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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

  • #10,061
  • Apr 15, 2008 11:15am Apr 15, 2008 11:15am
Thank you Tom!

A new trick for me to practice.

  • #10,062
  • Apr 15, 2008 11:17am Apr 15, 2008 11:17am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Yes, Tom, I will definitely join the PF.before doing so, let me digest the information I am going through for the moment, once I get all the necessary knowledge, I will be there talking to the pros, including yourself, my buddy

Quoting moneybags
No problem Krue.
And although I'm not a newbie, I'm definitely not a pro.
But if you stick around this thread or even join the james16 website, you'll learn tons of things from real pros.
Like you said, it really takes time and experience.

take care,
Tom
  • #10,063
  • Apr 15, 2008 11:17am Apr 15, 2008 11:17am
Quoting dd4x
raczekfx,

What broker are you using? I am using MT4 on IBFX and my 4hr chart does not match yours from post 10042. Yours looks like shooting fish in a barrel!

Thanks,

D
I use NorthFinance (for charting only)

... waiting for a pa confirmation, supporting divergence ...
.
Attached Image
  • #10,064
  • Apr 15, 2008 11:19am Apr 15, 2008 11:19am
Quoting unlv_tj
Thank you Tom!

A new trick for me to practice.

I would add, that it may be one of the better tricks..IMHO.
  • #10,065
  • Apr 15, 2008 11:28am Apr 15, 2008 11:28am
fiber in its final day before the breakout...??? (up/down - matters not)

My sell limit order set last night (5896) was missed by few pips. I was looking for a fake break out to 5920/40 and day ending with a 100p-nose PB.
Well, it appears we'll get an IB instead. I'm still favoring sharp move down, but since it's mostly 'crystal balling' and gut feeling... we don't discuss it here....
.
.
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  • #10,066
  • Apr 15, 2008 1:27pm Apr 15, 2008 1:27pm
Quoting raczekfx
fiber in its final day before the breakout...??? (up/down - matters not)

My sell limit order set last night (5896) was missed by few pips. I was looking for a fake break out to 5920/40 and day ending with a 100p-nose PB.
Well, it appears we'll get an IB instead. I'm still favoring sharp move down, but since it's mostly 'crystal balling' and gut feeling... we don't discuss it here....
.
.
Why do you anticipate a breakout? Is it mainly due to the number of IB's that you have highlighted, the ranginess of the Euro lately or instinct?. Or perhaps combination of all three?
  • #10,067
  • Apr 15, 2008 2:20pm Apr 15, 2008 2:20pm
Quoting saskgui
Why do you anticipate a breakout? Is it mainly due to the number of IB's that you have highlighted, the ranginess of the Euro lately or instinct?. Or perhaps combination of all three?
a combination of them all.... lol
but on a serious note. have a look at this chart.
Ranges are getting smaller and euro is getting compressed.
What happens if you compress a balloon too much?
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  • #10,068
  • Apr 15, 2008 2:23pm Apr 15, 2008 2:23pm
Posting a trade I am currently riding... Pin is hitting historical highs nearly to the pip. Sell order placed near 61.8 ret fib has placed me in a good reward/risk ratio.
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Click to Enlarge Name: CHFJPY Pin 15-04-2008.jpg Size: 87 KB
  • #10,069
  • Apr 15, 2008 2:39pm Apr 15, 2008 2:39pm
Quoting raczekfx
a combination of them all.... lol
but on a serious note. have a look at this chart.
Ranges are getting smaller and euro is getting compressed.
What happens if you compress a balloon too much?
if it's nitrous oxide you could be laughing your head off!
I wonder if any intraday price confirmation might hint direction?
I wouldn't mind to be laughing on that one...
  • #10,070
  • Apr 15, 2008 3:34pm Apr 15, 2008 3:34pm
Quoting jcsmesquita
if it's nitrous oxide you could be laughing your head off!
I wonder if any intraday price confirmation might hint direction?
I wouldn't mind to be laughing on that one...
I think the Forex market is always laughing anyway, at how incompetent most of the "traders" are.
  • #10,071
  • Apr 15, 2008 6:01pm Apr 15, 2008 6:01pm
Quoting forexmoments
I think the Forex market is always laughing anyway, at how incompetent most of the "traders" are.
Incompetent is a strong word. I don't think most traders are incompetent.

