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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

  • #130,801
  • May 6, 2014 1:36pm May 6, 2014 1:36pm
EUR-USD is giving maturing sale sign, you should expect to confirm a false start, accompanied by strong bearish divergence
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  • #130,802
  • May 6, 2014 1:53pm May 6, 2014 1:53pm
Quoting ghous
{quote} I don't think it matters how someone else would play it. What's more important is whether you're ok to walk out of the trade with nothing in your pocket should price bounce off 1.976. Preparing yourself for the worst always helps keep emotions in check g.
Hey Ghous, thanks. I ended walking away at BE from that trade. And I've had a few more since! Starting to feel better about BE's now. As Jim does, I mark them as winners on my sheet.

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,803
  • May 6, 2014 1:54pm May 6, 2014 1:54pm
Quoting ghous
{quote} I think its very bullish, with those multiple highs. Let's wait for some solid PA. g.
Yep, been waiting for some good PA on this pair for over a month or so now. Seems like it's winding up!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,804
  • May 6, 2014 3:04pm May 6, 2014 3:04pm
Quoting Berserker
{quote} Hey Ghous, thanks. I ended walking away at BE from that trade. And I've had a few more since! Starting to feel better about BE's now. As Jim does, I mark them as winners on my sheet. Cheers
I used to also mark BE as wins ... but then I realised that they should just be discarded since BE is actually neither a win or a loose. Taking them as BE just screwed up my win rate stats and the psychological factors that go with it.

Take care
Dan
  • #130,805
  • May 6, 2014 3:06pm May 6, 2014 3:06pm
Quoting cesar8
EUR-USD is giving maturing sale sign, you should expect to confirm a false start, accompanied by strong bearish divergence {image}
.... ???

Dude you have posted the same thing in 3 different threads. Is this even 'J16' material ... This is the problem with all threads.... they just veer off course and screw up the newcomers.

Take care
Dan
  • #130,806
  • May 6, 2014 9:07pm May 6, 2014 9:07pm
Quoting cesar8
this pair input signal is giving this seems like a false start, hopefully the price back, which can be taken for the wide divergence is observed. {image}
nice call on NU, did you TT there? Did you base it on divergence only or did you have some more confluence to trigger. Would like to see what your target for price is and how it plays out....certainly off to a nice start.

I bet Ghous gave this one a hard look if his candles close at NY. I would have needed more info, but here was one way to play it using some of the stuff ghous teaches.
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  • #130,807
  • May 6, 2014 9:20pm May 6, 2014 9:20pm
Quoting dan89
Chart: Upside is a little tricky but with the major trend. Downside has more room but no divergence {image}
Can you please show on the chart how there is no divergence? Are you referring to MACD divergence?

Thanks,

N
  • #130,808
  • Edited 11:19pm May 6, 2014 11:18pm | Edited 11:19pm
Quoting Neytiri
Can somebody direct me to posts that give a detailed explanation of what wickplay/wickfills are and how to trade them? Thanks, Neytiri

Hi Neytiri,
this is what I discovered, so far.

http://www.forexfactory.com/showthre...76#post6777376
http://www.forexfactory.com/showthre...54#post7178954
http://www.forexfactory.com/showthre...93#post7196493
http://www.forexfactory.com/showthre...88#post7425988
  • #130,809
  • May 7, 2014 12:48am May 7, 2014 12:48am
Quoting Neytiri
{quote} Can you please show on the chart how there is no divergence? Are you referring to MACD divergence? Thanks, N
Dont't pay too much attention to indicators (MACD included) - they lagg.
Do you know what do they tell you and why do they indicate trend reversal anyway? MACD simply tells you that as we made the same high as before the momentum is less. That's all. But it still laggs.

In my experience most of the time the best reversals (the ones where you say "Ohhh man - i wish i had sold that High look at how it came back.) are the ones where there was no MACD divergence, since price reached the high fast, and left the high fast.

Cheers,
Stephen
It's all psychology...
  • #130,810
  • May 7, 2014 1:54am May 7, 2014 1:54am
Hi fellow J16'ers,

Coming back after some time away from trading, I intend to go through min-reqs again. I think one of Jim's most important messages is on account size and I understand it completely. I was thinking therefore demoing using a larger account size (say 100k) until I am profitable, then using half that in a live account? (All the while on the dailies and sticking to the reqs) .

I always poo-pooed demo before and opted for a small live account to practice but this leads to small wins and it's difficult to sniper shot. What so you guys think?

