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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

  • #132,861
  • Nov 5, 2014 8:23am Nov 5, 2014 8:23am
Quoting Mihail481
USD/CHF 1D {image}
Mihail

Per our analysis the USD/CHF hit the 9600 BRN and after fiddling around with that number retraced back. I had moved my stop to 16 pips after break even yesterday night and when I checked back this morning I saw that I was stopped out for a profit of 16 pips. I would have earned 40 pips if I closed the trade yesterday night.

I think we have to be cautious with smaller pin bars and pin bars that are moving into FTA's so that we can win these trades.
  • #132,862
  • Nov 5, 2014 8:30am Nov 5, 2014 8:30am
Yesterday I attended a Traders meetup in New Jersey. This is the first time I attended such a meeting. There were totally 12 traders who attended this meeting. Interestingly I found that very few used technical analysis and none in the group followed PA. I am amazed how these folks intend to make a living out of trading when they did not have an approach or strategy at all.

And then some folks who offered training in trading took over and offered to train them. For me it was a waste of 2 hours which I could have used to analyze the markets or apply for better jobs. There were two guys who attempted to manage hedge funds or fund managers were also in attendance. I thought it will be a brainstorming session where I get to meet at least one or two currency traders but I was disappointed. Nobody was into currency. It seemed like they were all fiddling with stock trading with varying degree of success.

It takes a lot of effort to attend one of these after a 8 hr day job. I was disappointed with this.
  • #132,863
  • Nov 5, 2014 8:38am Nov 5, 2014 8:38am
Quoting PhAnTi'
{quote} stopped out
i got stopped out for breakeven P

the markets REALLY flipped yesterday

Aud/cad never got going either so I cut out under the zone that must hold. Small loss on that one too and that's why entering on a retrace is so important here as I was speaking with J
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  • #132,864
  • Nov 5, 2014 8:39am Nov 5, 2014 8:39am
Quoting prasad99
Yesterday I attended a Traders meetup in New Jersey. This is the first time I attended such a meeting. There were totally 12 traders who attended this meeting. Interestingly I found that very few used technical analysis and none in the group followed PA. I am amazed how these folks intend to make a living out of trading when they did not have an approach or strategy at all. And then some folks who offered training in trading took over and offered to train them. For me it was a waste of 2 hours which I could have used to analyze the markets or apply...
Most of meetings like that exists only to catch your money. They are worthless since usually you only can learn basics or strategies that do not work on them. The good ones are rare and costly since they they literally teach you how to earn money and compete with them on markets
  • #132,865
  • Nov 5, 2014 8:46am Nov 5, 2014 8:46am
Quoting Dovilo
{quote} Most of meetings like that exists only to catch your money. They are worthless since usually you only can learn basics or strategies that do not work on them. The good ones are rare and costly since they they literally teach you how to earn money and compete with them on markets
Real time interaction with a trader can be valuable so I thought I could find someone to discuss trading. Currently I have one trader who is into options trading and supports me with trading but I have no interaction with currency traders in the real world.

None of the 12 traders are into currency...and they all thought it is too much risk.
  • #132,866
  • Nov 5, 2014 8:47am Nov 5, 2014 8:47am
Quoting prasad99
Yesterday I attended a Traders meetup in New Jersey. This is the first time I attended such a meeting. There were totally 12 traders who attended this meeting. Interestingly I found that very few used technical analysis and none in the group followed PA. I am amazed how these folks intend to make a living out of trading when they did not have an approach or strategy at all. And then some folks who offered training in trading took over and offered to train them. For me it was a waste of 2 hours which I could have used to analyze the markets or apply...
yeah most of those are crap. They've been around forever and was the old school way people use to try to rip money from peoples hands. They also often charge a HUGE sum for a short period of time in which NO one could learn to trade

You are better of spending time with your charts for sure.

I'll be watching for this of the FX gods are on our side.

Look for price to close UNDER the previous 2 days and swing high from earlier. That's a great area to short if it can. Otherwise that area will likely act as support right now
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  • #132,867
  • Nov 5, 2014 8:57am Nov 5, 2014 8:57am
Quoting mbqb11
{quote} yeah most of those are crap. They've been around forever and was the old school way people use to try to rip money from peoples hands. They also often charge a HUGE sum for a short period of time in which NO one could learn to trade You are better of spending time with your charts for sure. I'll be watching for this of the FX gods are on our side. Look for price to close UNDER the previous 2 days and swing high from earlier. That's a great area to short if it can. Otherwise that area will likely act as support right now {image}
Someone remembers my post almost a week ago? http://www.forexfactory.com/showthre...00#post7835900

Slopped trend line respected almost perfectly.

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  • #132,868
  • Nov 5, 2014 9:10am Nov 5, 2014 9:10am
Another good day!! . All news consumed for today.

AUD/USD - 200+ pips locked

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GBP/AUD - 500 pips locked

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GBP/NZD - BE for now.

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NZD/CAD - BE for now.

