james16 Chart Thread | Page 6417 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #128,321
  • Oct 25, 2013 2:14am Oct 25, 2013 2:14am
WHERE is Mike hmm... He must have been very busy

I noticed the market has been very generous this week allowing for a lot of BE trade and then rewarding with a huge move. I guess the pain of the trash i got on Tuesday/Wednesday really did more than humbled me. Lost most of the opportunities. But i learnt a another lesson with a scare that will always remind me not to repeat the same mistake.
Still trying to get to meet myself...
  • #128,322
  • Oct 25, 2013 2:39am Oct 25, 2013 2:39am
Quoting jibson007
WHERE is Mike hmm... He must have been very busy I noticed the market has been very generous this week allowing for a lot of BE trade and then rewarding with a huge move. I guess the pain of the trash i got on Tuesday/Wednesday really did more than humbled me. Lost most of the opportunities. But i learnt a another lesson with a scare that will always remind me not to repeat the same mistake.
Hey Jib,

Mike is definitely around. He is directly supervising the new site project so I guess a little preoccupied.

hang in there bud. Let the mistake sink in and for the mind to consume the lesson. Even if this means taking a little time off and gathering your thoughts. The markets, and the cherry setups are going to keep popping up forever so don't let the thoughts of "missing trades" damage you.

g.
I believe . . .
  • #128,323
  • Oct 25, 2013 3:04am Oct 25, 2013 3:04am
Quoting Winston Reed
EURGBP daily pinbar. Just wondering here if I'm on track. But this is not one I'd take as it didn't close below any s/r and there is a lot of trouble areas (traffic)just below. I must admit, 6 months ago I would have jumped on this one. In some way this looks like one of Mike's \"wick\" plays. {image}
Hey Winston

For what it's worth, that was my thinking exactly - including the 6 months ago part. There's a ton of stuff going on below that I'd have barrelled into not very long ago.

Maybe this is what they call...progress?

Anyway, I shall be watching your posts with some interest. Have a good weekend sir...
When the going gets weird, the weird turn pro.
  • #128,324
  • Oct 25, 2013 3:21am Oct 25, 2013 3:21am
Quoting heaven
@darko40 to quote Pinbar as he has it in his signature as a link the terms used in this thread are: FTA = first trouble area PPZ = price pivot zone BEOB = bearish engulfing outside bar BUEOB = bullish Engulfing outside bar PB = pin bar DBLHC = double Bar low higher close DBHLC = double Bar high lower close IB = inside bar Ib4 = inside 4 bar that is the smallest bar of the previous 3 bars S/R = support/resistance PA = price action RN = round number BRN = big round number MA = moving average TL = trend line BO = breakout BO + PB = breakout + pullback...

Thank you very much, I salute
my dream Australia.....
  • #128,325
  • Oct 25, 2013 4:27am Oct 25, 2013 4:27am
This could be interesting... Red MA is 150
Attached Image (click to enlarge)
Click to Enlarge Name: audnzdsbdaily.png Size: 40 KB
Anything can happen.
  • #128,326
  • Oct 25, 2013 4:52am Oct 25, 2013 4:52am
Quoting Winston Reed
EURGBP daily pinbar. Just wondering here if I'm on track. But this is not one I'd take as it didn't close below any s/r and there is a lot of trouble areas (traffic)just below. I must admit, 6 months ago I would have jumped on this one. In some way this looks like one of Mike's \"wick\" plays. {image}
I'm bullish on this pair, any move down I'd take as a potential long entry.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpsbdaily.png Size: 35 KB
Anything can happen.
  • #128,327
  • Oct 25, 2013 7:35am Oct 25, 2013 7:35am
Quoting ghous
{quote} Hey Jib, Mike is definitely around. He is directly supervising the new site project so I guess a little preoccupied. hang in there bud. Let the mistake sink in and for the mind to consume the lesson. Even if this means taking a little time off and gathering your thoughts. The markets, and the cherry setups are going to keep popping up forever so don't let the thoughts of \"missing trades\" damage you. g.
Hey,

If I may, I'd like to underline this aspect. Not specifically for you, Jibson, but for the ones who may be where I was not so long ago.

Someone once said here that our profits have two goals: feeding our bank account, and anticipating on our losses.
It has also been discussed the damaging effect of losses (even small ones) on the equity curve, at the beginning of the trading history.

