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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

  • #1,401
  • Edited 10:04pm Nov 29, 2006 5:27pm | Edited 10:04pm
Wow!

I've finally read all 95 pages of this thread. Now, I know where you - James - and everyone else is coming from. And like most people here, I'm extremely grateful and pleased that people like you, people who help others like me, exist.

Really, James, your integrity for yourself and love for others really, really show. So don't let my stern avatar fool you, I really am grateful that you've chosen "to follow your dream" even though initially you were afraid of it.

Congratulations on all of your endeavors and the whole private forum project. (a little late for me to add, haha)

Well, I guess it's time to move on to the private section!!!

-Evan
  • #1,402
  • Nov 29, 2006 7:53pm Nov 29, 2006 7:53pm
thank you sir.
Quoting Skyhr
Wow!

I've finally read all 95 pages of this thread. Now, I know where you - James - and everyone else is coming from. And like most people here, I'm extremely grateful and pleased and people like you, people who help others like me, exist.

Really, James, your integrity for yourself and love for others really, really show. So don't let my stern avatar fool you, I really am grateful that you've chosen "to follow your dream" even though initially you were afraid of it.

Congratulations on all of your endeavors and the whole private forum project. (a little late for me to add, haha)

Well, I guess it's time to move on to the private section!!!

-Evan
  • #1,403
  • Nov 30, 2006 8:44am Nov 30, 2006 8:44am
a nice buob off the 365ema + 38fib + support. Break already occured, but not to late to get in. What do you mean?
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I'm getting there ... slowly
  • #1,404
  • Nov 30, 2006 6:56pm Nov 30, 2006 6:56pm
Quoting miketoll
a nice buob off the 365ema + 38fib + support. Break already occured, but not to late to get in. What do you mean?
I learned a valuable lesson on this play. I took the break to the upside and got stopped on my S/L.

USD/JPY is now trapped between ema(150) and ema(365), with about 140 pips room to move around. The breakout to the downside will meet with strong support from ema(365), while the breakout to the upside will somehow go against the strong down trend. Perhaps the best strategy is to sit and wait until it moves out of this range.

On the other hand, the PINBAR setup on the EMA(150) for EUR/AUD daily might be a good play.

Ken
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  • #1,405
  • Nov 30, 2006 9:30pm Nov 30, 2006 9:30pm
example chart
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  • #1,406
  • Nov 30, 2006 9:46pm Nov 30, 2006 9:46pm
NUMBER 3000. ITS A PROUD DAY FOR ME. I LOVE THIS PLACE. TOOK ME ALMOST TWO YEARS BUT I MADE IT.
  • #1,407
  • Nov 30, 2006 9:55pm Nov 30, 2006 9:55pm
Congrats on the 3000 posts james.
Do you trade EUR/JPY? Price is very close to the 365 EMA on the monthly chart, I wonder if we will see a bounce.
  • #1,408
  • Nov 30, 2006 9:55pm Nov 30, 2006 9:55pm
Quoting james16
NUMBER 3000. ITS A PROUD DAY FOR ME. I LOVE THIS PLACE. TOOK ME ALMOST TWO YEARS BUT I MADE IT.
On ya dude.

And 99% quaility posts to boot!

Especially when you see some people hit 200 in the first month. LOL
Bundy's status today: "Waiting..."
  • #1,409
  • Nov 30, 2006 10:06pm Nov 30, 2006 10:06pm
EXAMPLE
Quoting bodge
Congrats on the 3000 posts james.
Do you trade EUR/JPY? Price is very close to the 365 EMA on the monthly chart, I wonder if we will see a bounce.
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  • #1,410
  • Nov 30, 2006 10:11pm Nov 30, 2006 10:11pm
example chart
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  • #1,411
  • Nov 30, 2006 10:40pm Nov 30, 2006 10:40pm
I thought you might of been eyeballing this already.
We could be witnessing something special..
  • #1,412
  • Dec 1, 2006 9:37am Dec 1, 2006 9:37am
Since I started reding and learning from this thread, and applied what I learned to my paper trading, after blowing already a real money account, I have made 13 trades and I have not lose money in any one.

