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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

  • #129,761
  • Feb 3, 2014 12:37pm Feb 3, 2014 12:37pm
Quoting patapouer
{quote} Demo I treat as much as possbile as a live. Last few adjustments I wanna test before going live.I wasnt aiming at such ''adjustments'' though
Bet you weren't

Don't know about you, but I'm glad I'm making these daft mistakes on demo! I'm real lucky to have found this thread before I just dived into forex trading and blew a few thousand quid - I've heard too many horror stories!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,762
  • Feb 3, 2014 1:46pm Feb 3, 2014 1:46pm
Quoting iman_oracle
There was a nice pin bar on 24 jan on daily EUR/USD. Who caught this !!! {image}
That pin was too small for me so I passed up that trade. Did you take it?
Lose small, win BIG
  • #129,763
  • Feb 3, 2014 1:59pm Feb 3, 2014 1:59pm
Hello guys!

Any comments about this pin bar on EURCAD at 1,5NBRN?

http://charts.mql5.com/3/777/eurcad-...trading-oy.png
  • #129,764
  • Feb 3, 2014 2:33pm Feb 3, 2014 2:33pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Quoting Microtrader_
Hello guys! Any comments about this pin bar on EURCAD at 1,5NBRN? http://charts.mql5.com/3/777/eurcad-...trading-oy.png
Blaz
Attached Image
  • #129,765
  • Feb 3, 2014 2:34pm Feb 3, 2014 2:34pm
Quoting ProsteJa
{quote} That pin was too small for me so I passed up that trade. Did you take it?
I play it on demo (i am a newbie)
i thought there was a nice space to run on the left side of chart
  • #129,766
  • Feb 3, 2014 2:49pm Feb 3, 2014 2:49pm
Quoting Microtrader_
Hello guys! Any comments about this pin bar on EURCAD at 1,5NBRN? http://charts.mql5.com/3/777/eurcad-...trading-oy.png
Well Micro i think that there are too close trouble areas for me plus the pin. I wouldn't trade it.

Al.
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  • #129,767
  • Feb 3, 2014 3:24pm Feb 3, 2014 3:24pm
Quoting Microtrader_
Hello guys! Any comments about this pin bar on EURCAD at 1,5NBRN? http://charts.mql5.com/3/777/eurcad-...trading-oy.png
Agree with other posters that there is trouble close by. I've been looking at the USDCAD. In a good uptrend - this looks like a pin off the retracement to me? If price can get up to the last high there's nothing but sky above.
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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,768
  • Feb 3, 2014 3:47pm Feb 3, 2014 3:47pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Quoting Berserker
{quote} Agree with other posters that there is trouble close by. I've been looking at the USDCAD. In a good uptrend - this looks like a pin off the retracement to me? If price can get up to the last high there's nothing but sky above. {image}
BEOB just broke the trendline and I would rather wait for a pullback and a second chance to enter short

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  • #129,769
  • Feb 3, 2014 4:03pm Feb 3, 2014 4:03pm
Quoting BlazG
{quote} BEOB just broke the trendline and I would rather wait for a pullback and a second chance to enter short {image}
I've gone long - I put in the order before coming back to the forum to see people giving me the reasons not to take it Have to make my mistakes by my own reasoning!

I hadn't put this trendline on my chart - may have altered my thinking - let's see what happens!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,770
  • Feb 3, 2014 5:56pm Feb 3, 2014 5:56pm
Quoting patapouer
{quote} yep, we all make mistakes... I've just lost 3%+ of my account because I miscaculated my exposure: took 2 positions of 10% instead of 2 x 1%. Ouch. Could have been worst: I realized that early in the trade... Oh, and I just noticed your name is NOT BeerSeeker
I developed a habit of triple-checking all trade entries to prevent order-entry mistakes:

1) Before placing the trade, I double-check the prices on the trade entry box.

2) After placing the trade, I double-check the prices by flipping back-and-forth between my trade journal and my trading platform.

3) I glance at the price levels on the chart to confirm that the trade makes sense from a visual perspective.

After a while, this process becomes routine. I have made only a single order-entry mistake in eight months of demo trading. One too many, of course!
Forex is for the lifestyle.
  • #129,771
  • Feb 3, 2014 6:34pm Feb 3, 2014 6:34pm
Quoting Berserker
{quote} Thanks for the encourgement The annoying thing is that all of the mistakes I made I have read about numerous times, but they are made almost without me being aware of them. This stems, I think, from second-guessing myself. Should I be trading more pairs? Am I missing out on signals on other time frames? Am I being too conservative? Is that a pinbar? Is it in the right place? ( your comment about trading in traffic - I hear ya! ), etc etc. These things can only be resolved through experience I guess! So, onward and upward. I think I will...
IMO, there is no such thing as "too conservative" in this game. Too conservative means missing a few opportunities, which is better than making borderline trades and then missing your money.

