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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

  • #131,421
  • Jul 2, 2014 2:05am Jul 2, 2014 2:05am
Quoting Magestic
This TL is accurate. Want it to go lower around 1.44 and reverse. {image}
Nice

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  • #131,422
  • Jul 2, 2014 4:59am Jul 2, 2014 4:59am
Quoting ghous
{quote} Hey Vanilla, For one, that is not a BUOB, as the low doesn't go lower than the prior bar's low, but to answer your question . . .
Hell ghous,
Thanks for clarification about this topic.
Regards.
  • #131,423
  • Jul 2, 2014 8:17am Jul 2, 2014 8:17am
Quoting dan89
{quote} Nice {image}
god the same one on my watchlist
  • #131,424
  • Jul 2, 2014 10:46am Jul 2, 2014 10:46am
Quoting dan89
{quote} Nice
Hi Dan, and check out this august 2012 trendline from below as well. Seems a nice buy in the cards, several ways to play this.
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  • #131,425
  • Jul 2, 2014 10:52am Jul 2, 2014 10:52am
Update : EURGBP finally moving in my direction....

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Update : Gold second entry...

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New entry GBPUSD

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New entry GBPCHF

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  • #131,426
  • Jul 2, 2014 11:42am Jul 2, 2014 11:42am
Quoting mbqb11
{quote} god the same one on my watchlist
Nice !
  • #131,427
  • Jul 2, 2014 6:00pm Jul 2, 2014 6:00pm
Quoting FXBeppie
{quote} Hi Dan, and check out this august 2012 trendline from below as well. Seems a nice buy in the cards, several ways to play this. {image}
Gotta be very careful with trendlines. I see the long term trends lines a little differently.

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  • #131,428
  • Jul 2, 2014 6:14pm Jul 2, 2014 6:14pm
GBPJPY has a beautiful weekly ppz at BRN 180.

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I've been patiently waiting on a test of 175 and we almost had it today. I think a close above that level makes 180ish a likely destination. I wouldn't mind seeing a break out like the scenario that happened at the breakout of 160 in Nov. last year...... Wouldn't mind a nice pin or BEOB there either though.

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  • #131,429
  • Jul 2, 2014 6:23pm Jul 2, 2014 6:23pm
Quoting zamfir
Update : EURGBP finally moving in my direction.... {image} Update : Gold second entry... {image} New entry GBPUSD {image} New entry GBPCHF {image}
Nice Trades Zamfir!
  • #131,430
  • Jul 3, 2014 2:04pm Jul 3, 2014 2:04pm
Quoting mbqb11
{quote} we're not far off for the new site don't worry
Mike, I've been really busy at work so I haven't had the time to join the private group yet. I didn't know that a new site is coming. What will be the difference between the new site and current one? Also will the membership options be the same?

Thanks
Walid
  • #131,431
  • Jul 3, 2014 3:46pm Jul 3, 2014 3:46pm
Quoting tradewiser
{quote} Mike, I've been really busy at work so I haven't had the time to join the private group yet. I didn't know that a new site is coming. What will be the difference between the new site and current one? Also will the membership options be the same? Thanks Walid
Hey Walid

Hope all is well bud

I just sent an updated email to the group today with SOME of the new features. We're still finishing up on some different things but here are just a few excluding the new sections like real estate, charity and some other features we plan to have but were still working on in the next few weeks.

Here were some I sent out today in my update

-Forums will be available on your phones via tapatalk
-Alert system with charts for 100's of forex pairs. Alerts can be set up
to your email or your phone(if available for you). Alerts can be fully
managed
-New webinar alert system including easier to view calendar on the new
wordpress site, email customizable alerts for webinars, as well as
countdown clocks to avoid confusion on times
-Forex market hours map. Interactive map to know when the sessions are
going on and when they close
-position size calculator
-Instructor blogs are complete with easy to navigate sections. Will allow
for much easier access to new material. Searching items will now have tags
from blog posts making it easier to find what you are looking for
-Videos are fully playable on all machines and smartphones/tablets. As well
as played directly off the site in "pop up " mode or full screen hd.

Hope this helps!
Mike
  • #131,432
  • Jul 4, 2014 1:11am Jul 4, 2014 1:11am
Hi Guys,

What would you prefer? 80% win rate on 1:1 RR trades or 30% win rate on 3:1 to 4:1 RR trades? And why?
  • #131,433
  • Jul 4, 2014 1:48am Jul 4, 2014 1:48am
Quoting Cricketer
Hi Guys, What would you prefer? 80% win rate on 1:1 RR trades or 30% win rate on 3:1 to 4:1 RR trades? And why?
Hey Cricketer,

Most new traders would probably prefer the 1:1, 80% win rate. Is far easier psychologically to accept this because you would consider yourself to be 'right' or 'correct'. Its human nature not to want to loose and so naturally you try to avoid it.

