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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

  • #4,841
  • Jul 22, 2007 6:54pm Jul 22, 2007 6:54pm
Quoting razldazl
Hi Ray,
could you post the daily chart for me? thankyou very much, Raz
Hi Raz
Here is the daily for the AUD/JPY and the current 4HR. Regards Ray
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  • #4,842
  • Jul 23, 2007 2:03am Jul 23, 2007 2:03am
Quoting Tiki Trader
Trading a DBLHC, where is the correct place to place my stop assuming I am entering trade 10 pips above the DBLHC ???

THX anyone
Just below the double low as the formation itself says the low is strong s/r.

(It also means that it's a two bar low and that in turn if that goes it's likely to move onwards lower, but let's not be too dreadful here)

Please size your position accordingly, don't overstake

Me, I'm currently afraid of USDCAD's behavior in a generally USD bearish environment as the last man standing

1.0445 which we are trading is my lowest expected point, below that it all goes rotten egg for me.
Trust price. Know yourself.
  • #4,843
  • Jul 23, 2007 3:46am Jul 23, 2007 3:46am
Hi SL,

That is why the 1.4066 level was so important to me if it went then there was a good chance of it falling further (as my setup was no longer valid).
The only support is the bottom of the channel right now. I guess we may be going lower before a rise out of loonie. But 1.0411 will be a tough nut to crack so I will observe when it gets close to the lows for remaining support and will probably look to re-enter there depending on PA. It would then form the beginning of a DLHC and that would be consistant with the other TFs.
Only PA will tell.
  • #4,844
  • Jul 23, 2007 3:47am Jul 23, 2007 3:47am
I cant maneuvre on this site.

I'm looking for recent chart disussion and find that 2006 posts directly above this July 2007 post.

How does anyone communicate their chart posts in a sensible fashion here?

Thanks
  • #4,845
  • Jul 23, 2007 5:35am Jul 23, 2007 5:35am
Did anyone else catch this? Waking up past T/P of 50+ pips always makes for a good wake up call!

Been live for 3 weeks, with 6 out of 7 trades closing winners for + 227 pips so far. Thanks to all contributors, and of course to Jim and Fiji. Focusing on M.M. techniques along with the proper psychology, and applying this to the 'Rifle Shots' mantra that Jim is famous for will lead toward the rarely taken road to trading success.

Trading less is definately more....THANKS JIM!!
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  • #4,846
  • Jul 23, 2007 5:45am Jul 23, 2007 5:45am
Quoting aquastearn
Did anyone else catch this? Waking up past T/P of 50+ pips always makes for a good wake up call!

Been live for 3 weeks, with 6 out of 7 trades closing winners for + 227 pips so far. Thanks to all contributors, and of course to Jim and Fiji. Focusing on M.M. techniques along with the proper psychology, and applying this to the 'Rifle Shots' mantra that Jim is famous for will lead toward the rarely taken road to trading success.

Trading less is definately more....THANKS JIM!!


What else can I say except: Wonderfully done!

Saw it, couldn't take it as Oanda's spread was 30+ for the first two market hours.
Trust price. Know yourself.
  • #4,847
  • Jul 23, 2007 6:12am Jul 23, 2007 6:12am
Hey seeking,
Is Oanda's spread always that way at opening?

Thanks
Rick
  • #4,848
  • Jul 23, 2007 6:37am Jul 23, 2007 6:37am
Yes I agree with all you guys have said... price is down... no trade has opened for me yet... I placed an entry for 10 pips above the DBLHC going only for 20 pips...

Looks like it may not open anyways !!
  • #4,849
  • Jul 23, 2007 6:44am Jul 23, 2007 6:44am
Quoting rcthkd
Hey seeking,
Is Oanda's spread always that way at opening?

Thanks
Rick


I believe on Sundays the first ticks from IBFX come in at around 23:00 Sunday my time as Sydney opens, Oanda still has weekend spreads then.
That's 10 for the majors(EURUSD, USDCHF, GBPUSD), 20 for GBPJPY and 30 for some more "fun" crosses like EURAUD.
It doesn't go to normal spreads until 02:00 or 02:30 after Tokyo joins or something. Not sure, I usually sleep at that time.

It just totally ruins the possibility of placing a trade based on where the markets open if you're basing your decisions on that...bit annoying.

They and their spread shenanigans are special anyways, but I guess everything has it's pro and cons.
Trust price. Know yourself.
  • #4,850
  • Jul 23, 2007 7:17am Jul 23, 2007 7:17am
I thought you SB, Seeking?

The SB broker I use has fixed spreads constantly and never alters them during news and only marginally out of hours...

I don't see the benefit of using a normal fx broker.

