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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

  • #31,721
  • Jun 1, 2009 4:56am Jun 1, 2009 4:56am
Quote
After my 3 profitable months on demo, i understood that going live is very different

bakko85,
Just continue what u are doing & eventually your profitability on demo will translate/transfer itself to profitability on your live account.
Good luck
  • #31,722
  • Jun 1, 2009 5:07am Jun 1, 2009 5:07am
Guys i would like to hear your opinion based on an excerp from the book trading in the zone by Alexander elder; Trading for a living.

"A person who makes 25% profit anually is king on wall street.Many top-flight money managers would give away their firstborn child to be able to top this.(lol) A trader who can double his money in a year is a star- as rare as a pop musician or a top athlete. if you set modest goals for yourself you can go very far."

"Extensive testing has shown that the maximum amount a trader may loose on a single trade without damaging his long term prospects is 2%. Most amateurs shake their heads when they hear this as it throws a monkeys wrench into the dreams of quick profits. Most succcesful professionals on the ither hand consider the 2% limit too high. They do not allow them selves risk more than 1% or 1.5% of equity on any single trade"



Now i came into the game thinking it would be easy to make 100% monthly, then as i matured it fell to 80%, as i matured further it fell to 40%, 20% etc. Then when i read Elder talking about 25% to 100% a year i tot to my self, dis guy must be joking. Thats too little for me. I didnt believe it. After so many months dining with the market i have gotten to the level where i can appreciate making 5% a month. The thought of it makes me laugh and tell myself i must have been dreaming in the past and really been very stupid. Just tot i shld share with you guys and have your opinion on Alexander elders excerpts
  • #31,723
  • Jun 1, 2009 5:11am Jun 1, 2009 5:11am
lol. i feel u.
Btw jaroo all the good guys have left the thread, i can only count one or two reliable traders there.



Quoting supremeChaos
ephisi,
.....
quiet is very much an understatement.
People are much sane in here.

it's great that we have imported u from the Aus. thread.
  • #31,724
  • Jun 1, 2009 5:14am Jun 1, 2009 5:14am
Quote
i can only count one or two reliable traders there.

who are these two?
  • #31,725
  • Jun 1, 2009 5:15am Jun 1, 2009 5:15am
Quoting ephisi
Guys i would like to hear your opinion based on an excerp from the book trading in the zone by Alexander elder; Trading for a living.

"A person who makes 25% profit anually is king on wall street.Many top-flight money managers would give away their firstborn child to be able to top this.(lol) A trader who can double his money in a year is a star- as rare as a pop musician or a top athlete. if you set modest goals for yourself you can go very far."

"Extensive testing has shown that the maximum amount a trader may loose on a single trade without...
A great post about a great book. Another must read if you haven't already... or read it again!
  • #31,726
  • Jun 1, 2009 5:17am Jun 1, 2009 5:17am
I will be keeping an eye on this one this week, looking for a nice pinbar to go long off.

The chart speaks for itself:

Buy off a pinbar.. look to take profit around 1.1500
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  • #31,727
  • Jun 1, 2009 5:19am Jun 1, 2009 5:19am
Quoting ephisi
Guys i would like to hear your opinion based on an excerp from the book trading in the zone by Alexander elder; Trading for a living.

"A person who makes 25% profit anually is king on wall street.Many top-flight money managers would give away their firstborn child to be able to top this.(lol) A trader who can double his money in a year is a star- as rare as a pop musician or a top athlete. if you set modest goals for yourself you can go very far."

"Extensive testing has shown that the maximum amount a trader may loose on a single trade without...
nice one bro,am also out of that auslanco thread,just like long ago i use to see jaroo and others there,by the wayhave you try reading master the market by tom williams,nice stuff there..and am also looking some higher high for g/j..1st we have to break through that supply level seating at 155area r1..and since on friday we have been having accumulation just close to this area,the bullish expansion on the volume shows very good proffesional buying,so it's only matter of time b/4 we break through that supply level..here is a chart below,will try and post more meaningfull chart and direct analysis here soon..good job going Jaroo..
Imanuel Parsifal
  • #31,728
  • Jun 1, 2009 5:27am Jun 1, 2009 5:27am
I got the book but the volume thing on lower timeframe gives me serious headachs cos of watch bars all the time. I will read it and try relate it ti 4hr and daily Timeframees. What do you use for your volume indicator. MT4?


Quoting sycho
nice...
  • #31,729
  • Jun 1, 2009 5:30am Jun 1, 2009 5:30am
sycho,
i hope u will post j16-related charts here. & no trade signal-related posts, as most people do in the Auslanco thread. & very recently, there was a "commotion" there involving u & others. I hope that won't happen here.

