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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

  • #3,181
  • Apr 6, 2007 1:57pm Apr 6, 2007 1:57pm
Quoting manya42
Hello Everyone
Is a year + of the PF and I will be having a little more time to join however ,I want to know your experiences .
To me $120 a month will be a big deal if in top I am loosing money trading or unless not making the $120 to pay each month .
You can PM me that way we do not clutter this thread ,
Thanks to everyone in advance .
Hi,

I've almost finished my 1st month on PF.
I, like you, have some financial problems at the moment, so I went to PF for a month, only.
But...
Believe me, I WILL GO BACK as soon as I'm financially better.
You will be amazed on the amount and wealth of info. Videos - a must!
Fiji's forums - MUST!!!!
Really, do yourself a big, big favor and sign just for a month.
I've sat day and night and read everything.
I've been trading only for a year, but I've never found anything really helpful on various forums, until this one.
However, PF will clear so many unaswered questions, and if you really implement the strategies (well, for me it's PA), the MM and Psychology - man, you're probably entering these selected 5% of successful traders.

I DON'T REGRET A CENT SPENT ON PF!!!

Have a Great Weekend.

George
  • #3,182
  • Apr 6, 2007 2:01pm Apr 6, 2007 2:01pm
Hi everyone,

I've finished what I could on PF.
I need to watch my ruined finance, so I'll take off from PF, and come back later.
I meantime I'll post here.

I'm already in it, but today is a sort of confirmation:
Weekly Pin, a few days ago Daily pin.

May you All have a Great Weekend!!!
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  • #3,183
  • Apr 6, 2007 2:02pm Apr 6, 2007 2:02pm
Quoting GeorgeW
Hi everyone,

I've finished what I could on PF.
I need to watch my ruined finance, so I'll take off from PF, and come back later.
I meantime I'll post here.

I'm already in it, but today is a sort of confirmation:
Weekly Pin, a few days ago Daily pin.

May you All have a Great Weekend!!!
we do have a weekly pin formed, but be careful that daily pin inst a pinbar. The nose wasn't long enough in relation to the body. Yes this trade worked, but many more will not when the bar looks like that,

best,
mike
  • #3,184
  • Apr 7, 2007 8:59am Apr 7, 2007 8:59am
Quoting mbqb11
we do have a weekly pin formed, but be careful that daily pin inst a pinbar. The nose wasn't long enough in relation to the body. Yes this trade worked, but many more will not when the bar looks like that,

best,
mike
Yes, you're right Mike. I took it because there is some PPZ, and it looks like head'n'shoulders pattern developing.
Otherwise, considering recent GBP performance I would stay away until weekly is formed.
Still, anything may happen. I've moved SL about 20 pips above my entry price.

Before even NB on GBP/USD Daily was "reliable", but after February/March - we need to be careful with this pair.

Thank you and BR,

George
  • #3,185
  • Apr 7, 2007 10:52pm Apr 7, 2007 10:52pm
Following suit of all my predecessors. I too will write my name on the wall. Having completed all 3185 posts in two weeks,(Must read around two kids, pregnant wife and construction company)I too have seen the light. This has been an extreme eye-opening experience for me and my trading carreer. In the time I was reading the posts I did manage to make 3 profitable PA trades and 2 more assisting a system I currently trade. I feel like I have known you guys for months. Wait a minute..... I have!! Thank you for sharing and allowing others to see into your trading lives. My family will soon be reaping the benfits of your generosity. I can't thank you enough. I will also be in the PF soon and hope to be a long term member of the profitable "P-A Team".
  • #3,186
  • Apr 7, 2007 10:53pm Apr 7, 2007 10:53pm
Did I mention I can't wait for the market to open!!!
  • #3,187
  • Apr 8, 2007 7:33pm Apr 8, 2007 7:33pm
Anyone else watching this? How far will it go?
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  • #3,188
  • Apr 8, 2007 7:53pm Apr 8, 2007 7:53pm
too risky?
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  • #3,189
  • Apr 8, 2007 9:20pm Apr 8, 2007 9:20pm
Quoting dbeach777
Anyone else watching this? How far will it go?
I am watching this pair and there seems to be a inside bar on usd/chf weekly that I am also watching

Rick
  • #3,190
  • Apr 9, 2007 3:32am Apr 9, 2007 3:32am
Yes pound looks good for a short but i would rather wait for a break of the weekly pin or a retracement rather than entering on shorter time frames today.. Holiday in most places, unlikely to go far today.....Rather wait for an entry short tomorrow. Still have orders set for a break of the pin though.. If it breaks look for it to stall at these areas...

Weekly support
1.9433-Pivot zone and 50% Fib
1.9316-Strong upwards trendline
1.9185-Strong pivot zone

Daily Support
1.9587-Pivot zone and 38.2% Fib
1.9433-Pivot zone and 61.8% Fib
1.9304-150EMA and 78.6% Fib

Just my observations, check it out

all the best
Dingo
  • #3,191
  • Apr 9, 2007 8:22am Apr 9, 2007 8:22am
Thank You Dingo for the Pivot Points. I don't use them as my charting service, which is free, AccuCharts doesnt allow it I don't think. I've been thinking of getting a free version of MT4 for that purpose. I do however use the Fibs.

