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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

  • #123,641
  • Mar 8, 2013 1:21pm Mar 8, 2013 1:21pm
Quoting Merryweather
Thank you Mike, really great info. I understand much better. As shown in your pic, if it can close higher than the recent TL, it would be a good set-up for long order? Suppose it is, we then place a buy stop 10 pips above the 2nd bar? And should I place SL under both bars?
You got it!

Best
Mike
  • #123,642
  • Mar 8, 2013 2:05pm Mar 8, 2013 2:05pm
sometimes you need to be patient...

i bought nav months ago (support-area); waited for nearly 9 months till it exploded north.
(monthly chart)
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meine augen sind die sterne
  • #123,643
  • Mar 8, 2013 2:26pm Mar 8, 2013 2:26pm
The ART of being patient and being disciplined .. wish i could build such patience and discipline.

Good Weekend.
  • #123,644
  • Mar 8, 2013 4:28pm Mar 8, 2013 4:28pm
Quoting ghous
Nothing wrong about taking tight trades if you know your trouble areas well.

143.00 was a crucial first target for this setup and we're there without any hiccups. What a James16er will never do is take a full bar loss from this point on

g.
took my pips at 143.10, closed cable for a weekend. EURCAD candle closed weak, expected better close... so lets see how it will open on Monday..

have a good weekend guys.
all is eternal - this is good news for people who loves bad news
  • #123,645
  • Mar 9, 2013 10:01am Mar 9, 2013 10:01am
Quoting mbqb11
Hey Merry

Welcome to the thread

Yep that is a DBLHC. So that is good you identified that. But we always then want to understand the location of these bars. Here is why I would not want to buy back at this area.

So this would be a great bar had it closed much higher up

Hope this helps and welcome to the thread

Mike

I bought eur/usd (long) after Italy downgraded.

TP area 3080/3090

Any advice?

Thx

G
Don't give up
  • #123,646
  • Mar 9, 2013 11:44am Mar 9, 2013 11:44am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting geomink
I bought eur/usd (long) after Italy downgraded.

TP area 3080/3090

Any advice?

Thx

G
Hey G

I'm assuming you're still long, if i'm correct I believe we are looking at some bearish movement as I personally would not have traded into the downward T/L where a beob has formed off it with the added confluence of the 38fib and 365ema, if the beob breaks I think we are looking to the area highlighted in red as a first target.

That's my two cents worth, also assuming you're still long, just my view on things as they stand.

Hope it works out for you bud (if you're still in the trade)

Kind Regards
Sanil
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  • #123,647
  • Mar 10, 2013 4:31am Mar 10, 2013 4:31am
A question please guys if I may.

MOVE STOP TO BREAK EVEN OR NOT?

J16 advocates moving stops to break even. However, I have read statements from some J16 practitioners who are against this and who believe that it is a less effective method long term. What are your takes or opinions on this please. I have found that entering a trade is not the difficult part, but the best way to manage the trade/when to exit. "Cut your losses and let your profits run" is a statement thrown around, but the question is how long do you let your profit run (when do you know it's time to exit for good). Do you start with a minimum R:R in mind before your take a trade?

Many thanks
Dan
  • #123,648
  • Mar 10, 2013 8:40am Mar 10, 2013 8:40am
Quoting meshka
I decided to go short here. .. .

It would seem Beastie's February BEOB is in play. Retracement over.
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  • #123,649
  • Mar 10, 2013 10:50am Mar 10, 2013 10:50am
Quoting danjuma
A question please guys if I may.

MOVE STOP TO BREAK EVEN OR NOT?

J16 advocates moving stops to break even. However, I have read statements from some J16 practitioners who are against this and who believe that it is a less effective method long term. What are your takes or opinions on this please. I have found that entering a trade is not the difficult part, but the best way to manage the trade/when to exit. "Cut your losses and let your profits run" is a statement thrown around, but the question is how long do you let your profit...
Moving to break even depends mainly of your entry in relationship to the level you are trading. A strong level of Support or Resistance may be where you want to move your S/L when the trade is moving in your direction . . but it may not be your entry point for break even..

Exiting profitably depends mainly on your Targets (FTAs) being hit. . .and managing your trade with these targets.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,650
  • Edited 12:10pm Mar 10, 2013 11:11am | Edited 12:10pm
Quoting meshka
I decided to go short here. .. .

Hey Meshka . .great charts as always . .

Mike and ghous have made some valid points . .NFP, etc. . .but this a great example of Lower TF PA off Higher TF levels . .

And since this 4 Hour PB is off Daily and Weekly levels . .we can have Daily and Weekly targets . .(previous Highs and Lows). .which this 4 Hour PB hit nicely . . . .. 4 hour Targets, of course , can also be used.

