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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

  • #49,621
  • Dec 11, 2009 2:05pm Dec 11, 2009 2:05pm
markets have been very choppy if you ask me(aside from a few pairs). This is still my only trade thus far this month and I am going to hold it and see how next week shapes up. I guess it was a good time to catch the flu since I don't need to be in front of the charts with these markets.
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  • #49,622
  • Dec 11, 2009 3:01pm Dec 11, 2009 3:01pm
Quoting tyler812
Wow...isn't it about time for an upgrade??
Actually I guess it is Windows XP Professional, but I can't snipe regardless. What can I say, I work at a bank and we won't spend a dime if we don't have to in this enviroment!
  • #49,623
  • Dec 11, 2009 3:06pm Dec 11, 2009 3:06pm
Hello Wamo,

I found the same too. J16 method with price action is still the safest method to follow.

Yes, Touch trade will only work if the location if highly conflunced, something like the 61.8 or 50% fib (I never trust 38.2, 23.6, and 76.4 fib) lined up exactly with the round number or strong ppz on higher TF. Also there is trendline, MAs are around that will give tremendous confidence too.

It is dirt simple if we are carefully select the location and it should worked with very high chances, also don't forget check the PA on the higher timeframe before going for touch trade because it is easy to trade with direction of the trend.

Anyhow, I still think J16's method base on price action is still the best tool, especially when we switch from demo acct to live acct or start to trade with large position. We need something to give us the "Signal" before going for it.

That's my 2 cents.

Happy weekend!

PippingMama















Quoting Wamo
Dan,

I had the same result on two "touch" trades this week - both resulted in small losses. I have decided to stick with the J16 basics for now, and once I am confident and competent with that, I will then take another look at touch trading.

So far, I find that if I stick with the regular J16 method, I am usually successful (positive pips) and rarely lose money, and even those losses are small. I just need to get pickier with the trades I take.
  • #49,624
  • Dec 11, 2009 3:14pm Dec 11, 2009 3:14pm
Quoting dobe_r_man
Friends we are getting really close to the big round number of 1.60, which is a major pivot for this pair. I am looking for a reversal at this level or a break-through and retracement back 1.60 on the daily.

Notice the level brings the interest before price action..........this helps keep me patient and wait for the right moment to strike.

Nathan

i like that level too Nathan
  • #49,625
  • Dec 11, 2009 3:15pm Dec 11, 2009 3:15pm
I'm going to post my last chart for the week. It is a trade I took two weeks ago today, and closed out at a small loss, way too soon. It proved to be a real winner
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Many choose unhappiness over uncertainty.
  • #49,626
  • Dec 11, 2009 3:46pm Dec 11, 2009 3:46pm
Now that trading is closed, I have an off topic question for those of you that have Forex Tester.

Is it worth getting or do you find it hard to mentally take it seriously? I'm still debating it, but it looks like they're having a special (25% off) for the next 2 weeks.

Looks amazing.

Thanks.

-- Danny
  • #49,627
  • Dec 11, 2009 3:56pm Dec 11, 2009 3:56pm
Hi Guys
Something that i think will be very useful for almost of you
MojoPac run your windows xp with your setings on any windows xp computer.
Dont ask me about windows vista or widows 7 but im sure they work on that.

I hope is something useful for people who have a computer at work and want to bring the tools at work without a laptop or install everything on a office computer.
Regards
Catalin
  • #49,628
  • Dec 11, 2009 5:19pm Dec 11, 2009 5:19pm
Quoting bluetrader
Now that trading is closed, I have an off topic question for those of you that have Forex Tester.

Is it worth getting or do you find it hard to mentally take it seriously? I'm still debating it, but it looks like they're having a special (25% off) for the next 2 weeks.

Looks amazing.

Thanks.

-- Danny
it was great for me on the low time frames, did 6 years of M5 charts. Good for testing out new things.
  • #49,629
  • Dec 11, 2009 7:05pm Dec 11, 2009 7:05pm
Quoting mbqb11
markets have been very choppy if you ask me(aside from a few pairs). This is still my only trade thus far this month and I am going to hold it and see how next week shapes up. I guess it was a good time to catch the flu since I don't need to be in front of the charts with these markets.
I agree, and although I didn't get the flu, it wasn't a bad time to be on vacation either...

I missed the gold trade because of vacation but there is a slightly choppy pre-Christmas feel out there. The good bets seem to have been on dollar strength and there were some opportunities while I was away with EU. But now I'll just wait. If this is the trend change, then there will be a ton of pullbacks along the way. No need to sell the top.

Rest well Mike...
  • #49,630
  • Dec 11, 2009 7:15pm Dec 11, 2009 7:15pm
Quoting bluetrader
Now that trading is closed, I have an off topic question for those of you that have Forex Tester.

Is it worth getting or do you find it hard to mentally take it seriously? I'm still debating it, but it looks like they're having a special (25% off) for the next 2 weeks.

Looks amazing.

Thanks.

-- Danny
I have really enjoyed using forextester. It's easy to use and has a stack of tools. In terms of taking it seriously, I thought about trading a live account for pennies for that reason. But a wise old trading psychology teacher said "If you can't beat your ego on demo/backtest then there's no way you can do it live"

So my view is that if I hard to take demo/backtesting seriously then that is a flaw that I need to work on otherwise a live account will expose that flaw.

