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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

  • #30,061
  • May 14, 2009 10:35am May 14, 2009 10:35am
Quoting markmm
I heard Jim say that in one of his videos? Is that where you got it Marcelyno? Its a great saying wonder where it originated.
Well yes Jim have used the phrase quite often in his videos, but what made me remember it was a chart that has his writings on it where he put too big of a position on a trade and to teach us not to put on a trade that made us literally sick to our stomach
  • #30,062
  • May 14, 2009 10:36am May 14, 2009 10:36am
No haha, Scots/Italian with some Polish thrown in, with a Greek girlfriend!!!
Economists have forecast 9 out of the last 5 recessions
  • #30,063
  • May 14, 2009 10:45am May 14, 2009 10:45am
Quoting markmm
No haha, Scots/Italian with some Polish thrown in, with a Greek girlfriend!!!
I'm of chinese descent living in Indonesia, the best tax-free country in the world, where you can literally be rich selling noodles, which is what my fiancee is planning to do, open a small restaurant (I hope it will be able to add to my account in a while... heheh).

It's really nice to know people from all over the world, this community is such a joy
  • #30,064
  • May 14, 2009 10:46am May 14, 2009 10:46am
Quoting marcelnyo
I'm of chinese descent living in Indonesia, the best tax-free country in the world, where you can literally be rich selling noodles, which is what my fiancee is planning to do, open a small restaurant (I hope it will be able to add to my account in a while... heheh).

It's really nice to know people from all over the world, this community is such a joy
Tax free you say......hmmm. Need to think of a place to move to when I trade full time.
Economists have forecast 9 out of the last 5 recessions
  • #30,065
  • May 14, 2009 10:57am May 14, 2009 10:57am
Quoting markmm
Tax free you say......hmmm. Need to think of a place to move to when I trade full time.
speaking of which...has anyone here any experience on spread betting??
sos for the of topic q.
jon
PATIENCE... DISCIPLINE
  • #30,066
  • May 14, 2009 11:00am May 14, 2009 11:00am
Quoting g_j_hook@yah
speaking of which...has anyone here any experience on spread betting??
sos for the of topic q.
jon
I know here in the UK it is tax free, I just don't fancy trading with a bookie. You basically put any amount per pip from 1p up, spreads are similar MM's.
Economists have forecast 9 out of the last 5 recessions
  • #30,067
  • Edited 11:19am May 14, 2009 11:06am | Edited 11:19am
Quoting mbqb11
Hey D

I have to be honest here. You need to have a better game plan then a 50 pip sl on a daily bar that is 250+ pips. I understand wanting to minimize the S/L for a bigger position, but remember it needs to be logical as the market doesn't care what fixed number you pick. Looks like the pair moved 20+ pips then, so your stop should have been to b/e if you are using such a small stop loss.

Again this isn't meant to say some might not use some small stops, but logically if you are looking to be more aggressive, use some close s/r, or a fib,...
I agree with that. One always wants a good R/R, but I don't believe that one can achieve that with a "comfortable" stop at a non-technical level unless one is buying/selling retracements. Using the PB momentum technique below/above the bar works if there is a good break, but it often necessitates a larger stop to handle trades consistently. If the R/R is unfavorable (as on a large bar), waiting for a more soothing setup is better. Alternatively, in using small "comfortable" stops like that, some trades will be lost in moving the stop too quickly to break even but, again, that is the cost of doing business, and it allows one to trade the next day. In sum, the trader moves on to a better trade either way.

Some here are able to work with 30-40 pip stops - that works if one is highly selective and has a good winning percentage, i.e a good PB reader. If one is a bit sloppier or feels pressure to trade, then MM becomes more vital. Personally I try to madate a trade entry within my comfort zone for a stop, even if that requires a retracement from the PB entry point. Some trades are lost, but the next bus is already on the way.
  • #30,068
  • May 14, 2009 11:27am May 14, 2009 11:27am
Quoting marcelnyo
I'm of chinese descent living in Indonesia, the best tax-free country in the world, where you can literally be rich selling noodles, which is what my fiancee is planning to do, open a small restaurant (I hope it will be able to add to my account in a while... heheh).

It's really nice to know people from all over the world, this community is such a joy
tax-free??
http://en.wikipedia.org/wiki/Taxation_in_Indonesia
  • #30,069
  • May 14, 2009 11:35am May 14, 2009 11:35am
Quoting Alexandra
If the R/R is unfavorable (as on a large bar), waiting for a more soothing setup is better.
Agree with this. Passing on the bar will sometimes even give you the chance of a better entry, i.e. when the bar breaks (is confirmed), then retraces without having reached its obvious first target yet. You can enter the trade "late", say around 50 fib ret, still put your stop behind the bar and be in a great setup for "lower cost". Recent daily NZDUSD pin gave such a chance.

