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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

  • #6,321
  • Sep 23, 2007 4:28pm Sep 23, 2007 4:28pm
Quoting Tiki Trader

Do you think any one would bother to read a journal from me ??

A journal is for yourself, not for others, Tiki.

It's for reflection, clearing and focussing your thoughts and putting in words what's only just a feeling at first.

Don't care about others in regards to your own trading - find your own truth. As has been said before

There are two nice posts on that trader mindset stuff btw which get nauseatingly repetitive on the one hand, but which turn out to hold a lot of truth once you actually "get somewhere" on the other, found em on the weekend:

http://forexfactory.com/showthread.php?t=48194
http://forexfactory.com/showthread.php?t=5931

Just for pastime reading, I of course directly went and made trouble over there lol

My bad ;p


Btw, wiz. About AUDCAD. If that's to rise, you know what that means, right?

Buy AUDUSD, buy USDCAD

Hehehehehehhehehe....Hey, wait I already got that covered! ;p

Looking for a nice retrace on AUDUSD..wouldn't 0.8950 and 0.9 be shweet?

And @raczekfx: yes, of course I know the VWB daily fibs *g*

My early PF days were littered with them...someone else was using them, too...I think it was Habeeb...then they up and died/disappeared ;p

I stopped using them as they were too "inhibiting" and found EW and projections a lot nicer ;p

But they coincide with things pretty darn well! Especially the 4h tunnel fibs...the daily ones are powerful, too...mustn't underestimate the "moving rubber bands" at all...just already have 99% of my chart unreadable as it is!

So no go for me ;p

Less is more...oh boy, am I ever the wrong person to use that phrase lol...
Trust price. Know yourself.
  • #6,322
  • Sep 23, 2007 4:36pm Sep 23, 2007 4:36pm
("you" in this post once again used as "one" = generalized "you")

Quoting PeterFM
People like SL, Swami and Rockrat seem able to do it and still focus on their trading, so I suppose it suits a certain sort of organised person.
Did you just call me organized? Hoooooooboy

Are you SURE you've seen my journal? LOL

I've never managed to really properly post my trades...I've found reflection on what ails me and hinders me much more important than trying to figure out what's wrong with the trades.

It's the trader that has(or had? been getting better) the problems here


And it's not that I manage to do it at the same time - I try to keep me from gambling by posting, which actually works well sometimes ;p

Also a good reason to analyze charts more in depth which in turn is good practice AND can lend new insights...

But to have it for summing up pips, that just feels so much like nonsense....especially since the pips are so irrelevant. The % made is the interesting part. And you don't need to increase pips...you need to improve yourself. The trader...

All the journals keep focussing on making sure everyone sees their pips and pip counts(no offense at this point to you Stevie!!!! you're certainly not the one this is aimed at..)....sure it's nice, but you can actually have configurations where negative pips make money and positive pips have you net negative...yes indeed...so what good is it?

Better yourself and you will better your profits
Trust price. Know yourself.
  • #6,323
  • Sep 23, 2007 4:48pm Sep 23, 2007 4:48pm
Quoting SeekingLight
Did you just call me organized? Hoooooooboy

Are you SURE you've seen my journal? LOL
Ok it's my night for getting a disconnect between my brain and my typing fingers lol. Even Bemac's picking me up over this!!!
What I meant was that some folk seem to be able to keep sections of their minds running on their trades, and other parts posting stuff into their, and other ppl's, journals. I can't. In some ways I wish I'd never found this place. I'd be off doing something else 'cos I'd have no money left.
I've missed more good trades when posting on here than I can count, so how the hell you can keep your post rate up and still make money leaves me breathless with admiration.
Quote
All the journals keep focussing on making sure everyone sees their pips and pip counts(no offense at this point to you Stevie!!!! you're certainly not the one this is aimed at..)....sure it's nice, but you can actually have configurations where negative pips make money and positive pips have you net negative...yes indeed...so what good is it?
Good point
  • #6,324
  • Sep 23, 2007 4:57pm Sep 23, 2007 4:57pm
Tiki

I dont know if you have this already as it is on the site elsewhere

Its a leaflet on Fib retracements and extensions
Attached File(s)
File Type: pdf Poulos, Bill - The Truth About Fibonacci Trading.pdf   395 KB | 3,681 downloads
The greatest enemy of a good plan is the dream of a perfect plan.
  • #6,325
  • Sep 23, 2007 5:24pm Sep 23, 2007 5:24pm
OK ! But you forgot to tell me if EUR is going up or down this week... !!!

Actually I quite often ask my daughter to look at the charts and tell me which way she thinks things will go... she is probably right more often than I !!!!!!!!

She is 5 years old...


Quoting PeterFM
When I first started doing this, I would explain to my son how I was going to make a fortune with this.

I would print out charts with MACD, RSI, Stochs and MAs all crossing at the right time, heading up/down into a bazillion pips. And what do pips mean? Money.

As he and I had run a horse-racing tipping service for a while, and he's very good at numbers (he's been a croupier and a manager in a bookmaker's shop), he came very close to pumping cash into this with me. Oh how glad I am that I didn't let him do it.