What is what I am doing wrong? I am concerned because I should have had at least some losses. My guess is that psychology played huge role in my past trades and now I feel much more confident with what I am doing.

I hope my confidence will hold when I make my move again into real money.

Anyway, I want to thank all the great people in this thread for the generous way in which they share their knowledge and their experiences (good ones and bad ones). My confidence is back...hopefully my lost money will be back soon as well!! :-)
  • #1,413
  • Dec 1, 2006 9:48am Dec 1, 2006 9:48am
Hi
We've all travelled down this road and we're lucky we found this pit-stop, with Jim, Dial and FT manning the pumps, to take on board some proper fuel.
When you do start with real money, keep your lot size small and treat each trade as if it means nothing to you. There still some stuff to master, but at least there is some light at the end of the tunnel now.
As you gain more skills, and you start to see the screens the same as Jim does, each trade will be placed with more confidence.
But don't forget each trade has the same 50-50 chance of doing what you expect it to do, so there will be losers on the way.
Quoting alcastro
Since I started reding and learning from this thread, and applied what I learned to my paper trading, after blowing already a real money account, I have made 13 trades and I have not lose money in any one.

What is what I am doing wrong? I am concerned because I should have had at least some losses. My guess is that psychology played huge role in my past trades and now I feel much more confident with what I am doing.

I hope my confidence will hold when I make my move again into real money.

Anyway, I want to thank all the great people in this thread for the generous way in which they share their knowledge and their experiences (good ones and bad ones). My confidence is back...hopefully my lost money will be back soon as well!! :-)
  • #1,414
  • Dec 1, 2006 11:44am Dec 1, 2006 11:44am
this is great alc i am thrilled by your success. now do this.

1. do not become over confident and ruin it all by going to quickly
2. when you open your live account do it with half of what you intended.
3. no matter how small your lot sizes must be dont risk more than 2 or 3 percent per trade.
4. show a minimum of 3 months in a row of real money success before adding the other half.
5. add the other half to your account and never risk more than 2 or 3 percent on any one trade.
6. IF YOU EVER LOSE 30 TO 40 PERCENT OF YOUR ACCOUNT STOP TRADING LIVE. GO BACK TO DEMO AND REPEAT THE 3 MONTHS. DURING THIS THREE MONTHS REFUND YOUR ACCOUNT BY WHATEVER MEANS TO ITS ORIGINAL LEVEL.

hopefully you will never find yourself at this stage but you know wat? if you do its not the end of the world. in reality its what happens to almost everyone trying to start a new business no matter what the business may be. i have said this before and i will say it again. starting a new business takes dedication, persistence, knowledge, and most of the time repeated failure before finding success. this business is no different and you cant expect to find it in 3 months. most people starting a new business expect tough sledding for at least a couple of years. why would anyone think this business is any different?

jim
Quoting alcastro
Since I started reding and learning from this thread, and applied what I learned to my paper trading, after blowing already a real money account, I have made 13 trades and I have not lose money in any one.

What is what I am doing wrong? I am concerned because I should have had at least some losses. My guess is that psychology played huge role in my past trades and now I feel much more confident with what I am doing.

I hope my confidence will hold when I make my move again into real money.

Anyway, I want to thank all the great people in this thread for the generous way in which they share their knowledge and their experiences (good ones and bad ones). My confidence is back...hopefully my lost money will be back soon as well!! :-)
  • #1,415
  • Dec 1, 2006 1:28pm Dec 1, 2006 1:28pm
Quoting james16
this is great alc i am thrilled by your success. now do this.

