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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

  • #44,041
  • Sep 17, 2009 4:54pm Sep 17, 2009 4:54pm
Quoting mike w
Hey Ben what's happenin man?...
I think there is a quite good chance you will hit the 85. In this case you can just take full profit, or let a free trade run - according to your feeling.
I just don't like trading against the recent move without a very obvious PPZ supporting me. But you are making your money

The pound it too choppy for me lol. Every move must be managed very toughly on that pair IMO.

Ben
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  • #44,042
  • Sep 17, 2009 5:27pm Sep 17, 2009 5:27pm
i know benji took this breakout of 1.7000 on gbpchf. Did anyone take this retrace pin bar setup?
Is this a pretty good one to take on the 4 hour?

overall trend is down, a nice pull back about 38.2 with a good pin

The 1.700 level was lurking beneath, would you take this on the close of the pin or wait for the breakout? i dont really do breakouts

what grade would u grade this setup ?

thanks alot
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  • #44,043
  • Sep 17, 2009 7:18pm Sep 17, 2009 7:18pm
Quoting mike w
It's looking like the end of that run up on the cad/jpy from three days ago and now the run back down to the 84 area. Easy money. Who didn't see it ending there? Cluttered up chart but it serves a purpose for me.
Gee Mike, cluttered up?

That's a clean chart to me. lol

I see past my 3 or four MAs on my chart now and don't even notice them taking up screen space.
Bundy's status today: "Waiting..."
  • #44,044
  • Sep 17, 2009 7:31pm Sep 17, 2009 7:31pm
Quoting Ryanmcd
Man when I was in Golf Port seeing my brother I got $100 out and never even played, I had no edge on anything and I knew I was just going to lose so I walked around lol.
LOL

Did the same in Queensland a few weeks ago.

Lottery tickets just aren't the same any more, either. LOL
Bundy's status today: "Waiting..."
  • #44,045
  • Sep 17, 2009 7:41pm Sep 17, 2009 7:41pm
Quoting bundyraider
Gee Mike, cluttered up?

That's a clean chart to me. lol

I see past my 3 or four MAs on my chart now and don't even notice them taking up screen space.
He's a good politician, this man.

Bundy, you do have cluttered charts

(jk.)

...
I believe . . .
  • #44,046
  • Sep 17, 2009 7:45pm Sep 17, 2009 7:45pm
4H ppz, Trendline,

In on the test of the initial rejection wick.



g.
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I believe . . .
  • #44,047
  • Sep 17, 2009 7:50pm Sep 17, 2009 7:50pm
Sooooooo close to being worth taking.

Suspect it'll hit white 23% fib line I have there.

...oh well.
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Bundy's status today: "Waiting..."
  • #44,048
  • Sep 17, 2009 8:02pm Sep 17, 2009 8:02pm
Quoting mbqb11
The traders I work with(which are a lot at this point). The ones I have the toughest time with or have to spend the most time with are the ones who have been around the longest, or "learned" the most. I have to try to teach them to unlearn so many bad habits.
Yep.

I'd have loved to have had you or Jim looking over my shoulder 10 years ago before the habits got learnted.

At the same time, I've got a lot of little tid bits I've worked out for myself that just needed complimentary skills to go with them. So I don't regret everything.
Bundy's status today: "Waiting..."
  • #44,049
  • Sep 17, 2009 8:02pm Sep 17, 2009 8:02pm
Quoting ghous
He's a good politician, this man.

Bundy, you do have cluttered charts

(jk.)

...
They can be though. lol
Bundy's status today: "Waiting..."
  • #44,050
  • Sep 17, 2009 8:10pm Sep 17, 2009 8:10pm
Quoting benji533
Someone with me in this?

Different entry strategy this time.

Ben
I've got to agree with mike on where you've gotten to.

For someone who hasn't been posting much till lately , your charts are good to check out. You post wedges and so on, ...for me to come along and check out.

You and a couple of others make for our own little personal pattern EAs.
Bundy's status today: "Waiting..."
  • #44,051
  • Sep 17, 2009 8:19pm Sep 17, 2009 8:19pm
Quoting ghous
4H ppz, Trendline,

In on the test of the initial rejection wick.



g.
Nice ghous, great set up. Had an order in at 1.6575, never got filled, oh well. Not sure if your a fibs guy, those 2 fibs from those previous swings lined up perfectly as well. Also lots of hidden bearish divergence on that up move. Wonder if raz took this one?
  • #44,052
  • Sep 17, 2009 8:33pm Sep 17, 2009 8:33pm
to quote a wise man, kaboom.
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  • #44,053
  • Sep 17, 2009 9:00pm Sep 17, 2009 9:00pm
Hi guys,

This ended up in my inbox, so thought I would share.

For anyone who liked DS's 'Structure of Forex Brokers', this should also be interesting. It talks about how the backoffice of a retail FX brokerage works, why you sometimes get requoted, why you get broad spreads during news and why your broker isnt really 'out to get you'.

Probably not much new information for some people (*coughmikecough*), but pretty sure some of you will get some value out of it.

http://www.ibtimes.com/articles/2009...operations.htm
When you have to shoot, shoot. Dont talk.
  • #44,054
  • Sep 17, 2009 9:12pm Sep 17, 2009 9:12pm
Quoting Icehocey77
to quote a wise man, kaboom.
Very nice
When you have to shoot, shoot. Dont talk.
  • #44,055
  • Sep 17, 2009 9:15pm Sep 17, 2009 9:15pm
Quoting StoragePro
Ed Seykota said it in New Market Wizards.

