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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

  • #118,761
  • Sep 20, 2012 8:16am Sep 20, 2012 8:16am
Quoting nuclear62
Hey guys. Id like to hear your thoughts about this.

Is very high risk (30-50%) just stupid and doomed strategy?

I like to speak more about expectancy than just risk procent.. Expectancy is defined as loss times possibility of a loss plus win times possibility of a win. So if we are extremelly picky, its possible to have the expentancies of the trades very high and profitable.

My scenario is here to have "risk account" and more conservative account of course where the main trading would happen. Picky means to me very obvious stories...

As pinbar said if you have a "gambling" account well that would be up to you. I do actually. It's money I kiss goodbye but take well educated larger risk accounts. I think of it as going to a casino where the odds are in my favor. But it is money I consider VERY different then my account and again it is HUGE risk if you are risking amounts like that. So I could blow that account but its money i personally put back and it's like my scratch off ticket that I win a lot more at LOL

But I don't recommend someone who can't build an account do this, or someone use this as an excuse to take huge risk for no reason

Best
Mike
  • #118,762
  • Sep 20, 2012 8:17am Sep 20, 2012 8:17am
Let's see if the daily can close above this area.
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  • #118,763
  • Sep 20, 2012 8:57am Sep 20, 2012 8:57am
Quoting mbqb11
now your talking buddy

Here was my chart to the group yesterday
Thanks sir for the reply...

I thought it will give some problem to break because not at BRN and previous big bullish bar... But actually it breaks stong and reach the FTA quickly..
  • #118,764
  • Sep 20, 2012 9:31am Sep 20, 2012 9:31am
Hi mike , Does my USD JPY view makes some sense ?
Whats your view ? Its been too long this this pair has been consolidating ... Would you agree that it might be time for some high momentum BO ?
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Human
  • #118,765
  • Sep 20, 2012 9:33am Sep 20, 2012 9:33am
swedish krona.... it should sink deeper soon
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all is eternal - this is good news for people who loves bad news
  • #118,766
  • Sep 20, 2012 9:36am Sep 20, 2012 9:36am
Quoting Chanya
Hi mike , Does my USD JPY view makes some sense ?
Whats your view ? Its been too long this this pair has been consolidating ... Would you agree that it might be time for some high momentum BO ?
Hey C

Until it breaks for me we could still head down. I would be watching the TL from the daily , the squeeze potential pattern on daily

And my favorite area would be near 75 on weekly

Best
Mike
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  • #118,767
  • Sep 20, 2012 9:45am Sep 20, 2012 9:45am
Quoting mbqb11
Hey C

Until it breaks for me we could still head down. I would be watching the TL from the daily , the squeeze potential pattern on daily

And my favorite area would be near 75 on weekly

Best
Mike
Thanks ... When you have time , please tell me how to draw the trend lines ...

When ever I try to use them , I always have them drawn the wrong way and the right one is always the other way around ... I dont use them but to ignore something majority is using would be not a good idea ....
Human
  • #118,768
  • Sep 20, 2012 9:55am Sep 20, 2012 9:55am
sold loonie here with market order.
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all is eternal - this is good news for people who loves bad news
  • #118,769
  • Sep 20, 2012 10:09am Sep 20, 2012 10:09am
Quoting meshka
sold loonie here with market order.
It does look enticing but for my part I want a closed bar before I jump in.
  • #118,770
  • Sep 20, 2012 10:30am Sep 20, 2012 10:30am
Quoting DaGrizlyBull
Thanks! Appreciate it!
Check out the Weekly and Daily Setup on the UsdMxn ..nice ..

Notice the Daily 365 ema (in black on the Daily) Confluence with our LCS levels.


Classic Setup meeting all of our criteria of Swing points and/or Consolidation, SPACE, Confluence, etc.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #118,771
  • Sep 20, 2012 10:34am Sep 20, 2012 10:34am
Quoting bullzeye
Awesome Jim I like your idea of the Daily Confirmation

Thanks bullz . .much of what I do is checking a series of confirmations . .

