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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

  • #127,061
  • Aug 1, 2013 3:01pm Aug 1, 2013 3:01pm
Quoting dan89
{quote} well this pattern is continuing nicely. Adjusted the trendlines slightly but still a decent pattern in my opinion...
Pattern is continuing as expected, 2% floating profit and at BE.
  • #127,062
  • Aug 1, 2013 3:15pm Aug 1, 2013 3:15pm
Quoting hunzul
Hey guys, Can somebody help me out with MT4 please? I'm using FxPro and whenever I load it up I get 4 charts on their automatically the EUR, GBP, CHF, JPY. I tried to delete them but they keep reappearing each time I load MT4. Is there a way to make them not appear? Thank you so much guys...
Hi hunzul, I had this problem some time ago, I hope I still remember solution. Close all charts, go to File-Profiles-Save Profile - name it somehow, set this profile, restart MT4 and it should work.

Mav
  • #127,063
  • Aug 1, 2013 3:51pm Aug 1, 2013 3:51pm
Quoting Mav13
{quote} Hi hunzul, I had this problem some time ago, I hope I still remember solution. Close all charts, go to File-Profiles-Save Profile - name it somehow, set this profile, restart MT4 and it should work. Mav
Thanks Mav! That was driving me crazy. It's people like you that make this thread so great

Have a good evening.
  • #127,064
  • Aug 1, 2013 5:47pm Aug 1, 2013 5:47pm
Quoting Martin600
{quote} Thank you for answer Mike, I will take the profit too if we start bounce. It is my first live trade so I want to be it in a profit
congrats on your first live profitable trade. That's exciting and I love how you followed post 1. Great example for all the new traders stumbling in here

keep it up
Mike
  • #127,065
  • Aug 1, 2013 5:57pm Aug 1, 2013 5:57pm
Quoting alyehoud
I haven't been around in a long time, but thanks in large part to this thread (specifically Mike, actually), I am trading profitably. Now that I am profitable, I'm curious if anyone knows of, or has done, any statistical analysis on whether it's (in the long term, of course) better to: a. Take profit at an immediate or close S/R area and forgo the possibility of larger returns for guaranteed gains or, b. Get into profit X pips, set S/L to ~B/E and hope for a big return Obviously it's a matter of whether or not lots of small wins is better (or worse)...
Hey Alyehoud

Glad to hear about your progress! Way to go

I think ultimately their are too many factors to decide as a whole which is more profitable. Depends on the method being used and even withing PA you will see so many differences in the approach with the same concepts.

I will say from my personal experience allowing more room to run for larger gains was the truth for me. BUT over time I have given up some ROI in order to smooth my equity curve out by raising my win % and lowering my average R on my trades. So then it becomes a matter of personal opinion. I'd rather have more steady and lower returns with less drastic fluctuations and give up ROI, but others may not.


So really you have to do the stats on your own approach as no two are the same and the trends you will see within your method will offer great insight on these aspects of your trading that I would not recommend short cuting myself

Hope that helps!
MIke
  • #127,066
  • Aug 1, 2013 6:09pm Aug 1, 2013 6:09pm
Thanks for the replies on MM people. I will start demoing with 1% and max. 5 Trades open then (probably wont happen on daily chart if im picky enough).

Another question..when do you guys think it would make sense to join the PF? I'm at page 101 in this thread now, worked through the guest section in the J16 Group. And started demoing today...Thing is, i dont wanna get bad habits into my trading which will be hard to get rid of.

Any advice appreciated .

Mors
  • #127,067
  • Aug 1, 2013 6:18pm Aug 1, 2013 6:18pm
Quoting baccarat
Thanks for the replies on MM people. I will start demoing with 1% and max. 5 Trades open then (probably wont happen on daily chart if im picky enough). Another question..when do you guys think it would make sense to join the PF? I'm at page 101 in this thread now, worked through the guest section in the J16 Group. And started demoing today...Thing is, i dont wanna get bad habits into my trading which will be hard to get rid of. Any advice appreciated . Mors
Hey Mors

Mike gets asked this question all the time and guess what? He usually tells people there is no rush and the group is not going anywhere. There is no rush. There is plently of material in the free thread.

I joined the PF a couple of days ago and I must say I'm more than impressed with the amount of material and feel it is excellent value for money. Where else can you get such a good education from genuine people who really know their stuff at such a low price?

You're only on page 101 so far so why not just take it in slowly and if you still feel the same way in a couple of months then you can join?

