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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

  • #138,401
  • Jan 31, 2016 4:35pm Jan 31, 2016 4:35pm
Quoting Nazarm
3 BUOVBs - 3 profits. {image} {image} {image}
way to go naz!
  • #138,402
  • Jan 31, 2016 6:35pm Jan 31, 2016 6:35pm
Just a little update from the site. We are really happy with the first month in terms of everything. It was very nerve racking but all in all it went off without a huge hitch

We will still be raising prices but we are waiting for paypal to get hooked up. Many of you emailed asking for paypal and it wouldn't be fair to lock you out at the old rate.

We took extra care with paypal this time around. Last time they locked a lot of money on us many many years ago so we took extra precaution with paypal business and our rep.

Our plan at this point is once paypal is hooked up and properly tested with our membership software we will give one final week at the 129 rate before we do raise prices for good.

We know so many of you need paypal and although we were reluctant we believe we've taken every step to insure it will be ok for us from here on out. We believe paypal should be up and running in the next day or two.

Will post and let everyone know once that is up

Enjoy the week
Mike
  • #138,403
  • Feb 1, 2016 3:41am Feb 1, 2016 3:41am
Hi mbqb11, do you think that newbie like me can start to trade also shares? Because forex with daily charts doesnt give that much trade opportunities atm.
Also, is the main reason you trade shares in weekly because of the gaps? I quickly checked daily charts of shares and the gaps were quite big sometimes..?
Thx!
Im gonna beat this game.
  • #138,404
  • Feb 1, 2016 4:55am Feb 1, 2016 4:55am
Quoting Bill618
{quote} G-man, hope you're still in the cad/jpy trade. I'm looking for some solid PA to get through your 85 hurdle... EDIT: It got through alright and then some thanks to the BOJ. {image}
Hey Bill, yep, still got a bit on this one. Actually jumped in and out of the US/JPY on Friday on the BOJ announcement.
  • #138,405
  • Feb 1, 2016 5:01am Feb 1, 2016 5:01am
Quoting mbqb11
trade idea sent to the group yesterday at the daily close Nice little touch trade with a 33 pip stop. took profit just shy of 1.44 Although i bring my risk WAY down they can really add up {image} {image}
Hi Mike - roughly how many trade ideas per week or month (or timeframe) do you (and Jim and / or others) send out to the group? Can you quantify the success rate? I've been following this site for years and hope to become a member soon. I would like to allocate a percentage of my fund to following your ideas whilst continuing my own "stuff".

Cheers and keep up the good work all.
  • #138,406
  • Feb 1, 2016 8:06am Feb 1, 2016 8:06am
Quoting trader1212
Hi mbqb11, do you think that newbie like me can start to trade also shares? Because forex with daily charts doesnt give that much trade opportunities atm. Also, is the main reason you trade shares in weekly because of the gaps? I quickly checked daily charts of shares and the gaps were quite big sometimes..? Thx!
Hey Trader

Absolutely I think you can begin to paper trade just as you would with FX. The markets have their difference but in terms of how I approach it from a technical standpoint it's largely similar. You are correct about gaps and why i trade weekly/monthly charts. It helps "smooth" out that price action. Doesn't make you immune to gaps, we aren't in any market but it helps a lot in my view.

Start paper trading and see how you do

Mike
  • #138,407
  • Feb 1, 2016 8:10am Feb 1, 2016 8:10am
Quoting Grousman
{quote} Hi Mike - roughly how many trade ideas per week or month (or timeframe) do you (and Jim and / or others) send out to the group? Can you quantify the success rate? I've been following this site for years and hope to become a member soon. I would like to allocate a percentage of my fund to following your ideas whilst continuing my own "stuff". Cheers and keep up the good work all.
Hey Grous

How are you my friend. Truthfully I have no idea is really the response to those questions lol. What I mean is in my regular trading month to month I might take 1 trade I might take 30 trades. Depends on the market. I might take all those trades on daily, or all those trades on hourly etc. I don't search for trades just whatever shows it's head as being solid. The tricky thing for sure is that I can't send all my trades because some just don't have enough time to get out and give people enough time to have a chance to follow. Of course when I say follow it's the disclaimer these are just my ideas and what you do with them is at your own risk

January was straight forward though all trades taken were sent to the group which was 4 trades from me. 3/4 winners with 2.98% gain (using my percentage risk). They were 4hr trades, daily, weekly.

Hope that helps
Mike
  • #138,408
  • Feb 1, 2016 9:47am Feb 1, 2016 9:47am
Quoting mbqb11
{quote} Hey Trader Absolutely I think you can begin to paper trade just as you would with FX. The markets have their difference but in terms of how I approach it from a technical standpoint it's largely similar. You are correct about gaps and why i trade weekly/monthly charts. It helps "smooth" out that price action. Doesn't make you immune to gaps, we aren't in any market but it helps a lot in my view. Start paper trading and see how you do Mike
Thx very much Mike! Just wondering, what kind of shares are "good" to start trade? I mean, do you prefer big market cap shares like google, facebook, toyota etc...?
Im gonna beat this game.
  • #138,409
  • Feb 1, 2016 11:03am Feb 1, 2016 11:03am
Quoting mbqb11
Just a little update from the site. We are really happy with the first month in terms of everything. It was very nerve racking but all in all it went off without a huge hitch We will still be raising prices but we are waiting for paypal to get hooked up. Many of you emailed asking for paypal and it wouldn't be fair to lock you out at the old rate. We took extra care with paypal this time around. Last time they locked a lot of money on us many many years ago so we took extra precaution with paypal business and our rep. Our plan at this point is once...

happy to say paypal is now up and running!