Am short GU from break of weekly pin

Successful trading to us all....
  • #3,192
  • Apr 9, 2007 10:14am Apr 9, 2007 10:14am
Quoting dbeach777
Thank You Dingo for the Pivot Points. I don't use them as my charting service, which is free, AccuCharts doesnt allow it I don't think. I've been thinking of getting a free version of MT4 for that purpose. I do however use the Fibs.

Am short GU from break of weekly pin

Successful trading to us all....
Sorry dbeach those points aren't calculated pivot points as you may think but rather areas where price has historically bounced off (i've also come across them being called "support becomes resistance etc")..

In my opinion these levels are more significant than calculated pivots. They are taught in depth in the PF so check it out if you can its well worth it. At least check out the prices I noted here and observe the way in which price has reacted to these areas. Chances are you are already aware of this, just thought i'd clarify.

Good trading
Dingo
  • #3,193
  • Apr 9, 2007 10:20am Apr 9, 2007 10:20am
hi dbeach777,
looks like a nice weekly pin.
p.s. you can get free pivot point calculators online. you just input the numbers and it gives you all the points.
tom
  • #3,194
  • Edited 12:42pm Apr 9, 2007 10:47am | Edited 12:42pm
ib4 on gbp/jpy...but if you want to be pedantic its actually an ib31.
yes, if you want to see a bar with a lower range you're going to have to count back 31 candles.
well no doubt this is caused by the holiday today but still, this is winding really tight over the last few sessions.
i don't have a bias on this but you can see that it's found support on the back of that tl and it's also sitting on the .61 fib from the high at the end of jan (far left of chart) - those two appear to be holding a floor under prices...just.
let's see what happens.
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  • #3,195
  • Apr 9, 2007 11:43am Apr 9, 2007 11:43am
thanks for this post manya and this is not meant to be critical of you but it gives me a chance to put up something i have considered doing many times. below is what all new subscribers get when they sign up for our group. anyone considering joining our group should do so only if they are willing to follow these guidelines. im not niave enough to think that most people will or do follow it but the questions will always remain. do any of you actually think this is easy? do any of you actually think this is different than starting any new business?


MINIMUM REQUIREMENTS / THIS IS A BUSINESS

WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST AT A MINIMUM

1. ON DAILY AND WEEKLY TIME FRAMES ONLY YOU DEMO TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.

2. OPEN AN ACCOUNT WITH HALF WHAT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL COMPLETED.

3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.

4. If and when you decide to daytrade on small time frames and you dont follow this template at a minimum you are almost certainly going to find yourself in trouble. If you are going to follow any system and you dont follow this template as far as the demo process you are not treating it as a business and you have no one to blame other than yourself if you lose your money.

5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES A MONTH OR SIX MONTHS IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DONT WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.

Your goal should be this. Learn, learn and learn some more and dont do anything stupid while your getting your feet on the ground. The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they dont treat it as a business. They do stupid things that they would never do in any other area of thier life and its because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income is it worth it? The choice is yours.






Quoting manya42
Hello Everyone
Is a year + of the PF and I will be having a little more time to join however ,I want to know your experiences .
To me $120 a month will be a big deal if in top I am loosing money trading or unless not making the $120 to pay each month .
You can PM me that way we do not clutter this thread ,
Thanks to everyone in advance .
  • #3,196
  • Apr 9, 2007 1:18pm Apr 9, 2007 1:18pm
3 weeks, 3 ib4's and 3 hugely profitable trades.
love oil.
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  • #3,197
  • Apr 9, 2007 2:34pm Apr 9, 2007 2:34pm
Quoting the_wizard
3 weeks, 3 ib4's and 3 hugely profitable trades.
love oil.
Great setups. How many did you spot in time to trade?
  • #3,198
  • Apr 9, 2007 4:36pm Apr 9, 2007 4:36pm
Quoting Goozman
Great setups. How many did you spot in time to trade?
well, i got the first one but i was paper trading it.
i was still in the first trade when the second signal came.
and i missed the third one, today. it's a real shame because it was a large one day fall for oil.
i pulled up a chart for crude on friday but for some reason i completely failed to see that it had made an ib4. i do tend to see price action a lot clearer after the event but i guess that's because your eye gets drawn to large moves and naturally looks to see what caused them...
  • #3,199
  • Apr 9, 2007 9:51pm Apr 9, 2007 9:51pm
hi alli'm in abig troubleneed help plsshort g/uwith large lot almost loose all my accountif any idea if it's going down or i should get out nowpls helpthanks a lot
  • #3,200
  • Apr 9, 2007 10:05pm Apr 9, 2007 10:05pm
Quoting shamstec
hi alli'm in abig troubleneed help plsshort g/uwith large lot almost loose all my accountif any idea if it's going down or i should get out nowpls helpthanks a lot
shamstec that statment worries me, you should never have enough on one trade that your whole account is at risk(i hope this is a demo account)

Please check out the money mgmt section stickied in the Beginner section

http://forexfactory.com/showthread.php?t=3690

Mike
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