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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

  • #33,921
  • Jun 18, 2009 9:38pm Jun 18, 2009 9:38pm
Quoting tormo
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)
This isnt a trading question, it is a business question - so, from a business perspective...

...this is a terrible idea. 15% pa? Jesus, are you hitting up a loan shark?

If you arent ready for real trading, why on earth would you want to trade on borrowed money? At a huge rate?

Presumably, as a college student that cant save, you arent going to have any income to service a huge loan like that. Which will FORCE you to take trades.

New trader + no experience + loan pressure + big account + no outside income = guaranteed disaster.

Quoting tormo
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) .
4% a month? On a 40k account? For a brand new trader? Who *has* to trade to meet a repayment schedule?

Quoting tormo
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)
Banks arent stupid. I know this, I work for one. They know all about limited liability, it isnt some kind of magic loophole - and they wont give you a personal unsecured loan for $40k, ESPECIALLY with no income and no assets. DOUBLE ESPECIALLY in the current economic climate.

Also, a bankruptcy isnt something you should undertake lightly. It will hang around you forever - it is a permanent record, above and beyond your credit score. It affects everything - any future loans you get will have an added risk premium (up to a couple hundred basis points sometimes), you wont get credit as easily, employers look at your credit history, etc.

In as nice a way as possible, please dont do this. Seriously. Go to college, learn, get a job. Trade a micro account into a mini account into a full account.

If you really must, and seriously think you can compound 4% a month, start with a thousand bucks. $1k @ 4% per month (unrealistic, but whatever) is $10k in 5 years. Plus, you will be an amazing trader at the end if you arent broke, and will be ready for a big account.

And, at worst, you will end up out a thousand dollars, not $40k and wont screw your life up.

I really, really hope you put some more thought into this.
When you have to shoot, shoot. Dont talk.
  • #33,922
  • Jun 18, 2009 9:40pm Jun 18, 2009 9:40pm
I have pending orders on these two pairs based on daily pinbars.
Any thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCHF.jpg Size: 109 KB
Click to Enlarge Name: EURGBP.jpg Size: 113 KB
  • #33,923
  • Jun 18, 2009 9:42pm Jun 18, 2009 9:42pm
2 Day PB on the Usd/Jpy. The size could be bigger and a bit of traffic in front of it. "This is Critical" is in full play on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: jap.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
  • #33,924
  • Jun 18, 2009 9:46pm Jun 18, 2009 9:46pm
New comer. Studying here.
  • #33,925
  • Jun 18, 2009 9:46pm Jun 18, 2009 9:46pm
thank you guys and i am still learning and seeing what is possible and what is not and i think its better to ask so not to do something really stupid in the future.
  • #33,926
  • Jun 18, 2009 9:49pm Jun 18, 2009 9:49pm
Quoting wwtravel
I have pending orders on these two pairs based on daily pinbars.
Any thoughts?
I am watching the GBP/CHF.

nice long pin, with the trend, the nose *just* breaking through the 50% retracement of the last uptrend AND a weekly/daily pivot zone. I likes.

As someone said earlier, the length of the pin makes the drawdown a big heavy for me - it has been bouncing between the 23.6% retracement of the pin and the base for a while now. Ideally, I would like to see it either retrace to the 38.2 or 50, and then enter when it comes back through.. or wait for a hard and fast break.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf-4h.gif Size: 14 KB


Would love to hear the thoughts of some of the more experienced guys on this one.
When you have to shoot, shoot. Dont talk.
  • #33,927
  • Jun 18, 2009 9:50pm Jun 18, 2009 9:50pm
Quoting wwtravel
I have pending orders on these two pairs based on daily pinbars.
Any thoughts?
Locations are poor, if you swich them around they would be A+. lol

The size of them are the only thing I like about them, but that's it.
Indicators show the past. Price Action "Indicates" the future.
  • #33,928
  • Jun 18, 2009 9:50pm Jun 18, 2009 9:50pm
wwtravel,
still early in the day for me... haven't checked charts yet.
just like to say i like the way u stacked those two charts on top of each other. Clearly shows gbp strength/weakness.
  • #33,929
  • Jun 18, 2009 9:51pm Jun 18, 2009 9:51pm
Quoting holyshock
New comer. Studying here.
welcome and enjoy
  • #33,930
  • Jun 18, 2009 9:53pm Jun 18, 2009 9:53pm
mbqb11 suddenly popped out. beat me to it. lol

holyshock,
welcome & read on. & the key word in this thread is PATIENCE
  • #33,931
  • Jun 18, 2009 9:58pm Jun 18, 2009 9:58pm
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.
aha, so u did take a short on that one.
Tipers said, most likely E/D = eur$
  • #33,932
  • Jun 18, 2009 9:58pm Jun 18, 2009 9:58pm
Hey Jarroo, I just was reading through todays post and really enjoyed how you and some others took care of biz with that daybar on U/C yesterday damn slick really! Josh mentioned it but I liked it too
  • #33,933
  • Jun 18, 2009 10:03pm Jun 18, 2009 10:03pm
Quoting jarroo
Locations are poor, if you swich them around they would be A+. lol

The size of them are the only thing I like about them, but that's it.
Agree.
The reason I like this pinbar is because of the trend. Also, last week's pinbar had a similar type of senario.