The great thing about forextester is when I get an idea that might be the kernel of a profitable system, I can run through 500 trades in a weekend to see if it works. That is very very useful and saves a lot of time.

Hope that helps.

Aaron
  • #49,631
  • Dec 11, 2009 9:39pm Dec 11, 2009 9:39pm
I can comment to this, I've bought forextester based on suggestions from mike - mbqb11
And aaron - tiaforex, and the only thing I regret is the lack of time I can make to backtest and
My lack of discipline in MM when backtesting... Its the first and the best piece of software u can buy
If you're serious in this business... And oh, I'm in no way are affiliated to fxtester, just another
Happy customer.

Cheers and have a happy weekend / backtesting.

I
Quoting bluetrader
Now that trading is closed, I have an off topic question for those of you that have Forex Tester.

Is it worth getting or do you find it hard to mentally take it seriously? I'm still debating it, but it looks like they're having a special (25% off) for the next 2 weeks.

Looks amazing.

Thanks.

-- Danny
  • #49,632
  • Dec 11, 2009 9:59pm Dec 11, 2009 9:59pm
Quoting TiaForex
I have really enjoyed using forextester. It's easy to use and has a stack of tools. In terms of taking it seriously, I thought about trading a live account for pennies for that reason. But a wise old trading psychology teacher said "If you can't beat your ego on demo/backtest then there's no way you can do it live"

So my view is that if I hard to take demo/backtesting seriously then that is a flaw that I need to work on otherwise a live account will expose that flaw.

The great thing about forextester is when I get an idea that might be the kernel...

Where can we find this? I found a couple different sites on google, but you never know which one is legit....



EDIT: this might be the correct one: http://www.forextester.com

right?
Many choose unhappiness over uncertainty.
  • #49,633
  • Dec 11, 2009 10:12pm Dec 11, 2009 10:12pm
Quoting Dan Gilbert
Where can we find this? I found a couple different sites on google, but you never know which one is legit....



EDIT: this might be the correct one: http://www.forextester.com

right?
Yeah that is the website. I just signed up for this 3 days ago - its on sale for christmas as well.

I find that it is a great program and it was exactly what I was looking for.
I am trying to get good at Dailys and Weeklys before I go down to lower timeframes, quite frankly its pretty boring sitting and waiting to learn.

It has helped me out immensely learning PA, among other things.

I would recommend this program to anyone that can stick to a gameplan and not take trades 'because it is not real money'. If you do this and treat it like real money there is no reason that it will help you in the big picture.

Now that being said, it does not replace the psychology of trading with $.
  • #49,634
  • Dec 11, 2009 10:41pm Dec 11, 2009 10:41pm
Quoting Concept
Yeah that is the website. I just signed up for this 3 days ago - its on sale for christmas as well.
I just watched the tutorial video... I'm sold... I can pay through paypal! in!
Many choose unhappiness over uncertainty.
  • #49,635
  • Dec 12, 2009 3:42am Dec 12, 2009 3:42am
Quoting nasir.khan
Well they are touching 50% Retraces.
Well i was stopped out on UJ but Escaped with EJ and GJ.
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  • #49,636
  • Dec 12, 2009 3:44am Dec 12, 2009 3:44am
Quoting Wamo
Dan,

I had the same result on two "touch" trades this week - both resulted in small losses. I have decided to stick with the J16 basics for now, and once I am confident and competent with that, I will then take another look at touch trading.

So far, I find that if I stick with the regular J16 method, I am usually successful (positive pips) and rarely lose money, and even those losses are small. I just need to get pickier with the trades I take.

would you be able able to post your loosing yrades with charts? it would be really helpfull. I too had some loosers this week. will post later
  • #49,637
  • Dec 12, 2009 3:47am Dec 12, 2009 3:47am
Was looking out for EU breakout but missed at last moment.

But caught EG.

And Missed UC by one PIP.
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  • #49,638
  • Dec 12, 2009 7:21am Dec 12, 2009 7:21am
Just wondering if anyone here has a big monitor 27-28 inch? I'm curious how well the 4 chart MT4 split screen shows up on one. Eventually I'd like to have more than one but for now I might just get one for Xmas if Santa thinks I've been good. Got a sweet setup lets see it, hell it's the weekend.
"Whether you think you can or can't, you're right." Henry Ford
  • #49,639
  • Dec 12, 2009 7:58am Dec 12, 2009 7:58am
Looks reasonably good on my 23in, so I imagine it would look just fine with a 27-28in. And you can always get an inexpensive graphics card so you can add whatever monitor you get to what you currently have...

Quoting Scot Pippin'
Just wondering if anyone here has a big monitor 27-28 inch? I'm curious how well the 4 chart MT4 split screen shows up on one. Eventually I'd like to have more than one but for now I might just get one for Xmas if Santa thinks I've been good. Got a sweet setup lets see it, hell it's the weekend.
skype: ststroud. let's talk trading.
  • #49,640
  • Dec 12, 2009 9:06am Dec 12, 2009 9:06am
Just keeping an eye on this one for a possible breakout
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