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  • #132,869
  • Nov 5, 2014 9:14am Nov 5, 2014 9:14am
Quoting Dovilo
{quote} Someone remembers my post almost a week ago? http://www.forexfactory.com/showthre...00#post7835900 Slopped trend line respected almost perfectly. {image}
very nice D i missed your post

We can see price is in a channel easier on weekly, and we are at the bottom of the previous consolidation from the last drop off. We got a ways to go for the daily close but it would be prime
l
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  • #132,870
  • Nov 5, 2014 9:17am Nov 5, 2014 9:17am
Quoting zamfir
Another good day!! . All news consumed for today. AUD/USD - 200+ pips locked {image} GBP/AUD - 500 pips locked {image} GBP/NZD - BE for now. {image} NZD/CAD - BE for now. {image}
Zamfir

Congrats for the pips you are earning. Great.
  • #132,871
  • Nov 5, 2014 11:21am Nov 5, 2014 11:21am
Nice moves with respect to AUD attached pairs. Here is USD/AUD....traders fx paradise. I can see two entries on this chart....and some trade management will gets the pips flowing.
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  • #132,872
  • Nov 5, 2014 11:24am Nov 5, 2014 11:24am
How can we catch good entries if we are at work and cannot get into the trade. By the time we see the price has already moved and entry can be hard. How do we manage this kind of thing.
  • #132,873
  • Nov 5, 2014 1:08pm Nov 5, 2014 1:08pm
Quoting zamfir
Another good day!! . All news consumed for today. AUD/USD - 200+ pips locked {image} GBP/AUD - 500 pips locked {image} GBP/NZD - BE for now. {image} NZD/CAD - BE for now. {image}
Very nice!
  • #132,874
  • Nov 5, 2014 1:14pm Nov 5, 2014 1:14pm
Quoting prasad99
Nice moves with respect to AUD attached pairs. Here is USD/AUD....traders fx paradise. I can see two entries on this chart....and some trade management will gets the pips flowing. {image}
Siting tight...Price is at the 50% fib exactly. And also bullish MACD divergence on weekly
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  • #132,875
  • Nov 5, 2014 2:28pm Nov 5, 2014 2:28pm
Quoting zamfir
Another good day!! . All news consumed for today. AUD/USD - 200+ pips locked {image} GBP/AUD - 500 pips locked {image} GBP/NZD - BE for now. {image} NZD/CAD - BE for now. {image}

zamfir

I did not understand the PA you followed on the NZD/CAD pair in the screenshot that you show. Is it inside bar??
  • #132,876
  • Nov 5, 2014 2:30pm Nov 5, 2014 2:30pm
Quoting prasad99
{quote} zamfir I did not understand the PA you followed on the NZD/CAD pair in the screenshot that you show. Is it inside bar??
Yes.
  • #132,877
  • Nov 5, 2014 2:35pm Nov 5, 2014 2:35pm
Quoting mbqb11
{quote} yeah most of those are crap. They've been around forever and was the old school way people use to try to rip money from peoples hands. They also often charge a HUGE sum for a short period of time in which NO one could learn to trade You are better of spending time with your charts for sure. I'll be watching for this of the FX gods are on our side. Look for price to close UNDER the previous 2 days and swing high from earlier. That's a great area to short if it can. Otherwise that area will likely act as support right now {image}

Mike

you are absolutely right on that. They were quoting anywhere around 10k to 500 bucks for fees depending on the ability of the people to pay. I dont know what they are going to teach in one week....they did not spell out their strategies either.
  • #132,878
  • Nov 5, 2014 4:47pm Nov 5, 2014 4:47pm
Quoting jr241
Looking at this potential setup on the AUDCAD tonight. Also closing above recent bar highs on the 4H TF Regards, JR
Stopped out on this trade earlier today. Took a pending buy limit on the pull back and price pushed up a tiny amount, but couldn't quite get through the big number, before falling strongly back below the PPZ.

Mike - with hindsight (which is of course, always a great thing!) do you think it would have been better to set a buy-stop just above 1.0000 to see if price broke through?

Only trade that has caught my attention tonight is the AUDUSD. BEOB closed below the support line, as per first image below, with nothing to the left on the daily chart. FTA on the weekly chart looks to be another important number, 0.85000, last seen with the bar highs in June 2010 (2nd image).

Regards,
J

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  • #132,879
  • Nov 5, 2014 9:39pm Nov 5, 2014 9:39pm
A couple of charts. A loss and a winner that I missed by about an hour due to uni exams.

Loss: EURUSD - The pin bar was nice, the support area was nice, however there was probably too much traffic that I was trading into. Lesson learned.
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Missed trade: NZDUSD - By the time I saw this set up, price had already moved past where my entry would have been by about 10 pips. I still planned the trade as if I took it. Price had no trouble swooping down and hitting my target.
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Confluence is king.
  • #132,880
  • Nov 6, 2014 12:43am Nov 6, 2014 12:43am
I didnt take any longs on AUD pairs and now I think I will short it on the retrace of this BEOB. Previous support may become ressistance and this is the key area for managing the trade.
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If not up, then down, otherwise sideways :-)
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