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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

  • #4,121
  • Jun 22, 2007 11:57am Jun 22, 2007 11:57am
I'm trading mainly off the daily so at this point I would not make a trade. Everyone has different styles of trading - for better or worse, mine is to wait for a setup I like and then swing a big line. Usually this line is way outside my comfort zone and that is something I am trying to work on - the hardest part of trading for me is trying to trade with a "sensible" position size.

The chart service I use is with E*Trade (spreadbetting). They do not charge.

You could also look at www.prorealtime.com - they are free and they have a huge amount of historical data on many products across many exchanges.
  • #4,122
  • Jun 22, 2007 12:04pm Jun 22, 2007 12:04pm
thanks Wiz, this is real helpful. great, have a good weekend. dan
  • #4,123
  • Jun 22, 2007 12:26pm Jun 22, 2007 12:26pm
Something to think about over the weekend. Possible nice short setup in progress! Any comments welcome.

Below is the Daily chart with a nice PB forming. And in my second post I just happened to notice the 4hr chart with it's TripleHigh at .8491-90 and price breaking below. Also notice the divergance between Price&Macd. Enjoy!
Attached Image
  • #4,124
  • Jun 22, 2007 12:27pm Jun 22, 2007 12:27pm
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Attached Image
  • #4,125
  • Jun 22, 2007 1:23pm Jun 22, 2007 1:23pm
This Weekly Pin comes right at the previous highs and not far from the 61.8 fib level of the major bear swing from 2000 to 2003. The daily exhibits a dbhlc (not exactly but in this pair on a daily <10 pips is pretty close). If it works it go a long way. Against the carry though. Any opinions?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf weekly.jpg Size: 69 KB
  • #4,126
  • Jun 22, 2007 3:50pm Jun 22, 2007 3:50pm
WOW, I just finished reading 260 pages of this thread(only took 2 weeks)! Amazing stuff, Great people, and a winning method if applied properly! Hope everyone has a good weekend! I know I will, finished this week with a profit thanks to James and everyone who posts!

Also, if anyone sees something I missed on the Aud/Usd charts. Please post your thoughts. I'm always willing to learn and get better!
  • #4,127
  • Jun 22, 2007 4:47pm Jun 22, 2007 4:47pm
It does look promising. Nice PB on weekly with the 100% Fib Retracement. And if you combine today's and yesterday's Daily bars you'd have a BEOVB(technique borrowed from Mike). I'll be watching this pair with you.

Quoting lstd
This Weekly Pin comes right at the previous highs and not far from the 61.8 fib level of the major bear swing from 2000 to 2003. The daily exhibits a dbhlc (not exactly but in this pair on a daily <10 pips is pretty close). If it works it go a long way. Against the carry though. Any opinions?
  • #4,128
  • Jun 22, 2007 4:52pm Jun 22, 2007 4:52pm
Quoting lstd
This Weekly Pin comes right at the previous highs and not far from the 61.8 fib level of the major bear swing from 2000 to 2003. The daily exhibits a dbhlc (not exactly but in this pair on a daily <10 pips is pretty close). If it works it go a long way. Against the carry though. Any opinions?

one big problem
intrest rate
chf looks strong but we need some analysis about intrest rate

  • #4,129
  • Jun 22, 2007 11:08pm Jun 22, 2007 11:08pm
A nice daily PB has also formed at the end of Friday's trading on the US/JPY. I will be looking at this also at the start of next week.
All the best for next week.
  • #4,130
  • Jun 23, 2007 12:08pm Jun 23, 2007 12:08pm
Quoting Tw0eleven
WOW, I just finished reading 260 pages of this thread(only took 2 weeks)! Amazing stuff, Great people, and a winning method if applied properly! Hope everyone has a good weekend! I know I will, finished this week with a profit thanks to James and everyone who posts!

Also, if anyone sees something I missed on the Aud/Usd charts. Please post your thoughts. I'm always willing to learn and get better!
hi 211,
the only thing you might want to watch is that last weeks IB broke up to the upside this week, and closed above, which might suggest we will be continuing up. But then again, maybe not, see you Raz
Never say never.
  • #4,131
  • Jun 23, 2007 6:43pm Jun 23, 2007 6:43pm
Quoting 1234
A nice daily PB has also formed at the end of Friday's trading on the US/JPY. I will be looking at this also at the start of next week.
All the best for next week.
Yes, quite nice PB in USDJPY D1, but I don't see it with other JPY pairs and their other TFs, so this could be a retracement only for USDJPY, this PB could be built based on a strong uptrend on last friday in EURUSD. but it is a good idea to close previous trade and wait for price to go to last support and long again.

Quote
Quote:
Originally Posted by mason
Last week EURUSD W1 & USDCHF W1 are PBs, eventhough USDCHF is not as good as EURUSD,
Yesterday EURUSD D1 didn't have PB, but USDCHF D1 has conflicting PB, I would go with weekly PB, which is short, because both weekly EURUSD and USDCHF show PBs and they are negative correlated.

And possibly EURCHF D1 will make retracement after stong move, this will make CHF stronger, which supports shorting USDCHF.

Just some thoughts, I'm still learning like you.

We have a working PB in USDCHF in W1 off MA 89-100, it has been +40 pips, will close it at 1.2300 and trail it.
USDCHF gave a nice rundown, it stays just below 1.2300 as planned.

AUDUSD D1 show a nice PB, in my chart last week was not I4B, but last month was I4B, EURAUD D1 shows double PB (merge the last 2 bar as if they are 1), so I think it is a good opportunity, better wait until it breaks, I am going short for this.

