apr 5, 2012 6:43am
Quoting Magestic
First of all we saw beautiful 85.00 support, that was tested multiple times. Was too risky to sell on pure break. But it finally broke. All I was waiting for is the retrace to 85.00 and bearish confirmation. Also Rust gave me a great hint yesterday (second chart), as 85.00 had a little test and rejected. 1H pinbar gave me more confidence that 85.00 is the resistance now.


Play these carefully and as you've done above and you're doing well. Good trade.
  • #109,883
  • Apr 5, 2012 6:49am Apr 5, 2012 6:49am
Quoting utiq
you mean this movement?

Attachment
LOL ...thats a big dream but Yes its a valid one

I have another one for USDCAD
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all is eternal - this is good news for people who loves bad news
  • #109,884
  • Apr 5, 2012 7:04am Apr 5, 2012 7:04am
Quoting meshka
LOL ...thats a big dream but Yes its a valid one

I have another one for USDCAD

yeah ... now there is a fun ...
will wait
  • #109,885
  • Apr 5, 2012 7:07am Apr 5, 2012 7:07am
Quoting meshka
Yeeeah... You and Mike must print those EURCHF and USDCHF charts with those trades, put to golden frame and pose for a photoshot with it like those hunters when they shot big lion in Africa...
when I look at this pin it looks like we can see 1.4500 or something.
Hahahaha . Gotta ask if Mike is agree for a group shot

Quoting meshka
my dream of beast..
I'm with you for this one ! Pretty indeed .
  • #109,886
  • Apr 5, 2012 7:13am Apr 5, 2012 7:13am
and the last ... golden one
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all is eternal - this is good news for people who loves bad news
  • #109,887
  • Apr 5, 2012 7:22am Apr 5, 2012 7:22am
so it looks like some big ones is about to exchange their gold for green paper and push it to the highs, create some bubbles and other fun, sell there and buy all cheap gold again... meshka's zeitgeist message LOL
all is eternal - this is good news for people who loves bad news
  • #109,888
  • Apr 5, 2012 7:29am Apr 5, 2012 7:29am
Quoting meshka
and the last ... golden one
Orrr....

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sorry for the language ... Google translate something!!!

PS to Meshka: Do you speak Russian?
  • #109,889
  • Apr 5, 2012 7:41am Apr 5, 2012 7:41am
yes my friend but only in PM
all is eternal - this is good news for people who loves bad news
  • #109,890
  • Apr 5, 2012 7:43am Apr 5, 2012 7:43am
Well that 1hr UsdChf pin was blown out of the water...


Quoting Pinbar
Don't torture yourself with H1, you should be looking at the weekly & daily time frames.

I thought alot of people on this thread traded h1 setups? I know its important to still look at important daily/weekly levels though.
  • #109,891
  • Edited 8:00am Apr 5, 2012 7:46am | Edited 8:00am
Quoting bfd
Well that 1hr UsdChf pin was blown out of the water...

I thought alot of people on this thread traded h1 setups? I know its important to still look at important daily/weekly levels though.


Did you read post number 1?

MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):

  1. ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
  2. OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
  3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
  4. IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE YOUR MONEY.
  5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.





If you are here to learn the J16 methodology, you really need to trade the higher TFs and forget H1.


The reason being that, it is easier to learn the higher TF setups and flip areas than H1.

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  • #109,892
  • Apr 5, 2012 7:55am Apr 5, 2012 7:55am
Quoting Rust
Hahahaha . Gotta ask if Mike is agree for a group shot



I'm with you for this one ! Pretty indeed .
those are the ones we wait all year for
  • #109,893
  • Apr 5, 2012 7:58am Apr 5, 2012 7:58am
Quoting Rust
This month starts pretty busy for me . Another trade :

Attachment

- Nice shape BUOB , engulfing several bars breaking out of consolidation
- 5.000 BIG BIG round number and a PPZ
- Price is rounding - major reason to take this trade
- Putting higher lows before if breaks - shows bulls power

note : this is FXpro feed where pullback didn't quite tested 5.000 , but on my live feed it's tested nice !
very good job Rust
  • #109,894
  • Apr 5, 2012 8:00am Apr 5, 2012 8:00am
Quoting Quezoy
Oh well, a loss again.
Anyone willing to comment my analisys?


After a pinbar on the 1.59 RN to which price reacted in the past, I've decided to go for a long.
The issue I see with this trade is:
1. Not puting my entry above the high of the pin. In that case, my order would not have been triggered.
2. This downmove is the result of a doji + following strong bull candle from a level, where there is confluence of BRN 1.6 and weekly TL. So we can judge this is pretty strong.
Trading against it, even for a small retracement is not appropriate....
Hey Q

Did you see my post on this one here

You got some great comments below to, just wanted to add

http://www.forexfactory.com/showthre...27#post5543427

Best
Mike
  • #109,895
  • Apr 5, 2012 8:06am Apr 5, 2012 8:06am
Quoting mbqb11
very good job Rust
Thank you Mike !

I wanted so bad to see this one close above 5.0500 (i drew the reason on the chart) , but i didn't get it .
I don't want to take a loss if this ppz holds , so most likely i see this as a BE .
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  • #109,896
  • Apr 5, 2012 8:10am Apr 5, 2012 8:10am
Quoting Rust
Time to move stop at least at BE ? For me - yes !
Hope to see 1.0250 act as resistance .
How did you manage this one Rust?

Interesting to post here as i know some people took the pin long (hopefully escaped after my warning!).

I am back in short
  • #109,897
  • Apr 5, 2012 8:13am Apr 5, 2012 8:13am
i failed on the gbpusd pinbar as well. i failed to identify that it was in the middle of a box, and i had the boxes drawn on the chart just as Mike said. just goes to show that you need to keep a straight head and heed the warning signs. anticipation is killer and we, the noobs around here, need to understand to wait for confirmation and correctly identify PA.

Mike thank you for telling me about these boxes, i've learnt my lesson and i will take this chart and glue it to my forehead.

on the usdchf i'm curious if it closes above the 9250 area.
still with my eye on audcad too.
  • #109,898
  • Apr 5, 2012 8:19am Apr 5, 2012 8:19am
Quoting beebolbod
How did you manage this one Rust?

Interesting to post here as i know some people took the pin long (hopefully escaped after my warning!).

I am back in short
Stop reduced after the initial HARD break of the BUOB . Now, if i don't see new strength coming , I'll cut it to BE.
Let's say the rising lows (on my original chart) were steeper (more like wedging than a channel) , i should hold it for a while . But now i really see a possible chop before something happens .
  • #109,899
  • Apr 5, 2012 8:21am Apr 5, 2012 8:21am
Quoting heaven
i failed on the gbpusd pinbar as well. i failed to identify that it was in the middle of a box, and i had the boxes drawn on the chart just as Mike said. just goes to show that you need to keep a straight head and heed the warning signs. anticipation is killer and we, the noobs around here, need to understand to wait for confirmation and correctly identify PA.

Mike thank you for telling me about these boxes, i've learnt my lesson and i will take this chart and glue it to my forehead.

on the usdchf i'm curious if it closes above the 9250 area....
Don't beat yourself man . Trading is like everything in life . It takes practice to get it right . Then it gets practice to do it good . Give yourself 10 000 hours of chart time and trading . THEN you will be a MASTER
  • #109,900
  • Apr 5, 2012 8:25am Apr 5, 2012 8:25am
Quoting Rust
Don't beat yourself man . Trading is like everything in life . It takes practice to get it right . Then it gets practice to do it good . Give yourself 10 000 hours of chart time and trading . THEN you will be a MASTER
AMEN TO THAT!
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