OK !! Now I see where you are going with the fibo etc...
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Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHere is the daily chart of GBP/USD to show the fib levels and TL close up.
The fib is drawn from lows that you cannot see on the chart but for your information they were set in March of this year (2007)
The ema is the 150. We closed below it so this is not that positive.Ignored
DislikedI saw those back to back pin bars at support so I went long on a break.
Because the stop was fairly tight I took a larger size than normal.
Then I went to lunch.
When I came back, I logged onto the BBC website and saw that the Fed had cut interest rates...
Well...
It hit resistance (Jim's S/R pivots) and came off so I closed out!Ignored
DislikedI saw those back to back pin bars at support so I went long on a break.
Because the stop was fairly tight I took a larger size than normal.
Then I went to lunch.
When I came back, I logged onto the BBC website and saw that the Fed had cut interest rates...
Well...
It hit resistance (Jim's S/R pivots) and came off so I closed out!Ignored
Dislikedcould anyone please wxplain me the importance of such announcments? i understand they are important and someone once told me that where you have greater interest is where the money will go - well, i agree, but is there anything else i should know of it??Ignored
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IMHO either you learn how to trade technically and use that or how to trade with funnymentals. Mix and match may also work, but I chose my side. It's nice to read stuff alongside, but it translates into 0 tradeability for me.Ignored
DislikedI too had to choose sides... and for me it is technical... How in the world could anyone gather enough info on fundamentals at any given moment ??? Too manything going on... to deep for me and I will always miss the crucial point that was important to make a trade... then I lose.... never fails !!! So technical is easier and more reliable... Not that I can analyse technically so well... actually it is looking for set-ups for me... and PA is just that... wait for the set-up, make the trade....
Learning james16 over the last 2 months is now beginning to pay off for me... made my bigest trade of my life this week with + 600 pips or so. Of coarse they were cheap pips of only 4 cents each... but still added 1% to may account and added tons of faith to my trading...Ignored
DislikedIn 1987 Williams won the World Cup Championship of Futures Trading, sponsored by Robbins Trading Company, trading $10,000 in real money to $1,147,000 in 12 months – a feat no one else has come close to matching. It was a wild year, as Williams ran his winnings to more than $2,000,000 by the end of September, dropped down to $750,000 after the October ‘87 crash, and traded back to the $1,147,000 mark by the end of the year.
IN 1997, at age 16, his daughter, Michelle Williams, used what Williams taught and won the same competition with exactly 1000% returns on her US$10,000 investment.As of 2006, Larry Williams' 100-fold gain is the highest in that competition.
Taken from Wikipedia
All I can say is...WOWIgnored
DislikedI am going to be studying up on Larry Williams this weekend !!!Ignored