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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

  • #128,041
  • Oct 13, 2013 4:30am Oct 13, 2013 4:30am
Hi guys, I have been following the James16 posts for a some time and found lots of helpful information here regarding trading price action with S/R. I have had very limited success as I am still demoing to explorer the method that I am comfortable with in terms of trading. I am interested to hear your views on the GBP/USD as it has been riding with a nice uptrend lately. Now it seems price and touch on the rising TL on the daily TF. Now my view is that if this TL is violated then I would be looking for a retracement to the TL for any PA to go short and use the TP target of 1.5760. Does this make any sense to you guys?

Another pair on my alert is the Gbp/Jpy as there is a weekly BEOB and now price has retraced to the 1.5720 level after the BEOB so is anyone else out there keeping an interest on this pair at the moment?
  • #128,042
  • Oct 13, 2013 5:51am Oct 13, 2013 5:51am
Quoting ghous
{quote} Its not a habit. Its instinct. We are all in this for the money and no matter how hard we try it always "feels" to get out of a trade when it was worth for more, or hang on to a setup when it was worth for less. In the end, its natural to feel bad because of the illusion of the gap we see between how we are performing and how we should have been performing (on a trade by trade basis). I say its an illusion because we are making our decisions in real time with limited information and "feeling" afterwards in hindsight with the complete...
First of all I have to express huge amazement and appreciation at the simplicity and clarity of thoughts of Mr Ghous. It was really a pleasure to read his posts. I have been reading his posts for the last two weeks. He writes so well that I have forgotten the reason that I came in here in the first place and that is to improve my trading skills.

I think he is blessed with the gift of insight. It does not come so easily to everybody I believe.

Now that I have let out of the steam that is building up inside of me let me introduce myself. I have been pursuing trend trading on and off (whenever I am out of software projects) for the last three years. Though I seemed to get it quite often (without actually getting there) I could not go beyond break even in my trading. As I am out of the project once again I tried this once again and was getting desperate with this whole trading thing. And then I happened to stumble across J16. THis is such an amazing thread. I think the preconditions can be dead hard on new traders such as having a huge trading account and to be able to take only a few trades etc...because by the time one comes here one is already neck deep into bad trading habits and approaches. But we can slowly work towards success following the direction this thread gives.

I have been reading these posts like a mad man and it is wonderful that so many new traders are being helped here. It is such an amazing thing. I want to join the paid forum once I get a hang of the basics of price action. There are lot of brilliant folks on this thread. Thanks for everybody for helping me out with my trading skills.
  • #128,043
  • Oct 13, 2013 7:44pm Oct 13, 2013 7:44pm
Quoting Fonz28
Hi guys, I have been following the James16 posts for a some time and found lots of helpful information here regarding trading price action with S/R. I have had very limited success as I am still demoing to explorer the method that I am comfortable with in terms of trading. I am interested to hear your views on the GBP/USD as it has been riding with a nice uptrend lately. Now it seems price and touch on the rising TL on the daily TF. Now my view is that if this TL is violated then I would be looking for a retracement to the TL for any PA to go short...
Hey Fonz
Welcome to the thread glad you are finding it useful and just keep at it. That's how anyone makes it is just perseverance and a LOT of screen time.

I actually sold on the close of the DBHLC that closed under the TL and BRN and BOX . Price broke the low barely and I went to breakeven and got stopped out friday. i was looking for a close of that gap and still think it's coming(see daily chart).

Now though I'll be looking towards the BRN and the current box we are in for PA to go short as well. There was a great 1hr beob on the pullback which was great too.

Again welcome
Mike
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  • #128,044
  • Oct 14, 2013 12:28am Oct 14, 2013 12:28am
Quoting prasad99
{quote} First of all I have to express huge amazement and appreciation at the simplicity and clarity of thoughts of Mr Ghous. It was really a pleasure to read his posts. I have been reading his posts for the last two weeks. He writes so well that I have forgotten the reason that I came in here in the first place and that is to improve my trading skills. I think he is blessed with the gift of insight. It does not come so easily to everybody I believe. Now that I have let out of the steam that is building up inside of me let me introduce myself. I...
Hey P,

Glad I could help.

We see a lot of new people and from all kinds of backgrounds. Some that are literally as new as a bud and some that come here with a battered bruised past. I myself, was from the latter. The good thing about this place is that it welcomes just about anyone and equips them with all the basic tools they need to decipher this business in an "easy on the brain" approach. You've come to the right place.

My only suggestion to you would be to, do your due diligence in reading at least the first few hundred pages or so of the thread and then allow things to fall into place with practice and time. DO NOT please hesitate to ask questions or seek clarifications. No question is too basic/nooby, too repetitive or too irrelevant.