Most are ill informed on the important aspects of trading. Number#1 is money management. Many traders pay little attention to the power of money management. The best system in the world means nothing, if proper money management is not applied.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,072
  • Apr 15, 2008 7:55pm Apr 15, 2008 7:55pm
Quote
Most are ill informed on the important aspects of trading. Number#1 is money management. Many traders pay little attention to the power of money management. The best system in the world means nothing, if proper money management is not applied.
That is so true. I traded wonderful PA setups, my win-loss ratio was pretty good, and two and a half weeks later, I had $3 in my account. Trade with strict MM rules, and you will have an epiphany--it will click all of a sudden, and you'll realize how powerful money management is, and how easy it is to be profitable.

Tyler
skype: ststroud. let's talk trading.
  • #10,073
  • Apr 15, 2008 7:57pm Apr 15, 2008 7:57pm
Before someone yells at me, I did not mean to say that profiting in forex is easy. But when someone makes more winning trades than losing ones, and only takes trades with good r:r and implements strict mm rules, he will profit.

Tyler
skype: ststroud. let's talk trading.
  • #10,074
  • Apr 15, 2008 8:12pm Apr 15, 2008 8:12pm
Quoting tyler812
That is so true. I traded wonderful PA setups, my win-loss ratio was pretty good, and two and a half weeks later, I had $3 in my account. Trade with strict MM rules, and you will have an epiphany--it will click all of a sudden, and you'll realize how powerful money management is, and how easy it is to be profitable.

Tyler
Touché, tyler812.
Indicators show the past. Price Action "Indicates" the future.
  • #10,075
  • Apr 15, 2008 8:47pm Apr 15, 2008 8:47pm
Quoting tyler812
Before someone yells at me, I did not mean to say that profiting in forex is easy. But when someone makes more winning trades than losing ones, and only takes trades with good r:r and implements strict mm rules, he will profit.

Tyler
even if your win ratio is only 38%, you can be very successful in this business.

checkout the Bird..
  • #10,076
  • Apr 16, 2008 2:29am Apr 16, 2008 2:29am
raczekfx, why do you favour a sharp move down, and not up on the fiber?

How can one be be very successful with a win ratio of 38%?.

Gerard
  • #10,077
  • Apr 16, 2008 2:35am Apr 16, 2008 2:35am
Quoting Four Kids
How can one be be very successful with a win ratio of 38%?.

Gerard
If one has a risk/reward ration of 1:2.65 or greater, one still makes money with that win ratio.
Some "trend traders" e.g. have this sort of win ratio or if you had say more losses due to smaller stops, but bigger winners due to higher leverage because of it.
Let's see what raczekfx says
Trust price. Know yourself.
  • #10,078
  • Apr 16, 2008 4:39am Apr 16, 2008 4:39am
Quoting jarroo
Incompetent is a strong word. I don't think most traders are incompetent.

Most are ill informed on the important aspects of trading. Number#1 is money management. Many traders pay little attention to the power of money management. The best system in the world means nothing, if proper money management is not applied.

Jim
Indeed. I would probably put psychology up there as well. Controlling your emotions is paramount to achieving your objectives. Know yourself.

jc
  • #10,079
  • Apr 16, 2008 6:57am Apr 16, 2008 6:57am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I tried to draw PPZ line on USDJPY H4, since I don't have experience to identify PPZ, so, simply drawed 4 lines blindly, I am referring to the 4 golden dotted horizontal lines in the attached chart.

My gut feeling tells me, couldn't be 4 lines serving one momentum. adding 4 lines there,no clarity,only added complexity.seems not actionable.

Then, I think there must be one line is the real thing. I got no other choice but adding Fib line to determine,it seems 50 fib corresponds to the 3rd PPZ line from top down.

but the junction of the trend line with the 4th PPZ line(the bottom one), seems also important.

after that, I thought twice, feel the top PPZ line should very important too, coz this is the top one.so, only the 2nd PPZ line is left there,it seems I can remove the 2nd line,though don't have a clear mind whether this one should be removed, psychologically, the 2nd line seems having its place there.

geeeeee, why so difficult, I am sure the pros probably only get one or 2 lines maximum there. can I get some clue from your guys what is the executable drawings in your opinions? I am really having no confidence looking after so many lines in such a narrow space, too crawded, isn't it?
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  • #10,080
  • Apr 16, 2008 7:29am Apr 16, 2008 7:29am
Quoting Four Kids
raczekfx, why do you favour a sharp move down, and not up on the fiber?

How can one be be very successful with a win ratio of 38%?.

Gerard
On euro behavior vs oil yesterday…. So much for that theory right now; Bat bailed me out and reversed positions at 5855. Seeking, already answered your second question.
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