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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

  • #5,001
  • Jul 26, 2007 2:26pm Jul 26, 2007 2:26pm
Hi everyone,
Its been a tough week for me, and I came up with lots of pips. This is almost the end of my demoing j16, just one more week and I can go live, three months have gone by in a flash. I was kind of nervous because I dont want to start at week 1 again so I took profit way too early on almost every trade I took, and even closed eurjpy for a loss at the beginning of the week. I took the beob, and it went against me and when I was down 50 pips I said to myself, I am trading this against the trend, admit youre wrong and close. So I did...well, those are my rules now so I have to stick to them, although to be fair I shouldnt have taken it in the first place as such. Anyway, Im going to take tomorrow off, Im whacked and I need a break before next week, have a great weekend everyone and fantastic work you all seem to be doing really well, thanks to jim and everyone who got us started. Btw, I have not joined the pf yet, Im still too far off and I want to take full advantage when I do get in there..dont think I dont want to join its just the when has to be right...take care all, Raz
Never say never.
  • #5,002
  • Jul 26, 2007 2:34pm Jul 26, 2007 2:34pm
razl dazzles

You're a legend!

Although whether you trade against the trend is a difficult decision.

Only a few posts ago I was saying how all my counter trend trades are losers and I still maintain that if you trade against the trend, you will lose a lot of the time. But then again, how many of these do you need to make it all back up???

There is really only one word for this...rout?
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  • #5,003
  • Jul 26, 2007 2:40pm Jul 26, 2007 2:40pm
Quoting marketwavez
Stock Market is down 405 points right now.....

----------------------------------------------------
and the Usd/Yen pair fell off a cliff today

Finally maybe some people got the wake up call today
----------------------------------------------------------
and now the Usd/Cad is going up up and away ..
Does the housing stats today have anything to do with any of this ......?
Today?


Personally I blame this Jim Pin
http://forexfactory.com/showpost.php...postcount=4681
Was an early warning last Tuesday, then we got a weekly doji close.
But I bet the whole subprime thing ties in with it on the FA side, yea.
As always, price told us ahead of time though =)


As for USDCAD: IB at/near 161.8 Fib extension, breaks to upside. Also 2 4h PB formed at the same fib ext.

USDJPY I can offer a BEOB along the way on weekly and a lot of other stuff on smaller TF =)

Who called that 1.0350 bottom again? Wasn't there an explanation coming up, too?

I'm honestly curious, not poking fun.
Trust price. Know yourself.
  • #5,004
  • Jul 26, 2007 2:45pm Jul 26, 2007 2:45pm
Seeking I thought I was the only one waiting for the explanation...hahaha
Thanks Wiz, what a wicked chart! PS WHERE DO THESE PEOPLE COME FROM?
Never say never.
  • #5,005
  • Jul 26, 2007 3:26pm Jul 26, 2007 3:26pm
Quoting Jest1081
- I will accept my losses.
- I understand that losing is just part of the game.
- I know that as long as I have a fear for losing, I have a problem.
- I will tweak my midset to accept the fact that I will face losses.
- I know losing is inevitable no matter what my system is.
- I will keep in mind that losing one fight is just another step to winning the war and I will win this war.
- I am not here to lose big, I shall control my losses, its just a bad business day.
- I am a pro with my art.
- I believe in myself my system and our abilities.
- I am a winner
- I am a winner
- I am a winner
Amen.

I saw this in another thread and thought I would post it here. Seems that we all need this kind of stuff at some point or another.

Steve
Nothing is impossible, with a willing mind!
  • #5,006
  • Jul 26, 2007 3:30pm Jul 26, 2007 3:30pm
Quoting gene22
I may be totally off kilter, but lat's see if my analyses are, correct?!, as soon, as the loonie reaches 1.0350-00, there is going to be a masive dollar rebound all the way in to August.

I'm not simply saying this, it is based on a multiyear research and the current wave structure and timing.
Ok, since it made lows of 1.0338 and 1.0340 respectively and then rebounded hard, I'd say that gives you some very strong credibility.

I have to admit I found the "crazy prediction" part a bit amusing at first but you got my attention now!!

I'm genuinely interested in what you have to say! That was a very, very good call.

Please come back? Or were you a time traveller from the future come to warn us??

