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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

  • #49,261
  • Dec 4, 2009 11:19am Dec 4, 2009 11:19am
@bee: How much do you take in consideration H4 Graphs when you enter based on daily graphs?

Thanks.
  • #49,262
  • Dec 4, 2009 11:40am Dec 4, 2009 11:40am
Quoting raczekfx
...just checking if FF came to their senses or we're still commercial...
have you caught that 8 PB with divergence..

btw. how's your fund doing Ax, any progress?
.
I have not been trading since Nov 20 - the year's been good, why spoil the results with some crazy pre-Xmas markets.

Fund - getting there.
One Chart is Worth Ten Thousand Words.
  • #49,263
  • Dec 4, 2009 12:15pm Dec 4, 2009 12:15pm
EURUSD is stalled at the strongest PPZ in sight right now......... USDCHF is too.... I don't like this NFP stuff.... Forces me to not do anything. Is it a good idea to just take a vacation on Thurs and Fri on NFP week?
Many choose unhappiness over uncertainty.
  • #49,264
  • Dec 4, 2009 12:25pm Dec 4, 2009 12:25pm
I shorted EU, (4869) and GU (6492)for a combined 120 pips this US morning, I still feel inadequate after seeing Raczek's charts.. lol

Currently long EU.


My 1st year anniversary trading is coming up next week.. yay for me.
lowest draw down possible please.
  • #49,265
  • Dec 4, 2009 12:50pm Dec 4, 2009 12:50pm
Quoting StoragePro
they call me dr love !!!!!!
Haha! They have called me worse!

K.I.S.S.
  • #49,266
  • Dec 4, 2009 3:13pm Dec 4, 2009 3:13pm
Quoting FXMaecenas
@bee: How much do you take in consideration H4 Graphs when you enter based on daily graphs?

Thanks.
Hello FXMaecenas,

I don't take H4 into consideration when entering based on Daily. For now I am not looking for anything fancy, just sticking to basics until I prove myself that I can do it profitably for 3 consecutive months. However, some traders here do take H1 & H4 into consideration to fine tune an entry, when a valid pattern occurs on the Daily timeframe.
  • #49,267
  • Dec 4, 2009 9:52pm Dec 4, 2009 9:52pm
Quoting raczekfx
have you caught that 8 PB with divergence..
I did,

did you caught that retrace of daily BEOB.

And thanks Rac for your valuable posts here.
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  • #49,268
  • Dec 4, 2009 10:11pm Dec 4, 2009 10:11pm
Can't Help not to brag about this one, Bear sentiments on the metals at PPZ... Gold 10000 points after important PPZs on 1030,1130, and now 1230 area.

Silver is also bouncing on 19.50 on those who love these shinies
This is a counter trend trade so I've moved stop to B/E after it reaches 50 Fib Ret of 1180, it might lead to a bigger move so I've put some on the table just for fun, I've got enough profits from this to feed myself for a month, and this is only my 2nd trade in 2 months, the first one was GBPCHF, was stopped for a small profit yesterday.

Just another example on how the patience of waiting on that perfect location is the key to this business.

I haven't been paying attention to the market lately, and ever since some personal problem I've been gathering my confidence to trade again, this is an enormous ego boost, but I'll be sure to keep my emotions in check not to burn the profits from overtrading.

Cheers to J16
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  • #49,269
  • Dec 4, 2009 10:26pm Dec 4, 2009 10:26pm
Quoting nasir.khan
I did,

did you caught that retrace of daily BEOB.

And thanks Rac for your valuable posts here.
Nicely done. Ended up B/E for me. Kind of figured that move was coming, but what can ya do
  • #49,270
  • Dec 4, 2009 11:04pm Dec 4, 2009 11:04pm
Quoting Jlr
Nicely done. Ended up B/E for me. Kind of figured that move was coming, but what can ya do
I remember you but this time i think i got in when your BE was hit. and i did not moved my sl from top of BEOB cause of NFP.
  • #49,271
  • Dec 4, 2009 11:08pm Dec 4, 2009 11:08pm
Quoting marcelnyo
Can't Help not to brag about this one, Bear sentiments on the metals at PPZ... Gold 10000 points after important PPZs on 1030,1130, and now 1230 area.

Silver is also bouncing on 19.50 on those who love these shinies
This is a counter trend trade so I've moved stop to B/E after it reaches 50 Fib Ret of 1180, it might lead to a bigger move so I've put some on the table just for fun, I've got enough profits from this to feed myself for a month, and this is only my 2nd trade in 2 months, the first one was GBPCHF, was stopped for a small profit yesterday....
You've been out of the action for quite some time Marcel, good to see you back with a BANG!

Wasn't the best of pins or locations but I am glad it worked out for you,

Cheers,
Ghous.
I believe . . .
  • #49,272
  • Dec 5, 2009 5:35am Dec 5, 2009 5:35am
Quoting KissFan
Sho Nuff Bemac. Right at 60 miles from my front door to downtown Houston. Good to hear from you! Have a great weekend!
K.I.S.S.
which of the bikes will/did u use?