Very nice, Meshka.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,651
  • Edited 12:47pm Mar 10, 2013 12:35pm | Edited 12:47pm
Quoting meshka
oh yeah guys... thank you for reminder... i know sometimes my trades looks crazy...lol

I like the EURCAD also.... im short on EURUSD cable EURAUD and beast, long USDCHF
I like the EurCad too , Meahka . .

Triple Action level . . three LCS levels lining up. .nice.

To bad that BEOB didn't Close (below) stronger . .still a great level to watch this week ..

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,652
  • Mar 10, 2013 1:10pm Mar 10, 2013 1:10pm
Quoting Danku
The ART of being patient and being disciplined .. wish i could build such patience and discipline.

Good Weekend.
I believe anyone can D. Just takes time. And the more you beat yourself up the more you have to recognize it and create change. Then the wheels will start spinning. Take small steps to work on the things that you find most difficult. If being patient is an issue force yourself by taking a couple trades a month if you have to . Once you learn what it is like to trade profitably you will look at every trade very different

Keep at it
Mike
  • #123,653
  • Mar 10, 2013 1:41pm Mar 10, 2013 1:41pm
Quoting mbqb11
I believe anyone can D. Just takes time. And the more you beat yourself up the more you have to recognize it and create change. Then the wheels will start spinning. Take small steps to work on the things that you find most difficult. If being patient is an issue force yourself by taking a couple trades a month if you have to . Once you learn what it is like to trade profitably you will look at every trade very different

Keep at it
Mike
Well said, Mike. . I believe to be better at Patience you have to practice at it . .just like sports or music.

And forcing yourself by taking a couple trades a month is a great exercise of that "Patience" practice.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,654
  • Mar 10, 2013 2:15pm Mar 10, 2013 2:15pm
Quoting geomink
I bought eur/usd (long) after Italy downgraded.

TP area 3080/3090

Any advice?

Thx

G
Hey G

I don't know much about the downgrade stuff as I don't follow news. What was your reason (technically ) to buy?

Best
Mike
  • #123,655
  • Mar 10, 2013 2:51pm Mar 10, 2013 2:51pm
Quoting Bryan
It would seem Beastie's February BEOB is in play. Retracement over.
u have clear level on Your charts... in my charts its not so clean. interesting ... jpy still going up. will watch how it will behave this week.
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all is eternal - this is good news for people who loves bad news
  • #123,656
  • Mar 10, 2013 2:56pm Mar 10, 2013 2:56pm
Quoting jarroo
Hey Meshka . .great charts as always . .

Mike and ghous have made some valid points . .NFP, etc. . .but this a great example of Lower TF PA off Higher TF levels . .

And since this 4 Hour PB is off Daily and Weekly levels . .we can have Daily and Weekly targets . .(previous Highs and Lows). .which this 4 Hour PB hit nicely . . . .. 4 hour Targets, of course , can also be used.

Very nice, Meshka.

Jim
thank you Jarroo... You are too kind to me
all is eternal - this is good news for people who loves bad news
  • #123,657
  • Mar 10, 2013 3:23pm Mar 10, 2013 3:23pm
Quoting meshka
thank you Jarroo... You are too kind to me
Check out the CadChf Consolidation Breakout. We could have some nice retracement action at the HCR levels.
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Indicators show the past. Price Action "Indicates" the future.
  • #123,658
  • Mar 10, 2013 3:29pm Mar 10, 2013 3:29pm
Quoting jarroo
Check out the CadChf Consolidation Breakout. We could have some nice retracement action at the HCR levels.
I lost 70 pips on this thing @ Friday last BEOB trapped me.

never ever will take those back into traffic box with such small formations. this is the lesson.
all is eternal - this is good news for people who loves bad news
  • #123,659
  • Mar 10, 2013 3:37pm Mar 10, 2013 3:37pm
Quoting meshka
I lost 70 pips on this thing @ Friday last BEOB trapped me.

never ever will take those back into traffic box with such small formations. this is the lesson.
That's a tough trade to stay in during NFP. . . even if I shorted at the .9200 HCR. I would need more pips between my trade and NFP.
Indicators show the past. Price Action "Indicates" the future.
  • #123,660
  • Mar 10, 2013 4:28pm Mar 10, 2013 4:28pm
Hi,
I learnt recently that one of the most important principles of success is to learn from the experts in your field. If you master their principles and learn from their setbacks it is a short cut to mastery.
I have been following the thread and all the master traders especially mbqb11,james16 and jarroo for the past few years so i thought it would be a good time to start contributing.
I wanted to give a massive thank you to james16,mbqb11,jarroo and all the other great traders here for the priceless service they have given to many people!
My older brother who is a trader introduced me to this thread so i am grateful and appreciate him sharing this with me.

Thank you all!
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