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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

  • #49,461
  • Dec 9, 2009 7:28am Dec 9, 2009 7:28am
good luck with those yen longs, im still looking to go short! it looks like a break and retest of that PPZ to me ??so dont take it much higher if you dont mind!?
jon
PATIENCE... DISCIPLINE
  • #49,462
  • Dec 9, 2009 7:35am Dec 9, 2009 7:35am
Quoting g_j_hook@yah
good luck with those yen longs, im still looking to go short! it looks like a break and retest of that PPZ to me ??so dont take it much higher if you dont mind!?
jon

I am not in yet but if my order gets filled they go up as I have some 400 million USD contracts
Kind Regards zol
  • #49,463
  • Dec 9, 2009 7:54am Dec 9, 2009 7:54am
Quoting zoli
I am not in yet but if my order gets filled they go up as I have some 400 million USD contracts
lol, just let me know when your done!! lol
jon
PATIENCE... DISCIPLINE
  • #49,464
  • Dec 9, 2009 8:07am Dec 9, 2009 8:07am
Quoting MattW
I feel sorry for you Triger as you've come in for some flak but I think the reason is your statements embody what we so often see beginners say and, perhaps over-eagerly, want to try and correct bad behaviour before it becomes ingrained.

The worry is that you're learning bad habits, risk management and money management on your test account and once you move to your 'live' account you will have to unlearn these traits. What we're trying to advise is to try and take the same risk you would on your live account, that way you're learning 'correct'...
I'll second this and would like to add that James has spoken of this very thing. I don't want you to feel bad about your returns Trigger just keep them in perspective. You have real friends here and those friends will say what needs to be said. You are spot on in your enthusiasm for this business. You and I could be blood brothers in that regard. I also believe that most of us here are consumate optimists when it comes to our outlook on what is possible for our futures. I don't know how much money you are dealing with but rest assured you will get more conservative as you grow your account. Your emotions will need to be trained during this process just as your intellect is being honed. A great day/week/month trading should not move your emotions and attitude to a swing high and vice versa for negative returns. A steady and consistant approach using what you have learned here will get you where you desire to be trust me. Without a doubt you are doing well and I commend you for that. I personally appreciate your charts and perspective. I believe that you have a bright future in trading.

K.I.S.S.
  • #49,465
  • Dec 9, 2009 8:18am Dec 9, 2009 8:18am
Quoting g_j_hook@yah
good luck with those yen longs, im still looking to go short! it looks like a break and retest of that PPZ to me ??so dont take it much higher if you dont mind!?
jon
just goes to show how diferent views can still make money!!
jon
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PATIENCE... DISCIPLINE
  • #49,466
  • Dec 9, 2009 8:27am Dec 9, 2009 8:27am
Quoting KissFan
......A great day/week/month trading should not move your emotions and attitude to a swing high and vice versa for negative returns. A steady and consistant approach using what you have learned here will get you where you desire to be trust me...... K.I.S.S.

Bolded for emphasis............there is gold in these words from KISS. This is spot on friends.

Nathan
  • #49,467
  • Dec 9, 2009 8:29am Dec 9, 2009 8:29am
I still feel sorry for people who went long GU and still left their SL in loss seeing the first area of trouble but saying "ah it's going up".... I remember one VERY FUNNY example Jim gave in one of his king video tutorials.. He said...

"what should I do, what should I do, look at the draw down, look at the draw down.. oh my God.. what should I do.."

Made me laugh for hours because I remember long ago when life used to be like that!! LOL I REFUSE TO TRADE LIKE THAT!!
  • #49,468
  • Dec 9, 2009 8:38am Dec 9, 2009 8:38am
Quoting wh1zz0
I still feel sorry for people who went long GU and still left their SL in loss seeing the first area of trouble but saying "ah it's going up".... I remember one VERY FUNNY example Jim gave in one of his king video tutorials.. He said...

"what should I do, what should I do, look at the draw down, look at the draw down.. oh my God.. what should I do.."

Made me laugh for hours because I remember long ago when life used to be like that!! LOL I REFUSE TO TRADE LIKE THAT!!


Solid Price action,

Simple
Neat
Deadly.

...err...wait...did somenody had this as their sig? albchr?
A very powerful statement this.

g.
I believe . . .
  • #49,469
  • Dec 9, 2009 8:40am Dec 9, 2009 8:40am
Quoting wh1zz0
I still feel sorry for people who went long GU and still left their SL in loss seeing the first area of trouble but saying "ah it's going up".... I remember one VERY FUNNY example Jim gave in one of his king video tutorials.. He said...

"what should I do, what should I do, look at the draw down, look at the draw down.. oh my God.. what should I do.."

