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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

  • #135,181
  • Edited 12:41pm May 31, 2015 12:14pm | Edited 12:41pm
Quoting james16
HERE YA GO FOLKS AND MANY OF YOUR LIVES ARE GOING TO CHANGE THIS YEAR. No other forex trader here at least can touch me and im gonna prove it with your growing accounts and mine and were gonna show every step. {image}

http://www.forexfactory.com/attachme...1&d=1430579664

TOTAL TRADES 291
PROFIT TRADES 266
LOSS TRADES 25
PROFIT FACTOR 31.21
MAXIMAL DRAWDOWN 3.71%
TOTAL PROFIT 11127821.21

I did not claim that I am as good as james16 even not 1% of his success but in Forex any thing can be possible.
don't predict direction, but dance with flow of water
  • #135,182
  • May 31, 2015 12:25pm May 31, 2015 12:25pm
Quoting mbqb11
{quote} Hey Rex Their are some slight differences but overall your approach can be nearly identical. I watch about 80-90 FX pairs on the daily/weekly/monthly about half of then on the 1hr/4hr and I watch the russell 3000 on weekly and monthly The biggest thing for me with stocks is to watch the weekly/monthly charts. Daily charts often have gaps and the overall price action is not smooth like an FX chart. Some of the differences really are in low leverage for FX even on margin, and liquidity issues. Sometimes brokers won't have shares available...
Hi Mike,

Thanks you so much for your patience with new members and sharing your knowledge.

I have 2 specific questions regarding your answer above:
1. Is there any specific criteria you applied when you decided to watch half of 80-90 FX pairs you check on daily/weekly/monthly basis? I.e. what is special about those 40-45 pairs you check on 1H/4H basis?
2. Is there any specific reason why you decided to focus on Rissell 3000 companies and not something else (ex. S&P500 list)?

Thanks again and your inputs a VERY helpful!

Michael
  • #135,183
  • May 31, 2015 1:03pm May 31, 2015 1:03pm
Quoting RexTexas
{quote} Hello Donaciello, do you mean taking more instruments to the watchlist to fight impatience?! Sounds like an interesting idea. How are your experiences with equities and fx in comparison? I have read that price action is 'universal' but there is a difference in the way fx and stocks move, right? Looking forward to your opinion. Rex
Rex,

First and foremost, I trade demo; so for the insight on how trading is different, Mike has more to offer.
In my experience watching stocks is good to focus on quality.
Simply because when watching 2000+ market without being picky, you end up with 10's - 100's of possible trades and then you realize that your gonna have to find a way to filter all of that.

Eventually, when such filters have become a habit, there will will be weeks when even stocks don't provide you with a setup.
This has been the case for the last 3 weeks for me in stocks.
This weekend I have on my watchlist:

CSGS
SMTC
TITN

These are just the three that I want to give another look at a later time.
For now, my eyes need rest!
It's a sport, an artform and a science.
  • #135,184
  • May 31, 2015 1:15pm May 31, 2015 1:15pm
Quoting Donaciello
{quote} Rex, First and foremost, I trade demo; so for the insight on how trading is different, Mike has more to offer. In my experience watching stocks is good to focus on quality. Simply because when watching 2000+ market without being picky, you end up with 10's - 100's of possible trades and then you realize that your gonna have to find a way to filter all of that. Eventually, when such filters have become a habit, there will will be weeks when even stocks don't provide you with a setup. This has been the case for the last 3 weeks for me in stocks....
great job D

Here was my post just now in the PF
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  • #135,185
  • Edited 2:31pm May 31, 2015 1:24pm | Edited 2:31pm
Quoting mbqb11
{quote} great job D Here was my post just now in the PF {image}
Haha, 't is getting better and better !

I hadn't picked up on the box you marked, but that's the kind of thing I look for when I've narrowed the selection.
What caught my eye immediately was the PPZ of protection just below the close, beautiful!

Thanks for posting that chart Mike, makes my day!
------------------------------------------------------------------------------

Here's one on my list for the FX-only crowd:

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Edit: for anyone wondering about the fib:
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And another one I'm watching:
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It's a sport, an artform and a science.
  • #135,186
  • May 31, 2015 3:02pm May 31, 2015 3:02pm
Quoting mbqb11
{quote} great job D Here was my post just now in the PF {image}
Thanks once more for the chart Mike.

Here's what I made of it:

Attached Image
It's a sport, an artform and a science.
  • #135,187
  • May 31, 2015 4:41pm May 31, 2015 4:41pm
Do you guys trade in alignment with higher time frame trends and/or price action? Or do you trade only the setup of one time frame?

Ken
  • #135,188
  • May 31, 2015 4:51pm May 31, 2015 4:51pm
Quoting Yaboykt
Do you guys trade in alignment with higher time frame trends and/or price action? Or do you trade only the setup of one time frame? Ken
He there,

Depends a lot on the area/PPZ.
Sometimes the area is still very much relevant on a diffent TF, and then it may be incorporated into the story.
But generally, you want the area you're going to, to be respected on the TF you're trading.
Using area's of higher TF, can get you a small number of important zones to look for intra-day tho.

I usually don't move too far away from the TF where my lines and rectangles originate from, so that, if mostly what I can recommend.