A 30% win rate is accepting that you loose or are 'wrong' 70% of the time - much more difficult. Most new traders i believe would carry on trading with a 80% win rate, whereas traders with much lower win rate will likley give up since winning and loosing trades dont come in perfect order (as in 8 wins followed by 2 loosers - 80%).

You have to remember however that trading is not about being right, its about making money, and you should do that whatever way you feel most comfortable. So neither a high or low win rate is the correct way.

Im personally comfortable with a balance of both higher then 50% win rate and a RR of around 1:4.

Based on all my live trades since I felt I was consistantly profitable (around september last year) I have: 61% win, 33% BE, 5% Loss with Risk:Reward of 1:4 average. So for me this is whats right and im comfortable trading like this.

Take care
Dan
  • #131,434
  • Jul 4, 2014 2:53am Jul 4, 2014 2:53am
USDZAR formed a nice Daily PB.
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  • #131,435
  • Jul 4, 2014 9:04am Jul 4, 2014 9:04am
Quoting dan89
{quote} Hey Cricketer, Most new traders would probably prefer the 1:1, 80% win rate. Is far easier psychologically to accept this because you would consider yourself to be 'right' or 'correct'. Its human nature not to want to loose and so naturally you try to avoid it. A 30% win rate is accepting that you loose or are 'wrong' 70% of the time - much more difficult. Most new traders i believe would carry on trading with a 80% win rate, whereas traders with much lower win rate will likley give up since winning and loosing trades dont come in perfect...
Thanks Dan for explaining the whole thing, really appreciate it.
  • #131,436
  • Jul 4, 2014 11:27am Jul 4, 2014 11:27am
Quoting mbqb11
{quote} Hey Walid Hope all is well bud I just sent an updated email to the group today with SOME of the new features. We're still finishing up on some different things but here are just a few excluding the new sections like real estate, charity and some other features we plan to have but were still working on in the next few weeks. Here were some I sent out today in my update -Forums will be available on your phones via tapatalk -Alert system with charts for 100's of forex pairs. Alerts can be set up to your email or your phone(if available for...
Congratulations on the new site, i have watched all the videos in your guest section, it was a great and wonderful learning experience, i would need to be going over them again and again, i especially love the video where you explained boxes and how price behaves around them. I will keep learning and analyzing from here before i even demo trade. Though i have downloaded demo platforms, i have only been watching them live and not trading at all. I started paper trading 2 weeks ago but because i felt i don't even know enough to paper trade. So please you guys should keep it coming and thanks everyone for the great explanations.
  • #131,437
  • Jul 4, 2014 7:14pm Jul 4, 2014 7:14pm
Quoting zamfir
Update : EURGBP finally moving in my direction.... {image} Update : Gold second entry... {image} New entry GBPUSD {image} New entry GBPCHF {image}
What made you think that the GBPCHF pinbar entry would work? I had ignored it because it was small and there was lack of space and also possible resistance at the descending trendline.

N
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  • #131,438
  • Jul 4, 2014 7:31pm Jul 4, 2014 7:31pm
Quoting zamfir
Update : EURGBP finally moving in my direction.... {image} Update : Gold second entry... {image} New entry GBPUSD {image} New entry GBPCHF {image}

and also in one of your previous trade ...

1. resistance at bar lows in the consolidation box
2. resistance at neckline
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  • #131,439
  • Jul 4, 2014 10:22pm Jul 4, 2014 10:22pm
Quoting Neytiri
{quote} What made you think that the GBPCHF pinbar entry would work? I had ignored it because it was small and there was lack of space and also possible resistance at the descending trendline. N {image}
I can explain it , but you are not psychologically ready to accept certain things. It will come with time.

all i can say is you analyze too much.
  • #131,440
  • Jul 4, 2014 10:26pm Jul 4, 2014 10:26pm
Quoting Neytiri
{quote} and also in one of your previous trade ... 1. resistance at bar lows in the consolidation box 2. resistance at neckline {image}
Again, you are analyzing too much. This is causing you to not take good trades.

My suggestion, get rid of all the lines and curves except for the horizontal S/R and look for PA.


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