Actually can anyone explain that to me? With SB I get no commissions, fixed spreads (gbp/usd - 3, eur/usd - 2 etc) and also pay no tax on winnings. Admittedly they have a reputation as being bucket shops but I've been using them for two years and never experienced anything underhand!
  • #4,851
  • Edited 8:17am Jul 23, 2007 7:38am | Edited 8:17am
Quoting the_wizard
I thought you SB, Seeking?

Actually can anyone explain that to me? With SB I get no commissions, fixed spreads (gbp/usd - 3, eur/usd - 2 etc) and also pay no tax on winnings. Admittedly they have a reputation as being bucket shops but I've been using them for two years and never experienced anything underhand!

I've used Finspreads (a so called "spreadbetter") a year and they've had the worst disservice I've ever seen. You'd get "no connection" around 3-10 times a day, prices "disappear" by being "indicative" and making the pair untradeable, when a reload of the the page makes it work again miraculously. They also disallow trading during newstime by simply making the buy and sell buttons disappear.

The smallest allowed increment is a full 1 EUR per pip which is a mini-lot, so proper sizing is not possible.
Only british citizens are exempt from tax using spreadbetters, not anyone else in the world.

Oanda is lightyears ahead of fins in terms of execution, responsiveness and in spreads. Fins had 10 on GJ, 15 on GBPCHF. I have FOUR pip spread on GBPCHF now and I can finally trade it properly.

Finspreads are cheaters, crooks and thieves in my eyes and their transparent attempts of blocking trading and cheatint people out of their money are disreputable and dishonest in my eyes.

This is my personal experience with them and it's simply the worst.


But this should really not turn into a make-you-broker discussion.
Trust price. Know yourself.
  • #4,852
  • Jul 23, 2007 7:44am Jul 23, 2007 7:44am
Did anyone else join me on this trade? I hope so...it was an easy 75pips!!! Happy Trading everyone!

Quoting Tw0eleven
I also saw this PB on the 4hr chart that, if price breaks to the upside can get you into this trade and confirm the weekly. Also, you'd be trading with the trend on this pair.
  • #4,853
  • Jul 23, 2007 7:45am Jul 23, 2007 7:45am
I agree with you about Finspreads. Best decision I ever made was to leave them!
  • #4,854
  • Jul 23, 2007 7:47am Jul 23, 2007 7:47am
Quoting aquastearn
Did anyone else catch this? Waking up past T/P of 50+ pips always makes for a good wake up call!

Been live for 3 weeks, with 6 out of 7 trades closing winners for + 227 pips so far. Thanks to all contributors, and of course to Jim and Fiji. Focusing on M.M. techniques along with the proper psychology, and applying this to the 'Rifle Shots' mantra that Jim is famous for will lead toward the rarely taken road to trading success.

Trading less is definately more....THANKS JIM!!
Good job aqua. I'm glad you're doing well with all the material. It really is great stuff!
I'm also in this trade. I'm just letting it run until it shows reversal signs.
This was a good one.

Tom
  • #4,855
  • Jul 23, 2007 7:49am Jul 23, 2007 7:49am
Quoting Tw0eleven
Did anyone else join me on this trade? I hope so...it was an easy 75pips!!! Happy Trading everyone!
I think the big gap open followed by the big drop threw some people off(including myself).
But it worked out eventually so that's good.
  • #4,856
  • Jul 23, 2007 8:08am Jul 23, 2007 8:08am
Quoting Tw0eleven
Did anyone else join me on this trade? I hope so...it was an easy 75pips!!! Happy Trading everyone!
It would really make life so much easier if everyone would put the pair they are talking about in the title...great work 211, whichever pair it was!Raz
Never say never.
  • #4,857
  • Jul 23, 2007 8:17am Jul 23, 2007 8:17am
Hi,
Can anyone tell me is this a BEOVB?
If so - How do you play them?
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  • #4,858
  • Jul 23, 2007 8:19am Jul 23, 2007 8:19am
Quoting zelkom2002
I cant maneuvre on this site.

I'm looking for recent chart disussion and find that 2006 posts directly above this July 2007 post.

How does anyone communicate their chart posts in a sensible fashion here?

Thanks
hi
are you sure you arent looking at the join date of the person posting just above you? all of the posts in this thread are in chronological order...no matter how you slice it, Raz
Never say never.
  • #4,859
  • Jul 23, 2007 8:24am Jul 23, 2007 8:24am
Quoting lava
Hi,
Can anyone tell me is this a BEOVB?

yeah this is but, these bars are much more reliable when the close is lower then the previous bars low.

And also you really shouldn't even be looking to play anything on the 1 hr charts. Stick to the daily/weekly in the beginning it will save you a lot of headaches I promise.

M
  • #4,860
  • Jul 23, 2007 8:25am Jul 23, 2007 8:25am
Hi Raz,
I think it was NZD/JPY post 4797 on page 320.
Cheers
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