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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

  • #33,901
  • Jun 18, 2009 6:16pm Jun 18, 2009 6:16pm
This has some good points: biggish buob, divergence, 38 fib, off 1.500. But the chart is an unusual one.... and it is in a lot of traffic..I wont be trading it but wouldnt be surprised to see a bullish move.
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All that matters is winning the week
  • #33,902
  • Jun 18, 2009 6:27pm Jun 18, 2009 6:27pm
Quoting james16
i posted this early this morning. want to make sure no one missed it.

also i was poking around and found a few old posts i got a kick out of. thought i would post them also. where are the years going?

xmas day 2005

http://www.forexfactory.com/showpost...04&postcount=3

just a short time before the group opened

http://www.forexfactory.com/showpost...07&postcount=2
In all honesty I think you have probably saved hundreds or thousands of traders from blowing their accounts, im certain you have directed lots of traders to success. To have a thread last in FF this long is a testament to the quality and commitment of some generous experienced traders. Happy Birthday James16!!!
Economists have forecast 9 out of the last 5 recessions
  • #33,903
  • Jun 18, 2009 6:27pm Jun 18, 2009 6:27pm
Quoting james16
i posted this early this morning. want to make sure no one missed it.

also i was poking around and found a few old posts i got a kick out of. thought i would post them also. where are the years going?

xmas day 2005

http://www.forexfactory.com/showpost...04&postcount=3

just a short time before the group opened

http://www.forexfactory.com/showpost...07&postcount=2
I can't give you the answer on where time went Jim,because I can't figure it out myself.But I can say you are living life how all of us should be.Going for your dreams and not letting anyone keep you from them!Believing in yourself and the goodness of people.And the main thing "giving",you help a lot of people around here.Thanks again
  • #33,904
  • Jun 18, 2009 6:35pm Jun 18, 2009 6:35pm
i like this one..it looks like a classic breakout and retest trade ???
what do you guys think?
cheers
jon
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PATIENCE... DISCIPLINE
  • #33,905
  • Jun 18, 2009 6:48pm Jun 18, 2009 6:48pm
Quoting StoragePro
Hello Run -

For those who can sit by and manage the trade, it was doable. I could not do that today, so I sits on the sidelines, and wait...

Tell you what, watching PB's like that one do precisely what I suspect they will do is oddly gratifying. Kind of like watching the Yankees lose is gratifying to a Red Sox fan...
I just love it when u guys use baseball analogies... things then started to go wild...
  • #33,906
  • Jun 18, 2009 7:13pm Jun 18, 2009 7:13pm
Jarroo, since you're the IB whiz, was wondering if I could solicit your thoughts on GBPUSD. No doubt you're seen the IB's on GU H4. Also been in a tight range all day and we may get an IB on D1.

D
  • #33,907
  • Jun 18, 2009 7:31pm Jun 18, 2009 7:31pm
Quoting g_j_hook@yah
i like this one..it looks like a classic breakout and retest trade ???
what do you guys think?
cheers
jon

Just saw this one too GJ! I have been traveling today. I'm going to appraise it for long entry. I'll post if I set up a trade.

K.I.S.S.
  • #33,908
  • Jun 18, 2009 7:37pm Jun 18, 2009 7:37pm
Caught this one right on the nose. half in the bank, the rest, set it and forget it.
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You got to know when to hold them, and know when to fold them.
  • #33,909
  • Jun 18, 2009 7:51pm Jun 18, 2009 7:51pm
Not as much E/D twitter as I was expecting at this hour.
  • #33,910
  • Jun 18, 2009 7:59pm Jun 18, 2009 7:59pm
Trade: Long two positions at 1% acct risk each entry long @1.7635 Total risk is 2%. Potential Reward is just under 3.1%.
Stop Loss: Initial at 1.7448
Management Strategy: when price reaches 1.7824 move SL on second position to 1.7635 (BE). First TP will be 1.7824 (bar lows from December 2008) and will move SL to BE. Second TP target will be the 1.8019 area PPZ.
Price Action/Confluence: Daily Pin off 50% fib and test of major support at 1.7555.

I know that this one could just take off without the retrace. I choose to set this entry in the range of the bar for now. I'll watch closely for a hrd break without a retrace and try to judge the momentum of the price at that time.
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  • #33,911
  • Jun 18, 2009 8:02pm Jun 18, 2009 8:02pm
Quoting Alexandra
Not as much E/D twitter as I was expecting at this hour.
Hey Alexandra! Hope you caught that short from 1.40.

Could you tell me what E/D is? Euro daily?

Thanks!

K.I.S.S.
  • #33,912
  • Jun 18, 2009 8:36pm Jun 18, 2009 8:36pm
Quoting KissFan
Hey Alexandra! Hope you caught that short from 1.40.

Could you tell me what E/D is? Euro daily?

Thanks!

K.I.S.S.
I think he's refering to the euro dollar : )

I'm also watching the GBPCHF, it's a really long pin and playing it at the break doens't fit my risk profile as it has a range of a touch over 300 pips plus only on a micro acct (not nano).

EDIT: Added a 2day pb on the UJ at major support area
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  • #33,913
  • Jun 18, 2009 8:44pm Jun 18, 2009 8:44pm
I am currently short at 1.3960. Is the pin good enough to give lots of pips? I am new to this thread. So, please suggest.

