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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

  • #127,441
  • Aug 22, 2013 5:59am Aug 22, 2013 5:59am
Quoting obmepa
I thought I would share this setup on GBPUSD H4: {image}

Nice trade. i took this one for a quick profit at the FTA. I felt it was a weak close on the BEOB so wasnt after much. Had my initial SL @ 1.5670 above the days open and that miner swing on the low TFs....


jon
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PATIENCE... DISCIPLINE
  • #127,442
  • Aug 22, 2013 7:39am Aug 22, 2013 7:39am
Quoting g_j_hook@yah
{quote} alrite giggles, i dont see any H/S pattern mate. Regarding the FTA, for me i would have closed my trade there, in full not moved my SL,but that is me on tighter setups. My main concern was the size and location of the PB, not very decisive and hanging in mid air a bit. These mediocre setups can be very tricky to manage, they all too easily bounce quickly back to take you out...as could be happening now on this pair??? jon
Here is a little bit more detail -
On a daily chart the price is in a downtrend. There has been a significant pullback (61.8% fib) and a nice pinbar closing below brn 1.45. Regarding the head and shoulder pattern, I think it is so subjective. But what was important for me was that price was repeatedly trying to close below the ppz. After the breakout, price retraced and formed a pinbar. Now I put an entry few pips below the pinbar. I know price will retrace at the fta, but then the question is how much. Will it take my stop loss out for sure? I don't know. If I make 10 similar trades and out of that in 5 trades my sl is taken out, but the remaining 5 trades I get a R of 2 or more, then I think I have a winning system in place. What is your opinion?
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  • #127,443
  • Aug 22, 2013 7:42am Aug 22, 2013 7:42am
Quoting Pinbar
{quote} Except that post was written 5 years ago. LoL I was lucky enough to catch one of his webinars where he was trading the M1 tf. It was really interesting.
Yes - I knew it was posted five years ago because I am working my way backwards and forwards through this enormous site
I was also being "Ironic." But wouldn't it be great if Jim came back and posted up newer material for the guest side of the private site?
By the way,, is there a link to the webinar you allude to above?
Lastly, many thanks and a big thankyou to all the regulars who have posted over the years. This stuff is the real deal
every Saint has a past. Every Sinner has a Future
  • #127,444
  • Aug 22, 2013 10:17am Aug 22, 2013 10:17am
Quoting obmepa
I thought I would share this setup on GBPUSD H4: {image}
great job, just posted the chart

Mine is slightly different but both accomplished the same thing. I actually think an entry on the close makes the most sense here with a tight stop loss above the "mini" squeeze TL. Gives a bit more room for it to run but just an aside I spoke about

I'd like to see us squeeze up more using the bigger TLs to the high back in june

Nice trade Obmepa!
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  • #127,445
  • Aug 22, 2013 10:20am Aug 22, 2013 10:20am
Quoting makwana
{image}
Hey Mak

Here is a chart explaining both bars.

I'll be watching the outer edges marked. Those are most important levels in my book right now
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  • #127,446
  • Aug 22, 2013 1:54pm Aug 22, 2013 1:54pm
Quoting mbqb11
{quote} great job, just posted the chart Mine is slightly different but both accomplished the same thing. I actually think an entry on the close makes the most sense here with a tight stop loss above the "mini" squeeze TL. Gives a bit more room for it to run but just an aside I spoke about I'd like to see us squeeze up more using the bigger TLs to the high back in june Nice trade Obmepa! {image}
Mike, this is it!!! Thank you very much for your insight into this. Your chart is absolutely correctly describing the situation. I haven't seen the small TL and that's why I was very cautious with SL placement /very conservative/.
Also these hours price is turning at FTA = your bigger TL and might just get back over to the top towards the June's high as you said.

I forgot to said that I learned this setup from you Mike. Thank you.

g_j_hook@yah thank you too. hope you got good R:R :-)
  • #127,447
  • Aug 23, 2013 4:29am Aug 23, 2013 4:29am
Quoting mbqb11
Hey Mak Here is a chart explaining both bars. I'll be watching the outer edges marked. Those are most important levels in my book right now
Cheers for the lines Mike, I'll ensure I put them onto my chart.

Quoting LamerTrader
Hope this helps! Wink Rock on Pal!Rock On Cheers, Stephen
Cheers for the explanation dude, also I totally also forgot tyhe funadmental when TL is broken it does tend to come back to retest, the classical general rule.

