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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

  • #5,481
  • Aug 16, 2007 6:39pm Aug 16, 2007 6:39pm
OK !! Now I see where you are going with the fibo etc...
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  • #5,482
  • Aug 16, 2007 6:43pm Aug 16, 2007 6:43pm
Hey... then my fibos line up with yours, but mine is the fibo from April 2006... I bet that is VERY strong point... so would that not be even more to think today's daily PB will work ???
  • #5,483
  • Aug 16, 2007 9:09pm Aug 16, 2007 9:09pm
Will it break TBL or rise up with the pin on euro$..
Will the carry stabilise or crash some more.
How much fun is this?
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GOD IS NOT SHORT OF CASH
  • #5,484
  • Aug 16, 2007 11:52pm Aug 16, 2007 11:52pm
Quoting the_wizard
Here 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.
Those darn sellers! How dare they ignore your 150 ema!!
  • #5,485
  • Aug 17, 2007 4:22am Aug 17, 2007 4:22am
PiNNIIIIINNINIIIIINNNNNNN BAAaaaAR (on the way, i hope so!)
let's wait a little bit

<o/
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  • #5,486
  • Edited 8:53am Aug 17, 2007 8:24am | Edited 8:53am
WTF

OMG

Fed just cut rates...and I am long indices

LOL

OMG

Edit:
Ok...calmed down - going to post a chart
  • #5,487
  • Aug 17, 2007 9:28am Aug 17, 2007 9:28am
I 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!
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  • #5,488
  • Aug 17, 2007 9:31am Aug 17, 2007 9:31am
Quoting the_wizard
I 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!
It really is great stuff James teaches huh

Here was the euro FLIP and you could of had a 1 pt stop and made many many pips. Across the board great opportunities, and not once did you have to even worry about fed cuts or anything. Some of us had no idea it even happened for awhile
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  • #5,489
  • Aug 17, 2007 9:42am Aug 17, 2007 9:42am
Quoting mbqb11
Some of us had no idea it even happened for awhile
That'd be me for example


Was fun posting the chart just before it happened only to see it shoot up in a straight line 20 minutes later


Wasn't a PA setup for me however. Those bars on your chart weren't even 50 DAX points big on my feed..not that I can even trade the indices on Oanda :/

I can however trade the impending drop via the YEN and CHF proxies...bbl
Trust price. Know yourself.
  • #5,490
  • Aug 17, 2007 9:50am Aug 17, 2007 9:50am
Quoting the_wizard
I 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!

could 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??
  • #5,491
  • Edited 11:06am Aug 17, 2007 10:00am | Edited 11:06am
Quoting mamutot
could 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??


Frontpage has articles on this here
http://forexfactory.com/news.php?do=news&id=43165

and here
http://forexfactory.com/news.php?do=news&id=43171

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.

(you = one. As in the "generalized" you. Was trying to speak in general..not to be rude)
Trust price. Know yourself.
  • #5,492
  • Aug 17, 2007 10:08am Aug 17, 2007 10:08am
Quoting SeekingLight

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.

i guess you are right since there are endless inputs we dont consider while trading

thanks
  • #5,493
  • Aug 17, 2007 1:23pm Aug 17, 2007 1:23pm
Hi guys,
well, eur has saved me this week, Ive taken three losers and today the eur pin saved me...Ive been doing what I havent done for months, trying to find the bottom, damn me! I will definitely be joining the pf asap, prolly next month though...congrats to all of you who made big pips this week it was a crazy one! have a great weekend all, Raz
Never say never.
  • #5,494
  • Edited 2:46pm Aug 17, 2007 2:07pm | Edited 2:46pm
I 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 many things 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 biggest 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 my account and added tons of faith to my trading...
  • #5,495
  • Aug 17, 2007 2:24pm Aug 17, 2007 2:24pm
nice job tiki. i dont post much and i wont until i get my stuff straightened out on the other side but when i do i plan to spend a lot of time here. that being said i do watch all the time and rarely miss a day checking in. i feel the same way about fundamentals and people that trade profitably like that amaze me, larry williams being the master by a long shot. the guy is so damn good he calls stuff 6 months in advance to the day sometimes. no one puts themselves on the line like larry and he nails em all the time. i like seeing if i can line up a price action set up with larry's predictions. been doing it for years and its a lot of fun even if done on demo.

jim



jim

Quoting Tiki Trader
I 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...
  • #5,496
  • Aug 17, 2007 3:13pm Aug 17, 2007 3:13pm
Quoting james16
larry williams being the master by a long shot.
In 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...WOW
  • #5,497
  • Aug 17, 2007 4:16pm Aug 17, 2007 4:16pm
lol look at this monster
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  • #5,498
  • Aug 17, 2007 4:57pm Aug 17, 2007 4:57pm
larry follows the commercial traders. commercial traders are those companies/individuals that actually use the product. thier thought process is in another universe compared to us normal traders and he maps thier footprints to tip him off. what is amazing is he compares the commercials to the broker/analysts recommendations. if the commercials are heavy short he will wait until the talking heads are in mass agreement to go long and then he follows the commercials in. its funny as hell to watch him wait until 90 percent of the analyst community says one direction and then by following the commercials he bucks them and wins time after time. he actually has an indicator that shows when the analysts are strong in a certain direction so he can trade the other way. LOL. its way cool.

jim

Quoting the_wizard
In 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...WOW
  • #5,499
  • Aug 17, 2007 5:30pm Aug 17, 2007 5:30pm
I am going to be studying up on Larry Williams this weekend !!!
  • #5,500
  • Aug 17, 2007 5:57pm Aug 17, 2007 5:57pm
Quoting Tiki Trader
I am going to be studying up on Larry Williams this weekend !!!
www.ireallytrade.com
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