From here we will have just one last week at the current grandfathered rate of 129 for those wishing to use paypal

Please email me with any questions

Thanks!
Mike
  • #138,410
  • Feb 1, 2016 12:47pm Feb 1, 2016 12:47pm
Quoting mbqb11
{quote} Hey Trader Absolutely I think you can begin to paper trade just as you would with FX. The markets have their difference but in terms of how I approach it from a technical standpoint it's largely similar

Hello mike,

do you know a broker with a decent, compareable to Fx, demo account for stocks ?
Have been searching quite a while for this.

Best,
K
  • #138,411
  • Feb 1, 2016 1:49pm Feb 1, 2016 1:49pm
Quoting Kershey
{quote} Hello mike, do you know a broker with a decent, compareable to Fx, demo account for stocks ? Have been searching quite a while for this. Best, K
hey K

I'm not sure if you are from the US but you can papertrade with thinkorswim it's a fantastic platform


Best
Mike
  • #138,412
  • Feb 1, 2016 2:24pm Feb 1, 2016 2:24pm
January was my first month i finished with a decent profit

Lean pickings at the moment from my POV. The only bar that stands out is the EUR/CHF PB but it's hard to judge what it will do as there is nothing to the left. Is this a swing high?
Thoughts on this one anyone, Mike?
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  • #138,413
  • Feb 1, 2016 2:27pm Feb 1, 2016 2:27pm
USD/CAD D1 IB. Yesterdays daily bar closed below BRN 1.4000 with downtrend which gave me enough confluence to take trade. At BE. Looking to manually trail s/l soon. I would just add that the new site is well worth joining. If it wasn't I wouldn't mention it. Lot's of very useful webinars and hands on help available. GB.

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EUR/CAD D1 IB. Profit locked in.

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'Fail to plan, plan to fail'
  • #138,414
  • Feb 1, 2016 2:54pm Feb 1, 2016 2:54pm
Quoting Bill618
January was my first month i finished with a decent profit Lean pickings at the moment from my POV. The only bar that stands out is the EUR/CHF PB but it's hard to judge what it will do as there is nothing to the left. Is this a swing high? Thoughts on this one anyone, Mike? {image}
Morning Bill. Congrats on the month. I am in short on that E/C PB but will be watching closely. It is counter trend, and price still has plenty of space to move up into. Last monthly low is 1.1305. However price is at a BRN with D1 PB bearish close below 1.11000 and I am comfortable with my risk. Maybe a small position size with a view to adding to it later might be a consideration? Price in uptrend so tricky.

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'Fail to plan, plan to fail'
  • #138,415
  • Feb 1, 2016 3:35pm Feb 1, 2016 3:35pm
Good luck with that GB, I didn't like that pin myself, it travelled too far down the previous bar for my liking and wouldn't surprise me if it filled, if price reached the bottom area of the pin again I'd take profit personally.
  • #138,416
  • Feb 1, 2016 3:38pm Feb 1, 2016 3:38pm
Quoting alphac
Good luck with that GB, I didn't like that pin myself, it travelled too far down the previous bar for my liking and wouldn't surprise me if it filled, if price reached the bottom area of the pin again I'd take profit personally.
Thanks Al. Def food for thought.
'Fail to plan, plan to fail'
  • #138,417
  • Feb 1, 2016 4:00pm Feb 1, 2016 4:00pm
Quoting Bill618
January was my first month i finished with a decent profit Lean pickings at the moment from my POV. The only bar that stands out is the EUR/CHF PB but it's hard to judge what it will do as there is nothing to the left. Is this a swing high? Thoughts on this one anyone, Mike? {image}
Hey Bill

Way to go on your good month

I'm not a huge fan of this pinbar. Closed fairly weak and we don't have any story to go with it. Right under us is the previous high swing point too. We may see a bounce here by the left eye which is a better area to get short with a tight stop if you want to give it a shot like GB is showing. I think we could see price sniff out that rising TL since it's the only real benchmark I see right now

Hope it helps
Mike
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  • #138,418
  • Feb 1, 2016 4:40pm Feb 1, 2016 4:40pm
Thanks Al and Mike for your observations re EUR/CHF PB. Daily bar closed right on 1.11000 on my feed, so if price trades above that level for too long, i'll cut out. Edit: Just noticed......11 pip spread doesn't help!
'Fail to plan, plan to fail'
  • #138,419
  • Feb 1, 2016 5:29pm Feb 1, 2016 5:29pm
M, GB and Al thanks for the discussion on eur/chf. I will see what PA does whilst i sit on the fence.
@GB, nice trading
  • #138,420
  • Feb 2, 2016 2:27am Feb 2, 2016 2:27am
Hi everybody! What do you think, is this good spot to get long? The pair is GBPCAD in daily.

E: The first FTA is just under the blue zone.
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Im gonna beat this game.
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