All the best,

Donaciello
It's a sport, an artform and a science.
  • #135,189
  • May 31, 2015 7:05pm May 31, 2015 7:05pm
CADJPY:

On my watchlist.
BRN>>100
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  • #135,190
  • May 31, 2015 7:11pm May 31, 2015 7:11pm
GBPAUD:

On watchlist.
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  • #135,191
  • May 31, 2015 7:52pm May 31, 2015 7:52pm
guys you know I rarely make a non trading post but this one is worth it

My friends cancer has spread and she only has months left to live. She is trying to raise money for one last trip before she goes. Any help you guys can give would be appreciated.

Thank you!
http://www.gofundme.com/jamiedp
  • #135,192
  • Edited 9:04pm May 31, 2015 8:58pm | Edited 9:04pm
Quoting mbqb11
guys you know I rarely make a non trading post but this one is worth it My friends cancer has spread and she only has months left to live. She is trying to raise money for one last trip before she goes. Any help you guys can give would be appreciated. Thank you! http://www.gofundme.com/jamiedp
Very sorry to hear about your friend Mike.
I hope she get's the trip she dreams of!

Best wishes!
Donaciello
It's a sport, an artform and a science.
  • #135,193
  • May 31, 2015 9:00pm May 31, 2015 9:00pm
As for the trading related:

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It's a sport, an artform and a science.
  • #135,194
  • Jun 1, 2015 1:22am Jun 1, 2015 1:22am
Quoting Donaciello
{quote} He there, Depends a lot on the area/PPZ. Sometimes the area is still very much relevant on a diffent TF, and then it may be incorporated into the story. But generally, you want the area you're going to, to be respected on the TF you're trading. Using area's of higher TF, can get you a small number of important zones to look for intra-day tho. I usually don't move too far away from the TF where my lines and rectangles originate from, so that, if mostly what I can recommend. All the best, Donaciello
Thanks for your input Don! I found that trading with higher time frame pa increases probability but you will have fewer trades. Intra-day pa are like small waves in a tide. I'm sure people do it, I just haven't seen many people refer to this type of time frame analysis when posting their setups.
  • #135,195
  • Edited 9:28am Jun 1, 2015 4:33am | Edited 9:28am
Very sorry to hear of your friend Mike. Wishing all good trading for the week.

Aud/nzd d1 beovb.

EDIT: 1st target hit. BE.

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GBP/CAD H4 PB.

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EUR/AUD H4 BEOVB.

EDIT: 1st target hit. BE.

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'Fail to plan, plan to fail'
  • #135,196
  • Jun 1, 2015 5:12am Jun 1, 2015 5:12am
Quoting Guitarbloke
Very sorry to hear of your friend Mike. Wishing all good trading for the week. Aud/nzd d1 beovb. EDIT: 1st target hit. BE. {image}
Guitarbloke, thanks for your chart. I don't fully understand your entry, could you explain? I don't see a reason to go long, but neither to go short, and it seems that it is going south.


I've seen today many BUOB on EUR/*** and GBP/*** H4 pairs, but were sitting right above a support, and didn't want to take them. But I'm not sure, because just some candles before, there were BUOBs above support, and they went down through it. Maybe is fear?

Guitarbloke, are you still considering to join the private group? I'm considering it too, I want to speed up my learning and seems like a private group is the way to go.
Had to be me. Someone else might have gotten it wrong.
  • #135,197
  • Jun 1, 2015 5:37am Jun 1, 2015 5:37am
Guys, what do you think of this daily pivots indi?

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Seems accurate, but in the end, the price seems to go through it
Had to be me. Someone else might have gotten it wrong.
  • #135,198
  • Jun 1, 2015 5:39am Jun 1, 2015 5:39am
Quoting priceaction1
{quote} http://www.forexfactory.com/attachme...1&d=1430579664 TOTAL TRADES 291 PROFIT TRADES 266 LOSS TRADES 25 PROFIT FACTOR 31.21 MAXIMAL DRAWDOWN 3.71% TOTAL PROFIT 11127821.21 I did not claim that I am as good as james16 even not 1% of his success but in Forex any thing can be possible.
Keeping it Simple
  • #135,199
  • Jun 1, 2015 6:08am Jun 1, 2015 6:08am
Quoting mordin
Guys, what do you think of this daily pivots indi? {image} {image} {image} Seems accurate, but in the end, the price seems to go through it
Hey Mordin,

I think this is an indicator you can do without, and if you can't, you know you need some practive drawing PPZ's.
I've used the same indicator years back (or it looks freaky much like it), but there's nothing like manually drawn analysis.

Thing is, you need to have confidence in your story.
Do you trust your indi better for drawing PPZ's or yourself.
The answer to the above should be yourself, and if not, you have some learning to do.

Free yourself from the clutter.
It's a sport, an artform and a science.
  • #135,200
  • Jun 1, 2015 6:25am Jun 1, 2015 6:25am
Quoting mordin
Guys, what do you think of this daily pivots indi? {image} {image} {image} Seems accurate, but in the end, the price seems to go through it
So many lines. I rather recommend to learn how to spot price boxes and major S&R zones.
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