Quoting KissFan
...I do actually have a financial advisor and he's a good guy. He has been up my butt for the past 5 yrs because I wouldn't invest any money with him. I only buy insurance from him. Last week I SHOWED him why I wanted to do this on my own without the help of a "professional".....he is now studying babypips.com and reading this thread. I'm not puffing out my chest or anything like that, it's just cool to see someone's eyes opened...
very nice Kiss, u are passing it along!
  • #49,273
  • Dec 5, 2009 5:38am Dec 5, 2009 5:38am
Quoting raczekfx
no, I live in a cave, but saving for new koenigsegg
... new?
got a pic of the old one?




Quoting raczekfx
...got a landing strip?
hahahahh.... nice entry!
bet u'll land around the 61.8 of that landing strip.. hihihih
  • #49,274
  • Dec 5, 2009 6:35am Dec 5, 2009 6:35am
Quoting raczekfx
no, they're based on 'whispers coming' from japan.

They were all posted here at a time I took trades, but removed few hours later. Some information should never be posted on public forums...
After all this is non-anonymous internet ....

Stay well....
Great to see you posting again Rac. Looks like the yen crosses got a date with destiny . . . GBP/YEN in particular
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"Don't trade to trade . . . trade to win." - James16
  • #49,275
  • Dec 5, 2009 11:10am Dec 5, 2009 11:10am
Quoting nasir.khan
I remember you but this time i think i got in when your BE was hit. and i did not moved my sl from top of BEOB cause of NFP.
Good call I was a little greedy I think, knowing it would probably be volatile prior to nfp, but still wanting a tight stop.
  • #49,276
  • Edited 4:57pm Dec 5, 2009 12:19pm | Edited 4:57pm
just curious why do most of you guys trade forex over stocks?
or do you guys trade stocks too?

lets say you do master the J16 method and get good at it, you will probably be pulling in 1-3% ROI monthly like most PF members (don't think you can pull 20%+ month after month, for 3 years+.. that is just unrealistic..), which is very good, you might be averaging 20%+ ROI per year.

now lets just say you buy and held some stocks for a year, you could also have a very good chance of making 10%, or 20%+ ROI (assuming you held it for 1year+ you only pay 15% taxes on the gain if you live in the U.S.)

i mean look at the DJIA, if you really look at the long term trend of things, you could say ever since it's inception the long term trend is up.
  • #49,277
  • Dec 5, 2009 12:52pm Dec 5, 2009 12:52pm
Quoting supremeChaos
which of the bikes will/did u use?

very nice Kiss, u are passing it along!
I'll be using my wife's Yukon XL. We are taking some friends. Have a good weekend SC!

K.I.S.S.
  • #49,278
  • Dec 6, 2009 1:29am Dec 6, 2009 1:29am
Quoting dengzhi
just curious why do most of you guys trade forex over stocks?
or do you guys trade stocks too?

lets say you do master the J16 method and get good at it, you will probably be pulling in 1-3% ROI monthly like most PF members (don't think you can pull 20%+ month after month, for 3 years+.. that is just unrealistic..), which is very good, you might be averaging 20%+ ROI per year.

now lets just say you buy and held some stocks for a year, you could also have a very good chance of making 10%, or 20%+ ROI (assuming you held it for 1year+ you only pay...
I think it is just a comfortablility factor. Many people trade everything that moves. At the end of the day it is whatever is pulling in money for you. I think a lot of us agree that a chart is a chart, which means it is all about opportunities that fit your method. No matter what you trade you still will experience all that positives and negatives(drawdowns, variance etc).

Best
Mike
  • #49,279
  • Edited 10:28am Dec 6, 2009 2:56am | Edited 10:28am
Quoting dengzhi
now lets just say you buy and held some stocks for a year, you could also have a very good chance of making 10%, or 20%+ ROI (assuming you held it for 1year+ you only pay 15% taxes on the gain if you live in the U.S.).
If you know what "some" stock has "a very good chance" - tell us

Think of the most solid company out there, and then think of any reason it could not become the next Lehman Brothers. EUR/USD cannot go bust.

Google an interview with Paul Tudor Jones, he gave a good explanation of why he doesn't trade stocks (that was an old interview, maybe he does do it now...) and why he sleeps well at night (being flat).
One Chart is Worth Ten Thousand Words.
  • #49,280
  • Dec 6, 2009 2:59am Dec 6, 2009 2:59am
Regrettably, I let his ebook Trading in the Zone sit unread on my laptop for a year and a half until a couple days ago. When he described the boom & bust trader it fit what I have been going through perfectly. I've been practicing/demo trading J16 for over two years now, and the same thing keeps happening. In that time I've probably crashed 25 demo accounts. Besides the very beginning, each time it was never because I took bad trades, it always came down to mistakes from fear and greed (but mostly fear). Just like Mark said I would, I would continually tell myself if I only studied more then I would stop losing, which ofcourse is impossible. So now I must undertake the journey of changing my mind and getting rid of my expectations. This whole time I feel like I have been just running full speed into a wall, rinse and repeat. But I refuse to quit. Recently a poster brought up the idea of devoting more attention to the psychology of trading, I totally agree.
"Whether you think you can or can't, you're right." Henry Ford
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