RM
  • #30,070
  • May 14, 2009 11:52am May 14, 2009 11:52am
Quoting dengzhi
tax-free??
http://en.wikipedia.org/wiki/Taxation_in_Indonesia
That's only eye candy for the world to see, believe me, when you live and work here, you'll know exactly what I'm talking about .

There's a downside though, public services are below horrendous... other than that, warm weather all year long, people here are friendly to foreigners too, especially caucasians.

Don't make this tax thing bigger or I'll made the local IRS come looking for me lol.
  • #30,071
  • May 14, 2009 11:54am May 14, 2009 11:54am
Quoting markmm
Tax free you say......hmmm. Need to think of a place to move to when I trade full time.
As I say, public services here are below horrendous, but if you can cope with it, it's practically quite a good country.

Why don't you try fiji, I do think we have someone there
  • #30,072
  • May 14, 2009 12:12pm May 14, 2009 12:12pm
Quoting marcelnyo
That's only eye candy for the world to see, believe me, when you live and work here, you'll know exactly what I'm talking about .

There's a downside though, public services are below horrendous... other than that, warm weather all year long, people here are friendly to foreigners too, especially caucasians.

Don't make this tax thing bigger or I'll made the local IRS come looking for me lol.
Man that's exactly the place that I'm looking for besides I'm caucasian. Why are people so friendly especially to caucasians, How do we deserve that kind of advantage?

Anyway I'm proud
  • #30,073
  • May 14, 2009 12:33pm May 14, 2009 12:33pm
Quoting datogio
Man that's exactly the place that I'm looking for besides I'm caucasian. Why are people so friendly especially to caucasians, How do we deserve that kind of advantage?

Anyway I'm proud
Don't ask me, I don't know how it works, I just know it does happens...

And don't go yet, there's more, did you know you can live decently enough here with just about $500 a month? with an above average living standards... so if you consistently earn 4-5% a month you can literally live here and study forex for 2 years with only about $20.000... an amount I've wasted within 3 years trading indices futures... oh the agony.

I'm reeling off topic since a few posts ago, apologies, I'll try less to promote my home country hehehe.
  • #30,074
  • May 14, 2009 12:36pm May 14, 2009 12:36pm
"This term came from cartooning. When the character has sweat drops (or bullets) coming off him or her.

Or maybe it's linked to another, more vulgar phrase. Sweating bullets and s#*ting nails. Kind of a hardware theme"

This is one theory anyhow, seems plausible.

M
  • #30,075
  • May 14, 2009 12:46pm May 14, 2009 12:46pm
Some breakout patterns on the daily to watch? Im just starting to look at these wonder if there are valid?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: audcadtri14-05-09.gif Size: 16 KB
Economists have forecast 9 out of the last 5 recessions
  • #30,076
  • May 14, 2009 12:47pm May 14, 2009 12:47pm
Quoting markmm
Some breakout patterns on the daily to watch? Im just starting to look at these wonder if there are valid?


yum yum gbp/chf
  • #30,077
  • May 14, 2009 12:48pm May 14, 2009 12:48pm
Quoting mbqb11
yum yum gbp/chf

Wow that was quick you almost replied before the page reloaded! hehe
Economists have forecast 9 out of the last 5 recessions
  • #30,078
  • May 14, 2009 1:03pm May 14, 2009 1:03pm
Quoting marcelnyo
Don't ask me, I don't know how it works, I just know it does happens...

And don't go yet, there's more, did you know you can live decently enough here with just about $500 a month? with an above average living standards... so if you consistently earn 4-5% a month you can literally live here and study forex for 2 years with only about $20.000... an amount I've wasted within 3 years trading indices futures... oh the agony.

I'm reeling off topic since a few posts ago, apologies, I'll try less to promote my home country hehehe.
Great news, never suspected that I'm a millionaire
  • #30,079
  • May 14, 2009 1:32pm May 14, 2009 1:32pm
gbp/chf is squeezing in that ever narrowing range that suggest a breakout. Usually in such a pattern it's topside.
Patience + Humility + Study = Success
  • #30,080
  • May 14, 2009 1:45pm May 14, 2009 1:45pm
Quoting DutchTrader
gbp/chf is squeezing in that ever narrowing range that suggest a breakout. Usually in such a pattern it's topside.
Is not it a rising wedge? in downtrend that's a continuation pattern as i know
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