Quoting trc
Hi makwana, I will try to help: You should be looking for BUOBs at swing low not swing high, but If you entered on the break of BUOB you should stick to it - small bearish PB didn't invalidate BUOB setup, this PB did not really fired.
Yep I think swings would be the best place to look right now to get to grips with the method

The consensus seems to also be that the body of the candle, in this case the PB, should be taken into consideration. Admittedly my chart isn't as zoomed out as Mike has it and to get a better feel for the stength of the candle an investment in looking at the bigger picture shouldn't go amiss.
  • #127,448
  • Aug 23, 2013 4:33am Aug 23, 2013 4:33am
Quoting makwana;6914207{quote} Admittedly my chart isn't as zoomed out as Mike has it and to get a better feel for the stength of the candle an investment in [u
looking at the bigger picture[/u] shouldn't go amiss.
Hey makwana, i personally think that it would not only go amiss it would be the best thing you could possibly do.




jon
PATIENCE... DISCIPLINE
  • #127,449
  • Aug 23, 2013 5:16am Aug 23, 2013 5:16am
saw this on EURUSD.

D1 pin bar formed at fibo 61.8 + BRN.
H4 PBT CA HCR (right arrow).

Might have an up move to 1.3415 then retest 1.3450??

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  • #127,450
  • Aug 23, 2013 6:11am Aug 23, 2013 6:11am
Quoting Magestic
{quote} Wow, it realy falls like a rock. In a good profit already. {image}
Closed it today.
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If not up, then down, otherwise sideways :-)
  • #127,451
  • Aug 23, 2013 6:53am Aug 23, 2013 6:53am
Hello All,
This is my first post. Although I am new on this forum, but I have been trying for last 1.5 years to become profitable on demo trading. But I have always been on the losing side. I have been trying one strategy after another, but have never been profitable with anyone. There is another problem that I don't have any mentor to help me when I feel problem, who's live trading could I analyse and understand. This is because there is dearth of Forex traders in my country Pakistan. So, what is wrong with me? Is is that I can not learn trading or because I have no mentor help me out.

The reason for asking this question in this thread is because all I have learnt in forex is that Price Action is the king. I tried hundreds of indicator by apart from moving averages no one is of any use.
  • #127,452
  • Aug 23, 2013 7:52am Aug 23, 2013 7:52am
Quoting Samar Ellahi
Hello All, This is my first post. Although I am new on this forum, but I have been trying for last 1.5 years to become profitable on demo trading. But I have always been on the losing side. I have been trying one strategy after another, but have never been profitable with anyone. There is another problem that I don't have any mentor to help me when I feel problem, who's live trading could I analyse and understand. This is because there is dearth of Forex traders in my country Pakistan. So, what is wrong with me? Is is that I can not learn trading...
Hi mate!

Welcome to the thread!
There is no such thing as Price Action is the king We PA traders (technical analysts) only make max 10-15% of the market, so we are definitely not kings.
Getting a mentor is tough, especially cause they have limited time as well... What you can do is start reading this thread - the first couple hundred pages at least.
Then if you got some questions just post it here, people will be eager to help. (Well or at least I'll be )
You can also contact ghous who is an EXPERT in the field - and he is also from Pakistan. (Chanya too...)

Have a nice weekend. And don't forget to sleep while learning all this great stuff

Cheers,
Stephen
It's all psychology...
  • #127,453
  • Aug 23, 2013 7:56am Aug 23, 2013 7:56am
Quoting kahyong
saw this on EURUSD. D1 pin bar formed at fibo 61.8 + BRN. H4 PBT CA HCR (right arrow). Might have an up move to 1.3415 then retest 1.3450?? {image} {image}
I would not mess with that pb.

1 not at a true SL.
2 Too small
3 Going into a PPZ & the RN
4 The MACD is rolling over.
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  • #127,454
  • Aug 23, 2013 8:35am Aug 23, 2013 8:35am
It is a great blessing for me to have stumble on this tread. I have been trading for some time now but losing, while looking for a good way to trade, i came across this tread yesterday. i tried reading from the beginning of the tread but notice i wont finish it till next year.
i am a lover of price action trading but with not full understanding of the system.
Yes, i make an analysis on GPBJPY. but i want to know if what i am doing is right.
i intend to sell GPBJPY, if the candle closes like this by the end of today.
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  • #127,455
  • Aug 23, 2013 8:49am Aug 23, 2013 8:49am
Quoting kahyong
saw this on EURUSD. D1 pin bar formed at fibo 61.8 + BRN. H4 PBT CA HCR (right arrow). Might have an up move to 1.3415 then retest 1.3450?? {image} {image}
Hey Kahyong

