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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

  • #123,321
  • Feb 19, 2013 3:19pm Feb 19, 2013 3:19pm
Hi Mike

What do you think about this one. Is it still short? I have +350 pip
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  • #123,322
  • Feb 19, 2013 4:17pm Feb 19, 2013 4:17pm
Quoting long2339
Hi Mike

What do you think about this one. Is it still short? I have +350 pip
looks great buddy you sure caught some move there

I have tightened my stop up on my short myself will post a chart in a second


Best
Mike
  • #123,323
  • Feb 19, 2013 4:18pm Feb 19, 2013 4:18pm
Quoting Bittereinder
Hi Mike,

Sorry, but I don't really know how to word my question.

How do you trade stocks? I've recently started demoing other markets, but I'm still finding it a little confusing. There's CFD'S (contracts for difference); SSF's (single stock futures); dividend futures; dividend neutral futures; binary options; equities, etc.

Which of these do I go for, if I simply want to trade stocks as a leveraged product, similar to fx?

Hope that you can make some sense of my madness?

Thanks
Hey B

I trade the actual stock equity itself. Stocks in the US you can't trade CFDs so I don't know much about them. Stocks offer very very low leverage think 2:1 type low. I don't know much about options myself but maybe that is an avenue others use for that reason.

Hope that helps
Mike
  • #123,324
  • Feb 19, 2013 4:25pm Feb 19, 2013 4:25pm
Quoting Magestic
Mike, please give advise. Concerning your entry is it time for u to move SL here already, although this is not DBHLC by 3 pips. Did u move it?
Hey M

I reduced my risk today and will look to get to breakeven most likely into the main sessions

Best
Mike
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  • #123,325
  • Feb 19, 2013 4:43pm Feb 19, 2013 4:43pm
Thanks mav. Greatly appreciated!
  • #123,326
  • Feb 19, 2013 11:02pm Feb 19, 2013 11:02pm
Bonjour,

I want to say thank you to the people who have made this thread what it is. The thread has inspired me to step away from indicators and learn about price action and confluence. Which I now see can help me become the trader I want to be.


--A Fellow Trader
I can guarantee that you will never succeed if you never try.
  • #123,327
  • Feb 20, 2013 12:12am Feb 20, 2013 12:12am
Quoting mbqb11
hit my limit on the gap down. Nice big beob gotta love it
Hey Mike hows it going?

Looking at this trade that you did, did you take it because there was a BEOB on the 50% retrace on the daily chart? Round number and a massive monthly BEOB? Anything else that I might be missing. Oh and BTW the think or swim paper money is pretty awesome.
  • #123,328
  • Feb 20, 2013 12:48am Feb 20, 2013 12:48am
Quoting mbqb11
Hey B

I trade the actual stock equity itself. Stocks in the US you can't trade CFDs so I don't know much about them. Stocks offer very very low leverage think 2:1 type low. I don't know much about options myself but maybe that is an avenue others use for that reason.

Hope that helps
Mike
Thanks Mike.
  • #123,329
  • Feb 20, 2013 3:57am Feb 20, 2013 3:57am
So greatfull for you webinar Mike, that u posted here. Helped me to recover the losses on GBP/USD pin on BEOB play after it.
If not up, then down, otherwise sideways :-)
  • #123,330
  • Feb 20, 2013 6:34am Feb 20, 2013 6:34am
Quoting mbqb11
...Stocks in the US you can't trade CFDs so I don't know much about them...
I believe IB (Interactive Brokers) now offer this, though never actually traded them myself.

Dan
  • #123,331
  • Feb 20, 2013 7:10am Feb 20, 2013 7:10am
Quoting mbqb11
Hey M

I reduced my risk today and will look to get to breakeven most likely into the main sessions

Best
Mike
Hey Mike!

Stupid question: On what did you base your trade? Simple BRN CB, and then pending order? Can you show me "how did you see the chart" before taking the position?

Would help a lot. Thank you

Cheers,
Stephen
It's all psychology...
  • #123,332
  • Feb 20, 2013 7:27am Feb 20, 2013 7:27am
Quoting LamerTrader
Hey Mike!

Stupid question: On what did you base your trade? Simple BRN CB, and then pending order? Can you show me "how did you see the chart" before taking the position?

Would help a lot. Thank you

Cheers,
Stephen
Mike explains why and when he would short GBPUSD in this video, that he shared with us on public forum. You probably missed it. All the answers are here. Concerning TP it was quite obviuos.

Quoting mbqb11
here is my clip from yesterdays webinar hope it helps

http://rapidshare.com/files/30399486...aily%20pin.wmv

Best
Mike
If not up, then down, otherwise sideways :-)
  • #123,333
  • Feb 20, 2013 8:31am Feb 20, 2013 8:31am
Quoting mbqb11
Hey M

I reduced my risk today and will look to get to breakeven most likely into the main sessions

Best
Mike
take profit hit on this one
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  • #123,334
  • Feb 20, 2013 8:32am Feb 20, 2013 8:32am
Quoting muwhahaha
Bonjour,

I want to say thank you to the people who have made this thread what it is. The thread has inspired me to step away from indicators and learn about price action and confluence. Which I now see can help me become the trader I want to be.


--A Fellow Trader
Welcome muwhaha(cracked up at your name)

You will feel a sense of clarity once you strip away those dang indicators and just follow price

Post up more with questions when needed

Best
Mike
  • #123,335
  • Feb 20, 2013 8:42am Feb 20, 2013 8:42am
Quoting mbqb11
You'd like this level Aserb, I sent it to the group

I took the BUOB look at that perfect resistance
take profit hit shortly after market open today
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  • #123,336
  • Feb 20, 2013 9:26am Feb 20, 2013 9:26am
Quoting Flamegs23
Hey Mike hows it going?

Looking at this trade that you did, did you take it because there was a BEOB on the 50% retrace on the daily chart? Round number and a massive monthly BEOB? Anything else that I might be missing. Oh and BTW the think or swim paper money is pretty awesome.
Hey F

I took this based on a retrace back to the 100$ mark of that massive beob there yes. I missed the break of the bar so got a much better price when we were close to the $100 mark. This was a pure momentum play with such a massive bar. Worked out nice

Best
Mike
  • #123,337
  • Feb 20, 2013 9:52am Feb 20, 2013 9:52am
EUR/USD: Possible buy setup on following levels
Please comments ... Thanks.
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  • #123,338
  • Feb 20, 2013 9:56am Feb 20, 2013 9:56am
Quoting Magestic
So greatfull for you webinar Mike, that u posted here. Helped me to recover the losses on GBP/USD pin on BEOB play after it.
good job M

Glad it helped

Mike
  • #123,339
  • Feb 20, 2013 9:57am Feb 20, 2013 9:57am
Quoting danjuma
I believe IB (Interactive Brokers) now offer this, though never actually traded them myself.

Dan
did not know that Dan I'll have to do some more research. I always thought CFD trading wasn't legal in the US

Would be cool to see

Mike
  • #123,340
  • Feb 20, 2013 9:59am Feb 20, 2013 9:59am
Quoting LamerTrader
Hey Mike!

Stupid question: On what did you base your trade? Simple BRN CB, and then pending order? Can you show me "how did you see the chart" before taking the position?

Would help a lot. Thank you

Cheers,
Stephen
Hey LT it was a breakout play of the BEOB from the weekly wedge

Here were some charts I sent the group

Best
Mike
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