If you get the itch to trade during quiet times, definitely expand the number of currency pairs that you research rather than slumming among the lower time frames. The extra research just might relieve those itchy trading fingers. Plus you will slowing acclimate yourself to new currency pairs.

As someone just making the transition from demo to live, I can tell you that I could have eliminated more than half of my bad trades just by not trading into traffic and ensuring enough open space around the PA bar. Traffic and space. Traffic and space. Traffic and space.

Good luck.
Forex is for the lifestyle.
  • #129,772
  • Feb 4, 2014 2:55am Feb 4, 2014 2:55am
Nice pb in gj..

Sonic
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  • #129,773
  • Feb 4, 2014 2:58am Feb 4, 2014 2:58am
Quoting Tail Gunner
{quote} IMO, there is no such thing as "too conservative" in this game. Too conservative means missing a few opportunities, which is better than making borderline trades and then missing your money. If you get the itch to trade during quiet times, definitely expand the number of currency pairs that you research rather than slumming among the lower time frames. The extra research just might relieve those itchy trading fingers. Plus you will slowing acclimate yourself to new currency pairs. As someone just making the transition from demo to live,...
Tail Gunner, you're exactly where I want to be in 8 months time - I hope I too can have the patience to not go live until I'm ready.

Thanks for your words of advice, "Traffic and Space" - another post-it to go on my trading station
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,774
  • Feb 4, 2014 5:29am Feb 4, 2014 5:29am
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  • #129,775
  • Feb 4, 2014 10:00am Feb 4, 2014 10:00am
Quoting Neytiri
{image}
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Best,
Jonas
Hero calls followed by margin calls...
  • #129,776
  • Feb 4, 2014 10:02am Feb 4, 2014 10:02am
Quoting sonicdeejay
Nice pb in gj.. Sonic {image}


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Best,
Jonas
Hero calls followed by margin calls...
  • #129,777
  • Feb 4, 2014 3:44pm Feb 4, 2014 3:44pm
hello traders!
Thank you for what you are doing with our FX stupidity!) it motivates not stop learning.
after close each deal I keep it, and then consider the reasons for success or failure.
in this case I do not see the unique loss reasons. what did I do wrong?
down trend, candle closed below the blue level and tested it after, then pending order placed below round level
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  • #129,778
  • Feb 4, 2014 4:21pm Feb 4, 2014 4:21pm
Hi everyone,
This is my first post, so I would like to say HI to all of you. I need to tell you that you are doing here great job!

Quoting respectosik
what did I do wrong? down trend, candle closed below the blue level and tested it after, then pending order placed below round level {image}
@Respectosik - It might be just a false breakout...

What do you think about USDCHF?
D1 - We do have BEOB today candle made an Insidebar.
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H4 - we do have pinbar
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I would say short, SL: 35 pips, TP: 105

Any thoughts?

Thanks,
HG
  • #129,779
  • Feb 4, 2014 5:18pm Feb 4, 2014 5:18pm
Hi All - Just found this thread yesterday and wanted to give a shout out. Also, what would the experts say to the following daily chart of the NZDUSD?
Nice PB nose up into fib ret and resistance at 1.0910. Now look at the monthly.. Big PB going the other way. Would it be a high probability short trade for at least 80-100 pips upon the break of the low? Thanks Bill
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Karma is a bitch, so play nice w/her
  • #129,780
  • Feb 4, 2014 5:26pm Feb 4, 2014 5:26pm
Quoting hginvestor
Hi everyone, This is my first post, so I would like to say HI to all of you. I need to tell you that you are doing here great job! {quote} @Respectosik - It might be just a false breakout... What do you think about USDCHF? D1 - We do have BEOB today candle made an Insidebar. {image} H4 - we do have pinbar {image} I would say short, SL: 35 pips, TP: 105 Any thoughts? Thanks, HG

Hi hg,

In my opinion we're in a 'sideways pyramid' consolidation.
The BEOB I think is in heavy traffic and most importantly, it's headed into Big Round number 0.9000

I'd pass on this one and wait for a break-out.

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