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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

  • #33,601
  • Jun 16, 2009 8:26pm Jun 16, 2009 8:26pm
Quoting Ryanmcd
1 for strength, 1 for being told what to eat. I want to see how strong I can get lol Once you have the money you want to live long to enjoy it. 1 day I want to be strong like Jim
Ryan - can that nutritionist make me stop eating Doritos?

I don't know if you really want to be strong like Jim. He ruins a lot of shirts. I do also, but from spilling grape jelly on them, and his shred from rippling muscles every time he moves.
I'm pretty much done with all this ...
  • #33,602
  • Jun 16, 2009 8:39pm Jun 16, 2009 8:39pm
Quoting joelcf
Things I need to fix:
.
Hey - great post - a lot will gain from this
  • #33,603
  • Jun 16, 2009 9:38pm Jun 16, 2009 9:38pm
Ibfx feed left a nice day pin I like that it closed below 7900. The weekly pin 2 weeks ago high wasnt breached and last weeks bar was to me a tug-a war bar undecided so this could be a chance to get short. Some decent 4hr resistance at the 61 fib level. Got back from Vegas a bit ago how about those Lakers they helped pay the wayhttp://www.forexfactory.com/images/icons/icon7.gif
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  • #33,604
  • Jun 16, 2009 9:42pm Jun 16, 2009 9:42pm
I meant to add no day bar has closed below 7900 in the last 2 weeks
  • #33,605
  • Jun 16, 2009 9:49pm Jun 16, 2009 9:49pm
Quoting 4fun
Ibfx feed left a nice day pin I like that it closed below 7900. The weekly pin 2 weeks ago high wasnt breached and last weeks bar was to me a tug-a war bar undecided so this could be a chance to get short. Some decent 4hr resistance at the 61 fib level. Got back from Vegas a bit ago how about those Lakers they helped pay the wayhttp://www.forexfactory.com/images/icons/icon7.gif
Hey 4fun

Just be careful here, this is not a pinbar. This is simply a bearish bar. We need the open and close to be within the prior bar as well as the low.

Best
Mike
  • #33,606
  • Jun 16, 2009 9:54pm Jun 16, 2009 9:54pm
ok ill try but i have no idea what this post is about to be honest.

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Money is the singular reason that motivates people to risk trying this game.
not everybody my friend, we all need to make a living its the way of making a living that trading offers me i find so attractive.

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You may have a lot of fantasies running around your head, you know, the things you'd like to do and own, and if you are young, they are pretty limited (trust me on this, young people cannot imagine the possibilities) and all of these fanatasies require money to make them come to fruition.
actually im 40 years old,and im quite aware of the costs of my fantasies,as you put it.

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Then you'd better set your sights high. Money is not the sole creator of security, not by a long shot. But I can tell you this with a great deal of authority: I've been poor and I've been rich.
then why make it so important???you seem to contradict yourself.and why should i set my sights high??i dont get it??

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Rich is better.
for who?? you or the people who didnt eat so good today??its statements like this really pain me.

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I can also tell you this: You can live to work, but it is far better to work to live. (Right Ryan??)
isnt that my point??

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With balance, time, and a little pressure, all things are possible. Having clarity on what we want, what we really want, gives us the gas in the engine to do what we must personally do to achieve beyond our limited thinking we have today.

There are no limits, unless we make them.
no offence but it seems to me that you have limited yourself a great deal.the greater the escape from our insecurities the more reason we will have to be insecure in the first place. a divided society doesnt get better by getting rich, and for me neither is it nessesary to be rich to enjoy life.
cheers
jon
PATIENCE... DISCIPLINE
  • #33,607
  • Jun 16, 2009 9:56pm Jun 16, 2009 9:56pm
Going to watch the 96.75 area for pa to go short,this pair is sure a test of patience for bulls and bears. The chart is bearish yet on a timetable of its own.
  • #33,608
  • Jun 16, 2009 10:03pm Jun 16, 2009 10:03pm
Your absolutely right Mike I should say by proxy but I do like the looks of it and will watch. Nice catch
  • #33,609
  • Edited 10:22pm Jun 16, 2009 10:07pm | Edited 10:22pm
Quoting mbqb11
Nice Easy when they stick out like a sore thumb huh
It does... I took a 10 month worth of backtest on the UJ daily yesterday, turns out, being picky vs taking every iffy PA bar was the only difference between a 35% drawdown and a 8% RoI even with extra tight trade management... the majority of trades I took on that 10 month period backtest are breakevens and small half profit, but with no loss whatsoever!

And that's only 1 pair, imagine what I could've done with 25 pairs
  • #33,610
  • Jun 16, 2009 10:50pm Jun 16, 2009 10:50pm
Interesting how similar the E/D and D/Y charts are the last few hours. This smacks of risk aversion, which may abate quickly. It bears watching.
  • #33,611
  • Jun 16, 2009 10:59pm Jun 16, 2009 10:59pm
Quoting g_j_hook@yah

no offence but it seems to me that you have limited yourself a great deal.the greater the escape from our insecurities the more reason we will have to be insecure in the first place. a divided society doesnt get better by getting rich, and for me neither is it nessesary to be rich to enjoy life.
cheers
jon
Ah well. I try. I meant no offense. Just prodding a little. I am far from an Ascetic nor do I contemplate my navel.