Just be careful with that daily pinbar. It's up at a swing high in a sidways market(no space as we call it). This means you have no room to run and would be trading into the last major selling point. Look for these at clear swing lows with space. They will move better and give you a better idea of where price is going. Check out my space vs traffic video for mor einformation

Best
Mike
  • #127,456
  • Aug 23, 2013 8:49am Aug 23, 2013 8:49am
Quoting Magestic
{quote} Closed it today. {image}
  • #127,457
  • Aug 23, 2013 8:53am Aug 23, 2013 8:53am
Quoting Samar Ellahi
Hello All, This is my first post. Although I am new on this forum, but I have been trying for last 1.5 years to become profitable on demo trading. But I have always been on the losing side. I have been trying one strategy after another, but have never been profitable with anyone. There is another problem that I don't have any mentor to help me when I feel problem, who's live trading could I analyse and understand. This is because there is dearth of Forex traders in my country Pakistan. So, what is wrong with me? Is is that I can not learn trading...

Hey Samar

Welcome to the thread and don't worry you are not alone in this area.

You got some great comments but I'll just add a few of encouragement. While 1.5 years can feel like a long time, it's a drop in the bucket for many of us that have reached profitability. I am on my 11 year trading which is also not even that long in the scope of things. So you need to keep pushing through and continue to demo.


Next is consistency in your approach. If you jump from one thing to the next no matter the approach you won't master it. It comes from the ups and downs of losing/winning that we learn the most and make progress. This is how one develops into a trader. It's what i've done, James and many others to get to that point. You learn and improve.

Systems rarely work the way most new traders approach them with indicators etc. Indicators are simply a calculation of price so they tell us what price does just in a different manner. So go right to the source. Price! Most never look back from that point. But that doesn't mean one becomes profitable over night if ever. It still takes time/hard work and lots of bumps in the road as any will tell you. Start with post 1 here and slowly work your way through this thread. Hopefully it begins to open some tunnels of light that you gotta just keep following. It's not an easy road but it doesn't have to be as hard as many make it.

Best of luck and keep at it!
Mike
  • #127,458
  • Aug 23, 2013 8:56am Aug 23, 2013 8:56am
Quoting mbqb11
{quote} Hey Kahyong Just be careful with that daily pinbar. It's up at a swing high in a sidways market(no space as we call it). This means you have no room to run and would be trading into the last major selling point. Look for these at clear swing lows with space. They will move better and give you a better idea of where price is going. Check out my space vs traffic video for mor einformation Best Mike
Quoting Pinbar
{quote} I would not mess with that pb. 1 not at a true SL. 2 Too small 3 Going into a PPZ & the RN 4 The MACD is rolling over. {image}
Noted. Thanks guys.
  • #127,459
  • Aug 23, 2013 9:34am Aug 23, 2013 9:34am
Quoting Samar Ellahi
Hello All, This is my first post. Although I am new on this forum, but I have been trying for last 1.5 years to become profitable on demo trading. But I have always been on the losing side. I have been trying one strategy after another, but have never been profitable with anyone. There is another problem that I don't have any mentor to help me when I feel problem, who's live trading could I analyse and understand. This is because there is dearth of Forex traders in my country Pakistan. So, what is wrong with me? Is is that I can not learn trading...
Hi buddy

Mike & Stephen said a lot so I won't take too long.
I discovered forex a bit less than 2 years ago. Spent 3 months in the indicators trap , lost $1 on a cent account. Discovered j16 thread, and still demoing since then.
I started being slightly profitable few months ago and I'm still on demo to enhance my trade management.
Long story short: things became easier when I stopped worrying about how long it would take me to make my first million...
I decided to start with the obvious, one step at a time.

Take your time and enjoy the thread!!

Take care
Slow & steady
  • #127,460
  • Aug 23, 2013 11:11am Aug 23, 2013 11:11am
Quoting Samar Ellahi
Hello All, This is my first post. Although I am new on this forum, but I have been trying for last 1.5 years to become profitable on demo trading. But I have always been on the losing side. I have been trying one strategy after another, but have never been profitable with anyone. There is another problem that I don't have any mentor to help me when I feel problem, who's live trading could I analyse and understand. This is because there is dearth of Forex traders in my country Pakistan. So, what is wrong with me? Is is that I can not learn trading...
Hey fellow country man.

You've come to the right place

Yes we have dearth of fx traders in Pakistan but that shouldn't put you down. Thanks to technology you don't have to rely on geographical boundaries to get what you want.

Feel yourself at home and do go through the thread at least the first few hundred pages to get a good idea of how we use the king to our service...I mean price.

Let me/us know if you need anything.

Welcome aboard

g.
I believe . . .
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