Again all the best and welcome aboard.

g.
I believe . . .
  • #128,045
  • Oct 14, 2013 3:35am Oct 14, 2013 3:35am
i like james thread all times
  • #128,046
  • Oct 14, 2013 5:40am Oct 14, 2013 5:40am
Quoting mbqb11
{quote} Hey Fonz Welcome to the thread glad you are finding it useful and just keep at it. That's how anyone makes it is just perseverance and a LOT of screen time. I actually sold on the close of the DBHLC that closed under the TL and BRN and BOX . Price broke the low barely and I went to breakeven and got stopped out friday. i was looking for a close of that gap and still think it's coming(see daily chart). Now though I'll be looking towards the BRN and the current box we are in for PA to go short as well. There was a great 1hr beob on the pullback...
Thanks for the detailed reply and chart Mike. I will be keeping an eye on this pair. Price has made its way down and closed the gap and hovering around this 1.5970 just below the BRN you talked about. It's definitely a patience test.
  • #128,047
  • Oct 14, 2013 6:32am Oct 14, 2013 6:32am
Quoting mbqb11
{quote} Hey Fonz Welcome to the thread glad you are finding it useful and just keep at it. That's how anyone makes it is just perseverance and a LOT of screen time. I actually sold on the close of the DBHLC that closed under the TL and BRN and BOX . Price broke the low barely and I went to breakeven and got stopped out friday. i was looking for a close of that gap and still think it's coming(see daily chart). Now though I'll be looking towards the BRN and the current box we are in for PA to go short as well. There was a great 1hr beob on the pullback...
mike
could you please explain to me why you moved your trade to breakeven quickly and not probably put your stoploss just above the BRN. Also looking at the DBHLC it did not close below the TL drawn on your daily chart or did you draw a different TL using diff points? Cos i'm confused. Thanks a million.

AL
  • #128,048
  • Oct 14, 2013 7:06am Oct 14, 2013 7:06am
hi guys. This is a little off the purpose of this thread but i guess it might still be inline. I don't know if Mike make use of device and hand gadget such as phone and tablet to follow the market, Sure Ghous does because i could conclude from one of his threads but the thread was last updated around late 2009 and the world changes by the day. So pls can you make any recommendation as regards to this considering affordable cost as a high priority. Snapshots will also be appreciated. Thanx



Jibosn
Still trying to get to meet myself...
  • #128,049
  • Oct 14, 2013 8:39am Oct 14, 2013 8:39am
Quoting jibson007
hi guys. This is a little off the purpose of this thread but i guess it might still be inline. I don't know if Mike make use of device and hand gadget such as phone and tablet to follow the market, Sure Ghous does because i could conclude from one of his threads but the thread was last updated around late 2009 and the world changes by the day. So pls can you make any recommendation as regards to this considering affordable cost as a high priority. Snapshots will also be appreciated. Thanx Jibosn
Hey Jibson,

I do use an android phone in addition to my desktop. A pretty basic, Samsung Galaxy Y. You can't quite "analyze" a trade with the charting you get with most platform phone apps due to limited features and of course the small screen size but its good for quick glimpse about "where price is currently at on the chart" when on the go. IMO a must have.

Regarding recommendations on which one to get, I am sure there aren't much differences except maybe the fact that you'd normally want to go for the device that offers you the biggest screen but that trades off with the portability feature then. I'd say just go with what you feel good with. Ipad, Android phone, other devices, doesn't matter as long as you have something.

Here's a quick snapshot of Gu daily as is, on my mt4 android app right now.

Attached Image


g.
I believe . . .
  • #128,050
  • Oct 14, 2013 9:08am Oct 14, 2013 9:08am
Quoting albus999
{quote} mike could you please explain to me why you moved your trade to breakeven quickly and not probably put your stoploss just above the BRN. Also looking at the DBHLC it did not close below the TL drawn on your daily chart or did you draw a different TL using diff points? Cos i'm confused. Thanks a million. AL
hey Albus

Sorry I threw that one up quick. I had price just closing under the TL. Because of the stronger move away from the BRN and gaps still to close it was a more aggressive trade. The idea is if price just closed under the TL it should drop right away so my stop is SUPER tight here. It fell right away about 50 pips towards the low of the beob (just breaking it by a few pips) so it's safe to move my stop to b/e as really price should just continue down in a case like this. That's an easy way to get a tight stop and when moving to b/e it's for a valid reason that's safe most of the time too


Now based on price bouncing I would look to redraw the TL. It's not the strongest TL either way that's another reason to get to b/e quick

Best
Mike
  • #128,051
  • Oct 14, 2013 9:20am Oct 14, 2013 9:20am
Quoting jibson007
hi guys. This is a little off the purpose of this thread but i guess it might still be inline. I don't know if Mike make use of device and hand gadget such as phone and tablet to follow the market, Sure Ghous does because i could conclude from one of his threads but the thread was last updated around late 2009 and the world changes by the day. So pls can you make any recommendation as regards to this considering affordable cost as a high priority. Snapshots will also be appreciated. Thanx Jibosn
Hey Jib


i try not to ever really trade off my phone. I have moved stops a handful of times through my phone device. A lot of brokers over mobile which is nice. I also have logmein connected too all my desktop devices which I can get to my desktop on my iphone/ipad etc

