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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

  • #5,821
  • Sep 4, 2007 11:34am Sep 4, 2007 11:34am
Quoting SeekingLight
You my man are on FIRE!



Not yet my friend, but maybe ONE day....
  • #5,822
  • Sep 4, 2007 1:08pm Sep 4, 2007 1:08pm
Yep there has been some incredible opportunities today.

I made 62 pips in Gold and 31 pips in the Bund.

I was particularly pleased with the Bund. Pin bar on the 1hr off of 61 fib and S/R level. Price went sideways for a few hours and then fell like a stone.

Thanks to Jim's zones, I managed to close out just 2 ticks off the low of the day, too!

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  • #5,823
  • Sep 4, 2007 2:04pm Sep 4, 2007 2:04pm
Quoting the_wizard
Yep there has been some incredible opportunities today.

I made 62 pips in Gold and 31 pips in the Bund.

I was particularly pleased with the Bund. Pin bar on the 1hr off of 61 fib and S/R level. Price went sideways for a few hours and then fell like a stone.

Thanks to Jim's zones, I managed to close out just 2 ticks off the low of the day, too!

Go get em! Raz
Never say never.
  • #5,824
  • Sep 4, 2007 2:17pm Sep 4, 2007 2:17pm
.. is fighting hard. How fast it can propel to the next resistance level...if at all?
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  • #5,825
  • Sep 4, 2007 2:17pm Sep 4, 2007 2:17pm


Quoting the_wizard
Yep there has been some incredible opportunities today.

I made 62 pips in Gold and 31 pips in the Bund.

I was particularly pleased with the Bund. Pin bar on the 1hr off of 61 fib and S/R level. Price went sideways for a few hours and then fell like a stone.

Thanks to Jim's zones, I managed to close out just 2 ticks off the low of the day, too!

  • #5,826
  • Sep 4, 2007 2:18pm Sep 4, 2007 2:18pm
Quoting razldazl
Go get em! Raz
Thanks Razl Dazl!

Did you take dollar/swiss? It went higher - good call!
  • #5,827
  • Sep 4, 2007 2:25pm Sep 4, 2007 2:25pm
Quoting the_wizard
Thanks Razl Dazl!

Did you take dollar/swiss? It went higher - good call!
Hi Wiz,
Itook swissy long, and eur short. Tiki sold me on Jims idea of taking two positions, and taking profit on one at 30 pips and letting the other run, so I got 30 on both and then eur was knocked out at b/e. Im still in swissy with sl at b/e. I kind of like the idea of getting some profit and moving on... I also took a cable short on a 4hr pin, I saw raczekfx´s charts on friday night and got psyched...I hr is still too crazy for me, I know it works for you but I dont want to be watching all day...so a pretty good week !!! take care all, Raz
And JIm
Never say never.
  • #5,828
  • Sep 4, 2007 2:34pm Sep 4, 2007 2:34pm
Quoting raczekfx
..... and one more
We love those cross over systems.....:
raczekfx,
What feed are you using for your Metatrader I am using MVP and not one of those three shows as a proper pin on my charts.....typical heh !!!!!!
Really strange...though ??
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  • #5,829
  • Sep 4, 2007 2:44pm Sep 4, 2007 2:44pm
Quoting mimas
raczekfx,
What feed are you using for your Metatrader I am using MVP and not one of those three shows as a proper pin on my charts.....typical heh !!!!!!
Really strange...though ??
Please check post # 5762
I see good setups on your feed as well with the first one being buovb on fiber
  • #5,830
  • Sep 4, 2007 3:23pm Sep 4, 2007 3:23pm
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  • #5,831
  • Sep 4, 2007 4:11pm Sep 4, 2007 4:11pm
Quoting raczekfx
Please check post # 5762
I see good setups on your feed as well with the first one being buovb on fiber
Raczekfx,
Thanks for the info,
Alpari, seems to be a good feed........!!!!
Stay Lucky Mimas
  • #5,832
  • Sep 4, 2007 4:21pm Sep 4, 2007 4:21pm
I took this buovb 1/2 and 1/2 here and here... have to wait and see what happens!
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  • #5,833
  • Sep 4, 2007 5:11pm Sep 4, 2007 5:11pm
Well, as is normal for me, I could not be patient... Was trading short on USD/CAD down the right shoulder of the H & S... thought I saw it turning back up this morning so I bailed out... of coarse it went ahead and came down and touched the neckline... more pips I could have had... not that I did not get any... just my habit of getting out early... and once again have to kick myself in the...
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  • #5,834
  • Sep 4, 2007 6:04pm Sep 4, 2007 6:04pm
Quoting the_wizard
Oh yeah! LOL forgive me, I'm not with it today.

