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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

  • #47,961
  • Nov 11, 2009 7:20pm Nov 11, 2009 7:20pm
Quoting supremeChaos

very funny & interesting, Cyrus. u have a lot of 'friends'... hahah

that's my early morning 'breakfast'.
Ain't making this stuff up bro.
He's one of the heads of the new RBS now. NDF desk. =)
(no, not Paul Tudor Jones. I wish. I'd go get his autograph)

I love the market, and somehow end up talking to people who do as well.
Law of Attraction or something.

Most of the time its also because I've got thick skin.
One Mind, Any Market
  • #47,962
  • Nov 11, 2009 7:40pm Nov 11, 2009 7:40pm
Quoting Cyrus
Ain't making this stuff up bro.
He's one of the heads of the new RBS now. NDF desk. =)
I love the market, and somehow end up talking to people who do as well.
Law of Attraction or something.
Most of the time its also because I've got thick skin.
hmmmm.. i've always wondered: are u in your 30's-40's? but u sound young..

i know u aint making this stuff up.
what was funny to me was the quote i highlighted ("OKAY! Buy xxx/xxx NOOOOWWW. AS MUCH AS YOU CAN. NOOOWWW!!!!...")

Law of Attraction? it sure is.
  • #47,963
  • Nov 11, 2009 7:59pm Nov 11, 2009 7:59pm
Quoting Cyrus
My best bud said very recently, "Its fine missing moves. If your system didn't encompass it, then it wasn't your money to take to begin with"
Love this.
  • #47,964
  • Nov 11, 2009 8:00pm Nov 11, 2009 8:00pm
Quoting TiaForex
Love this.

Wow I will be honest, I am not a huge quote guy with trading cause there are so many that are good or repetitive and what not. But that is a very good one
  • #47,965
  • Nov 11, 2009 8:26pm Nov 11, 2009 8:26pm
Quoting supremeChaos
hmmmm.. i've always wondered: are u in your 30's-40's? but u sound young..

i know u aint making this stuff up.
what was funny to me was the quote i highlighted ("OKAY! Buy xxx/xxx NOOOOWWW. AS MUCH AS YOU CAN. NOOOWWW!!!!...")

Law of Attraction? it sure is.
Do I sound old or mature? Big difference. I hope the latter

I'm a year younger than you mate.
One Mind, Any Market
  • #47,966
  • Nov 11, 2009 9:00pm Nov 11, 2009 9:00pm
Quoting Cyrus
Do I sound old or mature? Big difference. I hope the latter
....
u sound old & mature, sometimes.

Quote
I'm a year younger than you mate
No wonder...
EXCELLENT!
  • #47,967
  • Nov 12, 2009 4:04am Nov 12, 2009 4:04am
Excellent video on Paul Tudor Jones.

http://www.tudou.com/programs/view/XH5W4vffBbY/
  • #47,968
  • Nov 12, 2009 4:08am Nov 12, 2009 4:08am
Hello

What do you guys think about this setup. Off the 61,8 retracement. I put buy stop at 1.7813 so we get past 7800. SL to BE at the red rectangle.

thanks for your comment
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  • #47,969
  • Nov 12, 2009 5:05am Nov 12, 2009 5:05am
i like it. i dont have this pair on my broker, so cant post a chart.

nice buob at retracement / swing low with space. just what we look for.

do you know how you will be managing the trade i.e when are stops moved? first / second take profit areas?

would be interesting to know your ideas.

hope it goes to the moon!!!
  • #47,970
  • Nov 12, 2009 5:12am Nov 12, 2009 5:12am
Quoting fxlan
Hello

What do you guys think about this setup. Off the 61,8 retracement. I put buy stop at 1.7813 so we get past 7800. SL to BE at the red rectangle.

thanks for your comment
Just watchout of the areas above.

Btw looking crap on the daily chart.
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  • #47,971
  • Nov 12, 2009 5:14am Nov 12, 2009 5:14am
This is a demo account of course.

SL to BE at the red rectangle as you see maybe some partial profit. Out of the position at the red line under 1.8048 as you see it. That would be the plan. I wont touch the trade anymore.
  • #47,972
  • Nov 12, 2009 5:21am Nov 12, 2009 5:21am
or we could reconsider the plan.
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  • #47,973
  • Nov 12, 2009 6:14am Nov 12, 2009 6:14am
Little late to this party, BUOB at swing low and 61.8 fib.
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"Whether you think you can or can't, you're right." Henry Ford
  • #47,974
  • Nov 12, 2009 6:22am Nov 12, 2009 6:22am
After taking a loss for improperly setting my stop/loss, I jumped back in on this PB... better late than never!
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  • #47,975
  • Nov 12, 2009 6:24am Nov 12, 2009 6:24am
Quoting frankm7
After taking a loss for improperly setting my stop/loss, I jumped back in on this PB... better late than never!
Haha! I've been in and out of this trade three different times so far. All three times short and for 1 pip profit twice. Im currently up 42 pips and hope that it takes us to that 73 area this time without a fuss.