In this regard, it took me quite a while to make the distinction between losses due to the fact that after all this is nothing but a probability game, and losses due to a misunderstanding of price movement.
This relates to the question of good loss Vs bad loss (please refer to Dopey's excellent post: http://www.forexfactory.com/showthre...392#post260392)

The next issue is to let it sink in my brain, so I can come back to the chart and simply, cold-bloodedly analyze it. This takes time, but as Mike used to say, in this business, less is more. In my view, this only also strongly favors HTF trading over LTF

just some thoughts jotted on a whiteboard before the week end…

take care
Slow & steady
  • #128,328
  • Oct 25, 2013 7:43am Oct 25, 2013 7:43am
Dear God, I've just finished reading this entire thread. :nerd: After 3 years or so I thought it was about time, rather than just cherry-picking what I wanted after the first few hundred pages.

I have learnt many things....and the first thing I shall implement is a name change. As of next week you can call me Mike or Jim...either seems to guarantee success as a trader

I realise this is a boring bit of information, but it just seems me that too many people can't be arsed to read the whole thread and then wonder why they fail. So there you go folks, it can be done. Takes a while, mind you..

Have a great weekend everyone. May you all have champagne for breakfast.
When the going gets weird, the weird turn pro.
  • #128,329
  • Oct 25, 2013 8:34am Oct 25, 2013 8:34am
Quoting patapouer
{quote} Hey, If I may, I'd like to underline this aspect. Not specifically for you, Jibson, but for the ones who may be where I was not so long ago. Someone once said here that our profits have two goals: feeding our bank account, and anticipating on our losses. It has also been discussed the damaging effect of losses (even small ones) on the equity curve, at the beginning of the trading history. In this regard, it took me quite a while to make the distinction between losses due to the fact that after all this is nothing but a probability game,...
Great post P,

It is absolutely vital to learn to accept a few losses along the way. In fact I would literally be harsh and cruel if I say you should be expecting genuine losses along the way as mistakes may reduce in volume over time but will never eliminate completely and then of course there are the genuine losses where the market just ditches you.

A lot of composure and stability pours into your performance when you mentally accept the fact that you are only going to be winning a percentage of the total trades that you take.

For me this "ah-ha" moment occurred when I for the first time stumbled across a live trade video from Mike over at the PF and couldn't believe he was talking about the trade, which was a loss, in exactly the same tone that he would talk about most of his other trades that were winners. It really clicked that the ability to see a trade just as is without being blinded by the result is going to be a crucial skill if I was to get really good at the game.

good stuff Patapouer.

g.
I believe . . .
  • #128,330
  • Oct 25, 2013 8:38am Oct 25, 2013 8:38am
Quoting stark1
Dear God, I've just finished reading this entire thread. :nerd: After 3 years or so I thought it was about time, rather than just cherry-picking what I wanted after the first few hundred pages. I have learnt many things....and the first thing I shall implement is a name change. As of next week you can call me Mike or Jim...either seems to guarantee success as a trader I realise this is a boring bit of information, but it just seems me that too many people can't be arsed to read the whole thread and then wonder why they fail. So there you...
All I can say is . . . hats off to you bud.

Yes the thread is a long. Yes it takes a lot of time to go through it. Yes this means dealing with some off topic stuff in between but nothing stops a determined soul. It just boils down to "How bad do you want it, and what are you willing to do for it".

We get such posts once in a while and it always makes me smile ear to ear.

How well you're going to do in this business (and all other areas of your life) connects directly to how hard you're willing to work. Stark clearly gets this crystal clear.

g.
I believe . . .
  • #128,331
  • Oct 25, 2013 8:42am Oct 25, 2013 8:42am
Quoting ghous
{quote} All I can say is . . . hats off to you bud. Yes the thread is a long. Yes it takes a lot of time to go through it. Yes this means dealing with some off topic stuff in between but nothing stops a determined soul. It just boils down to \"How bad do you want it, and what are you willing to do for it\". We get such posts once in a while and it always makes me smile ear to ear. How well you're going to do in this business (and all other areas of your life) connects directly to how hard you're willing to work. Stark clearly gets this...