I'm long Gold now from a break of this key resistance at $675...I hope that's not a fake out too...
I was gonna say well even if you're not with it today, I'm still with you, but I just read you already left Gold again

I'm still long from 665$, 666$ and 674$, stops at b/e, 670$ and aiming for 700$+++ since I believe that if 681.5$ s/r and 685$ TL goes, there's a really good shot at 700$.

Also the amount in real money I am trading are only "for fun", so it's more a question of "how far can we go" rather than "oh no, I am so heavily long I need to take profit or get a heart attack now" levels

Very good for seeing how trades can grow and develop =)

Also I want the NUMBER!

Would be nice to stay above the 672$-675$ area even if pushed back by that TL. I had originally thought there was a HNS on weekly, but so far we've almost taken outthe right shoulder and I think we got a good shot at making a (possibly minor) new high for 2007 before another dip back sets in.


This is just wild guessing on my behalf, not something to trade from, obviously. I'm just speculating on some scenarios. Things can and will change on a daily basis.


Some really nice setups across the board today, close is in 1h.

Let's see some Asian Aviation!
Trust price. Know yourself.
  • #5,835
  • Edited 9:58pm Sep 4, 2007 9:27pm | Edited 9:58pm
just for kicks was watching 5 min chart of EUR/USD after hours. Here is a good illustration of how brokers make their money. Same currency, same time, 2 different brokers.
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  • #5,836
  • Sep 5, 2007 2:52am Sep 5, 2007 2:52am
Quoting zzz
just for kicks was watching 5 min chart of EUR/USD after hours. Here is a good illustration of how brokers make their money. Same currency, same time, 2 different brokers.
zzz - this is not an example of how brokers make money it's simply an error in their data feed.

If you spreadbet you can often make large amounts of money trading these spikes. I have made several thousand doing this and I was allowed to keep most of it although lately it's been getting harder as the brokers become more aware.
  • #5,837
  • Sep 5, 2007 2:58am Sep 5, 2007 2:58am
Hi Seeking,

I closed at $682 because I wasn't convinced that $680 was going to hold.

I think we may well have a go at $688 but I expect a return to $675 first.
  • #5,838
  • Sep 5, 2007 3:45am Sep 5, 2007 3:45am
Quoting the_wizard
zzz - this is not an example of how brokers make money it's simply an error in their data feed.

If you spreadbet you can often make large amounts of money trading these spikes. I have made several thousand doing this and I was allowed to keep most of it although lately it's been getting harder as the brokers become more aware.

Hi Wizard,
How can the feeds get it so wrong ????
Thats one hell of a spike.....!
Also out of interest how to you trade the spike on spread betting has the feed that has the error got to be the spread betting companies feed ???
  • #5,839
  • Sep 5, 2007 4:08am Sep 5, 2007 4:08am
Quoting mimas
Hi Wizard,
How can the feeds get it so wrong ????
Thats one hell of a spike.....!
Also out of interest how to you trade the spike on spread betting has the feed that has the error got to be the spread betting companies feed ???
The feeds are often wildy out - I am not sure why. One reason that was offered (when the S&P was quoted a full 700 points from the underlying) is that the prices are derived from the average of the best bid and offer, plus the spread - if one of the sides (bid or offer) were missing due to a data error, it could lead to a quote of 1/2 the underlying.

I don't trade direct market so I am not sure if it would work with a broker but I have tried with the feed from a SB company and made money doing this. Often when you make a few thousand in seconds they notice but mostly hundreds and certainly tens of pounds of profits doing this go under the radar. I've made a couple of decent sized stakes doing this although its not a way to make a living - a bonus at most!
  • #5,840
  • Sep 5, 2007 4:30am Sep 5, 2007 4:30am
Hi guys,
Just for arguments sake I would add that a lot of people do call it stop hunting, on the premise that forex is an unregulated market, and most brokers only make money when they are filling orders...so basically they can call their own prices. Most of the time prices are pretty close across the board, but you get these odd moments when OOPS it spikes up or down 30 40 or more pips...the most likely scenario is that you are in a trade and the spike knocks you out, funny, I havent heard of getting spiked to your limit hmmm I wonder why that never happens, hmmm not sure there... but this is just a personal opinion, and Im not going to get into the ifs and buts, just I dont think I would like to trade with a broker that was spiking hundreds of pips under or above current prices I wouldnt feel very safe personally...hope youre all making loads of pippos, Raz
Never say never.
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