Thanks
B
  • #130,811
  • May 7, 2014 3:35am May 7, 2014 3:35am
Quoting Neytiri
{quote} Can you please show on the chart how there is no divergence? Are you referring to MACD divergence? Thanks, N
Hey Neytiri,

Hope this helps:

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Take care
Dan
  • #130,812
  • Edited 7:52am May 7, 2014 7:10am | Edited 7:52am
so will trade after a false start. Back shortening goes a trailing stop price. if this divergence is not, then do not say to divergence. Master Ghous can give better explanations.
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  • #130,813
  • May 7, 2014 7:21am May 7, 2014 7:21am
please, respect other users and speak English
  • #130,814
  • May 7, 2014 7:41am May 7, 2014 7:41am
Quoting cesar8
asi va el comercio despues de una falsa salida. Atras va un trailing stop acortando el precio. si esto no es divergencia, entonces no se a que decirle divergencia. Maestro Ghous puede darles mejores explicaciones. {image}
....sure
  • #130,815
  • May 7, 2014 8:03am May 7, 2014 8:03am
Quoting james16
always remember this and its in this thread somewhere. i personally blew more accounts than i can remember over an 8 year period. a 6 figure amount total. things turned around for me when several things happened. 1. i quit trading and saved for over 2 years. i knew i couldnt be patient with small accounts. i had proven that over and over and over. 2. i took all my years of learning and spent those two years demoing and refining until i could go month after month after month making the demo account grow. 3. when the time to go live came i had a large...
This answers my question above, why trade live when you can demo till you are profitable and confident and save enough to have a larger account in the meantime.
  • #130,816
  • May 7, 2014 8:47am May 7, 2014 8:47am
Quoting migmac
please, respect other users and speak English
Please apologize for not having translated before, I corrected.
  • #130,817
  • May 7, 2014 10:13am May 7, 2014 10:13am
Quoting cesar8
so will trade after a false start. Back shortening goes a trailing stop price. if this divergence is not, then do not say to divergence. Master Ghous can give better explanations. {image}
Your explanation is fine. Looks like you are taking a trade very similar to ghous or the wizard - swing failure pattern. MACD convergence is definitely good to use as confluence for what I consider a very advanced PA entry. TP looks very aggressive but is definitely possible. Like how you've covered your risk and locked in some profit.

The only small thing I see is that as Mike teaches you have to watch the center of the consolidation box as it is a PPZ. You can't be surprised with a bounce there and by moving your stop so tightly it could be taken out before hitting your TP. But...you had a small SL to begin with and look to have locked in some profits so overall very nice trade . Thanks for posting it.
  • #130,818
  • May 7, 2014 10:19am May 7, 2014 10:19am
Quoting Bullet
{quote} This answers my question above, why trade live when you can demo till you are profitable and confident and save enough to have a larger account in the meantime.
It's great that you have decided what will work for you. For me personally, I prefer trading smaller account. I found that I reacted totally differently on demo and developed bad habits....because the risk wasn't real. My discipline improves when real money, no matter how small, is on the line.

For me the strategies are "demo'd" for the most part on forex tester, with a few actual demo trades as well. Once I'm happy that I can trade with tester on a couple of pairs I am comfortable taking the strategy live.

Good luck on your journey bullet....hope you are able to catch a few bullets along the way!!
  • #130,819
  • May 7, 2014 10:51am May 7, 2014 10:51am
Quoting Donkey
{quote} It's great that you have decided what will work for you. For me personally, I prefer trading smaller account. I found that I reacted totally differently on demo and developed bad habits....because the risk wasn't real. My discipline improves when real money, no matter how small, is on the line. For me the strategies are "demo'd" for the most part on forex tester, with a few actual demo trades as well. Once I'm happy that I can trade with tester on a couple of pairs I am comfortable taking the strategy live. Good luck on your journey bullet....hope...

Thanks Donkey,

I used to have that viewpoint, but I ended up not having the patience because I was waiting days/weeks to trade for a profit of £50-£100 or breakeven.
  • #130,820
  • May 7, 2014 12:43pm May 7, 2014 12:43pm
Quoting Bullet
{quote} Thanks Donkey, I used to have that viewpoint, but I ended up not having the patience because I was waiting days/weeks to trade for a profit of £50-£100 or breakeven.
Just a question...playing devil's advocate a bit. Won't you need the same patience on demo? I would think you would be waiting for the same setups and would have the same wait time between setups if you are trading the same setups and watching the same number of instruments.

To combat the 50-100 small gains in a month I suggest setting up a profit sharing while on a small account. Allow yourself to deposit a percentage (or multiple) into your trading account if you have a profitable month. This will allow you to increase your profit potential, maintain the same MM principles, and provides rewards for success. Obviously as your account grows, you won't be able to afford to make the same type of donations, and may even get to the point where you pay yourself out of profits.

My experience on demo was taking trades that didn't meet good criteria, which led to overtrading when I went live. Not trying to talk you out of demo at all...just trying to show what seems to work for me.
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