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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

  • #31,261
  • May 27, 2009 4:35pm May 27, 2009 4:35pm
Quoting Interceptor
Anybody looking at Cable, or CAD/JPY?
I'm also looking at the pin on cable -I have a couple of fibs at around the same level, too.

I also pulled out of my long on GJ, pin over there too, ...it looks like GBP might be in for a short spell of weakness.
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If you can wait and not be tired by waiting...
  • #31,262
  • May 27, 2009 4:38pm May 27, 2009 4:38pm
Quoting gasgas
Also posting chart for gbp/usd like Interceptor, what do you guys think. If ends up with nice pin bar, would it be valid for SHORT?? Mabey some resistion from the past in blue area...
It closed as a PB on my chart. The reason I took it , is that its from big round number 1.6000, 50 fib ret from last swing and it is swing high with room below the entry. The PB could have longer nose, but overall it is valid setup. It depends now if we have a luck.
  • #31,263
  • May 27, 2009 4:41pm May 27, 2009 4:41pm
Quoting Life of Pi_p
I did a test with Sportsbook. Took $25 to $300 in about a week. Played some Sit n Go's and a few low fee entries to their huge tourneys and came in top 5 twice. Requested a check for $150 which I got a few weeks later, but it bounced. Second check bounced too. I love playing low stakes games to practice money management skills, but my days of putting real money on those sites are over. So now I just open $250 forex accounts instead to practice different money management strategies. Hehe
ive made thousands from them, they paid up until recently
  • #31,264
  • May 27, 2009 4:42pm May 27, 2009 4:42pm
Quoting alter
Yes , I took both.
passed on both here, size of bars were too small for me, nice location on both but just not quite good enough for me
  • #31,265
  • May 27, 2009 4:48pm May 27, 2009 4:48pm
Quoting mbqb11
passed on both here, size of bars were too small for me, nice location on both but just not quite good enough for me

Here is a question for you Mike. Would several factors of confluence ever influence your decision to take a short nosed bar in that trade on Cable? Such as round number + fibs + divergence + swing high/low + room to run + all this happening on lunar eclipse bla, blah....... I ask because when I saw this bar, I could hear my inner Fudd tell me "the nose is too short-------next trade opportunity pwease". Thanks bro!

K.I.S.S.
  • #31,266
  • May 27, 2009 4:51pm May 27, 2009 4:51pm
Quoting alter
It closed as a PB on my chart. The reason I took it , is that its from big round number 1.6000, 50 fib ret from last swing and it is swing high with room below the entry. The PB could have longer nose, but overall it is valid setup. It depends now if we have a luck.
I see...In my case its 38.2, but if I draw from last swing its exactly from 50 fib. (your case). +I got res.from upper channel line. + round number...I won't have lower close, when bar close in few minutes, but still solid PB (IMO).It looks good to me
  • #31,267
  • Edited 5:09pm May 27, 2009 4:58pm | Edited 5:09pm
Quoting markmm
I bow to your experience but as you say you need to be in front of the screen for long hours, over the long term I think it would be difficult to be on the ball all the time. Why do it, as you say you can make 1% on anytime frame.
If one good trade is 1%, you can make one a day with M15, and one a week with H4. Do the maths
One Chart is Worth Ten Thousand Words.
  • #31,268
  • May 27, 2009 5:08pm May 27, 2009 5:08pm
Quoting KissFan
Here is a question for you Mike. Would several factors of confluence ever influence your decision to take a short nosed bar in that trade on Cable? Such as round number + fibs + divergence + swing high/low + room to run + all this happening on lunar eclipse bla, blah....... I ask because when I saw this bar, I could hear my inner Fudd tell me "the nose is too short-------next trade opportunity pwease". Thanks bro!

K.I.S.S.

HAHA make that X2. That is really funny that you say that because that is exactly what I was thinking to myself.


I was really wanting to take it, but I knew deep down that it was just my desire to place a trade. Ahhhhh I have only placed one trade so far this month, but it was a good one...
  • #31,269
  • May 27, 2009 5:09pm May 27, 2009 5:09pm
Quoting KissFan
Here is a question for you Mike. Would several factors of confluence ever influence your decision to take a short nosed bar in that trade on Cable? Such as round number + fibs + divergence + swing high/low + room to run + all this happening on lunar eclipse bla, blah....... I ask because when I saw this bar, I could hear my inner Fudd tell me "the nose is too short-------next trade opportunity pwease". Thanks bro!

K.I.S.S.
very rarely will I ever. Usually if the bar doesn't do it for me I will pass. Sometimes I will trade it depending on the situation and just be much more conservative with my exits etc. This was close to being a trade, but just not quite for "my rules".

Best
Mike
  • #31,270
  • May 27, 2009 5:13pm May 27, 2009 5:13pm
Quoting mbqb11
very rarely will I ever. Usually if the bar doesn't do it for me I will pass. Sometimes I will trade it depending on the situation and just be much more conservative with my exits etc. This was close to being a trade, but just not quite for "my rules".

Best
Mike
OK gotcha Mike. I will not know for a little while if I will or not, but I will post a chart if I do set up a trade. Thanks again.