"A lot of people would rather understand the market than make money"

I'll ask it again - just how much do I *need* to know about the market?
Wow.

As much as I'm not a big Ed fanboy, that's a scarily insightful observation.
When you have to shoot, shoot. Dont talk.
  • #44,056
  • Edited 9:32pm Sep 17, 2009 9:18pm | Edited 9:32pm
Quoting benji533
Hey SC,
I saw your other post last week...I didn't exit. Look back on my updates for this trade and you will find my plan and way of thinking.. I was planned all from the beginning...
very nice Ben.
so u had long-term outlook for this trade.
are u looking for parity?


Quoting LasVahGoose
You'd think that, but according to this I'm right brained. Go figure.....
I joined a local hiking group that goes out on hikes most of the week, I'm going to get more active in the next few weeks.
aha, that game again.
it's great u are getting serious about fitness.


Quoting james16
The rants and charts video in the guest area is now working.
pardon me, but i am just happy to repeat this message.
(coincidentally, i checked the website prior to reading this post)
james16 PF guest section
  • #44,057
  • Sep 17, 2009 9:27pm Sep 17, 2009 9:27pm
Quoting mbqb11
The traders I work with(which are a lot at this point). The ones I have the toughest time with or have to spend the most time with are the ones who have been around the longest, or "learned" the most. I have to try to teach them to unlearn so many bad habits. Now that is not to say that they wouldn't have developed them either way. But, this is just from my experience. Too much information is bad.....

Mike
Really have to agree Mike.

I spent so much time learning "useful" things I thought would help.
Majority of it was just crap in hindsight.

After coming across this thread, I've been spending most of my time cleaning house and throwing the crap I've accumulated out.

Wish I started out RIGHT HERE instead.

I've stopped asking "why/how" and I just want to know the "what".
What works in trading

"There are some things you don't have to know how it works.The main thing is that it works.While some people are studying the roots,others are picking the fruit. It just depends which end of this you want to get in on."
- Jim Rohn
One Mind, Any Market
  • #44,058
  • Edited 9:47pm Sep 17, 2009 9:32pm | Edited 9:47pm
Quoting manperm
I'd say about as much as an airline pilot needs to know about the plane he's about to fly. Basically, you need to know as much as possible. "Less is more" can be taken as, "Less knowledge will cost you More," as well.
Quoting StoragePro
With many endeavors, deep knowledge of inner workings can help. Mostly in areas where exert control or influence - IMHO....
Despite seeming to have opposite viewpoints, I completely agree with both of you.

I am an absolutely left brained kind of person. Probably a necessity, given what I do. I dont just want to know how something works, but why. And I want to understand it well enough that I can take it apart, find problems, improve it, bolt a supercharger to the manifold and then put it back together again - bigger and badder than ever.

(I drive a 200sx. It's neither big nor bad )

And that's a good thing. Is it all completely actionable? Probably not. But it gives context to what you are seeing, helps you understand why the bars are doing what they are doing. It's up to you to take advantage.

If I dont understand the market/instrument/timeframe, I'm not going to be comfortable trading the conclusions I arrive at. Some people are, and that's great. Neither is better or worse, it just depends how you are wired. Different strokes and all that.

Having more information is never a bad thing. Having greater understanding is always going to be a positive. Just because you understand how to price an option or how to calculate volatility doesnt mean you cant also know how to trade a pinbar. It is all about choosing which information is important in each context.

I think the key is being able to balance things, and - like SP said - being able to understand what you can and cant control.

I like to think that I am the pilot on the plane. I like to think I am in control, I am telling the plane what to do and making it go where I want.

In reality, I'm not the pilot. I'm a passenger. The plane is going where it is going, and someone else is behind the wheel (stick?). I am just a guy who looked at a map, decided where the plane is likely going, and then decided to put some money down to buy a ticket on the plane because I want to jump on board.

The best part is that the planes will come and go, with or without you. There are always more planes. Once you can read the signs and the timetables, you know where each one is going, so you really have no excuse for buying a ticket on the wrong plane... you can just wait for the one you want.

Welcome all to the j16 thread. It's existential analogy week here - pull up a chair and enjoy.

Quoting StoragePro
Geeze - I am full of rants today. I hope it is out of my system before I get home...
I think I speak for alot of us here when I say that I am glad you are full of rants sometimes. I get infinitely more value from the thoughts of people I respect than from just looking at another chart with s/r lines drawn in and a pinbar highlighted.
When you have to shoot, shoot. Dont talk.
  • #44,059
  • Sep 17, 2009 10:38pm Sep 17, 2009 10:38pm
Quoting bundyraider
Sooooooo close to being worth taking.

Suspect it'll hit white 23% fib line I have there.

...oh well.
hey bundy how come u didnt like this trade?
i posted this one a few pages back too.
  • #44,060
  • Sep 17, 2009 11:30pm Sep 17, 2009 11:30pm
I see Sir Darkstar is online!!
first time for me(to see him live)! (it's as if i won a grand prize )
Thanks for dropping by, Sir Bill!

2 visits here within 5days... WOW, a rarity or the new norm?
39 traders viewing now, 1 is registered:
Zojahamad