It's taken me some time to get it so simple that I can spot what I'm looking for in a relatively short space of time. It becomes sort of instinctive after a while. I'm sure you're at that stage now where you, as I was, feel you need this and that pattern to convince yourself of what you're going to do.

I can't quite explain the difference, but it just gets easier to spot what may be a good opportunity, and that's all you're looking for, compared to scouring the charts trying to find complex (for me) patterns that might be tradeable.

If you look at mbqb11's approach you'll know what I mean. He won't trade every Pin he sees, because he's developed an in-built defence mechanism that warns him to stay away. I'm not sure if he works to hard and fast rules, but I suspect there is more than a little intuition in there somewhere.

You've just got to be patient, while that ability starts to manifest itself in your trading. Time is what it takes. Time testing methods. Time studying charts. Time learning to develop that little internal edge that cuts away at the losing trades.

Live long and prosper!
  • #6,326
  • Sep 23, 2007 5:26pm Sep 23, 2007 5:26pm
Quoting Tiki Trader
OK ! But you forgot to tell me if EUR is going up or down this week... !!!

Actually I quite often ask my daughter to look at the charts and tell me which way she thinks things will go... she is probably right more often than I !!!!!!!!

She is 5 years old...
What does she say?? Is this our Holy Grail?
  • #6,327
  • Sep 23, 2007 5:29pm Sep 23, 2007 5:29pm
Yes, this is nice... ! About the same as I treat fibs anyways... but they are nice to get ideas for targets etc...

Quoting steve10%
Tiki

I dont know if you have this already as it is on the site elsewhere

Its a leaflet on Fib retracements and extensions
  • #6,328
  • Sep 23, 2007 5:30pm Sep 23, 2007 5:30pm
She is watching TV right now and says she does not want to look... I get answers like that a lot too.... told me to do it myself

Quoting PeterFM
What does she say?? Is this our Holy Grail?
  • #6,329
  • Sep 23, 2007 5:35pm Sep 23, 2007 5:35pm
Quoting SeekingLight
A journal is for yourself, not for others, Tiki.
And this is the principle reason I have not started a journal here... !!!!

But still... I consider... cause actually I want to... just....
  • #6,330
  • Sep 23, 2007 7:40pm Sep 23, 2007 7:40pm
I like this setup. Going long with profit area at 1.6400.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 18 KB
  • #6,331
  • Sep 23, 2007 8:01pm Sep 23, 2007 8:01pm
Hipster

I see why you like it... but what about ema's there??? How do you treat that???

Quoting HipsterPipster
I like this setup. Going long with profit area at 1.6400.
Attached Image
  • #6,332
  • Sep 23, 2007 8:02pm Sep 23, 2007 8:02pm
Nevermind !! You are right !!!

Quoting HipsterPipster
I like this setup. Going long with profit area at 1.6400.
  • #6,333
  • Sep 23, 2007 8:05pm Sep 23, 2007 8:05pm
WOW spread is 10 there !!!!

Quoting HipsterPipster
I like this setup. Going long with profit area at 1.6400.
  • #6,334
  • Sep 23, 2007 8:23pm Sep 23, 2007 8:23pm
Yeah, 10, but some of these can be worth it when they move.
  • #6,335
  • Sep 23, 2007 8:27pm Sep 23, 2007 8:27pm
Yeah, I'm checking it out !!!

Quoting HipsterPipster
Yeah, 10, but some of these can be worth it when they move.
  • #6,336
  • Sep 23, 2007 8:28pm Sep 23, 2007 8:28pm
Quoting HipsterPipster
Yeah, 10, but some of these can be worth it when they move.
I agree it is all relative sometimes, but 10 is still pretty high on this pair. I am showing b/w 3-4 on MB trading and it is an off time.
  • #6,337
  • Sep 23, 2007 8:32pm Sep 23, 2007 8:32pm
Quoting mbqb11
I agree it is all relative sometimes, but 10 is still pretty high on this pair. I am showing b/w 3-4 on MB trading and it is an off time.
Alpari, its the only demo accnt I have currently, so I am going with it.
  • #6,338
  • Sep 23, 2007 8:44pm Sep 23, 2007 8:44pm
Now this is in its infancy, but we may have a really nice pin forming on the monthly. Price is sitting currently at Aug and Nov 06 price highs.
Dion
  • #6,339
  • Sep 23, 2007 8:46pm Sep 23, 2007 8:46pm
Quoting HipsterPipster
Now this is in its infancy, but we may have a really nice pin forming on the monthly. Price is sitting currently at Aug and Nov 06 price highs.
Dion
I need to add that on the daily price is forming some very nice asymetrical triangles... AKA IBs, so I think it is going to take off.
  • #6,340
  • Sep 24, 2007 2:50am Sep 24, 2007 2:50am
Quoting Tiki Trader
She is watching TV right now and says she does not want to look... I get answers like that a lot too.... told me to do it myself
That's her way of telling you: no setup = no trade, daddy!
Trust price. Know yourself.
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