Best
Mike
  • #128,052
  • Oct 14, 2013 9:34am Oct 14, 2013 9:34am
Quoting mbqb11
{quote} Hey Jib i try not to ever really trade off my phone. I have moved stops a handful of times through my phone device. A lot of brokers over mobile which is nice. I also have logmein connected too all my desktop devices which I can get to my desktop on my iphone/ipad etc Best Mike
here is my logmein app on ipad(iphone is same thing). My trading desktop has 3 monitor setup, logmein allows me to use my desktop virtual. Switch b/w monitors zoom in and out. It's just as good as being at it in terms of viewing.

this is my favorite way to access things

Mike
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  • #128,053
  • Oct 14, 2013 11:30am Oct 14, 2013 11:30am
Possible trade on equities. Continuation BUOB closing above marked boxes. Anyone who took it ?
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  • #128,054
  • Oct 14, 2013 11:52am Oct 14, 2013 11:52am
Quoting Martin600
Possible trade on equities. Continuation BUOB closing above marked boxes. Anyone who took it ? {image}

Martin,

I like it ALOT!. I didn't see it because I only had a chance to scan the Russell 1000 yesterday and this is in the 3000 (maybe 2000) not sure.

But looks good to me would definitely be on my demo list. I still haven't broken into equities live. 2014 plans!

Good luck

David
  • #128,055
  • Oct 14, 2013 12:05pm Oct 14, 2013 12:05pm
Quoting dmc
{quote} Martin, I like it ALOT!. I didn't see it because I only had a chance to scan the Russell 1000 yesterday and this is in the 3000 (maybe 2000) not sure. But looks good to me would definitely be on my demo list. I still haven't broken into equities live. 2014 plans! Good luck David
come on Dave you're ready


Actually dave is a great example of doing the steps slowly. Moving and proving on demo before going at it live. Kudos buddy

Mike
  • #128,056
  • Oct 14, 2013 1:02pm Oct 14, 2013 1:02pm
Quoting ghous
{quote} Hey P, Glad I could help. We see a lot of new people and from all kinds of backgrounds. Some that are literally as new as a bud and some that come here with a battered bruised past. I myself, was from the latter. The good thing about this place is that it welcomes just about anyone and equips them with all the basic tools they need to decipher this business in an "easy on the brain" approach. You've come to the right place. My only suggestion to you would be to, do your due diligence in reading at least the first few hundred pages...

Hi

Thanks for your support with trading. I would be definitely asking some questions and will be posting some charts for clarifications. Also plan to join the PF in the near future. I want to interact with all and would look forward to help others in future.

Here is a quotation by Lao Tzu the chinese philosopher who states...

“Mastering others is strength. Mastering yourself is true power.”

And this is so apt in trading. Trading is not just mastering the technique but to accomplish that balance and control over the psyche to be able to place excellent trades. It is the ability to do only so much as required ,nothing more nothing less.

Right now the biggest challenge that I am facing is to take fewer trades and get over my past where I used to take a lot of trades on lower time frame charts. It kind a feels odd just to study charts and choose only the best setups. We may find very few on daily and weekly charts. I want to include 4hr also but then after getting some hang of the PA methods will stick to only Daily or higher as suggested.

Once again I am reminded by another quotation by Lao Tsu that states.

“Nature does not hurry, yet everything is accomplished.”
  • #128,057
  • Oct 14, 2013 5:08pm Oct 14, 2013 5:08pm
Quoting dmc
{quote} Martin, I like it ALOT!. I didn't see it because I only had a chance to scan the Russell 1000 yesterday and this is in the 3000 (maybe 2000) not sure. But looks good to me would definitely be on my demo list. I still haven't broken into equities live. 2014 plans! Good luck David
It is my plan to go live in equities next year too There are much more opportunies than in a forex if you dont have time to trade forex intraday.
  • #128,058
  • Oct 14, 2013 6:39pm Oct 14, 2013 6:39pm
hello
Mike, Ghous

could you please advice, which websites offer or tell us the major stops regarding currencies and orders regarding barrier options.... it would be easier as we might have some clues of where the buyers and sellers are.

Regards

Dennis
  • #128,059
  • Oct 14, 2013 6:48pm Oct 14, 2013 6:48pm
Quoting dennis4u15
hello Mike, Ghous could you please advice, which websites offer or tell us the major stops regarding currencies and orders regarding barrier options.... it would be easier as we might have some clues of where the buyers and sellers are. Regards Dennis
hey Dennis

You can check out the IFR order board. Oanda offers it through their news program

Best
Mike
  • #128,060
  • Oct 14, 2013 9:36pm Oct 14, 2013 9:36pm
Hi folks,

Watching this thread long time, first time posting. I’m currently struggling to find good trades on this stormy market, what you say about Euro/Jpy, on W TF, strong divergence together with a rising wedge reversal. I’m waiting for PA action with a short pending at the bottom of the wedge:

http://www.mql5.com/en/charts/888288...hf-markets-ltd

Cheers,

Steve
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