  • #5,007
  • Jul 26, 2007 3:47pm Jul 26, 2007 3:47pm
Quoting lava
Hi Tiki,

I took the PB from yesterday off the GBP/CAD. I scalped 30 off the Loonie yesterday and noticed that it was going to go up but did not see J16 trade on there and I was desparate for a J16 and noticed GBPCAD.
Never be desperate to take a trade, you'll lose lots of money that way.
  • #5,008
  • Jul 26, 2007 4:00pm Jul 26, 2007 4:00pm
Quoting the_wizard
Ok, since it made lows of 1.0338 and 1.0340 respectively and then rebounded hard, I'd say that gives you some very strong credibility.

I have to admit I found the "crazy prediction" part a bit amusing at first but you got my attention now!!

I'm genuinely interested in what you have to say! That was a very, very good call.

Please come back? Or were you a time traveller from the future come to warn us??

yeah come back and tell us how you did it!
Never say never.
  • #5,009
  • Edited 5:41pm Jul 26, 2007 5:00pm | Edited 5:41pm
Any demark fans in here?

http://i11.tinypic.com/4pmjm1d.gif
100% of traders are losers. Just that some win more than they lose!
  • #5,010
  • Edited 5:36pm Jul 26, 2007 5:20pm | Edited 5:36pm
Quoting razldazl
yeah come back and tell us how you did it!

Well I found one hint.
It seems that there's an inverse correlation between USDCAD strength and a dropping carry trade. Looked back to Feb / March and it showed today, too.

Also got a gigantic Fib extension as I said. I've noticed that around 161.8% of wave 4 can make a wave 5...ok I'm sorry, Elliot Wave sillyness.

Anyway, it appears it is a valid projection / fib s/r spot and had it on my chart...didn't think it'd cause this much reaction however.
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Trust price. Know yourself.
  • #5,011
  • Jul 26, 2007 5:34pm Jul 26, 2007 5:34pm
Today was like getting to the top of the first hill on a roller coaster !! For the first time I actually made pips from the big drop !! Almost 1% of my account + today... not so much... but moving forward after almost three years in Forex.

I am short USD/JPY... looking for a profit target somewhere along my red trend line...

Don't know yet if I like the star indicator, but makes my screen look like a starry starry night, and until I get tired of it... for right now it looks pretty cool.
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  • #5,012
  • Jul 26, 2007 5:48pm Jul 26, 2007 5:48pm
Quoting Mr demark
Any demark fans in here?

I just received a copy of DeMark's "The New Science of Technical Analysis" - I will read it and let you know what I think.
  • #5,013
  • Jul 26, 2007 6:20pm Jul 26, 2007 6:20pm
I'm new here, not new to trading. Joined this group last fall. Lots of good traders here and I hope to learn from y'all. Never to old to learn, right?

Looking at the 2 day pin on the USD/CHF. Long nose, it's in a bit of traffic and I'm waffling. Appreciate your comments.
  • #5,014
  • Jul 26, 2007 6:40pm Jul 26, 2007 6:40pm
Yeah I was thinking of that as a 2 day PB too... but havent thought what to do with it yet... looking at too many pairs right now... I will look a little closer now
  • #5,015
  • Jul 26, 2007 6:42pm Jul 26, 2007 6:42pm
US dollar is weak... maybe chance for CHF to break downwards again afterall...
  • #5,016
  • Jul 26, 2007 7:16pm Jul 26, 2007 7:16pm
Quoting Tiki Trader
US dollar is weak... maybe chance for CHF to break downwards again afterall...
I think I'm going to play it a few pips below the pin. On my charts, the low is 1.2020 so I'm in at 1.2009.
  • #5,017
  • Jul 26, 2007 7:25pm Jul 26, 2007 7:25pm
I agree, and I think I will give it a shot too !! Pretty much what I was thinking too... If it never triggers... no loss, no pain...
  • #5,018
  • Jul 26, 2007 7:39pm Jul 26, 2007 7:39pm
Man, there must be like a dozen 4H Pins right now.
All the JPY pairs, USDCAD, EURCAD and some others (AUD & NZDUSD).
I'm in overload....

Tom
  • #5,019
  • Jul 26, 2007 7:56pm Jul 26, 2007 7:56pm
And yet, on MT4 with daily close at 5 PM est... I have no pins at all on 4 hr !!
  • #5,020
  • Jul 26, 2007 8:34pm Jul 26, 2007 8:34pm
Quoting Tiki Trader
And yet, on MT4 with daily close at 5 PM est... I have no pins at all on 4 hr !!
Wow... There's the different feeds for ya.
If you're able to, you should get a hold of the InterbankFX version of MT4 which uses GMT.
Today is madness.
Hopefully some pips will be made.
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