K.I.S.S.
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  • #47,976
  • Nov 12, 2009 6:46am Nov 12, 2009 6:46am
Quoting KissFan
Haha! I've been in and out of this trade three different times so far. All three times short and for 1 pip profit twice. Im currently up 42 pips and hope that it takes us to that 73 area this time without a fuss.

K.I.S.S.
If they were 8 lots each you're doing pretty good on your 3 pip profit! haha
  • #47,977
  • Nov 12, 2009 6:56am Nov 12, 2009 6:56am
Pinbar in space with divergence. Already set to BE, sure would be nice if you take off for me.
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"Whether you think you can or can't, you're right." Henry Ford
  • #47,978
  • Nov 12, 2009 8:13am Nov 12, 2009 8:13am
Eur/Cad
I was stopped out just above 1.5700. People that don't trade might say "well you gave up a lot of pips", which is true but you only know that after the fact......ha ha. I closed for 90 pips and am very happy - not because I won pips (which is nice) but because I was consistent and disciplined with my trading plan. As strange as it sounds, I would rather take a loss being disciplined and following my plan than book a profit by breaking my rules.


Usd/Cad - Nzd/Usd
I like this price action on both of these pairs. Loonie showing a beob after a rejection near 1.04 (if it closes above 1.05 I become interested), and the N/U showing a VERY NICE beob at the moment.

On the N/U we have the very important .7300 area. Will it get there and be rejected quickly with speed or break through? I don't know, but I can tell you I have a plan for either scenario.

On the Loonie (depending on where it closes - my guess is 20 -30 pips above 1.05) I will enter on a retracement long near 1.05. Too early to tell, but I cannot stress enough the power of having your plans ahead of time and then just waiting. DON'T RUSH, DON'T CHASE, DON'T PANIC!!!

I don't mean to write a book here, but let me give you an example of a fake trade and how I would have handled it and how I would handle it now:

Let's say I expect the G/U to go up i should buy Cable (not a trade recommendation, just a hypothetical example). Here is what I have and would have done before:

It hits an area and gives no price action........what do I do, I continue to look for any reason to go long whether forcing fibs, trendlines or looking on varoius time frames to tell me I should go long. Once in the trade I have no plan of when I am getting out, in fact it changes day to day and hour to hour. Will I put under daily lows, will I look at hourly price action, 4 hr price action? Do I move to break-even, if so when?

You can understand the stress I have created, not the market. Let me repeat that.........I have created the stress, not the stock, futures or forex market.

Now, if the area is hit and no price action I move on. Very simple! If it does give me price action I already know when I will enter, when I will exit and how I will manage the trade. No stress, just following rules.

For a quiet guy, I talk too much and need to shut my pie hole.


Nathan
  • #47,979
  • Nov 12, 2009 8:21am Nov 12, 2009 8:21am
Quoting dobe_r_man
Eur/Cad
I was stopped out just above 1.5700. People that don't trade might say "well you gave up a lot of pips", which is true but you only know that after the fact......ha ha. I closed for 90 pips and am very happy - not because I won pips (which is nice) but because I was consistent and disciplined with my trading plan. As strange as it sounds, I would rather take a loss being disciplined and following my plan than book a profit by breaking my rules.


Usd/Cad - Nzd/Usd
I like this price action on both of these...
You got it!

and at this very instant you surpassed millions of freshies already...

It's a great feeling to watch new faces grasp things quickly and synchronize paces with the rest of the lot,

All the best Dobe and you are going far...very far with this...for sure!

g.
I believe . . .
  • #47,980
  • Nov 12, 2009 8:42am Nov 12, 2009 8:42am
Quoting ghous
You got it!

and at this very instant you surpassed millions of freshies already...

It's a great feeling to watch new faces grasp things quickly and synchronize paces with the rest of the lot,

All the best Dobe and you are going far...very far with this...for sure!

g.
Thanks Ghous!! Like I said I only have 8 months plus of profitable trading, but it is coming together. Once I hit twelve months (my initial goal before I would allow myself to take it to the next level) then I am getting my reward. I have funds set aside I can put into my trading account but I made a promise to myself to do that ONLY once I proved I could do this 12 months straight. Before that I had a different goal that I had to reach break-even trading with real money within a certain time frame or I was done with trading.

I have to be honest......I have been tempted the last few months to speed up that process, but I will wait patiently.....
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