Made me laugh for hours because I remember long ago when life used to be like that!! LOL I REFUSE TO TRADE LIKE THAT!!
Inserted Video
Kind Regards zol
  • #49,470
  • Dec 9, 2009 8:43am Dec 9, 2009 8:43am
Quoting Dan Gilbert
S/L moved to break-even (moved to B/E on contact of 61.8 retracement line), first profit target area @ 142.00. See you guys tommorow!

here is the close-out of this trade. Unfortunately, the first half of my position did not close at the 142.030 level last night because while I was sleeping, the %^&#@ $#!^ windows vista decided to "install updates" and go ahead and shutdown my computer for me! how convenient! My j16 EA could not run then. so I woke up to a breakeven trade which should have played out the way I show in my pic below. *siiiiiiiigh*
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Many choose unhappiness over uncertainty.
  • #49,471
  • Dec 9, 2009 8:43am Dec 9, 2009 8:43am
Sorry for no charts, the charts I use at work I cannot save.....boo hiss boo


They are not perfect to the pip but we have FOUR nearly identical bar highs on the daily for this pair. My doberman sixth sense is telling me when this breaks we hit at least 1.6950 if not 1.70. I have an order long just above this area and will just sit and wait.

I don't play many break-out trades, but this one is screaming at me -
  • #49,472
  • Dec 9, 2009 8:46am Dec 9, 2009 8:46am
Quoting Dan Gilbert
here is the close-out of this trade. Unfortunately, the first half of my position did not close at the 142.030 level last night because while I was sleeping, the %^&#@ $#!^ windows vista decided to "install updates" and go ahead and shutdown my computer for me! how convenient! My j16 EA could not run then. so I woke up to a breakeven trade which should have played out the way I show in my pic below. *siiiiiiiigh*
Cool explanation Dan, thank you.
Kind Regards zol
  • #49,473
  • Dec 9, 2009 9:16am Dec 9, 2009 9:16am
Quoting zoli
Cool explanation Dan, thank you.

thanks! This is probably the most frustrating thing about sleep-trading. This is also NOT the first time this has happened and it really makes me rage. If there is any way I can shut that damn update thing OFF for life I will. Its funny how I pre-selected basically the exact bottom of that run to take half my money off the table, and yet I couldn't even celebrate my play because of Bill Gates' software.
Many choose unhappiness over uncertainty.
  • #49,474
  • Dec 9, 2009 9:20am Dec 9, 2009 9:20am
Quoting Dan Gilbert
here is the close-out of this trade. Unfortunately, the first half of my position did not close at the 142.030 level last night because while I was sleeping, the %^&#@ $#!^ windows vista decided to "install updates" and go ahead and shutdown my computer for me! how convenient! My j16 EA could not run then. so I woke up to a breakeven trade which should have played out the way I show in my pic below. *siiiiiiiigh*
Dan-

I'm gonna PM you this afternoon. What time zone are you in?

K.I.S.S.
  • #49,475
  • Dec 9, 2009 9:22am Dec 9, 2009 9:22am
Dan if you like to use such EA's for trade management rather than manual I suggest that you get yourself a VPS. This is a business so treat it as one. A reliable VPS is not that expensive compared to what you will make in terms of profits in the long run.

Cheers bro and sorry for your loss. You'll make it back.
  • #49,476
  • Dec 9, 2009 9:31am Dec 9, 2009 9:31am
Quoting Dan Gilbert
thanks! This is probably the most frustrating thing about sleep-trading. This is also NOT the first time this has happened and it really makes me rage. If there is any way I can shut that damn update thing OFF for life I will. Its funny how I pre-selected basically the exact bottom of that run to take half my money off the table, and yet I couldn't even celebrate my play because of Bill Gates' software.
hi there Dan, u know you can turn off the auto update?? you can make it update when you choose only?? try the options menu on the update program??
jon
PATIENCE... DISCIPLINE
  • #49,477
  • Dec 9, 2009 9:33am Dec 9, 2009 9:33am
Quoting Dan Gilbert
If there is any way I can shut that damn update thing OFF for life I will.
But you can set to OFF...I had and doesn't shut down comp.anymore.
Otherwise VPS is not bad alternative...Its cost around 15 bucks per month I think.
  • #49,478
  • Dec 9, 2009 9:37am Dec 9, 2009 9:37am
Quoting KissFan
Dan-

I'm gonna PM you this afternoon. What time zone are you in?

K.I.S.S.
I'm on EST... Looking forward to insider information!

Quote
hi there Dan, u know you can turn off the auto update?? you can make it update when you choose only?? try the options menu on the update program??
jon
Quote
But you can set to OFF...I had and doesn't shut down comp.anymore.
I'm going to do that right now.
Many choose unhappiness over uncertainty.
  • #49,479
  • Dec 9, 2009 9:48am Dec 9, 2009 9:48am
Lets see what happens
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  • #49,480
  • Dec 9, 2009 10:06am Dec 9, 2009 10:06am
Thanks Josh,

I am brand spank-me knew to Forex and trading and just happened to stumble upon the James16 thread.

I was very excited at first but then frustrated as I soon realized that it would take me months to separate the wheat from the chaff--with so many pages and post to read and having a minimal understanding of Forex etc...

Thanks for providing your summary post -- a "compass" to get my heading around this vast thread.

Payne

Josh's post is located here:
http://www.forexfactory.com/showpost...ostcount=23250
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