Let's try to maintain the peace & quiet here.
  • #31,730
  • Edited 5:44am Jun 1, 2009 5:31am | Edited 5:44am
Quoting ephisi
I got the book but the volume thing on lower timeframe gives me serious headachs cos of watch bars all the time. I will read it and try relate it ti 4hr and daily Timeframees. What do you use for your volume indicator. MT4?
for mt4 i use volumeMA,and VSAII by obaidai and 1hr timeframe works very well for me ..But my main volume analysis comes from my esignal volumes,am looking at getting trade guard 3.0,they have very excellent volume and charting tools there...
Imanuel Parsifal
  • #31,731
  • Jun 1, 2009 5:35am Jun 1, 2009 5:35am
Quoting supremeChaos
sycho,
i hope u will post j16-related charts here. & no trade signal-related posts, as most people do in the Auslanco thread. & very recently, there was a "commotion" there involving u & others. I hope that won't happen here.

Let's try to maintain the peace & quiet here.
bro,that place every body is a genius,if you look at my volume thread it's quit with simple chart and analysis,i trade mainly g/j,g/u,u/j and also trade when the opportunity present thereself g/c gold e.t.c. am not so curious to start posting anywhere as i trade for a living not posting,if anyway i might disturb things around here,you guyz just let me know on time..and just p.m. and i will stop posting..back to trading..
Imanuel Parsifal
  • #31,732
  • Jun 1, 2009 5:36am Jun 1, 2009 5:36am
Quoting fxdanny4x
I will be keeping an eye on this one this week, looking for a nice pinbar to go long off.

The chart speaks for itself:

Buy off a pinbar.. look to take profit around 1.1500
Attachment
What about the fact that the ascending trendline has been broken to the downside?

Do you see price having broken the trendline and will now retrace back to it, in addition to bouncing off the horizontal pivot level?
  • #31,733
  • Edited 6:03am Jun 1, 2009 5:44am | Edited 6:03am
Interesting area on the Nzd/Usd.

Edit: An area of interest . . .

Edit: 365 ema added. Thanks mrsingha.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,734
  • Jun 1, 2009 5:55am Jun 1, 2009 5:55am
Quoting bfd
What about the fact that the ascending trendline has been broken to the downside?

Do you see price having broken the trendline and will now retrace back to it, in addition to bouncing off the horizontal pivot level?
I am aware of the triangle being broke, but am still looking for a bounce from this area to retest the horizontal resistance on my chart @ 1.1500. The break from the trianble was approx. a month ago now, and I expect to see a retrace here, I also see a 1-2-3 wave formation since the break (let me know if you want me to post a chart for this)

This area we are currently at has proven itself to be important twice in the past (shown on my weekly chart). So I am 'expecting' to get a nice rebounce from this area atleast enough to take partial profits and manage a risk free position... who knows for sure

Attached Image (click to enlarge)
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  • #31,735
  • Jun 1, 2009 5:55am Jun 1, 2009 5:55am
its ok, all hes saying is that your analysyses should be backed by james 16charts. The thread is meant for everyone to learn the J16method, not just posting setups but setups based on J16. If i post Auslanco charts here its ususally accompanied by J16charts.


Quoting sycho
bro,that place every body is a genius,if you look at my volume thread it's quit with simple chart and analysis,i trade mainly g/j,g/u,u/j and also trade when the opportunity present thereself g/c gold e.t.c. am not so curious to start posting anywhere as i trade for a living not posting,if anyway i might disturb things around here,you guyz just let me know on time..and just p.m. and i will stop posting..back to trading..
  • #31,736
  • Jun 1, 2009 5:59am Jun 1, 2009 5:59am
Quoting jarroo
Interesting area on the Nzd/Usd.

Edit: An area of interest . . .
You can add the weekly 365EMA to that same area as well Jim.
"The more I practice, the luckier I get." (Gary Player)
  • #31,737
  • Jun 1, 2009 6:04am Jun 1, 2009 6:04am
Quoting mrsingha
You can add the weekly 365EMA to that same area as well Jim.
. 1st time back.
Indicators show the past. Price Action "Indicates" the future.
  • #31,738
  • Jun 1, 2009 6:14am Jun 1, 2009 6:14am
Quoting jarroo
Interesting area on the Nzd/Usd.

Edit: An area of interest . . .

Edit: 365 ema added. Thanks mrsingha.
I've been watching this also. The 150 ema is also in an "interesting" location...
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Ghost Rider - WWTBMD?
  • #31,739
  • Jun 1, 2009 6:15am Jun 1, 2009 6:15am
Alright I am now short in this pair...

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  • #31,740
  • Jun 1, 2009 6:18am Jun 1, 2009 6:18am
Will audchf break 365 EMA or make a triple top?
Nice divergence, no FIB though.
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