This thread act as warning to upcoming PB, that is so helpful. thanks for everyone especially for jim who has just recovered and wish him a very good condition to follow.
  • #4,132
  • Jun 24, 2007 5:14am Jun 24, 2007 5:14am
Thanks for the feedback on Friday's daily PB for the US/JPY.
Ray
  • #4,133
  • Jun 25, 2007 6:16am Jun 25, 2007 6:16am
Hi Syd,

I couldn't add the attachment to a PM I I am putting it hee for you. Hope it helps.

Steve
Attached File(s)
File Type: tpl james16.tpl   2 KB | 1,735 downloads
Nothing is impossible, with a willing mind!
  • #4,134
  • Jun 25, 2007 6:28am Jun 25, 2007 6:28am
Hey,

I Just wanted to tell everyone that I am going away from this forum for a while. As much as I want to make it, I feel like it's not my time right now. As long as I am trading to make other people proud of me and not for myself, I won't get any better at this. It's got to the stage, where wins make me as depressed as losses. So, it's time to take some time out. There are some people on here who have come a really long way. Keep at it. I wish you all the best and hope to talk to you all again some day.

Signing off,

Wiz
  • #4,135
  • Jun 25, 2007 7:20am Jun 25, 2007 7:20am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Hey Wiz,
I do understand your feelings.
Hope everything gets back on track with you v. soon, wishing you all the best, I did enjoy your posts as I am sure many guys did.

2mas
  • #4,136
  • Jun 25, 2007 7:56am Jun 25, 2007 7:56am
Quoting the_wizard
Hey,

I Just wanted to tell everyone that I am going away from this forum for a while. As much as I want to make it, I feel like it's not my time right now. As long as I am trading to make other people proud of me and not for myself, I won't get any better at this. It's got to the stage, where wins make me as depressed as losses. So, it's time to take some time out. There are some people on here who have come a really long way. Keep at it. I wish you all the best and hope to talk to you all again some day.

Signing off,

Wiz
Hi Wiz,

I'm very sad to hear these news. I'm sure many of us (if not all) have been in a similar situation and needed a break from trading.
The one thing I can guarantee is that if your head isn't in the game then you're not doing any good by trading. The psychological aspect is too big to ignore and still be consistently successfull. Maybe a little time off will do you good and you can come back refreshed and ready to rock and roll.

I wish you all the best and hope to see you back here soon.

Take care,
Tom
  • #4,137
  • Jun 25, 2007 9:35am Jun 25, 2007 9:35am
Wiz,
All the best......we all need a break from time to time.....hope to see you back here sometime in the future with tales of success!!!!

bye,
B
  • #4,138
  • Jun 25, 2007 10:49am Jun 25, 2007 10:49am
Mr Wiz, I must tell u that you need this break to look deeper in yourself.

But may i give u something

I know of a trader here in jamaica that was on a TV program recently.

His fund grew from 1 million to 900M USD in three years.

He trades only FX and his performance allows a return of 10% a month to his clients.

All my trading life i was aiming to be like David. But since the Tv broadcast of how he makes his trade my concept has changed.

David says he is not even has 50% winnings from his trades, but his MM allows him to sustain a profit even if he only wins 3/10.

I think that counts for something. It is not only about winning, it is also about understanding MM

I stopped trying to be a a high percentage winner to satisfy myself. I no longer watch how many pips i can earn, but how much i can save myself from losing.

You will be successful if u believe it, there is no other way to this.

90% of who lose dont lose because of MM or trading strat, they lose because they give up.

so take a break and come afresh
100% of traders are losers. Just that some win more than they lose!
  • #4,139
  • Jun 25, 2007 1:05pm Jun 25, 2007 1:05pm
Quoting Mr demark
Mr Wiz, I must tell u that you need this break to look deeper in yourself.

But may i give u something

I know of a trader here in jamaica that was on a TV program recently.

His fund grew from 1 million to 900M USD in three years.

He trades only FX and his performance allows a return of 10% a month to his clients.

All my trading life i was aiming to be like David. But since the Tv broadcast of how he makes his trade my concept has changed.

David says he is not even has 50% winnings from his trades, but his MM allows him to sustain a profit even if he only wins 3/10.

I think that counts for something. It is not only about winning, it is also about understanding MM

I stopped trying to be a a high percentage winner to satisfy myself. I no longer watch how many pips i can earn, but how much i can save myself from losing.

You will be successful if u believe it, there is no other way to this.

90% of who lose dont lose because of MM or trading strat, they lose because they give up.

so take a break and come afresh
I agree, but unfortunately am miles away from managing this art myself yet.

At the end of the day any movement in a highly efficient market resembles a random walk, and the forex markets are among the most efficient markets you can find. I recently have been toying with the idea to create a system based on volatility and randomly generated trade signals but with a tight MM in place. I believe that such a system could be winner. I even believe that team aphid is running a similar system which generates a nice equity curve.

In my opinion even a simple slope-change-MA system can continuously grow your account if MM is applied stringently (and the markets show reasonable trend following behaviour)

Mr Denmark, can you recommend good literature/forums etc. on the topic?
  • #4,140
  • Jun 25, 2007 1:23pm Jun 25, 2007 1:23pm
Quoting lstd
In my opinion even a simple slope-change-MA system can continuously grow your account if MM is applied stringently (and the markets show reasonable trend following behaviour)
Vegas 4h tunnel...
Trust price. Know yourself.
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