Isn't that what a Price Action setup is?? . . .for example, a Bearish Pin Bar at a PPZ level is just a confirmation that the PPZ level is acting as Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #118,772
  • Sep 20, 2012 10:44am Sep 20, 2012 10:44am
Quoting o990l6mh
It does look enticing but for my part I want a closed bar before I jump in.
well i made decision because of this H4 picture... that pinbar... next candle couldnt close above HCR... so I jumped in. aggressive play.

now it looks like BEOB is forming so ... not so bad.
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all is eternal - this is good news for people who loves bad news
  • #118,773
  • Sep 20, 2012 10:47am Sep 20, 2012 10:47am
Quoting trc
Thanks Jim, I'm learning from the best.

Here is another one I took today:

Attachment
I've seen your charts, trc . .you're learning very quickly . .. .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,774
  • Sep 20, 2012 11:12am Sep 20, 2012 11:12am
Quoting Thierry
Jarroo, can you help me with this situation?

Hey Thierry, I would not use Oanda MT4 for your charting . .they are not on the New York Close of 5:00 PM (EST).

With a crazy coss like this one, I would like to use the Weekly HCR/LCS levels . . .and/or if they are aligned with Daily HCR/LCS levels.

There were no Weekly HCR/LCS levels in play here . .Price is in the middle of the market.

Price was initially reactive to these LCS levels when they first broke through and closed below. . .as Price gathered in the middle of this market, they became less effective.
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Indicators show the past. Price Action "Indicates" the future.
  • #118,775
  • Sep 20, 2012 11:18am Sep 20, 2012 11:18am
Quoting Rust
Just got in the latest trade from the "before the fact" series
Wish me luck

Attachment

Classic . .nice one Rust . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,776
  • Edited 12:03pm Sep 20, 2012 11:38am | Edited 12:03pm
Quoting vickym
Hi Jim

Can you provide your inputs on this trade? Do you see anything wrong with the entry? This is underwater at this time



Thanks
Vicky
If you look at the Weekly levels it will make more sense to you, Vicky.

Them crazy crosses like their Weekly levels. When Price is trending strong, the Daily levels (HCR/LCS) become more reactive.
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Indicators show the past. Price Action "Indicates" the future.
  • #118,777
  • Sep 20, 2012 12:31pm Sep 20, 2012 12:31pm
Hi,

I am still learning PA so i will post some charts when i think i see a valid setup.
I just saw one on audchf.
I like the fact that i see a pinbar at a rising trendline and a divergence.
I don't like the fact that the PPZ isn't tested yet and i would have liked some more bullish price action after the pinbar.
Your comments are critics are more then welcome.
http://www.forexfactory.com/attachme...1&d=1348161946

Grtzz,
Nik.
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  • #118,778
  • Sep 20, 2012 12:55pm Sep 20, 2012 12:55pm
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
Hi sitting Duck, does the indicator in the bottom of your chart automatically calculate the Stop Loss & Lot Size when you set a Risk % or does it just display after you place trade, could you share the indicator please.

Thanks, PC
Of all the things I've lost I miss my mind the most .
  • #118,779
  • Sep 20, 2012 1:10pm Sep 20, 2012 1:10pm
Mr C,

You have to tell the indicator the risk% and how big you SL will be,then he will calculate the lot size.
I always leave it on the chart and just change the settings when i want to calculate my lot size.
Attached File(s)
File Type: mq4 Lot calculator.mq4   3 KB | 435 downloads
File Type: ex4 Lot calculator.ex4   4 KB | 352 downloads
  • #118,780
  • Sep 20, 2012 1:34pm Sep 20, 2012 1:34pm
Chanya, what do you think about this? I'm not sure about entries on pair, which gave opposite signal recently...
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