1. do not become over confident and ruin it all by going to quickly
2. when you open your live account do it with half of what you intended.
3. no matter how small your lot sizes must be dont risk more than 2 or 3 percent per trade.
4. show a minimum of 3 months in a row of real money success before adding the other half.
5. add the other half to your account and never risk more than 2 or 3 percent on any one trade.
6. IF YOU EVER LOSE 30 TO 40 PERCENT OF YOUR ACCOUNT STOP TRADING LIVE. GO BACK TO DEMO AND REPEAT THE 3 MONTHS. DURING THIS THREE MONTHS REFUND YOUR ACCOUNT BY WHATEVER MEANS TO ITS ORIGINAL LEVEL.

hopefully you will never find yourself at this stage but you know wat? if you do its not the end of the world. in reality its what happens to almost everyone trying to start a new business no matter what the business may be. i have said this before and i will say it again. starting a new business takes dedication, persistence, knowledge, and most of the time repeated failure before finding success. this business is no different and you cant expect to find it in 3 months. most people starting a new business expect tough sledding for at least a couple of years. why would anyone think this business is any different?

jim

Thanks Jim.
  • #1,416
  • Dec 1, 2006 1:41pm Dec 1, 2006 1:41pm
what is the exact method to trade this? do you buy right at the support line or wait for favorable price action?

if you buy right at the support, how do you computer your stop?

and what is your price target?

Quoting mbqb11
Here is a current trade to watch. This is just an example of what James posted about support and resistance. It's some strong stuff, and definitley puts the ball in your court.

This is the USD/JPY , first zoomed out to show the support/resistance....then zoomed in to where an IB has formed right off that support and 365. A break up and this might go. Be aware its trapped right between the 200/365 tho.
  • #1,417
  • Dec 1, 2006 1:49pm Dec 1, 2006 1:49pm
Hey clam,

For that trade I would wait to take a break out of the 365 or 200 ema cause it got trapped right in. Then i would prob place my stop on the other side of whichever ema it broke out of.

Oh hope everyone caught this trade also.

This is eur/aud pinbar im still in...and im at +80, ill take some profit now and move stops to b/e
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  • #1,418
  • Dec 1, 2006 5:04pm Dec 1, 2006 5:04pm
Quoting james16
this is great alc i am thrilled by your success. now do this.

1. do not become over confident and ruin it all by going to quickly
2. when you open your live account do it with half of what you intended.
3. no matter how small your lot sizes must be dont risk more than 2 or 3 percent per trade.
4. show a minimum of 3 months in a row of real money success before adding the other half.
5. add the other half to your account and never risk more than 2 or 3 percent on any one trade.
6. IF YOU EVER LOSE 30 TO 40 PERCENT OF YOUR ACCOUNT STOP TRADING LIVE. GO BACK TO DEMO AND REPEAT THE 3 MONTHS. DURING THIS THREE MONTHS REFUND YOUR ACCOUNT BY WHATEVER MEANS TO ITS ORIGINAL LEVEL.

hopefully you will never find yourself at this stage but you know wat? if you do its not the end of the world. in reality its what happens to almost everyone trying to start a new business no matter what the business may be. i have said this before and i will say it again. starting a new business takes dedication, persistence, knowledge, and most of the time repeated failure before finding success. this business is no different and you cant expect to find it in 3 months. most people starting a new business expect tough sledding for at least a couple of years. why would anyone think this business is any different?

jim
Jim, What about total percentage across all trades? If you're trading 2% per trade, should you stop at 10% or some other value? I understand there is a subjective amount of decision making here, but was curious if you had any thoughts on that as well.

Thanks,

Jason
  • #1,419
  • Dec 1, 2006 5:10pm Dec 1, 2006 5:10pm
I've run into this situation before when a pair starts a strong run. Would the circled bars be considered a DBLHC, indicating a buy situation (off of the support lines) or a TBL? I put in a buy, thinking it was the former but ended up getting stopped out. Did I misinterpret the chart or is this just one of those cases where the trade just wasn't meant to work out?

Thanks,

Jason
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  • #1,420
  • Dec 1, 2006 5:28pm Dec 1, 2006 5:28pm
lets say that it was successful. where do you take profits?

Quoting mbqb11
Hey clam,

For that trade I would wait to take a break out of the 365 or 200 ema cause it got trapped right in. Then i would prob place my stop on the other side of whichever ema it broke out of.

Oh hope everyone caught this trade also.

This is eur/aud pinbar im still in...and im at +80, ill take some profit now and move stops to b/e
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