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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

  • #32,661
  • Jun 8, 2009 6:10am Jun 8, 2009 6:10am
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  • #32,662
  • Jun 8, 2009 6:19am Jun 8, 2009 6:19am
Quoting Ryanmcd
Okay 3 trades I am in,

EUR/USD - Winning 3 positions open
GBP/USD - Winning 3 positions open
EUR/JPY - Losing 3 positions open

The winners I do not care about it at all, I will trail stop them out, Now this loser is the problem, and yes I know all too well I am going to have losers and I dont care about that. I do care if it's a loser and it runs wild..

I have attached a screen shot of it, I like RSI and know it well and I think it may run a little more up that pin then sell off but I need to have a plan if it keeps running. My stop is above...
If you are still in E/J, you can get out at BE or better now.

K.I.S.S.
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  • #32,663
  • Jun 8, 2009 6:22am Jun 8, 2009 6:22am
krue, Marco,
have u checked out james16 website?
by diallist
How to average 10% - 20% monthly returns

compounding, mentioned by fijitrader, also is 1 way to increase our accounts.

I'm still looking for that chart that shows risk/drawdown everytime a trader gets a loss.
  • #32,664
  • Jun 8, 2009 6:25am Jun 8, 2009 6:25am
Quoting onmyself
Nice trade mate!

I agree we're at a significant support zone.

I am setting myself up for a long, will this be a 500 pip runner? Just like you I've got no idea, let's see how this unfolds...
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I believe . . .
  • #32,665
  • Jun 8, 2009 6:27am Jun 8, 2009 6:27am
Quote
You've got to be a genius or something then...
I remember it wasn't too hard logging on to dictionary.com to fathom Bemac's posts...

ghous,
yes, it's easy to use dictionary.com or merriam webster's but the botany part i mentioned is not. lol

I feel it's difficult to decipher Bemac's posts even with no variegation.


PS. if u feel i'm a genius, can u please vouch for me again?




Congratulations onmyself!
  • #32,666
  • Jun 8, 2009 6:39am Jun 8, 2009 6:39am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
supremeChaos

I don't believe in such fairy tale, each month 10 to 20%? I won't dream about 4% each month, that is not realistic. but, I dream about 1000% a year, if any chance.

Okey,even though I made terrible statement about risk, I still think I have long way to be totally humble to the market, and someday, the market will be humble to me too.



Quoting supremeChaos
krue, Marco,
have u checked out james16 website?
by diallist
How to average 10% - 20% monthly returns

compounding, mentioned by fijitrader, also is 1 way to increase our accounts.

I'm still looking for that chart that shows risk/drawdown everytime a trader gets a loss.
  • #32,667
  • Jun 8, 2009 7:10am Jun 8, 2009 7:10am
Quoting KissFan
If you are still in E/J, you can get out at BE or better now.

K.I.S.S.

You just got up and putting it at be, +250 on 3 positions on the eur/usd too
Keep taking CT trades, I need more money
  • #32,668
  • Jun 8, 2009 7:15am Jun 8, 2009 7:15am
krue,
i'm not sure if u are being sarcastic or what. u have made several conflicting statements.

my last insight would be:
just keep learning, increase your trade consistency, then for sure the profits will just come to u.
  • #32,669
  • Jun 8, 2009 7:19am Jun 8, 2009 7:19am
Closing 1 out @ +240 or 1:1 on the eur/usd, letting the other 2 positions ride.
Keep taking CT trades, I need more money
  • #32,670
  • Jun 8, 2009 7:23am Jun 8, 2009 7:23am


I like em with trend ....
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  • #32,671
  • Jun 8, 2009 7:42am Jun 8, 2009 7:42am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, supremeChaos

I never ever make any statement of sarcastic, if my message makes you feel any of such a tone, I am terriblely sorry for that.

is it true, I made several conflicting statements? this could be, I knew there are a lot to be sorted out in my mind. thanks you for reminding me.



Quoting supremeChaos
krue,
i'm not sure if u are being sarcastic or what. u have made several conflicting statements.

my last insight would be:
just keep learning, increase your trade consistency, then for sure the profits will just come to u.
  • #32,672
  • Jun 8, 2009 7:47am Jun 8, 2009 7:47am
Possible nice setup on EURUSD 4h chart.
Attached Image (click to enlarge)
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  • #32,673
  • Jun 8, 2009 7:47am Jun 8, 2009 7:47am
Thinking about going long gbpusd at 1.5955, TP 1.6080, after the 4h bar closes.

Any thoughts?
Thanks!
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Trading: the skill of avoiding trades
  • #32,674
  • Jun 8, 2009 7:56am Jun 8, 2009 7:56am
Quoting ghous
Nice trade mate!

I agree we're at a significant support zone.

I am setting myself up for a long, will this be a 500 pip runner? Just like you I've got no idea, let's see how this unfolds...
Don't you need some price action like a pin bar?
  • #32,675
  • Jun 8, 2009 8:21am Jun 8, 2009 8:21am
SupremeChaos and Krue should get an award from Jim. They certainly Variegate this thread. LOL
The greatest achievements are those that benefit others....
  • #32,676
  • Jun 8, 2009 8:25am Jun 8, 2009 8:25am
Hi folks,

First post on here so go easy

Anyone else seeing the small(ish) daily pinbar forming?

small S/R area - a reversal to the current short term trend back to the long term bullish trend?

thoughts?

Fat Tom
Attached Image
  • #32,677
  • Jun 8, 2009 8:33am Jun 8, 2009 8:33am
I found this great chart when I was reading through Darkstar's posts a few weeks ago, but Captain Piptastic posted it.
This will help some of you realize how normal it is to have significant drawdowns from consecutive losing trades.

1. Once we have a strategy,
2. We will know our winning %.
3. We can look to the chart to see the likelihood of having a significant drawdown
4. And determine an acceptable risk/trade from there.

For example.
70% win rate.

There is a 10.6% chance that I'll have 5 consecutive losing trades over any 50 trade period. So if I suggest risking 2%/trade, I would have to be comfortable with a 10% drawdown (5*2%/trade)... This is of course the worst case 10.6% of the time... But 3.2% of the time, you will get another loss right after those 5... so a 12% drawdown...You must decide if you are comfortable with this.

What's even more important to factor in is us as humans. The chart assumes all other variables are constant, namely the trades we take. If we start altering the trades we take (ie, overtrading, letting losses run, etc), the probabilities will no longer hold true. So maybe including a safety factor is also of benefit...

http://www.forexfactory.com/showpost...1&postcount=24

Josh
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  • #32,678
  • Jun 8, 2009 8:34am Jun 8, 2009 8:34am
Quoting pipmyride


I like em with trend ....
Got to love the trend, but last weeks candle and those exhaustive day candles showing this pair is runnin out of steam I went short at 7927 not off pa but just as s/r and that longterm 50 fib and got some quick pips if this can get away from this s/r and break that channel its been in,it could have a nice run down,its seems this way on many usd pairs atm.
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  • #32,679
  • Jun 8, 2009 8:47am Jun 8, 2009 8:47am
Quoting jarroo
Anyone take the Euro BEOB on the Daily?

Hi Jarroo

what is your SL on this nice BEOB?
  • #32,680
  • Jun 8, 2009 8:56am Jun 8, 2009 8:56am
E/U & G/U 1hr candles definately singing same tune this am
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