Hey, thanks man. I'm sure you said some nice stuff but I can't quite see because my eyes are bleeding...
When the going gets weird, the weird turn pro.
  • #128,332
  • Oct 25, 2013 10:03am Oct 25, 2013 10:03am
Quoting patapouer
{quote} Hey, If I may, I'd like to underline this aspect. Not specifically for you, Jibson, but for the ones who may be where I was not so long ago. Someone once said here that our profits have two goals: feeding our bank account, and anticipating on our losses. It has also been discussed the damaging effect of losses (even small ones) on the equity curve, at the beginning of the trading history. In this regard, it took me quite a while to make the distinction between losses due to the fact that after all this is nothing but a probability game,...

Thanx bro. I guess that was for me also. I should say i am glad i am on this forum, i am learning things i would have known nothing about in a long time to come. I am always curious to making a mistake so that i can learn something new. For a kid it is easier to get the message when he feels the burn of fire than when he is cautioned against it. Thanx again everyone.



Jibson
Still trying to get to meet myself...
  • #128,333
  • Oct 25, 2013 10:49am Oct 25, 2013 10:49am
Monthly/weekly NZDUSA charts. Something to ponder over the weekend :nerd:
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdmonthlyj161025pb.png Size: 62 KB
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdweeklyj161024beoeb.png Size: 85 KB
  • #128,334
  • Oct 25, 2013 11:21am Oct 25, 2013 11:21am
Quoting Winston Reed
EURGBP daily pinbar. Just wondering here if I'm on track. But this is not one I'd take as it didn't close below any s/r and there is a lot of trouble areas (traffic)just below. I must admit, 6 months ago I would have jumped on this one. In some way this looks like one of Mike's \"wick\" plays. {image}
Hey winston

Not quite a wick play as we speak about them but it's certainly "weak" and that we can see by the location. Notice the BRN just underneath us and we have the box This is a bar that will kill most new PA traders. SO you are so right about that statement 6 months ago you might take it but you have a lot more experience to know it's just not quite right

Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 26 KB
  • #128,335
  • Oct 25, 2013 11:22am Oct 25, 2013 11:22am
I'm short on this.

Not being for me a very clear trade I put my stop loss within the red BO bar.

But if it goes, it could be a retracement after touching the 50% fibo level on the weekly chart.

In any case my TP level is above all that. I'm just playing the daily chart.

Attached Image (click to enlarge)
Click to Enlarge Name: audusdiamdaily.png Size: 36 KB
  • #128,336
  • Oct 25, 2013 11:31am Oct 25, 2013 11:31am
PLs examine the AUDNZD chart below. Its is similar to the USDCHF chart i cropped from Mike's Video in the question i posted earlier and he also posted to watch for this particular trade few days ago. My question is on the attached chart.


Jibson

Attached Image (click to enlarge)
Click to Enlarge Name: is this a good pull bck.png Size: 90 KB
Still trying to get to meet myself...
  • #128,337
  • Oct 25, 2013 11:43am Oct 25, 2013 11:43am
Quoting darko40
Hello, please if you can explain to me the shortcut PPZs that mean?
Hey D

Here is some more information

http://www.forexfactory.com/showthre...=2252116#reply

Hope that helps
Mike
  • #128,338
  • Oct 25, 2013 11:48am Oct 25, 2013 11:48am
Not one I would have taken but there was a break of a 2 bar high that was interesting.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddailyj1610252bh.png Size: 69 KB
  • #128,339
  • Oct 25, 2013 11:52am Oct 25, 2013 11:52am
Quoting jibson007
WHERE is Mike hmm... He must have been very busy I noticed the market has been very generous this week allowing for a lot of BE trade and then rewarding with a huge move. I guess the pain of the trash i got on Tuesday/Wednesday really did more than humbled me. Lost most of the opportunities. But i learnt a another lesson with a scare that will always remind me not to repeat the same mistake.
I'm here buddy

Yes working on the new site hard! Catching up on everything slowly , got a full plate

Best
Mike
  • #128,340
  • Oct 25, 2013 12:00pm Oct 25, 2013 12:00pm
Quoting stark1
{quote} Hey Winston For what it's worth, that was my thinking exactly - including the 6 months ago part. There's a ton of stuff going on below that I'd have barrelled into not very long ago. Maybe this is what they call...progress? Anyway, I shall be watching your posts with some interest. Have a good weekend sir...
awesome this will be great for the new folks just stepping into this thread. You gotta just stick with it. Nothing happens over night. No one wakes up and goes "ah yes I am now a trader!" I've never seen that happen. It's time, learning, more and more time. And a hell of a lot of mistakes


Mike
62 traders viewing now