I hope that helps...
  • #127,068
  • Aug 1, 2013 6:29pm Aug 1, 2013 6:29pm
Quoting baccarat
Thanks for the replies on MM people. I will start demoing with 1% and max. 5 Trades open then (probably wont happen on daily chart if im picky enough). Another question..when do you guys think it would make sense to join the PF? I'm at page 101 in this thread now, worked through the guest section in the J16 Group. And started demoing today...Thing is, i dont wanna get bad habits into my trading which will be hard to get rid of. Any advice appreciated . Mors
Ya man, definitely appreciate you sharing what you do. I think I actually prefer the sort of "middle road" approach you mentioned. I'll give that a try and see if it net a little more on average. Thanks!
  • #127,069
  • Aug 1, 2013 6:46pm Aug 1, 2013 6:46pm
Quoting hunzul
{quote} Hey Mors Mike gets asked this question all the time and guess what? He usually tells people there is no rush and the group is not going anywhere. There is no rush. There is plently of material in the free thread. I joined the PF a couple of days ago and I must say I'm more than impressed with the amount of material and feel it is excellent value for money. Where else can you get such a good education from genuine people who really know their stuff at such a low price? You're only on page 101 so far so why not just take it in slowly and if...
thanks Hunzul

Glad you are enjoying it , there is a lot of stuff lol !
  • #127,070
  • Aug 1, 2013 6:47pm Aug 1, 2013 6:47pm
Quoting alyehoud
{quote} Ya man, definitely appreciate you sharing what you do. I think I actually prefer the sort of "middle road" approach you mentioned. I'll give that a try and see if it net a little more on average. Thanks!

awesome alye! When you start taking down your trades serious and analyzing them(I used to do this ALL the time). You can get a TON of interesting data. It's more helpful as you grow as a trader which in my book never stops

Keep us posted and thanks for the kind words
Mike
  • #127,071
  • Aug 1, 2013 7:07pm Aug 1, 2013 7:07pm
Quoting hunzul
{quote} Hey Mors Mike gets asked this question all the time and guess what? He usually tells people there is no rush and the group is not going anywhere. There is no rush. There is plently of material in the free thread. I joined the PF a couple of days ago and I must say I'm more than impressed with the amount of material and feel it is excellent value for money. Where else can you get such a good education from genuine people who really know their stuff at such a low price? You're only on page 101 so far so why not just take it in slowly and if...

Sounds reasonable Cheers
  • #127,072
  • Aug 2, 2013 7:29am Aug 2, 2013 7:29am
Hi. Good PBT/CA

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The price is not affected my buylimit

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  • #127,073
  • Aug 2, 2013 8:20pm Aug 2, 2013 8:20pm
Quoting bleur
Hi. Good PBT/CA {image} The price is not affected my buylimit {image}

But what did it close above?
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  • #127,074
  • Aug 2, 2013 8:47pm Aug 2, 2013 8:47pm
Quoting Pinbar
{quote} But what did it close above? {image}


what a great post...how many times I have taken trades based on my 1 hr, 4 hr , and daily, only to miss the bigger picture and have to deal with the result....
  • #127,075
  • Aug 3, 2013 2:35am Aug 3, 2013 2:35am
Quoting dan89
Hey Mike! Its been a while Have not been trading much myself and got out of touch with it and the concepts learnt over at the PF while I was there. Just getting back into it now and wanted to get your opinion on this chart ive been watching for a few days. I wont go into all the details of the chart since you will know what im looking at but ive made a few markings on the chart. The pattern however is a little large for a 1hr TF but a little too small on the 4H. I remember a bit about what you said over in the PF about pattern size (which webinars...
Price moved as expected

Dan
  • #127,076
  • Aug 3, 2013 8:26am Aug 3, 2013 8:26am
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  • #127,077
  • Aug 3, 2013 11:26am Aug 3, 2013 11:26am
Would appreciate any comments on Euro/Cad attached....closed at BRN, looks like a break upward potential with reasonable space (with traffic) into 1.4250 area.....anyway will be watching closely next couple of days.....
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  • #127,078
  • Aug 3, 2013 12:47pm Aug 3, 2013 12:47pm
Quoting Winston Reed
I Missed this one but I think it's worth a look. A h4 ascending wedge broke to the downside but the PA on the break wasn't enough. Looking at the H1 after the break price came back and tested the TL. It bounced off the TL with a large BEOEB. Pretty nice. {image} {image}

the follow up chart is a good illustration of BRN's doing their thing.......I stayed out because I did not like what I considered an indecision bar at 15100 area.I guess I read it wrong.......
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  • #127,079
  • Aug 3, 2013 11:34pm Aug 3, 2013 11:34pm
Hey Swede. Looks like we had a pretty good break out Friday with price breaking out towards the upper TL. The 1.3800 is right there near the TL so will be interesting to see what PA does.
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  • #127,080
  • Aug 4, 2013 2:24am Aug 4, 2013 2:24am
Quoting Swede
Would appreciate any comments on Euro/Cad attached....closed at BRN, looks like a break upward potential with reasonable space (with traffic) into 1.4250 area.....anyway will be watching closely next couple of days..... {image} {image}
Hi Swede, for me personally the pattern on the W is a little small. Also the overall trend is down on that TF .. generally you want to look BO with the trend. Also a break to the upside would mean a break of acending trendline rather then a decending trendline. I cant really explain it but Mike will be able to for sure
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