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  • #33,914
  • Jun 18, 2009 9:18pm Jun 18, 2009 9:18pm
4hr chart of todays day bar in the red fib, will only play this from a retrace I marked the 4hr support zones really like the 50 fib confluence tl support fib etc see if it makes it there? U/J is back where I went short 2 days ago 96.75 this pair I get the feeling is proped up by BoJ really a bummer should of tanked by the looking at the charts really.Hey Storage looks like there was a worm in the cherry after all in yesterdays U/C day bar those that bit only got a nibble.
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  • #33,915
  • Jun 18, 2009 9:20pm Jun 18, 2009 9:20pm
Quoting KissFan
Trade: Long two positions at 1% acct risk each entry long @1.7635 Total risk is 2%. Potential Reward is just under 3.1%.
Stop Loss: Initial at 1.7448
[size=3][font=Calibri]Management Strategy:[color=black][font=Calibri] when price reaches 1.7824 move...
I have a pending order at the break of the pin.
You must have pulled trigger based on lower time frame.
  • #33,916
  • Jun 18, 2009 9:21pm Jun 18, 2009 9:21pm
hi everyone,
because of this thread and the people here i am starting to become consistently profitable with my trading even though its on demo i am proving to myself i can do it. I am not ready for a live acct and need at least a year or two more of experience.

I currently have no money for trading and am going to college next year and most of my income will probably go towards tuition costs, so saving is not possible. The only way i think is to register an LLC in my name (as Jim said a few posts back) and apply for a business loan and use it for trading.
($40,000 loan for 5 years, 15% int)

Requirements:
1. i only take the best setups (3-5 per month) and move stops to BE as soon as possible
2. treat it very conservatively
3. treat it as Jim has been saying for the past 4 years

4. if i lose 25 percent of the acct i stop trading and repay the loan
5 therefore am stuck with $10,000 in debt
6. i go back to demo and start saving (somehow)

if i can keep it up for 5 years, and get an average of 4% a month during that time then I'll have a nice sized acct for trading(after i repay the loan) .

I know it might be too much pressure to trade this way but if i follow my requirements, do what Jim has thought us, have the right psychology, and prove i can do it on demo first, i think i can avergae 4% per month.( i know setting monthy goals is dangerous and i should only take what is given but i will be happy with anything BE or above for the month.)

I was wondering if Jim, mike, jaroo, rac, ryan or any other veterans here can give me some advise. I know it's bad a dangerous, i know monthy percentage goals are bad, but saving $ is not an option so i see this as the only way. But dont forget that i will personaly be protected, due to the LLC. (Worst case scenario happens i can declare bankrupcy since i am still young and dont have anything of value,only my cedit score gets affected,lol)

Any advise or personal experiences in this matter?

Thank you in advance

tormo
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  • #33,917
  • Jun 18, 2009 9:21pm Jun 18, 2009 9:21pm
Quoting Jduester
Since we've had a lot of first time posters signing in yesterday/today, I thought I'd say a few words about analyzing potential trades. The single best and most efficient way to improve your ability to recognize a good trade from a bad one is to look at a chart and see what you like and don't like about it. The best way to find out if you are right or wrong (and hence, learn) is to post it in this thread. If you go through my early posts, this is how I started. I often got gently shot down on setups I thought were great but the seniors would explain...
Great post Josh.
Indicators show the past. Price Action "Indicates" the future.
  • #33,918
  • Jun 18, 2009 9:25pm Jun 18, 2009 9:25pm
Quoting jlmac27
I can't give you the answer on where time went Jim,because I can't figure it out myself.But I can say you are living life how all of us should be.Going for your dreams and not letting anyone keep you from them!Believing in yourself and the goodness of people.And the main thing "giving",you help a lot of people around here.Thanks again
Man, I wish I had said that.

Ditto jlmac.
Indicators show the past. Price Action "Indicates" the future.
  • #33,919
  • Jun 18, 2009 9:27pm Jun 18, 2009 9:27pm
Quoting tormo
hi everyone,
because of this thread and the people here i am starting to become consistently profitable with my trading even though its on demo i am proving to myself i can do it. I am not ready for a live acct and need at least a year or two more of experience.

I currently have no money for trading and am going to college next year and most of my income will probably go towards tuition costs, so saving is not possible. The only way i think is to register an LLC in my name (as Jim said a few posts back) and apply for a business loan and use it...
This is what scares me the most about trading and spreadsheets. The what could be seems great always. I am not going to give financial advice, but you are very young and your focus should not be on borrowing money, just learn to trade right as you are doing. Put a few bucks away while you can. Believe me I can very much relate to everything you posted. My school was 40k a year, and I have a lot of loans to pay back still. Having a huge account is not possible for me at the current point in my life. I also have my own LLC for outside trading so I know what all that entails. My goals are to build my account and be consistent and as that grows so do I. Having bankruptcy as your stop loss is not something you should have to have on your plate. Better to learn to do things right while you put away and grow some money on your own. Going from demo to borrowing 40k to trade is crazy if you ask me. I am certainly not giving advice either way this is not what I do. But what I say is forget about thinking that ahead. Learn to trade demo, throw a few hundred backs into a live when you get past the requirements by James. See where you are after school and what not. Don't put that extra pressure on you. Just learn to trade for now.

Just my 2 cents and wish you luck

Mike
  • #33,920
  • Jun 18, 2009 9:32pm Jun 18, 2009 9:32pm
Hey Tormo just my 2cents but never ever ever ever ever trade or gamble with borrowed money, believe me I am older an been around the pool many times the pressure odds and probability are stacked against you. Ofcourse it can be done but your young and time is on your side dont dig a hole open a micro with 200-500 bucks save yourself from a nightmare.
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