If it breaks the pin, triggering my trade, I'll be watching it very closely, especially around 1.7900 area. I hope to see good momentum to carry it pass 1.800 area (GBP/CHF). If not, I'll be moving my S/L to BE.

I'll be applying the similar strategy on EUR/GBP
  • #33,934
  • Jun 18, 2009 10:03pm Jun 18, 2009 10:03pm
Quoting 4fun
Hey Jarroo, I just was reading through todays post and really enjoyed how you and some others took care of biz with that daybar on U/C yesterday damn slick really! Josh mentioned it but I liked it too
Thanks 4fun. My style is close to James16's way of trading. And how a setup breaks determines if I stay with it or not.
Indicators show the past. Price Action "Indicates" the future.
  • #33,935
  • Edited 10:07pm Jun 18, 2009 10:04pm | Edited 10:07pm
Quoting jarroo
2 Day PB on the Usd/Jpy. The size could be bigger and a bit of traffic in front of it. "This is Critical" is in full play on this one.
I posted a chart of this before (well a d1 one where you have to mentally join the bars together) and my main concern is the large bear bar previous.

At the moment I have a pending buy just above 96.9 resistance, which hasn't been hit yet. I downloaded the break even expert and have it set to apply at ~50 pips above as the first point this will stall at is ~97.470 (I gotta go study so can't be watching the charts too much). Partial set to be taken at 97.42
  • #33,936
  • Jun 18, 2009 10:06pm Jun 18, 2009 10:06pm
Quoting joelcf
I am watching the GBP/CHF.

nice long pin, with the trend, the nose *just* breaking through the 50% retracement of the last uptrend AND a weekly/daily pivot zone. I likes.

As someone said earlier, the length of the pin makes the drawdown a big heavy for me - it has been bouncing between the 23.6% retracement of the pin and the base for a while now. Ideally, I would like to see it either retrace to the 38.2 or 50, and then enter when it comes back through.. or wait for a hard and fast break.

Attachment

Would love to hear the thoughts...
Yes, I'll be watching for drawdown. Drawdown to the end of pin is less than 1% for me so I'm comfortable with this. Having said that, if it goes againest me, I'll be watching it very closely on lower timeframe.
  • #33,937
  • Edited Jun 19, 2009 7:54pm Jun 18, 2009 10:07pm | Edited Jun 19, 2009 7:54pm
Quoting wwtravel
Agree.
The reason I like this pinbar is because of the trend. Also, last week's pinbar had a similar type of senario.

If it breaks the pin, triggering my trade, I'll be watching it very closely, especially around 1.7900 area. I hope to see good momentum to carry it pass 1.800 area (GBP/CHF). If not, I'll be moving my S/L to BE.

I'll be applying the similar strategy on EUR/GBP
Price Action is a powerful thing and could work out well. As long as you understand that its not the best setup and manage it accordingly, go for it.
Indicators show the past. Price Action "Indicates" the future.
  • #33,938
  • Jun 18, 2009 10:16pm Jun 18, 2009 10:16pm
Quoting Tipers
I posted a chart of this before (well a d1 one where you have to mentally join the bars together) and my main concern is the large bear bar previous.

At the moment I have a pending buy just above 96.9 resistance, which hasn't been hit yet. I downloaded the break even expert and have it set to apply at ~50 pips above as the first point this will stall at is ~97.470 (I gotta go study so can't be watching the charts too much). Partial set to be taken at 97.42
Sorry I missed that post. The 97.00 I believe is the key level. Price may touch it and run down. A break of the 97.00 then retrace or retest may be the way I play it.
Indicators show the past. Price Action "Indicates" the future.
  • #33,939
  • Jun 18, 2009 10:50pm Jun 18, 2009 10:50pm
Quoting wwtravel
I have a pending order at the break of the pin.
You must have pulled trigger based on lower time frame.
I'm not in this trade yet...

K.I.S.S.
  • #33,940
  • Jun 18, 2009 10:59pm Jun 18, 2009 10:59pm
Quoting supremeChaos
aha, so u did take a short on that one.
Tipers said, most likely E/D = eur$
O yeah SC! I use oanda and just got executed to the pip even with the spread. 100 Pips profit on first position. 2nd position is targeted for profit taking at 1.3780 almost the 365 ema. If not I have a stop at 1.40.

I'm hittin' the sack! Take care bro!

K.I.S.S.
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