K.I.S.S.
  • #31,271
  • May 27, 2009 5:16pm May 27, 2009 5:16pm
Quoting gungriffin
HAHA make that X2. That is really funny that you say that because that is exactly what I was thinking to myself.


I was really wanting to take it, but I knew deep down that it was just my desire to place a trade. Ahhhhh I have only placed one trade so far this month, but it was a good one...
Talk about character building. I know how you feel, I'm hoping that this one will close below 5900. It's gonna be hard for me to pass up if it does.

K.I.S.S.
  • #31,272
  • May 27, 2009 5:21pm May 27, 2009 5:21pm
Quoting Forex007
If one good trade is 1%, you can make one a day with M15, and one a week with H4. Do the maths
Ok why not trade the 1 min chart and make 8 trades a day at 1%, in fact the 1 second chart and make 20 trades a day at 1%, 20% a day 100% a week, 400% a month. I've done the math and it looks good!! Surley the maths wouldnt lie!!!!
Economists have forecast 9 out of the last 5 recessions
  • #31,273
  • May 27, 2009 5:31pm May 27, 2009 5:31pm
Quoting markmm
Ok why not trade the 1 min chart and make 8 trades a day at 1%, in fact the 1 second chart and make 20 trades a day at 1%, 20% a day 100% a week, 400% a month. I've done the math and it looks good!! Surley the maths wouldnt lie!!!!
The answer to "why not" is "because YOU cannot do it"...

P.S. Why don't you trade YEARLY charts then, Markmm?.. lol
One Chart is Worth Ten Thousand Words.
  • #31,274
  • May 27, 2009 5:33pm May 27, 2009 5:33pm
nobody seems to be talking about this usdchf daily dblhc, looks pretty good to me coming off 1.08 support, anybody? or is it jst me
think i prefer this to the gbpusd daily pin
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Simplicity is the key to success
  • #31,275
  • May 27, 2009 5:42pm May 27, 2009 5:42pm
Quoting markmm
Ok why not trade the 1 min chart and make 8 trades a day at 1%, in fact the 1 second chart and make 20 trades a day at 1%, 20% a day 100% a week, 400% a month. I've done the math and it looks good!! Surley the maths wouldnt lie!!!!

It's just bigger swings that is all, Today I am up 4.6% some days I am down 6% but over all I am 5%+ a week. Again sometimes more sometimes less, To be honest the money does not even matter to me, I trade because I enjoy after being wrong for so damn long to be winning LOL
Keep taking CT trades, I need more money
  • #31,276
  • May 27, 2009 5:42pm May 27, 2009 5:42pm
Quoting squeezy
nobody seems to be talking about this usdchf daily dblhc, looks pretty good to me coming off 1.08 support, anybody? or is it jst me
think i prefer this to the gbpusd daily pin
Your first line is why I won't personally trade it.
  • #31,277
  • May 27, 2009 5:46pm May 27, 2009 5:46pm
Quoting Forex007
The answer to "why not" is "because YOU cannot do it"...

P.S. Why don't you trade YEARLY charts then, Markmm?.. lol
Yep I cannot make 1% 20 times a day from the 1 min chart. I doubt anyone here can either, im sure there are maybe one or two in the world who can for a few months, or even a year but they will burn out.
Economists have forecast 9 out of the last 5 recessions
  • #31,278
  • May 27, 2009 5:52pm May 27, 2009 5:52pm
Quoting HipsterPipster
Your first line is why I won't personally trade it.
i see wat u mean hipster, im also aware of it, dats why i intend to take partial profit jst below it and either move to BE fast or set stop loss to -30 , hopefully after partial profit is hit....
thnx , ur comment is definately welcome
cheers
Simplicity is the key to success
  • #31,279
  • May 27, 2009 5:52pm May 27, 2009 5:52pm
Quoting markmm
Yep I cannot make 1% 20 times a day from the 1 min chart. I doubt anyone here can either, im sure there are maybe one or two in the world who can for a few months, or even a year but they will burn out.
That's the point: each trader trades whatever style/system/method/TF he/she is comfortable with. As long as that trader (a) makes money and (b) is happy, there is no "right" or "wrong". There are traders who trade tick charts.

I made the same mistake as you by doubting Ryanmcd in the past - only because *I* burnt my fingers with lower TFs ("surely, if *I* cannot do it, nobody can"). I was wrong. Ryanmcd made me to rethink my approach to TFs - it's not TFs which are "right" or "wrong", it's ME (my skills, experience etc).

If you never drove F1 car, you'll smash it soon and would complain that it was the car's fault as it was too fast. The fact is, if was YOU (not you personally, of course) that made it go too fast, and it was YOU who could not control it. Nothing wrong with F1 as such.

Sorry, for such a long OT post...
One Chart is Worth Ten Thousand Words.
  • #31,280
  • May 27, 2009 5:57pm May 27, 2009 5:57pm
Quoting Ryanmcd
It's just bigger swings that is all, Today I am up 4.6% some days I am down 6% but over all I am 5%+ a week. Again sometimes more sometimes less, To be honest the money does not even matter to me, I trade because I enjoy after being wrong for so damn long to be winning LOL
Thats amazing returns over 120% a year, you will be richer than Bill Gates if you can keep that up, how long have you had those returns if you dont mind me asking?
Economists have forecast 9 out of the last 5 recessions
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