I am not trying to start a debate - honestly. But when I see someone says that the money is not why they are trying to do this - sometimes I call it. Just my opinion, but there are far easier ways to turn a nickel. So we are here for a reason, and it ain't for singing Kum Bah Ya together.

No - money is not the root of all happiness, nor is it the root of all evil. Money does not cause problems, but it can fix them, just as wisdom does not cause problems, but fixes and even helps you to avoid them.

I am not going to cure any of this world's ills. I'll leave that to Dr Phil. He makes a lot of money trying (Sorry - cannot resist) I can barely cure my own ills, and if I am a very lucky man, I'll be blessed to teach a few others to do the same. And helping people is free if you want it to be.

Which leads me to the EURGBP Daily PB from June 5 - Price has hit an interesting area where I'd expect some congestion. Price is at the 61.8 fib, at the 365, and where price consolidated back in November. Hhmmm. Is it time to get out of this trade and watch again?

Cheers Friend. I wish you the very best in life. Everyone deserves this. Almost no one gets it.
I'm pretty much done with all this ...
  • #33,612
  • Jun 16, 2009 11:02pm Jun 16, 2009 11:02pm
Quoting Ryanmcd
Ahh looking good here
The 4 hour Eur/Jpy PB in blue would not be rated as an A+ PB. But it is at a swing low with the confluence of the 133.50 PPZ level. The break however, was A+. 1st half 30+/2nd half at break even. No drawdown after the break.

Happy birthday thread and its mother James16. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #33,613
  • Jun 16, 2009 11:04pm Jun 16, 2009 11:04pm
I think its the threads birthday right now in New York. Happy Birthday. This thread has taught me so much in such a little time. Good luck and trading to all in the future! Thanks Jim you started it all and thanks to every one, we make this thread what it is together!
  • #33,614
  • Jun 16, 2009 11:07pm Jun 16, 2009 11:07pm
Quoting marcelnyo
It does... I took a 10 month worth of backtest on the UJ daily yesterday, turns out, being picky vs taking every iffy PA bar was the only difference between a 35% drawdown and a 8% RoI even with extra tight trade management... the majority of trades I took on that 10 month period backtest are breakevens and small half profit, but with no loss whatsoever!

And that's only 1 pair, imagine what I could've done with 25 pairs


It is great to see it that way - no? The war is won by fighting the winnable battles. If and when you add in the 4hr, your opportunities will grow, but the rules of engagement are exactly the same. Then the 8% will look more like 18%.

When I was a kid, the neighbor had Cherry trees in the yard. And we'd gorge ourselves on them in July when they would get ripe. You learned real fast that not every cherry was great to eat, but you split it open first and checked to see if a worm had started before you did. I only ate a few worms...

Setups are like that. Most of them have a worm in there. Picky is a very good thing.
I'm pretty much done with all this ...
  • #33,615
  • Jun 16, 2009 11:08pm Jun 16, 2009 11:08pm
134 looms as an important level in my opinion, as it was last night, ahead of 135.50
  • #33,616
  • Jun 16, 2009 11:10pm Jun 16, 2009 11:10pm
dmc,
not yet... later.
see Sir james16's recent post here about it.
  • #33,617
  • Jun 16, 2009 11:15pm Jun 16, 2009 11:15pm
Quoting Ryanmcd
Ahh looking good here

Long both these, time for sleep.
Keep taking CT trades, I need more money
  • #33,618
  • Jun 16, 2009 11:16pm Jun 16, 2009 11:16pm
Scoot over, I'm in there with you. Night Night.
  • #33,619
  • Jun 16, 2009 11:17pm Jun 16, 2009 11:17pm
Quoting StoragePro

Setups are like that. Most of them have a worm in there. Picky is a very good thing.
lol, nice post,picky is indeed a good thing.lol
i took no offence at your last post by the way,just making my point.
cheers
jon
PATIENCE... DISCIPLINE
  • #33,620
  • Jun 16, 2009 11:21pm Jun 16, 2009 11:21pm
Quoting jarroo
The 4 hour Eur/Jpy PB in blue would not be rated as an A+ PB. But it is at a swing low with the confluence of the 133.50 PPZ level. The break however, was A+. 1st half 30+/2nd half at break even. No drawdown after the break.

Happy birthday thread and its mother James16. lol
Jarroo, I was all over this one in demo and learning. Still trying to figure out the best way to manage the trade but I closed half at 30 pips then moved my stop to break even. Then next I closed 15% at 50 pips, next is 15% at 70 pips and then let the rest ride. Am I at least kind thinking in the right direction?

I played the pin bar earlier on today but sold out way to quick on it. Practice practice eh!!

Happy Birthday thread!!!!
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